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Tl P< o1 fil O b4 tt al oi fli ai OI Tl al Tl w dl ei b( ri rf It 10X 14X 18X 22X 26X aox v/ 12X 16X 20X 24X 28X 32X Th« copy film«d h«r« h«t b««n r«produc«d thanks to th« o«n«ro*ity of: York Univtnity Law Library L'oNomplairt f Ilm4 f ut roproduit grlco A la gAnArotit* da: York Univtnity Law Library Tho imagoa appoaring hara ara tt • bast quality posalblo eonaidoring tho condition and lagibility of tha original copy and in kaaping with tha filming contract spacif Icatlons. Las imagas suivantaa ont 4ti raprodultaa avac la plua grand soln. compto tonu da la condition at da la nattati da raxamplairo fllmi. at 9n conformity avac las conditions du contrat da fllmaga. Original copias In printad papar covars ara fiimad baginning with tha front covar and anding on tha last paga with a printad or iiluatratad impraa* sion, or tha back covar whan appropriata. 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Tous les autres exemplairas originaux sont f limAs an commenpant par la premiere page qui comporte une empreinte d'impression ou d'illustration et en terminant par la darnlAre page qui comporte une telle empreinte. Un des symboles suivants apparattra sur la dernlAre Image da cheque microfiche, seion le cas: le symbols -•* signlfle "A SUIVRE ". le symbols V signlfle "FIN ". Les cartes, planches, tableaux, etc.. peuvent Atre fiimAs A des taux da rAductlon diffArents. Lorsque le document est trop grand pour Atre roproduit en un soul clichA. ii est fllmA A partir do I'angle supArieur gauche, do gauche A droite. et do haut an bas. en prenant le nombre d'images nAcessalre. Les diagrammes suivants illustrent la mAthode. 1 2 3 32X 1 2 3 4 5 6 I A B / PUBl JOINT STOCK COMPANY BOOK ■ KEEPING C'ONTAIXIXCJ A DIGEST OF THE LAW AFFECTING JOINT STOCK COMPANIFS TLUrrnvTrnf^v^^ ""^^^^' ^ND A COMPLETE'''' ELUCIDATION, IN A PRACTICAL FORM OF JOINT STOCK COMPANY BOOK- ' KEEPING. DESIGNED Foil THE USE OF ACCOUNTANTS AND BUSINESS COLLEGES, Br J. W. JOHNSON, OF OJVTARIO BVSmESS COLLEGE, BELLEVILLE, ONTARIO. PUBLISHED BV THE COUE, B.KTED AT "THE DA.LV ONTARIO » OmcR 1878. CI •fiSBr" BNTERtD ACX-OBDINO TO AfJT OF Parii*m.,«« n«.i ur PARLIAMKNT OP CANAflA IN Tnr: officr or thr Mfv..«.„ •'omwson, «-« OP THK MINI8TBR OP AaRICULTirRg. i) //=?•/-? The auihor'8 oxncricnco has rcvcaloJ to him iho ncccsHity thciH) exists for a work on Joint Stocic Companv Book-keeimno that will embrace both a well defined and e&sil}- understood system of keeping Joint Stock Company Accounts, and a digest of the law comprehending all the essential features atlecting such corporations ; and desiring to supply such a necessity, long felt by professional accountants, secretaries, managers, directors, and others interested in the proper working of Joint Stock Companies, and also to provide the students of the Ontario Commercial College with a text book on the su1>ject, he has prepared this work. The first portion of the work is devoted to the Dominion and Ontario laws affecting Joint Stock Companies, and in preparing it the author has availed himself of the professional knowledge and skill of John J. B. Flint, Esq., of Belleville, to whoso assistance he is largely indebted. The other portion of the work illustrates completely and in every detail, the author believes, the whole system of properly recording the transactions, and arriving at the accurate results of the business of a Joint Stock Company, by a method which he has matured from practical knowledge as an accountant in connection with some of the most important Joint Stock Companies in this country. It is hardly necessary to point out how much the success of the business of an individual, a firm, or a company depends upon sound and accurate Look- keeping, and yet the lessons taught by the failures confessedly l^rought about by the absence of it are in a great measure neglected. No man, or number of men, should attempt the conduct of a business without the knowledge of book-keeping themselves, or the employment of those who are possessed of it ; and what is essential in this respect with individuals or firms is intensely necessary in connection with Joint Stock Companies, the afiairs of which are usually of magnitude, and affect a wide circle. A book-keeper wIkwc knowle*lgo atnl experience have not extended beyoud tho affairN of (irdinary l>iiHincH.s in not con)pt'tcnt to conduct the accountH of a Joint Stock Company without Hpccial inHtruction l^uuh aH this work HupplicH ; m the manned of dealing with the Nharo capital, the stock lodger, the tranHfcrs of sharcH, and other tochnicalities must bo learned before it can })o intelligently practined. In the author's experience he has been called upon to audit the books of companies that had at their inception appointed m secretary and accountant a " friend of the president," or a lawyer, or some " Young Gentleman " whoso father was a large stock holder, ami the books, or, to bo more accurate, the memoranda kept by such men have always been mixed and mv Jdlod. You can no niore expect a man to perform the work of an accountant who has never thoroughly and patiently learned his trade than you can look for reliable building plans fiom a man who never studied architecture. The author trusts that in this work the profession and those interested will find a reliable reference book. Belleville, Ontario, April, 1878. I 1 1 iho Joint « iho inruH, setl. IcH of uit a aihcr 'anda who k for T i I JOINT STOCK COMPANIES. DOMINION LEGISLATION. I will Tho incorporation of Joint Stock Companies may, under Do- minion legislation, be effected in two ways, either by obtaining a special Act of Parliament, (an example of which is given hereafter in thin work) or under tho General Joint Stock Companies' Act as detailed below. Banking, Insurance, and Railroad Companies must be incoi'porated by special Act, as their requirements are such, and the powers which they seek are so extensive, that special legislation determining their limit and scope is absolutely necessary. For all ordinary undertakings, such as the carrying on of any kind of Manufacturing, Printing, Ship- building, Mining, Mechanical or Chemical business incorporation under tho general Act, all the essential provisions of which are given below, is amply sufficient. The genera] Dominion Act now in force is " Tho Canada Joint Stock Companies Act, 1877," to be found at chap. 43, Statutes of Canada, 40 Victoria, 1877. The method of forming under the Act is as follows : Metliod of Incor- The Governor in Council may, by letters patent under the great imrntion. seal, grant a charter to any number of persons, not less than five, who shall petition therefor, constituting such persons, and others who may become shareholdei's in the Company thereby created, a body corporate and politic, for any of the purposes or objects to which the legislative authority of the Parliament of Canada extends, except the construction and working of railways, or the business of banking and the issue of paper money, or insurance. ifoticc iu the The applicants for such letters patent must give at least one "Canada Oa?.ettc" month's previous notice in the " Canada Gazette " of their intention to apply for the same, stating therein, — K unit'. II : ruri>uM.>ii, Oiii'f |>luce of IhlHilll'N*, Cnpitnl. HIinrtiH, NatnoH etc., of A)t|)licaiitH. 1. Tlio proiMMv. I "orpurato nainu «)!' tliu Company, which Nhall nut ho that of any other known company, incoi'|)oratod or unin« corporatud, or any namo liahlo to Itc cunfounihHl thoicwitli, oi otherwiMo on public groundft ohjoctionahlo ; 2. The purpOMcs within tlic purview of thin act, fir which its ineorporation in Nought ; A. The place within the Dominion of Canada which in to be its chief place of buHincss ; 4. The intended amount of its capital stock, — which in the case of a loan company, Hhall not be less than one hundred thousand dollars ; 5. Tiie number of slmros a.id amount of each Hharo ; G. The names in full and the address and calling of each of the applicants, with special mention of the names ofnot less than three nur more than fifteen of their number, who are to be the first or provisional directors of the Company, and the major part of whom must be resident in Canada. Putitiou fur Let- 1. At any time, not moit) than one month after the last publi- U'tH Patent. cation of such notice, the applicants may petition the Qovemor General, through the Secretary of State of Canada, for the issue of such letters patent ; Wliat it Klmll 2. Such petition must recite the facts set forth in the notice, and Cuutuin. must further state the amount of stock taken by each applicant, and also the amount paid in upon the stock of each applicant, and the manner in which the same has been paid in, and is held for the Company ; A certain am*t of 3. The aggregate of the stock 30 taken must Ijo at least the one- stock tobc tnkcu. half of the total amount of the stock of the Company ; 4. The aggregate so paid ic thereon must, if the Company be not a loan company, be at least ten per cent, thereof; if the Company be a loan company the aggregate so paid in tbereon must be at least ten per cent, thereof, and must not be loss than one hundred thousand dollars ; Disposal of am'nt 5. Such aggregate must have been paid in to the credit of the paid up. Company, or of trustees therefor, and must be standing at such credit in some chartered bank or baniu in Canada, unless the object of the Company ia one requiring that it should own real oktAto,— in which caHO any \mi nut niuio than one-half of mu\\ a^f(rcgato may Im) taken aa lioinj; |»aiil in, if Inmn Jidt invcNtod in real ontato Kuitablo to Huch ohjvct, any, ami lacing of tl)o rc(|uiruovc all incumbrancoH thereon ; Ciitiiiii |)iovii.i»iiH 0, 11)0 |)otition may ank for the emlKHlying in^the IcttorM patent mny lie iiixirttil of any proviNion which under this Act, might bo made l»y by-la^r in iiatrnt. of the Company incorporated ; and Hitch provinion ho embodied nhall not, unlcNH proviNion to the contrary bo made in the luttern patent, bo Hiibject to repeal or alteration by by-law. I'rrlimiiiKry con ilitiitnH to Imi CMtnliliHhod. Before the letters patent are ivHuod the applicants must establish to the satisfaction of the Secretary of State, or of such otiior officer as may ho chargee forthwith kttorH patent, givon by the Secretary of State in the Canada Qozctto, in the form of tho schedule prescribed in tlio statute, and a copy of such notico shall be [tublished forilnvith by tho company on four several occasions in at least one nows paper in tho county or place whero tho head office of tho company is established, and thereupon, from The Company the date of tho letters patent, the persons therein named, and conHtitnted. their successors, shall be a body corporate and politic by tho name mentioned therein, and be invested