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ADMS 1010 Relentless Change - All cases in one

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Department
Administrative Studies
Course
ADMS 1010
Professor
Alex Browning
Semester
Fall

Description
The Struggle among Banks for Market Share At confederation we had thirty-eight banks and the BMO alone accounted for about 25% of all the assets Mr. Rose and Mr Edwin king propose that we adopt the American Free banking system and that we accede to the transfer of the note-issuing power to the Dominion Free banking it was called, anyone with enough capital could open a local bank with no branches. People seek opportunity and we had many bank failures. A flood of fraudulent paper money appeared, some of which has drifted over the border to the Dominion. The U.S. experience makes it clears how important it is to have one national issuer of the circulating currency, both coin and paper. Union of upper and lower Canada, introduced the legislature of “free banking act of 1850” which allowed founding of local banks without branches. Zimmerman bank in Niagara, came into existence Read pg 34-35 The rise of Canadian Dollar Establishment of a self-governing Dominion of Canada, no longer require royal assent from London. Battles we fought in the years of 1851-1854 to keep provincial accounts in dollars instead of sterling. Trading relationship with US became the essence for adopting the currency system of the U.S. this was done in 1858 These recommendation by abbot report was part of the first Bank Act in 1871 Establish a uniform federal act, replacing all provincial charters, and including the following specific features: • A minimum capital for 500,00, of which 10% to be paid • Power to issue notes in denominations of $4 or more, not to exceed paid-up capital and secured by gold or Dominion notes • Double liability on shareholders, to be paid before realizing on the assets of a failed bank • Total bank liabilities not to exceed three times capital • Mandatory decennial revision by parliament • One vote per share • Prohibition against extending credit on real property • Maintain 6% interest ceiling WEEK 3 - Massy Harris Company 1802 Daniel Massey, Sr emigrated from New York state with his wife and children The Massey’s, like 95% of the settlers in Upper Canada bet their futures on farming. That bet paid off for their young son Daniel Daniel Jr Spot’s opportunity In 1817, at the age of 19 Daniel Jr recognized an opportunity that had not been available to his father in 1802. The population was growing quickly and the demand for virgin pine and other wood in the forests around Cobourg made clearing land a profitable venture, one made possible by the arrival of men from Ireland and Scotland looking for immediate work. At Nineteen left the family farm, rented nearby land, hired labourers and cleared it, selling the trees at enough profit to buy the land which he then farmed until he found a buyer. He continued this process and made fortune Hart his son was closest to him (Daniel). He knew technology can bring vast change to a world that still relied on farming tools. His continuous visits to states made him see and how to operate American thresher which he later 1830 he imported American thresher to Upper Canada. Daniel Jr. perfected his skills as a machinist fixing equipment and outfitting his neighbours with tools he made or imported.
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