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diff --git a/.gitattributes b/.gitattributes new file mode 100644 index 0000000..6833f05 --- /dev/null +++ b/.gitattributes @@ -0,0 +1,3 @@ +* text=auto +*.txt text +*.md text diff --git a/37048-h.zip b/37048-h.zip Binary files differnew file mode 100644 index 0000000..1854cfd --- /dev/null +++ b/37048-h.zip diff --git a/37048-h/37048-h.htm b/37048-h/37048-h.htm new file mode 100644 index 0000000..788cf5e --- /dev/null +++ b/37048-h/37048-h.htm @@ -0,0 +1,1206 @@ +<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" + "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> + +<html xmlns="http://www.w3.org/1999/xhtml" xml:lang="en" lang="en"> + <head> + <meta http-equiv="Content-Type" content="text/html;charset=iso-8859-1" /> + <meta http-equiv="Content-Style-Type" content="text/css" /> + <title> + A Caution to the Directors of the East-India Company, by Anonymous. + </title> + <style type="text/css"> + body {margin-left: 10%; margin-right: 10%;} + p {margin-top: 1em; margin-bottom: 0em; + text-align: justify;} + /* Text Blocks ------------------------------------------ */ + blockquote {text-align: justify; font-size: 0.9em;} + pre {font-size: 0.9em;} + pre.note {font-size: 1.0em;} + .note {margin-left: 10%; + margin-right: 10%; + font-size: 0.9em;} + /* Transcriber's notes */ + div.trans-note { + margin: 10%; + padding: 1.0em; + font-size: 0.9em; + background-color: #E6F0F0; + color: inherit; + } + div.small {font-size: 80%} + div.center {margin-left: auto; margin-right: auto; width: 30em;} + /* Headers ---------------------------------------------- */ + h1,h2,h3,h4,h5,h6 {text-align: center; clear: both; font-weight: normal;} + h1 {letter-spacing: 0.2em; line-height: 2.0em; font-size:110%;} + h2 {letter-spacing: 0.1em; line-height: 1.5em; font-size:110%;} + /* Horizontal Rules ------------------------------------- */ + hr {width: 65%; + margin-left: auto; margin-right: auto; + margin-top: 2.0em; margin-bottom: 2.0em; + clear: both;} + hr.full {width: 100%;} + hr.short {width: 20%;} + hr.full {width: 95%;} + /* General Formatting ---------------------------------- */ + .sc {font-variant: small-caps;} + .smcap {font-variant: small-caps;} + .allsc {font-variant: small-caps; text-transform: lowercase;} + .spacious {letter-spacing: 0.5em;} + .nospacious {letter-spacing: normal;} + .ws {word-spacing: 2em;} + .small {font-size: 80%;} + .verysmall {font-size: 60%;} + .space {padding-left: 1em; padding-right: 1em;} + span.pagenum {position: absolute; + right: 1%; + color: gray; background-color: inherit; + letter-spacing:normal; + text-indent: 0em; text-align:right; + font-style: normal; + font-variant:normal; + font-weight: normal; + font-size: 8pt;} + p.right {text-align: right; margin-right: 10%;} + p.center {text-align: center;} + p.heading {text-align: center; font-weight: bold;} + .center {text-align: center;} + /* Links ------------------------------------------------ */ + a:link {color: blue; background-color: inherit; text-decoration: none} + link {color: blue; background-color: inherit; text-decoration: none} + a:visited {color: blue; background-color: inherit; text-decoration: none} + a:hover {color: red; background-color: inherit} + </style> +</head> +<body> + + +<pre> + +The Project Gutenberg EBook of A Caution to the Directors of the +East-India Company, by Anonymous + +This eBook is for the use of anyone anywhere at no cost and with +almost no restrictions whatsoever. You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + + +Title: A Caution to the Directors of the East-India Company + With Regard to their Making the Midsummer Dividend of Five Per Cent. + +Author: Anonymous + +Release Date: August 12, 2011 [EBook #37048] + +Language: English + +Character set encoding: ISO-8859-1 + +*** START OF THIS PROJECT GUTENBERG EBOOK A CAUTION TO THE DIRECTORS *** + + + + +Produced by Richard J. Shiffer and the Distributed +Proofreading volunteers at http://www.pgdp.net for Project +Gutenberg. (This file was produced from images generously +made available by The Internet Archive.) + + + + + + +</pre> + + + +<div class="trans-note"> +<p class="heading">Transcriber's Note</p> +<p>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 <a href="#END">end</a> of this ebook.</p> +</div> + +<h1> +A<br /> +<span class="spacious big">CAUTION</span><br /> +<span class="small">TO THE</span><br /> +<span class="spacious">DIRECTORS</span><br /> +<span class="small">OF THE</span><br /> +EAST-INDIA COMPANY,<br /> +<span class="small nospacious">With regard to their making the</span><br /> +<span class="nospacious">Midsummer Dividend of Five per Cent.</span><br /> +<span class="small allsc">WITHOUT</span><br /> +<span class="nospacious">Due Attention to a late <span class="smcap">Act</span> of <span class="smcap">Parliament</span>,<br /> +and a <span class="smcap">By-Law</span> of their own.</span></h1> + +<hr /> +<div class="center"> +<blockquote> +<p>"Upon the Whole, I will beg Leave to tell what is really my Opinion: It +is, that it be repealed absolutely, totally, and immediately."</p> +<p><span style="margin-left: 15em;"><i>A late celebrated Speech.</i></span></p> +</blockquote> +</div> +<hr /> + +<p class="center spacious"> +LONDON:</p> +<p class="center"> +Printed for <span class="smcap">George Kearsly</span>, in Ludgate-Street.</p> +<p class="center"> +MDCCLXVII.</p> + + + + +<hr /> +<p><span class="pagenum"><a name="Page_1" id="Page_1">[Pg 1]</a></span></p> + +<h2> +A<br /> +<span class="spacious big">CAUTION</span><br /> +<span class="small">TO THE</span><br /> +<span class="spacious">DIRECTORS</span>, &c.</h2> + +<p><span class="smcap">Gentlemen</span>,</p> + +<p>Perhaps there never was such a necessity, for an address to you upon the +subject of <i>caution</i>, 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 +<span class="pagenum"><a name="Page_2" id="Page_2">[Pg 2]</a></span>fellow-proprietors, have furnished this envy, and these fears, with the +means perhaps of overturning your constitution.</p> + +<p>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 <i>golden fleece</i> to +yourselves—union among yourselves would have secured it—but your +differences have exasperated the watchful dragon, the <i>guardian</i> of this +<i>treasure</i>, and you now only hold it in <i>participation</i>—A strange +<i>participation</i> too, where the public is to receive four hundred +thousand pounds, while you are to receive <i>nothing</i>—I say +<i>nothing</i>—for I shall endeavour to prove you cannot make your dividend +of 5l. <i>per cent.</i> due the 5th of last July, nor will you be able, as +<span class="pagenum"><a name="Page_3" id="Page_3">[Pg 3]</a></span>things now stand, to declare the dividend of 5l. <i>per cent.</i> at +Christmas next.</p> + +<p>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 <i>caution</i>, at the time you are going to pay the 5l. <i>per +cent.</i> 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 <i>caution</i>, 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. +<i>per cent.</i> which you have declared payable the 5th of July last, nor +can you declare, or make the like dividend of 5l. <i>per cent.</i> at +Christmas next.</p> + +<p>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 +<span class="pagenum"><a name="Page_4" id="Page_4">[Pg 4]</a></span>referring to them, as occasion may offer.</p> + + +<p class="heading"><span class="smcap">Cap.</span> 49. A.</p> + +<p>"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."</p> + + +<p class="heading"><span class="smcap">Ibid.</span>—B.</p> + +<p>"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,<span class="pagenum"><a name="Page_5" id="Page_5">[Pg 5]</a></span> beyond the rate of 10l. <i>per cent. per ann.</i> +being the rate at which the dividend for the half year ending the 24th +day of June, 1767, is made payable."</p> + + +<p class="heading"><span class="smcap">Cap.</span> 48. C.</p> + +<p>"That, from and after the 10th day of July, 1767, no declaration of a +dividend shall be made, by any general court, of any of the said +company's, other than one of the half yearly, or quarterly general +courts, at the distance of five calendar months, at the least, from the +last preceding declaration, of a dividend, and that no declaration of +more than one half yearly dividend, shall be made by one general court."</p> + + +<p class="heading">29. <span class="smcap">By-law.</span> D.</p> + +<p>"That no <i>alteration</i> be made in the dividend, on the capital stock of +this company, without first giving six months publick notice."<span class="pagenum"><a name="Page_6" id="Page_6">[Pg 6]</a></span></p> + +<p>By clause A, it appears that no dividend can be made, after the 24th of +June, without the vote of a general court, (and by clause C, that must +be a quarterly court) called for the purpose of declaring the intended +dividend, with seven days previous notice thereof, in writing fixed upon +the Royal Exchange—by the resolution, of your court of directors, of +the 22d of May last, as well as by your uniform practice in making +dividends, the half year's dividend of 5l. <i>per cent.