with all the powers and privi- leges requisite or incidental to tho carrying on of tho company's undertaking, as if it were incorporated by a special Act of Parlia- ment embodying tho provisions of tho letters patent. F008. Tho amount of the fees, which must be paid before the issue of the letters patent, varies in amount according to the nature of the Company, the amoun* of capitarand otherwise. After incorporation After incorporation the Governor in Council may cause the name may bo name of any Company to be changed should it appear that it may ohangcd. conflict, or be confounded \/\\h an existing incorporated or unin- coritorAtoti coinpAiiy ; ftinl tliu ('<>iii|».iiiy iUulf iii«y kooIc ftinl uliUiii A cl)An({o of iiAiiio if it \h} oNtal)liNho(i to thu NAtiNfArtioii of tho Oovornor in Council that it in not ilcHiro)! fur itnprjpor )>ui'|»ono«. No AltoiAtion of the nAuic, however, xhAll Atfet't the rightn oi* uhiigAtiunM of tliu Company. KitciMiuiiof |Ni.v A HiNM'ial ijenoral inuutin^ uf thu KharchoMcrH, caIIuiI fur thu vrN I')- Hiipil '• piir{)ose, nmy hy A V(»to ofat U>Ast two thinln in vaIuc of tho totAl nitiitar} l.itit>r« HhAreH of thtt Coinpiitiy AUtliori/o thu DircetorH to Apply for |NiU>iit. oxtenhion of tho (company 'h poworH tu Huch othor pur{><>NON An*! ohjoctM AN Are within thn purview of tho Act, Ami tho Dii'uctorN niAy within six months After tho pAfwin^ of nuch resolution potitiH8. by-law cortitiod under tho Company 'k seal must bo deposited with the SecretAry of State. HuiKiiviHUrti «>f The Directors of the Company, other than a loAn lompAny, mAy KharoB. at Any time make a by-law subdividing tho existing shares into shares of a smaller amount. It > It Increase olcapitnl. Tho Directors of tho CompAny, at any time after tho whole capital stock of the Company shAll havo been taken up and fifty per cent thereon paid in, but not sooner, may make a by-law for increasing the capital stock of tho Company to any amount which they mAy consider rcquisito in order to the duo carrying out of the objects of tho Company. Boduotiou of The Directors of the Company, at any time, may make a by-law Capital. for decreasing the capital stock of tho Company to any amount which they may consider sufficient to the due carrying out of the Ui II tho uiiilvrUkiii^ «if tliu ('oiiipMiiv, hii«1 ftilvUnMiv. Init IIid CMpiUl i>f A l«mii (lonipAny ithall nrvrr lie ilcoroAsctl Ut Ichn thnii ono hiimlrpd tllMllNHnil llolUl'N. ( ■•iiiiriiiiiiii>ii of Tliu HulHliviMioii < t' HlmrcN hikI the iin'ivaiK! or rtxlnrtioii of iilNiniili\iHii(n nf oapiUl Mtook to l>c of any fitrco or offuut iiiunt Ito contirmncl hy a xliuri'H.v iiitrniM voto of not Iom tlian two'tMt*«lH in vaIuu of thu Mharuii at amefiting or niiiiition of callv vlont nientionc*i in tlit^ Company 'h bj'lawH, alwolutidy in their own right, a.i I not in arrearin roiipect to any call. Tho hy-lawM of the Company may in 'icfault o( other cxpreMH proviMionH in MUch Udialf by the lettiirM pntci«t pruHcrilM) thn nuMlo ami timoN of tho election of DirectorM, and the duties of Nuch DirectorM within the poM*« rM detiiieil in th«- Act. Thu term for which any lH»ar«l of Direetoix mIihII be elected xliall not exceed two yuuii. liiNikN, lU',, til Im> The Company Hhall eauHu a liook or iHiokn to be kepi by tho kept >.,vs.«ivtnr.v. Secrotar ', wherein nhall be kejit recorded : iHt A copy of the luttviv putunt incorporating^ the Comi|'..Uv , and of any Hiipplcuientmy letteiH patent, and of all by-lawH tlicreof; 2nd. The namew, ulpluil»etitully armnj,'ed, trull jMM'.ionH wln> arc or have Itcen Hharcholders ; .Srd. The ndilress and rftjliii;; ol such pshai-e8 olHtock held by each sharuholdui' ; .jtli. The amouutN paid in an^ ho are or have been Directors of the Company, witli the sevcial tlatcs at which each became or ceased to Ue sutdi Director ; 7th. A book called the Register of Transfei-s shall be provided, and in such book shall be entered the particulars of every transfer of shares in tho capital of tho Com|)any. Note.— Tho Stock Lodgur and Tranxfur Book iu tlio bct coiituiii all tliu Act requites iu tbc aboT* except tb«t inontioDcd in paragr»iihs 1 and 6. S 10 u.H.k« In Ih »\mii Such books slmll, during leasonaMo buMincHS hours, be open for f.ir iiiM)M(ii..iMm.l thf* inspection of Hhareholclers and creditor of the Company who takiiiK oxiinctK Hiav make extracts therefrom. • llicrcfiiuii. Forfiitiin f.ir JCvery Conjpany negleetinj^' to keep suih books an aforesaid shall i„.^i,.,t. forfeit its corporate rights. Bo(ilm«a /«c»« evidence of all facts purporting to be thereby stated, in any suitor proccoding against the Company or against any Shareholder. rcuiiit.v tot fiilwi Every Director, cdieor or servant of the Company, who know- PHtricH. ing'y makes or assists in making any untrue entry in any such book, or who refuses or wilfully neglects to make any proper entry therein, or to exhibit the same, or to allow the same to be inspec- ted and extracts to ba taken therefrom, is guilty of a misdemeanor. NoTi;. — It will l)p «l»Bcivcil tlint notliing in iiltovc euniicctiun lefoiK to tlio f,'«nonil buuks of nceoimt. Consent of tlio Di- No transfer of shares whereof the whole amount has not been rectors must 1)0 hml paid in shall bc nmdc without the corisent of the Directors. to tlic trimsfcir of hlmres not fnlly paid up. « .Shares on which any No share shall be transferable until all previous calls thtreon rails arc due cannot have been fuUy paid np. be traiibfeni'd. Shareholders in- The directors may decline to register any transfer of shares di'btedtothc Com- belonging to any member who is indebted to the Company. pany may bo refus- ed power to trans- fer shares. • LittbiUty of share- Each shareholder, until the whole amount of his shares has been holders. paid up, shall be individually liable to the creditors of the Company to an amount equal to that not paid up thereon ; but shall not be liable to an action therefor by any creditor before an execution against the Company has been returned unsatisfied in whole or in part ; and the amount due on such execution, not exceeding the amount unpaid on his shares, as aforesaid, shall be the amount recoverable, with costs, against such shareholder, and any amount so recoverable, being paid by the shareholder, shall be taken as paid on his shares. The liability of any Tho shareholders of the Company shall not, as such, be held shareholder not to responsible for any act, default, or liability whatsoever of the 11 excmU the itiuouijt Company, or for any enga^'cinont, cla'un, payniotit, loss, injury, unptiitloii Hock. transaction, matter or til in;; whatsoever, relating to or connected with the Company, beyond the amount unjiaid on thtir pfspoctive shares in the capital "jtock thereof. ChIUuk uji unjiaia Tho Directors may call up the unpaid instalments of ntock how bulwicL's o:» «ti)ck. and when they shall think tit ; ami if any shareholder fails to pay any call due from him on the day appointed for the i)ayment thereof he shall Xm liable to pay interest for the same a*- the rate of six per cent, per annum froni that day to the time of payment. Directors may re The Directors may, if they think lit, receive payment in advance «'iT« payment iu from any shareholder of the whole or any part of tho amount duo •ilvouce 01 on upon shares whether called for or otherwise and pay interest upon ■hares and pay such advances at a rate not exceeding eight per cent, per annum, iiitorrtt thereon. Forfeiture of ohann After the time limited for tho payment of any call upon stock for non-payment the Directors may summarily declare forfeited by vote duly recor- ofcnlls. ded in their minutes, an}' shares whereon payment is not made, and such shares shall become the property of tho Company to be disposed of as may be orda'ned ; such forfeiture, however, shall not relievo the holder of such shares from the then existing liabilities to the Company's creditors. The payment of The Company may, if they sec fit, instead of decilaring forfeited calls may be forced any share or .shares enforce payment of all calls and interest there- l)y notion. on by action in any comj)etent court. Dividends not to impair capitul. Penulty. be held : of tho The Company shall not make any dividend whereby their capital will be, in any degree, reduced. The directors consenting to tho declaration of such dividend shall be jointly and severally liable to the Shareholders and the Company's creditors for all the debts of the Company then existing. A non-consenting Director may relieve himself of responsibility V>y entering his protest on the raii.ates of the Board, and publishing such protest within eight days in at least one newspaper published at, or as near as possible to the place where the chief office of the Company is. Debts to the Com- The Directors may deduct from the dividemis payable to any pany may be dc- member all such sums of money as may be due from him to the ducted from divi- Company on account of calls or otherwise, dend. Scolof the Comp'y In no case shall it be necessary to have tho seal of the Company not required as affixed to any contract, agreement, bill of exchange, promissory' proof. note, or cheque to prove that the same was made, drawn, accepted, or endorsed as the case may be. )i ^ii M Forfoliunatciihi- 'i^lio Chaitui' of the Company tthall bo ibrfeiied by uob-uscf tcr fnrnouuHcr. (luring three consecutive years at any one time, — o^ if the Company do not go into actual opettition within three years after it is granted. ThflwonlLiMriKP The Company shall paint or aftix, and shall keep painted or tobeloKibiyraint-aflixed its name, with the word Limited after the name, on the eJ, printml and outside of every office or place in which the business of the Company engravtHl. is carried on, in a conspicuous position, in letters easily legible, and shall have its name with the said word after it, engraven in legible characters on its seal, and shall have its name, with the said word after it, mentioned in legible characters in all notices, advertise- ments, and other official publications of the Company, and in all bills of exchange, promissory notes, endorsements, cheques, and orders for money cr goods, purporting to be signed by or on behalf of such Company, and in all bills of parcels, invoices, and receipts rcii!.ltyfo;nPi{l(!ctof the Company. The penalty for neglect to keep affixed the said word as aforesaid shall be twenty dollars, and twenty dollars per day fur every day of the continuance of such neglect ; and a penaHy in the case of any one authorizing the use of any seal ])urporting to be the »caX of the Company not having the aforesaid word, or signing any document on behalf of the Company and omitting said word, of two hundred dollars, and personal liability to the holdar of such document. TheCompauj may The Directors may, after being authorized by