;otors of 1, '-.'' . Ld- . UNIVERSITY OF CALIFORNIA AT LOS ANGELES CAUTION T O T H E DIRECTORS O F T H E EAST-INDIA COMPANY, With regard to their making the Midfummer Dividend of Five per Cent. WITHOUT Due Attention to a late ACT of PARLIAMENT,, and a BY-LAW of their own. Upon the Whole, I will beg Leave to tell what is really my Opinion : It is, that it be repealed abfolutely, " totally, and immediately." A late celebrated Speech, 1 LONDON: Printed for GEORGE KEARSLY, in Ludgate-Street. MDCCLXVII. II , - - .nwc- "'. CAUTION T O T H E DIRECTORS, &c. GENTLEMEN, E R H A P S there never was fuch a neceflity, for an addrefs to you upon the fubjedt of caution, fince theJSaft- India company was eftabliihed, as at pre- fent.- -Your great fuccelTes in India, have drawn upon you the envy of your own countryman, as well as the other European powers ; the great increafe of your divi- dend, has alarmed the proprietors of other funds for their own property j the diffe- rences among yourfelves, and your fellow- B proprietors, .'554877 f * ] proprietors, have furnifhed this envy, and thefe fears, with the means perhaps of over- turning your confHtution. Tho* I will not prefumc to determine, ' whence thefe differences arofe, or who have been to blame, that not being part of the prefent defign, you will agree with me they have drawn upon you the notice of the legif- lature, and have produced an act of parlia- ment, that affords either party but little caufe for rejoicing, however grateful it may be tb the public. I muft fuppofe you would wifh to keep your golden fleece to yourfelves union among yourfelves would have fecured . it but your diffe- " rences have exafperated the watchful dra- gon, the guardian of this treafure y and you now only hold it in participation & flrange participation too, where the public is to receive four hundred thoufand pounds, while you are to receive nothing I fay no- * thing fo* I mall endeavour to prove you cannot make your dividend of 5 1. per cent. due the 5th of laft July, nor will you be " able, as things now ftand, to declare the 4 dividend t 3 ] dividend of 5 1. per cent, at Chriftmas next. I am fatisfied that fuch a confequence as this, will not be admitted without fome proof j but I fhould conceive very little proof neceffary, to awaken your caution, at the time you are going to pay the 5 I. 'per cent, dividend, if it is but hinted, that it cannot be done without incurring a danger of the cenfure of parliament. I prefume only to recommend caution, but I will fubmit to your better judgments, the reafons which convince me, that while the late act of parliament, for regulating your dividends, remains in force, you cannot divide the 5 1. per cent, which you have declared payable the 5th of July laft, nor can you declare, or make the like divi- dend of 5!. per cent, at Chriftmas next. I will fet down the proper claufes in the feveral ads of parliament, with a letter of the alphabet before each, for the conve- nience of referring to them, as occafion may offer. B 2 CAP. ( 4 ) CAP. 4.9. A. " That no dividend fhall be made by " the faid company, for, or in refpedt of *' any time, fubfequent to the 24th day of " June, 1767, otherwife than in purfu-v < ance of a vote, or refolution, patted by ' way of ballotting, in a general court of " the faid company, which mall have been " fummoned for the purpofe of declaring a " dividend, and of the meeting of which " general court, fcven days notice at the ** leaft, fhall have been given in writing, *' fixed upon, the Royal Exchange in Lon- " don,"",.Y'i IBIB. B. That it fhall not be lawful, for any " general court of the faid company, at " any time between the eighth day of May, " 1767, and the beginning of the next " feffion of parliament, to declare, or re- 4< folve ypon, any encreafe of dividend, " beyond [ 5 3 " beyond the rate of lol. per cent, per Ann. " being the rate at which the dividend * for the half year ending the 24th day of " June, 1767, is made payable." CAP. 48. C. " That, from and after the loth day " of July, 1767, no declaration of a divi- " dend mail be made, by any general " court, of any of the faid company's, * c other than one of the half yearly, or " quarterly general courts, at the diftance icl. percent. 