</i> declared in +September last, and now in course of payment, was due the 5th of July +last, and that day, and not the 24th of June, is the day on which this +dividend must be understood to be made, in consequence of the September +declaration. Now as this dividend declared to be made on the 5th of +July, is made for and in respect of time subsequent to the 24th of June, +and is made not in pursuance of a vote, carried by ballot, in a general +quarterly court, summoned for the purpose of declaring a dividend, with +seven days notice of such a meeting, given in writing and fixed upon the +Royal Exchange,<span class="pagenum"><a name="Page_7" id="Page_7">[Pg 7]</a></span> it is not warranted by the act, but is, according to +the plain and obvious construction of the act, <i>illegal</i>.</p> + +<p>I have heard two objections, and two only, made to this construction; +one, that the legislature was mistaken as to the time, in which the +dividends are always made by this company, supposing them payable the +24th of June, instead of the 5th of July, and that they did not intend +to prevent your dividing 5l. <i>per cent.</i> at Midsummer. The other, that +if they were not mistaken, and if they did intend to prevent your +dividing the 5l. <i>per cent.</i> at Midsummer, the act itself fails in this +intention, since it only prevents your dividing for eleven days, being +the interval between the 24th of June and the 5th of July, and you are, +on this account, left at liberty to pay the 5l. <i>per cent.</i> after +deducting the proportional part for those eleven days.</p> + +<p>As to the first, I think nothing can be more absurd, than to suppose +that the wisdom of the legislature, should be capable<span class="pagenum"><a name="Page_8" id="Page_8">[Pg 8]</a></span> of such a +blunder. In order to this, we must suppose, that they who, in the same +session, made a law with respect to the publick funds, in which the +dividends are fixed for payment on the 5th of July, and the 5th of +January, could take it for granted that the India dividends were fixed +for the 24th of June and the 24th of December; and we must suppose too +that they could take this for granted, which is so contrary to the +general practice in other funds, without making any enquiry of the +directors, who daily attended, and were examined while the bill was +passing: for if they did make enquiry, they must have heard that this +company observed the same days of payment with the government, and have +done so invariably from the original institution; and in such a case, +the blunder can hardly be called the effect of oversight, but a wilful +blindness.</p> + +<p>This absurdity is too gross to pass current, but the clause (C) in cap. +48 of the said act, will shew that the parliament were not ignorant, +that the dividends<span class="pagenum"><a name="Page_9" id="Page_9">[Pg 9]</a></span> would become due on the 5th of July, but have +proceeded on the consideration of it's being due on that day. In this +clause, they say, that no <i>declaration</i>, &c. shall be after the 10th of +July. Now when they had in contemplation the <i>making</i> of a dividend, +they mentioned the 24th of June, a time preceding the 5th of July, in +order to prevent it; when they had in contemplation the <i>declaring</i> of a +dividend, they say the 10th of July subsequent to the 5th, to +distinguish between the terms <i>making</i> and <i>declaring</i>, which have been +so often confounded.</p> + +<p>It must appear highly improbable to every impartial mind, that the +legislature should enact a law, to regulate the making of dividends, +without knowing the time, when they are made payable; or if they were +ignorant, that they would not enquire, when the directors attended to +answer all enquiries, and were actually examined from day to day, while +the bill was framing; and very few will be hardy enough to affirm, that +if the parliament were<span class="pagenum"><a name="Page_10" id="Page_10">[Pg 10]</a></span> aware, that the dividends would be due the 5th +of July, such a blunder could creep into the act of parliament. The most +natural construction, upon reading the said act, is, that the 24th of +June was not inserted by mistake, but by design, and that the +legislature plainly intended, in the restraining clauses, that the India +company should make no dividend at all from Christmas last, which was +before the encrease of the dividend, to the beginning of the next +session of parliament; in which time, all your homeward-bound ships +would arrive, the Midsummer annual account would be made up, and the +ministry would have an opportunity of learning from Lord Clive, what was +the real situation of the affairs in India.</p> + +<p>I know it is commonly imagined to have been the intention of parliament, +to rescind the resolution of the 6th of May about the 6l. and 1-4th. +<i>per cent.</i> but this imagination is contrary to fact, for that +resolution is unrepealed, unrescinded, and unless the parliament, at the +next meeting, shall make<span class="pagenum"><a name="Page_11" id="Page_11">[Pg 11]</a></span> some law to prevent it, you may divide 6l. +1-4th <i>per cent.</i> at Christmas next—No single word, in either act of +parliament, mentions the resolution of the 6th of May, and the act which +restrains the dividing between the 8th of May, and the beginning of the +next session, manifestly avoided mentioning the 6th of May, and made the +interval of restraint commence on the 8th, to shew it did not mean to +rescind the resolution of the 6th of May. Had the parliament designed to +restrain the dividing according to that resolution at Christmas next, +the interval of restraint would have gone beyond the 5th of January—as +that clause, which restrains the present dividend, the manifest object +of the parliament, stopt short of the 5th of July, and would not have +stopt, as it has done, at the beginning of the next session of +parliament.</p> + +<p>The preamble of the act professes nothing for its object, but "to secure +as well the permanent interest of the company,<span class="pagenum"><a name="Page_12" id="Page_12">[Pg 12]</a></span> as the state of credit +both private and public, from the mischiefs which must ensue, from an +improper, and improvident increase of the dividends of the said +company." Thus the parliament had in view only improper and improvident +dividends, dividends made without a due regard to the circumstances of +the company, whether the same should be 12l. 1-half <i>per cent.</i> 10l. +<i>per cent.</i> or 6l. <i>per cent.</i> And I may appeal to yourselves, +Gentlemen, whether you had any objection to the dividend of 12l. 1-half +taking place at Christmas, that did not arise from a consideration of +these circumstances, from your apprehension that your finances would not +be such at Christmas, as to enable you to pay off the company's debts, +to pay the 200,000l. the first half yearly payment to government, and to +make a dividend of 6l. 1-4th to the proprietors. And I would ask, +Whether any other consideration weighed with the legislature? You will +confess, as the undoubted truth is, that this alone made you<span class="pagenum"><a name="Page_13" id="Page_13">[Pg 13]</a></span> wish, that +parliament would interpose to prevent the dividing 6l. 1-4th at +Christmas. And I affirm this alone determined the wisdom of the +legislature to interpose for that purpose. They have interposed, and +what have they done? They have stopped your making any dividend till the +meeting of parliament. But they have determined nothing with respect to +the 6l. 1-4th <i>per cent.</i> The resolution of the 6th of May stands +unrepealed; and if it shall then appear, such an increase will not be +improper, and improvident, at Christmas next, if, I say, Gentlemen, +after the arrival of the homeward-bound ships, after the examination of +the annual account, which has never yet been produced, if after hearing +the opinion of Lord Clive, concerning the real situation of your affairs +in India, the flourishing state of your trade, the regular payment of +your revenue, and the stability of your possessions, you shall think +that the 6l. 1-4th <i>per cent.</i> may be paid without giving any cause of +complaint to the creditors of the company,<span class="pagenum"><a name="Page_14" id="Page_14">[Pg 14]</a></span> and join with the general +court in a representation to the ministry, that such an encrease will +not be improper, or improvident, at Christmas, there can be no reason to +suppose, that parliament will again interpose, by a new act, to restrain +your making such a dividend; and if they do not interpose by a new act, +you may divide 6l. 1-4th <i>per cent.</i> by a due exercise of your present +powers, as will be shewn in another place. But should there, on the +contrary, be any room, at the meeting of the parliament, to believe such +a dividend at Christmas will be improper and improvident, it is no doubt +the intention of parliament to make a new act, the next session, to +restrain your dividing 12l. 1-half <i>per cent.</i> 10l. <i>per cent.</i> 6l. <i>per +cent.</i> or any <i>per cent.</i> at all, if it shall be so necessary, in order +to prevent the mischiefs recited in the preamble before mentioned.</p> + +<p>The remedy provided by the wisdom of the legislature, is, according to +this construction,<span class="pagenum"><a name="Page_15" id="Page_15">[Pg 15]</a></span> adequate to the mischiefs apprehended; as at the +time of making the act, the dividend even of five <i>per cent.</i> was proved +by you, and nothing can be clearer than that you did prove it, to be +improper and improvident, they have restrained it till the meeting of +parliament, and as it may then be represented by you, that such a +dividend will not be improper, or improvident, they have made the time +of restriction stop at that period, to give you a future power of +dividing that sum, or 6l. 1-4th agreeable to the resolution of the 6th +of May, if they see no reason for interposing against it. But if the +legislature had not restrained you from making any dividend, between the +24th of June, and the beginning of the next session of parliament, if +they had left you to divide the 5l. <i>per cent.