by-law sanctioned borrowmoney by a vote of not less than two-thirds in value of the shareholders and isHiie bonds at a meeting called for the purpose, borrow money upon the credit and debcnturefl. of the Company and issue bonds, debentures, or other securities for the sums borrowed: No such debentures to be for a less sum than one hundred dollars. The amount at any time borrowed shall not exceed seventy-five per cent, of the actual paid up stock of the Company. Full Htatoment of The Directors of every Company shall lay before its shareholders affairs at each a full and clear, printed statement of the affairs and financial mectinK for position of the Company at or before each general meeting of the elections. Company for the election of Directors. Note. — The foregoing is a digest of the " Canada Joint Stock Companies Act 1877 " from section one to eighty-seven. Hcctions eiglity-cight to one hundred and four inclusive relate to lioan Companies only. I EXAMPI^E OF A SPECIAL DOMINION ACT. t. (CHAPTER OG. A\ Act to Ixcori'ouatr " The Times Printing and Publishing Company." [Assented to 8th April, 1875.] Whereas the following persons, narael} : Wra. Allen, R. Thompson, R. H. Simpson, S. G. Beatty, T. Wilson, Robt. Knight, Wm. Neil, Alfred Campbell, John Conger, Jas. Brown, Robt. Neilson, J. W. Johnson, Wm. Green, Robt. Wallace, Jas. Cunningham, W. B. Robinson and Jas. Andc.son, jr., have petitioned to be incor- porated as a body politic and corporate, to carry on the business of the Times newspaper, and a general printing and publishing business in the City of Brantford, Province of Ontario, and in the various capitals, towns and placts in the several Provinces of the Dominion, and it is expedient to grant their prayer; Therefore Her Majesty, by and with the advice and consent of the Senate and House of Commons, enacts as follows : 1. The said Wm. Allen, R. Thompson, R. H. Simpson, S. G. Beatty, T. Wilson, Robt. Knight, Wm. Neil, Alfred Campbell, John Conger, James Brown, Robt. Wilson, J. W. Johnson, Wm. Green, Robt. Wallace, Jas. Cunningham, W B. Robinson, and Jas. Anderson, jr., together with all such other persons as now are or may hereafter become Shareholders in the Company hereby created, shall be and they are hereby declared to be, and are hereby constituted a body politic and corporate by the name of " The Times Printing and Publishing Company," and may by that name sue and be sued, implead and be impleaded, answer and be answered, defend and be defended in all courts of law or equity, and by that name they and their successors shall have perpetual succession, and may have a common seal, and may change and alter the same at pleasure, may establish agencies for the sale of the said newspaper and carry on the said business in the -"rf u variouH Provinces of the Dominion, may acquire lor tliernsalvo.s and their success- ors under any legal title whatsoever, property, leal and personal, may contract for, alienate, buy, sell, rent, lease, mortgage, or otherwise dispose of the same or any part thereof, from time to time, and at all times as occasion may require, for the purposes of their business only, for such sums or prices, and upon such terms and conditions as they may see fit. 2. The said Company is hereby formed for the purpose of continuing, extend- ing and carrying on the business of the Times newspaper, and generally for carrying on the business of printing, publishing, stereotyping, engraving, wood- cutting, lithograping, book- binding, and of dealing in anr,i|.. (A'/riu- iiaiin's in lull nml tliu atKlivs,s iinil calling of uarh plkiiiitN. of llic applicantM, with Hpccial tiu^tition of tlio natnos uf not Iohm than throe of their niiiuher, who arc to bo tho first Diretrtors of tho L'oii)|uuiy, iMitioMroi i.dtc is 3 At nuy time, not more tliait one month after the lant ))ul)licu- iNitint. tion of stieh notieo, the applicants may petition tho Liuutonant- CJovernor, through the Provincial S'jcretary, ft)r tho issue ot such letters patent. Wliiit it hliiill loii- •-'. Such petition must state the facts rerpiireJ to bo sot forth in tiiin. the notice, and must fuithcr state tho amount of stock taken by each ai)plicant, and also the amount, if any, paid in upon tho stock of each applicant. To »tnto whctlu'i 'i. The petition shall also state whether such amount is paid in Htock is paid i» cash or by tran jfer of property, or how otherwise. l'mIi or othonvisc. I III Higiuugo(i»otition 4. In caso tho petition is not signed by all tho sharoholdors, whoso names are proposed to bo inserted in the letters patent, it shall be accompanied by a memorandum of association, signed by all tho persons whose names aro to be so irisorted, or by their Attorneys, lawfully authorized in writing, and such memorandum shall contain the particulars required by the next proceeding sub- section. May ask for tho 5. The petition may ask for the embodying in tho letters patent ombodjingof of any provision which otherwise under this act might be embodied Homo Hpocinl in any by-law of the Company when incorporated. proviHion. Certain facts to bo 4. Before tho letters i)atent are issued, the applicants must established bcforo establish to the satisfaction of the Provincial Secretary, or of such the letters patent other oflicer as may be charged by order of the Lieutenant Gover- arc issued. nor in Council to report thereon, the sufficiency of their notice and ])etition, and that the proposed name is not the name of any other known incorporated or unincorporated Company : '1 Oatli may be re- quired. 2. And to that end, the Provincial Secretary or such other officer may take and keep of record any requisite evidence in writing under oath or affirmation ; and he, or any Justice of the Peace, or Commissioner for taking affidavits in either of the Superior Courts, may administer every requsite oath or affirmation. What thcletters 5. The letters patent shall recite all the material averments i-f patent shall recite, the notice and petition as so established. 11) Thfi Compim.v 0. Notice of tho j^rautin^ of the lottor.n patmit .shall lie lorthwith 11)11 Ntitut.'.!, j?iven \>y the Provincial Stcri'tary in the "C>i'tarlo (iozotto " in tho t'oi'in pii'scribcd by Niatutc ; anil from th(> li.uo of tlic lotiers patent the porHons therein named, ami tlicir NucceHMors shall he a body corporate and politif by the name mentioned therein. Tho following Special (Jencral Joint Stock Company Acts of tho Ontario Lcgihlaturo applicable to Hpecilic objects will be found in tht! Kniscd Statutes of Ontario at the chapters and jiages indicated : 1. COMPAN'lF.S KOI! TllADK. M AXl'IACTri'MS \r. CIIArrXH. 149 Joint Stock Companies General Claus(>s CS2 Special Acts of Incorporation from the Ontario Legislature may bo obtained by Companies ilesiring jiowers wbich the General (Ontario) Act, or Special General (Ontario) Acts anivttaro formed, and havin;^ given a digest uf the laws affecting thoin, wu now proceed to illuHtrato the method by which the books of Huch contiianicH Hhould bo kept, and for our purpose create The Ontauk) Thanspoiitation Company. Wo might, of course, illustrato the method c(iually well by a company engagod in printing, mining, manufacturing, or any other kind of business than that chosen, but the principles and methods that we shall adopt in the following set are applicable to all Joint Stock Company Brms wliich it necessitates that Joint Stock Book- Keeping differs from the ordinary Double Entry method of keeping accounts. Below is a list of the books and forms used in carrying on the affairs of the Ontario Transportation (>ompany, each of which is explained hereafter : By-Laws. Minute Book. Stock List. Instalment Lists. Instalment Scrip. Stock Certificate. Transb'er Book. Purser's Trip Statement. Journal. Cash Book. Grneral Ledger. Stock Ledcjek. Trial Balance. Dividend Sheet. Profit and Lo.ss Statement. Asset and Liability Statement. BY^LA^VS. Tho following By-Laws are given an an oxainple of by-laws in general, and the manner in which thuy are made. No two companies will have them exactly similar. Here we only allow tho stock of the company to be sold with the sanction of the Directors ; in another company it might not be desirable to curtail tho power of shareholders to sell at pleasure to whom they choose — as for instance, Bank Stock or Insurance Stock. I . nil BY•LA^^^s or Till! ONTARIO TRANSPORTATION CO. PAHiitKI) AT A MkETIN AT THE OKIICB OV THB Company on Fhidav, thk 20tii May, 1877. MEKTINOa 1. A general annual mooting of the SharohoMors mIimII ho liolJ at the ofHco of the Company (of which ton tlayn notice Hhall ho given hy circular to each share- holder) on the first Wednestlay in Fehruary in each year for the purpose of hearing the report of the Directors for the year last past, atid to elect Directors for the next ensuing year, and for all other general puiposes relating to the management of the Company, and at each such general meeting full and clear statements of the affairs of the Compuiy for the preceding year shall be sub- mitted. 2. A general meeting of Shareholders may be callud at any time (the same notice to be given as for the annual general meeting) by the Directors when they may deem the samo necessary or advisable for any purpose, and it shall l)e incumbent on the President to call a general meeting of the Shareholders when- ever required so to do in writing by one fourth part in value of the Shareholders of the Company for the transaction of any business specified on such written requisition and notice as they may issue to that eti'ect. 3. The Directors shall be called together by the President as occasion may require. 4. All questions at meetings shall bo decided by a majority of the raembors present either in person or by proxy to be filed in the ofHce of the Company and which shall be to the following effect : — ' 24 Pltuxv.— Tli'iH is to <;oitily that I, IxMiiir a Sliai'ohoMer in tho Ontario Transportation Company to tlio extent of sliares have nominatoil and appointed, and I do licreby nominate and appoint , who is a Shareholder in the waid Company, to rei)resent mo at all nieetings of the Share- holders of the aforsaid Comjiany, for whatever pnrposo the saino may ho called, and suhject to tho By-L'v»vs of tho Company, tho vote or votes of my above named representative shall, in all respects, be considered as my veto or votes, until I shall have signified in writing to the President of tho Company my with- drawal of this proxy. Dated this day of , A.D. . Witness : . 5. Shareholders sliall bo entitled to one vote for each and every share held by them in the Company, but no Shareholders being in arrear of any call upon his or her stock shall bo entitled to vote at an}' mooting of tho Company. DIRECTORS. G. Tho affairs of the Company shall bo under the control of a board of seven Directors, of whom five shall form a cpiorum. 