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HomeMy WebLinkAboutThe Huron Expositor, 1960-11-17, Page 13tj • N.iovement 10 lural c,ntar1c.. BringsDominiontoSeaforth The Seaforth branch of• what is now The Toronto -Dominion Bank was established in 1893, The new branch was one of several which the bank opened in rural Ontario at that time, according to the re- cently published history 1:4 the bank. The history recounts the events leading to the decision to expand and subsequent develop- ments in these words: The strains and stresses of nation building had provided both oppod- tunity and peril for Canadian banks. For The Dominion Bank, caution had been as much a watch- word as for The Dank of Toronto. Moving into its new head office on King and Yonge in 1878, it bad found by 1884, that further enlarge- ment was necessary. The growth of business in Toronto city necessi- tated the opening of four new To- ronto branches between 1885 and 1892, and four additional locations were acquired in rural Ontario. It was our privilege to be entrusted with the contract for . Supplying Gravel and Fill FOR THE.NEW OFFICE OF THE TORONTO - DOMINION BANK H. McLLWAIN & SONS Gravel - Topsoil - Fill Crushed Stone and Bulldozing SEAFORTH PHONE 112 Gongratul�iions t0 THE TORONTO - DOMINION BANK On the opening of the, NEW SEAFORTH 1BRANCH We were happy to be associated with the construction of the building in the supplying of redi- mix concrete. Maitland Redi -Mix Concrete Products LTD. WINGHAM Phone 211 — Wroxeter ONT. We are proud to have . played a part in the construction of the New Branch of THE TORONTO-bOMIISIION BANK in Seaforth W. E. Managhan Plastering Contractor R. R. 5 -- CLINTON,. ONT. Phone HUnter 2-7471 The bank entered Belleville and Lindsay in 1881., Guelph in 1888 and Seaforth in 1893. Profits had resumed their upward march with the turn of the eighties, and by 1896 the bank was paying a divi- dend of 12 per cent. Capital had increased to $1.5 millions and the reserve had been built up to a similar amount. Not until 1887 did The Bank of Toronto oven a new branch. In that year T. F. How, a future general manager, was sent to Gananoque. The bank also moved into vacan- cies at London and Petrolia, cre- ated by the fall of the Bank of London. In 1889 it opened a branch on King Street West. A year later Brockville was entered, in a move for which politics supplied the in- itial impulse. There had been a hotly contested by-election in the town, and following a Conservative victory the manager of the local bank had hoisted his flag in tri- umph. So outraged was the Lib- eral section of the town by this Tory gesture, that a delegation was immediately dispatched to make overtures to The Bank of Toronto. Assurance were offered of a considerable volume of busi- ness, and... Brockville was becom- ing a centre of the cheese indus- try. Head office therefore acquir- ed premises and moved in T. F. How, who had proved himself either a good Liberal or a tactful man. Though political affiliations loosened and political heat cooled with time, the branch won and maintained a solid standing in the community, reinforced, no doubt, by the respectability of its staff. From 1894 onward, Pew 101 in St. Peter's Anglican Church was re- served for "The Clerks of The Bank of Toronto." An additional Bank of Toronto branch was opened in Montreal in 1892, at Point St. Charles. The bank now had two footholds in Quebec territory, but its westward boundary was Petrolia, Ontario. Leading by a slender margin in total assets, The Dominion Bank at the end of 1896 had deposits of $10.4 millions • in comparison with $9.2 for The Bank .of Toronto. Its loans were $9.4 millions compared with $11.7 million for the older bank. The Dominion's capital of $1.5 million, backed by a reserve of the same amount, was approach- ing the two million capital which The Bank of Toronto had maintain- ed for 22 years and which was now backed by a reserve of $1.8 mil- lions. The Dominion operated 17 branches 'as against 14 by The Bank of Toronto. The younger bank was to 'hold the lead in branches for 15 years and in total assets for over 40. The margins, however, would sel- dom be very wide, and even more rarely would they be noticed in official comment. Neither bank was ever much concerned about its rate of growth in comparison to other banks. An insistence on organic THIS IS THE BUILDI11l tliat was torn down last spring to make way for a modern new Toronto -Dominion Bank bran ri., Long. a landmark on Seaforth Main