James Hamet Dunn
Encyclopedia
Sir James Hamet Dunn, 1st Baronet (October 29, 1874-January 1, 1956) was a major Canadian financier and industrialist during the first half of the 20th century.
, Canada
, into a well-known Protestant family. Dunn's father owned a shipbuilding
company whose fortunes had been all but wiped out by the sharp decline in the demand for wooden ships. His father died when James was an infant and his widowed mother raised him on her meager earnings as a telegraph clerk.
From childhood, James Dunn was a voracious reader with a near-photographic memory. After completing his schooling, he left home to find employment and for a time he worked as a deckhand for an American
shipping company on Lake Michigan
. After this, he made his way to the east coast where he was employed by a manufacturing company in Lynn, Massachusetts
. However, before long he returned home where a job as a clerk at a law firm led him to the decision to apply to Dalhousie University Law School
in Halifax, Nova Scotia. The small amount of money he had been able to save was not nearly enough to cover his education costs and Dunn worked at a variety of part time jobs to pay his way through university. He graduated in 1899 then worked as a lawyer in Halifax before setting up a law practice in Edmonton, Alberta. Within a short time, Dunn was drawn to the booming economy of Montreal, Quebec where he landed a position with one of the city's prominent law firms.
age company. With $20,000.00 borrowed from his father-in-law, he acquired a seat on the stock exchange. Canadian business at the time was still heavily dependent on investment money from the British
financial markets and Dunn became an expert at raising foreign capital for the underwriting of securities as well as selecting the right places to invest. Articulate, outspoken, and with a personality that commanded respect, Dunn had already made contacts with a number of influential people, including a number of railroad executives, one of the most powerful group of entrepreneurs of the day.
As a stockbroker, Dunn's company put together a stock issue for William Van Horne
, the former president of Canadian Pacific Railway
. Van Horne had invested in the Cuba Railroad Company and wanted to raise capital for his "Havana Electric Company" venture. Already a close friend of fellow New Brunswickers, Max Aitken (Lord Beaverbrook) and a bright young lawyer named Richard Bennett, Dunn's brokerage work led to even more business connections with some of the elite of corporate Canada, including George Alexander Drummond
, Henry Pellatt
and the up-and-coming Izaak Walton Killam
. As well, he would become a friend and admirer of the very successful American engineer-turned-entrepreneur, Frederick Stark Pearson
. However, the London
financial markets were the centre of the economic universe and encouraged by Pearson, in 1905 James Dunn made the decision to take up residency in London. There he ran a new merchant bank
in partnership with the Swiss
investment dealer, C.L. Fischer while working in conjunction with his Montreal brokerage. At a time of rapid development in mechanized industry, as a result of large hydro-electric projects, shrewd investments, underwritings and stock promotions, James Dunn was soon a wealthy man. But, all was not easy and as a director of the Sovereign Bank
in Canada that fell victim to the stock market crash of 1907, he experienced severe financial difficulties. Added to this, mismanagement kept hidden by the officers running his Montreal brokerage house, one of whom committed suicide when his discrepancies were revealed, caused Dunn more financial grief. Despite these setbacks, he was still a very wealthy man and, only 33 years old, he would quickly recoup and go on to become a multi-millionaire.
in Fredericton
, James Dunn donated the replacements for the original 1849 five-ton bells. A few years later, after a number of successful ventures together, he received a severe setback when his friend and business mentor, Frederick Stark Pearson, was one of the passengers who went down on the on May 7, 1915, when the ship was sunk by a German
submarine. The war did however provide great business opportunities and to serve the nation. For his wartime
efforts, he was created a baronet
in the 1921 New Year Honours. During his lifetime Dunn became a major industry leader rivaling even the Rothschilds
as a central figure in British finance. Although he lived primarily in England and maintained a villa in France
, Dunn frequently traveled to Canada to spend time at his fishing camp on the Nigadoo River not far from his birthplace.
lumber dealer. They had the following children before divorcing in 1926:
Following the divorce from his first wife in 1926, Sir James Dunn married Irene Clarice Richards, the former wife of Francis Archibald Kelhead Douglas, 11th Marquess of Queensberry
. The 1928 death of his daughter Mona Dunn from his first marriage sent him into a state of depression and for a time he thought about cutting back on his business activities and returning home to his native New Brunswick. However, in 1929, his new wife gave birth to a daughter, Anne
, who lifted his spirits a great deal. Anne Dunn grew up to be an artist, studying under Henry Moore
and in Paris, France with Fernand Léger
and at the Académie Julian
. Nevertheless, Dunn and his second wife divorced in 1942 following which he married his long-time personal secretary, Marcia Anastasia Christoforides
. Although thirty-six years his junior, “Christofor” as she was nicknamed, was very bright, intensely loyal, and a devoted partner. James Dunn would seek her input on most every business matter for the rest of his life.
