IMAGE EVALUATION TEST TARGET (MT-3) '^ 1.0 I.I fcaiM 12.5 ^ M£ III 2.0 1 1.25 |||.4 1.6 ^ 6" ► Photographic Sciences Ck)rporalion \ iV '^ \\ 6^ 23 WIST MAIN STREET WEBSTER, N.Y. US80 (71«) 872-4503 ■^ CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques Tachnical and Bibliographic Notaa/Notaa tachniquaa at bibliographiquaa Thai toth Tha tnatituta haa attamptad to obtain tha baat original copy availabia for filming. Faaturaa of thia copy which may ba bibliographically uniqua, which may altar any of tha imagaa in tha raproduction. or which may significantly changa tha usual mathod of filming, ara chackad balow. D Colourad covers/ Couvartura da coulaur I 1 Covars damagad/ Couvartura andommagte □ Covars rastorad and/or laminatad/ Couvartura rastaurte et/ou palliculAa □ Covar titia missing/ La titre da couvartura manque I I Colourad maps/ D Cartas gAographiquas an coulaur Colourad ink (i.e. other than blue or black)/ Encre de couleur (i.e. autre que bleue ou noire) I — I Coloured plates and/or illustrations/ n D D Planches et/ou illustrations en couleur Bound with other material/ RellA avec d'autres documents Tight binding may cause shadows or distortion along interior margin/ La re liure serrie peut causer de I'ombre ou de la distortion la long de la marge intArieure Blank leaves added during restoration may appear within the text. Whenever possible, these have been omitted from filming/ II se peut que certaines pages blanches ajouttes lors d'une restauration apparaissent dans la texte, mais, lorsque cela Atait possible, ces pages n'ont pas At* fiimtes. Additional comments:/ Commentaires suppltmentaires: L'Institut a microfilm* ie meilleur oxemplaire qu'ii lui a it* possible de se procurer. Les details de cet exemplaire qui sent paut-Atra uniques du point de vue bibliographiqua, qui peuvent modifier une image reproduite, ou qui peuvent exijier une modification dans la mithoda normale de fllmage sont indiquis ci-dessous. □ Coloured pages/ Pages de couleur D D D Pages damaged/ Pages endommagies Pages restored and/or laminated/ Pages restauries et/ou pelliculies Pages discoloured, stained or foxed/ Pages dicolories, tacheties ou piquies Pages detached/ Pages ditachies The I poss ofth film! Origl begii the I sion, othe first sion, or ill [~1 Showthrough/ Transparence Quality of prir Qualit* inigale de I'impression Includes supplementary materii Comprend du matiriel supplimentaire rr> Quality of print varies/ r~~1 Includes supplementary material/ The shall TINl whi( IMap diff« entii bagi right requ metl D D Only edition available/ Seule Edition disponible Pages wholly or partially obscured by errata slips, tissues, etc., have been refilmed to ensure the best possible image/ Les pages totalement ou partiellement obscurcies par un feuiUet d'errata, une pelure, etc.. ont M filmies A nouveau de fapon A obtenir la meilleure image possible. This item is filmed at the reduction ratio checked below/ Ce document est film* au taux de riduction indiqu* ci-dessous. 10X 14X 18X 22X 28X 30X V 12X lex aox 24X 28X 32X Th« copy film«d h»n hat biMn raproduemi thanks to th* o«n«ro«lty of: Mttiopolitan Toronto Library BufliiMM DipartiiMnt L'oxomploiro film4 f ut roproduit grico i la 0*n4ro«it4 da: Matropolitan Toronto Library Biwinan Dapartmant Tha imagaa appaaring hara ara tha iMat quality poaaibia considaring tha condition and laglbility of tha original copy and in kaaping wKh tha filming contract spaclflcations. Las imagaa suivantas ont 4t4 raproduitaa avac la plus grand soin. compta tanu da la conditioii at da la nattat* da I'axamplaira fiimA. at an conformit* avac las conditions du contrat da filmaga. Original copies in printed iMpar covers ara filmed beginning with the front cover and ending on the last page with a printed or illustreted impres- sion, or the back cover when appropriate. All other original copies ara filmed beginning on the first page with a printed or illuatratad impree- aion. and ending on the last page with e printed or illustrated impression. Lee exemplairae originaux dont la couvarture en papier eet imprimte sont flimte en commenpant par la premier plat at an terminant soit par la darnlAre pege qui comporte une emprelnte i'impreaaion ou d'illustration, soit par la second plat, aelon ie cas. Tous lee autres exempieires originaux sont fiimAs en commenpant par la pramiire pege qui comporte une emprelnte d'impression ou d'illustration at en terminant par la darnlAre page qui comporte une telle emprelnte. The last recorded frame on each microfiche shall contain tha symbol — ^- (meaning "CON- TINUED"), or tha symbol V (meaning "END"), whichevor applies. Un dee aymbolaa suivanta apparattra sur la darnlAre image de cheque microfiche, selon Ie cas: la symbole — ► signifie "A SUIVRE", Ie symbols V signifie "FIN". Maps, plates, charts, etc., may be filmed at different reduction retios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right end top to bottom, as many frames as required. The following diegrams illustrate tha method: Les cartas, planches, tableaux, etc., peuvent Atre fiimte A des taux de rMuction diff^rents. Lorsque Ie document est trop grand pour Atra reproduit en un seui clichA, il est filmA A partir de i'angie supArieur gauche, de geuche A droite, et de haut en bes, en prenant la nombra d'images nAcessaira. lues diagrammes suivants iiiustrent la mAthode. 