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TO THK SHARKHOLDKRS OF THE CITIZENS INSU- 
 RANCE COMPANY OF CANADA. 
 
 Gentlemen, 
 
 In my previous letter, I referred to the circumstances connected 
 with the origin of your company, and sketched concisely the more 
 salient events of its subsequent history to the present date, not so 
 much to convey information, perhaijs, as to remind you of the past, 
 in order the i)etter to estimate the present condition of our cor- 
 ])oration. 
 
 It has occurred to me that a full vindication of the late board of 
 directors recpiires that more si)ecial attention should be given to 
 the events of the /<ri/ twelve months, which culminated in the late 
 annual general meeting held in the Head Office of the company, on 
 the 4th of March last. 
 
 Permit me, however, in the outset, to reuiind you that there is 
 in insurance, as in other lines of Imsiness, good years and bad 
 years, and if in the course of five years workini. three of them shall 
 produce a surplus of earnings over losses and expenses, it is 
 deemed by insurance men a fair average of success. 
 
 RAD YE.\R. 
 
 The year 1887 was a very poor year for your company, the fire 
 losses in town and country were numerous and of comparatively 
 large amounts, especially was this true of the City of Montreal ; nor 
 were the losses experienced chiefly in what have might been deem- 
 ed the inferior classes of risks, but the better ones proved practi- 
 cally no better than others, not so highly estimated. 
 
 CHANGE OF OOVKRNMENT INSPECTOR. 
 
 During this j.eriod, Professor Cherriman resigned the omce of 
 Superintendent of Insurance at Ottawa, and Mr. VV. Fitzgerald, 
 Barrister-at-law of Toronto, was appointed in his place. 
 
 NEW RULES. 
 
 In the investigation of the companv's affairs, Mr. Fitzgerald 
 deemed it to be his duty to apply a more stringent rule than had. 
 obtained previously, in respect especially of the company's obli- 
 gations. 
 
To explain, it had been usual in the imnual statement to include 
 the unsettled losses remaining over from the previous year, and 
 also the premiums in the nands of the agents, in i)rocess of col- 
 lection, but not paid at the close of the year. Thus the debits 
 being met in full or otherwise, as the case might be, by the credits 
 ot accruing premiums to be received in the following month. 
 
 The new otiicer, however, charged the company with unsettled 
 loss claims as before, but declined to consider as an offset pre- 
 miums in course of collecdon. 
 
 KKDUCTIOX OK ASSEl'S. 
 
 in the examination of the assets of the comi)any, Mr. Fitzgerald 
 reduced the valuation of the fixed property, and ai)plied the scalpel 
 with heroic effect to the item of outstanding claims, the result 
 being that a sum of about thirty thousand dollars was written off 
 There can be no doubt that a large part, if not the larger part of 
 these claims, some of which had confessedly become obsolete, 
 should have been removed from the list of assets, and it would 
 have been better if the Hoard had required that a certain sum 
 should have been annually charged to profit and loss, to cover 
 doubtful claims; this not having been done previousl}-, it was unfor- 
 tunate, and perhaps unfair, that the whole amount should be charged 
 to the o[)erations of one year, and that a ])oor year as we have seen. 
 
 I'ROVIXCIAT. TAX. 
 
 Justifying the })roverb that "misfortunes never come singly," the 
 Provincial tax case was decided against the commercial corpora- 
 tions this year, and the tax accruing against your company, during 
 the years of contestation, had to be met in full with costs. 
 
 l.A ^RANCK KKSERVK. 
 
 Further, your com])any's assets were debited as usual with the 
 coiitiii!i^eiit liability q{ '' Insurance Reserve" upon all its business, 
 in a proportion in excess of that which obtains in Great Britain, and 
 larger, 1 hold, than can be tairly justified. The subject, however, is 
 one than cannot be satisfactorily dealt with_ within the limited 
 space of a letter, and therefore 1 will not enlarge upon it here. 
 
 Rj'..>U]/r. 
 The result of the whole process of pruning, taken together with the 
 losses in ths fire branch referred to above, had the efi"ect to present 
 the company, /. t-., your company, in a condition, not to ])ut too 
 fine a point upon it, not pleasant to contemplate by its friends. 
 
RESPONSIBILITY OF DIRECTORS. 
 
 1st. I assume that no one will pretend that the management was 
 responsible for the large losses which accrued this year, as distin- 
 guished Irom other years. 
 
