Born into a prominent Scottish family on Prince Edward Island, Macdonald rejected his Catholic upbringing and left home when he was eighteen. After three years in Boston as a bookkeeper he headed to Montreal and began to work as a commission agent. By 1868 Macdonald had become the leading manufacturer of chewing tobacco in Canada, and by 1885 he may have been the richest person in the country.

Born in Montreal and educated at McGill, William Fong has his doctorate in history from the University of Toronto.