1 2 3 32X 1 2 3 4 5 6 ( iinR, William Ross, F. B. Scott, Hugh Shntt, W. D. Smith, J. E. Berkeley Street, R. B. Sterling, Walter Sutherland, U. H. Todd, Philip Tonilinson, W. D. Urquhart, Donald Watson, James Whitt, Samuel HAMILTON. Corridi, Peter Davidson, Alexander Desj)ard, F. R. Findlay, W. F. Gunu, R. L. Mason, J. J. (Vice-President) Ramsay, A. G. Stephens, Henry Townsend, Sherman E. Wavell, Thomas Young, John Bellhouse LONDON. Bullen, H. J. Banks, J. Lings, J. H. Levs, F. B. Miller, R. D. Nelles, H. E. Pope, John BRANTFORD. Bunnell, A. K. Chalcraft, F. Chalcraft, E. Holme, Thomas W. Leth bridge, John Mair, W. T. McLean, J. H. Pollock, James Schell, R. S. Snartt, George Wilkes, F. J. BELLEVILLE. Chislott, John Marsh Earl, Salyer Roid Gordon, W. H. Johnson, J. W. Reid, George B. KINGSTON. Ireland, Francis C. Ireland, Chas. F. Lollicheux, Alfred Birkett, John H. BRIGHT. Wilson, E. NEWMARKET. Smith, R. H. PARRY SOUND. Tindall, W. B. OWEN SOUND. Fitzgibbon, J. G. PARIS McCosh, Thomas COBOURG. Boggs, Herbert Campbell, Duncan S, Hewson, Andrew J. Macpherson, Daniel WINNIPEG, MAN. Cape, John Housser, J. H. Maulsou, George J. Wemys^ Robert STANSTEAD, QUE. McCormick, Malcolm. I A number of new members have been proposed since the Inaugural Meeting, and await election. f ie VILLE. II Marsh lioid E. TON. ;isC. P. fred H. HT. BKET. OUND. >UND. r. s. s an S. iliel MAN. J. QUE. joltn. ! iting, and ' SESSION -1882-83. INAUGURAL MEETING, MAY 18th, 1882, The inaugural meeting of the Institute of Accountants of Ontario was held this day, by special permission of His Worship the Mayor and the members of the City Council, in the Council Chamber, City Hall, Toronto. A large attendance, including His Worship the Mayor, W. B. McMurrich. Esq.. and many leading citizens, was present. The fol- lowing letters, from parties unable toatt»'nd, were read: — FROM G. W. YAUKKR, MANAOKR, BANK OF MONTREAI,. May 18th, 1882. To Samuel B. Hakman. Esq., President : My Dear 8rR In consequence of the engagement mentioned to you yesterday. I regret very much I cannot go to the meeting of Ac- countants in the City Buildings this evening. I regret this the more because I am so thoroughly convinced of the advantage and importance of properly understanding the method of Accounting in a siuaple scientific manner, without which knowledge I regard a man of any business very seriously weighted in the race for success. I know of no Institution so well calculated to push on the hopes of those ambitious to permanently prosper, as one engaged in banding Accountants together, and making them feel the importance of system and method, and, therefore, I wish you all possible success. Yours, faithfully, G. W. YARKER. FROM THE HON. FRANK SMITH, SENATOR OP THE DOMINION. (Of the firm of Frank Smith & Co., Wholesale Mercbauts.) May 18th, 1882. To Samttel'B. Harman, Esq., President : My Dear Sir, — I regret that I am obliged to leave town this evening, otherwise I would be pleased to attend your meeting, as I heartily concur in the object you have in view. Yours truly, FRANK SMITH. FROM W. H. MOWLAND, IHQ. (Of the firm of W. P. HowUnd A On.. Sir. W. 1>. Howlaiid and W. H. Howland, OommiMion MerohantB.) May J 8th, 1882. To Samubl B. Harman, Esq., President: My Drab Sir, — I regret it is not in my power to accept your kind invitation to be present at the meeting of the Institute of Accountants to-night. I am in hearty sympathy with the objects of your Association, and feel it is most important for the Mercantile Community to have the work of Accountantship raised to a higher standard than it at present occupies, the result of which would be that the community would greatly benefit by having the standard of qualification of Accountants raised, and their general usefulness, in my opinion, greatly increased. Every lawsuit in which business men are engaged brings to light the fact that it is altogether the exception to find even respectable bookkeeping ; and I have no doubt that very much of the trouble which results eventually in lawsuits, arises out of the fact of the inaccurate way in which accounts are kept. I trust that the efforts of your Association to raise the standard and improve the position of Accountants generally, may meet with the fullest success. Yours very sincerely, W. H. HOWLAND. FROM ALDBRMAN FARLBY. (Of the Arm of Farley & Mara, Stock Brokers, CommiBsion aud General AgeutB, Members of the Stock Exchange.) Toronto, May 18th, 1882. To Samuel B. Harman, Esq., President: My Vhixn Sir, — In answer to your circular in reference to meeting of the Institute this evening, I regret to have to inform you of my inability to be present, owing to pi.jviously made engagement. Trust- ing that the meeting will in every way be a success, I am, dear sir, faithfully yours, W. W. FARLEY. FROM R. D. MILLAR, (LabattB' Brewery.) London, Ont., 20th April, 1882. To W. H. Eddis, Esq., Secretary : Your esteemed favours of the 11th and 13th instant are to hand, conveying to me the information that at the annual meeting held on owland, th, 1882. your kind oountantg isooiation, 9 have the it present ity would countants ncreased. a to light spectable ble which lacourate dard and with the VLAND. AgeutB, , 1882. meeting J of my Trust- :ley. 1882. o hand, held on the II th I had been eleoted a member of the Council for the ensuing year. Under our new President I trust the Institute will continue to prosper, and I am glad to see that our worthy Secretary still wields the pen. Yours very truly, R. D. MILLAR. London, Ont., 16th May, 1882. To W. H. Eddis, Esq., Secretary : Dkar Sir, — I regret that owing to press of business I cannot avail myself of your kind invitation to attend the Inaugural Meeting on the 18th inst. Trusting it will fully come up to your expectations, and be profitable and interesting, Yours, very \.ruly, R. D. MILLAR. The reading of the foregoing letters, indicative of the interest felt and expressed by the writers, elicited applause. The President further stated that there had been personally expressed to him full concurrence in the objects of the Institute by other leading bankers and merchants, whose engagements at this busy season unavoidably prevented their attendance. He alluded especially to Mr. W. F. McMaster, of the firm of A. R. McMaster & Bro.; Mr. George McMurrich, of the firm of Bryoe, McMurrich & Co.; Mr. G. M. Rose, President of the Board of Trade; Mr. Robert Spratt, of the Corn Exchange ; Mr. F. J. Menet, of the large importing firm of William Tliomson & Co.; Alderman Boswell, Ohairman of the Executive and Finance Committee of the City Council ; J. Herbert Mason, President of the Canada Permanent Building and Loan Society ; and many others. llie President then delivered the following ADDRESS. GENTr.BUEN, — In thanking you for the honor you have conferred upon me in electing iue to the Presidency of the " Institute of Ac- countants of Ontario," I am free to admit that I accepted the honor with much hesitation. My oflSce of Treasurer of