It was Dec. 2, 1891, when the New York Times reported the Maritimes’ first post-Confederation attempt to amalgamate their provinces; the issue has haunted the political and cultural scene in Atlantic Canada ever since.

Most recently, there has been a push for the creation of “Atlantica,” an imaginary place made up of every Atlantic Canadian province and New England state, economically joined together by a network of chambers of commerce — with the Atlantic Provinces Chamber of Commerce leading the charge on behalf of both the Canadian and U.S. members.

At a conference in Halifax last summer, the APCC introduced what has become known as the Atlantica Council, comprising three prominent Atlantic-Canadian business executives; one trade manager from Portland, Maine; the president of the Atlantica Centre for Energy in Saint John, N.B.; and the president of Memorial University in St. John’s. The APCC is charged with the daunting task of exploring the statutory landscape that will need to change in order to make Atlantica a reality. The Canadian federal government is backing the initiative, so far throwing in $558,000 through the Atlantic Canada Opportunities Agency.

Most of the action is on the Canadian side, although U.S. senator Olympia Snowe (R-Maine) has held some discussions in Washington, D.C., about a proposed new interstate highway that would link Maine, Nova Scotia and New Brunswick, and extend as far west as Buffalo, N.Y.

The APCC’s major focus is on creating more economic activity for the Canadian and U.S. northeast by attracting shipping from Asia. Cargo that would typically travel to eastern seaboard markets via the Pacific and West Coast ports would be redirected through the Suez Canal and end up in Halifax. Taking port in Halifax, rather than Boston or New York, can cut more than a day off shipping times, due to its more easterly position in the Atlantic. Good for the Port of Halifax, yes, but there’s debate about what it will do for the rest of the region other than provide a pollution parade of trucks heading non-stop across Nova Scotia and New Brunswick.

The cause of improving regional clout by creating more opportunities for the Atlantic provinces to act together has also been taken up by former N.B. premier Frank McKenna. A former ambassador to the U.S. and currently deputy chair of TD Bank Financial Group, McKenna, has recently made two proposals. One envisions amalgamating the pension plans of provincial government employees into a superplan that would have significant investing power, à la the gigantic pension plan of the Ontario teachers, which has acquired control of one of the country’s oldest and most prized corporations, Bell Canada Enterprises.

McKenna has also suggested creating a single regional securities commission to foster a larger, higher-impact capital market system in Atlantic Canada. It would be the first of its kind in Canada, and perhaps a model for resolving the country’s current mess of 13 separate securities commissions whose inconsistencies have been hindering markets for years.

New Brunswick, for example, doesn’t allow the pooling of funds by smaller investors who want to participate in large investments. One company I know of that’s on the road to an IPO currently accepts investments only in $100,000 blocks. So, if you and four friends want to create a holding company to pool your money and make one investment, you can’t.

Does that situation prompt N.B. investors to look for similar opportunities outside the province? It’s a question worth asking, especially if the province wants to keep more of its capital at home.

After putting the consolidation idea forth several times since Confederation, can Atlantic Canada really pull all this off? Only time will tell, and I’m sure the cost of the inevitable political fighting over sovereignty and governance will outweigh the benefits — at least, in the short term.

But if the region does indeed continue down this modern path toward consolidation, it will no doubt pack a larger punch on the national scene, with almost 2.5 million people, $90 billion in GDP, and growing. IE