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ia«iiBm<»Hii«naKZii9rHMHH^BW>fQfi«HD(

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L E T r E II

TUK STOCK IIOLDEUS

nv rrir.

PKOMNCIAL INSi HAXCE 00.

OF CAXADA,

A M. (VL A HK

'^^4^1^

TOTlOiSTo :

MAt'LEAK \ CO., i'JllNTEKS,

17 .V i!t KiN<j ynti;rr kast.

Mht

LETTER

THE STOCKHOLDERS

OF TUK

PROYIKCIAL IKSUEAliCE CO.

OF CANADA,

A M. CLARK.

TORONTO :
MACLEAR & CO., PRINTERS,

17 « 19 KING STREET EAST.

1858.

cO'O-^'^r^v^:)

W2l ,Sj5

WI«JHllL«:«UJU»6.«aiSiF JXMtTS f

TO THE STOCKHOLDERS

OF TUB

PROVmCIAL INSURANCE COMPANY OF CANADA.

Gentlemen :

Three years ago a combination was secretly formed against me,
through the misrepresentations of a discarded Agent of the Company,'
and a few discontented or jealous individuals, who, taking advanta-e
of the severe losses unavoidably sustained by this Company (in com-
mon with underwriters in all parts of the world at that period), suc-
ceeded in prejudicing your minds so far, that I was ejected from a
seat in your Board, which I had held from the formation of the
Company in 1849, during which period I had been President of the
Company for more than five years.

Conscious of having served you faithfully, and of having de-
served different treatment, I submitted patiently to my fate, though
owning by far the largest amount of stock held by any individual,
viz., £25,000; but ere nine months had passed I was re-called to
fill a vacancy, by the unanimous vote of the Board. This was oa
the 5th of May, 185G, since which time I have given that attention
to the business of the Company which my large stake in it would
lead you to expect. But I now learn that an attempt is to be made
at the coming election to deprive me of all share in the management
of the large amount I unfortunately own in the Company ; and that
to effect this, the party concerned will avail themselves of the false,
but hitherto unrefuted accusations made against me at the election
of 1855.

It is therefore due to you, as well as to myself, that I should
prove to your satisfaction that those accusations which produced so
unfavorable an impression on your minds against me, were either
unfounded m fact, or chargeable to others rather than to myself
To do this, I must quote freely from the Records of the Company,
and this I am entitled to do, rather than suffer falsehood to prevail

orer truth— ond being aJdrcsscd to none but Sharclioldcrs it is
clearly no breach of confidejice. '

The charrres a-ainst mo are, as T understand, that I introduced
the payment of Bonuses and Dividends when there were no nn.fif.

^ used niv olVi' i,i

desi'rnation

and benefited largely tlieroby ; lb

of President of the Company, in 18^1, to .strengthen iny 7wrc rod it
at the expense of that of the Company; and that I extended the
business of the Company to Europe and the United States, particu-
larly to New Orleans, a'ld resisted the wishes of the JJoard to with-
draw from the latter place when it was found to be unprofitable.

The Board of the Provincial consists of Eleven members, and
the President has no more power in carrying measures, than any other
Director, excepting the casting vote where the votes are even. Un-
less, therefore, it can be shown that objectionable measures were
carried by the casting voio of the President— or that he had such
influence over the majority of the members, that they followed him
"hke a flock of sheep," it is clearly unjust to blame the President
of a Company, for objectionable or unsuccessful measures, more than
any other Director. If mismanagement did take place, let me share
the blame cqualfj/ with others ; but if I show, as I intend to do
that those very measures for which I have been made the scape--oat'
were carried without a division even, whilst my influence wits so
small that I could not prevail upon the Board to adopt n.oasures of
a conservative nature, when strongly pressed upon them, or to alter
the faulty mode of estimating profits introduced by Mr. O'Brien
then you will at length do me justice. I shall begin with the Bonus
question,

The Proprietary Branch of the ';ompany commenced in 1850
and on the 2ad of April, 1851, I find from (he Minute Book that a
resolution was moved by Mr. Howard, seconded by Mr. Perrin, and
resolved, " that in consideration of the responsibilities assume'd by
the Stockholders in joining the Company in its incipient state a
Bonus from the Cmh or Preminm fund of 5 per cent, on the sub
scribed capital be' deelared-the said Bonus not to be paid out in
cash, but to be appropriated as an instalment to be added to their
paid up stock, and to bear dividend the same as the stock paid for
in cash."

