Economics is the social science that studies the production and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, the outcomes of interactions. Individual agents may include, for example, firms and sellers. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, economic growth, the public policies that address these issues. See glossary of economics. Other broad distinctions within economics include those between positive economics, describing "what is", normative economics, advocating "what ought to be". Economic analysis can be applied throughout society, in business, health care, government. Economic analysis is sometimes applied to such diverse subjects as crime, the family, politics, social institutions, war and the environment; the discipline was renamed in the late 19th century due to Alfred Marshall, from "political economy" to "economics" as a shorter term for "economic science".
At that time, it became more open to rigorous thinking and made increased use of mathematics, which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences. There are a variety of modern definitions of economics. Scottish philosopher Adam Smith defined what was called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: a branch of the science of a statesman or legislator a plentiful revenue or subsistence for the people... to supply the state or commonwealth with a revenue for the publick services. Jean-Baptiste Say, distinguishing the subject from its public-policy uses, defines it as the science of production and consumption of wealth. On the satirical side, Thomas Carlyle coined "the dismal science" as an epithet for classical economics, in this context linked to the pessimistic analysis of Malthus. John Stuart Mill defines the subject in a social context as: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object.
Alfred Marshall provides a still cited definition in his textbook Principles of Economics that extends analysis beyond wealth and from the societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. Lionel Robbins developed implications of what has been termed "erhaps the most accepted current definition of the subject": Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins describes the definition as not classificatory in "pick out certain kinds of behaviour" but rather analytical in "focus attention on a particular aspect of behaviour, the form imposed by the influence of scarcity." He affirmed that previous economists have centred their studies on the analysis of wealth: how wealth is created and consumed. But he said that economics can be used to study other things, such as war, that are outside its usual focus.
This is because war has as the goal winning it, generates both cost and benefits. If the war is not winnable or if the expected costs outweigh the benefits, the deciding actors may never go to war but rather explore other alternatives. We cannot define economics as the science that studies wealth, crime and any other field economic analysis can be applied to; some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas treated in other fields. There are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. Gary Becker, a contributor to the expansion of economics into new areas, describes the approach he favours as "combin assumptions of maximizing behaviour, stable preferences, market equilibrium, used relentlessly and unflinchingly."
One commentary characterizes the remark as making economics an approach rather than a subject matter but with great specificity as to the "choice process and the type of social interaction that analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. A
Infrastructure is the fundamental facilities and systems serving a country, city, or other area, including the services and facilities necessary for its economy to function. Infrastructure is composed of public and private physical improvements such as roads, tunnels, water supply, electrical grids, telecommunications. In general, it has been defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions". There are two general types of ways to view infrastructure, soft. Hard infrastructure refers to the physical networks necessary for the functioning of a modern industry; this includes roads, railways, etc. Soft infrastructure refers to all the institutions that maintain the economic, health and cultural standards of a country; this includes educational programs, official statistics and recreational facilities, law enforcement agencies, emergency services. The word infrastructure has been used in English since 1887 and in French since 1875 meaning "The installations that form the basis for any operation or system".
The word was imported from French, where it means subgrade, the native material underneath a constructed pavement or railway. The word is a combination of the Latin prefix "infra", meaning "below" and many of these constructions are underground, for example, tunnels and gas systems, railways; the army use of the term achieved currency in the United States after the formation of NATO in the 1940s, by 1970 was adopted by urban planners in its modern civilian sense. A 1987 US National Research Council panel adopted the term "public works infrastructure", referring to: "... both specific functional modes – highways, streets and bridges. A comprehension of infrastructure spans not only these public works facilities, but the operating procedures, management practices, development policies that interact together with societal demand and the physical world to facilitate the transport of people and goods, provision of water for drinking and a variety of other uses, safe disposal of society's waste products, provision of energy where it is needed, transmission of information within and between communities."