mining ventures and he began a business relationship with Algoma Steel
, a company in Sault Ste. Marie, Ontario
. Founded by Francis Clergue
, Algoma Steel had been taken over by Philadelphia, Pennsylvania
investors after its 1903 bankruptcy. Overly dependent on the production of rail tracks, the steel company suffered through numerous problems and in 1908 Dunn had partnered with a British group of investors to cooperate with an American consortium to form the Lake Superior Investment Co. to acquire Algoma Steel. Although Dunn's role at the time was important, he was still only a minority player and the American investors had control. Algoma Steel went through years of ups and downs, marked by a lack of strong leadership, and in 1935 the company was again forced into receivership. This time, Dunn engineered a takeover so that he became the sole controlling shareholder thereby allowing him to take the tough but necessary reorganization measures to restore profitability to the steel maker. As Algoma Steel's president and Chairman of its board of directors, he successfully turned it into one of the largest steel mills of the day and for more than twenty years guided the fortunes of the company he had made into one of the most profitable producers in Canada. During the Second World War
, his company benefited from the huge demand for steel by the military. Although at times his relationship was difficult with the government minister in charge, C.D. Howe, the two became lifelong associates. Howe later acquired a summer manor next door to the Dunn estate at the seaside resort of St. Andrews
in New Brunswick
and served as an Executor of Dunn's estate after his passing.
. The artist went on to paint the portraits of the couple which are now on permanent display at the Beaverbrook Art Gallery
in Fredericton, New Brunswick
along with one of Dali's greatest pieces, the "Santiago el Grande." As well, the art gallery received other works of art that the Dunns collected including a 1650 painting by Jakob van Loo titled "A Gentleman" and the Augustus John
picture, "Dorelia" as well as John's portrait of Sir James Dunn.
, with backing from a Winnipeg, Manitoba businessman plus the Montreal publishing magnate, John Wilson McConnell
, James Dunn quietly set about buying up shares of the shipping line. He secured a line of credit from the Bank of Montreal
and through Earle McLaughlin
at the Royal Bank of Canada
he raised a war chest that saw him gain effective control of Canada Steamship Lines in 1951. This was followed up by the acquisition of another shipping line with cargo vessels capable of cost-effective delivery of Aloma Steel's products to the southern markets. Within a few years, Dunn was exporting iron ore from his Algoma Ore Properties Limited to American buyers.
as a private business aircraft in which he traveled frequently between his homes in Europe and Canada. He maintained a vast wine cellar from the vineyards of France and frequented New York city and Broadway
where he was a friend of television host Ed Sullivan
.
In 1956, at the age of 81, Sir James Dunn died at his home in St. Andrews, New Brunswick. In commemoration of his birthday, in the same year, Lady Dunn privately published The Ballad of a Bathurst Boy: 1874-1956, a celebration of her late husband's life in verse. Printed by the University of New Brunswick Press in Fredericton, NB, it was sent to friends and family of Dunn. In 1961, Lord Beaverbrook (Max Aitken) published a detailed biography of his late friend, titled Courage: The Story of Sir James Dunn. The most complete telling of Dunn's life and business career is available in: Duncan McDowall, Steel at the Sault: Francis H. Clergue, Sir James Dunn and the Algoma Steel Corporation 1901-1956 (Toronto:University of Toronto Press, hb 1984 & pb 1988).
's Izaak Walton Killam
who had died the year before in 1955, the government of Canada was able to create and provide an endowment for the Canada Council for the Arts. However, Dunn left a very significant estate to his last wife who fulfilled his wishes and made numerous contributions to charitable, cultural, and educational works.
A number of foundations, buildings and academic Chairs bear his name including:
In addition, Sir James Dunn has been honoured with numerous buildings and institutions bearing his name such as:
Early life
Born in the village of St. Peter's near Bathurst, New BrunswickBathurst, New Brunswick
Bathurst is a Canadian city in Gloucester County, New Brunswick.Bathurst is situated on Bathurst Harbour, an estuary at the mouth of the Nepisiguit River at the southernmost part of Chaleur Bay....
