David Torrance (banker)

David Torrance
Born	1805 New York City, New York
Died	January 29, 1876 (aged 70–71) Montreal, Quebec

David Torrance (1805 – January 29, 1876) was a Canadian merchant, shipper, and president of the Bank of Montreal.

Five Torrance brothers, sons of Thomas Torrance (1735–1805), emigrated to Canada from Lanarkshire, Scotland, early in the 19th century. Thomas (1776–1826) and John (1786–1870) settled at Montreal as wholesale and retail grocers and winesellers. James went to Kingston, Upper Canada, as agent for the family. David Torrance, son of James, came to Montreal about 1821 to work for his uncle at John Torrance and Co. On 9 January 1832, he married his cousin Jane Torrance (1812–75), daughter of John, and the next year became a partner in the business. When his uncle retired in 1853 the firm became David Torrance and Co., with Thomas Cramp and later his own son, John Torrance (1835–1908) as partners. With Cramp and another son, George William Torrance, he formed a second partnership in Toronto, Cramp, Torrances, and Co. The businesses traded in general goods, but especially tea. The Torrances were the first Canadians to import tea directly from China and India. When David Torrance died in 1876, the value of David Torrance and Co. in Montreal was estimated at between $400,000 and $500,000.^[1]

Torrance was also a shipowner and a major shareholder in the Bank of Montreal, of which his uncle Thomas had been one of the first shareholders and a director. His uncle John succeeded Thomas and was a director of the bank until 1857, and in 1853 David Torrance joined the board. In 1873, a vacancy arose for President, and Torrance was the second longest-serving director after Senator Thomas Ryan, who declined to take on the office. The board by then included Torrance's brother-in-law, Alexander Tilloch Galt, and Torrance was elected as president.^[1]

Torrance was a supporter of educational causes and in 1843 was a leading founder of the High School of Montreal.^[1]

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