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eg ae 2 | courage lof our facilities," DOMINION BANK NEW EAST END BRANCH BEING OPENED MONDAY Above photograph shows the new Oshawa branch of the Do. | minion Bank, located at B66 King Street Kost, which is to be off) elally on Monday after. noon od three o'clock by Mayor Norman Down, Robert Rae, President. of the Dominion Bank dont, will be Dreemt for the | cerem and Thomas Wilding, | vice pr New Dominion Bank Branch | To Open Monday Afternoon | Mayor Norman Down will offi. clally open the newest branch of The Dominion Bank In Oshawa on Monday, January 24, st 3:00 p.m, Participating In the opening will be several of the bank's officials | including President Robert Rae, Vice-President Thomas Wilding and Gordon Miles, manager of the bank's main Oshawa branch The public Is Invited to the opening ceremony and fo the | "open house" reception to be held | afterwards at which light refresh. ments will be served, The hours are from 3:00 until 5:00 p.m, Bank staff will be on hand to conduct tours around the building and to explain how they plan to serve the community, Chairman for the day will be WwW. R. Singleton, formerly of the bank's main Oshawa branch, and who has been appointed manager of the new branch, "We're lookin forward to. a high attendance © Oshawa residents and business men," according 10 to Mr, Singleton, "We particularly hope the Indies will drop In, We think they will enjoy the refreshments which are to be served by the Women's Aux. ilary of the Harmony United Church, This Is a residential dis trict and we hope to have the opportunity of serving many homes In Oshawa and points east," Mr, Singleton adds that the en. tire hullding will be open for in- spection, including the vault, safe and safety deposit boxes, And there's ample Jeruing space In front of the building and slong the east side," JOINED BANK IN 1029 A native of Belfast, Ireland, Mr, Singleton joined The Dominion Bank at Toronto In 1920, For ten years he served in Montreal branches and in 1939 took up duties at the bank's main Oshawa branch, During the ensuing nine years, all of which were spent at the Oshawa branch, Mr, Singleton became a familiar figure In Osh. awa, He was active In community affairs, acting as honorary treas- urer for the Christ Church building campaign and secretary-treasurer | for the former Oshawa Humane Society; he also served on the Board of Stewards of minster Church and was suditor for Bt, George's Anglican Church In 1048 Mr, Singleton was ap- foiated to the Chief Accountant's dept, at Head Office, Toronto, and prior to his return to Oshawa he served for four Fears at the Queen Street and Ossington Ave- nue branch, Toronto, EFFICIENT SERVICE "My staff and I are here to pro- | vide quick, efficient banking sery- ice in a friend atmosphere," Mr. Singleton states, "The fine building that has been provided will, we hope, make banking a real pleasure for our customers, as well as being convenient, In addition to resid ents In the Immediate neighbor. hood, we're looking forward to serving those in rural districts as far east as Bowmanville," Spectacular Growth Has Focturad Bank's History The past 14 years have been a, period of great growth for the Dor | minion Bank, In that time deposits I tal assets have more than re The financial statement for the ear which closed on October 3st fast showed peak assets and pro fits, Total deposits rose during the year by abprosimatsly $31,000,000 to $809,000,000, This is reflect ed. in a similar increase In total assets to $536,000,000, Most of the in: crease In deposits is aceounted for by an Increase of $28,000,000 in personal savings deposits, The bank's liquid position Is strong, Cash assets as at October dist totalled $09,400,000, 10.6 percent of total labilities to the public Hoimediatelyatallable assets at $260,000,000 were 54.9 pe cent to all publie labilities Since the end of the war The Dominion Hank has opened new branches in order to provide | Canadians with better banking | service, It now has 196 branches | across the country, a branch In| London, England, and an agency | office in New York | The number of new branches iva in the year ended Og tober | [) was 10, and a number of others under development, In addi: | lon new build were © ot | tion new buildings were construct | organized ed for several branches THE EARLY DAYS This year The Dominion Bank celebrated its 83rd year of opera | tion, While the bank was Incorpo | rated in 1869 it was on February 1st, 1871, that