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T 
 
 rt--^ 
 
 REPORT 
 
 OF 
 
 MICHAEL SAWARD, ESQ, 
 
 (Actuary of the Promoter Life Assuraymt Company,) 
 
 ON IHF. 
 
 OBJECTS AND PRACTICAL WORKING 
 
 OF 
 
 THE TRUST AND LOAN COMPANY Ot 
 
 UPPER CANADA. 
 
 LONDON: 
 PRINTED BY J. RIDER, 14, BARTHOLOMEW CLOSE, 
 
 1846. 
 

 
H E P O H r. 
 
 •^ • 
 
 I HAVE perused the printed statement of the o})jects and 
 practical working of the sclieme of the Trust and Loan 
 Company of Upper (.;anada, and also the Canada Act, the 
 Deed of Settlement, and the Royal Charter, under which 
 the Company is instituted and empowered. I am of opinion 
 that the scheme presents a legitimate, extensive, and safe op- 
 portunity for the employment of the surplus capital of this 
 country, and that, with common prudence, the plan cannot 
 fail not only to prove highly useful and beneficial to the 
 Colony in which its operations are intended to be carried on, 
 but to yield a considerable profit to the Company : That the 
 Canada Act and Royal Charter give the Company ample powers 
 to raise the necessary capital, and to carry on its operations 
 with safety and effect : That the interests of the shareholders 
 are fully set forth, protected, and defined, and their responsi- 
 bility strictly limited to the amount of their respective sub- 
 scriptions ; That the bond holders and other obligees have an 
 easy and effectual remedy against the fund of the Company in 
 case of need, and they have the opportunity of knowing the 
 state and condition of its affairs at all times by having the 
 right to inspect the books and balance sheet of the Company. 
 
 ij 2 
 
With respect to the mode of investing tlio Company's funds, 
 I am of opinion that it vill l)e by far the wiser and more prudent 
 course for them to i)e invested in safe and unciuestionable 
 securities, such as mortgages, at the legal interest of the Colony ; 
 than that securities of a hazardous nature should be taken, or 
 that s])ocu]ations, however safe they may appear, should be 
 entered into, in order that a higher rate of interest may be ob- 
 tained; indeed, I am satisfied that the success of the undertaking 
 will mainly depend on the ado})tion of this prudent course, for 
 it nmst be borne in mind that a great part of the Company's 
 profits will arise from borrowing money in England at a low 
 rate of interest, and lending it out in Canada at a higher, and 
 that that operation cannot be successfully carried on unless the 
 English capitalist is inspired with confidence ; and it will be 
 precisely in proportion to the nature of the security which the 
 Company has to offer, and the prudence with which its affairs 
 are conducted, that that confidence will be secured, and loans 
 obtained by the Company. It appears to me to be conclusive 
 that the Company cannot expect to borrow on the best terms 
 in England, unless it can be shown that it deals only with un- 
 doubted securities in Canada. Hence it follows, I am opposed 
 to the investment of any portion of the Company's funds in 
 the stock of the chartered banks of Canada; and my impres- 
 sion is, that even were that mode of investment deemed ad- 
 visable, the Company is prevented adopting it by the 82nd 
 section of the Royal Charter. I would, however, strongly urge 
 the Company to use all its influence to obtain a repeal of the 
 Canada usury laws, as the profits of the Company must be 
 considerably curtailed whilst those laws remain in force; and 
 I have no doubt that the reason why so little British capital 
 

 has hitherto been invested in those Colonies, and why u Canada 
 Trust and I-.oan Company has now, for the first time, been 
 called into existence, can be traced to the operations of those 
 laws. 
 
 I have appended three statements, pvin^ several examples 
 of the operations of the Company, on the assumption tijat a 
 given amount of capital has been subscribed and paid u[), and 
 that money is borrowed in England, at 0, Oi, and 4 per cent., 
 and invested in Canada at (» per cent. The results are very 
 favourable for so secure a mode for the em[)loyment of capital; 
 but it is highly necessary that a wise economy should be exer- 
 cised in the office expenses, and that great care should be taken 
 that the estimated amount should not be exceeded, at all 
 events in the infancy of the undertaking. 
 
 I have likewise given, as desired, the value of the Com- 
 pany's stock at the several periods, upon the supposition that 
 the dividend shown by the results had accrued and been 
 realized. 
 
 I do not consider tha^ the power of reserving part of the 
 profits, or of anticipating the calls on the shares, requires 
 particular observation. 
 
 I have revised the prospectus, as requested, in accordance 
 with my view of the subject. 
 
 M. SAVVAllD, Acfmiry. 
 
 9, Chatham Place, London ; 
 Fehruary 10, 1845. 
 
