Canada Banking Company

Canada Bank Company
Industry Banking
Fate defunct
Founded March 17, 1792 (1792-03-17) in Montreal (British North America)
Headquarters Montreal (British North America)

Canada Banking Company was an early and short-lived bank established in 1792 in Montreal (then British North America).

The bank was established by three firms led by nine Montreal merchants (notably John Forsyth, John Richardson, James McGill and Isaac Todd) and attempted to issue banknotes to be used in the British colony.[1] It failed to obtain permission to issue the notes, faded after few months of operations[2] and disappeared before the start of the 19th century.

The company was a private not public bank, and appears to have been only a deposit-taking institution that issued a few bills, notably army bills. A surviving copy is held in the National Currency Collection of the Bank of Canada.[3]

Richardson and Forsyth founded the more successful Bank of Montreal in 1817.

References

  1. ↑ Granger, Alix. "Banking in Canada". thecanadianencyclopedia.ca.
  2. ↑ William Thomas Easterbrook; Mel Watkins (1984). Approaches to Canadian Economic History: A Selection of Essays. McGill-Queen's Press - MQUP. p. 137. ISBN 978-0-88629-021-4.
  3. ↑ Archives Canada, Library and (March 29, 2004). "Canada Banking Co., 5 shillings, 1792". www.coinsandcanada.com.
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