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, into a well-known Protestant family. Dunn's father owned a shipbuilding
Shipbuilding
Shipbuilding is the construction of ships and floating vessels. It normally takes place in a specialized facility known as a shipyard. Shipbuilders, also called shipwrights, follow a specialized occupation that traces its roots to before recorded history.Shipbuilding and ship repairs, both...
company whose fortunes had been all but wiped out by the sharp decline in the demand for wooden ships. His father died when James was an infant and his widowed mother raised him on her meager earnings as a telegraph clerk.
From childhood, James Dunn was a voracious reader with a near-photographic memory. After completing his schooling, he left home to find employment and for a time he worked as a deckhand for an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
shipping company on Lake Michigan
Lake Michigan
Lake Michigan is one of the five Great Lakes of North America and the only one located entirely within the United States. It is the second largest of the Great Lakes by volume and the third largest by surface area, after Lake Superior and Lake Huron...
. After this, he made his way to the east coast where he was employed by a manufacturing company in Lynn, Massachusetts
Lynn, Massachusetts
Lynn is a city in Essex County, Massachusetts, United States. The population was 89,050 at the 2000 census. An old industrial center, Lynn is home to Lynn Beach and Lynn Heritage State Park and is about north of downtown Boston.-17th century:...
. However, before long he returned home where a job as a clerk at a law firm led him to the decision to apply to Dalhousie University Law School
Dalhousie University
Dalhousie University is a public research university located in Halifax, Nova Scotia, Canada. The university comprises eleven faculties including Schulich School of Law and Dalhousie University Faculty of Medicine. It also includes the faculties of architecture, planning and engineering located at...
in Halifax, Nova Scotia. The small amount of money he had been able to save was not nearly enough to cover his education costs and Dunn worked at a variety of part time jobs to pay his way through university. He graduated in 1899 then worked as a lawyer in Halifax before setting up a law practice in Edmonton, Alberta. Within a short time, Dunn was drawn to the booming economy of Montreal, Quebec where he landed a position with one of the city's prominent law firms.
The stockbroker
James Dunn became involved in the legal aspects for underwriting activities for companies being listed on the Montreal Stock Exchange and in 1902 he established the J.H. Dunn & Co. stock brokerStock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
age company. With $20,000.00 borrowed from his father-in-law, he acquired a seat on the stock exchange. Canadian business at the time was still heavily dependent on investment money from the British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
financial markets and Dunn became an expert at raising foreign capital for the underwriting of securities as well as selecting the right places to invest. Articulate, outspoken, and with a personality that commanded respect, Dunn had already made contacts with a number of influential people, including a number of railroad executives, one of the most powerful group of entrepreneurs of the day.
As a stockbroker, Dunn's company put together a stock issue for William Van Horne
William Cornelius Van Horne
Sir William Cornelius Van Horne, KCMG was a pioneering Canadian railway executive.-Life and career:Born in 1843 in rural Illinois, he moved with his family to Joliet, Illinois when he was eight years old...
, the former president of Canadian Pacific Railway
Canadian Pacific Railway
The Canadian Pacific Railway , formerly also known as CP Rail between 1968 and 1996, is a historic Canadian Class I railway founded in 1881 and now operated by Canadian Pacific Railway Limited, which began operations as legal owner in a corporate restructuring in 2001...
. Van Horne had invested in the Cuba Railroad Company and wanted to raise capital for his "Havana Electric Company" venture. Already a close friend of fellow New Brunswickers, Max Aitken (Lord Beaverbrook) and a bright young lawyer named Richard Bennett, Dunn's brokerage work led to even more business connections with some of the elite of corporate Canada, including George Alexander Drummond
George Alexander Drummond
Sir George Alexander Drummond, KCMG, CVO was a Scottish-Canadian businessman and senator.Born in Edinburgh, Scotland, he arrived in Canada in 1854 to work at Redpath Sugar. He married John Redpath's daughter, becoming a co-director of the family business with Peter Redpath, John's son...
, Henry Pellatt
Henry Pellatt
Major-General Sir Henry Mill Pellatt, C.V.O. was a well-known Canadian financier and soldier....
and the up-and-coming Izaak Walton Killam
Izaak Walton Killam
Izaak Walton Killam was one of Canada's most eminent financiers.-Early life:Born in Yarmouth, Nova Scotia, Killam rose from paper boy in Yarmouth to become one of Canada's wealthiest individuals.-Business ventures:...
