Banking
The first bank established in Canada was the Bank of
Montreal, which dates from the year 1817. The Bank of Quebec was
established in 1818; and the Bank of Canada the same year. All three
were chartered in 1822. A Banking Act was passed in 1841, providing a
uniform system of banking. The Act of 1850 prohibited banks other than
those incorporated by Parliament or royal charter from issuing notes. It
also provided for a deposit with the government to be held as a
guarantee; also for bank statistics. Further provisions designed to
place banking on a more secure footing were incorporated in the Act of
1871. Further banking legislation was passed in 1881 and in 1890.