World Banknotes

Lot 3992    SESSION 14 (4.30PM THURSDAY 4TH APRIL)    World Banknotes

Estimate $300
Bid at live.noble.com.au

NEWFOUNDLAND, merchant scrip for Grand River Pulp & Lumber Co. Limited, five cents, undated (1902-1911), black print on beige paper, stamped at middle bottom with number 1833, in the centre is a circular vignette showing lumberjacks at work in the forest, with printed signatures of Alfred Dickie, President and John A.Gillis, Manager and Treasurer, at the base are the printer's details, 'T.C.Allen & Co Stationers Printers Etc Halifax'. Uncirculated and scarce.

Merchant scrip was private currency issued by merchants because of the remoteness of the company's operations and the lack of banking facilities. The scrip was redeemable by the lumber workers at the company's stores and sometimes at other trading stores.

Alfred Dickie of Upper Stewiacke, Nova Scotia was a prominent figure in the lumber and timber milling business when he formed the Grand River Pulp & Lumber Co Limited. The new company, of which he was president, cut pulpwood in Labrador and held large tracts of timber limits around Hamilton Inlet. These large holdings at Labrador created an ownership dispute between Quebec and Newfoundland with Quebec officials stamping the Dickie companies pulpwood as crown wood that belonged to their province. The dispute finally went to the British Privy Council in 1904 and belatedly in 1927 it ruled in Newfoundland's favour although Quebec appealed and this was not cancelled until 1971.

Dickie's businesses were seriously affected by weather conditions as well as natural disasters and he suffered severe financial downturns. He continued his involvement in the timber industry but was also prominent in public affairs and in politics. He died a wealthy man in 1929.