this Metropolitan City is one of such grave responsibility, and involves such an entire application of daily and hourly care and thought in its administration, as to leave little time for other avocations ; and as it is said of the learned professions that to be successful a man must live in their / r I iV atmosphora. so to onsuro Hiiccess ns TreaHuror, the atinnsp)ioi-o of Civic uiatterH iniiHt nocosHnrily l)o the Hu/roiindinii ono of your I'roHidont. I expr«'8Ho»l thoso viewH very Iroely to your (.'ouncil when 1 ht^nrd of my election ; nnd in allowing any scniploH they presented to my ac- cepting office to be overruled, I only my ao- )K that in eation to ' in view, in them, VIonetary •e will be ' plflUHur- Council, ir belmlf doing, in ('jects we 1 htnirtily se of all i on this the 34th 1 pnpprs igs ; and I '■ affords will be t, being j venture »f in for- I o give a jf such tention United d while '.tion in aluable itute of al idea ranted ccoun- tned as id "of Manchost«'r," and by leading Accoimtantu of tlio (iiiild of Glasgow, all largo cnuitm>rcial com res, whose very names, as nssnciatod with the niovoiiiont, give a Mtiuiip ol roliiibility and importance. 'I'he following are among itH leading recitals : '•That the profession of Public Accountants in England iind Wales is a numerous one, and tluir fimctions are of great and inoreas- ng imjiortance in respect of their employment in the capacit of liquidators acting in the winding up of Companies, and of Kocoivors under decrees, and of Trustoos in bankruptcies or arrangomonts with creditors, antl in various ])Ositions of trust under Courts of .lustice, as also in the auditing of the accounts of public cnmp)inii's or of partner- ships and oihorwiso." " i'hut the said societies wore not established for the purpose of gain, nor lio the members /leroof derive or seek any pecuniary pioHt from iheir membership ; but the societies aim at the elevation of tho profession of Public Accountants as a whole, and the i)romotion of their olKciency and usefulness bv compelling the observance of strict rules of conduct as a condition of membership, and by setting up a high standard of professional and general education and knowledge, and otherwise." " That in the judgment of the petition- ers (for the charter), it would greatly promote the objects for which the said societies have been instituted, and would also bo for the public benefit, if the members thereof were incorporated as one body, as besides other advantages such incorporation would be a public recogni- tion of the im|iortane of the profession and would tend to gradually raise its character, and thus tos3oure for the community the existence of a class of persons well qualified to be employed in the responsible and difficult duties often devolving on Public Accountants." '• Ti' ic the petitioners desire and propose that if incorporation be granted to them, such conditions should be laid down as would require for tue admission to membership of persona now already following the profes- sion, either long actual experience in the profession, or service for a long time in the capacity of a Public Accountant's clerk, or else the passing of appropriate examinations under the supervision of the Cor- poration." " That with respect to the admission to membership of persons hereafter desirous of entering into the profession, the petition* ers contemplate that, subject to future determination by the Council or governing body of the corporation, a strict system ol examinations should be established, including a preliminary examination to be held before the candidate enters on service under artichs, an intermediate examination to be held in he course ot his st ice, and a final examination, and t>.at no person be allowed to present himself for the final examination unless he has served for five years at least, or if he — i\rVM M^. 10 has graduated in any of the universities of the United Kingdom, then, for three years at least, under articles as a Public Accountant's clerk." " That the examinations would be of such a character as to test the knowledge of the candidates not only in book-keeping and accountp, but also in the principles of mercantile law, and practice of bankruptcy and winding up of companies." " That the petitioners believe that such a system would have an educational effect of a highly beneficial kind." "That the petitioners further desire and propose that the Cor- poration should lay down such rules respecting admission to member- ship, and exclusion therefrom, as would prevent Public Accountants from mixing the pursuit of any other business with the discharge of the higher duties devolving on them as Public Accountants, and as would put an end to the practice which has been objected to of the division of profits with persons in other professions or callings in the form of commission or the like.' ' " That the petitioners further desire that the members of the Corporation should be authorized to annex to their names, distinctive letters indicative of their membership." The terms of these recitals I am sure will commend themselves to the thoughtful mind, but 1 feel are perhaps somewhat restricted in their general sense to those engagements of accountants which are of a pub lie and official character, which may be said to be brought into re- quisition to aid the law in dealing with public interests ; and I turn with some pleasure to the draft of an Act of Local Incorporation which has been prepared in relation to our immediate organization, which contains a more general exposition of the case, in stating our object to be, in addition to other purposes, '' the promotion and in- crease by all lawful ways and means of the knowledge, skill and pro- ficiency of members of the Institute in all things relating to the business and calling of an accountant, and to these ends the establishment of classes, lectures, and examinations, and the prescription of siich tests of competency, fitness and moral character as may be thought expedi- ent to qualify for admission to membership, and for granting Diplomas of Fellowship to competent members who will be thereby qualified to practice as ' Public Accountants,' and in asking for incorporation at the hands of the Legislature of Ontario, with power ' to hold goods, chattels, lands, tenements and hereditaments, and any real or personal property which may from time to time be necessary or convenient for the purposes of the Institute,' it is expressly stipulated ' that the Institute shall not engage in trade, or deal in lands or any interest therein, but may receive, manage and invest voluntary contributions and donations from members or others as a benevolent fund for the II [dom, then, iit's clerk." to test the 1 accountp, )ankruptcy elieve that ' beneficial at the Cor- niember- 3countants irge of the i as would le division he form of •e that the 5X to their nselves to ed in their ; » of a pub I t into re- id I turn j rporation i mization, ating our 1 and in- and pro- business iment of jch te!