Canada: 1917 Banque D'Hochelaga Montreal 5 Dollar Banknote Certified VF25

Canada:1917 Banque D'Hochelaga Montreal 5 Dollar Banknote PMG Certified VF25, very SCARCE in this grade with a very low surviving population of this note. A record of surviving notes of this bank has been published in the Canadian paper money society registry which also includes institutional collections with a low number of 36 being recorded.

Reference: 360-24-02a

History:  The Banque D'Hochelaga existed from 1873-1925. On may 3, 1873, Parliament passed a law incorporating this bank and it opened in 1874 in the Place D'Armes in Montreal, the same year the Montreal Stock Exchange opened. After a modest start and slow early progress due to the short-term financial crises between 1875-1896, the bank increased steadily in strength. The decade from 1910 to 1920 was a booming one for this bank. By the end of 1924 it had 197 branches, the largest number of banks established and administered by Francophone bankers in Quebec. In 1924 the bank merged with La Banque National. The Quebec government made the merger possible by the unusual step of conveying to the Banque D'Hochelaga, in full ownership, it's bonds for $15 million bearing interest at 5% and maturing in 40 years. On Feb 1, 1925 the Bank had its name changed to Banque Canadienne Nationale. Its network remained largely in Quebec, it had operations across Canada and in other countries.