Herbert Samuel Holt
Encyclopedia
Sir Herbert Samuel Holt (February 12, 1856 – September 29, 1941) was an Irish
-born Canadian
civil engineer
who became a businessman, banker, and corporate director.
He was born in Ballycrystal, Geashill
, Co. Offaly
, Ireland and emigrated to Canada in 1875, settling in the city of Montreal
. During the 1880s he worked as a contractor under Chief Engineer James Ross
, building sections of the Canadian Pacific Railway
across the prairies and through the Rocky Mountains
.
Herbert Holt became a pioneer developer of the energy
business in the Province of Quebec and owned the Montreal Gas Company. In 1901 he merged Montreal Gas with Rodolphe Forget's
Royal Electric Company to create the Montreal Light, Heat & Power Company
. In 1944, their successful conglomerate was nationalized
by legislation passed by the Legislative Assembly of Quebec
. It came under the newly-created Quebec Hydroelectric Commission, also known as Hydro-Québec
.
Holt served as president of the Royal Bank of Canada
from 1908 to 1934, and the bank's chairman from 1934 until his death. He was a director of Montreal Trust Company
, Canada Car and Foundry and several other Canadian companies. He was appointed chairman of the Federal Plan Commission in 1913.
In 1915, he was knighted
by King George V
. On May 7 of the same year his son, William Robert Grattan Holt, survived the sinking of the RMS Lusitania
at the age of 15.
Herbert Samuel Holt died in 1941 and was interred in the Mount Royal Cemetery
in Montreal.
Following its formation in 1979, Herbert Holt's significant contribution to the Canadian economy was recognized through his election to the Canadian Business Hall of Fame
.
However, Holt was also one of the richest and most reviled Montrealers of his time. When his death was announced at a baseball
game in 1941, the crowd cheered. To many French Canadian
s, Holt was the epitome of 'les maudits anglais' ('the damned English').
Herbert is remembered for being a harsh banker who enjoyed large profits while the common man suffered during the great depression
. In his own words “If I am rich and powerful, while you are suffering the stranglehold of poverty and the humiliation of social assistance; if I was able, at the peak of the Depression, to make 150% profits each year, it is foolishness on your part, and as for me, it is the fruit of a wise administration.”
Holt, who was the father of three graduates of the Royal Military College of Canada
, donated two hangars to the College in 1920 from the imperial war surplus stores in Canada. The hangars, which were free-freighted from Deseronto to Kingston, were erected as a covered skating rink.
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
-born Canadian
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
civil engineer
Civil engineer
A civil engineer is a person who practices civil engineering; the application of planning, designing, constructing, maintaining, and operating infrastructures while protecting the public and environmental health, as well as improving existing infrastructures that have been neglected.Originally, a...
who became a businessman, banker, and corporate director.
He was born in Ballycrystal, Geashill
Geashill
Geashill is a village in County Offaly, Ireland. It is situated between the towns of Tullamore and Portarlington on the R420 regional road. Geashill has a Church of Ireland church, a shop, a petrol station, post office, primary school, a Gaelic Athletic Association and two pubs, .-History:The...
, Co. Offaly
County Offaly
County Offaly is a county in Ireland. It is part of the Midlands Region and is also located in the province of Leinster. It is named after the ancient Kingdom of Uí Failghe and was formerly known as King's County until the establishment of the Irish Free State in 1922. Offaly County Council is...
, Ireland and emigrated to Canada in 1875, settling in the city of 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...
. During the 1880s he worked as a contractor under Chief Engineer James Ross
James Ross (Canadian businessman)
James L. Ross , was a Scottish-born Canadian civil engineer and businessman, who developed his fortune in railway construction.-Early life:...
, building sections of the Canadian Pacific Railway
Canadian Pacific Railway
The Canadian Pacific Railway , formerly also known as CP Rail between 1968 and 1996, is a historic Canadian Class I railway founded in 1881 and now operated by Canadian Pacific Railway Limited, which began operations as legal owner in a corporate restructuring in 2001...
across the prairies and through the Rocky Mountains
Rocky Mountains
The Rocky Mountains are a major mountain range in western North America. The Rocky Mountains stretch more than from the northernmost part of British Columbia, in western Canada, to New Mexico, in the southwestern United States...
.
Herbert Holt became a pioneer developer of the energy
Energy
In physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
business in the Province of Quebec and owned the Montreal Gas Company. In 1901 he merged Montreal Gas with Rodolphe Forget's
Rodolphe Forget
Sir Joseph David Rodolphe Forget was an important Canadian business investor, stockbroker, and politician. He held national directorships and had major investments in energy companies as well as industrial concerns and railway companies in the Provinces of Quebec and Ontario...
