The Sun.
London, England, 1853-06-03 00:00:00

rSU.RANC.E

you with, but if there are any others upon which the
shareholders would desire to have any further informa-
tion, I shall be most happy to give it.
Mr. HARRIES—I want some little information ;it is
very little, and I can assure you that I do not rise from
any factious opposition, but that I only arise for in-
formation. Ix the first place, I would ask whether
these figures extend to the present time, or do they ex-
tend only to the 25th of December last ?
The CHAIRMAN—OnIy to the 25th of December.
Mr. HARRIES—Then the additional 5,0001. invested
during the last four months of this year does not appear
in the balance-sheet before us.
The CHAlRMAN—Certainly not.
Mr: HARRIES—You have, in your report, said there are
10,000 shares sold. I suppose these are up to the present
time, because, from your balance-sheet, I find the shares
sold up to the 25th of December were 9, 075.
The CHAIRMAN—That was the exact -number up to the
25th of December, but of course many subsequently.
Mr. HARRIES---Again, there is only one small item,
but we must deal with the small things as well as the

others.
The CHAIRMAN—The more it; is explained the better.
Mr. HARRlES—Between my calculation and yours I
find a difference in the income tax of about 181., how
does this arise ?
•
[The Accountant here explained.]
Mr. HARRIES—This is the true use of figures. Now,
then, there is another thing. Here is a very large item
for expenses incurred in establishing the society, the
cost of management, &c.
The CHAIRMAN—The !Accountant has before him all
the details, but I would remind you that it embraces the
large amount of charges incurred by the previous man-
agement, and over which your present board had no
control.

Mr. HARRIES—I suppose that I may consider that
the expenses incurred in establishing the society are
now at an end, and that it will not continue over a
course of years.
The CHAIRMAN—No, certainly not. .
Mr. FULLERTON—I should like to ask Mr. Bennett,
what he expects from the item set down balance of de-
posit aid call. I know pretty well the parties who are
alluded to in that item.

Mr. BENNETT—I will explain the matter to the gentle-
man who asked. the question, because he was a member
of the committee of investigation, and therefore he has
good knowledge of the ins and outs of everything. (A
laugh.) The call was payable on the 30th November,
and I would remind you that this balance-sheet is made
up only twenty-five days after ; it is not remarkable,
then, that a part of this call should be in course of pay-
ment at that date.
Mr. FULLERTON—I had in my eye shares of certain
gentlemen who had signed the deed ; and I wanted to
know whether you were likely to get the money from
them.

The CHAIRMAN—WB are enforcing the payment at
this time.

Mr. HARRIES—I believe that is all the questions I
have to ask. lam perfectly content with the accounts
as they are rendered.
Mr. BAINBRIDGE—I think it astonishing that we have
got on as well as we have.
Mr. PROCKTER—did I understand the chairman to
state, just now, that the income of the company has
reached 30,0001. a year, at an entire cost of not more
than half a year's premium, or, indeed, even 10,0001.
Mr. BENNETT—Less than that.
Mr. BARTLEY—With• respect to investments and
balance at bankers, will you let me know what they
consist of ?
The CILAIRMAN, explaining, in Consols and Govern-
ment Securities.
Mr. HARRIEs---Sir, I have very great pleasure in
moving the adoption of the report.
Mr. BAINBRIDGE—I beg leave to second that.
(The report was then adopted unanimously, and with
acclamation.)
Mr. PROCKTER—YOU promised us some information,
sir, respecting our Montreal business, and as the general
agent is present, I should like to ask that gentleman
what amount of loss this Company sustained by the fire
on wooden buildings in the suburbs of Montreal in July
last, as an irapression has gone abroad that we suffered
to a fearful extent upon that class of risks.
Mr. F. R. STARE—I have been introduced to you as
your representative of Montreal, and I am proud to
say that I have the honour of representing you over
a very large section of country of the British North
American Colonies ; and I shall have a very great deal
of pleasure in answering every question that may be put
to me. lam your officer, your representative, and I
hope I shall be able to afford satisfactory information.
There was a very large conflagration in June, by which
our total loss was 1001. 3s. 4d. currency (about 801. ster-
ling). I am glad, sir, to have this opportunity of answer-
ing your question. Your whole total loss upon wooden
buildings in the suburbs of Montreal, by the July fire, was,
upon one building, 1001. currency, 801. sterling. But
you ask, I suppose wishing to know whether we insure
in wooden districts.
Mr. PROCKTER -- I would ask whether any precautions
are taken, and what supervision or management there is
with respect to property to be insured in Montreal ?
Mr. STARR— I shall have a very great deal of pleasure
answering that, and to state that our loss in Montreal,

deducting the small amount I have referred to, was
principally on first-class buildings ; and I say, without
fear of contradiction at any time from any quarter, that
there is not one office in Montreallwhich, the day pre-
vious to the July fire, would not have taken every one of
those risks, and would have been glad to get them. They
were the first risks that North America can produce.
They were stone building, and the best buildings in the
best parts of the city ot Montreal. One was the cathe-
dral, the next was the Bishop's new palace, the third
was the line, formerly a palace, the next was what
was called "Hay's House," an hotel. We adopt a
precaution that other offices do not in Montreal,
by not insuring beyond 3,0001. currency on any one
building. In the instance I mentioned of the palace, it
exceeded that amount by a small sum. It was a most
extraordinary event as you all knoW, and is not likely
Ito occur again.
Mr. PROCKTER.—AIIow me to ask you whether you
have a surveyor who surveys the property before the in-
surance is made, or do you take any precaution of that
kind ?