Street, the 90 -year-old structure was among the earlier brick; business blocks to be erected in Seaforth, and provided accommoda- tion for the bank for more, than 60. years. The bank occupied temporary accommodation in the former Regent Theatre building during the construction period. soundness was the governing fac- tor in progress, and over the years, like policies tended to bring ,the hanks . to an almost equal footing. Neither had been, nor was to be, a milch cow for the quick profit taker. Both were already, how- ever,• solidly successful for the shareholder who was—content to let his money earn ;and grow. In the financial structure of the coup_ try each was now a small 'core of almost unshakeable strength, part 01 a foundation, slowly assembled, long. in building, upon which the spectacular edifice of the future would rest secure. There was another source of strength to which both institutions were beginning to pay consider- able attention. This was the mat- ter of staff morale. In 1887 The Dominion Bank had established a Guarantee and Pension Fund for its officers. The Bank of Toronto made a similar move in 1889. The idea of pensions would still have to be pried loose in executive minds from the idea of guaran- tees against defalcation, and it would be more than 10 years be- (fore either bank had what would today be considered a real pen- sion plan. Nevertheless, the first move was important. It indicated a growing awareness of the need for giving permanence and secur- ity to a career which, though re- spected, was scarcely a highway to affluence. A Bank of Toronto pensioner, still living, has record- ed some poignant memories of the• year 1887, when he first entered. the sacred portals. "I well 're- member re -member my experience during the ordeal when I was admitted to the office of the General Manager. Duncan Coulson looked me up and down, asked a few questions, then placed me in the hands of the Chief Inspector, who ushered me into the Board Room, sat me in a great, high-backed chair at the head of a long table, placed a lia- bility sheet full of figures and with the totals properly obscured in front of me with the request to add them up. He then asked me questions in geography, such as 'Where is T'mbuctoo?' etc., and in history such as 'What was the name of Sir Thomas Moore's wife?' etc. I was then taken back to the General Manager's office and after more questioning I was told to go .home and I would be advised as to whether I could be accepted. The result was that I was taken on for a six month's probation at the fabulous salary of $8.33 per month." The old idea of apprenticeship The Seaforth Curling Club activi- ties for the 1960-61 season com- menced on Wednesday evening with a well -attended pot -luck sup- per, held in the Community Cen- tre. Needless to say, it was en- joyed by all. A short business meeting held afterwards indicated that the club is in a healthy.state and the mem- bers were looking forward to a pleasant curling season. Several new members were introduced. Following the meeting, Gordon McGavin gave a very interesting address and told of his recent visit to Russia, and illustrated his re- marks with pictures of the places visited. - The following evening the regu- lar executive meeting of the club was held at the clubhouse. During the past few weeks the interior walls have .been painted white and the curling ice also, which should make it easier for boththe players and spt.*etators to-f0110W the play. One important rule was passed at the meeting which every mem- ber is requested to strictly ob- serve. In order to maintain the curling ice in the best possible condition there is to be no smok- ing on the ice. For those who can- not leave "Lady Nicotine" alone for that length of time, facilities for them will be available at each end of the rink, where they can park their cigar or cigarette. EGMONDVILLE Mr. and Mrs. Ed. Brown and Linda were in Hensall over the weekend visiting with Mr. and Mrs. Roland Vanstone. Mrs. Robert Dalrymple and Mrs. Houghton, of Cromarty, visited. on Monday with Mrs. Tom Leeming, Walton. Betty Brown had her tonsils re- moved in Scott Memorial Hospital on Saturday morning. ROLE OF FARM WOMEN GROWS, AGRICULTURAL SOCIOLOGIST SAYS Farm women will have an in- creasingly important role to play in agriculture in the years to come according to Dr. Helen Abell, Rural Sociologist with the Canada Department of Agriculture. Dr. Abell was guest speaker at a ban- quet held .by, the Women's Com- mittee of the