. As well, he would become a friend and admirer of the very successful American engineer-turned-entrepreneur, Frederick Stark Pearson
Frederick Stark Pearson
Frederick Stark Pearson was an American electrical engineer and entrepreneur.-Biography:Dr. Frederick Stark Pearson was the son of Ambrose and Hannah Pearson. He graduated from Tufts University in 1883 with an A.M.B. and received an A.M.M. degree one year later...
. However, the London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
financial markets were the centre of the economic universe and encouraged by Pearson, in 1905 James Dunn made the decision to take up residency in London. There he ran a new merchant bank
Merchant bank
A merchant bank is a financial institution which provides capital to companies in the form of share ownership instead of loans. A merchant bank also provides advisory on corporate matters to the firms they lend to....
in partnership with the Swiss
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
investment dealer, C.L. Fischer while working in conjunction with his Montreal brokerage. At a time of rapid development in mechanized industry, as a result of large hydro-electric projects, shrewd investments, underwritings and stock promotions, James Dunn was soon a wealthy man. But, all was not easy and as a director of the Sovereign Bank
Sovereign Bank
Sovereign Bank is a wholly owned subsidiary of the Spanish Grupo Santander. Based in Boston, Massachusetts, the bank—whose principal market is in the Northeastern United States—has more than $77 billion in assets, operates 723 retail banking offices, over 2,300 ATMs and employs approximately 8,500...
in Canada that fell victim to the stock market crash of 1907, he experienced severe financial difficulties. Added to this, mismanagement kept hidden by the officers running his Montreal brokerage house, one of whom committed suicide when his discrepancies were revealed, caused Dunn more financial grief. Despite these setbacks, he was still a very wealthy man and, only 33 years old, he would quickly recoup and go on to become a multi-millionaire.
Max Aitken and England
Dunn's close friendship with Max Aitken continued after the wealthy New Brunswicker also chose to live in England. Still very much in touch with his roots, after a 1911 fire destroyed the bells of Christ Church CathedralChrist Church Cathedral (Fredericton)
Christ Church Cathedral is the cathedral church located in Fredericton, New Brunswick, the see city. Construction on the cathedral began in 1845. It was officially opened in 1853. The "Gothic Revival" style cathedral is modelled after St. Mary's Church, Snettisham, Norfolk.G. Ernest Fairweather ...
in Fredericton
Fredericton, New Brunswick
Fredericton is the capital of the Canadian province of New Brunswick, by virtue of the provincial parliament which sits there. An important cultural, artistic, and educational centre for the province, Fredericton is home to two universities and cultural institutions such as the Beaverbrook Art...
, James Dunn donated the replacements for the original 1849 five-ton bells. A few years later, after a number of successful ventures together, he received a severe setback when his friend and business mentor, Frederick Stark Pearson, was one of the passengers who went down on the on May 7, 1915, when the ship was sunk by a German
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
submarine. The war did however provide great business opportunities and to serve the nation. For his wartime
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
efforts, he was created a baronet
Baronet
A baronet or the rare female equivalent, a baronetess , is the holder of a hereditary baronetcy awarded by the British Crown...
in the 1921 New Year Honours. During his lifetime Dunn became a major industry leader rivaling even the Rothschilds
Rothschild family
The Rothschild family , known as The House of Rothschild, or more simply as the Rothschilds, is a Jewish-German family that established European banking and finance houses starting in the late 18th century...
as a central figure in British finance. Although he lived primarily in England and maintained a villa in France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, Dunn frequently traveled to Canada to spend time at his fishing camp on the Nigadoo River not far from his birthplace.
Love and loss
In 1901, James Dunn was married to Gertrude Paterson Price, the daughter of a prosperous Quebec CityQuebec City
Quebec , also Québec, Quebec City or Québec City is the capital of the Canadian province of Quebec and is located within the Capitale-Nationale region. It is the second most populous city in Quebec after Montreal, which is about to the southwest...
lumber dealer. They had the following children before divorcing in 1926:
- Mona Dunn (c.1902-died 1928). Widely described as 'the most beautiful girl in England' she became the mistress of Lord Birkenhead (F.E. Smith), Lord Chancellor in the Coalition Cabinet of Lloyd GeorgeDavid Lloyd GeorgeDavid Lloyd George, 1st Earl Lloyd-George of Dwyfor OM, PC was a British Liberal politician and statesman...
, described by Alan ClarkAlan ClarkAlan Kenneth Mackenzie Clark was a British Conservative MP and diarist. He served as a junior minister in Margaret Thatcher's governments at the Departments of Employment, Trade, and Defence, and became a privy counsellor in 1991...
