Funding victory
On this Remembrance Day, we reflect on those who served and are still serving in the armed forces and auxiliary forces. We honour the ways in which BMO and our employees contributed to the war effort during the Second World War. Between 1941 and 1943, George W. Spinney, Bank of Montreal General Manager (1936-1941) and President (1942-1948), was appointed Chairman of the National War Finance Committee. As chairman, Spinney took a leave of absence from the bank to dedicate his attention to organizing four Victory Loan campaigns. These campaigns helped finance the war effort by advertising the purchase of war (or “Victory”) bonds, which civilians could redeem in the post-war period with interest.
The final Victory Loan Campaign under Spinney’s chairmanship generated the sale of more than 3,000,000 victory bonds, approximately one sale for every four people in Canada at the time. At the conclusion of the campaign, Prime Minister W.L. Mackenzie King wrote Spinney a letter, expressing gratitude for his service to the war effort:
“Dear Mr. Spinney:
Before I leave for Washington today, I should like to express to you the government’s appreciation of the magnificent achievement represented by the Fourth Victory Loan, towards which your own unflagging efforts as Chairman of the National War Finance Committee contributed so much.
It is most gratifying that not only is the loan oversubscribed, but that, as reports indicate, the objective for the general canvass and payroll subscriptions will also be exceeded. This shows clearly that the Victory loan campaign helped to demonstrate Canada’s unity of purpose in support of the war effort.
Since you may be interested in reading the statement which I shall deliver in the House this afternoon on the Fourth Victory Loan, I am enclosing a copy, as released to the press.
I wish to add my personal thanks to the thanks of the government for your great exertions in this vitally important work.
Yours sincerely,
W.L. Mackenzie King”