The Sun.
London, England, 1854-06-29 00:00:00

cdmpan, held at the London Tavern on-the 3d_ day-Of-
Ju1y,1.852, and a resolution of the.pntietors; refusing
tZi'atithoi•ise such clauses ani.i to recognises such- clatim,
havinv been then duly passed and recorded in the books
'of the company, the directors have no power to open the
consideration of a question thus finally concluded.
" Since the last annual meeting, Miles Charles Seton,
E.q., has been duly elected- a director by resolution of a
special. court according to the provisions of the deed of
settlement, in the room of Charles Seward, Esq., deceased.
"And the Right Hon. Lord yiScount. Sidthouth, and
Archibald Campbell Barclay, Esq., have been elected
trustees-of the company.
" In conclusion, the directors must again urge upon
the proprietors, that it is their duty to co-operate with.
them to the utmost of their power in their endeavours
to promote the prosperity of the_company, and that the
continued- success of a company must necessarily depend
upon the active exertions of all who are
.interested in it,
"The directors have pleasure in declaring:a dividend
at the rate of 5 per cent. per annum, which- will be pay-
able to shareholders on after the let of August next.
" ARCHD. CAMPBELL BARCLAY, Chairman."
The following gentlemen were then elected and re-
elected directors and auditors :

DIRECTORS.— Charles Bennett, Esq., Frederick Mor-
ris, Esq., Edmond Sheppard Symes, sq., M. D. Thos.
West, Esq., Francis Valentine Woodhouse, Esq., and
Miles Charles Seton, Esq.

AUDITORS.— Professor Wheatstone, Esq., F.R.S.,
and John Symes, Esq.

The CHAIRMAN said he had nothing to add to the re-
port, except to state that, since the document was read
three weeks ago, when the directors attempted to hold
the annual meeting, but were unable to do so in conse-
quence of a sufficient number of shareholders not attend-
ing, they had had made to them, in different ways, some
very encouraging overtures, which he would not then
go into, but the result of which would, he hoped, form a
most pleasant part of next year's report. He should be
happy to answer any questions, either as to the conduct
of the directors or the business of the company.

A SHAREHOLDER inquired the relative amount of as-
surances effected by the Company in America and
England ?
The CHAIRMAN said the relative amount was very
much in favour of America. In England the business
done was small as compared with that transacted on the
other side of the Atlantic. When he spoke of America,
he meant the United States, Canada, and the Lower
Provinces. _ _ _

The SHAREHOLDER—In fact, it may be considered an
insurance free for American business.

The CHAIRMAN—The majority of our transactions is
at present certainly in America.
Alter some further discussion of an unimportant na-
ture, the adoption and reception of the report was put
and carried unanimously. _ _ .

The proceedings terminated by the re-election of the
retiring directors and the auditors.
The meeting was then made special to consider the
propriety of repealing certain portions of the deed of
settlement which prevented the directors drawing,
accepting, endorsing, or issuing bills of exchange and
promissory notes in the name of the company ; and
likewise to consider. the propriety of empowering the
directors to apply to the Legislature of Canada for an act
enabling the company to establish au agency in that pro-
vince, Mr. Barclay still presiding.
The CHAIRMAN explained with regard to the first ob-
ject, that it was absolutely necessary to the proper
carrying on of the company's business that the directors
should have the power of drawing and otherwise dealing
with bills of exchange and promissory notes, for
without it they could not collect their money, or
Manage their funds in the most desirable manner.
In respect to the obtaining an act of the Canadian
Legislature, the directors considered it essential
to the safety of the company to have shareholders
at these distant places where it carried on business. The
directors at Halifax were men of the first importance
there, and they, as well as the directors at New Bruns-
wick and Newfoundland, had promised to head the share
list, as soon as shares were issued by the company in
Canada. It was quite clear, that when they had that
sort of actual interest in the company, they would be
more one with the English proprietors, and be
in a position to agree with them in fixing a
fair rate of premium to be paid by insurers.
At present, these local directors, from having
no stake in the company, were very apt to incline to-
wards lowering premiums, because that was to their own
advantage, as well as to the advantage of the province,
and though they had found them hitherto extremely ma-
nageable and faithful to the company, yet experience led
them to the conclusion that it was necessary for every
company of this description which had branches in Ame-
rica to have shareholders there to look after its interests.
As he had already mentioned, the local directors in Ca-
nada were willing to become shareholders, and the only
reason they held back was that they were not assured that
they would stand on the same footing as the shareholders
iu England. They bad no desire to have a better foot-
ing, but they were afraid they would not have the same
protection as the English shareholders got by the Joint
Stock Company's Act ; but would come under the
French Canadian law, under which, a parson having a
claim against the company, would not, as in England,
bring it, in the first instance, against the whole company,
but proceed against an individual shareholder for it, and
take the whole of his property. The solicitor of the
company, on being consulted, said he could not
assert that that would be the case, though he
was equally unable to declare it would not.
Upon this the local directors recommended them to ap-
ply in Canada, for a charter, which was easily obtained,
giving limited liability, and they promised that as soon
as it was procured they would subscribe for shares in
the Company. It was found, however, that they could
not get a charter in Canada for limited liability when
there was no limited liability at home, but the Company
intended to apply to the Crown for a charter of that kind
in this country. Only last evening, the question of
limited liability was under discussion in the House of
Commons, and from what then took place he had no
doubt some modification of the law of partnership would
take place. After some further observations, the chair-
man said the business of the company in America had
increased so rapidly that they were obliged to keep it
down, and prevent their liabilities running out of pro.
portion to their rest fund. If they increased this
fund, and there was no difficulty of doing so,

they could allow their business to develops itself
to a much greater extent, for the company had the pro-
spect of the best fire insurance business in Canada, as
well as a first-rate business in the United States, the
moment it was at liberty to take it. (Hear, hear.)
The formal resolutions, granting the above-mentioned
powers to the directors, were then submitted to the meet-
ing, and carried.
The meeting concluded with a vote of thanks to the
chairman.