7. The President and Vice-President of the Company shall be chosen by the Directors from amongst themselves, at the first mooting following the annual meeting of shareholders. 8. Tho duty of the President shall he to preside, if present, at all meetings of tho Directoi s ; call meetings of the Directors and Shareholders when necessary; to advise with and render such assistance to the Manager as may bo within his pow or. 9. In the absence of the President, the Vice-President shall have and exercise all the rights and powers conferred by these By-Laws upon the President. 10. It shall be the duty of the Secretary to keep a correct record of the proceedings of all meetings of the Board and of the Shareholders of the Company and to deliver when authorized to do so by a resolution of the Board of Directors all books, papers, or other property belonging to the Company that may be in his custody or possession to such person as may bo indicated in said resolution. n. Any Shareholder who is not in arrears for payments for calls upon stock shall be eligible to be elected as a Director. 12. The Directors shall hold office for one year, and until their Muccossors .shall be elected. 13. In the event of the death of an}'^ Director, or should any Director become incapable of acting, or cease to be a stockholder in the Company, the vacancy 25 tlder in tho tiominatoil -, who is a tlm Sliarc- ,y 1)0 calU^tl, f my above ;to or votoH, \y my with- 'l.jieby created may be (illeil for the unexpired remainder of the term by the Board from amon;^ the (inaliHcd shareholders of tho Company. U. Tho ]>irectors .'idll, from time to time, (h.'termine by res »lntion the salary or wages to be paid to tho otticer;} of tlie Com[)any. 15. A corporate seal sliall be provided for the C>»m[tany of siKrli design as the Directors may determine, whicli seal shall be in charge of the Sccretaiy of tho Company but shall, whenever used, rc<[un-o for its anthenticaticm the signature of the President and Secietarv. ' share held y call upon :iany. ,rd of seven osen by the the annual meetings of 1 necessary ; i within his md exercise ident. cord of the he Company 1 of Directors ; may be in resolution. upon stock icessors shall ctor become the vacancy STOCK. 1(1. Any Shareholder may, by leave of the Directors, but not otherwi.se, transfer his share or shares by making an entry of such transfer in a book to be provided for that purpose, such entry to be signed by him and his transferee, and witnessed and no person shall be allowed to hold or own stock in, or be interested in the business of the said Company without tho consent of the Directors first had and obtained, nor shall dividends be paid to any but the Sharcliolders. 17. The Directors shall not be obliged to receive full payment of any shares until tho same shall '^ave been demanded by call. 18. Calls upon the subscribed capital stook of tho Company shall be made at such times as the Directors may determine ; provided, however, that no call shall exceed twenty-five per cent, of the subscribed capital, and that there shall be an interval of at least three months between any two calls, 19. The Directors shall have power .summarily to forfeit all shares, and the money paid thereon upon which any call shall have remained unpaid for a period of six months after the same shall have become due and payable, and such forfeited stock thereupon shall become the property of tho Company. ,20 Certificates of stock shall only be issued for fully paid up shares, but for payments of any call upon the stock receipts on the Company's form shall be granted ; both the certificate and the receipt shall be under tho seal of the Com- pany and signed by the President and Secretary. AUDITING. 21. One or more Auditors shall be appointed annually by the Shareholders at the annual general meeting, whose duty it shall be to examine and audit the books and accounts of the Company, and any and all documents having reference to the business of the Corapari}', and prepare from the Company's books a balance sheet and abstract of tho Company's affairs, to be submitted to the Directors on the last Monday in January, accompanied by any recommendations or sugsfestions they may deem proper, yft^^ ' \ II 20 BANKING. 22. A Bank account shall be kept in the name of the Company at such Bank or Banks as the Dircotors may appoint, and all checks shall be signed by the Secretary. AMENDING BY-LAWS. 23. The Directors may, fiom time to time, as circumstancis may require, repeal, amend, and re-enact the above By-laws, but such By-laws and every repeal, amendment or re-enactment thereof, unless in ♦he meantime confirmed at a general meeting of the Company duly called for that purpose, shall only have force until the next annual meeting of the Company, and in default of confir- mation thereat, shall at and from that time only cease to have any force. ■'!l MINUTE BOOK. This book i.^ kept for the purpose of rccoraing the business done by the Directors at their meetings, and should be written up by the Secretary from notes taken as the business of the meeting proceeds. The reading and adoption of the minutes of a previous meeting is the first order of business at any meeting of Directors. r 'I MINUTES Of a Meetimj of the Provisional Dirertors of the Ontario 'Transporta- tion Company, held at the Office of J W. Johnson, Esq., in the City 0/ Belleville, on Wednesilaii, the ruh day of April, 1S77. Prksknt : 11. C. Harper, T. S.FORD, W. B. Romxsox, J. W. Johnson, ►S. G. Beatty, James Baker. The acting president announced that all the legal formalities bad been complied with, and the Company was duly formed under the Dominion Joint Stock Company's Act, with a capital of $50,000, divided into one thousand shares of fifty dollars each, all of which had been subscribed. He also stated that the duties of the Provisional Board were now performed, and moved, seconded by Mr. Ford, that a meeting of the shareholdei's be called for Wednes- day, the 12th April, 1877, for the purpose (as required by the charter) of electing a Board of Directors, which was carried. B. C. Harper. Minutes of a meeting of the Directors of the Ontario Transportation Company held at the office of J. W. Johnson, Esq., in the City of Belleville, on Wednesday, the 19th April, 1877. Present W. B. Robinson, J. W. Johnson, S. G. Beatty, T. S. Ford, R. C. Harper, Jas. Baker, Who were duly elected Directors of the Company at a meeting of Shareholders on Wednesday, the 12th day of April, 1877, as per the following certificate ; ^9 The nndeisigncd .s(MUtinoers appointed by resolution nt ft meeting of the shareholders of the Ontario Transportation Company held at the office of J. W. Johnson, Esq., on Wednesday, the 12th day of April, 1877, hereby certify that the following gentlemen were c paid the sum of 3100 each for their services.-— Carried. W. B. RolllNSON, President. 1)2 CO o 0) 9i oj o 4> fn 93 1^ 0) OS -^-fl (M u n u o c-^ 01 03 (U <» o oc 05 V PQ :m INSTALMENT LIST. Inhtalmkst No. I. Ill accordance with a rcsuhition of tho Buanl of Directoi'H of the Ontario Transportation Company a first call of twonty-flvo per cent, of the capital stock of the Company \h due and payable on the fifth day of May, 1877. When Rec'd. Subscribers Names. 1 Shares. Instalment. Interest. Amount Received. Remarks. 1877 May .) Jas. Baker, ¥j. Thomnstm, Fred Wilson, 200 50 2,500 (525 2,500 025 l< 75 937 50 1 037 50 >( the CapiUl Stocic of the Company i« duo and payable on the 2()th day of July, 1877. When Rec'd. July 20 Subscribers Names. 31 W. B. Robinsoii, J. W. Johnson, S. Q. Beatty, T. S. Ford, R. C. Hooper, Jas. Baker, Wm. Shannon, Fred Wilson, Francis Murphy, R, T. Bell, E. Harrison, L. W. Yeoraans, Interest, ^ 100 100 75 25 125 200 50 75 100 20 00 70 1000 Instalment. 2,500 2,500 1.S75 025 3,125 5,000 1,250 1,875 2,500 500 1,500 1,750 S25,000 8 $25,008 Interest. 00 01 01 1 3 3 8 07 20 74 01 Amount Recuived. llL'marks. 2,500 2,500 1.875 025 3,125 5,000 1,250 1,875 2,500 .>01 1,503 1,753 825,008 07 20 74 01 Entered Cash Book folio 3. 8 S u CO H 2 H CO 7! a a I: -2 Z 1 a .22 g a 3 9t i o l-H \^ H O o H S I I — a J5 •C a)-2 C'S o Ifi in a <-^ •5-< hH ';3 & I ;5 9 « ■,fl " • tti»fp»».«r«»'------'^-"--»*-»--- _ V' .- .at* i o u w 1^ H ta 'A m 1-^ U. o H 03 •-» ?. ei b ^ o o 3 M u P^ H <■% »^ o a Q u SK 09 t-t -*1 01 5 a ss ^ ^ to w in w O O CO o (/} 0) c« o 5 o 5 « « CO (B a. _ (o te .3 o ^ 4) PS -2 S ^-^ *7 S S o CO o ^ Sow CO a>, t -fl t? « CO 30 9 bo o % M c a> a ■a CO o a, a> 9 O o 03 ■3 ce a •4J •n 'o I ■*» CO s CM P Pi rn o o H c« W 03 zn a.S«« X 9 < 1-3 > h9 Ed p; § 0) « ^ fl •S -2a 09 03 (D . >-i (^ O) ^kS 3 "5 fo 03 > fc-> O ^ a lO 15 o ci H X O a c eS Ph S o O o o so ^ 75 'A H o , -. .Ji- /^_.,-^.-'--.jv-^^.': .^-^->- "*-^^iC::.~ 00 to o Pl4 o a o t-9 o Ph n ««* W o >o «»^ u o 05 M « H (4 M O d -s M . , • O ~~^— (N H O 4() _ 0)1 s o o -y i- X 3 £ w J^ i>. .* ^v o W •^ 1^ 1-^ O ci O o (TI Ci w w «y^ y^ » ca §0 9 af-iiiiri a 8 a 6 nces on t Manif es, • isions, 1 and Hj mission terage a neer's D s' Depa a Short, paiil T bo c 1 ee i 43 5 >> .-. s = s :: 3 5 -• ;; s CQ 3 o 1 H •* -t* W t>. pH »-H ^ W 5C •y? -!»< © O CO ■* O 9-\ O C5 ■«*• C5 CM . ■* ' O l>. 1- w^ ri ^ fH c^ ' w .y^, THE JOURNAL. s ^ ^ "^ 1— t It is not necessary hero, as it would bo in a primary work, on book-keeping, to explain the nature of the journal, hence we will confine our explanations to entries peculiar to Joint Stock Companies and this particular sot. The opening entry, " Sundries Dr. to Capital Sto^ik " is the tir^st entry of any kind made in Joint Stock books. By it we debit the original subscriber.^ for stock with the amount of their subscriptions, and ])lace at ^he credit of the Capital Stock account the total of these, which is the nominal capital of the company until all calls upon stock are paid, when it becomes the real capital. To find the real share capital of the company at an}' time before all calls are paid you would deduct from the amount at the credit of Capital Stock the several sums standing at the debit of the Shareholders. Another way o^ dealing with the Capital Stock is to credit it only as instalments are paid, and not open accounts with the original stockholders in the general ledger. We prefer the system here adopted for the reason that original stockholders hind themselves by their signatures on the stock list to i)ay all calls upon stock and therefore wo treat them as debtors to the Company to be looked after as any other debtors, till such time as their obligations are discharged. Stockholders are often desultory in their payments and it is therefore proi)er and desirable that the sums owing by them should be shown in the Company's ledger. Our system likewise prevents confusion, as having placed the total Capital Stock on record in the ledger, no further dealing with the account is necessary until it is desired that it shall be increased or diminished. It is only the aggregate amounts of receipts and expenditures of the several vessels that are recorded in the general books. The pursers being the receiving and disbursing agents we open an account with each charging him with all he receives and crediting him with all he pays out as shown in his trip statement, which is an abstract from his books. When the pursers at the end of the season pay theii balances in to the head oftico, and are credited with any outstanding freights, their accounts close as shown in the ledger. The Purser of the "Atlantic" closes the season without any outstanding freight charges, the purser of tbe^ ill \'2 " ruciHc" with an account against two individuals which arc jounializud to his credit as shown in cxanij)le. A joninal entry transferring unpaid stock is made in the Journal and explained with the transfer l»ook. On July the .'