Newfoundland Banking Crash Of 1894
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Newfoundland Banking Crash Of 1894
The Newfoundland Bank Crash of 1894, known as Black Monday, was one of the turning points in Newfoundland's pre-Confederation history. The financial woes of the former British colony were worsened when two of the colony's commercial banks, the Union Bank of Newfoundland (established in 1854) and the Commercial Bank of Newfoundland (established in 1858), both located in St. John's, Newfoundland, Canada, closed their doors to the public on December 10, 1894. Fish merchants sat on the boards of directors of both banks and had approved large and risky loans to themselves, which left the banks with dangerously-low cash reserves leading into the crash. London banks suspended credit to the Commercial Bank of Newfoundland and requested payment on some of its loans. It was unable to meet these demands and was forced to close two days later. A bank run ensued on both the Union and the Savings Banks. The government-run Savings bank was able to weather the storm, but the Union was forced to ...
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Colony Of Newfoundland
Newfoundland Colony was an English and, later, British colony established in 1610 on the island of Newfoundland off the Atlantic coast of Canada, in what is now the province of Newfoundland and Labrador. That followed decades of sporadic English settlement on the island, which was at first seasonal, rather than permanent. It was made a Crown colony in 1824 and a Dominion in 1907. Its economy collapsed during the Great Depression of the 1930s, and Newfoundland relinquished its dominion status, effectively becoming once again a colony governed by appointees from the Colonial Office in Whitehall in London. In 1949, the colony voted to join Canada as the Province of Newfoundland. History Indigenous people like the Beothuk (known as the ''Skræling'' in Greenlandic Norse), and Innu were the first inhabitants of Newfoundland and Labrador. During the late 15th century, European explorers like João Fernandes Lavrador, Gaspar Corte-Real, John Cabot, Jacques Cartier and others b ...
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Financial History Of Canada
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability assessment ...
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1894 In Economics
Events January–March * January 4 – A military alliance is established between the French Third Republic and the Russian Empire. * January 7 – William Kennedy Dickson receives a patent for motion picture film in the United States. * January 9 – New England Telephone and Telegraph installs the first battery-operated telephone switchboard, in Lexington, Massachusetts. * February 12 ** French anarchist Émile Henry sets off a bomb in a Paris café, killing one person and wounding twenty. ** The barque ''Elisabeth Rickmers'' of Bremerhaven is wrecked at Haurvig, Denmark, but all crew and passengers are saved. * February 15 ** In Korea, peasant unrest erupts in the Donghak Peasant Revolution, a massive revolt of followers of the Donghak movement. Both China and Japan send military forces, claiming to come to the ruling Joseon dynasty government's aid. ** At 04:51 GMT, French anarchist Martial Bourdin dies of an accidental detonation of his own bomb, next ...
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History Of St
History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the invention of writing systems is considered prehistory. "History" is an umbrella term comprising past events as well as the memory, discovery, collection, organization, presentation, and interpretation of these events. Historians seek knowledge of the past using historical sources such as written documents, oral accounts, art and material artifacts, and ecological markers. History is not complete and still has debatable mysteries. History is also an academic discipline which uses narrative to describe, examine, question, and analyze past events, and investigate their patterns of cause and effect. Historians often debate which narrative best explains an event, as well as the significance of different causes and effects. Historians also debate the nature of history as an end in itself, as well as its usefulness to give perspective on the problems of the p ...
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Bank Failures
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its assets declines to a value that is less than the market value of its liabilities. The insolvent bank either borrows from other solvent banks or sells its assets at a lower price than its market value to generate liquid money to pay its depositors on demand. The inability of the solvent banks to lend liquid money to the insolvent bank creates a bank panic among the depositors as more depositors try to take out cash deposits from the bank. As such, the bank is unable to fulfill the demands of all of its depositors on time. A bank may be taken over by the regulating government agency if its shareholders' equity are below the regulatory minimum. The failure of a bank is generally considered to be of more importance than the failure of other types of ...