61. per cent, or any per cent, at all, if it mail be fo neceffary, in order to prevent the mif- chiefs recited in the preamble before men- tioned. The remedy provided by the wifdom of the legiflature, is, according to this con- ftrudtion, [ '5 1 flru&ion, adequate to the mifchiefs appre- hended j as at the time of making the aft, the dividend even of five per cent, was proved by you, and nothing can be clearer than that you did prove it, to be improper and improvident, they have reflrained it till the meeting of parliament, and as it may then be reprefented by you, that fuch a dividend will not be improper, or im- provident, they have made the time of reftri&ion ftop at that period, to give you a future power of dividing that fum, or 61. i -4th agreeable to the refolution of the 6th of May, if they fee no reafbn for in- terpofmg againft it. But if the legiflature had not reftrained you from making any dividend, between the 24th of June, and the beginning of the next fefiion of parliament, if they had left you to divide the 5!. per cent, dividend for the 5th of July, they would have provided no prefent remedy at all. It is well known, you oppofed the en- crcafe of Dividend to jol. per cent, in Sep- tember [ 16 ] tember laft, and that you oppofed it, up- on the principle of it's being improper and improvident, from the ftate of the account, then produced by you to the general court. You have frequently de- clared iince, you thought this meafurc of railing the dividend to lol. percent. inexpedient and unwarrantable, as the com- pany have not difcharged their debts- you oppofed the refolution of increafing it to 12!. I -half on the 6th of May, in no other manner, but by producing in court the fame ftate of the company's affairs, upon which you oppofed the increafing it to 10 1. per cent, in the month of Septem- ber, and declaring the ftate of affairs was not .altered fince that time j from whence it was to be underftood that there was, In your opinion, no better reafon for dividing 61. i-4th in May, than there had been for dividing 5!. per cent, in September. On this principle, and on this principle alone, you called in the aid of the legifla- ture, to affift you in preventing the mif- chiefj that mufl be produced by fuch im- proper [ I? ] proper and improvident dividends, and on this principle alone the parliament interpofed to fupport you you proved to them you could not divide 6 1. i-4th, you proved too, by the fame arguments, that you could not divide 5 1. nay, that you could not divide at all ; for I may with confidence affirm, that not a (ingle "* argument was advanced to prove the divi- dend of 61. i -4th to be improper and improvident, that did not extend to prove the dividend of 5 1. per cent, or any divi- dend at all, equally fo. I am warranted to go farther. If the company would not, in your opinion, be in a condition at Chriftmas to divide 61. i -4th, when the homeward-bound fhips fhould have arrived, there was much lefs reafon for furTering you to divide 5!. per cent, at Midfummer, while the (hips were ftill upon the feas, the annual account un- fettled, and the ftate of your affairs in In- dia unknown. And yet, after this it feems, we are to fuppofe the legiflature did not C intend intend to prevent you making the 5!. per cent, dividend declared to be due the 5th of July. We are to fuppofe, that they did not intend to hinder your dividing after the rate of rol. per cent, at Midfummer, when any dividend at all was proved im- proper and improvident, but that they intended to hinder your making a dividend after the rate of 12!. i-half per cent, at Chriftmas, when future arrivals, and fu- ture accounts, might make fuch a divi- dend proper and expedient. We all faw with concern, that the mem- bers of both houfes were detained in town, to lend the wifhed-for interpofition -, had the Chriftmas dividend been the fole ob- ject of their attention, the bufmefs might have been poftponed till the next feiiion, as that is expected to take place before this dividend can be made j and the rather, as thofe lights may then be had, which could not be expected, though much wifhed for, at the end of the laft feffion. But as pre- venting the dividend of 5 1. per cent, de- clared [ '9 ] clared for the 5th of July, was the prin- cipal objetft, it was necefTary to fettle that bu- finefs before the feffion was clofed ; and I be- lieve you are fatisfied, Gentlemen, there was fufficient evidence laid by you before both houfes, to prove a dividend of 5 1. per cent. improper and improvident at that time, , whether you agree to determine a dividend with the deputy- chairman upon a cadi account, or with the chairman upon a ge- neral account. The wifdom of the legif- /\ lature has flopt your dividing at Midfum- mer, while