The directors of the more important banks were able by concert
to establish a common policy; considerable credits in London
strengthened their resources, and by avoiding any unnecessary
curtailment of loans they prevented any panic among their cus-
tomers and depositors, and passed through the crisis safely. It was
stated that in their efforts to prevent any embarrassment in the
export of Canadian produce they bought bills of exchange drawn
against shipments early in October at rates three or four per cent
higher than those at which they could then have bought exchange
in New York. Their efforts to sustain the community depending
on them were well rewarded, for the Commercial Bank of Canada,
one of the largest, was able to say in its next annual report that
not one of its customers who were doing a sound business had
suspended payments.