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1894 In North America
Events January–March * January 4 – A military alliance is established between the French Third Republic and the Russian Empire. * January 7 – William Kennedy Dickson receives a patent for motion picture film in the United States. * January 9 – New England Telephone and Telegraph installs the first battery-operated telephone switchboard, in Lexington, Massachusetts. * February 12 ** French anarchist Émile Henry sets off a bomb in a Paris café, killing one person and wounding twenty. ** The barque ''Elisabeth Rickmers'' of Bremerhaven is wrecked at Haurvig, Denmark, but all crew and passengers are saved. * February 15 ** In Korea, peasant unrest erupts in the Donghak Peasant Revolution, a massive revolt of followers of the Donghak movement. Both China and Japan send military forces, claiming to come to the ruling Joseon dynasty government's aid. ** At 04:51 GMT, French anarchist Martial Bourdin dies of an accidental detonation of his own bomb, next ...
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Royal Bank Of Canada
Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000 employees worldwide. Founded in 1864 in Halifax, Nova Scotia, it maintains a corporate headquarters in Toronto and its head office in Montreal. RBC's institution number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks. In Canada, the bank's personal and commercial banking operations are branded as ''RBC Royal Bank'' in English and ''RBC Banque Royale'' in French and serves approximately 10 million clients through its network of 1,209 branches. RBC Bank is a US banking subsidiary which formerly operated 439 branches across six states in the Southeastern United States, but now only offers cross-border banking services to Canadian travellers and expats. RBC ...
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Canadian Bank Of Commerce
The Canadian Bank of Commerce was a Canadian bank which was founded in 1867, and had hundreds of branches throughout Canada. It merged in 1961 with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce. History In 1866 a group of businessmen, including William McMaster, purchased a charter from the defunct Bank of Canada, which had folded in 1858. The Canadian Bank of Commerce was founded the following year, issued stock, and opened its headquarters in Toronto, Ontario. The bank soon opened branches in London, St. Catharines and Barrie. During the following years, the bank opened more branches in Ontario, and took over the business of the local Gore Bank, before expanding across Canada through the acquisition of the Bank of British Columbia in 1901 and the Halifax Banking Company in 1903. By 1907 the Canadian Bank of Commerce had 172 branches. By the beginning of World War II, this had expanded to 379 branches, including a large building by Darling and ...
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Newfoundland And Labrador
Newfoundland and Labrador (; french: Terre-Neuve-et-Labrador; frequently abbreviated as NL) is the easternmost province of Canada, in the country's Atlantic region. The province comprises the island of Newfoundland and the continental region of Labrador, having a total size of 405,212 square kilometres (156,500 sq mi). In 2021, the population of Newfoundland and Labrador was estimated to be 521,758. The island of Newfoundland (and its smaller neighbouring islands) is home to around 94 per cent of the province's population, with more than half residing in the Avalon Peninsula. Labrador borders the province of Quebec, and the French overseas collectivity of Saint Pierre and Miquelon lies about 20 km west of the Burin Peninsula. According to the 2016 census, 97.0 per cent of residents reported English as their native language, making Newfoundland and Labrador Canada's most linguistically homogeneous province. A majority of the population is descended from English and Irish s ...
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Bank Of Montreal
The Bank of Montreal (BMO; french: Banque de Montréal, link=no) is a Canadian multinational investment bank and financial services company. The bank was founded in Montreal, Quebec, in 1817 as Montreal Bank; while its head office remains in Montreal, the operational headquarters and executive offices have been located in Toronto, Ontario since 1977. One of the Big Five banks in Canada, it is the fourth-largest bank in Canada by market capitalization and assets, and one of the eight largest banks in North America and the top 50 in the world. It is commonly known by its ticker symbol BMO (pronounced ), on both the Toronto Stock Exchange and the New York Stock Exchange. In October 2021, it had CA$634 billion in assets under administration (AUA). The Bank of Montreal swift code is BOFMCAM2 and the institution number is 001. On 23 June 1817, John Richardson and eight merchants signed the Articles of Association to establish the Montreal Bank in a rented house in Montreal, Quebec ...
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