This was at the rate of 100 per cent, on the paid up capital.

and

Tlie President was the only n.en.ber who opposed this resolution, as
he did every subsciuunt resolution for a «unus.

19th June, IS,-,]. -Mr. IhwKs gave notice, motion for a Bonua of 5

per cent, on the subscribed eapitiii.
3rd Dee.. 1851.-Move<l by Mr. IJow,:> and Atk.vson, that a Bonus of

per cent, ho deolare.l ; carried in amendment for only 2^ per cent

on the subscribed capital.

30th Doc 1851.-Moved by Messrs. IIowaru and PKR«i.v_That a
Dividend at the rate <d 8 per cent, be declared-Curried.

23rd June. 18r,2.-A DiviJend at the rate of 10 per cent, was declared,
on motion of MessrH. Camekov and Pekrin.

21st Dec., 1852.-Moved by Mr. Uowks. seconded by Mr. MoRRrsox,
that a Dividend be declared at the rate of 12 per cent, per annum
and a Bonus of 5 per -- to • applied to increase of capital. '

29th iVov.. 185.3.— 7Tove"

)WEs, seconded by Mr. Crawford,
■er cent, on the subscribed capital

fyear was declared, at the rate

and Resolved, that i
be declared.
20th Dec, 1850.— A DlviJ. .
of 10 per cent, per annum

The above was the last Bonus declared, and up to Ihat date I
was a subscriber to the capital stock of only .305 shares ; but in two
or three months after its discontinuance I was owner of 1250 shares,
or £2;:.,000. I had not only opposed the ]Jonus system, but I used
all the influence I possessed, bul in vain, to induce the IJoard to
form a Stn/dn;; Fund, the best safeguard, in times of pressure, of
Insurance and Bunking Institutions. It is not usual for a President
to move resolutions himself; ho has to find a member who, agreeing
^vlth hnn on the point, will move it for iiim. I had often pressed
the subject on the notice of the Board, without effect; but when
about to proceed to England in 1853, I got the late Mr. Atkinson
to take up the question, and the following entry appears on the
Jlinutes.

14th June, 1853.~Mr. Atkinson brought forward a notice of motion
Jormerli/ g.ven (and n-ithdrawn, to be brought forward previous to
the declaration of a Dividend), respecting the formation of a Re
serve fund, to bo f .rmed out of accumulations in the Cash fuud,
and in addition to the stock paid up-which. after a full diocussion,
was agreed to be /«»-if//er;>o5/jyoHea.'

i4th June (the same day).-Moved by Mr. Crawford, seconded by Mr.

rEURiN— That a Dividend be declared for the half your, at tho rate
of 10 per cent, per annum.

The Dividend was declared, but tho proposal for tho Reserve
Fund was "agreed to be further postponed." As the Board had very
recently extended the business to Hngland, I was the more inipresscd
with the necessity for a Koseive fund, and therefore pressed the mat-
ter again on their notice, the day before I left for '^^ngland.

17th Juno, 1853.— The sulycct of tho Reserve fund having been tkea
up, cue following Resolution was adopted :— Moved by Mr. At'vIM
soy, seconded by W. L. Pkrrix, and Resolved— That the sum ot
£2,000 (my proposo' was X3,00()) bo set apart from the Cash \ xl-
ance for the creation of a Reserve fund— the same to be maintained
by periodical appropriations, at the discretion of the Board. Car-
ried on a division by a majority of one !

On my return from England six months thereafter, I found that
the above llcsolution had never been acted upon, and no encouran-o-
ment was given to re-open tho iiubjcct. In 1854, as the business ot
the Company became more widely spread, and increased to such aa
extent and with such rapidity, I failed not to claim the serious atten-
tion of the Board to the danger of so extending the business with-
out a corresponding extension of the paid up capital. This I did
repeatedly, in writing from the United States, and the answer from
Mr. O'Brien was, " the question is deferred lill you return." Oa
my return I failed to convince the Board of the necessity of a call
on the Stock, to maintain our greatly extended business, encumbered
with the heavy losses of the previous year and a half ; tlie Money
Market was then easy, but many saw the stringency which succeeded
looming in the distance. The call would have been easily met then,
but it was d' 'lyed till too 'ate.

