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.





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