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27. FIRST BANK OF UPPER CANADA

William Allan was one of the wealthiest men in Upper Canada. His affluence was expressed not only in money, but in property, architecture and status. He owned Moss Park [site 50], which was his country estate; the former Frederick Street Post Office and Custom House, and a solid brick building on the southeast corner of Frederick and King(1).

The building had changed somewhat over the years but originally it had an arched central entrance, with lined-up windows on the first and second floors(2). It was here that Allan owned and operated a general store from 1818 until 1822(3).

Allan had been a strong supporter of York’s petition to be granted a charter to open a bank. This was granted in 1819, and with that the leading citizens of York began the search for an appropriate location for the new bank(4). It was decided that Allan’s store would provide the site as it was very central and Allan was a willing landlord.

The first Bank of Upper Canada opened in 1822 on the southeast corner of King and Frederick(5). William Allan was the President, and the incorporators were Robert C. Horner, John Scarlett, Francis Jackson, William W. Baldwin [site 23], Alexander Legge, Thomas Ridout [site 37], Samuel Ridout, D’Arcy Boulton Jr. [site 26], William B. Robinson, James Macaulay, Duncan Cameron, Guy C. Wood, Robert Anderson and John S. Baldwin [site 28](6).

The bank itself was in the corner section of the building, marked by the large window, with its entrance on Frederick Street(7). The vault had an iron door, and was placed in the western part of the cellar(8). The bank remained at this location until it outgrew the space. After purchasing land on the northeast corner of Duke (now Adelaide) and George Streets from Judge William Campbell [site 36] in 1827, the Bank of Upper Canada moved to its second location(9).

The first Bank of Upper Canada became William Gamble’s Wholesale establishment, notably the first one of many in York(10). It subsequently became a brewery, a boot store and a fruit store, until it was demolished in 1915(11).

Notes

Robertson, I, p.15.
Ibid.
Martyn, The Face of Early Toronto, p.18.
Robertson, I, p.15.
Martyn, The Face of Early Toronto, p.18.
Robertson, I, p.15.
Ibid., p.16.
Ibid.
Martyn, The Face of Early Toronto, p.18.
Robertson, I, p.16.
Martyn, The Face of Early Toronto, p.18.

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