Evidence of Mr. Jackson Dodds (of the Bank of Montreal and President of the Bankers' Association at that time), before the Banking and Commerce Committee on April 19, 1934:

QUESTION: What other controlled companies are there?
ANSWER: We have the St. James Land Company Limited with a capital of $200,000, owned entirely by the Bank of Montreal and carried at $1.00. The officers are officers of the bank. The company was incorporated by the Molsons Bank, which deeded over to it that portion of their property known as Lot "B", corner of St. Peter and Notre Dame Streets, Montreal.

THE CHAIRMAN: The Bank owned the stock?
ANSWER: Yes

QUESTION: (By Mr. Power) I suppose the Molsons Bank had a controlled company to look after its real estate?
ANSWER: Yes, the property being the head office of the bank.

QUESTION: They only had one property?
ANSWER: Yes.

QUESTION: That is now owned and controlled by the Bank of Montreal?
ANSWER: Owned and controlled by the Bank of Montreal.

QUESTION: The directors are the directors of the bank?
ANSWER: No. The directors are officers of the bank. The secretary of the bank is the president.

QUESTION: Who has the stock?
ANSWER: The bank owns the whole of the stock, which is only $200,000 and is carried on the books at $1.00.