your ability is doubtful, and has left it in your power, after the begin- ning of the next feflion, to make a dividend of 61. i -4th at Chriftmas, if your ability is no longer doubtful at that time. I prefume, the firft objection is by this time fufficiently anfwered, that it is clear . the legiflature made no miftake when they inferted the 24th of June ; and that they meant to prevent any dividing between that day and the meeting of parliament. C 2 I fhall t I mall now proceed to the fecond objec- tion, -u/^.That whether the legiflature meant to prevent the dividend of 5!. per cent, taking place the 5th of July or not, the act will not have the effect contended for it is infifted, that the claufe (A) which reftrains the company from making "any divi- dend, for, or in refpect of, any time fub- fequent to the 24th of June, 1767," in- cludes no more than the eleven days, be- tween that day and the 5th of July, and will not affect the reft of the half year, but a proportionable dividend may be made up to the 24th of June. By a refolution of a general court, held in September laft, the company declared, that they would make a dividend on the 5th of July, then next following, of 5!. for every hundred, for the half year between the 5th of January and the 5th of July fol- lowing, The fum to be divided, is 5!. for every hundred pounds. The time for which it is declared, is half a year.The day of payment 5 July. If the eleven days are deducted, t 21 ] deducted, you will divide only 4!. 138. lod. halfpenny, and not 5!. for every hundred. The dividend will not be for half a year. Nor will it be due the 5th of July, but the 24th of June. This, and the September refolution, will be as diffe- rent as any two proportions can poffibly be, in which no fingle term is common to both. And fuch a dividend as this, can no more be faid to be made by virtue of the refolution of September, than it can be faid to be made by virtue of the preceding re- folution, for dividing only 3 1. per cent, or that of the 6th of May for 61. i-4th. The dividends on the India company's property, are different from thofe on the government flock. The latter are intended by parliament, to continue a certain, or uncertain number of years, and the rate of intereft is fixed unalterably, during the continuance of fuch flock, to be paid half yearly, on the 5th of January and the 5th of July ; the India dividends have been declared by the company, when, how, for what time, and for what fum, they C 3 pleafe. plcafe. They might, before the 2pth by- law was made, divide monthly, weekly, or on a diftant day that cannot be called either a weekly, monthly, or half yearly payment ; and before the appointed day, they might vary the dividend, might in-* creafe, decreafe, or annul it. Their ufual practice has been, to declare a certain fpecific fum to be paid on a certain day, for the half year between fuch a day and fuch a day, and not as the government does, an annual fum payable half yearly. . They have not declared by the refolution of September an annual dividend of 10 1. per cent, payable half yearly, in which cafe, perhaps, an apportionment might be admitted, but they have declared, the fpecific fum of 5 1. for every hundred, to be paid on the ^th of July; in like man- ner as on the 6th of May, they did not declare an annual dividend of 12 1. i-half fer cent, but the fpecific fum of 6 1. 5 s. to be paid for the half yearly dividend on the 5th of January next. The The general court in September had only in contemplation the apportionment of the dividend to the quantity of flock pofTefTed by each proprietor -, the divifion of time was never under confideration ; the time was given, viz. half a year be- tween the 5th of January and the 5th of July; had the quantity of flock been given, viz. had every proprietor held lool. and no more or lefs, the court would then have declared, that every proprietor mould receive 5!. on the 5th day of July. If the time is altered, the original proportion is changed; the proprietor of lool. flock, will not receive the 5 1. per cent. that was declared. And what is offered in lieu of it, is not to be found in any part of the refolution, under which it is pre- to be made. Again, if any cafe can be fuppofed to have happened, before the paffing of thefe adls, that might have made it necefTary, or prudent, for the India company to make 4 a di- a dividend for four months, inftead of fix, would you, Gentlemen, have pre- fumed to make a proportionable dividend for four