(The Tories 1999) as having a 'vigorous private life'. Her portrait by William OrpenWilliam OrpenMajor Sir William Newenham Montague Orpen, KBE, RA, RHA was an Irish portrait painter, who worked mainly in London...
hangs in the Beaverbrook Art GalleryBeaverbrook Art GalleryThe Beaverbrook Art Gallery is a small art gallery on the southwest bank of the Saint John River at the edge of the central business district of Fredericton, New Brunswick, Canada...
, Fredericton, New Brunswick, Canada, and may be viewed on their web-site. Her sad death from peritonitisPeritonitisPeritonitis is an inflammation of the peritoneum, the serous membrane that lines part of the abdominal cavity and viscera. Peritonitis may be localised or generalised, and may result from infection or from a non-infectious process.-Abdominal pain and tenderness:The main manifestations of...
was a crushing blow to Birkenhead as well as her father. - Sir Philip Gordon Dunn, 2nd Baronet Dunn (1905–1976), who was father of two daughters Serena Dunn, Lady RothschildJacob Rothschild, 4th Baron RothschildNathaniel Charles Jacob Rothschild, 4th Baron Rothschild, Bt, OM, GBE, FBA is a British investment banker and a member of the prominent Rothschild family of bankers...
and the author Nell DunnNell Dunn-Early years:Dunn was born in London and educated at a convent, which she left at the age of fourteen. Although she came from an upper class background, in 1959 she moved to Battersea and made friends in the neighbourhood and worked for a time in a sweets factory...
. - Joan Molesworth Dunn (c.1910-1982) who married 1928 (and was divorced 1 November 1929 by) Hubert DugganHubert DugganHubert John Duggan was a British Army officer and politician, who was Conservative Party Member of Parliament for Acton from 1931 until his death...
, an MP, and stepson of Lord Curzon. On 1 November 1929, her former husband was granted custody of a child born on 5 August 1929. She married secondly her lover Anthony (Jenkinson, who subsequently committed suicideSuicideSuicide is the act of intentionally causing one's own death. Suicide is often committed out of despair or attributed to some underlying mental disorder, such as depression, bipolar disorder, schizophrenia, alcoholism, or drug abuse...
in October 1935.)
Following the divorce from his first wife in 1926, Sir James Dunn married Irene Clarice Richards, the former wife of Francis Archibald Kelhead Douglas, 11th Marquess of Queensberry
Marquess of Queensberry
Marquess of Queensberry is a title in the peerage of Scotland. The title has been held since its creation in 1682 by a member of the Douglas family...
. The 1928 death of his daughter Mona Dunn from his first marriage sent him into a state of depression and for a time he thought about cutting back on his business activities and returning home to his native New Brunswick. However, in 1929, his new wife gave birth to a daughter, Anne
Anne Dunn
Anne Dunn is an English artist associated with the second generation of the School of London.-Background and education:...
, who lifted his spirits a great deal. Anne Dunn grew up to be an artist, studying under Henry Moore
Henry Moore
Henry Spencer Moore OM CH FBA was an English sculptor and artist. He was best known for his semi-abstract monumental bronze sculptures which are located around the world as public works of art....
and in Paris, France with Fernand Léger
Fernand Léger
Joseph Fernand Henri Léger was a French painter, sculptor, and filmmaker. In his early works he created a personal form of Cubism which he gradually modified into a more figurative, populist style...
and at the Académie Julian
Académie Julian
The Académie Julian was an art school in Paris, France.Rodolphe Julian established the Académie Julian in 1868 at the Passage des Panoramas, as a private studio school for art students. The Académie Julian not only prepared students to the exams at the prestigious École des Beaux-Arts, but offered...
. Nevertheless, Dunn and his second wife divorced in 1942 following which he married his long-time personal secretary, Marcia Anastasia Christoforides
Marcia Anastasia Christoforides
Marcia Anastasia Christoforides, Lady Beaverbrook was a philanthropist, an art collector, and racehorse owner.-Married to two millionaires:...
. Although thirty-six years his junior, “Christofor” as she was nicknamed, was very bright, intensely loyal, and a devoted partner. James Dunn would seek her input on most every business matter for the rest of his life.
Canadian investments
A number of Sir James Dunn's Canadian investments were in Northern OntarioNorthern Ontario
Northern Ontario is a region of the Canadian province of Ontario which lies north of Lake Huron , the French River and Lake Nipissing. The region has a land area of 802,000 km2 and constitutes 87% of the land area of Ontario, although it contains only about 6% of the population...
mining ventures and he began a business relationship with Algoma Steel
Algoma Steel
See also Algoma Essar Steel Algoma is an integrated primary steel producer located on the St. Marys River in Sault Ste. Marie, Ontario, Canada. Its products are sold in Canada and the United States as well as overseas. Algoma Steel was founded in 1902 by Francis Clergue, an American entrepreneur...
