CANADA’S NEW BANK

Taranaki Daily News, 14 November 1934, Page 5

CANADA’S NEW BANK

OPENING IN THE NEW YEAR. THE STOCK EAGERLY BOUGHT. Ottawa, Oct. 20. A large popular response has been made for the stock in the Dominion’s new central bank, the Bank of Canada, which is expected to begin operations in the New Year. Most of the stock has been sold to private individuals, who must be British subjects resident mainly in Canada. No person is. allowed to hold more than 50 shares, which will bear 4i per cent, cumulative interest.

The headquarters of the new bank will be at Ottawa under the guidance of Mr. G. F. Towers, who at the early age of 37 has risen to the highest banking position in the country. Mr. Towers was born in Montreal and was a graduate of McGill University. He entered the Royal Bank as an economist and later served as. assistant inspector to its Cuban branches. In 1929 he became chief inspector of all the bank's branches. His appointment has been received with general approval everywhere. The new bank, which has a capital of 5,000,000 dollars (£1,000,000) will take up to 75 per cent, of Canada’s note issue, the greater part of which was previously handled by the chartered banks. The new notes will be somewhat smaller than the present bills and it is reported that they will bear the portraits of the King, the .Queen and the Prince of Wales.