Examples of the Operations of the (Jompntaj, supposing Money to be. 
 borrowed in Emjlund at 3 per cent, and invested in Canada at 
 6 percent. ; (fivinrf also the relative value of the Stock at the several 
 periods, upon the assumption that the Shares in the Company were 
 taken originally to pay F) per cent, on the Investment. 
 
 Shares £'20 — and £5 paid vv thereon. 
 
 Paid up capitnl £125,000 Invested at 6 per cent.rr 
 
 Expenses 
 
 Nett 
 Gives about 3.] per cent, on capital. 
 
 £. 
 7,500 
 3,120 
 
 4,380 
 
 Capital £125,000 
 
 Borrowed at 3 per cent. 125,000 
 
 250,000 Invested at 6 per cent. := 15,000 
 
 Expenses ...£3,120 
 
 Interest on borrowed money at 3 per cent. 3,750 
 
 ~ 6,870 
 
 Nett 8,130 
 
 Gives 6^ per cent, on capital. 
 Value of stock at this period, 6/. 10s. per share. 
 
 Capital £125,000 
 
 Borrowed at 3 per cent. 250,000 
 
 375,000 Invested at 6 per cent, zz 22 500 
 pPe«ises £3120 ' 
 
 Interest on borrowed money at 3 per cent. 7,500 
 
 10,620 
 
 Nett 11,880 
 
 Gives 9^ per cent, on ciipitai. ■"— "" 
 
 Value of this slock at the period, 9^. 10.v. per share. 
 
('■'^nUi\ i*l'2r),00l) 
 
 borrowed ir jtiey. 37.3,000 
 
 £. 
 
 .000,000 Invested at (i per ci-iit. z:r .10, 000 
 Expenses £ 3,120 
 
 Interest on bonovved money at -i per cent. 1 1,'2.>() 
 
 I4,M70 
 
 Nett \r,,r,M) 
 
 Gives I'i.^ per cent, on capital. 
 Vaino of the stock at this j)cri{)(l, 12/. 10,*. per share. 
 
 Capital paid up .£12.5,000 
 
 Borrowed at 3 per cent. 500,000 
 
 625,000 Invested at 6 per cent, rr 37,500 
 
 Expenses . £ ;j,|20 
 
 Inten.'st on borrowed money 15,000 
 
 18,120 
 
 Nett 19,380 
 
 Gives 15^ per cent, on capital. 
 Value of the stock at this period, 15/. 10.?. per share. 
 
 Shakes £20 — £10 per shake paid up. 
 
 Capital paid up 
 
 £250,000 Invested at 6 per cent, zr 15,000 
 Expenses 3,120 
 
 Nett 11,880 
 
 Gives 4| per cent, on capital. 
 
 Capital £250,000 
 
 BoiTowed at 3 per cent. 125,000 
 
 375,000 Invested at 6 per cent, zr 22,500 
 
 Expenses £3,120 
 
 Interest on borrowed money at 3 per cent. 3,750 
 
 6,870 
 
 Nett 15,630 
 
 Gives 64 per cent, on capital. 
 V^dne of the stock at this period, 12/. lO.v. per share. 
 
8 
 
 Capital £'2.50,000 
 
 liurruwcd at 3 per cent. 'i.OO.OOO 
 
 f. 
 
 500,000 Invested at G per cent. z:r 30,000 
 
 F'Xpenses £3,120 
 
 Interest on borrowed money 7,500 
 
 10,fi20 
 
 Nett 19,380 
 
 (fives 7.,' per cent, on capital. 
 Value oltlic stock at this period, 15/. 10s. per share. 
 
 Capital £250,000 
 
 Borrowed at 3 per cent, 375,000 
 
 625,000 Invested at 6 per cent. = 37,500 
 
 Expenses £ 3^120 
 
 Interest on borrowed money H ^250 
 
 — '■ 14,370 
 
 Nett 23,130 
 
 Gives 94 per cent, on capital. 
 Value of the stock at this period, 18/. lO.v. per share. 
 
 Capital £250,000 
 
 Borrowed 500,000 
 
 750,000 Invested at 6 per cent. = 45,000 
 
 Expenses £3,120 
 
 Interest on borrowed money at 3 per cent. 1 5,000 
 
 — '■ 18,120 
 
 Nett 2H,880 
 
 Gives 10,f per cent, on capital. 
 Value of the stock at this period, 21/. 10s. per share. 
 

 
 Examples of the Operatinm of the Company, supposing Money to be 
 borrowed in Enyland at '>\\ per cent., and invested in Canada at 6 
 per cent. ; fjivini/ also the relative value of the Stock at the several 
 periods upon the assumption that the S/iares in the Company were 
 taken oriyinally to pay 5 per cent, on the investment. 
 