Mr. STARR. —I had better answer that question
by giving you the line of our proceedings. We
have an experienced surveyor, who reports not only
as to the state of the buildings, but represents the
quality of the house, whether brick, stone, or wood ;
its exact position as to surrounding property, and the
exact value of the building in its then state. The
chairman, too, is always particular as to the applicant's
chaiscter, which is a matter of importance with us. If
there is anything special in the risk, it is referred to the
Board of Directors at Montreal, who attend weekly,
and who exercise the same precaution as any board of
direction would in London. No risk is accepted at the
office at Montreal, except after the fullest investigation.
Mr. PRO CKTER—That is very satisfactory.
Mr. STARR—The same care is taken in Nova Scotia,
New Brunswick, Newfoundland, and Prince Edward
Island. There is a board of directors at each place, re-
presenting the company, and the agents in those places
are under the direction of the members of their respec-
tive local boards.
The CHAIRMAN—The members of these local boards
are gentlemen of good standing in society.
Mr. STARR—Thex are leading men in the community
—men of the highest respectability—of wealth and of
experience.
Mr. TABoß—Perhaps the proprietors do not know
that the fire could not have water thrown upon it, the
water-works being incomplete at that time.
Mr. STARR—I may state that it is not likely to occur
again, from the fact that no wooden buildings are allowed
to be erected in Montreal.
Mr. PROCKTER—I come from Cheltenham, and as I
represent a great number of shareholders, I must say
that the information I have received has been most im-
portant and most satisfactory ; and I have no doubt it
will be satisfactory to the shareholders, when. I go back
and endeavour to inform them of what I have learnedL
Mr. BAINBRIDGE— By this means this will be a very
important meeting for our society.
Mr. STARR—I am exceedingly gratified and pleased
at the state in which I find the affairs of the com-
pany, at the mode in which the books are kept,
and at the attention which is paid to the manage-
ment of the business ; and I shall return, if spared
to return, convinced that this company' is hiving
every justice done it by your present representatives.
The report before you has been commented upon, and it
has been gone through very thoroughly, and it has been
very justly remarked that it embraces transactions over
which your present directors have had no control. Two
years and a half are represented there; but your present
directors have only acted for six months ; and when we
think what they have had to do, we must all acknow-
ledge that they have thoroughly performed the task you
assigned them.
The CHAIRMAN—I want to add something to what
Mr. Starr has said, which is this one statement :—the
total premiums exceed the total loss in respect of Mr.
Starr's general agency, by 6,9511., including that large
fire and everything. The premiums, that is, exceed the
loss by 6,9511. Bs. 3d. (Hear, hear.)
Mr. PRO CKTER—That is in the Canadas ?
The CHAIRMAN— In the British North American
provinces.

- The meeting then proceeded to the election of directors
and auditors.
DlRECTORS—Archibald Campbell Barclay, Esq.,
Charles Bennett, Esq., Frederick Morris, Esq., Edmund
Sheppard Symes, Esq., M.D., Thos. West, Esq., and
Francis Valentine Woodhouse, Esq.
AUDITORS—Henry Eve, Esq., and Thomas Williams,
Esq.

Mr. BAINBRIDGE—Before we 'dissolve this meeting
and have another, I think it is right that we should re-
turn thanks to our chairman, for the information he has
given us, which must have been exceedingly satisfactory
to us in what sc e have heard. I think we ought to
return our thanks to the chairman and the Court of
Directors. •
Mr. PRoCKTER—I beg leave to second that. I have
much pleasure in doing so ; and I should say double
thanks, if permitted.
The resolution was put and carried, amidst loud cries
of "All, all."
The CHAIRMAN—I beg leave to thank you most
heartily. lam sure I may answer for myself and for all
my brother directors, that we are very much gratified at
the manner in which you have expressed your confidence
in us. I trust we shall meet together next year, when
we shall have a still more favourable state of things.
Mr. BENNETT—I shall be a little out of order, but
uick, and
as Mr. Bainbridge has been
properly so, sir, in seizing the
e popular very q
candidate,
Mr. Fre-
I have no alternative. Our nd
frie,
derick Starr Fs, of course, not
included in you r
vote of thanks ; at the same time notintended, lam
sure, to be left by this meeting without: From the per-
sonal luwwledge I have, in co I=oll theboard of