Mr. McMaster is probably the most widely known among the merchant princes of Western Canada, and has had a remarkably successful commercial career. As is the case with most men who have been the architects of their own fortunes, his success is largely attributable to his personal qualifications. He inherited a sound constitution, an active, enterprising mind, and a strong will. With such advantages he began the battle of life in this country nearly half a century ago. He grew with the country's growth, and by his industry and shrewdness achieved, in course of time, a position which made him thoroughly independent of the world. It has been the fashion to say of him that his mercantile operations were always attended with "good luck;" but those who converse with him on commercial or financial questions for half an hour will draw their own conclusions as to how far "luck" has had to do with the matter. He has been lucky in the same sense that the late Duke of Wellington was lucky; that is to say, he has known how to take advantage of favourable circumstances. Anyone else possessing his keenness of perception and shrewd common sense would in the long run have been equally lucky. He has made good use alike of his wealth and his talents, and the land of his adoption is the better for his presence.
He is by birth and early training an Irishman, and was born in the county of Tyrone, on the 24th of December, 1811. His father, the late Mr. William McMaster, was a linen merchant whose resources were not abundant, but who was able to give his son a good education. The latter received his educational training at an excellent private school taught by a Mr. Halcro, who had a high local reputation as a teacher. After leaving school he was for a short time a clerk in a local mercantile house. His prospects in Ireland, however, were not commensurate with his ambition. In 1833, when he was in his twenty-second year, he resigned his situation, and emigrated. Upon reaching New York he was advised by the resident British Consul not to settle in the United States, but to make his way to Canada. He acted upon the advice, and passed on to Toronto—or, as it was then called, Little York.
The conditions of the wholesale trade in Canada in those days were very different from those which now prevail. The preeminence of Montreal as a point of distribution for both the Provinces was well established, and the wholesale trade of Little York was comparatively insignificant. There were very few exclusively wholesale establishments in the Upper Canadian capital, but several of the largest firms contrived to combine a wholesale and retail business. Young William McMaster, immediately upon his arrival at Little York, obtained a clerkship in one of these, viz., that of Mr. Robert Cathcart, a merchant who then occupied premises on the south side of King Street, opposite Toronto Street. After remaining in this establishment somewhat more than a year in the capacity of a clerk, young McMaster was admitted to a partnership in the business, a large share of which from that time forward came under his own personal management. The partnership lasted about ten years, when—in 1844—Mr. McMaster withdrew from it, and started a separate wholesale dry-goods business on his own account, in a store situated on the west side of Yonge Street, a short distance below the intersection of that thoroughfare with King Street. By this time the conditions of trade had undergone some modification. Montreal still had the lion's share of the wholesale trade, but Toronto and Hamilton had also become known as distributing centres, and both those towns contained some large wholesale warehouses. Mr. McMaster's business was a large one from the beginning, but it rapidly expanded, until there was not a town, and scarcely a village in Canada West, which did not largely depend upon the house of William McMaster for its dry-goods supplies. The attempt to make Toronto, instead of Montreal, the wholesale emporium for Western Canada was not initiated by Mr. McMaster, but it was ably seconded by him, and no merchant now living did so much to divert the wholesale trade to western channels. In process of time he admitted his nephews (who now compose the firm of Messrs. A. R. McMaster & Brother) into partnership, and removed to more commodious premises lower down on Yonge Street, contiguous to the Bank of Montreal. This large establishment in its turn became too small for the ever-increasing volume of trade, and the magnificent commercial palace on Front Street, where the business is still carried on, was erected. Here, under the style of William McMaster & Nephews, the business continued to grow. As time passed by, the senior partner became engaged in large financial and other enterprises, and practically left the purely commercial operations to the management of his nephews. Eventually he withdrew from the firm altogether, but his retirement has not been passed in idleness. He has a natural aptitude for dealing with matters of finance, and this aptitude has been increased by the operations of an active mercantile life. He has been a director in several of the most important banking and insurance institutions in the country, and has always taken his full share of the work devolving upon him. Twenty years ago he founded the Canadian Bank of Commerce, and became its President. That position he has occupied ever since, and every banking-day finds him at his post. There can be no doubt that his care and judgement have had much to do with the highly successful career of the institution. Mr. McMaster was also for some time a director of the Ontario Bank, and of the Bank of Montreal. He has for many years acted as President of the Freehold Loan and Savings Company, as Vice-President of the Confederation Life Association, and as a director of the Isolated Risk—now called the Sovereign—Insurance Company. He also for many years occupied the unenviable position of Chairman of the Canadian Board of the Great Western Railway. Upon the abolition of that Board a few years ago, and the election of an English Board in its stead, Mr. McMaster was the only Canadian whose services were retained.
But it is not only with financial and kindred matters that Mr. McMaster has busied himself of late years. In 1862 he for the first time entered political life, having been elected to represent the Midland Division, embracing North York and South Simcoe, in the Legislative Council of old Canada. He was opposed by Mr. John W. Gamble, who sustained a crushing defeat, and Mr. McMaster continued to represent the Midland Division until the Union. When the Senate of the Dominion was substituted for the old Legislative Council, after the accomplishment of Confederation, Mr. McMaster was chosen as one of the Senators to represent Ontario, and he has ever since taken part in the deliberations of that body. He has always been identified with the Liberal Party, but has never been an extremist in his politics, and has kept himself aloof from the faction fights of the times.
His highest claim to the consideration of posterity will probably rest upon his services in the cause of education. These have been of a kind which we would be glad to see emulated by others of our wealthy capitalists. His first connection with general educational matters dates from the year 1865, when he was appointed a member of the old Council of Public Instruction. He continued to represent the Baptist Church—of which he is a prominent member—at that Board for a period of ten years. When the Senate of Toronto University was reconstructed, in 1873, he was nominated one of its members by the Lieutenant-Governor. But his most important services in the cause of education have been in connection with the denomination of which he is a devoted member. When the Canadian Literary Institute, at Woodstock, was originally projected, he contributed liberally to the building fund, and repeated his contribution when money was needed for the restoration of the buildings after they were burned down. He has ever since contributed liberally to the support of the institution, and indeed has been its mainstay in a financial point of view. He has been largely instrumental in bringing about the removal of the theological department of the Institute to Toronto, where a suitable building is now in process of erection for its accommodation in the Queen's Park, on land purchased by Mr. McMaster specially for that purpose. The cost of erecting this building is borne entirely by Mr. McMaster, and will amount, it is said, to at least $70,000.
His benefactions to the Baptist Church have been large and numerous, and of late years have been almost princely. The handsome edifice on the corner of Jarvis and Gerrard Streets, Toronto, is largely due to the bounty of Mr. McMaster and his wife, whose joint contributions to the building fund amounted to about $60,000. To Mr. McMaster also is due the existence of the Superannuated Ministers' Society of the Baptist Church of this Province, of which he is the President, and to the funds of which he has contributed with his accustomed liberality. He has also long contributed to the support of the Upper Canada Bible Society, of which he is the Treasurer.
He married, in 1851, Miss Mary Henderson, of New York City. Her death took place in 1868; and three years afterwards he married his present wife, Susan Molton, widow of the late Mr. James Fraser, of Newburgh, in the State of New York. There is no issue of either marriage.