27 th May, 18o4.— The President brought before the l?oard the necessity
of an increase to the paid up capita! of the Company and a revision
of the nrinciple on which 2^rofi(>< hace been hitherto declared—on wliich
a Committee, to consist of Messrs. Bowes, McDonell, Perrin and
Crawford, was appointed, to investigate ".ud report on the financial
statement suhmHted by the President, and also to report on the state
of the Office.

The Report of tho Committee proposed no immediate increase
to the paid up capital, which essential measure for our safety was
postponed till the Money market became so stringent, that no accomo-

dation was to be had, and few could meet tlio call when made. Yet
two half-yearly Dividends, at the rate of 10 per cer* , were afterwards
made, according to the old rule of leaving nothing to cover out-
standing risks.

Tn reference to the Bonuses, in a faithful Report (as far as the
data furnished juc were to be depended upon) of the position of the
Company, which I drew up in 1855, 1 informed the Board as follows :
" The present derangement in the financial statements of the Coni-
" pany . clearly traceable to an error committed by the Board at an
" curly period of our existence as a Compair . This error consists
" of having lost sight of the principle, tlu .\ol iuras accumulated
" arc not profits, until the risks on which they were paid have ter-
*' minated. Instead of separating the Premiums earned from the
" nn-rarncd, and striking a balance between the former only, and the
" disbursements, to "scertain the profits — the disbursements were
" deducted from the whole receipts of the year, and the balance thus
" obtained was treated as profits, out of which large Dividends and
" JJonuacs were paid, leaving the large amounts of undetermined
" risks uncovered or unprotected by Premiums ! "

You may think it strange. Gentlemen, that with so many Mcr.
canfile men in the Board, it should have been necessary for an old
Army Surgeon to instruct them as above — yet so it was ; and three
days after I had submitted that report I was, without warning, ejected
from the position I filled upwards of five years, during which period
I had frequently received the thanks of the Board, as well as of the
Stockholders.

I come next to the charge of having used my official designa-
tion as President of the Company, to sustain my own credit in the
Money market. This accusation was based solely on an auil-.nty
to one Cochrane, in February, 1854, to draw upon me r->r a fjw
hundred pounds, but which had never been used — the object fc^
which the authority to draw was given having been abandoned with-
out any action thereon. No suspicion existed in my mind that I
had signed this paper officially, and had I done so designedly, I
would certainly have withdrawn the paper when it was not required
to be used. Having no evil design I had no suspicion, and in fact
no knowledge of having done so. At the meeting cf 1855 this
charge was brought against me by Mr. John Cochrane, who had

been recently dismissed from his ugency at Quebec, by the unani-
mous vote of the Board, his agency having proved' ruinous to the
l^ompany. He was pleased to consider me as the cause of his dis~
mjssal and in revenge proauced the note in question, a year and a
half afterztwas written, exhibiting the words '' President Provincial
Insurance Company/' so like my own handwriting that in the hurry
and e.e:tement of the moment, and with so slight an examination of
the paper I concluded that it was so, but I have reason to doubt its
uthenticity. At all events, I solemnly deny, as I did then
knowledge of having so signed my name; but if it was so .•^ed
I can beyond a cavil prove, that instead of supporting my own credit
by the name of the Company, I was myself the c&ef'suppo ttt
Company had to sustain it. ^ ^

f^nfl. H^T *^* ^''^l^^^^^^^ «t°™ «f December, 1853, strewed alon.
both banks of the fcL. Lawrence a fleet of Merchantu.en, containing
goods insured by v.s exceeding £30,000, the Board requested me to
proceed to the scene of the disaster and do my best for the interests
of the Company. The generous confidence reposed in me by such
unphcit reliance on my judgment, induced me in return, to double
ruy stock from £1 000 to £20,000, on the day I left Toronto J
Quebec, VIZ the 14th December, 1853. This was intended as an
earnest to the people of Quebec and Montreal, of the confidence I
had in the stability of ^'le Company, after the extent of our losses
was known to me; and what was the result ? Easy terms for the
settlement of our losses, and an increase in the year's business, show-
ing an increase of Premiums amounting to £89,421 , .gainst £32,008
of the preceding year; and in the year 1855 the increase rolled on
till It reached, on 30th June, the enormous sum of £158 269 in
Premiums. Was this upholding my own credit at the expense of
the Company-or did / uphold the credit of the Company by risk-
ing my own ? ^ ^ ^

