IMAGE EVALUATION TEST TARGET {MT-3) // ^ /^.^ 1.0 I.I 1.25 If 1^ 1^ ■i! I3i III 2.2 S lis "a- i US. 112.0 u 1.4 1.6 (?% 7] s^. ^ A n*' > *'* <^ %- o ^A HiotogiBphic Sciences Corporation 33 WIST MAIN STRUT WHSTIP.N.Y 14510 (7U) 173-4503 A. CIHM/ICMH Microfiche Series. CIHIVI/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiquas Technical 4nd Bibliographic Notas/Notes tachniques et bibliographiquas The Institute has attempted to obtan the bast original copy available for filming. Features of this copy which may be bibliographically unique, which may alter any of the images in the reproduction, or which may significantly change the usual method of filming, are checked below. D Coloured covers/ Couvertura de couieur I I Covers damaged/ D Couverture endommagile Covers restored and/or laminated/ Couverture restaur^ et/ou pelliculia □ Cover title missing/ Le ti tre de couverture manque □ Coloured maps/ Cartes giographiques en coulaur □ Coloured ink (i.e. other than blue or black)/ Encre de couieur (i.e. autre que bleue ou noire) I I Coloured plates and/or illustrations/ D D n D Planches et/ou illustrations en couieur Bound with other material/ Relii avec d'autres documents Tight binding may cause shadows or distortion aiong interior margin/ La re liura serrc^e peut causer de I'ombre ou da la di;ttorsion le long d« la marge intiriaure Blank leaves added during restoration may aopear within the text. Whenever possible, these have been omitted from filming/ II se peut que certainas pages blenches ajouttes lors dune rsstauration apparaissent dans le taxta, mais, lorsque cela Atait possible, cea pages n'ont pas 4itt filmiea. Additional comments:/ Commentaires supplAmentairas; L'Institut a microfilm^ le meilleur exemplaire qu'il lui a iti possible de se procurer. Les details de cet exemplaire qui sont peut-dtre uniques du point de vue bibliographique, qui peuvent modifier une image reproduite. ou qui peuvent exiger una modification dans la mithode normale de filmage sont indiquir ci-dessous. I > Coloured pages/ n Pages de couieur Pages damaged/ Pages endommagdas Pages restored and/oi ^ages restauri^es et/ou pelliculAes Pages discoloured, stained or foxet Psges ddcolor^As, tacheties ou piqu^es Pages detached/ Pages ditachees Showthrough/ Transparence Quality of prir Qualitdb inigala de Timoression Includes supplementary materii Comprend du materiel supplimentaire Only edition available/ Seule Edition disponible n~~l Pages damaged/ I I Pages restored and/or laminated/ r~| Pages discoloured, stained or foxed/ r~1 Pages detached/ rn Showthrough/ r~l Quality of print varies/ r~1 Includes supplementary material/ r~| Only edition available/ Pages wholly or partially obscured by errata slips, tissues, etc.. have been refilmed to ensure the best possible image/ Las pages totalement ou partiellement obscurcies par un feuillet d'errata. une pelura, etc., ont M filmtes A nouveau de facon i obtenir la meilleure image possible. This item is filmed at the reduction ratio checked below/ Ce document est film* au taux de reduction indiqu* ci-dessous. 10X 14X 18X 22X I I I I 12X 16X 20X 26X 30X 1 ! ! ! ! 24X 28X 32X itails i du odifjer ' une mage Th« copy filmed h«r« has b««n rvproducad thanks to tho ganarosity of: Department of Rare Bookr and Special Collectioni, McGill University, Montreal. Tha imagas appaaring hara ara tha bast quality possibia consJdaring tha condition and iagibility of tha original copy and in icaaping with tha filming contract spacificatior^a. Original copiaa in printad pffpar covara ara filmad beginning with tha front covar and ar.ding on tha last puga with o printad or iiluatratad impras' sion, or tha bick covar whan appropriate. All othar original copiaa aro filmad beginning on the first page with a printad or illustrated impres- sion, ind ending on the laat page with a printed or iiluatratad impreeaion. The laat recorded frame on eeeh microfiche shall contain the symbol '—^ {meaning "CON- TINUED"), or the symbol V (medning "END"), whichever sppiies. Meps, platea. charts, etc.. mey