«ts t expedi- )iplonias ilified to ation at d goods, personal lient for ■hat the interest butions for the benefit of needy or non-prosperous members or their families, including the families of deceased members.' " To return to the Royal Charter of the Institute of England and Wales, from the recitals in which 1 have given extracts as above, I may add that the same is declared to be granted after full consideration, and on bemg satisfied that the intentions of the applicants were "laudable and deserving of encouragement," and fortified by this high mark of Royal favour the said Institute is making steady way and progress in its I career of usefulness. I have already referred to the draft of an Act of Incorporation preptired for ajiplication to the Ontario Legislature, which, I regret to say, was not fully successful. I say fully, the Legis- lature only declining to grant the same under the impression that we might obtain incorporation under the General Acts providing for the incorporation of joint stock companies and other associations. From an examination of these statutes, however, it is not felt that the desired powers can be obtaihed thereunder, and the hope is there- fore again expressed that at the next session of the Legislature we may be more successful, and that the influence over the public mind which our proceedings during the present year may exert may help to remove any doubt as to our Institute being an organization which may be a fitting one to be granted the privilege of a direct and ample charter. The foregoing references to the objects of our Association may be supplemented by a few general remarks as to its necessity. It is hardly necessary to go into lengthy details, nor would the same be appropriate in an address dealmg with generalities, to trace such necessity as one in keeping with the rapid progress of our Province as the leading one of the Dominion. But when we contemplate the extraordinary evidences of that progress which a retrospective glance over even the last decade affords ; when we see the evidence of our mercantile wealth in the palatial edifices reared for its development, the daily announcements by advertizing and other mediums of its vast proportions, and the high standing of those controlling it ; when we regard our Banking Institutions as custodians of an immense capital entrusted to their care and management in the advance of trade ; when we contemplate a large, prosperous and growing manufacturing system ; when we turn to our already widespread and ever restlessly expanding railway development ; when we think of public receipts and expenditures, whether in relation to the Dominion, Provincial, or Muni- cipal regime ; these and many other instances might be quoted, of an enormous monetary income and outlay, an almost boundless expansion t,iu««Ut:^. 12 in the application of capital, and of the necessity for care and precision in the vast system of accountancy it involves, and may I not truly say that in all this the accountant holds no doubtful position, and on his fidelity on the one hand, and on his skill and ability on the other, an amount of reliance must be placed which is almost incalculable for success or the reverse. I have spoken of the material development of our country, and I would further allude to the desire which has kept pace with it to make provision by all educational means for the supply of men duly qualified to take part in the same. Our .'^chools, Public and Collegiate ; our Universities and Colleges of State and private endowment, and Institutes to foster and encourage science and art, have been founded to give the stamp of efficiency to those thoy send forth as their recog nized alumni; but the profession of an Accountant seems to have been hardly yet recognized as one deserving like evidence, or that iree- masonry of association which has done so much to elevate other call- ings. I do not overlook the Mercantile Colleges which are now aiding in this work, and good work are they doing with the young ; but my desire is, in this necessarily brief reference to the subject, to urge that it is in the after association of mind with mind among practised accoun- tants, and the enlisting in our ranks men who will not shrink from seek- ing, but be proud to obtain, a test of proficiency which will compare with the Collegiate degree of the learned professions, or the associate's diploma in art and science, that the status of an accountant will be raised and secured. There are one or two other points on which I would dwell for a moment. The first is the desire to avoid anything like centralisation in our organization. While Toronto, as the Metropolitan City of the Province, has been selected as the headquarters of the Institute, it is hoped that the sympathies of all the large cities and towns, of all the growing centres of business in the Province, will largely contribute to our membership. Already this has been accomplished to a considera- ble extent, our present Roll of members numbering over one hundred, composed of members hailing from Toronto, Hamilton, London, Brant, ford, Belleville, Kingston, Cobourg, and other towns, and as our Insti- tute becomes better known and better understood, I trust its area of usefulness will be enlarged. And another point I take pleasure in suggesting