Bank of Upper Canada, c. 1818
Before any bank was established in Upper Canada, merchants and residents managed money through a combination of coins, paper promises, credit‑debt relationships, and barter. The Bank of Upper Canada was established in 1821 mostly due to efforts of two influential citizens, Reverend John Strachan and William Allan. York was then too small for a bank, and its promoters were unable to raise the minimal 10% of the £200,000 required capital for start-up. The bank succeeded only because its promoters had the political influence to have that minimum reduced by half, and the provincial government subscribed for 2000 of its 8000 shares.
William Allan had a general store built on the southeast corner of King and Frederick streets in 1818. When he was made the first President of the new Bank of Upper Canada, he split his store into two with the west side of the building acting as the bank from 1822 to 1827. Its entrance was on Frederick Street.
In 1827, the Bank of Canada moved from Allan’s store into a building specifically designed and built as a bank; it still stands on the northeast corner of George and Adelaide streets. William Allan’s store on the southeast corner of King and Frederick streets reverted to retail, eventually becoming the shop of fruit dealer John Stinson.
Stinson had first opened a crockery and glassware store next door at 217 King Street East in 1871, but by 1879, had expanded into William Allan’s adjoining shop and shifted to selling fruit, continuing there until 1907. The building was demolished in 1915.
William Allan remained president of the Upper Bank of Canada until 1835. Allan was one of the most influential figures in the early Town of York, having risen from merchant to trusted civic leader. He co-ran one of York’s earliest general stores, acquired substantial landholdings (including Moss Park), and held numerous key public roles, such as a Justice of the Peace, Home District treasurer, postmaster, and customs collector. A Major in the militia during the War of 1812, he helped negotiate York’s surrender and profited significantly from wartime supply contracts. As well as being the founding president of the Bank of Upper Canada, he was also the vice president of the Welland Canal Company, and first president of the Toronto Board of Trade. His reputation for integrity made him a trusted advisor on finance and policy in Upper Canada.
Before any bank was established in Upper Canada, merchants and residents managed money through a combination of coins, paper promises, credit‑debt relationships, and barter. The Bank of Upper Canada was established in 1821 mostly due to efforts of two influential citizens, Reverend John Strachan and William Allan. York was then too small for a bank, and its promoters were unable to raise the minimal 10% of the £200,000 required capital for start-up. The bank succeeded only because its promoters had the political influence to have that minimum reduced by half, and the provincial government subscribed for 2000 of its 8000 shares.
William Allan had a general store built on the southeast corner of King and Frederick streets in 1818. When he was made the first President of the new Bank of Upper Canada, he split his store into two with the west side of the building acting as the bank from 1822 to 1827. Its entrance was on Frederick Street.
In 1827, the Bank of Canada moved from Allan’s store into a building specifically designed and built as a bank; it still stands on the northeast corner of George and Adelaide streets. William Allan’s store on the southeast corner of King and Frederick streets reverted to retail, eventually becoming the shop of fruit dealer John Stinson.
Stinson had first opened a crockery and glassware store next door at 217 King Street East in 1871, but by 1879, had expanded into William Allan’s adjoining shop and shifted to selling fruit, continuing there until 1907. The building was demolished in 1915.
William Allan remained president of the Upper Bank of Canada until 1835. Allan was one of the most influential figures in the early Town of York, having risen from merchant to trusted civic leader. He co-ran one of York’s earliest general stores, acquired substantial landholdings (including Moss Park), and held numerous key public roles, such as a Justice of the Peace, Home District treasurer, postmaster, and customs collector. A Major in the militia during the War of 1812, he helped negotiate York’s surrender and profited significantly from wartime supply contracts. As well as being the founding president of the Bank of Upper Canada, he was also the vice president of the Welland Canal Company, and first president of the Toronto Board of Trade. His reputation for integrity made him a trusted advisor on finance and policy in Upper Canada.
c. 1822-1827
after 1915 
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William Allan
Background
William Allan’s family background and early training remain obscure, but it is believed that he came to Canada in about 1789 as a clerk for Forsyth, Richardson and Company. From about 1797 to 1801 he partnered in running a general store with Alexander Wood. Although Laurent Quetton de Saint-Georges was probably the leading merchant in York prior to the War of 1812, Allan quickly gained an excellent reputation. Both he and Wood were very successful merchants in the early Town of York. Like many of the leading businessmen of early Town of York, he amassed extensive land holdings, including the future Moss Park area where his mansion was built.
Although, he never ran for political office, Allan quickly became rather indispensable to the Town of York in the various roles he took on: Justice of Peace on 1 January 1800 where he issued various licenses, including those for marriages and for shops and taverns; Home District treasurer on 9 April 1800; collector of customs at York and district inspector of flour, potash, and pearl ash. In 1801 he succeeded William Willocks as postmaster of York and was one of the treasurers for the building fund of St James’ Church in 1803. He was chief custodian for the expansion of the church in 1818.