it opened for busi: | ness in modest quarters at 40 King Street Kast in Toronto -- only a | stone's throw from the location of Its present Head Office Canada, In those days, was a very. different country from what it Is today. Before the close of 1071 it stretched from the Atlantic te the Pacific and had a population | of nearly four millions, but as yet Canada had only staked a claim to the northern half of the cont nent. Development of the vast western and northern areas had not begun, The Maritime provinces had not yet been linked with cen equivalent to | P Ih time was, of course, much less comprehensive than today, There were, however, more banks doing buat ess than there are now, Wi "onfederation began there were 18 banks chartered hy the Province of Canada carrying on business In Ontario and Quebec; five charter: ed banks in Nova Scotia, besides the private Halifax Banking Corp: any; and four in New Brunswick, n addition; the Bank of North America operated under royal charter The total assets of all banks at Confederation were less than one seventh of the present da assets of The Dominion Bank, Their de hosits were about one-fifteenth of | The Dominion Bank's present day | total At the time The Dominion Bank "| came into existence, not one of the dian banking system long established banks had - its headquarters in Toronto The | Bank of Upper Canada with head office In Toronto and the Com. yal Bank with headquarters In Kingston had gone into liquida: tion. While there were other On. tario banks, the Montreal banks dominated the situation, A group of Toronto businessmen felt that here was a gap In the banking structure which needed to be fills Thus, The Dominion Bank was backed largely by To ronto capita) Only four men are recorded In the minute book as being present at the first meeting held to or ganize the bahk, These were John Worthington, James Crowther, James Holden and Willlam Mu lock (later Sir William Mulock) But the persons named as peti: tioners for Incorporation two months later were: John Worth. ington, James Crowther, John Crawford, M.P,, Hon, J, C. Alkins, Walter Sutherland Lee, Hon, John Ross, James Holden and Aaron Ross "TWAS LARGE IN 1870 The minimum amount of capital to be subscribed was set at $400, 000, with $100,000 to be paid up immediately and the remainder within four years, Today, this 'banks established more A than one office in any one sly, So Sicoosstul was the SXkporimen ont thot the policy was nks and in the ar, or on os J A most chartered have numerous branches, James Austin was the first president of the bank, In its Bdth |. and comfortable | | | | North- | year it has had eight presidents | as follows James Austin, 1871-1879; Frank Smith, 187.1901; Sir mund Osler, 1001-1924, tus Nanton, 1924 1025) Albert W, Austin, 1926-19331 Clarence A. Bogert, 1085:1004; C, H, Carlisle, 1034. 1040; Robert Rae, 1048 ~ The success of the bank from Its Inception Is attributable to the business acumen and prudent management of the directors and officers, An historian of the Cana. uts It this way: "from the first the manage. ment of the bank was recognized a8 representing an exceptional combination of prudence and en: terprise,"' The following table shows the steady progress made hy The Do: minion Bank throughout the first #2 years of Its existence Total Assets § 2,541,508 + 5,001,670 12,500,378 20,024,147 + 02,677,820 + 139,263,008 , 141,723,848 . 157,462,810 306, 208,304 ' 458,339 26 1952 817, 40, 658 1083 507,000,525 As Indicated earlier, he Do minion Bank was the first to establish two branches in one city, But this 1s not the only 'first its credit, It was the first Charon: od bank to pay a 12 per cent divi. dend on Its hares and the first to establish a pension plan for its employees, He 1000 10 1920 1080 1040 , 1946 1061 Bir | Ed | Bir Augus- | ony, ~ Times Gazette Staff Photo AT BANK OPENING Thomas Wilding, Vice-Presi- dent of the Dominion Bank, who will be present at the opening of the new King Street East Branch of the bank at 3.00 p.m, on Mon. day, January u ot he shaved lo vi the a BANK MANAGER The Dominion Bank has ane nounced the appointment of W, R. Singleton as manager of its new Oshawa East branch, situated at 560 King Street KE, With The Dominion Bank since 1020, Mr, Singleton has had eon. siderable experience serving the Oshawa community, He was at. tached to the main branch here between 1039 and. 1048, His ex- perience has Included 10 years n Montreal branches and two years as assistant to the Chief Accountant, Head