Date Published:
June 2005

L’Encyclopédie de l’histoire du Québec / The Quebec History Encyclopedia

Farmer's Bank of Canada

Farmers' Bank of Canada, a bank incorporated in 1904, and organized with headquarters in Toronto in 1906, which suspended payment on December 19, 1910. The paid-up capital of the bank was largely subscribed by farmers in Ontario, and the bank professed to be for the special accommodation of farmer. After the failure of the bank, Sir William Meredith was appointed a special commissioner to inquire into the failure; and he reported in 1912 that the bank had obtained its certificate from the Treasury Board as a result of false and fraudulent representations made by its general manager, and that its subsequent management had been "characterized by gross extravagance, recklessness, incompetency, dishonesty, and fraud."

Source  : W. Stewart WALLACE, ed., The Encyclopedia of Canada, Vol. II, Toronto, University Associates of Canada, 1948, 411p., p. 319.