months, under the refolution, that declared a dividend for fix, or would not you rather have called together the pro- prietors to get this new refolution made by a general court? you undoubtedly would, you certainly muft ; fuch a change in the time of making dividends payable, muft have been ftiled an alteration in your divi- dend ; and the 29th by-law would have made it necefTary for you to give fix months notice of fuch an alteration. I would afk, where the difference is, whether the alte- ration be from fix months, to four months, or from 182 days, to 171, which is the prefent alteration ? the one is an alteration of months, the ether of days, but they are equally alterations, the alterations equally demand a new declaration, and are equally objects of the 2Qth by-law. And you can no more divide for 171 days, ending the 24th [ 25 ] 24th of June, under a declaration that or- ders you to divide for 182, ending the 5th of July, than you could make three payments of four months in a year, un- der a declaration of two half yearly one's. ~~' 1 The leghlatufe, in the aft of parliament for the alteration of the ftile, has faid, that Midfummer-day mail fall on the 24th of June ; becaufe this alteration would have carried it otherwife to the 5th of July -, the ftocks however have not been affected by .that act, the 5th of July, and the 5th of Jan. have been conftantly the days of payment, for the Midfummer, and Chriftmas divi- dends, for moft of the government as well as the Eaft India flocks. Would any admi- niftration alter the days of payment of the government ftock, without the fanction of parliament? you will not fay, Gentlemen, they would. I will venture to affirm for you too, that you will not make this tri- fling alteration, of dividing for 171, inftead of of 1 82 days, or, at leaft, that you will firil take the opinion of a general court upon it, that your enemies may not have room to fay, that you did not care to call a court for this purpofe, from a confcioufnefs, that the 29th by-law, and the a<5ts of parlia- ment, would ftand in your way, if you fubmitted this difficulty to a ferious difcuf- iion. They certainly do ftand in your way, the legiflature intended they mould ftand in your way, and fo long as that by-law, and thefe a<5ls of parliament, remain in force, it will be impoffible for you to di- vide the 5!. per cent, now in courfe of payment. Before I difmifs this part of the argu- ment, I muft fubmit to your confideration two ncceffary confequences, that muft fol- low from your determining to make the "di- vidend of 4!. 135. lod. halfpenny per cent. payable the 24th of June, inftead of the 5 1. per cent, that was declared payable the [ *7 1 5th of July. Firft, a great confufion mud arife in the foreign contrails -, a Dutchman at Amfterdam fells ftock, on the 25th of June, to another of the fame place ; the dividend is underftood by each party to be the property of the purchafer, as no pro- prietor, foreign or domeilic, is ignorant, that the India Midfummer dividend is pay- able, and has ever been payable, the 5th of July ; and yet, according to this deter- mination, the 4!. 13,8. and lod. halfpenny per cent, will be the property of the feller. Secondly, it is well known much of the In- dia flock is held in truft, that A. mall enjoy theidividends for his life, and after his death they (hall go to B. I am told fuch a cafe has happened, in which, A. died the 27th of June laft, it is certain the dividend would belong to B, if it is paid the 5th of July ; but it will go to the executor of A, to the prejudice of B, if you pay the 4!. 135. lod. halfpenny for the dividend due the 24th of June. 5 Thefe t 28 ] Thefe are the reafons which induce me to think, Gentlemen, that the legiflature did not miftake the time the dividends be- come due, that they did not mean the 5th of July, when they inferted the 24th of June, that they intended to reftrain the company from making any dividend, before the be- ginning of the next feflion of parliament, and that they have effedually retrained you by the claufe A, Yet I will fuppofe, for the prefent, you ftill think that the legiflature had no fuch intention of retraining the prefent dividend of lol. percent, and inferted the 24th of June, inflead of the 5th of July, imagining the dividend became payable on the former, inftead of the latter of thofe days ; would you, Gentlemen, in fuch a cafe, take upon yourfelves to divide contrary to the exprefs words of an . adt of parliament ? And would you juftify this