Can't speak to the design of the broader Coat of Arms for the city per se Mike; as I understand it a COA is granted by the College of Arms in London. A quick search shows 1962 is in fact the year Victoria received its COA as Canada fell under the purview of the English heralds at that time - so no surprise it was vetted and approved by London.
As to the ASE that symbol dates to ancient Egypt (the Eye of Horus), India and Nepal among other places; the "Eye" has historically appeared on a multitude of local and national documents and other items representative of a place or group or nation. In a nutshell it represents the supremacy of divine providence, spiritual truth and awakening consciousness, both for the individual and the collective group. It long pre-dates speculative masonry which only formally emerged 300 years ago, although operative masons of course were actively working in Europe for hundreds of years before that.
From the perspective of contemporary masons the Eye is an important symbol of the Supreme Being, borrowed by the (Speculative) Freemasons from the nations of antiquity noted above.
The "all seeing" eye was viewed by the ancient Hebrews and others as the symbol of the eye of God Himself specifically, interpreted as the symbol of divine watchfulness and care of the universe, and of the affairs of Man. In short it is a symbol of Omnipresent Deity and hence its historic importance in many western societies over time; in the modern era, the most notable depiction of the eye as most of us know is the reverse of the Great Seal of the United States, which appears on the United States one-dollar bill.
In recent years of course anti-masonic groups and individuals have alluded to the ASE as being symbolic of the original (Bavarian) Illuminati who, according to conspiracy theorists, migrated to Scotland in the Middle Ages and, ultimately, supposedly according to the conspiracy folks secretly co-opted and assumed primacy over World Freemasonry with the aim of asserting control over world affairs. Possibly - but if so I clearly missed the memo.....
Edited by AllseeingEye, 19 July 2016 - 08:18 PM.