</i> dividend for the 5th of +July, they would have provided no present remedy at all.</p> + +<p>It is well known, you opposed the encrease of dividend to 10l. <i>per +cent.</i> in September<span class="pagenum"><a name="Page_16" id="Page_16">[Pg 16]</a></span> last, and that you opposed it, upon the principle +of it's being improper and improvident, from the state of the account, +then produced by you to the general court. You have frequently declared +since, you thought this measure of raising the dividend to 10l. <i>per +cent. inexpedient</i> and unwarrantable, as the company have not discharged +their debts—you opposed the resolution of increasing it to 12l. 1-half +on the 6th of May, in no other manner, but by producing in court the +same state of the company's affairs, upon which you opposed the +increasing it to 10l. <i>per cent.</i> in the month of September, and +declaring the state of affairs was not altered since that time; from +whence it was to be understood that there was, in your opinion, no +better reason for dividing 6l. 1-4th in May, than there had been, for +dividing 5l. <i>per cent.</i> in September. On this principle, and on this +principle alone, you called in the aid of the legislature, to assist you +in preventing the mischief, that must be produced by such improper<span class="pagenum"><a name="Page_17" id="Page_17">[Pg 17]</a></span> and +improvident dividends, and on this principle alone the parliament +interposed to support you—you proved to them you could not divide 6l. +1-4th, you proved too, by the same arguments, that you could not divide +5l. nay, that you could not divide at all; for I may with confidence +affirm, that not a single argument was advanced to prove the dividend of +6l. 1-4th to be improper and improvident, that did not extend to prove +the dividend of 5l. <i>per cent.</i> or any dividend at all, equally so.</p> + +<p>I am warranted to go farther. If the company would not, in your opinion, +be in a condition at Christmas to divide 6l. 1-4th, when the +homeward-bound ships should have arrived, there was much less reason for +suffering you to divide 5l. <i>per cent.</i> at Midsummer, while the ships +were still upon the seas, the annual account unsettled, and the state of +your affairs in India unknown. And yet, after this it seems, we are to +suppose the legislature did not<span class="pagenum"><a name="Page_18" id="Page_18">[Pg 18]</a></span> intend to prevent you making the 5l. +<i>per cent.</i> dividend declared to be due the 5th of July. We are to +suppose, that they did not intend to hinder your dividing after the rate +of 10l. <i>per cent.</i> at Midsummer, when any dividend at all was proved +improper and improvident, but that they intended to hinder your making a +dividend after the rate of 12l. 1-half <i>per cent.</i> at Christmas, when +future arrivals, and future accounts, might make such a dividend proper +and expedient.</p> + +<p>We all saw with concern, that the members of both houses were detained +in town, to lend the wished-for interposition; had the Christmas +dividend been the sole object of their attention, the business might +have been postponed till the next session, as that is expected to take +place before this dividend can be made; and the rather, as those lights +may then be had, which could not be expected, though much wished for, at +the end of the last session. But as preventing the dividend of 5l. <i>per +cent.</i> declared<span class="pagenum"><a name="Page_19" id="Page_19">[Pg 19]</a></span> for the 5th of July, was the principal object, it was +necessary to settle that business before the session was closed; and I +believe you are satisfied, Gentlemen, there was sufficient evidence laid +by you before both houses, to prove a dividend of 5l. <i>per cent.</i> +improper and improvident at that time, whether you agree to determine a +dividend with the deputy-chairman upon a cash account, or with the +chairman upon a general account. The wisdom of the legislature has stopt +your dividing at Midsummer, while your ability is doubtful, and has left +it in your power, after the beginning of the next session, to make a +dividend of 6l. 1-4th at Christmas, if your ability is no longer +doubtful at that time.</p> + +<p>I presume, the first objection is by this time sufficiently answered, +that it is clear the legislature made no mistake when they inserted the +24th of June; and that they meant to prevent any dividing between that +day and the meeting of parliament.<span class="pagenum"><a name="Page_20" id="Page_20">[Pg 20]</a></span></p> + +<p>I shall now proceed to the second objection, <i>viz.</i> That whether the +legislature meant to prevent the dividend of 5l. <i>per cent.</i> taking +place the 5th of July or not, the act will not have the effect contended +for—it is insisted, that the clause (A) which restrains the company +from making "any dividend, for, or in respect of, any time subsequent to +the 24th of June, 1767," includes no more than the eleven days, between +that day and the 5th of July, and will not affect the rest of the half +year, but a proportionable dividend may be made up to the 24th of June.</p> + +<p>By a resolution of a general court, held in September last, the company +declared, that they would make a dividend on the 5th of July, then next +following, of 5l. for every hundred, for the half year between the 5th +of January and the 5th of July following. The sum to be divided, is 5l. +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<span class="pagenum"><a name="Page_21" id="Page_21">[Pg 21]</a></span> deducted, you +will divide only 4l. 13s. 10d. halfpenny, and not 5l. 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 resolution, will be +as different as any two proportions can possibly be, in which no single +term is common to both. And such a dividend as this, can no more be said +to be made by virtue of the resolution of September, than it can be said +to be made by virtue of the preceding resolution, for dividing only 3l. +<i>per cent.</i> or that of the 6th of May for 6l. 1-4th.</p> + +<p>The dividends on the India company's property, are different from those +on the government stock. The latter are intended by parliament, to +continue a certain, or uncertain number of years, and the rate of +interest is fixed unalterably, during the continuance of such stock, 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 sum, they<span class="pagenum"><a name="Page_22" id="Page_22">[Pg 22]</a></span> please. They might, before the 29th by-law +was made, divide monthly, weekly, or on a distant day that cannot be +called either a weekly, monthly, or half yearly payment; and before the +appointed day, they might vary the dividend, might increase, decrease, +or annul it.—Their usual practice has been, to declare a certain +specific sum to be paid on a certain day, for the half year between such +a day and such a day, and not as the government does, an annual sum +payable half yearly.—They have not declared by the resolution of +September an annual dividend of 10l. <i>per cent.</i> payable half yearly, in +which case, perhaps, an apportionment might be admitted, but they have +declared, the specific sum of 5l. for every hundred, to be paid on the +5th of July; in like manner as on the 6th of May, they did not declare +an annual dividend of 12l. 1-half <i>per cent.</i> but the specific sum of +6l. 5s. to be paid for the half yearly dividend on the 5th of January +next.<span class="pagenum"><a name="Page_23" id="Page_23">[Pg 23]</a></span></p> + +<p>The general court in September had only in contemplation the +apportionment of the dividend to the quantity of stock possessed by each +proprietor; the division of time was never under consideration; the time +was given, <i>viz.</i> half a year between the 5th of January and the 5th of +July; had the quantity of stock been given, <i>viz.</i> had every proprietor +held 100l. and no more or less, the court would then have declared, that +every proprietor should receive 5l. on the 5th day of July. If the time +is altered, the original proportion is changed; the proprietor of 100l. +stock, will not receive the 5l. <i>per cent.</i> that was declared. And what +is offered in lieu of it, is not to be found in any part of the +resolution, under which it is pre-to be made.</p> + +<p>Again, if any case can be supposed to have happened, before the passing +of these acts, that might have made it necessary, or prudent, for the +India company to make<span class="pagenum"><a name="Page_24" id="Page_24">[Pg 24]</a></span> a dividend for four months, instead of six, would +you, Gentlemen, have presumed to make a proportionable dividend for four +months, under the resolution, that declared a dividend for six, or would +not you rather have called together the proprietors to get this new +resolution made by a general court? you undoubtedly would, you certainly +must; such a change in the time of making dividends payable, must have +been stiled an alteration in your dividend; and the 29th by-law would +have made it necessary for you to give six months notice of such an +alteration. I would ask, where the difference is, whether the alteration +be from six months, to four months, or from 182 days, to 171, which is +the present alteration? the one is an alteration of months, the other of +days, but they are equally alterations, the alterations equally demand a +new declaration, and are equally objects of the 29th by-law. And you can +no more divide for 171 days, ending the<span class="pagenum"><a name="Page_25" id="Page_25">[Pg 25]</a></span> 24th of June, under a +declaration that orders you to divide for 182, ending the 5th of July, +than you could make three payments of four months in a year, under a +declaration of two half yearly one's.