hopefully, if not prophetically, namely, that the Institute of Ontario may so advance in public favour, that the other Provinces may follow the movement, and the day be not far distant, when, by a happy union, Canada at large may become the field of labour and usefulness of a '' Dominion Institute." I 13 While, however, indulging in these aspirations, we must not con- ceal from ourselves that we have steady work before us, and that our Ontario Institute is still, to a certain extent, in its infancy. Our first meeting for organization was held not three years since, under the Presidency of Mr. Charles Robertson, who was succeeded in the occupancy of the chair by Mr. William Anderson, and this is a fitting occasion to record the obligations the Institute is under to these worthy past Presidents and their co operating Councils who have so indefatigably striven to advance its progress, that at the present time I am elected to preside over an institution hopefully launched on a career which we have no reason to doubt will be steadily progres- sive. The Report of the Council is laid on the table for public inspection, and is accompanied by a statement of our Receipts and Expenditures, showing the sati^fnctory exhibit of a balance in hand, with which we commence our present year's operations. I am sure wo must all feel gratified to see a growing interest in our Institute manifested by the encouraging attendance of so many of our leading citizens, by enlisting whose sympathies and support the 8ucces>s of the Institute will be greatly promoted and secured. And I will con- clude by thanking you for the attention with which you have received my remarks, and impressing upon one and all that the arduous pro- fession of an Accountant is one which, rightly undertaken, elevates the labor employed, and raises the treatment of figures to the nature of a science, thus justifying the motto adopted for the seal of the Insti tute of Accountants of Ontario, "Scientia et Lahore." SAMUEL B. HARMAN, President. The reading of the above Address was received with marked approval at several stages of its delivery, and by hearty applause at its conclusion. RESOLUTIONS. Mr. William Ince, of the large wholesale house of Perkins, Ince & Co., moved the first Resolution, as follows: — " That the objects of this Institute, as set forth in the Address of the President and in the Constitution and By-Laws, are such as to com- mend the same to the hearty support of the community, and more especially of parties whose extended mercantile and monetary transac- tions require a gqarantee of efficiency in the case of those who are entrusted with dealing with the same, as Accountants or Auditors." i^j^ •■■-ilCaiA':. ,5; • ii! I I 14 Mr. Ince saW he felt that an honour had been conferred on him in asking him to address an audience so large and intelligent on a subject which was fraught with such great interest to the community, and which had been so ably brought before the meeting in the President's address. The very nature of the subject implied intelligence in those who took part in it. He knew of no profession which required the exercise of more intellectual ability than that of a good accountant. It required a constant exercise of the luind exceeded in very few professions. He took interest as a commercial man in the subject, feeling that it was one of the necessary appliances of commerce ; for without a proper system of accounts, commerce, however well devised, would be imperfect, and those engaged in it would find themselves at a loss at almost every point ; therefore it was that, as one of them, he was deeply and largely interested in the matter that the Institute was intended to promote. He thought every commerciiil man should have some knowledge of accounts, and in every firm there should be at least one principal thoroughly conversant with the same, otherwise it would be impossible to keep that due track of the business which was the first guarantee of success. There- fore, while it was necessary for those who made the calling of an account ant their special profession to use every means to qualify themselves for its discharge, it was also of the utmost importance that those who were engaged in commerce, trade, manufacture, or business of what- ever kind, should also become familiar with the subject. A great deal of the want of success we daily hear of was to be attributed to a want of knowledge of accounts. Men wece seen to be engaged in busi- ness for a number of years, and to be apparently successful for a time ; they go on, mutters get behind, and then when their aftairs are investi- gated the trouble is found to have arisen in almost every case from their accounts not having been properly managed. He believed that if more attention was given to this matter, more care used in seeing that men who go into business had either a true knowledge themselves, or pro- vided themselves with accountants thoroughly acquainted with the management of accounts, we should see fewer failures, and the conduct of business would be more generally satisfactory to all concerned. He wished he was able more fully to express his entiro sympathy with the Resolution, which he moved with great f)leasure. (Loud applause.) Mr. W. B. Hamilton, Past President of the Board of Trade, of the large firm of W. B. Hamilton & Co., seconded the Resolution, and, after eulogistic remarks on the address of the President, he proceeded to S2>eak in tlie highest terms of the objects the Institute had in view, which he hoped would have the result of making men more alive 15 to the paramount influence of good accountancy on success in business, and the prevention of failure and insolvency. (Hear, hear.) The Resolution was adopted amid applauac. Mr. Warring Kennedy, (of the extensive importing firm of Samson, Kennedy, & Gemmell, and an ex-Alderman of the City,) moved the seconc" Resolution, as follows : — " That this meeting endorse the opinions expressed as to the ad- vantages to be gained by obtaining an Act of Incorporation which shall give the stamp of Parliamentary endorsement to the important objects which the Institute h'ls in view in its organization, and