 2nd. Neither was the Board responsible for the i)aynient of the 
 Provincial tax, nor for the exclusion by the Sui)erintendent of 
 uncollected premiums in the hands of agents. 
 
 3rd, Nor for the excessive proportion of the Insurance Reserve 
 fund, against which it has persistently protested, but always with- 
 out success. 
 
 CALL UPON STOCK IMPOSED. 
 
 The immediate result of the government examination was to 
 require the payment of additional cash capital to strengthen our 
 resources ; and as the Superintendent declined to renew his license 
 without a call being made of " at least 10 p. c," there was no alter- 
 native for your Board but to give effect to it. 
 
 RENEWAL OF LICENSE. 
 
 There can be no doubt that if your company could be proved to 
 be insolvent, the Superintendent would be justified in witholding 
 hislicense; but a company such as yours, having realized assets over 
 liabilities of $42,739.63, including or providing for the "* Insurance 
 Reserve " to the amount of $362,074.05 (report of 1887), besides 
 subscribed and uncalled capital to the amount of over £/\^/U hundreu 
 thousand dollars., seven-eighths of which is in good and solvent 
 hands, could not be considered as insolvent, without a gross per- 
 version of language.* 
 
 Doubtless your comi)a-iy could have gone o\\ for the next ten 
 years, as it had for the past similar i)eriod, without making any 
 demand upon you, by borrowing liberally of our bankers at cur- 
 rent rates of commercial discount, having always sufficient valuable 
 securities to deposit as collateral; but the government officer was of 
 the opinion, the soundness of which could not be successfully con- 
 tested, that the uncalled caj-ital was a tangible asset, and as such 
 should be availed of, otherwise it could have no value in estimat- 
 ing the responsibility of our company to its patrons and the public. 
 
 ALTERNA'lIVES. 
 
 The alternatives, presented however, were the enforcement of a 
 call of 10 p. c. or deprivation of government .license, which meant 
 
 * The fiinount (jf assets over liahilities and Insurance reserve report of 
 18HS, is $117,227.00, ajiiuiint of caiMtal paid in |l(;;i,l(;;?.()0 "^ 
 
J> 
 
 cessation of business and liquidation, with the i>rospect, that even 
 the adoption or the latter would necessarily inv )lve the former, as 
 its immediate result; under these circumstanc.es your beard 
 unanimously adopted the former alternative, and made two calls o{ 
 5 p. c, one due in August and the other in the month of November 
 following. 
 
 KFFECT OF MAKING THK CALLS— OPPOSITION. 
 
 The issuance of the calls naturally excited much feeling, and not 
 a little adverse criticism. 
 
 Some of our stockholders took a <alm and reasonable view ot the 
 case, admitted that the cash capital available w,is quit^ too small, 
 and expressed their intention to pay the calls as they matured ; 
 but another and larger portion were incensed a^ being, called upon 
 to pay more monev on capital (having previously paid just 13)2 
 p c ) feeling no doubt that it is much easier to run a hre insurance 
 company upon no funds, or upon a minimum of funds, than it was 
 in the time of the Exodus to make bricks without straw, in Kgypf. 
 
 OPPOSlTI(3N ORGAN IZEU. 
 
 \ coterie of half a dozen dissentient stockholders constituted 
 themselves a committee to defeat your board, and, if i)racticable, 
 
 to close up your company. 
 
 Their first move was to induce your directors to convene a gen- 
 eral meeting of shareholders, ostensibly to organize an investigation 
 of affairs, but really to liquidate the company, fortunately this pro- 
 position was not entertained 
 
 The next was to get a requisition signed by a sufficient num- 
 ber of stockholders, to compel your directors to convene a gene- 
 ral meeting of the cori)oration, this also tailed, for a sufficient 
 number of signatures could not be obtained, after a very diligent 
 
 canvass. 
 
 Nothing daunted however, another strategic movement was 
 devised, and that was to obtain an extra or special examination of 
 your company's affairs. This overture seemed modest and reason- 
 able, and commended itself to your directors, who were desirous to 
 make any fair concession to their opponents. 
 
 Your directors went further, they not only consented to the 
 investigation proposed to them, they also accepted the nomination 
 Of experts made by the self-constituted committee, and agreed to 
 remunerate them liberally for their services. 
 
 Withoutwishing to impugn the good faith of these gentlemen 
 
(experts), it would have been better and more satisfactory in every 
 point of view, had your directors nominated one of the proposed 
 examiners. 
 