</p> + +<p>The legislature, in the act of parliament for the alteration of the +stile, has said, that Midsummer-day shall fall on the 24th of June; +because this alteration would have carried it otherwise to the 5th of +July; the stocks however have not been affected by that act, the 5th of +July, and the 5th of Jan. have been constantly the days of payment, for +the Midsummer, and Christmas dividends, for most of the government as +well as the East India stocks. Would any administration alter the days +of payment of the government stock, without the sanction of parliament? +you will not say, Gentlemen, they would. I will venture to affirm for +you too, that you will not make this trifling alteration, of dividing +for 171, instead<span class="pagenum"><a name="Page_26" id="Page_26">[Pg 26]</a></span> of 182 days, or, at least, that you will first take +the opinion of a general court upon it, that your enemies may not have +room to say, that you did not care to call a court for this purpose, +from a consciousness, that the 29th by-law, and the acts of parliament, +would stand in your way, if you submitted this difficulty to a serious +discussion. They certainly do stand in your way, the legislature +intended they should stand in your way, and so long as that by-law, and +these acts of parliament, remain in force, it will be impossible for you +to divide the 5l. <i>per cent.</i> now in course of payment.</p> + +<p>Before I dismiss this part of the argument, I must submit to your +consideration two necessary consequences, that must follow from your +determining to make the dividend of 4l. 13s. 10d. halfpenny <i>per cent.</i> +payable the 24th of June, instead of the 5l. <i>per cent.</i> that was +declared payable the<span class="pagenum"><a name="Page_27" id="Page_27">[Pg 27]</a></span> 5th of July. First, a great confusion must arise +in the foreign contracts; a Dutchman at Amsterdam sells stock, on the +25th of June, to another of the same place; the dividend is understood +by each party to be the property of the purchaser, as no proprietor, +foreign or domestic, is ignorant, that the India Midsummer dividend is +payable, and has ever been payable, the 5th of July; and yet, according +to this determination, the 4l. 13s. and 10d. halfpenny <i>per cent.</i> will +be the property of the seller. Secondly, it is well known much of the +India stock is held in trust, that A. shall enjoy the dividends for his +life, and after his death they shall go to B. I am told such a case has +happened, in which, A. died the 27th of June last, 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 4l. 13s. +10d. halfpenny for the dividend due the 24th of June.<span class="pagenum"><a name="Page_28" id="Page_28">[Pg 28]</a></span></p> + +<p>These are the reasons which induce me to think, Gentlemen, that the +legislature did not mistake the time the dividends become due, that they +did not mean the 5th of July, when they inserted the 24th of June, that +they intended to restrain the company from making any dividend, before +the beginning of the next session of parliament, and that they have +effectually restrained you by the clause A.</p> + +<p>Yet I will suppose, for the present, you still think that the +legislature had no such intention of retraining the present dividend of +10l. <i>per cent.</i> and inserted the 24th of June, instead of the 5th of +July, imagining the dividend became payable on the former, instead of +the latter of those days; would you, Gentlemen, in such a case, take +upon yourselves to divide contrary to the express words of an act of +parliament? And would you justify this disobedience to the law, by +imputing a blunder to the only<span class="pagenum"><a name="Page_29" id="Page_29">[Pg 29]</a></span> body upon earth in which we can allow +infallibility? It will not surely give offence, if I presume you may be +mistaken in your construction of the act, while you fix the charge, of +saying one thing, and meaning another, upon the king, lords, and commons +of this realm; and should your judgment not be infallible, and in your +construction of this law, the mistake should be on your side, ignorance +will be but a poor plea for the breach of an act, which you arraigned +upon the same principle. If the law maxim, <i>ignorantia legis neminem +excusat</i> is ever to be justified upon the principle of humanity, it will +be in this case, where it interprets the law, contrary to the express +and obvious meaning of it.</p> + +<p>If, for the sake of argument, we admit that the legislature may have +committed this blunder, do you allow it to be consistent, with the rules +of true policy, to let<span class="pagenum"><a name="Page_30" id="Page_30">[Pg 30]</a></span> those who are the objects of a law, become the +interpreters, much more the correctors of it? Suppose a law should prove +hurtful to society; let us suppose, if such a case can be supposed, it +would break in upon the security of life, liberty, and property, which +it is the sole object of law to support? No power in this kingdom, can +alter such a law, but that which made it; and the judges, who are the +interpreters of the law, are bound to determine all cases which come +under that law, according to the plain and obvious construction of it. +They cannot correct; their province is, to tell what the law is, not +what it should be. Will you assume a power to yourselves, not granted to +the king's judges? Will you, Gentlemen, presume to interpret, that the +legislature should have said the 5th of July, instead of the 24th of +June; and determine, that the dividend shall be made which stands +restrained by the express words of that law?<span class="pagenum"><a name="Page_31" id="Page_31">[Pg 31]</a></span></p> + +<p>If you will correct the law, why will you not do it with as little +violence as possible? Why will you not alter 1767, and say it should be +1768? In that case, 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 single figure, while what you contend +for, changes words as well as figures.</p> + +<p>You will say, no doubt, that you do not desire the proprietors should +divide 6l. 1-4th at Christmas, which they would, if this construction +was allowed; they are not in cash, they have not paid their debts, is +certainly a good argument, but not insuperable, against dividing; you +opposed the dividend of 5l. <i>per cent.</i> in September, upon the same +principles. That you should not be in cash, that you had not paid your +debts,<span class="pagenum"><a name="Page_32" id="Page_32">[Pg 32]</a></span> was your only objection at that time; and we now find you +straining the law, makeing an act of parliament say it meant July, when +it said June; and intended to insert the figure 5, when it made use of +24, in order that you may now make this dividend, which you opposed when +it was declared in September last. You would now make the legislature +say, it was not their meaning to rescind this dividend of 5l. <i>per +cent.</i> when they have rescinded it in direct terms, because you proved +you should not be in cash, and should not have paid your debts at the +time it would be payable.</p> + +<p>I will venture to affirm too, that you would not be half so +inconsistent, in using the same industry, and following the same method +of interpretation, to divide after the rate of 12l. 1-half <i>per cent.</i> +at Christmas; for the legislature, as we have proved, have not shewn +their intention of<span class="pagenum"><a name="Page_33" id="Page_33">[Pg 33]</a></span> rescinding absolutely, this 12l. 1-half, while the +10l. <i>per cent.</i> is restrained as matters stand, beyond all dispute, and +can never be made, but in defiance of the power of parliament, and +without such a defiance, as, if it is to be justified, will justify the +violation of all law, divine and human. A law of England says, you shall +<i>not</i> divide up to the 5th of July, being after the 24th of June; you +substitute the 5th of July in the place of the 24th of June, and then +say, you may divide up to the 5th of July. The law of Moses says, Thou +shalt <i>not</i> steal; you strike out the word <i>not</i>, by a less violent +alteration, and then theft becomes as little a crime in England, as it +was at Sparta.</p> + +<p>But I would beg leave to ask, if the mistake contended for should be +admitted on all hands, would you take upon yourselves to correct it, or +wait till it was rectified by parliament? If when a deed is<span class="pagenum"><a name="Page_34" id="Page_34">[Pg 34]</a></span> executed, a +mistake is discovered, it cannot be corrected without the privity, and +consent, 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 custody of such records: a trustee in such deed would not +pay a sum of money contrary to the express words of the deed, but would +wait till the matter was set right; nor would a party in any cause +presume upon a mistake in a record, to disobey the orders of a court of +justice; and will you, Gentlemen, give less authority to an act of the +legislature, than to a private deed, or the record of any petty court of +law?