}lst the "racilic," and on August the 4th the "Atlantic," com- plete their third trips and their season's work, and hetwecn the last date and the loth of August, when the directors meet, the closing entries in the books are made. After the last cash book, and journal entries of August 8th are posted we take of a trial balance as shown in example and then proceed with the closing entries leading into Profit and Loss, As it is desirable, indeed necessar}', that the profits of each vessel should be determined separately we open a *' Working Account " for eai;h, to which we transfer its own income and expen- diture from the general accounts, the diHTerence between the debit and credit Iteing the net amount made or lost by each vessel. We next close into Profit and Loss, any general accounts that have produced profit and after that the working accounts of each vessel. An}' general accounts showing a loss we now close into Profit and Loss followed by the working account of any vessel that might be unfortunate enough to lose money. Havipg gone this far you are aware of the net results of the Company's operations for the year, of which you inform the Directors at their meeting. The Directors finding that the sum of $0,739.04 is the total profit for the year, being 13A per cent, upon the capital stock, proceed to the consideration of the dividend. It seldom occurs that any properly managed company declares a dividend amounting to the full sum of its profits, but reserves a certain sum against possible future contingencies, hence we declare a dividend of 10 per cent., and allow the balance to remain at the credit of Profit and Loss. We might carry this balance to the credit of a " Surplus Capital Account," or " Rest Account." Canailian Joint Stock Banks usually have a " Rest Account " to the credit of which a certain sum is carried annually from the Profit and Loss Account until it reaches a certain proportion of the Capital Stock, and it is customary also with them to leave a certain amount at the credit of profit and loss. The pros- perity of our Chief Canadian Banking Institutions is in a large measure due to following this wise course. Besides the provision which the posse.ssion of a " rest " makes against unforeseen contingencies, it serves the exceedingly useful purpose of enabling the Company to pay as nearly as possible a uniform dividend from year to year. In any one year the profits of a company will not be precis- ely similar to those of a previous year — they will vary say one half to one and a half per cent., but the possession of a rest will enable the directors to equalize the dividend and preserve the Stock of the Company from the fluctuations in price, to which a constantly changing rate of dividend would subject it. The Directors having declared a dividend of 10 per cent,, we make tlio necessary journal entry debiting Profit and Loss and crediting Dividend No. 1, alizud to Bxplained ;ic," coin- date and books aro ive posted with the necessary, vo open a id expeu- uid credit nto Profit r that the iH we now 'essel that ir you are which you 4n which is the last journal entry made. We iuinied lately bej,'in to pay out the dividend as per Dividend Shoat No. 1, which contains tlio names of jjtocikhoMcrs taken from the stock ledger. As each sharohoUler rooolves his dividond he signs his name as a receipt ui)on the Dividend Shoc^t. We cioilit Cash and Charge Dividend with the sum total of the Dividend Sheet. We now close and i)ost the cash account and proceed to bring down the balances of the ledger accounts that are unclosed, which are the Asset and Liability accounts, all others having been dealt with before the dividend entry was made. This being done we make out the yearly Asset and Liability, and Profit and Loss statements, which are usually printed for circulation among the stockholders after being examined by the auditor or auditor.^. )v the year, lion of the declares a ertain sum per cent., night carry b Account." le credit of count until lomary also The pros- isure due to se.ssion of a ingiy useful rm dividend »t be precis- jo one and a to equalize ctuations in t it. c make the dond No. 1, - JURNAL, J. F. 1. BELLEViLLE, 5th May, 1877. L.F.! 8 1 1 1 1 1 1 2 2 2 2 2 o 3 3 3 3 3 Sundries Dr. to Capital Stock. W. B. Robinson, For 100 shares ^r §50, J. W. Johnson, S. G. Beatty, T. S. Ford, R. C. Hooper, James Baker, E. Thompson, Fred Wilson, Francis Murphy, R. T. Bell, Edward Harrison, L. W. Yeomans, « << <( <( 100 75 25 125 200 50 75 100 20 00 70 K II II 1000 " Sundries Dr. to L. Shickluna. Propeller " Pacitic " Constrtiction Acc't, For Purchase S23,000, Extras as per bill $540 Propeller " Atlantic " Construction Acc't For Purchase $23,000, Extras as per bill $900 29th- L. Shickluna Dr., .... To Bills Payable, For the Company's Note, at two months from date, for balance of purcha.se money of Propellers " Pacific " and "Atlantic," .... 5000 5000 3750 1250 0250 10000 2500 3750 5000 1000 3000 3500 23540 23900 37440 00 00 00 50000 47440 37440 00 00 00 45 J. F. 2. J. F, 3. l..¥ 4' m u 4 G G 6 7 7 7 7 8 H 5 5 G 4 5 6 4 6 G 6 7 7 7 7 8 8 Bellfaii.le, June 8tli, ISfl. saMMinsas Purser Propeller "Pacific" Dr. to Sundries Freight, As per Trip Statement No. 1, PaHsenger " " " " Sundries Dr. to Purser Propeller "Pacific" Wages, as per Trip Statement No. 1 , Fuel, Provisions, " " Canal and Harbor dues. Commission and Agency, Lighterage and Elevating, " Engineers' Department, Mates' Department, Grain Short, (( • (I « (( .< i( II II II II 12th- Purser Prop'lr "Atlantic" Dr. to Sundries Freight, as per Trip Statement No. 1 Passenger, Sundries Dr. to Purser Prop'r "Atlantic" Wages, as per Trip Statement No. 1, Fuel, Provisions, " " " Canal and Harbor Dues " Commission and Agency, " Lighterage and Elevating, " Engneers' Department, " Mates' Department, " Grain Short, -Julv Ist. Purser Propeller "Pacific" Dr. to Sundries Freight as per Trip Statement No. 2, Passenger Sundries Dr. to Purser Propellor "Pacific" Wages As per Trip Statement No. 2, Fuel Provisions " Canal and Harbor dues. Commission and Agency Lighterage and Elevating, Engineer's Department, Mates' Department, Grain Short, II (I K II 1840 73 210 G7 218 24G 121 391 25 58 31 1797 97 275 74 197 225 117 340 17 39 5 3290 429 320 500 429 274 133 429 14 58 4 G3 50 00 50 40 30 00 90 50 40 90 5G 50 G4 18 10 87 49 27 G3 GO 94 40 00 00 00 30 20 90 37 50 60 20 1914 1371 00 72 1895 1292 3719 13 90 40 9164) 07 Mi Uki.i.kvii.i.k, July .stii, I.S77. J. F 4. (i G {) 7 4 7 JS 5 « 8 4 () G 7 4 7 8 C 5 6 6 6 Piirscfv Prop'r "Atlantic" Dr. to Sundries Kioiyht As prr Trip Statomont No, ti. Pas8on},'cr " " " (jiainOver Sundries Dr. to Purser Prop'r "Atlantic" Wages As per Trip Statement No. 2, Fuel Provisions, " " Canal and Harl»or dues, " Comniis.sion and Agency, " Lighterage and Elevating, " Engineer's Department, " Mates' Department, " u - 13tli Wni. Shannon Dr., To E. Thompson, . For Stock Transfer this day as per Trans- fer Book. - 31st. - Purser Prop'ler "Pacific" Dr. to Sundries Freight, ns per Trip Statement No. 3, Passenger, " " " Grain Ovci-, « Sundries Dr. to Purser Prop'ler "Pacific," Wages, as per Trip Statement No 3, Fuel. Provisions. " Canal and Harbor Dues, " " Commission and Agency, " " Lighterage and Elevating, " " Engineers' Department, " " Mates' Department, " " -August 4th.- Purser Propler "Atlantic" Dr. to Sundries Freight, As per Trip Statement No. 3 Passenger, Sundries Dr* to Purser Prop'ler "Atlantic" Wages, as per Trip Statement No. 3, Fuel, Provisions, " " Canal and Harbor Dues, « « u « Carried forward. 3102 .')G() 47 297 41)7 474 2r)3 133 413 .'» 10 12:.() 3:>24 784 30 205 420 37G 252 125 370 20 34 2054 784 232 304 420 220 12G8 42 00 00 00 G4 GO 40 00 20 (iO 00 00 GO 20 00 50 00 20 40 i'i 40 50 20 ?.7 oi) 50 20 50 00 10 3700 20SC 1250 434: 1012 3738 42 24 00 80 05 27 47 , IH77. UiiLi.iiViLia:, August Uli, li**77 1 .F. Brouglit forward, 12G8 10 1 7 CommisHion and Agency, " " 11 .-1 23 1 7 Lighterage and Elevating, " 397 20 1 7 EnainoorB' Department, 9 75 J700 42 1 8 Grain Short, 29 50 1 8 Mates' Departnitnt, " " 14 95 J. F. 1 1834 73 5. 4 8 August 8th. Sundries Dr. to Purser Prop'ler "Pacific" Jas. Scott, For Freight uncollectd at end of .sea.son, 49 27 8 Robt. Thoni.son i:)0 20 199 *7 ^ 20SG 24 9 i) 9 General Expense Dr. to Sundries A. B. Gilbert, for 4 months salary (?? SlOO, M. MacCormick, " " feSloO 400 GOO li 12:>0 00 (NOTE.-Trial Balance taken at this point.) 1000 00 1 10th. 1 10 Sundries Dr. to "Pacific" Working acc't, ■* 1 5 Frciirht For Season 1877 8G:)5 56 •i 1 G Passenger, " *' 128G 70 ■ 8 Grain Over, " 39 00 9981 t 26 4847 80 10 "Pacific" Working ac. Dr. to Sundries, G Wages, for season 1877, 82G 14 G Fuel, 99G 18 t G Provisions, " 1023 GO 7 I Canal and Harbor Dut8, 773 47 7 Commission and Agency, 381 14 7 Lighterage and Elevating 1200 04 i 1 7 Engineers Department, GO 63 ' 8 Mates Department, 151 40 1 8 Grain Short, 30 14 5 Insurance, 200 00 1012 95 5648 74 10 Sundries Dr. to "Atlantic" Working acc't. , 5 '' Freight For season 1877 7944 32 6 Passenger, " " 1441 50 1 8 Grain Over, " " 47 00 8738 27 1 1 J.I I 6. 10 "Atlantic" Working Ac't Dr. to Sundries 9432 82 I 6 Wajres, . / for Season 1877, 804 50 1 G Fuel, 9GG 34 G Provisions, Carried forward, 1092 50 34 ■ 2863 V 48 I BkI.UIVII.I.K, Au^'UNt loth, 1877. h.Y. 1 Krouglit foiwaitl, 1 •ih(}:i 1 :)4 7 Canal ami Harbor Duoh, " " vm ((0 1 7 CoininiNMion and Aj,'oncy, " " 'MM 13 • 7 Lighk'iage and Elevating, " " 1151 no 7 Engiiioors' Department, •' " as 85 H Mates' Department, " " (55 25 S (hain Short, :vt 40 5 InMurancc, " *' *J00. 