On October 19, 1901, the Prince of Wales (the future George V) laid the cornerstone for the monument.

Two weeks later, on November 1, the heroes of Paardeberg returned and marched triumphantly down George Street.

One panel is of the departure of troops from Halifax en route to South Africa; another is the Battle of Witpoort, which made Harold Lothrop Borden the most famous Canadian casualty of the war; another depicts the Battle of Paardeberg (Canada's most significant battle of the war, with the most casualties); and the fourth panel is of the Siege of Mafeking.

These panels were also meant to honour the three Canadian Services that fought in the war: the infantry, mounted rifles and artillery.

For two decades afterwards, Canadians would gather on February 27 (known in Canada as "Paardeberg Day") around memorials to the South African War to say prayers and honour veterans.