</p> + +<p>We must suppose the legislature will be as jealous of their resolutions, +as the East-India company are of theirs. You cannot have forgot the +proceedings of a late general court, upon the subject of dismissing the +prosecutions brought against some<span class="pagenum"><a name="Page_35" id="Page_35">[Pg 35]</a></span> of your servants abroad.—This +business was brought on at that court, on account of the clamours raised +without doors, and at the recommendation of a worthy member, to whom you +owe the two acts of parliament, that you then so much desired to be +made, and now so much wish to break through. It was proposed at that +court, that the question for dismissing these prosecutions should be put +to a ballot, to convince all the world, that the resolution of the 6th +of May, for this dismission, which was confirmed on the 8th, was not a +partial one, but agreeable to the sense of all the proprietors taken at +large. I believe there was not a proprietor in the court who did not +wish that such a ballot could be taken; but when it came to be +considered, that the question then proposed to be submitted to a third +decision, had been unanimously voted on the 6th of May, and as +unanimously confirmed on the 8th, the great importance of giving weight, +and stability,<span class="pagenum"><a name="Page_36" id="Page_36">[Pg 36]</a></span> to their resolutions, determined the wisdom of that +court, to put the propriety of such a measure to the test of a previous +question, which was proposed, put, and carried, by a great and +respectable majority, against a third consideration.</p> + +<p>You will after this, Gentlemen, assume with an ill grace, that the +parliament are not to support these resolutions; however you may wish to +have them reconsidered, or repealed. They certainly will support their +resolutions, and I need not remind you that the breach of an act of +parliament will be a forfeiture of your charter.—And though a gentle +administration might treat your dividing upon such a notion of a mistake +with great lenity, what are you not to expect, if the minister should +say, you have made the dividend we meant to restrain; we restrained it, +because you convinced us it would be improper and improvident; you have +since changed your<span class="pagenum"><a name="Page_37" id="Page_37">[Pg 37]</a></span> mind, and you would alter the law? Here even the +lenity of the present ministry cannot avail you; your charter would be +forfeited, and the world would not pity, but laugh at your presumption. +But to suppose still, that the legislature are mistaken, may we not +suppose too a change in the present administration, and that a future +minister may embrace this, as a fair opportunity, to seize upon the +charter, or at least to squeeze the company, and make them purchase a +forgiveness at a very high price? If we plead that we injured nobody, it +may be said, we have insulted the dignity of parliament, and a minister, +who may be no friend to the company, will have a very plausible pretence +to make you part with your millions for the public good.</p> + +<p>However heavy you should find the rod of power, the world will not then +hearken to your complaints of severity; you have already drawn upon you +the censure<span class="pagenum"><a name="Page_38" id="Page_38">[Pg 38]</a></span> of your fellow subjects, by the resolution of the 6th of +May, with regard to your dividends, which they say were made, in +defiance of the king's ministers. The previous question upon the affair +of dismissing the prosecutions has not retrieved your credit among them. +What will they not think, what will they not say, if you divide thus in +violation of a recent act of parliament? They see the legislature has +determined you shall not divide, because you have proved you cannot +divide; will they not say now, that you have determined, in your turn, +you will divide, because the legislature has said you shall not divide?</p> + +<p>I conjure you therefore, Gentlemen, use the utmost caution at the +present crisis, call in the ablest assistance, whilst you are making a +construction on these acts of parliament, nor presume too far to trust +your own judgments.<span class="pagenum"><a name="Page_39" id="Page_39">[Pg 39]</a></span></p> + +<p>I am the more earnest in this recommendation, as I find you mistake the +intention, and operation, of these acts, with respect to a Christmas +dividend, as you do with respect to this you are now going to pay. I +understand, it is your opinion, that in order to make a dividend of 5l. +<i>per cent.</i> at Christmas next, a court may be called in September with +the seven days notice, prescribed by the said act, cap. 49, and 5l. <i>per +cent.</i> may be then declared, by a vote taken by ballot, to be payable at +Christmas. I must remind you, that the vote for 12l. 1-half, passed on +the 6th of May, stands unrepealed by you, or by parliament, and by +clause C. you cannot make any declaration of a dividend, but at the +distance of five months from the last declaration; which five months, +from the 6th of May, will not be expired, till October, when you cannot +hold the Michaelmas quarterly court, because your charter, in page 36, +expressly says, it must be held<span class="pagenum"><a name="Page_40" id="Page_40">[Pg 40]</a></span> in the month of September. You cannot +therefore declare any dividend till the Christmas court, as by the said +clause C. every declaration must be made at a quarterly court; nor can +you even then declare a dividend of 5l. <i>per cent.</i> as the 29th by-law +will stand in your way, which enacts, "that no alteration shall be made +in the dividend, on the capital stock of this company, without first +giving six months public notice;" and such notice cannot be given of the +intended alteration of dividend, from 6l. 1-4th to 5l. <i>per cent.</i> You +see, therefore, that no dividend can be declared at Christmas next but +the 6l. 1-4th, and that may be confidently declared, without infringing +any act of parliament, or any of your own by-laws.</p> + +<p>Do you ask then, how I would construe the late acts? and what measures I +would advise you to take? My design is only to awaken your <i>caution</i>. +But as a well-wisher<span class="pagenum"><a name="Page_41" id="Page_41">[Pg 41]</a></span> to you and the company, and interested in it's +welfare, I will further offer my sentiments on the conduct necessary to +be observed on this occasion.</p> + +<p>I consider the intention of the legislature, to be what is professed in +the preamble of cap. 49, to prevent improper and improvident dividends: +you only proved, when the affair was before parliament, the dividend at +Midsummer, to be improper and improvident, because the homeward-bound +ships were not arrived, the advices from Lord Clive were not received, +and the annual account itself was not yet made up. It was not, nor could +it at that time be disclosed to parliament, what dividend at Christmas +would be improper, or improvident; the legislature has therefore +restrained your Midsummer dividend, and has prevented your declaring any +dividend at all, till the next session, which is expected in November; +and if they shall<span class="pagenum"><a name="Page_42" id="Page_42">[Pg 42]</a></span> then see no cause to restrain you further, you will +be at liberty to declare and divide your 6l. 1-4th <i>per cent.</i> at +Christmas; but if they should then find you in no better situation then +they left you in the last session, you may expect to be restrained by a +fresh law, in that dividend, as you are in this.</p> + +<p>Are we then, say you, to lose the present dividend for ever? As things +stand at present, I answer, yes. If you divide, you divide in defiance +of the legislature, at the risque of your charter, and your own persons; +if you call a general court, and, with the sanction of such a court, +apply to parliament, by an humble petition, to have your Midsummer +dividend restored; there will be no room to believe the legislature will +not take off the refraction, if you prove yourselves in a condition to +make the dividend you propose, as we may be confident they would be +ready to rectify a mistake, in any act, whenever it should<span class="pagenum"><a name="Page_43" id="Page_43">[Pg 43]</a></span> be pointed +out to them. I must however add, if the annual account, which the +gentlemen would not suffer you to produce, at the last general court, +will not bear the light, submit with patience to the present loss; but +if you think it will prove the dividend of 5l. <i>per cent.</i> at this +Midsummer, and 6l, 1-4th <i>per cent.</i> at Christmas, will be neither +improper or improvident, you will see this restricting clause <i>repealed +absolutely, totally, and immediately</i>.</p> + +<p class="right"> +I am, &c.</p> + +<hr class="full" /> + +<div class="trans-note"> +<a name="END" id="END"></a> +<p class="heading">Transcriber's Notes</p> + +<p>The transcriber made these changes to the text to correct obvious errors:</p> + +<pre class="note"> +1. p. 7 elven --> eleven +2. p. 9 declaning --> declaring +3. p. 23 under which it is pre- to be made. + (left as published) +</pre> +</div> + +<hr class="full" /> + + + + + + + + +<pre> + + + + + +End of the Project Gutenberg EBook of A Caution to the Directors of the +East-India Company, by Anonymous + +*** END OF THIS PROJECT GUTENBERG EBOOK A CAUTION TO THE DIRECTORS *** + +***** This file should be named 37048-h.htm or 37048-h.zip ***** +This and all associated files of various formats will be found in: + http://www.gutenberg.org/3/7/0/4/37048/ + +Produced by Richard J. 