trust that the Legislature may see their way to grant the same as an impetus to, and gusrantee of, success, which will be highly appreciated." He said he had great pleasure in moving the Resolution, and was pleased that his old and esteemed friend, the President, had called upon him. He knew he stood in the presence of gentlemen who were educated, intelligent, thoughtful, and representative, such terms repre- sented the features of their lives, and it required some care on his part properly to express himself amid such surroundings. He did not pro- fess to be a professional Accountant himself, but he echoed the senti- ment of a former speaker that there should be at least one such in every firm, and he was able to state that his own possessed such a partner in Mr. Gemmell, who was a member of the Institute. (Ap- plause.) To speak to the Resolution, he had listened with pleasure to all that had been already said on the subject of the objects and neces- sity of such an organization, which had commended themselves to the intelligence of those in the old land ; and while we were Uying the foun- dation of a bi\. id and grand empire on this side of the Atliantic, with all the physical characteristics which constitute a great country, it was well that we should strive to let the intellectnal keep pace with the same ; and this was an intellectual movement in the eflFort to raise the standard of Accountancy, on which success in business so much depended. The Legislature, he hoped, would not hesitate, when the aspirations of those associated for so praiseworthy an object were intel- ligently laid before them, to grant such Parliamentary recognition as was desired, and which all must see would be of every possible advan- tage, as supplying the only requirement to complete success which seemed wanting. Fie was informed that the General Acts, under which Joint Stock Companies and other organizations were incorporated, were insufficient to meet the requirements of the Institute ; the power, for instance, of issuing diplomas or certificates of efficiency, one of the most important of such requirements, being unattainable under the h^m I 16 • , General Acts. ITe felt, tot, that the privilege granted the Institute of Great Britain, in giving them a Royal Charter, would be a strong argument in pressing for the grant of a like privilege by our Legislature, and should have great weight. He concurred generally in the remarks of previous speakers, and paid a high tribute to Mr. Harman, as a prac- tical Accountant, who had laid his impress as such on the Treasury Department of the City, which was universally recognized. After further eloquent remarks highly commending the Institute for the progress already made, and expressive of his wish that every good for- tune should attend it, he resumed his seat amid loud applause. - Aid. Hallam, an extensive wool and hide merchant, in rising to second the Resolution, wished to be permitted to present his thanks for the opportunity afforded him of being present. He had no idea of the praiseworthy scope and object of the Institute before he heard the President's address, and he was glad for himself, for he believed he was a great gainer in being present to make himself acquainted with an Institute of the kind. He quite agreed with Mr. Kennedy and Mr. Ince in their remarks as to the necessity of thorough and proper book- keeping. As regards the application to the Legislature for a charter, he said that it had been a principle of legislation of late years to resist granting any special charters ; nevertheless it was necessary that an intelligent body like the Institute of Accountants should receive a special Act. He was sure when the wants of the Institute were thor- oughly known, and the Government thoroughly understood that it was for the public good, and that it was a matter of public welfare, and necessary in that light for an Institute of the kind to have a special charter, they would, he had no doubt, get one. He felt it was a most intelligent audience before whom he was speaking, and thought that the Institute should have no trouble in convincing the Government they were only asking for what was right and just ; but he would add that they would have to bring a pretty clear case before they got what they required. He thanked the audience for the attention with which they had received his remarks, and wished the Institute every success. It was clearly, in his opinion, a step in the right direction, and he would also like to see the Accountants well paid. This last remark was appar- ently received with particular approval, and added to the applause with which the worthy alderman resumed his seat. The Resolution was then put from the chair and heartily adopted. Mr. Walter S. Lee, Manager of the Western Canada Loan and Savings Company, Chairman for some years of the Board of Public rJ* 17 School Trustees, and now the Chairman of the Council of the High School or Collegiate Institute, moved the third llosolution : "That we take thisopportunity of culling attention to the importance of a wider study of trade and finance ; that we think it is a matter to be regretted that hitherto this subject has been to such an extent neglected by our educational institutions, and that any effort put forth by such institutions to introduce and extend the studies in these sub- jects, will receive our most cordial sympathy and support." In doing so he commenced by saying that when the Resolution was first placed in his hands he felt it was a little severe on our educational institutions, as the teaching of bookkeeping was not neglected in the Public Schools, and he had never overlooked an opportunity in visiting the schools to impress its importance upon the teachers and pupils ; but when he came to look into the matter more fully and to con- sider the question in the light in which it had been brought forward in the President's address, he felt that too much stress could not be laid upon the importance of the study of accountancy, in which bookkeeping was but a stage, and its elevation as a class of instruction in which the public had a direct interest. Every day showed that practical