 Shares £20— and £5 vmd therkon. 
 
 Capital paid up 
 
 £. 
 £125,000 Invested at fi per cont.n: 7,500 
 Expenses .'3,120 
 
 Nett 4,380 
 
 Gives 3.^ per cent, on capital. 
 
 Capital £125,000 
 
 Borrowed money .... 125,000 
 
 250,000 Invested at fi per ccnt.rr 
 
 Expenses £3,120 
 
 Interest on borrowed money at 3 A per rent. 4,375 
 
 15,000 
 7,495 
 
 Nett 7,505 
 
 Gives 6 per cent, on capital. 
 Value of the stock at this period, 6/. per share. 
 
 Capital £125,000 
 
 Borrowed money .... 250,000 
 
 375,000 Invested at 6 per cent.zz 22,500 
 
 Expenses . ' ^ 3,120 
 
 Intero:>t on borrowed money 8,750 
 
 11,870 
 
 Nett 10,630 
 
 Gives 8^ per cent, on capital. 
 Value of the stock at this period, 8/. 10s. per share. 
 
10 
 
 <'-^'M*'»^"l £125,000 
 
 l>on owed money ijfj OQO 
 
 £. 
 
 500,000 Invested at 6 per cent.— 30 
 Expenses f '^ l on 
 
 3,120 
 
 000 
 
 • Interest on borrowed money 13125 
 
 16,24 
 
 Nett, 
 
 13,755 
 
 Gives 11 per cent, on capital paid np. 
 Value of the stock at this period, 1 U. per share. 
 
 (Capital paid up £125,000 
 
 Borrowed at 3.] percent. 500,000 
 
 FxDensPs ^'^^'^^^ '"'"'^"'^ ^^ ^ P"^' ^^"^•= ^7,500 
 i^xpenses £ 3 J20 
 
 Interest on borrowed money 17*500 
 
 ' 20,620 
 
 Nett 16^880 
 
 Gives 13i per cent, on capital. 
 Value of the stock at this period, 13/. 10... per share. 
 
 SlJARES £20— AND £10 PAID UP TH 
 
 EREON. 
 
 Capital 
 
 £250,000 Invested at 6 per cent.zr 1 5 000 
 ^^P^"^'^^ 3:120 
 
 cpei 
 
 Nett 
 
 Gives 4^ per cent, on capital. 
 
 11,880 
 
 S'H^'t*^' £250,000 
 
 Borrowed at 3.^ per cent. 125,000 
 
 Expenses .... .^.^f.'^!^^. . '"'''^'^ ^^ ^' per cent.zz 22,500 
 Interest on borrowe'd money '. *. '. ". * *. * ' '. '. ". ', "^4 '375 
 
 7,495 
 
 ^'^" 15,005 
 
 Gives 6 per cent, on capital. ■— 
 
 Value of the stock at this period, 12/. per share. 
 
 < 
 
t 
 
 11 
 
 Capital £250,000 
 
 Borrowed money 250,000 
 
 £. 
 
 500,000 Invested at 6 per cent. =z 30,000 
 
 Expenses £3,120 
 
 Interest on borrowed money, at 3^ per cent. 8,750 
 
 -^ 11,870 
 
 Nett 18,130 
 
 Gives 7| per cent, on capital. 
 Value of the stock at this period, 14^. lOi". per share. 
 
 Capital £250,000 
 
 Borrowed money 375,000 
 
 625,000 Invested at 6 per cent.rz: 37,500 
 
 Expenses £ 3,120 
 
 Interest on borrowed money, at 3^ per cent. 13,125 
 
 16,245 
 
 Nett 21,255 
 
 Gives 8^ per cent, on capital. 
 Value of the stock at this period, 17/. per share. 
 
 Capital £250,000 
 
 Borrowed money 500,000 
 
 750,000 Invested at 6 per cent.zr 45,000 
 
 Expenses £ 3,120 
 
 Interest on borrowed money, at 3^ per cent. 17,500 
 
 20,620 
 
 Nett 24,380 
 
 Gives 9| per cent, on capital. 
 Vrdue of the stock at this period, 19/. 155. per share. 
 
Ifi 
 
 Examples of the Operations of the Company where Money is borrowed 
 in England at 4 per cent, and invested in Canada at 6 per cent. 
 
 Shares £20 — and paid up thereon £5. 
 
 ^ ' r 
 
 *^' £. 
 
 125,000 capital paid up invested at 6 per cent. = 7,500 
 
 Expenses 3,120 
 
 Nett 4,380 
 
 Gives about 3^ per cent, on capital paid up. 
 