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You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + + +Title: A Caution to the Directors of the East-India Company + With Regard to their Making the Midsummer Dividend of Five Per Cent. + +Author: Anonymous + +Release Date: August 12, 2011 [EBook #37048] + +Language: English + +Character set encoding: ASCII + +*** START OF THIS PROJECT GUTENBERG EBOOK A CAUTION TO THE DIRECTORS *** + + + + +Produced by Richard J. Shiffer and the Distributed +Proofreading volunteers at http://www.pgdp.net for Project +Gutenberg. (This file was produced from images generously +made available by The Internet Archive.) + + + + + +[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. _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 10th day of July, 1767, no declaration of a +dividend shall be made, by any general court, of any of the said +company's, other than one of the half yearly, or quarterly general +courts, at the distance of five calendar months, at the least, from the +last preceding declaration, of a dividend, and that no declaration of +more than one half yearly dividend, shall be made by one general court." + + +29. BY-LAW. D. + +"That no _alteration_ be made in the dividend, on the capital stock of +this company, without first giving six months publick notice." + +By clause A, it appears that no dividend can be made, after the 24th of +June, without the vote of a general court, (and by clause C, that must +be a quarterly court) called for the purpose of declaring the intended +dividend, with seven days previous notice thereof, in writing fixed upon +the Royal Exchange--by the resolution, of your court of directors, of +the 22d of May last, as well as by your uniform practice in making +dividends, the half year's dividend of 5l. _per cent._ declared in +September last, and now in course of payment, was due the 5th of July +last, and that day, and not the 24th of June, is the day on which this +dividend must be understood to be made, in consequence of the September +declaration. Now as this dividend declared to be made on the 5th of +July, is made for and in respect of time subsequent to the 24th of June, +and is made not in pursuance of a vote, carried by ballot, in a general +quarterly court, summoned for the purpose of declaring a dividend, with +seven days notice of such a meeting, given in writing and fixed upon the +Royal Exchange, it is not warranted by the act, but is, according to +the plain and obvious construction of the act, _illegal_. + +I have heard two objections, and two only, made to this construction; +one, that the legislature was mistaken as to the time, in which the +dividends are always made by this company, supposing them payable the +24th of June, instead of the 5th of July, and that they did not intend +to prevent your dividing 5l. _per cent._ at Midsummer. The other, that +if they were not mistaken, and if they did intend to prevent your +dividing the 5l. _per cent._ at Midsummer, the act itself fails in this +intention, since it only prevents your dividing for eleven days, being +the interval between the 24th of June and the 5th of July, and you are, +on this account, left at liberty to pay the 5l. _per cent._ after +deducting the proportional part for those eleven days. + +As to the first, I think nothing can be more absurd, than to suppose +that the wisdom of the legislature, should be capable of such a +blunder. In order to this, we must suppose, that they who, in the same +session, made a law with respect to the publick funds, in which the +dividends are fixed for payment on the 5th of July, and the 5th of +January, could take it for granted that the India dividends were fixed +for the 24th of June and the 24th of December; and we must suppose too +that they could take this for granted, which is so contrary to the +general practice in other funds, without making any enquiry of the +directors, who daily attended, and were examined while the bill was +passing: for if they did make enquiry, they must have heard that this +company observed the same days of payment with the government, and have +done so invariably from the original institution; and in such a case, +the blunder can hardly be called the effect of oversight, but a wilful +blindness. + +This absurdity is too gross to pass current, but the clause (C) in cap. +48 of the said act, will shew that the parliament were not ignorant, +that the dividends would become due on the 5th of July, but have +proceeded on the consideration of it's being due on that day. In this +clause, they say, that no _declaration_, &c. shall be after the 10th of +July. Now when they had in contemplation the _making_ of a dividend, +they mentioned the 24th of June, a time preceding the 5th of July, in +order to prevent it; when they had in contemplation the _declaring_ of a +dividend, they say the 10th of July subsequent to the 5th, to +distinguish between the terms _making_ and _declaring_, which have been +so often confounded. + +It must appear highly improbable to every impartial mind, that the +legislature should enact a law, to regulate the making of dividends, +without knowing the time, when they are made payable; or if they were +ignorant, that they would not enquire, when the directors attended to +answer all enquiries, and were actually examined from day to day, while +the bill was framing; and very few will be hardy enough to affirm, that +if the parliament were aware, that the dividends would be due the 5th +of July, such a blunder could creep into the act of parliament. The most +natural construction, upon reading the said act, is, that the 24th of +June was not inserted by mistake, but by design, and that the +legislature plainly intended, in the restraining clauses, that the India +company should make no dividend at all from Christmas last, which was +before the encrease of the dividend, to the beginning of the next +session of parliament; in which time, all your homeward-bound ships +would arrive, the Midsummer annual account would be made up, and the +ministry would have an opportunity of learning from Lord Clive, what was +the real situation of the affairs in India. + +I know it is commonly imagined to have been the intention of parliament, +to rescind the resolution of the 6th of May about the 6l. and 1-4th. +_per cent._ but this imagination is contrary to fact, for that +resolution is unrepealed, unrescinded, and unless the parliament, at the +next meeting, shall make some law to prevent it, you may divide 6l. +1-4th _per cent._ at Christmas next--No single word, in either act of +parliament, mentions the resolution of the 6th of May, and the act which +restrains the dividing between the 8th of May, and the beginning of the +next session, manifestly avoided mentioning the 6th of May, and made the +interval of restraint commence on the 8th, to shew it did not mean to +rescind the resolution of the 6th of May. Had the parliament designed to +restrain the dividing according to that resolution at Christmas next, +the interval of restraint would have gone beyond the 5th of January--as +that clause, which restrains the present dividend, the manifest object +of the parliament, stopt short of the 5th of July, and would not have +stopt, as it has done, at the beginning of the next session of +parliament. + +The preamble of the act professes nothing for its object, but "to secure +as well the permanent interest of the company, as the state of credit +both private and public, from the mischiefs which must ensue, from an +improper, and improvident increase of the dividends of the said +company." Thus the parliament had in view only improper and improvident +dividends, dividends made without a due regard to the circumstances of +the company, whether the same should be 12l. 1-half _per cent._ 10l. +_per cent._ or 6l. _per cent._ And I may appeal to yourselves, +Gentlemen, whether you had any objection to the dividend of 12l. 1-half +taking place at Christmas, that did not arise from a consideration of +these circumstances, from your apprehension that your finances would not +be such at Christmas, as to enable you to pay off the company's debts, +to pay the 200,000l. the first half yearly payment to government, and to +make a dividend of 6l. 1-4th to the proprietors. And I would ask, +Whether any other consideration weighed with the legislature? You will +confess, as the undoubted truth is, that this alone made you wish, that +parliament would interpose to prevent the dividing 6l. 1-4th at +Christmas. And I affirm this alone determined the wisdom of the +legislature to interpose for that purpose. They have interposed, and +what have they done? They have stopped your making any dividend till the +meeting of parliament. But they have determined nothing with respect to +the 6l. 1-4th _per cent._ The resolution of the 6th of May stands +unrepealed; and if it shall then appear, such an increase will not be +improper, and improvident, at Christmas next, if, I say, Gentlemen, +after the arrival of the homeward-bound ships, after the examination of +the annual account, which has never yet been produced, if after hearing +the opinion of Lord Clive, concerning the real situation of your