The Trust & Loan Company

1843-1948
Sir John A. circa 1856 by F.S. Richardson. Source: Library and Archives Canada.Pinterest
Sir John A. circa 1856 by F.S. Richardson. Source: Library and Archives Canada.

In 1843 Macdonald helped secure the charter for the Kingston-based Trust and Loan Company, a mortgage bank. According to biographer Ged Martin, in 1850, as a Member of Parliament, Macdonald persuaded the assembly “to exempt the Trust and Loan Company from the Usury Laws so that it could charge higher interest rates,” and then goes to England to woo investors for the company. “For the rest of his life, Trust and Loan Company business helped subsidize his political career.”