difobedience to the law, by imputing a blunder to the only body body upon earth in which we can allow infallibility ? It will not furely give of- fence, if I prefume you may be miftaken in your conftruction of the acl, while you fix the charge, of faying one thing, and meaning another, upon the king, lords, and commons of this realm -, and mould your judgment not be infallible, and in your conftruction of this law, the mif- take mould be on your fide, ignorance will be but a poor plea for the breach of an act, which you arraigned upon the fame principle. If the law maxim, igno- rantia legis neminem excufat is ever to be justified upon the principle of humanity, it will be in this cafe, where it interprets the law, contrary to the exprefs and obvi- ous meaning of it. If, for the fake of argument, we admit that the legiflature may have committed this blunder, do you allow it to be confif- tent, with the rules of true policy, to let thofe [ 3 3 thofe who are the objects of a law, become the interpreters, much more the correctors of it ? Suppofe a law mould prove hurtful to fociety ; let us fuppofe, if fuch a cafe can be fuppofed, it would break in upon the fecurity of life, liberty, and property, which it is the fole object of law to fupport ? No power in this kingdom, can alter fuch a law, but that which made it ; and the judges,who are the interpreters of the law, are bound to determine all cafes which come under that law, according to the plain and obvious confkuclion of it. They cannot correct -, their province is, to tell what the law is, not what it fhould be. Will you affume a power to yourfelves, not granted to the king's judges ? Will you, Gentlemen, prefume to interpret, that the legiflature mould have faid the 5th of July, inftead of the 24th of June ; and determine, that the dividend mail be made which ftands retrained by the exprefs words of that law .? If [ 3' ] If you will correct the law, why will you not do it with as little violence as pof- fible ? Why will you not alter 1767, and fay it fhould be 1768? In that cafe, the law would not take place this twelve month, there would be no doubt about your dividends, in the mean time, and this will be but the alteration of a fingle figure, *vhile what you contend for, changes words as well as figures. You will fay, no doubt, that you do not defire the proprietors fhould divide 61. i -4th at Chriftmas, which they would, if this contraction was allowed ; they are not in cam, they have not paid their debts, is certainly a good ar- gument, but not infuperable, againft dividing ; you oppofed the dividend -of 5 1. per cent, in September, upon the fame principles. That you fhould not be in cafh, that you had not paid your debts, was t 3* ] was your only objection at that time; and we now find you (training the law, make- ing an adt of parliament fay it meant Ju- ly, when it faid June j and intended to infert the figure 5, when it made ufe of 24, in order that you may now make this dividend, which you oppofed when it was declared in September laft. You would now make the legislature fay, it was not their meaning to refcind this dividend of 5!. per cent, when they have refcinded it in direcl; terms, becaufe you proved you fhould not be in cam, and mould not have paid your debts at the time it would be payable. I will venture to affirm too, that you would not be half fo inconfiftent, in ufmg the fame induftry, and following the fame method of interpretation, to divide after the rate of 12 1, i-half per cent, at Chrift- mas } for the legiflature, as we have pro- ved, have not {hewn their intention of refcinding [ 33 ] refcinding abfolutely, this 12!. i-half, while the lol. per cent, is retrained as matters ftand, beyond all difpute, and can never be made, but in defiance of the power of parliament, and without fuch a defiance, as, if it is to be juflified, willjuftify the violation of all law, divine and human. A law of England fays, you fhall not divide up to the 5th of July, being after the 24th of June j you fubfti- tute the 5th of July in the place of the 24th of June, and then fay, you may di- vide up to the 5th of July. The law of Mofes fays, Thou malt not ileal -, you. ftrike out the word not, by a lefs violent alteration, and then theft becomes as little a crime in England, as it was at Sparta. But I would beg leave to afk, if the miftake contended for mould be admitted on all hands, would you take upon your- felves to correct it, or wait till it was recti- fied by parliament ? If when