affairs +in India, the flourishing state of your trade, the regular payment of +your revenue, and the stability of your possessions, you shall think +that the 6l. 1-4th _per cent._ may be paid without giving any cause of +complaint to the creditors of the company, and join with the general +court in a representation to the ministry, that such an encrease will +not be improper, or improvident, at Christmas, there can be no reason to +suppose, that parliament will again interpose, by a new act, to restrain +your making such a dividend; and if they do not interpose by a new act, +you may divide 6l. 1-4th _per cent._ by a due exercise of your present +powers, as will be shewn in another place. But should there, on the +contrary, be any room, at the meeting of the parliament, to believe such +a dividend at Christmas will be improper and improvident, it is no doubt +the intention of parliament to make a new act, the next session, to +restrain your dividing 12l. 1-half _per cent._ 10l. _per cent._ 6l. _per +cent._ or any _per cent._ at all, if it shall be so necessary, in order +to prevent the mischiefs recited in the preamble before mentioned. + +The remedy provided by the wisdom of the legislature, is, according to +this construction, adequate to the mischiefs apprehended; as at the +time of making the act, 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 restrained it till the meeting of +parliament, and as it may then be represented by you, that such a +dividend will not be improper, or improvident, they have made the time +of restriction stop at that period, to give you a future power of +dividing that sum, or 6l. 1-4th agreeable to the resolution of the 6th +of May, if they see no reason for interposing against it. But if the +legislature had not restrained you from making any dividend, between the +24th of June, and the beginning of the next session of parliament, if +they had left you to divide the 5l. _per cent._ dividend for the 5th of +July, they would have provided no present remedy at all. + +It is well known, you opposed the encrease of dividend to 10l. _per +cent._ in September last, and that you opposed it, upon the principle +of it's being improper and improvident, from the state of the account, +then produced by you to the general court. You have frequently declared +since, you thought this measure of raising the dividend to 10l. _per +cent. inexpedient_ and unwarrantable, as the company have not discharged +their debts--you opposed the resolution of increasing it to 12l. 1-half +on the 6th of May, in no other manner, but by producing in court the +same state of the company's affairs, upon which you opposed the +increasing it to 10l. _per cent._ in the month of September, and +declaring the state of affairs was not altered since that time; from +whence it was to be understood that there was, in your opinion, no +better reason for dividing 6l. 1-4th in May, than there had been, for +dividing 5l. _per cent._ in September. On this principle, and on this +principle alone, you called in the aid of the legislature, to assist you +in preventing the mischief, that must be produced by such improper and +improvident dividends, and on this principle alone the parliament +interposed to support you--you proved to them you could not divide 6l. +1-4th, you proved too, by the same arguments, that you could not divide +5l. nay, that you could not divide at all; for I may with confidence +affirm, that not a single argument was advanced to prove the dividend of +6l. 1-4th to be improper and improvident, that did not extend to prove +the dividend of 5l. _per cent._ or any dividend at all, equally so. + +I am warranted to go farther. If the company would not, in your opinion, +be in a condition at Christmas to divide 6l. 1-4th, when the +homeward-bound ships should have arrived, there was much less reason for +suffering you to divide 5l. _per cent._ at Midsummer, while the ships +were still upon the seas, the annual account unsettled, and the state of +your affairs in India unknown. And yet, after this it seems, we are to +suppose the legislature did not intend to prevent you making the 5l. +_per cent._ dividend declared to be due the 5th of July. We are to +suppose, that they did not intend to hinder your dividing after the rate +of 10l. _per cent._ at Midsummer, when any dividend at all was proved +improper and improvident, but that they intended to hinder your making a +dividend after the rate of 12l. 1-half _per cent._ at Christmas, when +future arrivals, and future accounts, might make such a dividend proper +and expedient. + +We all saw with concern, that the members of both houses were detained +in town, to lend the wished-for interposition; had the Christmas +dividend been the sole object of their attention, the business might +have been postponed till the next session, as that is expected to take +place before this dividend can be made; and the rather, as those lights +may then be had, which could not be expected, though much wished for, at +the end of the last session. But as preventing the dividend of 5l. _per +cent._ declared for the 5th of July, was the principal object, it was +necessary to settle that business before the session was closed; and I +believe you are satisfied, Gentlemen, there was sufficient evidence laid +by you before both houses, to prove a dividend of 5l. _per cent._ +improper and improvident at that time, whether you agree to determine a +dividend with the deputy-chairman upon a cash account, or with the +chairman upon a general account. The wisdom of the legislature has stopt +your dividing at Midsummer, while your ability is doubtful, and has left +it in your power, after the beginning of the next session, to make a +dividend of 6l. 1-4th at Christmas, if your ability is no longer +doubtful at that time. + +I presume, the first objection is by this time sufficiently answered, +that it is clear the legislature made no mistake when they inserted the +24th of June; and that they meant to prevent any dividing between that +day and the meeting of parliament. + +I shall now proceed to the second objection, _viz._ That whether the +legislature meant to prevent the dividend of 5l. _per cent._ taking +place the 5th of July or not, the act will not have the effect contended +for--it is insisted, that the clause (A) which restrains the company +from making "any dividend, for, or in respect of, any time subsequent to +the 24th of June, 1767," includes no more than the eleven days, between +that day and the 5th of July, and will not affect the rest of the half +year, but a proportionable dividend may be made up to the 24th of June. + +By a resolution of a general court, held in September last, the company +declared, that they would make a dividend on the 5th of July, then next +following, of 5l. for every hundred, for the half year between the 5th +of January and the 5th of July following. The sum to be divided, is 5l. +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, you +will divide only 4l. 13s. 10d. halfpenny, and not 5l. 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 resolution, will be +as different as any two proportions can possibly be, in which no single +term is common to both. And such a dividend as this, can no more be said +to be made by virtue of the resolution of September, than it can be said +to be made by virtue of the preceding resolution, for dividing only 3l. +_per cent._ or that of the 6th of May for 6l. 1-4th. + +The dividends on the India company's property, are different from those +on the government stock. The latter are intended by parliament, to +continue a certain, or uncertain number of years, and the rate of +interest is fixed unalterably, during the continuance of such stock, 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 sum, they please. They might, before the 29th by-law +was made, divide monthly, weekly, or on a distant day that cannot be +called either a weekly, monthly, or half yearly payment; and before the +appointed day, they might vary the dividend, might increase, decrease, +or annul it.--Their usual practice has been, to declare a certain +specific sum to be paid on a certain day, for the half year between such +a day and such a day, and not as the government does, an annual sum +payable half yearly.