The American Society of Civil Engineers publish a "Infrastructure Report Card" which represents the organizations opinion on the condition of various infrastructure every 2–4 years. As of 2017 they grade 16 categories, namely Aviation, Dams, Drinking Water, Hazardous Waste, Inland Waterways, Parks & Recreation, Rail, Schools, Solid Waste and Wastewater. A way to embody personal infrastructure is to think of it in term of human capital. Human capital is defined by the Encyclopedia Britannica as “intangible collective resources possessed by individuals and groups within a given population"; the goal of personal infrastructure is to determine the quality of the economic agents’ values. This results in three major tasks: the task of economic proxies’ in the economic process. Institutional infrastructure branches from the term "economic constitution". According to Gianpiero Torrisi, Institutional infrastructure is the object of economic and legal policy, it compromises the grown and sets norms. It refers to the degree of actual equal treatment of equal economic data and determines the framework within which economic agents may formulate their own economic plans and carry them out in co-operation with others.
Material infrastructure is defined as “those immobile, non-circulating capital goods that contribute to the production of infrastructure goods and services needed to satisfy basic physical and social requirements of economic agents". There are two distinct qualities of material infrastructures: 1) Fulfillment of social needs and 2) Mass production; the first characteristic deals with the basic needs of human life. The second characteristic is the non-availability of infrastructure services. According to the business dictionary, economic infrastructure can be defined as "internal facilities of a country that make business activity possible, such as communication and distribution networks, financial institutions and markets, energy supply systems". Economic infrastructure support productive events; this includes roads, bridges, water distribution networks, sewer systems, irrigation plants, etc. Social infrastructure can be broadly defined as the construction and maintenance of facilities that support social services.
Social infrastructures are created to increase social act on economic activity. These being schools and playgrounds, structures for public safety, waste disposal plants, sports area, etc. Core assets have monopolistic characteristics. Investors seeking core infrastructure look for five different characteristics: Income, Low volatility of returns, Inflation Protection, Long-term liability matching. Core Infrastructure incorporates all the main types of infrastructure. For instance. Basic infrastructure refers to main railways, canals, harbors and
In finance, an option is a contract which gives the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price prior to or on a specified date, depending on the form of the option. The strike price may be set by reference to the spot price of the underlying security or commodity on the day an option is taken out, or it may be fixed at a discount or at a premium; the seller has the corresponding obligation to fulfill the transaction – to sell or buy – if the buyer "exercises" the option. An option that conveys to the owner the right to buy at a specific price is referred to as a call. Both are traded, but the call option is more discussed; the seller may grant an option to a buyer as part of another transaction, such as a share issue or as part of an employee incentive scheme, otherwise a buyer would pay a premium to the seller for the option. A call option would be exercised only when the strike price is below the market value of the underlying asset, while a put option would be exercised only when the strike price is above the market value.
When an option is exercised, the cost to the buyer of the asset acquired is the strike price plus the premium, if any. When the option expiration date passes without the option being exercised, the option expires and the buyer would forfeit the premium to the seller. In any case, the premium is income to the seller, a capital loss to the buyer; the owner of an option may on-sell the option to a third party in a secondary market, in either an over-the-counter transaction or on an options exchange, depending on the option. The market price of an American-style option closely follows that of the underlying stock being the difference between the market price of the stock and the strike price of the option; the actual market price of the option may vary depending on a number of factors, such as a significant option holder may need to sell the option as the expiry date is approaching and does not have the financial resources to exercise the option, or a buyer in the market is trying to amass a large option holding.
The ownership of an option does not entitle the holder to any rights associated with the underlying asset, such as voting rights or any income from the underlying asset, such as a dividend. Contracts similar to options have been used since ancient times; the first reputed option buyer was the ancient Greek mathematician and philosopher Thales of Miletus. On a certain occasion, it was predicted that the season's olive harvest would be larger than usual, during the off-season, he acquired the right to use a number of olive presses the following spring; when spring came and the olive harvest was larger than expected he exercised his options and rented the presses out at a much higher price than he paid for his'option'. In London, puts and "refusals" first became well-known trading instruments in the 1690s during the reign of William and Mary. Privileges were options sold over the counter in nineteenth century America, with both puts and calls on shares offered by specialized dealers, their exercise price was fixed at a rounded-off market price on the day or week that the option was bought, the expiry date was three months after purchase.