00 1 5113 87 11 Sundries Dr. to Piofit and Loss, 1 3 DiMcount and IntereHt for SeaHon 1877, 27 57 10 "Pacific" Workini? Account. Net gain Propeller "Pacific," Season 1877, "Atlantic' Working Account. Net gain 43:J2 52 10 Propaller "Atlantic," Season 1877, 4018 95 8370 04 11 Profit and Loss Dr., 1040 00 To General Expense, For Season 1877, 1040 00 11 5000 00 Profit and Loss Dr., — 5000 00 To Dividend No. 1, ■ ? For 10 per cent, on Capital Stock declar- i ed at a meeting of the Directors this day. vv, on 1877. VH:i H7 8371) 1G40 5000 04 00 00 CASH BOOK There is no i)cculiar ieature in tlie Cash Book of a Joint Stock Company that calls for any cxpUination : it is kept after the manner of the Cash Book in any ordinary business. 50 (Ml. F. 1. CAI m I hi. IH77 Muv ti «« ii ti II 11 11 •20 2U 1 2 2 2 2 2 2 I 1 1 1 1 3 4 10 •liiiiv' 1 8 12 II It |1>0 11 l« II II 11 II ii I. II i p^^^t *l»(' iiiHtalmunt;!, Bank Montreal. <'>H>.it (»r (!aHlt, Tu balance brovight iluwn, i$iiS 4M •' Purser Propellor " Pacific," iiemittanoe for tiij. i, Atlantic," " Bank of Montreal, (hock j, ii ii ii 11 •! ;?loo. Hino, i!i24o; Chocks 4, .''), 0, " W. B. Robinson, Secoml InNtalment on lOOahareH of Stock, It Ii II J. W Johnson, 8. G. Beatty. T. 8. Ford, R. C- Hooper. Jas- Baker, E- Thompson, F. Wilson, Francis Murphy, R T. Bell, E- Harriaon, L W- Yeomans. Discount and Interest on pust due instalments, ii 11 It 75 2r> 125 200 r>o 7.5 100 20 fJO 70 II II Total to debit of casli, Jialanco from last month, 2.^00 (i20 12.V» 2.^0 7.'iO H7fl 12ftO 1 -0 ',.'^0 . .,no 16rt2j50 l.'J 1H 10000 0(> 12251.') 4M .100 475 00 00 200 00 200 00 490 12.50 1250 00 00 00 937 50 312 l.')62 2500 025 937 I'J.'iO 250 50 50 00 00 .50 00 Oo 7.'>0()0 875 00 14.371JOH 08 4S .$14439 5f; Xi H7ft 1 -0 16rt2|50 lOOOCMMt $2L'5l.'» nno 4H 00 47.'iOO 200()0 200 00 49000 12r»0()0 1250 00 937 50 :n2 1562 2r)00 025 937 1250 50 50 00 00 50 Oi> 250 00 750()0 875 00 rJoH U3710H 08 4S .$14439 5t; •1 ACCOUNT. r. II. K. i. Vh. l«77 5 Id 30 20 20 29 i 4 4 4 5 3 •I uno i< It ti II 20 30 i>y B«nk ef XontrtAl, |)l*|K)Hit, M It A500 00 " Fvritr Properr *' Paciflc/' AiivKncni for wm of \umi, "AtlAntio," 412.^ 2120 200 200 " L. Shicklomt. 10, " 4: By BankofMontnal. 5 '* ZniTiranM, 9 9 9 9 4 4 10 " A. B. GHlbert, " M. MacOormick, " General Zxpense, " Office Formture, " Montreal Bank, •III Accomit «f INinlmw) I'licfk 1,1 lOOOO Total toCicilit of (Wi, Btiliiiicf, ;422445 OH ,4122513 DopOHlt, Policy in Uoyal Caniulian $20,000 on "Pucific" ut one per ccnt,( 'hock 3, Policy in lloyul of England $20,000 on "Atliintic" »it 1 i>er cent, Chock 3, rtcc. Halnry, Check 4, •• " 5, HtnmpB, Stationery, and Bookn, FurniHhing iM.'r Oeo. B. Tickell'a ace. Deposit, Total to Credit of Cash, Balance, 900 200 200 100 150 40 240 8000 4500 14330 109 00 00 00 00 00 CO 4H 4H OO 00 00 (M) 00 00 (H) 00 00 00 60 $14439 56 1 52 1 (J.B. F.3. CASH Db. July Aug nil. 1 1 8 20 ennanent credit, only affected when the Capital Stock of the Company is either increased or diminished. The explanations preceding the Journal render it unnecessary to say anything further here regarding Ledger Accounts that are peculiar to Joint Stock books. 55 L. F. I Dr. W. B. 110BIN80N. Cr. )f<77 To Capital Stock, 1 fiOOO $5000 1877 May Ju'« July By Cash, J. W. JOHNSON. 1877 May To Capital Stock, ' I 5000 13000 1877 May Ju'e July By Cash, S. G. BEATl'Y, 1877 May To Capital Stock, 3750 $3750 1b77 May 'July By Cash, T. S. FORD. 1877 May To Capital Stock, By Cash, •t (4 R. C. HOOPER. 1877 May 5' To Capital Stock, By Cash, tt it M t( JAMES BAKER. 1877. May 5 To Capital Stock, 1877 1 1 10000 May! 5 Ju'e:20 July 20 $10000 By Cash, U il tut! 5G L.F.2 Dr. E. THOMPSON. Cu. T877 May To Capital Stock, 2500 12600 il»77 May Ju'e July By Cash, «• W. Shannon, FRED WILSON. 1877 May To Capital Stock, 1877 1 3750 J3750 May Ju'e IJuly 6 20 20 By Cash, 937 937 1875 $3750 50 60 00 FllANCIS MURPHY. 1877| May 6 To Capital Stock, 1 1877 1 1 5000 $5000 May Ju'e July 6 30 20 By Cash, (< tt R. T. BELL. 1877 May To Capital Stock, \\Hn 1 1000 |May Ju'e 5 30 July 31 $1000 By Cash, tt ti EDWARD HARRISON. 1877 May 5 To Capital Stock, 3000 $3000 18771 Mayil5 Ju'e j 30 July 31 By Cash, L. W. YEOMANS. ' i 1877 May 5 To Capital Stock, 3500 $3500 1877 May Ju e July 15 By Cash, 30 " 30 " " F. 2 Oil. 15 iO )0 M 50 37 50 175 00 Hi 250 250 500 000 250 250 500 1000 750 750 1500 3000 875 875 1750 sasoo Dr. 57 CAPITAL STOCK. h. V. :i On. 1877, M«j 5 By Suudriea, ! i i 1 50000 PROPELLER "PACIFIC" CONSTRUCTION ACCOUNT. 1877 May To L. Shickluna, 2:)S40 PROPELLOR " ATLANTIC " CONSTRUCTION ACCOUNT. 1877 1 I May! 6| To L. Shickluna, 2.3,9001 L. SHICKLUNA, St. Cathakixes. 1877 May To Bills Payable, " Cash, 37440 10000 <47440 1877 May By Sundries, 47440 147440 BILLS PAYABLE. 1877 Ang 2; To Gash, ,37,440 i 1877 May 29 By L. Shickluna, I i I 1! 37440 DISCOUNT AND INTEREST. 1877 Aug 10 To Profit and Loss, 1877 6 27 57 May Ju'e 20 30 July 31 $27 67 By Cash, tM lii ^lijf I.. F. 4. 58 Ds. MANK OF MOXniKAL. C'R, 1877 -_ . — ._ . _ ._ —^ "18771 1 ... 1 May 5 To Caah, 2 5500 00 May 29 By Cash, ll 15 <« ti 2 4125 00 Ju'e 12 tl >» I 20 U It 2 2420 00 12 tl tt 1 Ju'e 12 u u 2 900 00 li it it 1, 20 tl t( 2 8000 00 Aup; 2 tl tl a 20 (t «( 2 4500 00 8 ti '1 » July 1 tl i< 4 1500 00 8 It tl ;< 8 i< «l 4 1650 00 12 3 20 « <• 4; 21000 00 linlancc, 1 31 00 05 47 2i; JU L. F. V $5H5:W fi7 Db. TV ItSEll PR()P£IXK1{ "ATLANTIC." fn. Cn. 10,000 00 200 00 200 00 490 00 37,440 00 750 00 600 00 5000 00 :5S59 57 1877 May Ju'e July Aug To C»Bh, " Sundiies, (I 1877 * 200 00 Ju'8 12 il 2 1895 i:t 12 • .'{i :n9'.) 42 July 8 < 41 :(73H 27 8 •• Aug 4 « 4j • 8J ' 19682 82 Jly SundiiCB, •' CmIi, " SundricB, '* Cash, '* Hundiiei, Cash, 2 1292 l' 476 8 2086 8 1600 4 1884 3 1860 8 493 1 $9032 90 00 24 00 r\ 00 95 82 1H77| FIJEKJHT. AugllO To" Pacific "w'kg ac. 5 Id .» «• AllnntU'" " 5 10 Atlantic' f-'055 7914 56 82 $16599 88 18771 I Ju'e! 8. Dy Purser "Pacific" 12 •' "Atlantic" Juij 1 " "Paci6c" Aug HI 31: 41 it "Atlantic" "Pacific" "Atlantic" 1 2 1840 2' 1797 '. 8 8290 3 8192 4 3524 .4 2964 $16599 56 c:j 40 42 «i) 27 i. 1871 7'i il 500 Oi) . 1 1500 00 V 2164 07 1 1912 95 ^ 2800 00 ^ 288 05 5, i 199 47 $10181 2i") 1877 Ju'e To Cash To CaEh , ("Pacific") , ("Atlantic") INSURANCE. By "Pacific". ^^k'gac '• "Atlantic" •• L. F. (1. (H) i)H. PASSKN(JKU. Or. 18771 AugllO 10 To ••Pacific" w'knuac. •"•Atianlic" " 1 s 1286 70 1S77 Jue 1 s 1441 60 July 12 1 8 31 Aug 4 12728 20 Bjr Puner "Pacific'' •' "Atlantic" •« ••Pacific" •' ••Atlantic" •' "Pacific" •• ••Atlantic" 1 2, 7.'< fiO 2 !)7 60 H i'l'J 00 3 MO 00 4 784 20 4 784 00 $2728 20 WAGLS. I till 1877 1 Ju'e 8 To Purser •Pacific," 2 12 " '• ••Atlantic," 2 July I •( ti "Pacific," 3 8' •< •« •'Atlantic:" 3 31 '• "Pacific,'* ''I Aug 4 •' •' 1 1 ••Atlantic," 4 1877 "" Ju'e 8 ToP iwer "Pacific" 12 "Atlantic" Julv I ••Pacific" 8 "Atlantic" 31 II "Pacific" Aug 4 "Atlantic" • 210 275 320 297 295 232 $1630 i|1877 C4 lAugllOl By'Pacific' w'lsng ac. 6 00 liol " 'Atlantic' " C 00 00 60 60 64 FUEL. ; 1877 2 67 18 Aus 10 2 3 3 74 500 497 60 00 64 1 10 4 429 00 4 394 $1962 20 52 By '"Pacific" w'kg ac. 6 " "Atianlic" " I 6 II PROVISIONS. 1877 1 1877 1 t Ju'e 8 Po Purser "Pacific," 2 218 10 Aug 10 By "Pacific" w'kg ac. 5| 1 1023 60 12 '• " "Atlantic," 2 197 40 10 " "Atlantic" " 6 1092 50 July 1 8 31 •• " "Pacific," « • •• "Atlantic," " •' "Pacific." 1 41 429 474 37G 30 60 20 i Aug 4 '« •• ••Atlantic," 4 420 $2116 50 10 $2116 10 Cm. — 7.1 {,0 !»7 60 42'J 00 r.tfo 00 7H4 20 7N4 00 2728 20 82(5 I '4 801 |l*>30 CI 50 D'JG H (iO '^l 10 DO 4' .'14 20 i 14 t)5 1 I 12 IC fiS Aug' 10 Ht "Pacific" w'kgac. 10' " Atlantic" I i:>i Off |2l4i 40 2.-1 (iff tJlLVlN HllOKT AND oVKK. 1B77 .lu'o July Aug To Purser "Pacific," " " "Atlantic," ti .. ttl>acific'* " " 'Atlantic," " •' i'acilie" w'kg ac. " "Atlantic" " ' 1 1877 2 :n 94 July 8 1 2 ff J»0 31 ' 3 4 20 Aug 10 4 2'J CO 10 . fi au 00 1 ff 17 $157 00 54 1 ! 1 Hy Purser "Atlantic" •• " "Pacific," " "Pacilic' w'kg ac. " "Atlantig" •' 3 ! 47 00 4 1 :i{» 00 "! , 3(5 11 u 1 ;iff 1 40 1 1 fl67 54 JAMES SCOTT, l«77l I I il AugrsI To Purner "Patifie," I 6l| 49 I 27 ROBERT THOMPSON. 1«77 I I II Aug! 8l To I'urier "Pacific," ' si; 150 20 1 I 6t L F. U. Ck. 40 2.') Dm. TSfT .lu'e Aug 12: To ('a«h, A. l\. CJILBEUT Airr. 100 :ioo 00 00 I 00 1 Aug 8 By f»«n«rftl Kxpenie Cu M. MACCC^IIMICK, Manaukii. 47 00 .•|!» (10 :ic 14 :;:i 40 i67 64 I677i Ju'eTi Aug 8 To Cash, By General ICxf onse. 5 1 COO 1 00 i $600 00 CJENEKAI. EXPENSK. 1H77, I Ju'e'l2 To Cash, Auffl 8 " Sundries, 8 •« Cash, 2 40 fil 1000 00 i 41 ' «00 00 :| 11877 00 1' Aug 110 Hy Profit and Loss, |I(;40 '00 il 6: 1G40 9uno 00 00 OFFICE FUrvNITUKE. 18771 Ju'ell2 To Cash, 2, 240 I 00 U V. 1(). 4*1 I>K. 1H77 Ju't Julj Tu Sundricii, Aug 121 (JAHII. =.^4. |,IM77, I 48 MajLhi OrHiindnti, OH Ju'«|.'iO 01 i Jolyail " 00 AuiT t'Ji •« Ok, i! 1 1 4 2244A 14:t:iO 'toioo 4((7H4 00 00 00 67 Ill.'lUftO fi7 1H77) .II7 13| To K. Thompson, WM. SHANNON. 1250 118771 00 I 'July 1 20 O7 Cash, laf i2r>o m KAI!IFIC" WORKINU AC'COrNT. Ang To Sundries, Tu Profit ind I^oss, 5648 4332 90. I. IM 4II BOOO I 00 Am 10 By I'rof.t and Low, Ul. iflpr* STOCK LEDGER. TIio use of a Stock Ledger will be apparant if you consider how difficult it would bo to keep an account in the General Ledgtr with the individual stock- holders of a company who hold stock to-day and part with it to-morrow, as is done with the individual partners of an ordinary business whose interest is permanent. For reasons that are given » -mge 41, wo open accounts in the (Jeneral Ledger, as well as in the Stock Ledger, with original subscribers for stock, or those who receive a transfer of stock before all calls are paid ; for all who may become possessed of paid up stock by transfer subsequently we open accounts in the Stock Ledger only. This book, therefore, contains nothing but the the name and address of each Shareholder, the number of shares of the capital stock of the Company held by each, and the instalments that have been paid upon them. Transfers are posted as explained at pages 38 and 39. Before all calls upon stock have been paid the aggregate credits of this Ledger and the amounts at the debit of stockholders in the General Ledger should correspond with the amount at the credit of Capital Stock in the General Ledger. A.fter all the calls have been paid the aggregate credits of this Ledger should agree with the credit of the Capital Stock account in the General Ledger. e7 S. L. V. I. Dit. \V. a ItOIUNSON, IW.u.vMU.K. Cr. 1 1877 'May Ju'e July By 1st, Instalment, " 2n(l. " :ira. Hliurvt 100 1250 12^0 2500 .J. W.JOHNSON, JIkllkvilm:. 1877 Aug To VV. A. Shepard, filiari'i 1S77 r.0 2500 May Ju'e July 16 20 20 lU lav instalment; «• 2n{l 1 100 1250 1250 ! 2500 S. (1. BKATTV, Toronto. fficult it lal stock- ow, as is iterest is ts in tho for stock, who may ccounts in the name 1 stock of pon them. lis Ledger grer should ral Ledger, (xer should ger. 1877 May 20 By lat Instalment, 75 9:i7 50 Ju'e 20 •' 2nd y;{7 50 July 20 " 3id " 1H75 00 T. S. FORD, WiiiTUY. 18771 May 20 Ju'e 20 July 20 By Ist Instalment, { 25 " 2nd " " 3rd « 25 312 50 1 312 50 i 025 00 R. C. HOOrER, KiNosTON. 