a deed is D executed, [ 34 ] executed, a miftake is difcovered, it can- not be corrected without the privity, and confent, of all parties \ if blunders are made in law pleadings, that are upon record, they cannot be amended without the leave of the court, which has the cuftody of fuch records : a truflee in fuch deed would not pay a fum of money contrary to the ex- prefs words of the deed, but would wait till the matter was fet right ; nor would a party in any caufe prefume upon a mif- take in a record, to difobey the orders of a court of juftice ; and will you, Gentle- men, give lefs authority to an ad: of the legiflature, than to a private deed, or the record of any petty court of law ? We muft fuppofe the legiflature be as jealous of their refolutions, as the Eaft-India company are of theirs. You cannot have forgot the proceedings of a late general court, upon the fubjedt of difmif- fing the profecutions brought againil fome of [ 35 ] ofyourfervants abroad. This bufinefs was brought on at that court, on account of the clamours raifed without doors, and at the recommendation of a worthy member, to whom you owe the two acts of parliament, that you then fo much defired to be made, and now fo much wi(h to break through. It was propofed at that court, that the quef- tion for difmiffing thefe profecutions mould be put to a ballot, to convince all the world, that the refolution of the 6th of May, for this difmiffion, which was con- firmed on the 8th, was not a partial one, but agreeable to the fenfe of all the pro- prietors taken at large. I believe there was not a proprietor in the court who did not wifh that fuch a ballot could be taken j but when it came to be conlidered, that the queftion then propofed to be fubmitted to a third decifion, had been unanimoufly voted on the 6th of May, and as unani- moufly confirmed on the 8th, the great importance of giving weight, and (lability, D 2 to I 36 ] to their refolutions, determined the wif- dom of that court, to put the propriety of fuch a meafure to the teft of a previous queftion, which was propofed, put, and carried, by a great and refpedtabje majo- rity, againft a third confederation. You will after this, Gentlemen, afTume with an ill grace, that the parliament are not to fupport thefe refolutions ; however you may wifh to have them reconfidered, or repealed. They certainly will fupport their refolutions, and I need not remind you that the breach of an adt of parliament will be a forfeiture of your charter. And though a gentle adminiflration might treat your dividing upon fuch a notion of a mif- take with great lenity, what are you not to expeclr, if the minifter mould fay, you have made the dividend we meant to re- flrain ; we retrained it, becaufe you con- vinced us it would be improper and im- provident ; you have fince changed your [ 37 ] mind, and you would alter the law ? Here even the lenity of the prefent miniftry can- not avail you -, your charter would be for- feited, and the world would not pity, but laugh at your prefumption. But to fuppofe ftill, that the legiflature are miftaken, may we not fuppofe too a change in the prefent administration, and that a future mini- ter may embrace this, as a fair opportu- nity, to feize upon the charter, or at lead to fqueeze the company, and make them purchafe a forgivenefs at a very high price ? If we plead that we injured nobody, it may be faid, we have infulted the dignity of parliament, and a minifter, who may be no friend to the company, will have a ve- ry plaufible pretence to make you part with your millions for the public good. However heavy you mould find the rod of power, the world will not then heark- en to your complaints of feverity ; you Jiave already drawn upon you the cen- A fure 354877 t 38 ] fure of your fellow fubje&s, by the refolu- tion of the 6th of May, with regard to your dividends, which they fay were made, in defiance of the king's minifters. The pre- vious queilion upon the affair of difmifling the profecutions has not retrieved your credit among them. What will they not think, what will they not fay, if you di- vide thus in violation of a recent adt of parliament ? They fee the legislature has determined you fhall not divide, becaufe you have proved you cannot divide ; will they not fay now, that you have deter- mined, in your turn, you will divide, be- caufe the legiflature has faid you fhall not divide ? I conjure you therefore, Gentlemen, ufe the utmoft caution at the prefent crilis, call in the ableft affiftance, whilft