The Canadian Securities Market, 1850–1914

Ranald C. Michie

Business History Review, 1988, vol. 62, issue 1, 35-73

Abstract: In this article Dr. Michie examines the origins and development of the Canadian securities market from its appearance in the mid-nineteenth century until the First World War. He traces the growth of Canadian-based and Canadian-owned joint-stock enterprise and the rise of a distinct Canadian investing public, which led to the establishment of a Canadian securities market, and he explains why so much Canadian business continued to be transacted on both the London and New York stock exchanges. Dr. Michie also discusses the rivalry between the Montreal and Toronto stock exchanges and its detrimental consequences for the creation of a strong and unified Canadian market. Finally, he argues that, despite Toronto's rapid growth, Montreal remained the financial center of Canada throughout this period.

Date: 1988
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