 REPORT OV KXAMINATIOX. 
 
 \fter a period which seemed unnecessarily protracted, the experts, 
 Messrs. Boult of the National of Ireland, and 0iagnon, formerly^^ 
 of Royal Canadian, filed the report of their examination, supplying 
 one copy to the directors, and one to the committee. Without 
 entering into particulars, it will be sufficient to say that the rei)ort 
 was not generally favourable to the company, an:l although it cov- 
 ered more ground than tljat of the government inspector, it was of 
 but little more value for any practical purpose, except in cue parti- 
 cular, i'. g. 
 
 It had been diligenlly and extensively reported that the manage- 
 ment of your company is extravagant to an extent quite indefen- 
 sible, but the experts proved that your fire branch was not more 
 expensively managed than that of any other Canadian conipany, ^-^ 
 their opinion of the cost of working the life and accident branches^./: 
 were, however, not so f^ivourable, but as they were practically 
 unacquainted with these branches of insurance, then opinions were 
 not entitled to much weight. 
 
 The examiners did not approve of the accident branch, nor a re- 
 insurance contract made with one of the best insurance companies 
 in the neighbouring country, but as the latter has proved profitable 
 heretofore, and the former has been growing rapidly m importance, 
 and promises to attain large and profitable proportions at no distant 
 day your Board did not feel themselves warranted in adopting 
 the views of their special advisers. Finally, the experts were ol the 
 opinion that as in the past, your company might have the misfor- 
 tune to encounter large fires, and to make heavy losses . but as 
 this is true of all similar companies, the only practical niterence 
 that rould be drawn from the remark was that the Citizens, like a 1 
 other prudently managed companies, should be furnished with 
 ample means to meet all legitimate demands, in which ot course we 
 
 all concurred. . . •.. i ^,.- 
 
 It was a sore discouragement to the opposition committee, ho^^- 
 ever, that the directors had communication of the special report, their 
 intention .-.med to be to retain it eu cache in their own hands 
 and to produce it with dynamitic effect at the general meeting of 
 
 the company in March ; but their friends, the experts, unwittingly 
 
 spoiled their little game. 
 
Tlv.' opposition, nt-vertheless, were by no means at the end of 
 their resources, as the sequel abundantly proved. 
 
 After consultaiion, it was decided to obtain all voting proxies 
 possible, from absent shareholders, and others who could be intlu- 
 (Miced ; in the first place, to capture the management, and after- 
 ward, if i)Ossible, to li(|uidate the company. 
 
 OPPOSITION CIKCUI.AK. 
 
 Wiih this object in view, a circular was prepared and sent out, 
 intimating, in effect, that the company was in extremis, that a spe- 
 ( ial investigation had been made into its condition, the result of 
 which justified their worst fears, and if they, the shareholders, were 
 desirous to i>revent being forced to i)ay huge sums, without any 
 j.rospect of getting back any jjortion of that which had been already 
 paid, it was essential that they execute the proxy enclosed in favor 
 of one of'the committee named. 
 
 The terms of this document were sufficiently alarming, those who 
 received it were well aware that calls had been- made, and they 
 would naturally conclude that if a special investigation had been 
 instituted, a i>rimatacie case against yourcomj)any must have been 
 made out, and thus they M/ould feel inclined to yield to the demand 
 made upon them, which in fact they did in numerous cases. 
 
 CIRCULAR C()\lii;.MN'KD. 
 
 So extremeley erroneous and one-sided were the statements con- 
 tained in the circular, in the view of the Board of Directors, that 
 the general manager was instructed to consult the Messrs. Abbotts, 
 ihe comiKiny's solicitors, to ascertain whether an ;,v:tion for libel 
 would lie against its authors. No action however was taken, for it 
 was l.eld that however false and unfounded the statements might be, 
 they being issued by stockholders, to other stockholders, ostensibly 
 in their common interest, the document in question would be held 
 in law to be privileged. 
 
 ANXUAL REPORT. 
 
 While tlic dissident committee were ojjerating as we have seen 
 with a diligence worthy of a better cause, the management was busy 
 l)reparing the annual statements to be submitted to the approach- 
 ing meeting in March, and which were issued some days in advance 
 to the shareholders. 
 