, a company in Sault Ste. Marie, Ontario
Sault Ste. Marie, Ontario
Sault Ste. Marie is a city on the St. Marys River in Algoma District, Ontario, Canada. It is the third largest city in Northern Ontario, after Sudbury and Thunder Bay, with a population of 74,948. The community was founded as a French religious mission: Sault either means "jump" or "rapids" in...
. Founded by Francis Clergue
Francis Clergue
Francis Hector Clergue was an American businessman who became the leading industrialist of Sault Ste. Marie, Ontario in Canada, at the turn of the 20th century....
, Algoma Steel had been taken over by Philadelphia, Pennsylvania
Philadelphia, Pennsylvania
Philadelphia is the largest city in the Commonwealth of Pennsylvania and the county seat of Philadelphia County, with which it is coterminous. The city is located in the Northeastern United States along the Delaware and Schuylkill rivers. It is the fifth-most-populous city in the United States,...
investors after its 1903 bankruptcy. Overly dependent on the production of rail tracks, the steel company suffered through numerous problems and in 1908 Dunn had partnered with a British group of investors to cooperate with an American consortium to form the Lake Superior Investment Co. to acquire Algoma Steel. Although Dunn's role at the time was important, he was still only a minority player and the American investors had control. Algoma Steel went through years of ups and downs, marked by a lack of strong leadership, and in 1935 the company was again forced into receivership. This time, Dunn engineered a takeover so that he became the sole controlling shareholder thereby allowing him to take the tough but necessary reorganization measures to restore profitability to the steel maker. As Algoma Steel's president and Chairman of its board of directors, he successfully turned it into one of the largest steel mills of the day and for more than twenty years guided the fortunes of the company he had made into one of the most profitable producers in Canada. During the Second World War
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, his company benefited from the huge demand for steel by the military. Although at times his relationship was difficult with the government minister in charge, C.D. Howe, the two became lifelong associates. Howe later acquired a summer manor next door to the Dunn estate at the seaside resort of St. Andrews
St. Andrews, New Brunswick
St. Andrews is a Canadian town in Charlotte County, New Brunswick.It is sometimes referred to in tourism marketing by its unofficial nickname "St. Andrews-by-the-sea".-Geography:St...
in New Brunswick
New Brunswick
New Brunswick is one of Canada's three Maritime provinces and is the only province in the federation that is constitutionally bilingual . The provincial capital is Fredericton and Saint John is the most populous city. Greater Moncton is the largest Census Metropolitan Area...
and served as an Executor of Dunn's estate after his passing.
Art collection
Sir James Dunn had been an avid art collector for many years and in the late 1940s, he and Christofor, Lady Dunn, developed a friendship with Salvador DalíSalvador Dalí
Salvador Domènec Felip Jacint Dalí i Domènech, Marquis de Púbol , commonly known as Salvador Dalí , was a prominent Spanish Catalan surrealist painter born in Figueres,Spain....
. The artist went on to paint the portraits of the couple which are now on permanent display at the Beaverbrook Art Gallery
Beaverbrook Art Gallery
The Beaverbrook Art Gallery is a small art gallery on the southwest bank of the Saint John River at the edge of the central business district of Fredericton, New Brunswick, Canada...
in Fredericton, New Brunswick
Fredericton, New Brunswick
Fredericton is the capital of the Canadian province of New Brunswick, by virtue of the provincial parliament which sits there. An important cultural, artistic, and educational centre for the province, Fredericton is home to two universities and cultural institutions such as the Beaverbrook Art...
along with one of Dali's greatest pieces, the "Santiago el Grande." As well, the art gallery received other works of art that the Dunns collected including a 1650 painting by Jakob van Loo titled "A Gentleman" and the Augustus John
Augustus John
Augustus Edwin John OM, RA, was a Welsh painter, draughtsman, and etcher. For a short time around 1910, he was an important exponent of Post-Impressionism in the United Kingdom....
picture, "Dorelia" as well as John's portrait of Sir James Dunn.
