Old Memories: Amusing and Historical

by Mrs. Daniel MacPherson

This wonderful plant suddenly sprung into prominent notice. It is a weed particularly fertile in the Bahamas. It grows about two feet high, and the fibre is the length of the plant, and when extracted by the simple process of pressing out, and then wet and dried in the sun, looks exactly like horse hair, and so strong one could not break even four threads twined together. This Sisal Fibre is creating such a sensation now. I need say nothing further on the subject, only wish Sir Ambrose and his wife a pleasant trip, and thank Mr. Russell for the particular courtesy I received from him. But when will you fail to receive attention at the St. Louis! From mine host down to the humblest bell boy, all are so watchful for your comfort, so civil in their demeanor, it is a pleasure to put up there.

THE QUEBEC BANK, QUEBEC.

On a recent visit to Quebec I was shown by the present courteous and able manager, James Stevenson, Esq., a notice he had written in the Shareholder, February 22, 1884, and there is so much of interest in it for the public, I transmit the valuable information it contains to you, my friends. Mr. Stevenson had directed my attention to this article, as he had therein so kindly noticed my dear father, the late Charles Gethings:—

The Quebec Bank, with the exception of the Bank of Montreal, is the oldest bank in the Dominion. On the 9th July, 1818, merchants, and others interested in the establishment of a bank in the city of Quebec, held a meeting at the Exchange, and drafted articles of association. The document is headed, "Articles of Association of the Quebec Bank," and consists of twenty-five sections. No. 3 provides that, for the good management of the bank, there shall be thirteen directors; No. 6, that there shall be no recourse upon the separate property of any shareholder. Other sections severally provide for the issue of notes; the calling-up of the capital, which is to be £75,000; the term of the bank's existence; and its dissolution. The bank is now in its sixty-seventh year. Distinguished men, legislators, lawyers and merchants have served on the directorate. During the term of its existence it has been exposed to severe financial storms; it has weathered them all, preserved its capital intact, and has paid several millions in the shape of dividends.

At the first meeting of the shareholders, which was held on the 7th September, 1818, the following gentlemen were elected to serve on the board of directors, namely, John W. Woolsey, Thomas White, J. McCallum, John Jones, Charles Smith, Louis Massue, Jean Langevin, Henry Black, Ph. Aubert de Gaspé, W. G. Sheppard, John Goudie, Etienne Lagreux, and Benjamin Tremain. Mr. Woolsey was elected president, and Mr. White, vice-president; and the Board engaged the services of Noah Freer, as cashier. Mr. Freer held a commission as captain in the army; he had seen service, and had been military secretary to Sir George Prevost, during the war of 1812. Steady-going merchants may have shrugged their shoulders and questioned the wisdom and propriety of appointing a soldier to such a position; but Captain Freer took kindly to the business of civil life. He was accurate, precise, and methodical in all he did; and a courteous gentleman in his intercourse with the public. The customers of the bank were men of high standing—including the leading officials of the capital, namely, the Governor-General, the Bishop, the Commander-in-Chief, legislators and lawyers, in addition to the regular commercial clientele. Holograph cheques of all its principal customers since 1818 have been carefully preserved in the bank, a review of which is almost as interesting as a cursory perusal of the annals of the city.

That able jurist, the late Honorable Andrew Stuart, was appointed legal adviser; and he appears on several occasions to have steadied the directors, and guided them into a course of safety.

In the absence of an "Act of Incorporation," the shareholders no doubt incurred unlimited liability to the depositors and share-holders; but application was made to Parliament for a charter, and an "Act of Incorporation," extending the existence of the bank to 1831, was passed in 1819. This Act received the Royal assent of George IV. on the 16th September, 1822. At the expiration of the term, the charter was renewed, and extended to the 1st August, 1836; and, by a subsequent Act, to the same date in 1837. That year constitutional government was suspended in consequence of the disturbed state of the Province; and all the powers and privileges of the bank expired by the effluxion of the time limited by the Act of Incorporation. The directors were at a loss what course to pursue under the circumstances. They thought seriously of winding up the bank. In 1838 the government of the country was vested in Sir John Colborne, as Administrator, and a special council held in the city of Montreal. The same year, the Habeas Corpus Act was suspended, and an ordinance was passed authorizing the incorporated, chartered, and other banks in the Province to suspend the redemption of their notes in specie till the 1st of June, 1839—limiting the circulation of each bank to the amount of its capital stock actually paid up. It was further enacted that all specie then held by the bank should be retained, and should not be sold, excepting to Her Majesty's Government.

Political disturbances having been quelled, trade revived, and all thought of winding up the bank was abandoned. To supply the absence of silver, the bank, in addition to its ordinary issue, issued notes of 15d., or 30 sous, and 2s. 6d., or 3 francs; and the several banks struck off a copper currency for the convenience of the public. The suspension of specie payments lasted three years.

In the absence of Parliamentary authority for the existence of the bank, the directors we readvised to apply for a royal charter, and Captain Freer, the cashier, was deputed to proceed to England, for the purpose of communicating with the Home Government on the subject. Captain Freer was well received by the authorities, and every assistance was rendered to him in furtherance of the object of his mission. A royal charter was granted with authority to apply to Parliament for a renewal as soon as constitutional government should be restored; at the same time the authorized capital of the bank was increased to £100,000.

Several changes had taken place in the personnel at the Direction since 1818. In 1823, Mr. W. Sheppard was elected president; in 1832, Mr. Charles Smith; in 1838, Mr. John Fraser; and in 1842, Mr. James Gibb. In 1852 Captain Freer retired from the service of the bank upon a pension, having held office for thirty-four years. In 1848 Sir N. F. Belleau was elected a director. He has since been a constant member of the Board, and punctual in his attendance, even while he held the office of Lieutenant-Governor of the Province of Quebec. On the death of the Honorable Andrew Stuart, the Honorable Henry Black was appointed legal adviser; and on his assuming the duties of Judge of the Vice-Admiralty Court, he was succeeded by the Honorable George O. Stuart, the present Judge of the same Court. J. C. Vannovous, Q.C., held the office till his death, and was succeeded by the present legal advisers of the bank, Messrs. Andrews, Caron & Andrews.