 125,000 capital paid up. 
 125,000 borrowed at 4 per cent. 
 
 250,000 invested at 6 per cent =s 15,000 
 
 Expenses £3,120 
 
 Interest on borrowed money . 5,000 
 
 8,120 
 
 Nett..,..'.!i.. 6,880 
 
 Gives 51 per cent, interest on capital. 
 Value of the stock at this period 51. \0s. per share. 
 
 125,000 capital paid up. 
 250,000 borrowed at 4 per cent. 
 
 370,000 invested at 6 per cent =22 500 
 
 Expenses... £ 3,120 
 
 Interest on borrowed money 10,000 
 
 13,120 
 
 Nett 9,380 
 
 Gives 1\ per cent, interest on capital. 
 Value of the stock at this period 11. \0s. per share. 
 
1 
 
 13 
 
 £. 
 125,000 capital paid up. 
 375,000 borrowed at 4 per cent. 
 
 £. 
 
 500,000 invested at 6 per cent = 30,000 
 
 Expenses £ 3,120 
 
 Interest on borrowed money 15,000 
 
 18,120 
 
 Nett 11,880 
 
 Gives 9 1 per cent on capital. 
 Value of the stock at this period 91. 10s. per share. 
 
 125,000 capital paid up. 
 500,000 borrowed at 4 per cent. 
 
 625,000 invested at 6 per cent = 37 ,500 
 
 Expenses £ 3,120 
 
 Interest on borrowed money 20,000 
 
 23,120 
 
 Nett 14,380 
 
 Gives 11 1 per cent, on capital. 
 Value of the stock at this period \\l, 10s. per share. 
 
14 
 
 Example, -MouP!/ borrowed at 4 per cent, in England and lent w 
 
 Canada at 6 per cent. 
 
 SlJAIlES £20— £10 PAID vv. 
 
 Capital paid up £250,000 Invt-stedut 6 per cent, zr 15^000 
 
 ^^''Penses 3J20 
 
 ^-'t^tt 11,880 
 
 Gives 4| per cent. 011 capital. """""""" 
 
 Paid np capital £250,000 
 
 Borrowed at 4 per cent. 125,000 
 
 Fx..e.,se. '^^'^*^'^^** ^nvoMed at 6 por cent. :z: 22,500 
 Interest on borrowed money 5'o( 
 
 5,000 
 
 8;'120 
 
 Nett 14,380 
 
 Gives 5| per cent, interest on paid up capital. 
 Value of the stock at this period 11/. lo.^ per share. 
 
 Paid up capital £250,000 
 
 Borrowed at 4 per cent. 250,000 
 
 Expenses . 
 
 500,000 Invested at 6 per cent. — 30, 
 
 ^ I — ^ '^ 
 
 Interest on borrowed money . lo' 
 
 . - £ 3,120 
 000 
 
 000 
 
 13,120 
 
 Nett ,. 16,880 
 
 Gives 6:^ per cent, interest on capital. ' 
 
 Value of tiie stock at this period 13/. 10.. per share. 
 
]■) 
 
 Paid up capital £'250,000 
 
 I'lOiTowcd at 4 per <,miiI. ;{75,000 
 
 G-jr^.OOO liivcsied at (') per cpiit. r 
 
 Expenses . £ 3, 1 '20 
 
 Interest on borrowed nioncv 15,000 
 
 £. 
 
 37,500 
 
 1 8, 1 '20 
 
 Nctt 19,380 
 
 Gives 7| per cent, interest on paid np capital. 
 Value of the stock ar. this period 15/. 10s. per share. 
 
 Paid up capital £250,000 
 
 Borrowed at 4 per cent. 500,000 
 
 750,000 Invested at C> per cent. = 45,000 
 
 Expenses £ 3, 1 20 
 
 Interest on borrowed money 20,000 
 
 — ■ 23,120 
 
 Nett 21,880 
 
 Gives 8f per cent, interest on capital. 
 Value of the stock at this period 17/. lO-s per sliare. 
 
 I inriiiTfWfc'iiiMfiatTiM'Trm 
 
 I have given examples of one quarter and one half of the subscribed 
 capital being paid up, and the operations of the Company being con- 
 fined to the employment of that money alone ; I will now give the 
 result on three quarters and the whole being paid up : — 
 
 Paid up capital . £375,000 Invested at 6 per cent, rz 22,500 
 
 Expenses rr 3,120 
 
 Gives 5^ per cent, on capital 19,380 
 
 Paid up capital 
 
 £500,000 Invested at 6 per cent. =: 30,000 
 Expenses n: 3,120 
 
 Nett 26,880 
 
 Gr.cs 51. Is. 6d. per cent, on capital. 
 
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