A few days after the date on which my accuser charges me with

!r S'i.nt '"'"'''"^ ^'''^'' ^' '^' '''' '^ "^y ^ffi^i^'l «^S"ature, I
adaed £5000 more to my stock, making up the large sum I have

^Iready named, £25,000, on which I paid rp the calls that had

been m_ade;-and in July l854, when evil days had come upon the

institution, and the Bank we employed withdrew its accommodation

and dishonored cheques for small amounts inpayment of dividends'

I advanced £3,000 to sustain our cicdit, at G per cent, interest, for
th:cc months; and again on the 18th of December, 1S54, Avhcn
unable to meet its liabilities, I advanced a further sum of £8,315 ;
and on the 20th of January, 1855, the sura of £400,— all repayable
at the convenience of the Companij, and bearing only G per cent.,
when I had investments at 15 per cent, waiting for it. I thus added
to the funds of the Company during the year, £4,700 on account of
stock, and on loan £11,715, making a total of 1G,415 from my own
funds ia aid of the Company. xVnd in two or three weeks from the
repayment of the loans, I was ejected from the Board by the stock-
holders, with a stigma on my name !

I confc now to the allegation that I was the chief cause of the
extension of the business to England and the United States, but
especially to New Orleans. In refuting this charge, I by no means
wish it to be understood that I did not gi\o my assent to the exten-
sion of the business, when I happened to be present at the Board ;
for I have always held, and still Iinld the opinion, that a widely
spread Insurance business, especially Marine, is safer than one con-
tracted within a narrow limit. But as a popular outcry was raised
at that time against foreign insurance, especially American, the
truth must be told, whoever told the opposite. No man will readily
believe that the movers and seconders of resolutions are not respon-
sible for the measures they introduce, as the authors or supporters
thereof. I shall again take the Minute Book as my guide :
14th June, 1853.— Moved by Mr. Bowes, seconded by Mr. McDoxell,
Inasmuch as the President of this Company hns announced his
intention of visiting Europe during the present mouth, Resolved
That the President be requested to visit the Agencies in England
and Scotland, and authorise the extension of the business of those
Agencies beyond the present limitation, as may be thought desira-
ble ; and also that should he consider it desirable io extend the bun-
ness of the Company to Ireland, he be furnished with all the authority
this Board can give him for those purposes.
No Agency was opened in Ireland.
22nd February, 1853.— Captain Weatiierley returned from New- York,
and reported in favor of extending the business of the Company to
that city and Wilmington.— Moved by Messrs. Bowes and Craw-
ford, That the report of Captain Weatherley on the subject of
extending the business to New- York and Wilmington be referred to
a special meeting, to be held on the 23rd instant— [the next day.]

23rd February, 1853.— The report of Captain "Weatiikulev, referred
yesterday to this meeting, was taken up and again read, and Capt.
Weatiierley called in and consulted with. After a careful con-
sideration of the whole matter referred, the following Resolution
was adopted unanimously : —Moved by Mr. Bowes, seconded by
Mr. Romxsox, That the President and Secretary be deputed to
New- York to make the necessary arramjemenis for opening an Agency
in that city; and should they find the information regarding the
Wilmington Agency satisfactory, they are authorised to make the
appointment ; also such other arrangem-^nts as they may consider
necessary for the protection of the Company's interests there.

We did not open an Agency at Wilmington.

Sth June, 18a3.— Moved by Mr. Bom'es, seconded by Dr. Haves, That
James Camehox, Esq., be appointed Agent of the Company at
Detroit, on the recommendation of Captain Weatuerlev, and that
Mr. Cameron be requested to name an Agent at Chicago.

28th July, 1853.— The report of the Secretary, Mr. O'Brien, on the
subject of an Agency at New Orleans for the Marine Department
submitted at last meeting, together with the notice of motion by
Dr. Haves, having been taken up, the following Resolution was
adopted: That Benjamin Florence, Esq., be appointed Marine
Agent at New Orleans.

I ivas then in England, wlicro I arrived on the ord of July
185;], and did not return to Toronto till about the 10th Xovombcr.
Present at the above meeting : Mr. Bowes in the chair, Messrs.
Crawford, Hayes, Atkinson, McDonell and Perrin.

