Archive for November 16th, 2017

Lucknow Bank of Montreal celebrates 200th birth anniversary?

November 16, 2017

For a moment I was totally surprised to come across this news. Lucknow Bank of Montreal? How come one knows nothing about this bank>

It took me time to understand that Bank of Montreal recently completed 200 years of existence. And there is a place in Canada named Lucknow which was named after the Indian counterpart:

The village was named after Lucknow, India where, the Indian Rebellion of 1857 took place between the Indian rebels and the East India Company army. Lucknow takes the name of “Sepoy” which refers to the Indian foot soldiers who fought on the British side in the Relief of Lucknow. There are two theories about the origin of the name of Campbell Street-one is that the main street was named after Sir Colin Campbell, leader of the relief forces. The other is that the street is named after Malcolm Campbell, the community’s first merchant. Several Lucknow streets bear the names of some of the British generals involved in the Relief of Lucknow: Campbell, Ross, Outram, Havelock, Willoughby, Rose and Canning.

Eli Stauffer first settled the unnamed land that was to become Lucknow in 1856 where he constructed a dam and built a sawmill. In 1858, Ralph Miller purchased a parcel of Stauffer’s land and built “Balaclava House”, a log tavern. James Somerville purchased the Stauffer mill and land rights in 1858 and had village lots surveyed, earning Somerville the title of the “Father of Lucknow”. With the “Gravel Road” open into Kinloss in 1866, the village continued to grow and had a population of 430 in 1868.

Wow! Imagine how Lucknow inspired naming a village in Canada in 1857!

So, it is the Lucknow branch of the Bank of Montreal which celebrated 200 years of the bank’s anniversary…

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A closer look at history of small denomination coins…

November 16, 2017

Nice post by Hillery York. It also has a picture of the Lydia coin, the first ever coin produced.

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How Iceland persuaded teens to give up drink and drugs…

November 16, 2017

Interesting short film by Richard Kenny on how Iceland collectively worked to address teen problems in their country. One hears that this drinking and drugs  =is already a big problem in some of the regions in India as well…Some lessons here..

Nothing Natural About the Natural Rate of Unemployment

November 16, 2017

Edmund Phelps debunks some macro myths. In a short piece, there is fair bit if history of macro thought as well:

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