Canada Steamship Lines
In 1944, Dunn was invited to serve on the board of directors of Canada Steamship Lines (CSL), whose ore carriers were an important transporter of ore and coal for the Algoma Steel plant which operated under a geographical disadvantage to its more southerly competitors. Unhappy over CSL's policy of prioritizing service to his steel mill competition on the lower section of the Great LakesGreat Lakes
The Great Lakes are a collection of freshwater lakes located in northeastern North America, on the Canada – United States border. Consisting of Lakes Superior, Michigan, Huron, Erie, and Ontario, they form the largest group of freshwater lakes on Earth by total surface, coming in second by volume...
, with backing from a Winnipeg, Manitoba businessman plus the Montreal publishing magnate, John Wilson McConnell
John Wilson McConnell
John Wilson McConnell was a Canadian businessman, newspaper publisher, humanitarian, and the most significant philanthropist in the history of the province of Quebec, Canada.-Early life:...
, James Dunn quietly set about buying up shares of the shipping line. He secured a line of credit from the Bank of Montreal
Bank of Montreal
The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it...
and through Earle McLaughlin
Earle McLaughlin
William Earle McLaughlin, OC was a Canadian banker.Born in Oshawa, Ontario, Earle McLaughlin graduated with the gold medal in commerce from Queen's University and joined the Royal Bank of Canada in 1936. In 1960, at an age considered very young at the time, 45-year-old McLaughlin was appointed the...
at the Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
he raised a war chest that saw him gain effective control of Canada Steamship Lines in 1951. This was followed up by the acquisition of another shipping line with cargo vessels capable of cost-effective delivery of Aloma Steel's products to the southern markets. Within a few years, Dunn was exporting iron ore from his Algoma Ore Properties Limited to American buyers.
Lifestyle
Although a workaholic, Sir James Dunn knew how to enjoy the money he had earned. He was one of the first businessman to acquire a Douglas DC-3Douglas DC-3
The Douglas DC-3 is an American fixed-wing propeller-driven aircraft whose speed and range revolutionized air transport in the 1930s and 1940s. Its lasting impact on the airline industry and World War II makes it one of the most significant transport aircraft ever made...
as a private business aircraft in which he traveled frequently between his homes in Europe and Canada. He maintained a vast wine cellar from the vineyards of France and frequented New York city and Broadway
Broadway (New York City)
Broadway is a prominent avenue in New York City, United States, which runs through the full length of the borough of Manhattan and continues northward through the Bronx borough before terminating in Westchester County, New York. It is the oldest north–south main thoroughfare in the city, dating to...
where he was a friend of television host Ed Sullivan
Ed Sullivan
Edward Vincent "Ed" Sullivan was an American entertainment writer and television host, best known as the presenter of the TV variety show The Ed Sullivan Show. The show was broadcast from 1948 to 1971 , which made it one of the longest-running variety shows in U.S...
.
In 1956, at the age of 81, Sir James Dunn died at his home in St. Andrews, New Brunswick. In commemoration of his birthday, in the same year, Lady Dunn privately published The Ballad of a Bathurst Boy: 1874-1956, a celebration of her late husband's life in verse. Printed by the University of New Brunswick Press in Fredericton, NB, it was sent to friends and family of Dunn. In 1961, Lord Beaverbrook (Max Aitken) published a detailed biography of his late friend, titled Courage: The Story of Sir James Dunn. The most complete telling of Dunn's life and business career is available in: Duncan McDowall, Steel at the Sault: Francis H. Clergue, Sir James Dunn and the Algoma Steel Corporation 1901-1956 (Toronto:University of Toronto Press, hb 1984 & pb 1988).
Legacy
As a result of the very substantial taxes on the estate left by Sir James Dunn and Nova ScotiaNova Scotia
Nova Scotia is one of Canada's three Maritime provinces and is the most populous province in Atlantic Canada. The name of the province is Latin for "New Scotland," but "Nova Scotia" is the recognized, English-language name of the province. The provincial capital is Halifax. Nova Scotia is the...
's Izaak Walton Killam
Izaak Walton Killam
Izaak Walton Killam was one of Canada's most eminent financiers.-Early life:Born in Yarmouth, Nova Scotia, Killam rose from paper boy in Yarmouth to become one of Canada's wealthiest individuals.-Business ventures:...
who had died the year before in 1955, the government of Canada was able to create and provide an endowment for the Canada Council for the Arts. However, Dunn left a very significant estate to his last wife who fulfilled his wishes and made numerous contributions to charitable, cultural, and educational works.