you are making a conftrudlion on thefe adls of parliament, nor prefume too far to truft your own judgments. I am t 39 1 I am the more earneft in this recom- mendation, as I find you miftake the in- tention, and operation, of thefe acts, with refpect to a Chriftmas dividend, as you do with refpect to this you are now going to pay. I underftand, it is your opinion, that in order to make a dividend of 5 1. per cent, at Chriftmas next, a court may be called in September with the feven days notice, prefcribed by the faid ac"r, cap. 49, and 5 1. per cent, may be then declared, by a vote taken by ballot, ro be payable at Chriftmas. I muft remind you, that the vote for 12!. i-half, pafled on the 6th of May, ftands unrepealed by you, or by parliament, and by claufe C. you cannot make any declaration of a dividend, but at the diftance of five months from the laft declaration ; which five months, from the 6th of May, will not be expired, till Oc- tober, when you cannot hold the Michael- mas quarterly court, becaufe your charter, in page 36, exprefsly fays, it muft be held in [ 40 ] In the month of September. You cannot therefore declare any dividend till the Chriftmas court, as by the faid claufe C* every declaration mufl be made at a quar- terly court ; nor can you even then de- clare a dividend of 5!* per cent, as the 29th by-law will ftand in your way, which enacts," that no alteration mall be made in the dividend, on the capital flock of this company, without firft giving fix months public notice;" and fuch notice cannot be given of the intended alteration of dividend, from 6L i-4th to \. per cent. You fee, therefore, that no dividend can be decla- red at Chriftmas next but the 61. i-4th, and that may be conliftently declared, without infringing any act of parliament, or any of your own by-laws. Do you afk then, how I would conflrue the late acts ? and what meafures I would advife you to take ? My defign is only to awaken your caution. But as a well-wifher to to you and the company, and interefted in it's welfare, I will further offer my fenti- ments on the condudt neceflary to be ob- ferveel on this occafion. ...'::. I confider the intention of the legifla- ture, to be what is profefTed in the pream- ble of cap. 49, to prevent improper and improvident dividends : you only proved, when the affair was before parliament, the dividend at Midfummer, to be improper and improvident, becaufe the homeward- bound fhips were not arrived, the advices from Lord Clive were not received, and the annual account itfelf was not yet made up. It was not, nor could it at that time be difclofed to parliament, what dividend at Chriftmas would be improper, or im- provident - y the legiflature has therefore re- ftrained your Midfummer dividend, and has prevented your declaring any divi- dend at all, till the next feflion, which is expected in November; and if they {hall E then [ 42 ) then fee no caufe to reftrain you further, you will be at liberty to declare and divide your 61. i-4-ih per cenf. at Chriftmas; but if they mould then find you in no better fitua- tion then they left you in the lafl feffion, you may expect to be retrained by a frefh law, in that dividend, as you are in this. Are we then, fay you, to lofe the prefent dividend for ever ? As things ftand at pre- fent, I anfwer, yes. If you divide, you divide in defiance of the legiflature, at the rifque of your charter, and your own per- fons; if you call a general court, and, with the fandtion of fuch a court, apply to par- liament, by an humble petition, to have your Midfummer dividend reftored ; there will be no room to believe the legiilature will not take off the reftriction, if you prove yourfelves in a condition to make the dividend you propofe, as we may be confident they would be ready to rectify a miftake, in any aft, whenever it fliould c be t 43 1 be pointed out to them. I muft however add, if the annual account, which the gen- tlemen would not fuffer you to produce, at the laft general court, will not bear the light, fubmit with patience to the prefent lofs , but if you think it will prove the di- vidend of 5!. per cent, at this Midfummer, and 61. i-4th^r cent, at Chriftmas, will be neither improper or improvident, you will fee this reftricting claufe repealed ab- folutely, totally, and immediately. I am, &c. 27 35 UNIVERSITY OF CALIFORNIA LIBRARY Los Angeles This book is DUE on the last date stamped below. Form L9-32m-8,'58(5876s4)444 UNIVERSITY OF CALIFORNIA AT 1158 01025 0917 A 0000176743