Newfound! a Ouar Erly
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Newfound! a d Lsi. 1901 Ouar erly 60th \ear Of" 11111g 11ew duOI'U'fl\ of lwow/rd rr about nt•fotoullalld ST. JOHN'S, NFLD., SPRING, 1962 !O.etnnrial Dttiu.ersity nf ~.etufnuuillanil ST. JOHN'S, NEWFOUNDLAND Four-year courses leading to degrees: BACHELOR OF ARTS - PASS and Honours BACHELOR OF ARTS (Education) BACHELOR OF SCIENCE- Pass and Honours BACHELOR OF COMMERCE- PASS and Honours Five-year course leading to degrees: BACHELOR OF ARTS or SCIENCE and BACHELOR OF EDUCATION Graduate work leading to MASTER'S DEGREE IN ARTS AND SCIENCE Three-year diploma course in Engineering Three-year courses in Pre-Medicine, Pre-Dental Two-year courses in Pre-Law and Pre-Forestry Two-year courses in Pre-Law and Pre-Forestry Two-year cereificate course in Physical Education Extension Service - Credit and non-credit courses. Scholarships available for second, third and fourth years on the basis of academic attainments. For information apply to the REGISTRAR. THE NEWFOUNDLAND QUARTERLY 1 • to••• HART SHOES like all other quality goods from the ROYA.L STORES LTD. are UNCONDITIONALLY "Until fhey were six years old we gave them one teaspoonful of Brick's before each meal and lust Guaranteed. before bedtime. Since then we have Increased the dosage to one tablespoonful. "Of course we saw that they had proper food, rest and recreation. But we give full credit to Brick's Tasteless combination of Extract of Cod Livers, Malt, Iron and Calcium for relieving the loss of appetite and consequent malnutrition, following colds during the critical growing years." So we say: "Bring up your babies with Bricks I" ROYAL Trade Supplied by STORES LTD. " Your House for Value" Water St. Dial 84111 CORNER BROOK 2 THE NEWFOUNDLAND QUARTERLY The Newfoundland Quarterly · C 0 N T E N T s lssued every third month March, J u ne, September, and December. ..'\Tfld. Bank Closed March 31 L. W. Janes .. ..................... ... .......... .. ........... ..... ..Edit or and Publisher .-\ . ' fld. Peculiar-R. F. Sparkes P. 0. Box 5874, St. John's, ' ewfoundlaad When :\1 fld. Helped ave Canada-Dr. R . To whom all communications sho uld be addressed. a under Telephone 92185 Adrift on the Floes II Robert Saun~ers, J.D., Ph.D... ...................... Contributing Editor Black Jack Taylor-C. D. Paisley J ohnson The Peace of Ghent-Dr. R . Saunders If Know Your Law Makers . SUBSCRIPTION RATES The Greenspond aga-Dr. R. aunders One year in advance (Canada) .................. ... ........................ $1.00 17 Early Hi tory of Harbour Grace-Mr . May Davi Foreign subscription ... ..... .... ................... .... .. ............. ..... .............. _$1.25 The Postman Knock If paying by cheque please add 15c. Anecdotes of Avalon-R.W .. To ensure return of mss, please enclose self addressed envelope with sufficient postage. The publisher will not be responsible Holiday Reminiscences-Mr . Alex Marshall for loss of any mss., drawings or photographs, but will exercise 26 care in handling material submitted for publication. Kiwanis Tuna Trophy 29 Advertising rates on application Footnote to History 29 Authorized as Second Class Mail, Views from the Crow's est-Larboard W atch so Post Office Dept., Ottawa, 1953. Fa>orites-Old and New 5I All rights to contents of this magazine reserved. E. J. Pratt Most Beloved Poet . !9 Authorized as second class mail by the Post Office Department, Ottawa, and for payment of postage in cash Columbus' Return-Leon Scott Par oru; to CHARLES R. BELL, LTD. DISTRIBUTORS IN NFLD. FOR : • JOHN SON Outboard Motors • EVINRUDE Outboard Motors • SABLECRAFT Fibreglas Boats • G. M. Dieselite Generators • GATOR Trailers • BRYDON Brass Marine Accessories and Hardware • KOHLER Lighting Plants • AQUALITE Water Pumps 685 - 687 WATER ST. DIAL 578-2131 THE NEWFOUNDLAND QUARTERLY Opening new doorways of knowledg.e about Newfoundland VOL. LXI Canada $1.00 Per Year No. 1 Foreign $1.25 Per Year ST. JOHN'S, NFLD--., SPRING, 1962 NEWFOUNDLAND SAVINGS BANK CLOSED MARCH THIRTY-FIRST OPENED JUNE 12th, 1834 HE ~ewfoundland Savings Bank is no Bank of ::"\cw Brunswick, which was benefited itself as well in a deal which Tmore. It is now a branch of t!he great started ixteen years before ours, was financier and banking ex.perts agree is a Bank of Montreal, one of Canada's rock absorbed by the Bank of O\'a Scotia good one all round. The mallwood gov sound financial in titutions. The won in 1913; the Bank of British Co ernment, in a realistic and generous ges der of it, now that we have been given lumbia amalgamated witih the Canadian ture, has arranged to pay almost three a close look into its nature and a.ctivitie , (Imperial) Bank of om m e r c e in quarter of a million dollars of the pur that it did not disappear