Office, Toron. to, Prior to his most recent ap: pointment he served for Mur years at the bank's Queen St, and Osington Ave, branch, To ronto TRADE FAIR MAY 30 OTTAWA (CP)--Canada's eighth international trade fair will be opened at Toronto May 30 by Prof, o| economics minister, the trade de: partment announced Friday, About 22 countries have already applied for space, and It Is evident, sald the department, that he fair will he larger his year than in 1054, : {rovided on ample a parking # | at Teast 25 cars, There is 'Dominion Bank Branch Features Parking Lot "Banks have to change with the times" according to W, R, Single ton manager of the new Oshawa The Dominion as we are at Hb traffic, Our Job is to en motorist 10 make use the bank has nee for |g ys Mr, A "We ean accommodate is parking space in front of the hullding as well as on the east side" The new prank is located In the bufldin formers secupled by Eastern Jwner the bullding is ovr bai iB Har- ry Gay who has acted as general For this resson ng. in the raat the premises, Amon Be tions A ired was of a reinforced concrete fwialistion 2 with today's trend in the new branch Is ha J well lighted, Large) ppl windows are situated on three sides srtifichl Is provided hy recessed incandescent lights, The celling Is of acoustic Jd of vinyl tile, A staff lunch room and savage are of limed oak throughout, unconventional feature is the on our scheme; Three walls are paint: ed powder blue; fourth is primrose yellow, Bawlkers of an earlier se might foi in their graves hut Manager Singleton and his staff think + Af Just fine," 'Oshawa's new bank will almost certainly be the last branch ever to open under the name of The Dominion Bank, Around Februsry 1 the B4-year-old Institution wil officially amalgamate with the 95 year old Bank of Toronto, The merged bank will be known as The Toronto » Dominion Bank, The' proposal to amalgamate wag approved about five weeks ago by shareholders of both banks at thelr annual meetings, Approv- al of the Governor In Council is still required, In recommending the proposal to shareholders at the annual meet. Ing, December 22, Dominion Bank President Robert Rae stated that the bank's board of directors d [1 tion of the amalgamation propos sal, Among those on the board to recommend the move Is R, 8, Me Laughlin who is vice-president of the hank and has been a director since BENEFIT CUSTOMERS Mr. Rae pointed out that the public at large, the bank's custo. mers, shareholders and staff would benefit from the amalgamation In putting customers first, Mr, Rae stated at banks are service Insitutions and that shareholders ean only benefit through an im- provement in earnings position - end the first essential to this is better and more efficient banking Commonwealth To Review Plans By FRASER WIGHTON LONDON (Reuters)~The Com. monwealth will put its defence planning and strategy under sere {| utiny in light of atomic develop. ments and new alliances when the rime ministers' conference re In 10 days, Britain's new minister nd nit hE lb ponwenily (A bah ure strategy 8 ould opens tomie age, The strategy review will take place outside the main conference session, and not all of the Com monwealth leaders are expected to attend the defence talks, At prev: fous meetings India's Jawaharlal Nehru has not taken part in such talks, OTHER PROBLEMS After discussing world-wide stra. tegy an dictated by nuclear wea. pons, MacMillan will take up the role of the various Commonwealth countries in Middle East defence Planning and the problems of the ar East, the south Pacific and Southeast Asia, Australian Prime Minister Rob: ert G, Menzies and New Zealand Prime Minister Sid, Holland will Last New Branch Opening Before Amalgamation service to customers and the pub. lie generally, In discussing The Dominion Bank's stwar expansion pro fram, r, Rae referred to the urden of costs involved in a rap) rowth of a branch bank system, ¢ said that 'on an average the capital cost of a new branch is about $60,000 and the outlay of funds does not stop when the branch is opened, On the average it takes at least five tp to bring a new branch to the point where It Is Sorning » rofit,"' wil, I: HAVE 453 BRANCHES The pro forma halance sheet of the mpeigamated | bank shows de- osits In excess of $1 billion and total assets of $1,152,004,130, It dop- | will commence business with 453 branches, Mr, Rae stated that it is estimated that at least 10 years in branch developmen will be paved, He suggested that through the amalgamation, The Dominion