They were not traded in secondary markets. In the real estate market, call options have long been used to assemble large parcels of land from separate owners. Film or theatrical producers buy the right — but not the obligation — to dramatize a specific book or script. Lines of credit give the potential borrower the right — but not the obligation — to borrow within a specified time period. Many choices, or embedded options, have traditionally been included in bond contracts. For example, many bonds are convertible into common stock at the buyer's option, or may be called at specified prices at the issuer's option. Mortgage borrowers have long had the option to repay the loan early, which corresponds to a callable bond option. Options contracts have been known for decades; the Chicago Board Options Exchange was established in 1973, which set up a regime using standardized forms and terms and trade through a guaranteed clearing house. Trading activity and academic interest has increased since then.
Today, many options are created in a standardized form and traded through clearing houses on regulated options exchanges, while other over-the-counter options are written as bilateral, customized contracts between a single buyer and seller, one or both of which may be a dealer or market-maker. Options are part of a larger class of financial instruments known as derivative products, or derivatives. A financial option is a contract between two counterparties with the terms of the option specified in a term sheet. Option contracts may be quite complicated.
The stock of a corporation is all of the shares into which ownership of the corporation is divided. In American English, the shares are known as "stocks." A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares. This entitles the stockholder to that fraction of the company's earnings, proceeds from liquidation of assets, or voting power dividing these up in proportion to the amount of money each stockholder has invested. Not all stock is equal, as certain classes of stock may be issued for example without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds before or after other classes of shareholders. Stock can be bought and sold or on stock exchanges, such transactions are heavily regulated by governments to prevent fraud, protect investors, benefit the larger economy; as new shares are issued by a company, the ownership and rights of existing shareholders are diluted in return for cash to sustain or grow the business.
Companies can buy back stock, which lets investors recoup the initial investment plus capital gains from subsequent rises in stock price. Stock options, issued by many companies as part of employee compensation, do not represent ownership, but represent the right to buy ownership at a future time at a specified price; this would represent a windfall to the employees if the option is exercised when the market price is higher than the promised price, since if they sold the stock they would keep the difference. A person who owns a specific percentage of the share has the ownership of the corporation proportional to his share; the shares together form stock. The stock of a corporation is partitioned into shares, the total of which are stated at the time of business formation. Additional shares may subsequently be authorized by the existing shareholders and issued by the company. In some jurisdictions, each share of stock has a certain declared par value, a nominal accounting value used to represent the equity on the balance sheet of the corporation.
In other jurisdictions, shares of stock may be issued without associated par value. Shares represent a fraction of ownership in a business. A business may declare different types of shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented by issuance of a stock certificate. A stock certificate is a legal document that specifies the number of shares owned by the shareholder, other specifics of the shares, such as the par value, if any, or the class of the shares. In the United Kingdom, Republic of Ireland, South Africa, Australia, stock can refer to different financial instruments such as government bonds or, less to all kinds of marketable securities. Stock takes the form of shares of either common stock or preferred stock; as a unit of ownership, common stock carries voting rights that can be exercised in corporate decisions. Preferred stock differs from common stock in that it does not carry voting rights but is entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders.
Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares any time after a predetermined date. Shares of such stock are called "convertible preferred shares". New equity issue may have specific legal clauses attached that differentiate them from previous issues of the issuer; some shares of common stock may be issued without the typical voting rights, for instance, or some shares may have special rights unique to them and issued only to certain parties. New issues that have not been registered with a securities governing body may be restricted from resale for certain periods of time. Preferred stock may be hybrid by having the qualities of bonds of fixed returns and common stock voting rights, they have preference in the payment of dividends over common stock and have been given preference at the time of liquidation over common stock. They have other features of accumulation in dividend. In addition, preferred stock comes with a letter designation at the end of the security.
B, whereas Class "A" shares of ORION DHC, Inc will sell under ticker OODHA until the company drops the "A" creating ticker OODH for its "Common" shares only designation. This extra letter does not mean that any exclusive rights exist for the shareholders but it does let investors know that the shares are considered for such, these rights or privileges may change based on the decisions made by the underlying company. "Rule 144 Stock" is an American term given to shares of stock subject to SEC Rule 144: Selling Restricted and Control Securities. Under Rule 144, restricted and controlled securities are acquired in unregistered form. Investors either purchase or take ownership of these securities through private sales from the issuing company or from an affiliate of the issuer. Investors wishing to sell these securities are subject to different rules than those selling traditional common or preferred stock; these individuals will only be allowed to liquidate their securities after meeting the specific conditions set forth by SEC Rule 144.
