March 9, 2015

This Week in Financial History: For the week of March 9

March 9

1824 – Canada formally adopts the patent system.

11Niagara Falls crossing1855 – First Great Western Railway locomotive crosses the 255-metre Niagara Falls suspension bridge to the U.S., giving Ontario direct rail connection to the state of New York.  This is the world’s first wire cable suspension bridge; it was built across the Gorge from 1851-55 by engineer John Roebling, who later built the Brooklyn Bridge.

1951 – The House of Commons approves incorporation of TransCanada Pipelines to build 5,000 km natural gas pipeline from Alberta to Quebec.

March 10

1865 – In Quebec City, the assembly of Canada votes 91-33 to proceed with Confederation.

1876 – In Boston, Alexander Graham Bell makes the first successful test of his new invention – the telephone – a month after patenting the device. He transmits the first intelligible conversation by telling his assistant, “Come here, Watson. I need you”.

1966 – The federal government begins drafting guidelines for American subsidiaries operating in Canada.

March 11

11GrahamTowers1935 – The Bank of Canada starts operations under Governor Graham Towers who has mandated the Bank to issue currency and regulate money supply, and begin service as a government-owned central bank.

March 13

1927 – Canada’s old-age pension legislation receives Royal Assent in the House of Commons.

March 14

1879 – Canada introduces an average 25% tariff on US goods with the proviso that if the U.S. repeals or lowers its duties, Canada will match them. This is the Conservative Party’s “National Policy of Protection”.

March 15

1968 – The federal government suspends gold trading by Canadian banks and investment dealers in an effort to dampen speculation.

Sources: Ottawa Researchers.