A number of foundations, buildings and academic Chairs bear his name including:
- The Sir James Dunn Jubilee Scholarship at Mount Saint Vincent UniversityMount Saint Vincent UniversityMount Saint Vincent University is a university located in Halifax, Nova Scotia, Canada. It was established in 1873 and is locally referred to as The Mount.-History:...
in Halifax, Nova Scotia; - The Sir James Dunn Wildlife Research Fund of the University of New BrunswickUniversity of New BrunswickThe University of New Brunswick is a Canadian university located in the province of New Brunswick. UNB is the oldest English language university in Canada and among the first public universities in North America. The university has two main campuses: the original campus founded in 1785 in...
; - The Sir James Dunn Residence at the University of New BrunswickUniversity of New BrunswickThe University of New Brunswick is a Canadian university located in the province of New Brunswick. UNB is the oldest English language university in Canada and among the first public universities in North America. The university has two main campuses: the original campus founded in 1785 in...
, Saint JohnSaint John, New BrunswickCity of Saint John , or commonly Saint John, is the largest city in the province of New Brunswick, and the first incorporated city in Canada. The city is situated along the north shore of the Bay of Fundy at the mouth of the Saint John River. In 2006 the city proper had a population of 74,043...
campus - The Sir James Dunn Hall at Saint Thomas UniversitySt. Thomas University (New Brunswick)St. Thomas University is jointly a public and Roman Catholic liberal arts university located in Fredericton, New Brunswick, Canada. It offers degrees exclusively at the undergraduate level for approximately 3,000 students in the liberal arts, humanities, journalism, education, and social work....
, Fredericton, New Brunswick; - The Sir James Dunn Law Library, the Sir James Dunn Building for Physics and the Sir James Dunn Theatre at the Arts Center at Dalhousie UniversityDalhousie UniversityDalhousie University is a public research university located in Halifax, Nova Scotia, Canada. The university comprises eleven faculties including Schulich School of Law and Dalhousie University Faculty of Medicine. It also includes the faculties of architecture, planning and engineering located at...
in Halifax, Nova Scotia; - The Sir James Dunn Chair in Geology and the Sir James Dunn Building at Mount Allison UniversityMount Allison UniversityMount Allison University is a primarily undergraduate Canadian liberal arts and science university situated in Sackville, New Brunswick. It is located about a half hour from the regional city of Moncton and 20 minutes from the Greater Moncton International Airport...
in Sackville, New BrunswickSackville, New BrunswickSackville is a Canadian town in Westmorland County, New Brunswick.Mount Allison University is located in the town...
for the computer scienceComputer scienceComputer science or computing science is the study of the theoretical foundations of information and computation and of practical techniques for their implementation and application in computer systems...
, mathematicsMathematicsMathematics is the study of quantity, space, structure, and change. Mathematicians seek out patterns and formulate new conjectures. Mathematicians resolve the truth or falsity of conjectures by mathematical proofs, which are arguments sufficient to convince other mathematicians of their validity...
and physicsPhysicsPhysics is a natural science that involves the study of matter and its motion through spacetime, along with related concepts such as energy and force. More broadly, it is the general analysis of nature, conducted in order to understand how the universe behaves.Physics is one of the oldest academic...
departments; - The Sir James Dunn Animal Welfare Center at the University of Prince Edward IslandUniversity of Prince Edward IslandThe University of Prince Edward Island is a public liberal arts university in Charlottetown, Prince Edward Island, Canada, and the sole university in the province. Founded in 1969, it traces its roots back to its two earlier predecessor organizations, St. Dunstan's University and Prince of Wales...
;
In addition, Sir James Dunn has been honoured with numerous buildings and institutions bearing his name such as:
- The Sir James Dunn Academy, a high school in St. Andrews, New Brunswick
- The Sir James Dunn Collegiate and Vocational SchoolSir James Dunn Collegiate and Vocational SchoolSir James Dunn Collegiate and Vocational School is a high school located on Wellington St. in Sault Ste. Marie, Ontario. Adjacent to Algoma University, this school was founded in 1957 and named after the late Canadian financier and industrialist, James Hamet Dunn.Sir James Dunn Collegiate &...
in Sault Ste. Marie, Ontario - The James Hamet Dunn Hospital in West Bathurst (now incorporated into Bathurst), New Brunswick
- The Sir James Dunn, a bulk carrier ship (Hull #109) launched in 1951, for Canada Steamship Lines
- The Sir James Dunn Public School" in Wawa, Ontario
- The Sir James Dunn Highland Guard of Honor the only highland cadet guard in the Canadian Cadet Movement, attached to 333 RCACS Fredericton NB