1877 May Ju'e July 20 :i0 20 By 1st Instalment, '• 2nd " « 3id '« 125 l.'')G2 1562 3125 50 50 00 JAMES BAKER, Bkllevjlle. 1877 Ma} Ju'e July 5 20 20 By Ist Instalment, " 2nd •« " 3rd « 200^ 2500 2500 5000 E. THOMPSON, MoN'riiEAL. 1877 July 13 To Wm. Shannon, 50 1250 $12S0 1877 May Ju'e 5 20 By Ist Instalment, « 2nd 50 625 625 $1260 S. L. V. 2. Db. 08 FRED WILSON, Ciiicacjo. Cr. 1877 May Ju'e July By Ist Instalment, " 2nd " :{rd HhiirvK 75 037 1»37 1 J 1875 1 50 50 00 FRANCIS MURPHY, Milwaukee. 1877 May Ju'e July By Ist Instalment, " 2nd " " 3rd 100 1250 1250 2500 R. T. BELL, Belleville. 1877 May 6 Ju'e 30 July 31 By let Instalment, " 2'jd " 3rd 20 250 250 500 E. HARRISON, Belleville. 1877 May 15 By Ist Instalment, 60 750 Ju'e 30 •' 2nd 750 July 31 " 3rd 1500 L. W. YEOMANS, Belleville. 1877 May 15 Ju'e 30 July 31 By Ist Instalment, " 2nd " 3rd 70 875 875 1750 WM. SHANNON, Belleville. 1877 Ju'e 13 July 20 By E. Thomiion, " 3rd Instalment, 50 I 1250 1250 W. A. SHEPARD, Belleville. I I! 1118771 (lAugl 61 By J. W. Johnson, | 50 ( 2500 Ca. 037 50 •»;n 50 1875 00 GU 1250 1260 2500 250 250 600 750 750 1600 875 875 1750 Fol 3 « 4 i( 5 « G « « TRIAL BALANCE. Account. 8 « (H) To Capital Stock ifiolMJ For ten paid up shaicH votf'(l to tho Prosijlcnt by a roHolntion of tho ])ire<'toi'M tills day. And in tho Stock Lcd^'cr, W. H. UoblnHon, civflit by ton MharcN ^» H«.-(», - i^.'OO it will bo ob8orv«id that in noilhtu' of tfio cxamplos given, though th»!y arc btith original iHHue.s of Stock, do wo charge tho individualM receiving it, as is done when tho C)on»pany is started, tho roason being that tluM'o is nothing owing by tho ])arties ; they receive paid up stock for value given, the Le Mom Ari'iu)Vi:i>STYi,i:oi" Pknmansiiii'. A)it/ pcr$on of onUnary ab'dily vitiy ham from it to bn a rapid, ekjanl jn-nmnn. It consiMts of a N»MieH of COPV SLIPS, of eonvcniont hIzo (0 by 3 InclicM), to tnovo along the paper while practunnj^, containing.,' over 100 copieM, I)e<{inning with the firnt principluH and ^nnUially pro^'iessinjj to elo;,'a?it writing of ail kinds; an Ornamontal Sheet containing (Jernmii Text, Old EngliHli, and Ornamental Let- tering, oH'hand llouriHhing of Birds, Swans, kc. ; a Book of '>() pages, fully ex- plaining and illustrating the suhjcct, and a paper Case, beautifully engravelesalc and crly recom- tance with acuity, and less College Wc have recently received the first importation, consisting of ],()()0 gross, of the ORTABIO COinillGRCIAL COLLEGE DOUBLE ELASTIC STEEL FEN, Manufactured to order for us by JOSEPH ClILLET Sc SON, Birmingham, Eng. These pens are of superior workmanship and quality, and in fineness, action, and SMOOTHNESS OF EXECUTION, are unequalled by any other pen in this country, They are used exclusively by the STUDENTS and PENMAN of this INSTT- TUTION, and are better pens than wc have ever before been able to obtain. They are put up in Gross Boxes, and will be sent by mail at the following price : — One Gross, rrcpuiif, $i.,?5. Address, for any of the foregoing, S. G. BEATTY & CO., Ontario Business College, Bellevuxe, Ont. ([)nt»vi0 JpU!iin(^jS €Mqt. IIKLM'IVILLK, ONT. (iNTKIllOlt VIEW, lU'SIXKSS DF.I'Ain'MKNT.) HAS THK LAJKIKST PATRONACIK OF ANY HUSINESS COLLKOK IN CANADA. Student* being in attcndanco from Nova Sontia, New nninswiek, tlio lTnitoli'd t«» n\u:\i su\^j^v^•\H iim mv ivi|iiiiud in transacting overy day hiiNJnt'Hs, und tln' tisnllH of out- JalHir for t)ii> |iast ten yrarn are Hliown l>y tlis who an; ritlicr conducting a muoc«m* ful huHineHK for tlmmsi'lvi's or lilliii.j liifraHv<' po-^itiotn ai Aci'«)untn«its, 'ri-lrgrftpli ( )|»t'rutoi'«, or Sidrnnu'u. 44^°'riiiH in tiiu most eslfUHivi; and liunt |iulroni/,i>>l ltt|tin•>^H .Siliool in Canada. flu courn' oftrniniiuj u itnipiiml inttiml of tltforftii'ul , wlure the time of the Ntndent U devoted to only HUiaef the young and miut now is always the host time to pivpare for the work of lite. NKCESSAKYi,' MMiaiiiii 80 ENTERED ACCORDINO TO ACT OP PARLIAMENT OP CANADA, IN THE YEAR ONE THOUSAND EKiHT HUNDRED AND SEVENTY EIGHT, IJY J. W. JOHNSON, IN THE OFFICE OK THE MINISTER OF AGRICULTURE. HI W. JOHNSON, I i:4 Onttiriii ('iiitimit'i-i'il Co/ly, IliHtrilli-, \ Si-rien o/ 7V/7 ' ftoni;^ ( \t,. •.'.> ) AV:)' 7<) run rsii of yojfNsoN\s yo/xi stock cdM/'.tyy ninth I\i:i:i'I\g. (I) I.i.ini I lie I W.I iiirlliiiils cf ini DrporalilljJ Joint Sim k Cnni |i.inirH iinili r Iloimnicm linisl.ition. Iiy tcaditiK (.irifiillv I'riim ihc uml |i.ir.inr.i|ili m imj;i i; In tin- |i.irjj;r.i|il) mi )«((>' !■ " I lu' ('i)ir.- pany Ciinsiieiiiril,' ami rpiiii p.im' i < lu if) im liiMVf. (j) (ll.lain a kimwli-ilx.- (jf ilif liomininii law a(lfi(linn loinl StcM k ( (inipaiiii •• liy nadin^! c artliilly I'roiii |iaraKM|ili " Kci-» " on jKlKi.' 7 to pa|;t' ij jni lii^ivc. (3) Sic the IJHi of liiH>kH anil t'ornis iincil in this set at pa(."- n. (4) Loarn ihf nature (p| lly laws hy rvailiiii^ lartfulK i!m- 1 xaniplcs Ifoni pajjf n to 3(1 inrliisivc. (5) Mow to n-Kinl till' iniiiiiU's of inoctin)."- " Itiriilor-. you will liMrn liy ■iiiidyinf; the cxaiu| i- n iioni paK'i' i^ I" ,U inrliiMve. (6) Suppose yourself '.he interim Seirdary ami Aiionmant of ihe Company applying for inrorporalioii under ihc (iener.d lloininioii Ai I, and prepare the Sloe k list, wiili from I 2 to 10 n irnes of sio. kholders, alter the form on page .?."• I'll" I 'apilal Slock will he I50.000 ill 1.000 shares of $50.00 r,ii h. (7) .Make .1 rei ord in the .\Iinule Dook .ifler the form j;iven on jiaiie aX. (jfa iiieelinn of the I'rovisional Directors held at llie Ofll<:e of the (.'oinpany >,n Wednesday, the day of iK , iiolinj! the folloHiiif,', ann.iuiKed In the President : The 1 'onip.iny was duly formed under the Dominion Joint Stoi k I'oinp.iny's .\i 1 ;aid the Letters I'alent received ; lh.it all .m siixk has heen suhsi nlied lor ; and that a motion was in, id In Mr. , sei onded liy .\lr. , that a general niee;i i' of the sh.ireholders he called for 'Ihursday, the d.iy of iS , for the purpose of elecling a Hoard of Directors to -erve the Company hir one year, and lor o:her purposes. jNoiK. He careful to usi! only the names of stockholders when choosing the names for Direetois, I'res'dent and N'lce-I'resident. | (K) .Make a minute cjf a meeting of the Directors held at the Company's office, on I'riday, the day of iX , .ind record tin lollowing : .Minntts of last meeting read and .cppro\ed. The c ertifaale of the siriitineers as to the election of I lirei tors at the general meeting of sli.ireholders (see form at nages -'Hand 29) ; the motions electing the President ,ind Vice- Presi- dent ; the motions electing yon Secretary and Accountant and (ieneral Manager; the iiioticm linking a first c .ill of 25 per cent, upciiilhc shareholders and the date it shalllie due (see page 29 lor e.v.imples of the foregoing.) (9) Prepare an In talment List for the first c.ill of 25 per tent, after the fonii given on p.ige ,VV (10) .Make out Instalment Scrip for the amount paid liy any ■me shareholder, see form on page ,^6. (II) Study \eiy careiully llie mtroduclion to the Journal from page 41 to 43 inclusive, as you will there find a full explanation of entries peiailiar to the bcioks of Joint Sloi;k Companies. (12) Make Ihe opening Journal entry as on May 5th, which is to debit the shareholders with the amount of Slock suliscrihed by e.ich as shown in the Slock List, in the form of the entry al page 44. (13) Open Ihe Cash Account by debiting ', with the instal- ments paid 1))' each shareholder .is jier Instaiinent List. No. i, 512,500 and Interest $I3.4.S, in ihe manner siiown .at page 50, .ind open ihe Slock Ledger. IK VN.sALTIONS. May 5. liought from L. Shickluna, the I'ropeller "Ontario, " for :f2;,5oo, and the I'ropeller "h.iie," for $23,000. Deposited in Hank of Moinreal. $5,500. " $4,125' " " " $2,420. .\dvanced the Purser of etch boat the sum of $200 for use of boat till it has earned something. Settled with L. Siiii:kluna for the I'rooellers Ont irio and L.ie, by (Laying per Check , $10,000, .ind giving Ihe Company's note for the lulante at two montns from date. .^35,500. NoTK. -Put all Checks through the Cash Hook. Close the Casii Book for hist month, post the totals and bring down the b.alanee. June 8. Journali/e Trip Statement No. i of Purser Propeller Ontario, the following being its items: Dr. side : hreight, $1,830.00. Passengers $72.50, Cr. side; W.iges $210. 20, I'uel $66.50, Provisions $215.20, Canal and Harbor dues $245.20, Commission and .\gency $121.49, Lighter.ige and Klevaling $390.25, laigineer's Departni't $24.20, Male's Dept. $57.30, Grain short $30 72. 8. Cash reed from Purser Prop. Ontario, Trip i. $500. 12. ' " Kvie, I'riji 1, $475. Deposit in H.mk $900. " Paid I'olicy of Insurance in Royal Canadian Co. on Propeller Ontario, by Check No, 2, $200, being one per cent, on $2o,coo. '■ I'aid Policy of Insurance in Canada Marine l'o. on Propeller Krie, by Check No. 3, $200, being one per I enl. on $20,000 I'aid A. H. (Jilbert, aec't s.alary per Check 4, $joo. " .\L .Nfaccormick, '• " " 5, $150. '' •' for stamps, stationery and books, cash $40. " (1. S. Tickell foroftiie furniture per check 6, $240. " Journidize Trip Statement No. i of Purser, P'^opcller E-ie, the following being its items ; ,)r. side, Freight $1,796.25. l'issenger$94.2o ; Cr. side;, W.iges $274, I-'uel $73. 20. Pro\isions $195,80. C.inal and Harboi dues $226.00, Commission and .Xgency $116.00, Lightenige and Klevaling $339,00. E'/'gineei's Dept. $17.20. .Mate's i/el)l. $38.90, tJrain short $5.85. jj^u^uguUiu^t on, stock as per 5' '5- 20. 29. 29. 8. (lib I. Cash reieiviil from Pursei Ontariofoi lrip2. $1,510 Deposit $1. too. Jouriuli/e I'rip Stalenieiil No. 2 of Purser Pro|ieller Ontario, the following bung its items: Dr. side. Kreight $3,291.20. P.issenger $428 ; Cr, side.W ,iges $319.50. I'llel $502.00. Pricii-.ioics $42.8,90, C.in.d and Harbor dues f. 273,80, 1 oinmissicin ;iiiil .\gc im v $132,40, Lighlirage ,ind I'.levaiing $43040, l.n gincer's Dept. $14.50. .M.iies Dept. $58.60. Cniin short $4.10, Make out the I'rip ,*jlalenunt for ;ibove in form given on p.igi 40, July 8. Cash received fnim Purser "I'.rie for I rip 2, $1,575, '• Deposit, $1,525, Jotirn;ilize 'I rip Statement No, 2 Propellor Krie, the following being its Hems; I )r. side, hreight $3. 191,20, Passenger $550,00, I Ir.iin o\er $45,00; t r, side. Wages $296 'i'\ I'lul $498.25, Prccvisions $475,00, Canal and ll,irbcir dues $253, Cominission ,inc| .Agency, $134.00, Ligliterage,mcll'',levating$4i2 50. Kngineer's I lept. $5,20. .NIale's Dept. $10,00, 13. 'I'Mnsfer parliallv pud slock in Ihe lorni given on page 3S ; jcmrnah, 'he transfer as shown in evani- ple p.ige 46. :ind posi it to the Sloe k Ledger, as is ilone in example, 20, Debit C.ish Willi the third and la,st irsl.dmeiil on Slock as pc r Instalment List No, 3 $25,000, and interest $.s,oi, 2D. Deposit $20,500. 