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A Caution to the Directors of the East-India Company With Regard to their Making the Midsummer Dividend of Five Per Cent.   By:

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[Transcriber's Note: Every effort has been made to replicate this text as faithfully as possible, including obsolete and variant spellings and other inconsistencies. Text that has been changed to correct an obvious error is noted at the end of this ebook.]

A

CAUTION

TO THE

DIRECTORS

OF THE

EAST INDIA COMPANY,

With regard to their making the

Midsummer 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"Upon the Whole, I will beg Leave to tell what is really my Opinion: It is, that it be repealed absolutely, totally, and immediately."

A late celebrated Speech.

LONDON:

Printed for GEORGE KEARSLY, in Ludgate Street.

MDCCLXVII.

A

CAUTION

TO THE

DIRECTORS, &c.

GENTLEMEN,

Perhaps there never was such a necessity, for an address to you upon the subject of caution , since the East India company was established, as at present. Your great successes in India, have drawn upon you the envy of your own countrymen, as well as the other European powers; the great increase of your dividend, has alarmed the proprietors of other funds for their own property; the differences among yourselves, and your fellow proprietors, have furnished this envy, and these fears, with the means perhaps of overturning your constitution.

Tho' I will not presume to determine, whence these differences arose, or who have been to blame, that not being part of the present design, you will agree with me they have drawn upon you the notice of the legislature, and have produced an act of parliament, that affords either party but little cause for rejoicing, however grateful it may be to the public. I must suppose you would wish to keep your golden fleece to yourselves union among yourselves would have secured it but your differences have exasperated the watchful dragon, the guardian of this treasure , and you now only hold it in participation A strange participation too, where the public is to receive four hundred thousand pounds, while you are to receive nothing I say nothing for I shall endeavour to prove you cannot make your dividend of 5l. per cent. due the 5th of last July, nor will you be able, as things now stand, to declare the dividend of 5l. per cent. at Christmas next.

I am satisfied that such a consequence as this, will not be admitted without some proof; but I should conceive very little proof necessary, to awaken your caution , at the time you are going to pay the 5l. per cent. dividend, if it is but hinted, that it cannot be done without incurring a danger of the censure of parliament. I presume only to recommend caution , but I will submit to your better judgments, the reasons which convince me, that while the late act of parliament, for regulating your dividends, remains in force, you cannot divide the 5l. per cent. which you have declared payable the 5th of July last, nor can you declare, or make the like dividend of 5l. per cent. at Christmas next.

I will set down the proper clauses in the several acts of parliament, with a letter of the alphabet before each, for the convenience of referring to them, as occasion may offer.

CAP. 49. A.

"That no dividend shall be made by the said company, for, or in respect of any time, subsequent to the 24th day of June, 1767, otherwise than in pursuance of a vote, or resolution, passed by way of ballotting, in a general court of the said company, which shall have been summoned for the purpose of declaring a dividend, and of the meeting of which general court, seven days notice at the least, shall have been given in writing, fixed upon the Royal Exchange in London."

IBID. B.

"That it shall not be lawful, for any general court of the said company, at any time between the eighth day of May, 1767, and the beginning of the next session of parliament, to declare, or resolve upon, any encrease of dividend, beyond the rate of 10l... Continue reading book >>




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