Toronto Stock Exchange
The Toronto Stock Exchange is a stock exchange in Toronto, Canada. It is the 9th largest exchange in the world by market capitalization. Based in the Exchange Tower in Toronto's Financial District, the TSX is a wholly owned subsidiary of the TMX Group for the trading of senior equities. A broad range of businesses from Canada and abroad are represented on the exchange. In addition to conventional securities, the exchange lists various exchange-traded funds, split share corporations, income trusts and investment funds. More mining and oil and gas companies are listed on Toronto Stock Exchange than any other stock exchange; the Toronto Stock Exchange descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852. No records of the group's transactions have survived, it is however known that on October 25 1861, twenty-four brokers gathered at the Masonic Hall to create and participate in the Toronto Stock Exchange. Between 1852 and 1870, two others distinct, commodity-orientated, exchanges were founded: the Toronto Exchange in 1854 and the Toronto Stock and Mining Exchange in 1868.
The TSE had 13 listings but it grew to 18 in 1868. Many banks of Upper Canada failed during 1869, which halted any sort of trading in the city as the market was just too small. A bull market in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE; the exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878.. The TSE grew continuously in size and in shares traded, save for a three-month period in 1914 when the exchange was shut down for fear of financial panic due to World War I; the day of the Wall Street Crash of 1929, Toronto's exchange was better connected to New-York's and received the bad news before Montreal's. By the afternoon, its three most popular stocks were down by at least 8%: International Nickel, Hiram Walker & Sons and Brazilian Light & Power); the following day, a record number of 331,000 shares changed hands on the TSE, with an overall loss of value of 20% Meanwhile, a British Columbia gold rush in the 1890s stimulated the demand for start-up capital but Montreal and Toronto's exchanges deemed the ventures too risky.
The boom was handled with the Toronto Stock and Mining Exchange, founded in 1896 and which merged with its rival Standard Stock and Mining Exchange in 1899. The SSME, after years of ups and downs, was amalgamated into the Toronto Stock Exchange in 1934. While a durable surge in mining trading was recorded in Toronto, in Montreal the volume of the equity-centric market was going down. Toronto found itself a reputation as a financial centre for mining and from 1934, the total trading volume on the TSE surpassed that of Montreal's; the TSE moved on Bay Street in 1913 and in 1937 opened a new trading floor and headquarters in an Art Deco building, still on Bay. By 1936, the Toronto Stock Exchange grew to become the third largest in North America. In 1977, it launched the TSE 300 index and introduced the CATS, an automated trading system, began to use it for the quotation of less liquid equities. In 1983, the TSE moved into the Exchange Tower; the old TSE building became the Design Exchange, a museum and education centre.
On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic environment. In 1999, through a major realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities; the Bourse de Montréal/Montreal Exchange assumed responsibility for the trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange, equities portion of the Montreal Exchange merged with CDNX. In 2000, the Toronto Stock Exchange became a for-profit company. In 2002 its acronym was rebranded to TSX and it became a public company. · In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, renamed the TSX Venture Exchange in 2002. This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the S&P/TSX Composite, the main index of the Toronto Stock Exchange, traded above the 14,000 point level for the first time ever.