31. Depc.sii $3,740, Deposit $2,250, Casli received from Purser Propeller "Ont.irio' for 'I'rip 3, $2,200, Close Ihe Cish Hook for third nionih. posi the totals .ind bring dcjwnthe b,d;inc e. Joiiriiah/e I rip Staleinent No, 3 of Pro, "Ontario." llie hillowiiig being iis Hems; Dr. side, I'reighl $3,529,20, l'assinger$79o,oo, (lr,.in over.$40,5oiCr, side, W'.iges $296.00. I'Uel $428,00, Provisions $377.50, (filial ;ind llarbordues $250.20, Commis- sion and .-Xgenc y $1 26.00. I ighterage and l''.levaling $380.00. I'jigineer's Dcpl. $20,00. .Male's Dept. $35,00, .\iig, 2. Retired .Note favor L. Shic kluna $35,500 by che< k No, 7. 4. Cash received from I'urser Lrie, reii iltaiu e for third trip, $1,800, Deposit $1,800, Journalize Trip Statement No. 3 Pop. "Krie, " the following being its items ; Dr. side. Freight $2,950, Passenger $785,50 ; Cr. side, W.iges $232,50, Fuel $394.20, Provisions $419,50, Canal and Harbor dues $22j.oo. (.'ommission and .\gency $115,25, Lighterage and Ivlevaling $396,50, Kngineer's Dept. .$10,00, (irain siicjrt $30.00, Male's Depl $15,00. I'ransfer paid up slock as shown at p.ige 39, make out the form and post to .Slock Ledger as is done in example, .\ug. 8. Credit the Purser of the I'rop. Ontario by Jas. Scott for freight charges uncollec led at end of Season, $47,00, and by R. Thomson for ditto $150,00. " Received from Purser Prop. "Ontario," Cash to close the season. " Received from Purser Prop. "Krie,'' Cash to close the season. •' Paid A. B. Oilbert li.tl. of Salary, $300 per Check 8. " " .M. NLiccormick " " $450 " 9. " bv resolutionof the Board, $6oo,tolhe Directors for their services by Check 10. " Credit A. H. Oilbeit with 4 iiioiuhs' salary at $100. " M. M.iccormick " " " " $150. Read again carefully the explanations .at p.ages 42 and 43. Take off a tri.al balance. 10. Determine the profits of each vessel by m.iking the Working .\ceoiint entries, as is done m examples at page 47. .\ "Working .\i count" is the same as a loss and gain account, and the .jifierence between the debit and credit sideeithi;ra lossoi g.ain. The Ontario's gains are $4,343,44 ; the ICrie's $4,008,30. Having determined the gain of each , -.ssel, now (ind the lota! gain of the Conijiany for the sc;ison by closing all the remaining representative accounts into Lo.ss and C.iin. They are Discount and Interest. Ontario Working acct. and Krie Working .acct. to Loss and (lain; and Loss and Oain to Cieneral Kxpense; the credit side of j^ i.ss and (lain is in excess of the debit side $6,739.31. being a profit upon the capital of the ('ompany of ne.arly ij'i [ler cent. (13,48,) Refer to page 31 for die minutes of the hist meeting of the Hoard, when, afier ex^ciiiniiig the st;Meinent of the Oinipany's profits, an annual dividend is dcclaied of 10 per cent Read carefiillv the fourth paragraph on page 42, reg;irding utelaratioii of Dividends. As instructed in the Last paragraph on page 42 make the Dividend entry in the Journal. .Make out the Dividend Sheet, taking the name.s of existing Shareholders from the Sic^rk Ledger, .is in example at p.ige 70. Pay the Divcdend with proceeds of Check 11 and make the entries in Cash Hook. Deiwiiiit Cash in hand in B.ink, .iiid p jst and close the cash book. Bring dowii the balancer of the Re.-'l .-\ccountv and niac4e out the .\s.se: and Liability Statement, and the Loss and Gain -_ -Still .-inc-iit .ifti^r l!i ■ rorni on n.ine Tl. ( '1, 1//' ( \ ) iKini. hi.) rni. (I) I., .irii ll.c l«i) iiulliiiS if ini (ir|Mir.iliriK J"iiil Sim k Coiii lianin iimtir lti)iiiinin piiK'' ?• " ll'<'<'"ir |iany ('unHiilulicI, ' ,inil Innn |mki- i 1 In i'' im lii>ivc. (J) (iLlaiii a kiimliclm' ol ilu- |)iiiiiini(in Lm aflVrlinK Jriint ^tl>l li (iiiiiiiinii-sli) n.iclini! larcfillly from paranra|il( " 1 n'. ' im {>,i)(f ; til iMK'' ■ > i'" liiiivo. 1^) Sir Ihi; lilt uf I'nikii anil furni^ iisdl in this m.1 at |iat(r ji, (4) lAarri lIu' nature ul llvlaw* liy rLMilin^; larifiilly the 1 x.ini|il>' Iriiiii |M>;i' 21 tn 3(1 miliiM\r. (5) lliiw Id riMiril tlir inmiitcH nl iiii-i'tin(i» nf a ('iiin|Mnv 1 lliriiliiri yiiii will liarn li> >luilyinK tin' ^•.iM> yiMirsLlf ;lie inlfriiii Sim rclary ami Aimunl.iiU nl ihe (iinipany applying Inr ini iirpuratinn unilir ihf (iini'ral Oniiiininii Ait, anil prfparr tlic Slmk list, null rnun 1) tn JO niinis 111' sill, kliiililirs, alter tlu'firni iin page \:. Tlic ' 'apit.il Sim k will 111' $50,000 in 1.000 sli.in » nl $50.00 v. 11 li. (7) .Maki' a nmril in ilic .Miniito llnnk afur the Innn nivin m paui' iX. nla iiuriin^; nf llii' rrnvisinnal Diri'i iiiri. Ik-IiI at llio Ofliif nf iIk' (Innip.iiiy 1 11 Wi'.liu'sil.iy. lIu- ilay nf |K , niitinj; lIu' InllnwinK, annniinnil liy lliu l'r<-.iilrnl ; Ilu.- I'liiiipany was ilulv InniKil iimlcr the llninininn Jmnt Stm k ( 'iinii'.ny's An ami Iho I.lIUts I'aicnl rciciVL-il , tli.it all ilu ; the nanus fur Direitnrs, ['resident anil Vuel'resiiienl. | (X) .\l.ike a minuleofa meeting! nf the Direitor.s held at llie Conipany'.s iiflii e, nn I'riil.iy, ihe day nf iK , ,inil rei nrd the filluwini.; : .Miniilis nf la.st ineetinn read and .ippriived. The iertirir,ite nf the si riitineers as tn the eleitinn nf I )irei tnrs al llie j4e11er.il inetlin^' nf sli.iiehnlilers (see hiriii at p,it;e>i .•Sand It)) ■ the nmlinns electing; the President and Viie I'lesi- dent; the inniiniis eleitin^ ynii Sei retary anil .An nunt.inl and (leneral M.in.imr ; ,''■: inntinn making a lirst 1 .ill nf 25 per rent, iipniilhe sliarehnldeis and tlie dale it shall he dllf (see p.lge 21) Inr ex.iinples nf the fiircgnin),',) (y) Prepare an In ,I,ilnient 1. 1st fur llic lirst r,dl nf 35 per 1 ent. al'tor the fnrm (liven nn p.i^c .^,1. (10) Make out Instalment Srrip Inr the amount paid liy any line sharehiililer, see fnriii nn p.ige 56, ( I I) Study very lareiiilly ilie mlrndinlinn In the Journal frnni page 41 tn 4.5 iiulusive, as ynu will there liiul a full explaiiatinn nf entries iieruhar in the linnks nf Joint Stntk Cntnpanics. (12) Make the opening Journal entry as on May 5lh, whiih is 111 deliil the sliarelinlders with the aniounl of Stork suliscrilied liy e.ieh as shown in llie Slock last, in the form of the entry at page 44. (13) Open the Cash .\ceni;nt hy deliiling it with the inslal- ineiits p,iiil liy eai h sh.ir.-holder as per Instalment List, No. i, $12,500 and Interest $i,5.4.S, in ihe manner shown at page 50, ,ind open the .Stock Ledger, IR.ANSAUiO.SS, .May 5. lioughl from L, Sliiikluna, the Propeller "Ontario, " for $22,500, and the I'ropeller "Krie," for $23,000, 5, Depobited in Uank of Montreal, $5,500, '5- $4,125 20, " " " '• $2,420. .Xdvanced tlie I'urser of e.ach lioat the sum of $200 for use of boat till it has earned something. 2y. Settled with I,. Siiickhina for the Propellers Ontirio and Krie, by p.aying per Check 1, $10,000, and giving the Coiiip.my's note for the balance at two nionins from dale, $35,500. NorK, Put all Checks through the Cash Hook, 19. Close the Cash Uook for first month, post the totals and bring down the balance. June 8. Journalize I'rip Statement No. i of I'ursjr Propeller Ontario, the following being its items; Dr. side; I- reight, $1,830.00, P.assengers $72.50, Cr, side; Wages $210.20, I'uel $66,50, Provisions $215.20, Canal and Harbor dues $245.20, Commission and .\gency |i2i,4y. Lighterage and Klevaling$39o.25, ICngineer's Departm't $24,20, Mate's I)e|)t. $57.30, Grain short $30 72, 8, Cash rec'd from Purser Prop. (Jnlario, Trip i, $500. 12. " ' Erie, I'rip 1, $475. Deposit in Bank $900. I'aid Policy of Insurance in Royal C^anadian Co. on Propeller Ontario, by Check No, 3, $200, being one per cent, on $20, .00, " Paid Policy of insurance in Canada Marine Co, on Propeller Krie, by Check No. 3, $200, beint; one per cent, on $20,000, Paid A. H, (lilbert. acc't s.alary per Check 4, $100. ■ M. Maccorniick, '■ " " 5, $150. '■ " for stai'.-.ps, station.jry and books, cash $40. " (i, S, ■riikeiUoro'iice fuinituiepercheck 6, $240, " Journalize Trip Statement No. i of Purser, Propeller Erie, the followin;.; being its items : Dr. side, Freight $i,79h,25. Passenger $94, 20 ; Cr, side, \V;iges$274, Fuel $73. 2c., Provisions $195.80. C;m.i!and Hartjor dues $226.00, Commission and .Agency $116.00, Lighterage ;irid Klevatiug $339,00, Engineer's Dept! $17.20, .Male's Uepl. $38.90, Grain short $5.85. 20. Debit cash with the second inslalnienl on stock as" per Instaimenl List No. 2, $12,500, and i.iterest $6.08. •' Deposit in Hank $8,000. 30. " •• " $4.50'''- " Clo.ie the (,'ash Hook for second month, post the totals, and bring down I'-.e balance. I.il\ I. Cmh rei eiviil Iniiii Piirner "Onlarin'fnr lrpj.|i,sio lle|Kisil $1, too, |niirnih/e Trip .St4tfmfnt No, j of Pur'^r Pri>|H'llir Ontario, thi fnllnwini; U'lnti iti> ilcr.is Dr siile, I'reighl $3,191.20. Passenger $428; l',- Milc,U,igeH $31950. Illel $502.00, I'mnslnns $42.S, 90, ( ,ill.il ,1111 1 1 1. irl inr .lues $273.Ko, ( 'iiiiiiiiihsi.iii .md .\gi m v $1 (2 40, Lighlii.ige ,inil I'.li'VatiiiK $43040, l.n gineers Depi. $14.50, ,\Lite H Dcpt. f J8 60. ( irain shnil $4. Ill, \l,ike nut the Trip Malcmcnt fur ibou 111 form gi\i nun p.igi jo, July M. Cash received Irniii Purser "Lric for I rip j, $1,575. " Deposit, $1,525 Jiiiirn,ili/e I'rip Statement No, 2 Pr.ipcllnr Erie, the fiilliiwing being its ileiin: I ir, siiK'. I'reight $3,191.2'.), P.issenger $550.00, Grain nwr $4500; t r. side, \\a;ie's $4,008,30. H.iving determined the gain of e.a<:h vessel, now find the total gain of the Conijiany for the season by closing all the remaining representative .accounts into Ijiss and G;iin. They .are Discount .and Interest, Ontario Working .actt. and Erie Working .acct, to Loss and Gain; and Loss and (iain to Gener;d Expense; the credit side of L.iss and Gain is in excess of the debit side $6,739,31. being a profit "I"'" ''"•' '''M'"-'' "^ ''"^ Company of nearly 13,'n percent. (i3.4Si-) Refer to page 31 for the minutes of the List meeting of the Hoard, when, after examining the staleinenl of the Coiiip;iny's profits, an annual dividend is decl.ired of 10 per cent. Read carefully the fourth [laragraph on page 42, regarding declaration of Dividends. As instructed in the last paragraph on page 42 make the Dividend entry in the Journal. .Make out the Dividend Sheet, taking the names of existing Shareholders from the Stock Ledger, as in example al p.age 70, I'ay the [>iv.uend with proceeds of Check 11 and m.ike the enliies in Cash liook. Deposit C.ish in hand in Bank, and post .and close the cash book. Bring down ihe balances of the Real .Accounts and make out the .Assei and Liability Statement, .and I'ne Loss and Gain Statement after the form on p.age 71. M.ake out the .Auditor's report, staling in your own languaije th. facts mentioned in the example al p.age 72. Read carefully the hints on Auditing, pages 72 :iiid 73. Read the observations on pages 74 and 75.