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Why was the settlement of Chebucto renamed Halifax?

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The settlement originally known as Chebucto was renamed Halifax in honor of George Montagu Dunk, 2nd earl of Halifax.1

As the president of the Board of Trade and Plantations, the Earl of Halifax was one of the key figures who planned the founding of the settlement in 1749. The renaming served to recognize his role in the establishment of the fortified town, which was created as a British counterbalance to the French stronghold of Louisbourg.21