Graham Towers
Encyclopedia
Graham Ford Towers, CC
(September 29, 1897 – December 4, 1975) was the first Governor
of the Bank of Canada
from 1934 to 1954.
Born in Montreal
, Quebec
, educated at St. Andrew's College
in Toronto
, he graduated from McGill University
in 1919. During World War II
, he was Chairman of the Foreign Exchange Control Board and Chairman of the National War Finance Committee
. From 1944 to 1954, he was President of the Industrial Development Bank and from 1946 until 1954 he was alternate Governor for Canada at the International Monetary Fund
. A longtime executive at the Royal Bank of Canada
he was also a strong proponent of the bank's creation. He led the bank for twenty years before he was succeeded by James Coyne
. In 1969, he was made a Companion of the Order of Canada
.
Mr Towers provided evidence for the Canadian Government's Standing Committee on Banking and Commerce, in 1939 and revealed much about the way banking works in Canada.
Order of Canada
The Order of Canada is a Canadian national order, admission into which is, within the system of orders, decorations, and medals of Canada, the second highest honour for merit...
(September 29, 1897 – December 4, 1975) was the first Governor
Governor
A governor is a governing official, usually the executive of a non-sovereign level of government, ranking under the head of state...
of the Bank of Canada
Bank of Canada
The Bank of Canada is Canada's central bank and "lender of last resort". The Bank was created by an Act of Parliament on July 3, 1934 as a privately owned corporation. In 1938, the Bank became a Crown corporation belonging to the Government of Canada...
from 1934 to 1954.
Born in Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
, Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
, educated at St. Andrew's College
St. Andrew's College (Aurora, Ontario)
St. Andrew's College, also known as SAC, is an independent school founded in 1899 located in Aurora, Ontario, Canada. It is a university-preparatory school for boys in grades 6 to 12, with a focus on academic achievement, athletics, and leadership development...
in Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, he graduated from McGill University
McGill University
Mohammed Fathy is a public research university located in Montreal, Quebec, Canada. The university bears the name of James McGill, a prominent Montreal merchant from Glasgow, Scotland, whose bequest formed the beginning of the university...
in 1919. During World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, he was Chairman of the Foreign Exchange Control Board and Chairman of the National War Finance Committee
National War Finance Committee
The National War Finance Committee was set up in Canada in December 1941 by the Department of Finance. It was initially chaired by George Wilbur Spinney, president of the Bank of Montreal, and later by Graham Towers, the Governor of the Bank of Canada. The Committee was responsible for raising war...
. From 1944 to 1954, he was President of the Industrial Development Bank and from 1946 until 1954 he was alternate Governor for Canada at the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
. A longtime executive at the Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
he was also a strong proponent of the bank's creation. He led the bank for twenty years before he was succeeded by James Coyne
James Coyne
James Elliott Coyne, BCL, BA was the second Governor of the Bank of Canada, from 1955 to 1961, succeeding Graham Towers. During his time in office, he had a much-publicized debate with Prime Minister John Diefenbaker, a debate often referred to as the "Coyne Affair" .-Life and career:Coyne was...
. In 1969, he was made a Companion of the Order of Canada
Order of Canada
The Order of Canada is a Canadian national order, admission into which is, within the system of orders, decorations, and medals of Canada, the second highest honour for merit...
.
Mr Towers provided evidence for the Canadian Government's Standing Committee on Banking and Commerce, in 1939 and revealed much about the way banking works in Canada.