. Duncombe's report opened the legal door for new banks to be founded. The Reformers' abandoned their attempt to establish a "Provincial Loan Fund" for farmers in the Legislative Assembly, and instead turned their efforts to creating a new joint-stock bank. The first bank to be proposed was the Farmer's Bank. However, in a bitter shareholder proxy battle, control of the bank was won by the Hon. John Elmsley Jr., a member of the Family Compact. He was one of the largest shareholders in the Bank of Upper Canada.