Bank Is jeduiring 257 branches, quiring 196 additional branches, while The Bank of Toronto Is ac: Mr, Rae also stated that yela- tively few branches would have to be closed since both branch sy- ems complemented each other ad mirably, The Bank of Toronto has no branches in Oshawa; The Do- minion Bank now has four -- one of which is the Park Road South branch, open only on alternate ¥ri- days, VICE - PRESIDENT Col, R, , McLaughlin, Oshawa, Is a vice-president of the Do- minion Bank, which is opening a new branch on King street east on Monday afternoon next, brief the other Commonwealth leaders on the ANZUS (Australia, New Zealand and United States) pact, DOMI tral Canada by rail, There was not | amount seems small but in 1870 it a mile of completed rallway west Was not easy to raise capital of of Georgian Ray that proportion, It was agreed to Imports, exports, Industrial pro. | open agencies In Hamilton, Lon. duction, rallway mileage, lite in: | don, Whitby and Fergus on condi surance in force, government rev: | tion that stock subscriptions of ene and government debt were | $50,000 were obtained in each of insignificant when compared with | the two former places and $25,000 Congratulations DOMINION BANK Congpatiletor to the BANK 556 KING ST, E. WE AT PATTE'S NION ROBERT RAE J The Dominion Like many top Canadien ers, Robert Rae, the President, helping to reduce nose; floors he contr two years at High School sptctal f flair tor mathematics, wit the Ty 15 he started to ork for [] . ler with The 7, Baton, Co. ys Boh Rae a KA slong' fam: ously ~ he sing increas es In pay A a 4 hd «= but his heart was sel on enterin Ink ee the banking field, In August, 1 The Dom lon Bank advised him that they had an openin he Jumped at the chance, Robert Rae joined the bank's staff he accepted a lower salary than ad heen. ng a alary than he had he: hth g at Eaton's because he felt the pros. poets warranted it, His new job ught him $250 a year -- a small salary when compared with what boys, starting today, get, iis first assignment was f(o Brampton, Unfortunately, when he arrived, he found there had heen a mistake, The Dominion Bank at Brampton needed a teller, not a Junior clerk, The next week he was sent back to Toronto, Apparently.| W! he made a good Impression, for a few weeks later he was sent there again ~ this time to relieve an ol or employee for holidays, TRE DAILY TIMES-GAZETTE, fsturdey, Jomuary 15, 1995 7 President Of Dominion Bank e/Joined Staff 49 Years Ago - ROBERT RAE Bince those days In Brampton he hay bay been climbin Menai up the is recor car Awo different appointments, His apprenticeship was In and about Toronto -- at 5 different branches within the elty and also at Uxbridge, Mount Albert, Lind: 4" Hamilton, Welland and In Wire Mr, Rae was appointed | { necountant of the bank's busy City Hall Branch in Toronto, He {i moved fo the main branch in of service shows Cham For _-- Mr, ptive of "frie ma n he "orto Commer bg Chamber for' he'd Ontario region, Around the bark he has 8 repus tation for being specially | ed in junior employees " make sure that Hatt are doing the the wi work for i je oy lias i with average caps) hen | where they can conti best, N.B. Prison Farm To Stress FREDERICTON (CP) New Brunswick plans a prison farm where emphasis will be on reform, It is expected to be 'partially ready for occupancy' before the end of this year, The site has not heen disclosed, In making the announcement Attorney-General W, J, West also said the province will take over control of all county Jalls April 1, Some of these eventually will be closed, The new farm is expected to cover between 400 mand B00 acres with wooded areas, Prisoners will work at farming in the woods and on a building program, The announcement was wel: comed Judge J, Bacon Dickson who sald a provinelal prison farm was the chief recommendation in his royal commission report of VALUABLE INNOVATION Judge Dickson sald the farm will enable penal authorities to prae. tice reformative measures among | me prisoners who will he sent there when sentences are more than 30 days in length but under two years, Bernard W, Henheffer, provin. clal inspector of penal institutions nald prisoners at the farm will be Reform placed on an honor system &s much us possible, There will be no walls around the establishment and no barred cells, He that once it Is In operation the number of potential inmates likely will rise with the number going to the Maritime penitentiary at chester dropping correspondingly, Many New Brunswick