Ontario Federation of Agriculture at the 24th annual convention of the OFA in Toron- +te, and she outlined the role of farm women in the next 10 years of agriculture. Dr. Abell quoted research' under- taken by her department which showed that many farm women still do work on farms other than just housework. She said that the research showed that farm women had to take part in many of the chores of the farm business in or- der to make ends meat. Many women were handling field work as well as farm bookkeeping, and other management roles, and per- haps unexpectedly, a majority of the farm women • today .enjoyed this type of assistance to their hus- bands. Undoubtedly many people living in the city were aware of the work done by farm women in the past, but apparently the pic- ture . has not changed radically, judging by the results of the re- search carried on by Dr. Abell. She said that the future will likely see farm women assuming even -more important roles than the past would indicate. - Dr. Abell stiggested that in or- der for farmers to expand their businesses, more and more farm women will have to share the re- sponsibilities of management. They will need to take over some of the accounting duties, sharing management decisions, or even taking part time jobs to help bring in supplementary income. Dr. Abell predicted that farm wives will have to obtain more knowledge of farm credit, management, ac- counting and business techniques so that they will be able to make a useful contribution to the farm business. Also important in Dr. Abell's We Congratulate THE TORONTO - DOMINION BANK ON ITS NEW BUILDING We are proud 'to be responsible for the cleaning and maintenance of the office. Superior Maintenance Service Phone 182 -- Seaforth viewpoint was the necessity for farm women to continue being ex- cellent wives and mothers. She felt that it was necessary for the preservation of the farm family that farm women encourage and find means of enabling their chil- dren to obtain both formal and in- formal education, which they will that women could do much to keep alive the attitudes and values which are important for happy farm family living. Lastly, she predicted that farm women must learn to adapt quickly to changing farm conditions. WINTHROP Misses Sheila and Elnith Owen, of Llandinam, Wales; Miss Ann Philpodt and Miss Henrietta Bur- ton, London, England, spent a few days the past week with Mr. and Mrs. Russell Bolton, and while there visited with other relatives and friends. All are nurses and are leaving later this week to join the staff of the Collingwood Hos- pital. lingered on in the 'banking profes- sion as in other professions. The young junior had many long hours and much' lean living ahead of him. It was beginning to be re- cognized, however, that he was entitled to the prospect of security and a comfortable retirement at the end of his.., working life. For the oustanding man there was al- ready much more. Hague and in The Bank of Toronto, had shown that• a clerk's stood could he ex- changed in time for a chair at the board table. Half a dozen men already on the staff of The Dom- inion Bank were to providesimilar examples. From the beginning, both banks had searched keenly for promising men and advanced them steadily. The policy Was al- ready making staff morale an in- visible but cherished asset. Congratukitions ,THE; TORONTOA.DOMINION BANK on the opening. of the modern Seaforth Branch • • We are happy to be entrusted with ELECTRICAL WIRING and EXPERT ELECTRICAL SERVICE Installations NTHIS- -ST UCTURE FOR FAST, EFFICIENT WIRING SERVICE -- Call -- ENNIS ELECTRIC C. J. DENNIS, Master Electrician Phone 669 W12 : Seaforth LOCATED IN HARPURHNY The Impressive New Building of THE TORONTO TORONTO DOMINION BANK is a creclit, to the Officers and Staff of the Bank, and to all who had a part in its planning. Draperies for the large expanses of glass, which are such an outstanding feature of the new building, were provided and installed by our Drapery Department STEWART BROS. Phone 32 — Seaforth Specializes in the Making and Installation of Draperies OF ALL KINDS • WINDOWS MAKE THE DIFFERENCE The large expanses of glass in the New THE TORONTO -DOM I N ION BANK at Seaforth WERE SUPPLIED AND INSTALLED BY US We congratulate the Bank on this imposing new structure, which is now available to serve the people of the Seaforth community. PEEL GLASS tit MIRROR CO. LIMITED Residential & Commercial Glazing Furniture Tops Mirrors 303 Lakeshore Road East PORT CREDIT, ONTARIO