Izaak Walton Killam
Encyclopedia
Izaak Walton Killam was one of Canada's
most eminent financiers.
, Killam rose from paper boy in Yarmouth to become one of Canada's wealthiest individuals.
, Killam became close friends with John F. Stairs and Max Aitken (Lord Beaverbrook) who put Killam in charge of his Royal Securities. In 1919, Killam bought out Aitken and took full control of the company. Killam's business dealings primarily involved the financing of large pulp and paper and hydro-electric projects throughout Canada and Latin America
. Killam was believed to be the richest man in Canada at the time. One of his larger projects in his native province was the creation of the Mersey Paper Company Ltd.
and its related electrical generating stations and shipping fleet.
In 1922 he married Dorothy Brooks Johnston. Notwithstanding his prodigious financial accomplishments, Killam was a very reserved man who eschewed publicity and was virtually unknown outside a small circle of close acquaintances. Killam died in 1955 at his Quebec
fishing lodge. By then he was considered to be the richest man in Canada.
, established in the will of Mrs. Killam, are held by five Canadian universities: the University of British Columbia
, University of Alberta
, University of Calgary
, Dalhousie University
and McGill University
. The current market value of the Killam endowment is approximately $400 million Canadian dollars and it is used to fund scientific research and artistic ventures across Canada.
Dalhousie University, in Halifax benefited the most, having received a $30 million bequest from Dorothy Killam's estate in 1965 ($214 million in 2011 when adjusted for inflation), representing 32% of her fortune. The 230000 square foot Killam Memorial Library constructed between 1966 and 1971 at a cost of $7.3 million ($52 million in 2011) was designed by architect Leslie R. Fairn and remains an enduring legacy to this day.
Money from the Killam estate also went to establish Izaak Walton Killam Hospital for Children
in Halifax and the Montreal Neurological Institute
in Montreal.
When Killam died, the government, at his request, used his inheritance taxes, coupled with those of Sir James H. Dunn and a large donation, to establish the Canada Council for the Arts.
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...
most eminent financiers.
Early life
Born in Yarmouth, Nova ScotiaYarmouth, Nova Scotia
Yarmouth is a town and fishing port located on the Gulf of Maine in rural southwestern Nova Scotia, Canada. It is the shire town of Yarmouth County. The town is located in the heart of the world's largest lobster fishing grounds and has Canada's highest lobster catch.- History :The townsite may...
, Killam rose from paper boy in Yarmouth to become one of Canada's wealthiest individuals.
Business ventures
As a young banker with the Union Bank of HalifaxUnion Bank of Halifax
The Union Bank of Halifax was granted a charter by the government of Canada in 1856 and established its head office at the corner of Hollis and Prince Streets in the port city of Halifax, Nova Scotia....
, Killam became close friends with John F. Stairs and Max Aitken (Lord Beaverbrook) who put Killam in charge of his Royal Securities. In 1919, Killam bought out Aitken and took full control of the company. Killam's business dealings primarily involved the financing of large pulp and paper and hydro-electric projects throughout Canada and Latin America
Latin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
. Killam was believed to be the richest man in Canada at the time. One of his larger projects in his native province was the creation of the Mersey Paper Company Ltd.
Bowater Mersey Paper Company Limited
The Bowater Mersey Paper Company Limited, commonly shortened to Bowater Mersey, operates a thermomechanical pulp mill and associated paper mill producing newsprint located in Brooklyn, Nova Scotia. Annual production is approximately of newsprint....
and its related electrical generating stations and shipping fleet.
In 1922 he married Dorothy Brooks Johnston. Notwithstanding his prodigious financial accomplishments, Killam was a very reserved man who eschewed publicity and was virtually unknown outside a small circle of close acquaintances. Killam died in 1955 at his 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....
fishing lodge. By then he was considered to be the richest man in Canada.
Philanthropy
Having no children, Killam and his wife devoted the greater part of their wealth to higher education in Canada. The Killam TrustsThe Killam Trusts
The Killam Trusts were established in 1965 after the death of Mrs. Dorothy J. Killam, the wife of Izaak Walton Killam. Mr. Killam was a Canadian business figure. He died in 1955, but before his death he and his wife discussed in extensive detail a scholarship plan, on which the Killam Trusts were...
, established in the will of Mrs. Killam, are held by five Canadian universities: the University of British Columbia
University of British Columbia
The University of British Columbia is a public research university. UBC’s two main campuses are situated in Vancouver and in Kelowna in the Okanagan Valley...
, University of Alberta
University of Alberta
The University of Alberta is a public research university located in Edmonton, Alberta, Canada. Founded in 1908 by Alexander Cameron Rutherford, the first premier of Alberta and Henry Marshall Tory, its first president, it is widely recognized as one of the best universities in Canada...
, University of Calgary
University of Calgary
The University of Calgary is a public research university located in Calgary, Alberta, Canada. Founded in 1966 the U of C is composed of 14 faculties and more than 85 research institutes and centres.More than 25,000 undergraduate and 5,500 graduate students are currently...
, Dalhousie University
Dalhousie University
Dalhousie University is a public research university located in Halifax, Nova Scotia, Canada. The university comprises eleven faculties including Schulich School of Law and Dalhousie University Faculty of Medicine. It also includes the faculties of architecture, planning and engineering located at...
and 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...
. The current market value of the Killam endowment is approximately $400 million Canadian dollars and it is used to fund scientific research and artistic ventures across Canada.
Dalhousie University, in Halifax benefited the most, having received a $30 million bequest from Dorothy Killam's estate in 1965 ($214 million in 2011 when adjusted for inflation), representing 32% of her fortune. The 230000 square foot Killam Memorial Library constructed between 1966 and 1971 at a cost of $7.3 million ($52 million in 2011) was designed by architect Leslie R. Fairn and remains an enduring legacy to this day.
Money from the Killam estate also went to establish Izaak Walton Killam Hospital for Children
IWK Health Centre
The IWK Health Centre is a hospital in Halifax, Nova Scotia that provides care to women, children, and youth from Nova Scotia, New Brunswick and Prince Edward Island.-Location:The IWK Health Centre is located in the south end of Halifax...
in Halifax and the Montreal Neurological Institute
Montreal Neurological Institute
The Montreal Neurological Institute and Hospital is an academic medical centre dedicated to neuroscience research, training and clinical care. The Institute is part of McGill University and the Hospital is one of the five teaching hospitals of the McGill University Health Centre, in Montreal,...
in Montreal.
When Killam died, the government, at his request, used his inheritance taxes, coupled with those of Sir James H. Dunn and a large donation, to establish the Canada Council for the Arts.
Further reading
- Canada's Mystery Man of High Finance, Douglas How, Hantsport: Lancelot Press, 1986.
- A Very Private Person: The Story of Izaak Walton Killam - and his wife Dorothy, Douglas How: Dalhousie Graphics, 1976