On December 17, 2008, for the first time in TSX history, the exchange was closed for an entire trading day due to a technical glitch. On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group, Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of $5.9 trillion. Xavier Rolet, CEO of the LSE Group, would head the new enlarged company, while TMX Chief Executive Thomas Kloet would become the new firm president. Based on data from December 30, 2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq. 8 of the 15 board members of the combined entity will be appointed by LSE, 7/15 by TMX. The provisional name for the combined group would be LTMX Group plc. About two weeks after Maple Group launched a competing bid the LSEG-TMX deal was terminated after failing to receive the minimum 67% voter approval from shareholders of TMX Group; the rejection came amidst new concerns raised b
The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group, the chairman presides over meetings of the assembled group and conducts its business in an orderly fashion. In some organizations, the chairman position is called president, in others, where a board appoints a president, the two different terms are used for distinctly different positions. Other terms sometimes used for the office and its holder include chair, chairwoman, presiding officer, moderator and convenor; the chairman of a parliamentary chamber is called the speaker. The term chair is sometimes used in lieu of chairman, in response to criticisms that using chairman is sexist, it is used today, has been used as a substitute for chairman since the middle of the 17th century, with its earliest citation in the Oxford English Dictionary dated 1658–1659, only four years after the first citation for chairman.
Major dictionaries state that the word derives from a person. A 1994 Canadian study found the Toronto Star newspaper referring to most presiding men as "chairman", to most presiding women as "chairperson" or as "chairwoman"; the Chronicle of Higher Education uses "chairman" for men and "chairperson" for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times and chairwoman 68 times; the National Association of Parliamentarians adopted a resolution in 1975 discouraging the use of “chairperson” and rescinded it in 2017. The Wall Street Journal, The New York Times and United Press International all use "chairwoman" or "chairman" when referring to women, forbid use of "chair" or of "chairperson" except in direct quotations. In World Schools Style debating, male chairs are called "Mr. Chairman" and female chairs are called "Madame Chair"; the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using "chair" or "chairperson", rather than "chairman".
The Oxford Dictionary of American Usage and Style suggests that the gender-neutral forms are gaining ground. It advocates using "chair" to refer both to women; the Telegraph style guide bans the use of both "Chair" and "Chairperson" on the basis that "Chairman" is correct English. The word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be "in the chair" and is referred to as "the chair". Parliamentary procedure requires that members address the "chair" as "Mr. Chairman" rather than using a name – one of many customs intended to maintain the presiding officer's impartiality and to ensure an objective and impersonal approach. In the United States, the presiding officer of the lower house of a legislative body, such as the House of Representatives, is titled the Speaker, while the upper house, such as the Senate, is chaired by a President. In his 1992 State of the Union address, then-U.
S. President George H. W. Bush used "chairman" for men and "chair" for women. In the British music hall tradition, the Chairman was the master of ceremonies who announced the performances and was responsible for controlling any rowdy elements in the audience; the role was popularised on British TV in the 1960s and 1970s by Leonard Sachs, the Chairman on the variety show The Good Old Days."Chairman" as a quasi-title gained particular resonance when socialist states from 1917 onward shunned more traditional leadership labels and stressed the collective control of soviets by beginning to refer to executive figureheads as "Chairman of the X Committee". Vladimir Lenin, for example functioned as the head of Soviet Russia not as tsar or as president but in roles such as "Chairman of the Council of People's Commissars of the Russian SFSR". Note in particular the popular standard method for referring to Mao Zedong: "Chairman Mao". In addition to the administrative or executive duties in organizations, the chairman has the duties of presiding over meetings.
Such duties at meetings include: Calling the meeting to order Determining if a quorum is present Announcing the items on the order of business or agenda as they come up Recognition of members to have the floor Enforcing the rules of the group Putting questions to a vote Adjourning the meetingWhile presiding, the chairman should remain impartial and not interrupt a speaker if the speaker has the floor and is following the rules of the group. In committees or small boards, the chairman votes along with the other members. However, in assemblies or larger boards, the chairman should vote only when it can affect the result. At a meeting, the chairman only has one vote; the powers of the chairman vary across organizations. In some organizations the chairman has the authority to hire staff and make financial decisions, while in others the chairman only makes recommendations to a board of directors, still others the chairman has no executive powers and is a spokesman for the organization; the amount of power given to the chairman depends on the type of organization, its structure, the rules it has created for itself.
