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- 6o VICTORIA ILLUSTRATED.
the consumers. Many of these houses remain to-day, nearly all in different hands, except those of Strouss & Co. and J. H. Todd. But the
large and profitable trade created by the miners dwindled as the output each year decreased. This, in a great measure, was off-set by the
embarkation of capital into the more permanent industries of coal mining, fish canning, lumbering and sealing. While the output of gold
has decreased from two or three millions annually to half a million, the other industries have steadily grown until their value in dollars
is two or three times as great as that of the largest annual gold yield. During the building of the Canadian Pacific railway in this
province. an impetus was given to the whole-sale trade of Victoria. After its completion this increase was not diminished, but, owing to
the building up of Vancouver, the incoming of new population, and the extension and addition to existing industries, business has
constantly advanced, and the wholesalers of Victoria have, in order to meet the demands, been compelled to carry very valuable stocks, and
to add to their warehousing facilities. The principal dry goods retailers of Victoria import their chief stock from England direct, but the
larger portion of staples are purchased from wholesalers here. Lenz & Leiser possess extensive warerooms, and constantly carry a stock of
dry goods worth a quarter of a million dollars. The wholesale dry goods, groceries, wines and liquors, boots and shoes, hardware and
furniture transactions of Victoria houses will amount to upwards of ten million dollars annually. That this estimate is not excessive is
borne out by inquiry among the wholesalers, by the duties paid on imports which now average $100,000 per month, and the very large amount
of imports from Eastern Canada. The business handled by one firm alone (R. P. Rithet & Co.) is over three millions annually. Of course this
includes exports as well as imports. Besides the resident wholesale houses, the principal eastern wholesalers are represented here by
resident agents.
When Vancouver was made the terminus of the C. P. Railway, it was the idea of many that wholesale business would naturally gravitate to
that point. This has in no instance been verified. Victoria enjoys the same rates of freight on the transcontinental lines as San Francisco
and Portland, and has exceptional provincial transportation facilities, while, so far, the chief wholesale trade is confined to the sea
coast. The miners of Cariboo have always been supplied from here, and there are two competing routes into the Kootenay Lake country, which
district is also largely supplied from this point. Experienced and energetic men control the wholesale houses here, and they have shown
themselves quite equal to supply all new fields that have been opened up in recent years. Their success in the past in coping with keen
competition is an evidence that, as the province is developed, Victoria will continue to be its chief commercial centre.
BANKS AND BANKING.
Victoria owes, in a great measure, her financial standing to the character of the banking institutions which have transacted business
here, and of whose history a review is presented :
BANK OF BRITISH COLUMBIA
This institution, whose headquarters are at Victoria, was incorporated by royal charter, with a capital of $3,000,000, in 30,000 shares
of $100 each, with power to in-crease. The reserve fund of the bank is $1,040,000. The London office is at 60 Lombard street, E. C.
The court of directors is composed of Robert Gillespie, Esq. , chairman; Eden Colville, Esq., deputy chairman ; James Anderson, Esq. ;
T. G. Gillespie, Esq. ; Sir Chas. Tupper, Bart., G. C. M. G., C. B.; C. W. Benson, Esq., and H. Hughes, Esq., general manager. Bankers :
Messrs. Smith, Payne & Smiths.
Branches are established in British Columbia at Victoria, New Westminster, Vancouver, Nanaimo and Kam-loops ; at San Francisco, California ;
Portland, Oregon ; Seattle and Tacoma, Washington.
Agents in England are : National Provincial Bank of England, North and South Wales Bank, Liverpool, Bank of Liverpool, Manchester and
Liverpool District Banking Company, limited, Manchester. Their agent in Scotland is the British Linen Company Bank, and in Ireland the
Bank of Ireland. In Canada, the following are their agents : Bank of Montreal and branches, Canadian Bank of Commerce, Imperial Bank of
Canada,
GARESCHE, GREEN AND CO., BANKERS.
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