teaching, or teaching in matiers which were of practical application was gaining ground in our hi>:her educational institutions, and the organization of a union of men engaged as accountants to raise the standing of their pro- fession was most praiseworthy, and he was sure when public expression was given to the aid our numerous educational institutions could give to such a movement they would be ready to meet such expression by every means in their power. (Hear, hear.) Ex-Ald. Lobb, Merchant and Broker, in rising to second the Reso- lution, said that while it dealt with the movement which brought them together from an educational standpoint, and as a member of the Col- legiate Institute he could concur in all that had fallen from Mr. Lee, he was glad to be present and to lend his support to a movement of general and undoubted mercantile importance, and which did not depend simply on rudimentary education, but, as it had been stated, was to be fostered and built up by that union of mind with mind among practical accountants which the Institute sought to encourage and pro- mote. Bad bookkeeping and a want of knowledge of the science of accountancy had been the source of more failures in business than any- thing else. If this Institute succeeded in obtaining chartered powers to issue diplomas as a test of qualification for employment, the protec- tion of parties engaged in trade and who had to entrust the details of their affairs to accountants would be very great. He heartily supported the |i^!l •SSt9t:(t 18 f^ ;'f I f movement in every way, and hoped technical instruction of an accountant,sbould have their recognized and proper place in the course of a liberal education. lie dwelt upon the neglect of the study of mercantile law and political economy as matters that were to be de- plored, and alluded to the extraordinary and glaring manner in which all the safeguards which should surround a national currency were disregarded in the great neighbouring republic, especially during the time of the war, and hoped by due attention being given to not merely elementary but advanced studies on these subjects, and which it was the object of this Institute to foster, a fiublic sentiment would be aroused as to their necessity. He supported the Resolution with much pleasure. (Hear, hear.) The Resolution was carried unanimously. Mr. W. H. Cross, Financial Agent, seconded by Mr. R. T. Coady, Assistant City Treasurer, moved the fourth Resolution, as follows : '.''I hat the Institute are gratified at the allusion so well made in the President's Address to the past officers of the Society, whose services have been crowned with the large measure of success stated, and while all have worked with a will to accomplish the same, it will not be ■deemed invidious to refer especially to Mr. W. Robins, the Organizing Secretary, and Mr. Eddis, who now fills this office, whose labours are vyell known, and are deserving of a generous and hearty recognition." They said it appropriately devolved on theui as members of the Council of the Institute, from its first inception, to move such a Reso- lution. It would be readily understood that there was no slight work to be undertaken in instituting a movement of this kind, but they had all worked heartily together, and aLuough much remained lo be done, a recognition of past exertions was not only appropriate but encouraging. (Hear, hear.) The President, before putting the Resolution, said that tho first thing he did after his election as member, followed by his election as jstatSi . d commend auBc; [in and Sav- istitute, said Resolution, been intro- the studj' of lan the mere vide subjects the speaker nstructionof in the course the study of 3re to be de- ler in which rrency were Y during the ) not merely which it was it would be n with much R. T. Coady, )lIows : made in the ose services i, and while will not be Organizing labours are ognition." abers of the such a Reso- slight work d, but they ained to be opriate but at tho first election as 19 President, was to go over the entire minutes, and ho could truly omlorst^ all that the Resolution desired to convoy with rospoct to Mr. Robins, of whose indefatigable industry and ability tho minute book was a standing monument — and which was well kept up by his successor, Mr. Rddis. The Resolution was received with every manifestation of approval and carried unanimously. Mr. Robins anci Mr. Eddis, in brief but appropriate terms, acknow- ledged the compliment paid thorn. Mr. J. J. Mason, AUlerman and Chairman of the Cominittoo on Finance of the Corporation of the City of Hamilton, and a public accountant of that city, moved tho iifth Resolution : "That the Institute of Account mts oi Ontario desire to express their appreciation of the favour extended to thorn by tho City Co'incil, in allowing them to meet in tho Council Chamber, and that a copy of this resolution be hvnded to His Worship the Mayor, wlio h is a'so hon - oured the meeting wit!i his presence, with a request that In will lay the same before the Council." He said that, as an outsider, it very happily fell to his lot to move this Resolution. It was a most graceful act on the j) irt /f the City Council in granting them the use of their handsome Council Chambor, as it imj^lied recognition and encouragement of the movement they were promoting. All such movements had difficulties to contend with in their enrlier stages of effort, and until the objects which wo.o aimed at wore brought home to tho intelligence of the community. He had no doubt that the present one would so commend itself as a movement which was not only desirable in the abstract, but actually necessary j and he was pleased to see the interest already manifested, and to listen to the. aMe speeches from the prominent gentlemen who had moved the earlier resolutions. With regard to the President, he might be pardoned, as an old friend of many years' standing, for more than heartily endorsing all that had been said as to his eminent qualifications for the position to which he had allowed himself to be elected. Mr. Harman's record, as one thoroughly versed in finance and accountancy, and his administration of the Treasury Department of Toronto, involv- ing a comprehensive grasp of large monetary transactions, was not con- fined to Toronto, but his name, experience and ability in such matters was known and respected throughout the Province. The Resolution referred to the presence of His Worship the Mayor, an honour their appreciation of which was manifested by his reception on entering the Chamber. He was sure His Worship would lay the Resolution, which he had the greatest pleasure in moving, before the City Council. 