23rd August, 1853.— Moved by Messrs. Cramforo and Atkinson, that
Mr. Bowes, V. P., and the Secretary, proceed to New-York to make
neio arrangements, and to open an Agency for the Fire Department
in Philadelphia, and to make enquiry as to extending that branch
to other places,

Oth September, 1853.— A letter was read from Stephen R. Crawford,
Esq., of Philadelphia, recommending B. Florence as Agent at New
Orleans. Power of attorney to Mr. Florence waa read and ap
proved. •

4th October, 1853.— The report of Mr. Bowes, and the Secretary's pro
ceedings at New- York and Philadelphia, were rend and adopted
and the following Rcsolulion by Dr. Haves and Mr, Crawiord Avag
adopted: That Mr. Stei-uen R. Crawkord, of Philadelphia, be
appointed Marine and Fire Agent, in room of Mr. Waterman.

Y, referred
, and Capt.
fireful con-
Resolution
conded by
deputed to
an Agency
Eirding tbg
I make the
y consider
hero.

VES, That
mpany at
, and that

N, on the

partment
notion by
ition was
d Marine

of July,

ovcmbcr.

Messrs.

SON-, tliat
: to make
partment
t branch

;AwroRn,
t at New
and ap

•y'8 pro

idopted

ORD AVag

ihia, bo

AX.

Mr. Waterman had been appointed by Staiibuck, the Agent
at New-York, and confirmed by the Board.

11th October, 1853. — Moved by Dr. Hayes, seconded by Mr. Perrin
that Fire business be added to the Marine, at New Orleans, under
Mr. Florence.

22nd November, 1853. — The sum of £200 was ordered to be paid to Mr.
Waterman, as compensation for his loss and inconvenience, in hav.
ing been superceded as Agent of the Company at Philadelphia.

Gth December, 1853. — Moved by Mr. Bowes, seconded by Mr.CRAwroRD
That the New Orleans Agency be termed a Branch, instead of an
Agency.

Gth February, 1854. — On motion of Mr. Bowes and Mr. Crawford, the
President was requested to proceed to Chicago to appoint an agent
there ; also to visit Cleaveland and the other postf on Lake Erie, and
\i deemed advisable by him, to make arrangemeuts for agencies of
the Company at such places, to do so. No agents except one at
Cleaveland were appointed by me.

27th May, 1854. — On motion of Messrs. Bowes and Crawford, agents
were appointed at Boston and Louisville.

28th July, 1854.— Moved by Mr. Bowes that Messrs. Hubbard and
Hunt be appointed our agents at Chicago. '

It is thus clearly proved that in the extension of the business
to parts out of Canada, I am no more answerable than any other
member of the Board. There was not a single division amongst us
on the subject, and in the extension of the business to Philadelphia
and New Orleans, I had no share, being in England at the time.
For every appointment made by the Board, the V. P. Mr, Bowes
gave his zealous co-operation, and to him alone belongs the merit or
demerit of the Agency at New Orleans. Had he not reported in
favour of it, along with Mr. O'Brien, it in all probability would
never have been established ; at all events I have been wrongfully
accused on this head, by some members of the Board.

To shew that the Board was not inattentive to the working of
these foreign agencies, j^fior to the Annual Meeting of 1855, it is
only necessary to t'Sqt to the Minute Book.

30th Aufust. 1854. — Ordered that the agencies of St. John's, N. B., and
at Portland be closed.

Ut September, 1854. — Charlotte Town, Princt Edward's Island Aj^encj

dosed.

, {

lOlh January, 1855.-Fire b™iness dl^conllm^d at sYm Orkms.

Boaul. Ihc bad posU,o„ of tl,o business at Uoston was also prohi-
b,tod, and only the best retained, and tl,e agents at Q.u-w! n„
ioric and rb,l„de phia, wore removed. Tbo Glasgow „d i:„cr„a
agenoios m Great liritain were also ct<m,l

iZl^Tjft •""" '° """S™'"''* ""^''v- on the result of
the last year s business, or on our prospcet for the future Our
receipts are less than those of the previous year by nearly £1- 000
wh St the salaries for eondueting this innnished busf s' ^^
£874 3s Id. in exeess of the former. True, our Manager inform,
U3 in a foot note, that the Surveyor's salary and Mr.^Da tld"
llowanee for six months, ineluded iu this aeeount, are now d "eon
tinned and that sinee the elose of the year the salaries, .°",„rof