be filmed at different reduction ratioa. Thoae too ierge to be entirely included in one expoaura are filmed beginning in the upper left hand comar. left to right and top to bottom, aa many framea aa i squired. The following diagrema illustrate the method: L'exemplaire film4 fut reproduit grice A !a gte^rositi da: Department of Rare Books and Special Collections, IMcGill University, Montreal. Lea imagea suivantee ont ttt reproduites avsc le plus grand soin. compte tenu de la condition at do la nettet* de i'ejiempleire fiim*. at en conformity avec lea conditions du contrat de filmage. Lea axempleires originaux dont la couverture en papier eat imprim4e sont f!lmte an commenpant par la premier plat at en terminent soit par la darniAre page qui eomporte une ampreinte d'lmpreeaion ou d'iiluatration. solt par le second plat, selon le eas. Tous lee autres axempleires oricineux sont filmte en commen9ant par la premiere page qui eomporte une ampreinte dimpreeaion ou d'iiluatration at on terminant par la demiire page qui eomporte une telle empreinte. Un dee symboles suh/ants apparattra sur la damiAre image de cheque microflchj. selon le caa: le symfiole — »• signifie "A SUIVRE". le symbols V signifle "fm". Lee cartee. planches, tabieeux. ate. *3euvent itre filmAe i dee taux de rMuction diff«rents. Lorsque le document eet trop grenri pour itre reproduit en un seul cllch*. il eet film* A partir de I'angie sup4rieur gauche, de gauche k droite. et de haut en bee. on prenant ie nombre d'imeges nAceaaaira. Lea diagrammes suivants illbstrent !e m^thode. rrata :o 3elure, 1 i 3 32X 1 2 3 1 2 3 4 5 6 I Report of the Directors TO Till! SHAREHOLDERS ^1^ ^'iliErH^ ilii^mrance ^f^^^^^l^^wii^ Annual Meeting, Monday 3d February, 1879. °Y^X accordanco witli tlic iiiHlcrstaiiiliiiL: cniiu' to at tli- last Animal «^ Meeting the iMisincss oC tlii^ ('(inipany lias liceii restricted witliin narrower bouinls than in previous years. This eoiirs(>. wliile it (h'lniiiislied lo a lariie extent tiie risks of the Coiniiany. deercaseil tlie aiiioiint of |ireiiiiiinis reci-ived. lint this is also to a hiriit' extent (hie to the ri^id serntiny with which every deiiartnieiit of the ('oin|iaiiy"s hiisiiu-ss has het'ii eNainiiied. and in thi; eancelliiii:' of a niiinher of risks wiiieh althoiii;h paying lariic preiiiiniiis were reuanled as too hazardous lo l»e retaincil. Th(! average rates olitained on lire risks have heen i-oiisiderahly (Hniinished in eonstM|iience oi' llie sharp oiiipetition hetween the Coinpanies and the system largely iiitrodueed hy i'lsiirers of doing the liiisiness through Hrokers, the eoiiiniissioii lor doing so heiiig paid hy the (.\)inpanies. I The result of this is that tht; hiisiiit'ss is to some extent redueed to a system of tenderimr for rates. The various Statements on the taWe most of wliieli are in the hands of the 81iar(0u)lders show — that in the year 1 878, after providing for all losses — paid and those unsettled. — The Fire department left a surjilus of 81 5.i»:52 92 " Guarantee department '' " ;},8()0 (»9 And .\eeident " " " 55] 48 And the liahilities of the Company have been reduced during (he year, $47.81 2. (>4, as shown by the repayment of the loan on Bank Stock and other resources, after allowing full [)rovision for re-insur- ance fund and all other Habilities. The business of the Company has been either altogether with- drawn or much restricted in the more distant places, particularly in Nova Scotia, New Brunswick, Prince Edwards Island and Manitoba and in anything like ordinary circumstances, the business of the Com- pany shouhl be fairly remunerative, and there is every prospect of its being so in the near future. The accounts of the (\)mpany have })een duly au in ■* I c; X •y»- w OS X I 1- o IC — »?■ oo r^ 00 -r-^ c/i m W :^ EH >-H ^ 00 W D g CQi •^ 0^ 1^ w O Q W H w |i<' X L- Cfi- ao 'f ^* CJ :\t 1- 1^ f^ M Cj «:■ . is •- . t- £ ■? =5 - B^ N-< torn 'j> Eh Eh X -" :i q — EH •M ■» I- X v^ ';:• Eh - ^ 7 Q D D Eh fl. ^'^ ■/. c». 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