On the eve of the 1812 War, he was promoted major of the 3rd York Militia and came through the war with a strong reputation as he and Lieutenant-Colonel William Chewett were the senior militia officers who remained in York to negotiate the terms of surrender with the Americans, while Major-General Sir Roger Hale Sheaffe and the British regulars retreated to Kingston.
He also profited spectacularly during the war: “During the war Allan was kept busy with the very profitable pursuit of supplying the garrison through the office of the commissary general. In all, the commissariat paid out more than £50,000 to York merchants, most of it to Laurent Quetton de Saint-Georges and Allan”[1].
In 1818, the year after the Bank of Montreal was founded, he became its agent in York, a position he held for three years. The success of the Bank of Montreal and the need for banking services were quickly reflected in Upper Canada, where, as early as 1817, rival groups in York and Kingston had begun to contend for the first bank charter. He led the subscription and served as president of the newly chartered Bank of Upper Canada (1822–35), guiding the bank through specie[2] wars, a monopoly on note‑issuing, dividend policy, and cautious expansion.
Because of his steadfast reputation William Allan was also Vice‑president of the Welland Canal Company, commissioner of the Canada Company, governor of British America Fire & Life Assurance and – First president of the Toronto Board of Trade (1834). As well, he managed estates and acted as executor for prominent families.
He was appointed to the Legislative Council (1825) and to the Executive Council during the 1836 constitutional crisis; and advised on public works financing, land policy, and departmental accounting reforms. He retired from his public roles at the 1841 union of Upper and Lower Canada.
[1] https://www.biographi.ca/en/bio/allan_william_8E.html
[2] Specie wars refer to the historical conflicts surrounding the use of gold and silver (specie) as currency and the role of banks in managing and circulating this specie.
Allan's Moss Park Mansion ↓
Background
William Allan’s family background and early training remain obscure, but it is believed that he came to Canada in about 1789 as a clerk for Forsyth, Richardson and Company. From about 1797 to 1801 he partnered in running a general store with Alexander Wood. Although Laurent Quetton de Saint-Georges was probably the leading merchant in York prior to the War of 1812, Allan quickly gained an excellent reputation. Both he and Wood were very successful merchants in the early Town of York. Like many of the leading businessmen of early Town of York, he amassed extensive land holdings, including the future Moss Park area where his mansion was built.
Although, he never ran for political office, Allan quickly became rather indispensable to the Town of York in the various roles he took on: Justice of Peace on 1 January 1800 where he issued various licenses, including those for marriages and for shops and taverns; Home District treasurer on 9 April 1800; collector of customs at York and district inspector of flour, potash, and pearl ash. In 1801 he succeeded William Willocks as postmaster of York and was one of the treasurers for the building fund of St James’ Church in 1803. He was chief custodian for the expansion of the church in 1818.
On the eve of the 1812 War, he was promoted major of the 3rd York Militia and came through the war with a strong reputation as he and Lieutenant-Colonel William Chewett were the senior militia officers who remained in York to negotiate the terms of surrender with the Americans, while Major-General Sir Roger Hale Sheaffe and the British regulars retreated to Kingston.
He also profited spectacularly during the war: “During the war Allan was kept busy with the very profitable pursuit of supplying the garrison through the office of the commissary general. In all, the commissariat paid out more than £50,000 to York merchants, most of it to Laurent Quetton de Saint-Georges and Allan”[1].
In 1818, the year after the Bank of Montreal was founded, he became its agent in York, a position he held for three years. The success of the Bank of Montreal and the need for banking services were quickly reflected in Upper Canada, where, as early as 1817, rival groups in York and Kingston had begun to contend for the first bank charter. He led the subscription and served as president of the newly chartered Bank of Upper Canada (1822–35), guiding the bank through specie[2] wars, a monopoly on note‑issuing, dividend policy, and cautious expansion.
Because of his steadfast reputation William Allan was also Vice‑president of the Welland Canal Company, commissioner of the Canada Company, governor of British America Fire & Life Assurance and – First president of the Toronto Board of Trade (1834). As well, he managed estates and acted as executor for prominent families.
He was appointed to the Legislative Council (1825) and to the Executive Council during the 1836 constitutional crisis; and advised on public works financing, land policy, and departmental accounting reforms. He retired from his public roles at the 1841 union of Upper and Lower Canada.
[1] https://www.biographi.ca/en/bio/allan_william_8E.html
[2] Specie wars refer to the historical conflicts surrounding the use of gold and silver (specie) as currency and the role of banks in managing and circulating this specie.
Allan's Moss Park Mansion ↓
