capitalism, which would become the dominant philosophy for canadian economic development, evolved from the economic activity of the colonial business elite. one of the most important manifestations of this ideology was the creation of an indigenous financial system. one of canada's first banks, the canada banking company was founded in montreal in 1792. this was followed by others including the bank of montreal, in 1817, the bank of new brunswick in 1820 and the bank of upper canada in 1821. by 1886, 38 banks had been chartered. the pace of this financial activity was marked by the newly formed government of canada with the passing of the bank act in 1871. insurance companies, including, sun life, 1865, mutual life, 1870, confederation life, 1871 and london life, 1874, were also founded during these years. markets for the exchange of investments came to canada as well, with the establishment of the montreal stock exchange in 1832, the toronto stock exchange in 1861 and the winnipeg commodity exchange in 1904. the repeal of the corn laws by the parliament of britain in 1846, terminated colonial trading preferences and marked the symbolic end of mercantilism in canada while ushering in the new era of capitalism.