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ADMS 1010 (61)

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York University
Administrative Studies
ADMS 1010
Alison Kemper

PART ONE Laying the Foundations, 1850–1905 Introduction th Mid-19 c British North America - United Province of Canada (Canada East and Canada West, modern-day Quebec and Ontario) - Nova Scotia - New Brunswick - Prince Edward Island - Newfoundland - Vancouver Island - interior of the northern part of BNA contained three territories: Rupert’s Land (largest and owned by the Hudson’s Bay Company), North-West Territory, New Caledonia Dominion of Canada - Canadas, Nova Scotia, and New Brunswick - acquired Rupert’s Land from the HBC in 1869 - ‘a great colony of the British Empire’ and was well on its way to becoming a nation by the early twentieth century - GDP/capita more than doubled between the mid-nineteenth and the early twentieth century, making it the 10 -richest nation in the world: blend of public policy, a sound financial system, energetic entrepreneurship, and the emergence of large non-financial corporations STERN DIAMOND ENABLING POLITICAL SYSTEMS PUBLIC POLICY BNA Act of 1867 - created the Dominion of Canada - allocated responsibility between the federal and provincial authorities, giving the federal government jurisdiction over areas such as regulation of commerce, currency, and banking as well as life insurance - provisions relating to an intercolonial railway and to Rupert’s Land National Policy - settlement of the west - building of a transcontinental railway - adoption of a protective tariff (influenced both by the history of trade and by American policy) - tariffs were raised to 35 per cent on manufactured imports - protective tariff resulted in significant American investment in Canada as American corporations set up branch plants to avoid the tariff wall TRADE 1854 – reciprocity treaty in natural, unprocessed goods with US 1860 – protectionist US Republicans abrogated reciprocity 1897 – imperial preference with Britain and its colonies Reduced Tariffs within Canada 1. creation of Dominion of Canada 2. former Province of Canada agreed to reduce its tariffs to bring them closer into line with those in the Maritime provinces EFFECTIVE FINANCIAL SYSTEMS Aspects of sound financial system: 1. Federal government’s jurisdiction over commerce, currency, banking, and insurance  avoided the quarrels between centralists and decentralists that occurred in US 2. Bank Act of 1871  ensured a sound currency and a nationally regulated banking system  required decennial revisions to determine whether it was still suitable and applicable to changing times 3. 1875 - superintendent of insurance was appointed 4. 1870s - stock exchanges were incorporated in both Montreal and Toronto 5. 1890s - mining exchanges were formed in Toronto that merged into a single exchange (Standard Stock and Mining Exchange) consolidation - the number of banks with head offices in the Maritimes was reduced, and the concentration of financial power in Montreal and Toronto became particularly pronounced. Financial centre of Canada – shift from Montreal to Toronto mortgage loan companies - second largest financial intermediary class since chartered banks were not allowed to lend money for real property purchases (because the government believed the risks were too great) life insurance companies - deemed sufficiently important that the government appointed a superintendent of insurance to oversee the industry in 1875 - regulations were changed to permit life insurance companies to invest in the burgeoning Canadian utility industry in 1899 (liberated hundreds of millions of dollars for investing in this emerging sector with its huge needs for capital) By the early twentieth century, Canada had both a  legislative framework for a sound financial system and a  healthy number of financial corporations in operation Both were necessary in meeting the demands for capital that entrepreneurs and growing corporations required to carry on their activities. VIBRANT ENTREPRENEURSHIP Pierre-Esprit Radisson and Médard Chouart des Groseilliers - helped establish the Hudson’s Bay Company Simon McTavish and William McGillivray - Montreal-based Scottish entrepreneurs who rebelled against the HBC’s monopoly and created a number of fur-trading partnershipsincluding the North West Company, HBC’s major rival prior to the 1821 merger of the two companies John
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