 To the surprise of the committee no doubt, and perhaps to their 
 disai)pointment also, it proved that the year 1888 had been an 
 extremely i;ood oite, that after meeting all claims and making provi- 
 
* 
 
 sions for all outstandings a surplus ot $60,425.70 remained to the 
 good, md the usual clividt-nd at the rate of six per cent, was 
 declaied. I'roljably it might oecur to some of our fellow share- 
 holders, that in view of a sur[»lus so large, the writing off of thirty 
 thousand dollars, say, once in ten years, was not such a formidahle 
 thing as it had been industriously represented to lie, by our c-ppn- 
 nents, who I fear 1 nuist add did not appear to be overburdened 
 with scruple in the modes of their operations. 
 
 I'm; COMMIT IKK. 
 
 As I was not called to share in the tleliberalions of the CVmv 
 mitte, I shall not vciUure to divulge the decisions they arrived a', 
 having respect to the then ai>proaching annual meeting ; Init if J w ere 
 to hazard a guess, it would be that in view of such af:ivourable .show- 
 ing, it would m)t be politic; to i)rop(jse li([uidation of the com- 
 pany, and they must content themselves with tlisplat;ing two of 
 the three retiring directors, who were candidates for re-election, 
 autl replace them by two of their own number, and this pro- 
 gramme was carried out to the letter, at the meeting of the Jth 
 March. The Honorable Mr. Abbott and Mr. J. ( ). (Iravel were 
 chosen directors in place of C. 1). Proctor and Henry Lvman, 
 who retired from the board; and here the curtain falls upon the 
 scene, so f;ir as this narrative is concerned, a> nv , ho left 
 
 with you and the jjublic to determine, in vit ' the cir- 
 
 cumstances, whether the Board, us previously ^ did or 
 
 did not faithfully fulfil the trust confided to 
 
 CONCLUSION. 
 
 To recaijituhite. my letter of March, si^'i'^ts '^^ synopsis of the 
 history of our Company from its commencenient in 1864 to the close 
 of the last year, and which for the most jiart came under my own 
 l)ersonal cognizance, prepared theway for the i)resent paper, the sole 
 object of whii:h is as before stated, to vindicate the management of 
 the Board of Directors, as constituted prior to the recent election, 
 rnd which I conceive to be incumbent upon me, as the then i)resi- 
 dent of the Company. 
 
 The accusation made l)y the committeu leferred to abo\e was 
 specifically, that all the money paid in by the shareholders had been 
 utterly and totally lost, and that the only means of preventing fuiiher 
 and more serious losses was to send voting jjroxies to a suggested 
 member of the committee. 
 
The foregoing' statement, that all \m\.\ in prior to the dale of the 
 ( iri ular had heen lost, was not in acrordanee with tact and the asser- 
 tion that finlhcr losses were imminent was entirely gratuitous. The 
 only (oloural)li' excuse I car. Ii" ! for the course pursued by il'.e 
 t (imniittee is in their absolute it;tiorance of the interior economv 
 and working of the ("ompmy, and in the invincible jirejudicc which 
 so perverted the judgment of many shareholders that no statement 
 or explanation the managnient (ould make was of any avail. 
 
 I have written of the gentlemen of the committee as a whole 
 since they actL'd in concert, and witii mutual c.onsulation. it is but 
 just however to sav, that onlv one of them openlv declared his in- 
 tcntioii to bring alxnit the ilestriu lion ot' the corporation. 
 
 I am \er\ resiiecifiilb yours. 
 
 HKNK\ LVMAN. 
 
 /.(</<■ i'residt'Ht C. J. <. i>/ f, 
 
 I HOKNHII.I., 
 
 MuNTKKVL. i. 5 t h Apr il. 1889. 
 
 ^ . J^t^c^x^ 
 
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 7 
 
 k 
 
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 /. 
 
 The foregoing statement, that all paid in prior to the date of the 
 circular had been lost, was not in accordance with fact and the asser- 
 tion that further losses were imminent was entirely gratuitous. The 
 only colourable excuse I can und for the course pursued by the 
 committee is in their absolute ignorance of the interior economy 
 and working of the Company, and in the invincible prejudice which 
 so ])erverted the judgment of many shareholders thnt no statement 
 or exi)lanatioii the managment could make was of any avail. 
 
 1 have written jf the gentlemtn of the committee as a whole 
 since they acted in concert, and with mutual consulation. it is but 
 just however to say, that only one of them openly declared his in- 
 tention to bring about the destruction of the corporation. 
 I am very respectfulK \oinx 
 
 Thoknhili., 
 Montreal, x ^th Aj^ il, 1889 
 
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