courts pre fer to send men to Dorchester for two years so they can learn a trade rather than sentence them |? fo county rails, Mr, Henheffer sn STRESS RESPONSIBILITY Civil Servants Seek Showdown TORONTO (CP) =~ A qualified, unbiased body should be named to check the deterioration in the elvil service, the Civil Bervice Assoclar , tion of Ontario sald Friday, Criticizing the government for what it calls failure to grant salary increases and other henefits to its 14,000 members, the association "| said It plans to seek a showdown with Premier Frost, The asdociation also. fins oe SpE ay duties le ol fe said an immediate board annua i J Referring to the honor system | sought he added: "You can't stress re: form and rehabilitation If you build a wall around men, We want the farm to offer opportunities to the Individual to fin in Summon: sbi Jaton abit rfl this [7 sina Jodpons y all offenders thre Af od of hand) ling ea aed that the system Is worthwhile sald the Ontario man who became director of penal in stitutions In New Brunswick last June, Earlier he spent seven years in the Kingston and Collinge bay Fol iB Join tha hoo ing fenttamtiarios as Ma. rep of pd Drones. wil Hout work | ry don't inte will be nothing ht them to We hig it 4 a model for all these 8, farm) Buti world," the today's levels, No building in To. | ronto wax more than five storeys | high. The elevator, the typewriter the telephone, the filing systems, all the technical apparatus of mod. | ern office work = had not vet | widened the range and quickened | the 4 jlo of business | DIFFERENT TODAY The banking system, required for the needs of the country at that U.K. Teachers ToBe Sought TORONTO (CPM) School Trustees and The Ontario Ratepayers Association will continue trying to attract United Kingdom teachers to the province to ease the teachep shortage, a letter to association members says | The letter, released Friday, says | the association, believing the plan | in the best one devised to help the | shortage without lowering teach ing standards, is establishing a Haison olfice in London for inter viewers with Beitish teachers Last January the association he gan trying to recruit U.K, teach: | in each of the latter two, But the objective was attained only in Whithy In the first year of operation branches were opened in Whitby, Oshawa, Orillia and Uxbridge. In 1872, a second office was opened in Toronto at what Is now Queen St, and Augusta Avenue, This was the first time in Canadian banking ans nals that a chartered bank had | ors for Ontario's elementary schools. The department of educa- | tion took over the plan, sending a | representative to Britain, where he | signed about 100 teachers The letter says the education de partment now haa dropped the plan, but the association will con: | tinue efforts to recruit UK, teach: | ors | -- | PUBLISHER'S WIFE DIES PICKERING (CP) « Mrs, Try hena Marie Murkar, 63, wife of filllam C, Murkar, publisher of | the weekly Plokering News, died Friday. A native of Simeoe county she had lived in Plekering for 25 years, Besides her husband, she is survived by three sons, Barry and Neil of Pickering and Craig of Whitby, 94 BRUCE ST. On the Opening of Your New Branch at 556 King E. ° We Are Pleased to Have Been Chosen as the GENERAL CONTRACTORS For This Project GAY CO. LIMITED CONTRACTORS PHONE 3-8641 Consider it an honor and a privilege to have had the opportunity to do the interior decorating and painting for this fine new bank for Oshawa. PATTE' Paint end Wallpaper 83 YEARS AT DIAL 3.9713 85 SIMCOE N HL W, R, SINGLETON hi i or Hii HiT I Hi HH THTTTIHS BRANCH WILL OPEN FOR BUSINESS ON TUESDAY, JANUARY 23th il Make a date to enjoy yourself at our Join us in celebrating the opening of another new branch of THE DOMINION BANK THE PLACE 566 King Street Eost, (just East of Wilson Rd.) THE TIME 3-5 p.m. Monday, January 24th His Worship Mayor Norman Down, Robert Rae, President, The Dominion Bank, end Thomes Wilding, Viee:President, will officiate at the opening, LIGHT REFRESHMENTS will be served during the "Open celebration , , , 50 be sure te drop in and enjoy a Rleasany social visit, The children are invited too, and there House! s free parking, MEET THE STAFF , , , Mr, W, R, Singleton, the manager of this new branch, and his friendly staff will all be on Rand te They'll be glad to show you the complete banking facilities at your service in this modern, new branch welcome you. of The Dominion Bank, THE Reasmseemannes OVER 80 YEARS OF SERVICE TO THE CANADIAN PEOPLE MINION BANK