If the chairman exceeds the given authority, engages in misconduct, or fails to perform t
Nortel Networks Corporation commonly known as Northern Electric and Northern Telecom, was a multinational telecommunications and data networking equipment manufacturer headquartered in Mississauga, Canada. It was founded in Quebec, in 1895 as the Northern Electric and Manufacturing Company; until an antitrust settlement in 1949, Northern Electric was owned principally by Bell Canada and the Western Electric Company of the Bell System, producing large volumes of telecommunication equipment based on licensed Western Electric designs. At its height, Nortel accounted for more than a third of the total valuation of all the companies listed on the Toronto Stock Exchange, employing 94,500 people worldwide. In 2009, Nortel filed for bankruptcy protection in Canada and the United States, triggering a 79% decline of its corporate stock; the bankruptcy case was the largest in Canadian history, left pensioners and former employees with enormous losses. By 2016 Nortel had sold billions of dollars' worth of assets.
Courts in the U. S. and Canada approved a negotiated settlement of bankruptcy proceedings in 2017. Alexander Graham Bell conceived the technical aspects of the telephone and invented it in July 1874, while residing with his parents at their farm in Tutela Heights, on the outskirts of Brantford, Ontario, he refined its design at Brantford after producing his first working prototype in Boston. Canada's first telephone factory, created by James Cowherd of Brantford, was a three-story brick building that soon started manufacturing telephones for the Bell System, leading to the city's style as The Telephone City. After Cowherd's death in 1881 which resulted in the closure of his Brantford factory, a mechanical production department was created within the Bell Telephone Company of Canada and production of Canadian telephone equipment was transferred to Montreal in 1882, to compensate the restrictions on importing telephone equipment from the United States. In addition to telephones, four years the department started manufacturing switchboards, at first the 50-line Standard Magneto Switchboard.
The small manufacturing department expanded yearly with the growth and popularity of the telephone to 50 employees in 1888. By 1890 it had been transformed into its own branch of operations with 200 employees, a new factory was under construction; as the manufacturing branch expanded, its production ability increased beyond the demand for telephones, it faced closure for several months a year without manufacturing other products. The Bell Telephone Company of Canada's charter prohibited the company to build other products. In 1895, the Bell Telephone of Canada spun off its manufacturing arm to build telephones for sale to other companies, as well as other products, such as fire alarm boxes, police street call boxes, fire department call equipment; this company was incorporated as the Northern Manufacturing Company Limited. Northern Electric and Manufacturing Company Limited was incorporated on December 7, 1895, by the following corporate members: Charles Fleetford Sise Sr. President of Bell Canada – Provisional Director.
McFarlane, all of the city and district of Montreal, Quebec. The initial stock capital was $50,000 at $100 per share, with 93 percent held by the Bell Telephone Company of Canada and the remainder held by the seven corporate members above; the first general stockholders meeting was held on March 24, 1896. In December 1899, The Bell Telephone Company of Canada bought a cabling company for $500,000. Northern Electric and Manufacturing further expanded its product line in 1900, manufacturing the first Canadian wind-up gramophones that played flat discs. In 1911 the Wire and Cable company changed its name to the Imperial Cable Company; the construction of a new manufacturing plant started in 1913 at Shearer Street in Montreal, Canada, as preparations began for the two manufacturing companies' integration. In January 1914, the Northern Electric and Manufacturing Company and the Imperial Wire and Cable Company merged into the Northern Electric Company known as Northern Electric, the new company opened the doors on a new manufacturing plant in January 1915.
This facility at Shearer Street was the primary manufacturing centre until the mid-1950s. Edward Fleetford Sise was the president and his brother Paul Fleetford Sise was the vice-president and general manager. During the First World War Northern Electric manufactured the Portable Commutator, a one-wire telegraphic switchboard for military operations in the field. In 1922, Northern started to produce, for $5, the "Peanut" vacuum tube, which required only a single dry-cell battery; the use of alternating current was still under development during this time. The "Northern Electric Peanut tube was the smallest tube made, drew only one-tenth of an ampere and was the most remarkable radio frequency amplifier made." During the 1920s Northern Electric made kettles, cigar lighters, electric stoves, washing machines. In January 1923, Northern Electric started to operate an AM radio station with call letters CHYC, in the Shearer Street plant, much of the programming was religious services for the Northern Electric employees and families in the community.
In July 1923, CHYC-AM was the first radio station to provide entertainment to the riders of the transcontinental train, in a parl