20 :f 1 i \ Mr. William Robins, in brief but effective terms, seconded the Resolution, which was carried amid applause. The President the" handed the Resolution to Ilis Worship the Mayor, who occupied a seat to his right. The Mayor (W. B. McMurrich, Esq.) said he should certainly have much pleasure in laying tho Resolution before the Council. He regret- ted that another engagement had prevented hia coming to tho meeting at as early an hour as he would have wislied, but he was pleased to gather from the able address of the President, which he had glnnced through since he entered the chamber, full details of the excellent objects and aims of the Institute, which must thoroughly commend themselves to all engaged in trade and commerce, and of which this City was so large a field. He felt gratified at being present at even a late hour to see the evidence of interest in the movement evidenced by so large and intelligent a gathering of his fellow citizens. He heartily wished the Institute success. (Loud applause.) Mr. H. W. Eddis, Secretary-Trensuror, seconded by Mr. J. Masse^ , both members of the Council, moved the sixth Resolution : " That the thanks of this Institute are very heartily expressed to the " Press," whose advocacy of the cause for which we are organized is of the greatest moment in giving a widespread communication of the same, by the means of their powerful influence." They said it was not necessary to dwell at any length on a Resolu tion which so manifestly commended itself. The press had always been ready to give assistance which was invaluable in such matters, and they had no doubt would kindly continue to do so. The Resolution was carried unanimously. Mr. Edward Trout, of the " Monetary Times," and President of the British American Business College, in Toronto, briefly responded to the Resolution, and expressed the pleasu e it had afforded him to be present at so interest: ->g and useful a meeting. The objects the " Mone- tary Times " and such publications had in view, and the subjects they dealt with, generally relating to commerce and finance, were closely allied to those of the Institute of Accountants. The President had alluded to Commeroial Colleges as doing good work in training accoun- tants; in regard to which pleasing reference to such institutions, he should bo glad to see many of the scholars they send forth graced with the diploma of the Institute of Accciuntants, which he hoped the charter they were seeking from the Legislature would enable them to confer. (Hear, hear.) !onded the Worship the tainly have He regret- 10 meeting pleased to ad gliinced e excellent commend which this at even a 'idenced by le heartily J. Masse^ , pressed to organized is lion of the a a Resolu ilways been •8, and they ient of the ided to the him to be the " Mone- bjects they ere closely sident had ng accoiin- itutions, he graced with the charter to confer. 21 Mr. Charles Robertson, Past President, moved that the President do now leave the chair, and Mr. Mason, Vice President, take the same, which having been done, he snid it properly became him, and ho had much pleasure in moving as a final resolution, "That the cordial thanks of this meeting be tendered to their President, Mr. Ilarman, for his very able, instructive, ond scholarly Address, and for the interest ho has manifested in the affairs of the Institute." Mr. Robertson alluded to the early inception of the Insti- tute, and the pleasure he had experienced in taking part in the same. He echoed all thot had fallen from previous speakers as to the satisfaction with which Mr. Ilarman's election to the Presidency was regarded. He was sure all would acknowledge the Institute was to be congratulated in having placed the right man in the right place. With these remarks he heartily offered the Resolution. Mr. S. Whitt, member of the Council, in a few appropriate words seconded the Resolution, which was put from the chair by the Vice- President, unanimously adopted, and by him handed to the President. Mr. Harman, in feeling language, acknowledged not only this Reso- tion, but the many kind remarks which had fallen from so .many of th«. speakers of the evening. He alluded to his early life in the West Indies, where, first as Accountant and then as Manager of one of the branches of the Cdlonial Bank, he had acquired that training in account- ancy which had been of the greatest service to him as a lawyer, after his subsequent call to the bar, in the course of a long professional career in Canada, and which he need not say was especially so in the position he now filled as City Treasurer ; and he could not sufficiently urge the importance of early training, which resulted in the faculty to deal with figures and finance becoming a second nature in after life. Re thanked not only tht meeting, but his friend, their first Presi dent, for the kind manner in which the Kusolution had been ofifered and received, and he took the opportunity to allude with regret to the absence of Mr. Anderson, their second President, who was away from town for a brief tour for his health, from which they would all hope ho would return thoroughly bene- fitted. The President concluded by expressing the gratification which such an expression of interest in their inauguration as had been mani- fested by a meeting so large and representative must afford to all the members, and in promising to do all in his power to advance the objects of the Institute, he stated he could, nevertheless, only do so in reli- ) 'Au once on a gonorni and lioarty co oj)oration on th« |)art of tlit> (Jounoil and momborH gonurally. Tlio raoeting thon atyourned. * IBMNBKti !ounoil