long ago. It 1901. There are many other instances, cha e price to the depo itors of the form should have passed out of the picture as can be judged from the fact that in er Savings Bank over a three-year period after Confederation, since the B.. Act, the 1800's there were about forty banking to make up for the slight difference be which is Canada' con titution, gives the institutions in Canada, while by the mid- tween it intere t rate and that of the Federal Government exclusive legislative 1930's t>here were only nine. The passing chartered banks. By the time the three authority over currency and coinage, of the ewfoundland avings Bank, year are up the Premier predicts that all bank , incorporation of banks, the i ue therefore, is part of a long-established the banks will be paying three per cent! of paper money, and savings banks. and accepted pattern. 'Ve say "Amen" to that. The latter class of institution is specif Actually, the local bank was unique Furthermore, in a move tJhat must earn ically listed. The fact that the province in a sense, in that it was purely a savings un:\'ersal approbation, the government was permitted to carry on the local in bank and nothing else-a sort of super has earmarked a million dollars as a "spe stitution so long was more a concession "thrift club" as it has been de cribed. It cial endowment" directed towards a hos to Newfoundland sensitivity and stub did not take part in any of the normal pital for ick and crippled children, and bornness, than to any notion that the banking transaction , did not make loans, help for retarded youngsters. We trust institution was indispensable to the prov and contributed little to the development that the balance that is going into the ince's economy. of the provincial economy. All it did was Con. olidated Revenue Fund will be as collect money from depositor and invest wisely and beneficially used. A cleaJ;"-Cut However, as things have worked out, the money in "gilt-edged" securities that explanation of the transaction involving the delay has been for the best. 'Ve un would enable them to keep paying a high the avings Bank is to be sent to all de derstand the government's decision to sell er rate of interest than wealthier com positors, who can rest assured that their the bank as a going concern to the high petitors so a to attract more depositors. interests have been adequately, even gen est bidder, came most opportunely at a erously, protected. time when the market was very favorable. All of this im olved a maximum of The "big five" in chartered Canadian effort for a minimum of return. Further 'Ve have only one more remark to add, banking circles were all given the oppor more, it represented a huge and con tant and this affects the historic aspect of the tunity to bid, after having been put in burden on the provincial government's tran action. We have not quite forgiven full pos ession of a comprehensive finan back, since they had to stand behind the the Bank of Montreal for removing the cial report on the aving's Bank' posi deposits. As these increased they became old Gazette building on Water Street to tion. The Bank of Montreal was uc a tremendous liability and responsibility. make wa for their new glass and chrome cessful with a nearly three million dollar At the date of sale they stood at twenty headquarters. We sincerely trust that offer. seven million dollars, every cent of which they resist any temptation or suggestion the province had to guarantee. It is not to replace the attractive old Savings Bank It is ad to see another old institution difficult to understand how the removal building which is one of a rapidly declin go. But in banking circles this sort of of this responsibility ha improved the ing number of commercial structures in credit of the province. bhe capital with any pretense towards thing has been going on in Canada since architectural individuality. 1867. Canadians in the other provinces The Bank of Montreal has lifted this are quite used to it. For example, the burden from the government's back and -Evening Telegram. 4 THE NEWFOUNDLAND QUARTERLY NEWFOUNDLAND SAVINGS BANK A NEWFOUNDLAND F one may be pennitted to apply an ecclesiastical tenn to such a mundane thing a I a bank, then this may well be called a Newfoundland "Peculiar." he is unique. Though most of her life, her policy has been not so much to make money, as to provide security; not so much to acquire huge deposits as to win many depositors. In the word of Sir Thomas Cochrane, she was a place where "the inhabitants of this Island could deposit with confidence and withdraw at pleasure." She is unique in that, in her early days, being the only Bank in Newfoundland, Bishops and Clergy, Judges and Magistrates, Prime Ministers and Members of Parlia ment were her advertisers.