The Scotiabank Story: A History of the Bank of Nova Scotia 1832-1982

Kenneth M. Glazier was Chief Librarian Emeritus at the University of Calgary, Alberta.

Canadians historically have been proud of their banks as a safe repository for their money. The pride was mingled with faith, and anyone who attacked the banks was trying to undermine a basic foundation on which this nation was built. All that has changed in recent years; bankers, like doctors, are now subject to criticism. The banks no longer are infallible, as the recent substantial losses on foreign and domestic loans bear witness. This book may help restore pride, not only in the Bank of Nova Scotia but in all Canadian banks.

This is a dramatic story of 150 years of growth from the beginning in 1832 with two rooms in a rented stone house in Halifax and £50,000 capital to a bank today with branches in 100 countries and assets of $50 billion. And yet this success story was not without its problems and failures along the way, as the bank shared the economic vacillations of Canada. Describing the conditions in this country 100 years ago, the authors write (p. 66): “the Bankers’ problems ... occurred during a period of general economic depression in Canada. A rash of business failures caused serious losses on loans for Canadian banks generally; they found it hard to employ their funds, competition among them became extreme, and money rates fell.” Sounds like 1983 rather than 1880. The problems of today are not new, only the methods to deal with them. Today the introduction of automation and credit cards, an increased emphasis on management training centres, and a vast array of economic data give banking a new profile.

The book is attractive in format with many pictures of the impressive old bank buildings and the new modern Scotia Towers in large cities around the world. The statistical data are presented with the use of graphs, and the index is invaluable. The authors were well qualified for their assignment.

Joseph Schull, at one time a bank clerk, went on to write two important biographies of Edmund Blake and Sir Wilfrid Laurier. Schull’s death before the book was finished brought J. Douglas Gibson to the task, with his years of experience as an economist with the bank and as an editor. The book is an interesting account of the capable leaders who brought the ability and devotion necessary to turn a Maritime bank into an international institution. This publication will appeal not only to bankers but to all who are interested in the history of Canada.