Royal Electric Company to create the Montreal Light, Heat & Power Company
Montreal Light, Heat & Power
The Montreal Light, Heat and Power Company was a utility company operating the electric and gas distribution monopoly in the area of Montreal, Quebec, Canada until its nationalization by the government of Quebec in 1944, under a law creating the Quebec Hydroelectric Commission, also known as...
. In 1944, their successful conglomerate was nationalized
Nationalization
Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being...
by legislation passed by the Legislative Assembly of Quebec
National Assembly of Quebec
The National Assembly of Quebec is the legislative body of the Province of Quebec. The Lieutenant Governor and the National Assembly compose the Parliament of Quebec, which operates in a fashion similar to those of other British-style parliamentary systems.The National Assembly was formerly the...
. It came under the newly-created Quebec Hydroelectric Commission, also known as Hydro-Québec
Hydro-Québec
Hydro-Québec is a government-owned public utility established in 1944 by the Government of Quebec. Based in Montreal, the company is in charge of the generation, transmission and distribution of electricity across Quebec....
.
Holt served as president of 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,...
from 1908 to 1934, and the bank's chairman from 1934 until his death. He was a director of Montreal Trust Company
Montreal Trust Company
Montreal Trust Company was formed in 1889 and 100 years later described itself as "one of Canada's largest trust companies." In 1994, Scotiabank acquired Montreal Trust....
, Canada Car and Foundry and several other Canadian companies. He was appointed chairman of the Federal Plan Commission in 1913.
In 1915, he was knighted
Knight Bachelor
The rank of Knight Bachelor is a part of the British honours system. It is the most basic rank of a man who has been knighted by the monarch but not as a member of one of the organised Orders of Chivalry...
by King George V
George V of the United Kingdom
George V was King of the United Kingdom and the British Dominions, and Emperor of India, from 6 May 1910 through the First World War until his death in 1936....
. On May 7 of the same year his son, William Robert Grattan Holt, survived the sinking of the RMS Lusitania
RMS Lusitania
RMS Lusitania was a British ocean liner designed by Leonard Peskett and built by John Brown and Company of Clydebank, Scotland. The ship entered passenger service with the Cunard Line on 26 August 1907 and continued on the line's heavily-traveled passenger service between Liverpool, England and New...
at the age of 15.
Herbert Samuel Holt died in 1941 and was interred in the Mount Royal Cemetery
Mount Royal Cemetery
Opened in 1852, Mount Royal Cemetery is a 165-acre terraced cemetery on the north slope of Mount Royal in the borough of Outremont, Montreal, Quebec, Canada. The burial ground shares the mountain with the much larger adjacent Roman Catholic cemetery -- Cimetière Notre-Dame-des-Neiges...
in Montreal.
Following its formation in 1979, Herbert Holt's significant contribution to the Canadian economy was recognized through his election to the Canadian Business Hall of Fame
Canadian Business Hall of Fame
The Canadian Business Hall of Fame honours "Canada's most distinguished business leaders", selected by an independent panel representing Canadian business, academic and media institutions....
.
However, Holt was also one of the richest and most reviled Montrealers of his time. When his death was announced at a baseball
Baseball
Baseball is a bat-and-ball sport played between two teams of nine players each. The aim is to score runs by hitting a thrown ball with a bat and touching a series of four bases arranged at the corners of a ninety-foot diamond...
game in 1941, the crowd cheered. To many French Canadian
French Canadian
French Canadian or Francophone Canadian, , generally refers to the descendents of French colonists who arrived in New France in the 17th and 18th centuries...
s, Holt was the epitome of 'les maudits anglais' ('the damned English').
Herbert is remembered for being a harsh banker who enjoyed large profits while the common man suffered during the great depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
. In his own words “If I am rich and powerful, while you are suffering the stranglehold of poverty and the humiliation of social assistance; if I was able, at the peak of the Depression, to make 150% profits each year, it is foolishness on your part, and as for me, it is the fruit of a wise administration.”
Holt, who was the father of three graduates of the Royal Military College of Canada
Royal Military College of Canada
The Royal Military College of Canada, RMC, or RMCC , is the military academy of the Canadian Forces, and is a degree-granting university. RMC was established in 1876. RMC is the only federal institution in Canada with degree granting powers...
, donated two hangars to the College in 1920 from the imperial war surplus stores in Canada. The hangars, which were free-freighted from Deseronto to Kingston, were erected as a covered skating rink.