»s,000 , but this reduced amount is still ^£240 in eicess of the „r„
vions years salaries, liut why exclude the Inspec 's sli^ ad
^M are t e Stockholders not told the amount o'f said 2^^ t
a circular dated 22„d April, 1858, Mr. Starr quoted for your 'info
niation from his letter dismissing Mr. Whitmarsh, ,h f rte;
Inspector, as follows :-« The gentleman engaged to s eeeed ZZ
Inspector comes highly reeonimeudcd, and Vrms part of the L
staff; performing while not away on duty as Inspector, the du7i s

wh mwe" ° « f ;" "" ''"""" <'«'•"'■"-' 'f ourLsine: , ;:
wh m we pay a fixcdsalary ; and we have reason to think this change

thlVX:;" '" '" """"^ '" *" f™-'- °f *» "- '—of

Is it because this gentleman has not answered the expectation,
formed of his fitness for a Marine Clerk that his .salary So7
.s excluded from that of the „^-„ ,„ff to which he belongs / ThU

of $8 600 • '*°'' J"'" ^' "" """-■'' "-""S- As the u"

of S8,600 IS given as the prcmu (and prob..ble future) amount o7
salaries add to thi.,,200 for the Inspector, and an additio7of «8M
to th Managers salary from December next, (under present arran^V^
ment) and you have a total for s.alaries on a business dwindled doTn
to a fourth of former years, of $10,000. The dimuni.ion of the
business ,s attributed ehieiiy, if not solely, to the pressu h

eans.

rdor of the
also prohi-
'lehcc, New
id London

le result of
;ure. Our
r ^12,000,
si u ess are
;er informs
Dartnell's
)W discon-
xdusive of
amount of
)f the pre-
alary, and
lary ? In
our iufor-
le former
!ed you as
the office
;he duties
siness, to
is change
teres ts of

ectations

' (i:300)

? This

the sum
lount of
lof JISOO
arrange-
ed down

of the

times ; but at the Annual Meeting there may be a more faithful
account given of the falling off of the business.

Our Manager has dealt largely in inomiscsy but how have they
been fulfilled? We are now about six weeks over the UHual time of
ilic Annual jMeeting, and iue Board has had neither lialf yearly,
nor Quarterly llcturns of the state of our affairs, and at this late
period, within eight days of the Annual Meeting, no full, itcvfect and
complete Return has been before us, of the state and position of the
Company. Yet we have a President (Mr. Howard), a Director (Mr.
Whittemore) with nearly similar functions, and a Manager, on a sa-
lary of s?3,200 per annum.

With regard to this latter gentleman, I feel it my duty to inform
the Stockholders, that shortly after his appointment, unfavourable
rumours regarding him, reached some of the members of the Board,
which, whether true or false, led to a continuance of a precautionary
rule with him, which had been introduced towards his predecessor,
and which has been continued to this day.

On the 15th of July last, a charge was preferred against him
to the Board, through me, by a Stockholder, (the Company's late
agent at New York) of a grave and serious nature. This charge,
whatever opinion might be formed by individual members, of the
truth or falsehood of the accusation, ought, in ray opinion, to have
met with prompt and decided action against the accused, or the
accuser, more especially under the circumstance alluded to above.
This course was not followed, but a middle or rather negative one.
Whilst the accused took no open means to clear himself from the
imputation on his character, perhaps encouraged to treat it lightly,
by the free expression of opinions of the falsehood of the charge,
uiade in his presence. But even if cleared of all criminality, his
inisn)anagement of the case out of which the charge- arose, with other
matters, has destsoyed my coi.2donce in the present management. I
mean thereby the President and Manager, together. To Mr. Whit-
temore I have no objection, if disunited from the others.

The present critical position of the Company demands ability and
unquestioned integrity in its management, instead of caballing to get
rid of a man who dares to take an independent course, without fear,
and without favor. The stake I have in the Company is too large

to be trifled with, and I intend, if there is any doubt of a change in
he management, to move to wind it up, rather than trust so large a
sum to the feeble hands who now rule the Company.

I remain, Gentlemen,

Your obedient Servant,

A. M. CLARK.

MACLEAU & CO., rKINTKIlS. 17 4 19 KING STlil^STT^i^t^^

^ ■

a change in
3t so large a

ant,

:jlaiik.

TO.