History of Canadian Finance - 1908-1915

  • 1908

    The Royal Mint issued the first Canadian-minted coin in 1908.
  • 1908

    In 1908, stock prices fell by nearly 50% due to a variety of factors, led by the manipulation of copper stocks by the Knickerbocker Trust Company. Shares of United Copper rose gradually up to October, and thereafter crashed, leading to panic.
  • 1909

    The Boundary Waters Treaty, completed on January 11, 1909, was approved for ratification by a supermajority (two-thirds) of the American Senate on March 3, 1909. American President William Taft ratified the treaty on May 13, 1910. British King Edward VII ratified Canada's corollary International Boundary Waters Treaty Act.
  • 1910

    An international tribunal ruled that Newfoundland may regulate fisheries used not only by Newfoundland fishermen but also by Americans and Canadians.
  • 1910

    An Ontario Hydro transmission line brought Niagara Falls-generated electricity to Berlin (Kitchener), Ont, the first long-distance transmission of electricity in Canada.
  • 1912

    Miners at Cumberland declared a "holiday" to protest the firing of Oscar Mottishaw. Canadian Collieries locked them out and hired Chinese and recruits from Britain and the US as strikebreakers.
  • 1913

    By the midsummer of 1913 Canada had come to the end of a long period of expansion and prosperity. For seventeen years, the country had been engaged in the construction of immense capital facilities. The construction of transcontinental railways, the waterways, and harbors, and the provision of machinery and equipment for nearly 200,000 new farms constituted a uniquely large proportion of the economic activity of the country.
  • 1914

    A major oil discovery at Turner Valley, southwest of Calgary, ushered in the oil age in Alberta.
  • 1914

    By 1914, the frontier of settlement had been pushed well toward the northwest, attracting migrants from many lands. The result was a regional economy that depended almost entirely upon the world price of a single crop and on local yields, both of which fluctuated greatly. There was little diversification except in Alberta, which began to produce small quantities of oil and gas.
  • 1915

    In late 1915, Prime Minister Borden replaced the Shell Committee with the Imperial Munitions Board (IMB), which answered solely to Britain but was run by a Canadian. Under well-known Toronto businessman Joseph Flavelle, the Board was organized according to sound business practices and hired professional managers to oversee its operations. It eased the problem of scarce labour by hiring 30,000 women to work in its factories and offices.