ADMS 1010 Study Guide - John A. Macdonald, Donald Mann, Francis Hincks
6 Jun 2013
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Document Summary
After the second world war, the international monetary fund and the world bank were formed. Trust and confidence were the most important fundamental building blocks. Sir john a macdonald was the prime minister. Sir francis hincks was the new minister of finance. They both discussed the unsatisfactory state of the affairs in canadian banking. Hincks recommends to convert bank laws of four provinces into a contemporary banking act. New dominion government should have exclusive authority over banking currency, interest, and related matters. Another challenge was to ensure a national currency and coinage. 1869 nova scotia still had clung to sterling instead of dollars and still hadn"t settled the issue of government issued currency instead of bank notes. Sam abbott was a young lawyer from kingston who worked on several bank charters. Currency issues - no national currency, no standard currency rates. Economic issues - lack of money for economic growth, inability to finance and get paid for exports and.