--They have not declared by the resolution of +September an annual dividend of 10l. _per cent._ payable half yearly, in +which case, perhaps, an apportionment might be admitted, but they have +declared, the specific sum of 5l. for every hundred, to be paid on the +5th of July; in like manner as on the 6th of May, they did not declare +an annual dividend of 12l. 1-half _per cent._ but the specific sum of +6l. 5s. to be paid for the half yearly dividend on the 5th of January +next. + +The general court in September had only in contemplation the +apportionment of the dividend to the quantity of stock possessed by each +proprietor; the division of time was never under consideration; the time +was given, _viz._ half a year between the 5th of January and the 5th of +July; had the quantity of stock been given, _viz._ had every proprietor +held 100l. and no more or less, the court would then have declared, that +every proprietor should receive 5l. on the 5th day of July. If the time +is altered, the original proportion is changed; the proprietor of 100l. +stock, will not receive the 5l. _per cent._ that was declared. And what +is offered in lieu of it, is not to be found in any part of the +resolution, under which it is pre-to be made. + +Again, if any case can be supposed to have happened, before the passing +of these acts, that might have made it necessary, or prudent, for the +India company to make a dividend for four months, instead of six, would +you, Gentlemen, have presumed to make a proportionable dividend for four +months, under the resolution, that declared a dividend for six, or would +not you rather have called together the proprietors to get this new +resolution made by a general court? you undoubtedly would, you certainly +must; such a change in the time of making dividends payable, must have +been stiled an alteration in your dividend; and the 29th by-law would +have made it necessary for you to give six months notice of such an +alteration. I would ask, where the difference is, whether the alteration +be from six months, to four months, or from 182 days, to 171, which is +the present alteration? the one is an alteration of months, the other of +days, but they are equally alterations, the alterations equally demand a +new declaration, and are equally objects of the 29th by-law. And you can +no more divide for 171 days, ending the 24th of June, under a +declaration that orders you to divide for 182, ending the 5th of July, +than you could make three payments of four months in a year, under a +declaration of two half yearly one's. + +The legislature, in the act of parliament for the alteration of the +stile, has said, that Midsummer-day shall fall on the 24th of June; +because this alteration would have carried it otherwise to the 5th of +July; the stocks however have not been affected by that act, the 5th of +July, and the 5th of Jan. have been constantly the days of payment, for +the Midsummer, and Christmas dividends, for most of the government as +well as the East India stocks. Would any administration alter the days +of payment of the government stock, without the sanction of parliament? +you will not say, Gentlemen, they would. I will venture to affirm for +you too, that you will not make this trifling alteration, of dividing +for 171, instead of 182 days, or, at least, that you will first take +the opinion of a general court upon it, that your enemies may not have +room to say, that you did not care to call a court for this purpose, +from a consciousness, that the 29th by-law, and the acts of parliament, +would stand in your way, if you submitted this difficulty to a serious +discussion. They certainly do stand in your way, the legislature +intended they should stand in your way, and so long as that by-law, and +these acts of parliament, remain in force, it will be impossible for you +to divide the 5l. _per cent._ now in course of payment. + +Before I dismiss this part of the argument, I must submit to your +consideration two necessary consequences, that must follow from your +determining to make the dividend of 4l. 13s. 10d. halfpenny _per cent._ +payable the 24th of June, instead of the 5l. _per cent._ that was +declared payable the 5th of July. First, a great confusion must arise +in the foreign contracts; a Dutchman at Amsterdam sells stock, on the +25th of June, to another of the same place; the dividend is understood +by each party to be the property of the purchaser, as no proprietor, +foreign or domestic, is ignorant, that the India Midsummer dividend is +payable, and has ever been payable, the 5th of July; and yet, according +to this determination, the 4l. 13s. and 10d. halfpenny _per cent._ will +be the property of the seller. Secondly, it is well known much of the +India stock is held in trust, that A. shall enjoy the dividends for his +life, and after his death they shall go to B. I am told such a case has +happened, in which, A. died the 27th of June last, 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 4l. 13s. +10d. halfpenny for the dividend due the 24th of June. + +These are the reasons which induce me to think, Gentlemen, that the +legislature did not mistake the time the dividends become due, that they +did not mean the 5th of July, when they inserted the 24th of June, that +they intended to restrain the company from making any dividend, before +the beginning of the next session of parliament, and that they have +effectually restrained you by the clause A. + +Yet I will suppose, for the present, you still think that the +legislature had no such intention of retraining the present dividend of +10l. _per cent._ and inserted the 24th of June, instead of the 5th of +July, imagining the dividend became payable on the former, instead of +the latter of those days; would you, Gentlemen, in such a case, take +upon yourselves to divide contrary to the express words of an act of +parliament? And would you justify this disobedience to the law, by +imputing a blunder to the only body upon earth in which we can allow +infallibility? It will not surely give offence, if I presume you may be +mistaken in your construction of the act, while you fix the charge, of +saying one thing, and meaning another, upon the king, lords, and commons +of this realm; and should your judgment not be infallible, and in your +construction of this law, the mistake should be on your side, ignorance +will be but a poor plea for the breach of an act, which you arraigned +upon the same principle. If the law maxim, _ignorantia legis neminem +excusat_ is ever to be justified upon the principle of humanity, it will +be in this case, where it interprets the law, contrary to the express +and obvious meaning of it. + +If, for the sake of argument, we admit that the legislature may have +committed this blunder, do you allow it to be consistent, with the rules +of true policy, to let those who are the objects of a law, become the +interpreters, much more the correctors of it? Suppose a law should prove +hurtful to society; let us suppose, if such a case can be supposed, it +would break in upon the security of life, liberty, and property, which +it is the sole object of law to support? No power in this kingdom, can +alter such a law, but that which made it; and the judges, who are the +interpreters of the law, are bound to determine all cases which come +under that law, according to the plain and obvious construction of it. +They cannot correct; their province is, to tell what the law is, not +what it should be. Will you assume a power to yourselves, not granted to +the king's judges? Will you, Gentlemen, presume to interpret, that the +legislature should have said the 5th of July, instead of the 24th of +June; and determine, that the dividend shall be made which stands +restrained by the express words of that law? + +If you will correct the law, why will you not do it with as little +violence as possible? Why will you not alter 1767, and say it should be +1768? In that case, 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 single figure, while what you contend +for, changes words as well as figures. + +You will say, no doubt, that you do not desire the proprietors should +divide 6l. 1-4th at Christmas, which they would, if this construction +was allowed; they are not in cash, they have not paid their debts, is +certainly a good argument, but not insuperable, against dividing; you +opposed the dividend of 5l. _per cent._ in September, upon the same +principles. That you should not be in cash, that you had not paid your +debts, was your only objection at that time; and we now find you +straining the law, makeing an act of parliament say it meant July, when +it said June; and intended to insert the figure 5, when it made use of +24, in order that you may now make this dividend, which you opposed when +it was declared in September last. You would now make the legislature +say, it was not their meaning to rescind this dividend of 5l. _per +cent._ when they have rescinded it in direct terms, because you proved +you should not be in cash, and should not have paid your debts at the +time it would be payable. + +I will venture to affirm too, that you would not be half so +inconsistent, in using the same industry, and following the same method +of interpretation, to divide after the rate of 12l. 1-half _per cent._ +at Christmas; for the legislature, as we have proved, have not shewn +their intention of rescinding absolutely, this 12l. 1-half, while the +10l. _per cent._ is restrained as matters stand, beyond all dispute, and +can never be made, but in defiance of the power of parliament, and +without such a defiance, as, if it is to be justified, will justify the +violation of all law, divine and human. A law of England says, you shall +_not_ divide up to the 5th of July, being after the 24th of June; you +substitute the 5th of July in the place of the 24th of June, and then +say, you may divide up to the 5th of July. The law of Moses says, Thou +shalt _not_ steal; you strike out the word _not_, by a less violent +alteration, and then theft becomes as little a crime in England, as it +was at Sparta. + +But I would beg leave to ask, if the mistake contended for should be +admitted on all hands, would you take upon yourselves to correct it, or +wait till it was rectified by parliament? If when a deed is executed, a +mistake is discovered, it cannot be corrected without the privity, and +consent, 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 custody of such records: a trustee in such deed would not +pay a sum of money contrary to the express words of the deed, but would +wait till the matter was set right; nor would a party in any cause +presume upon a mistake in a record, to disobey the orders of a court of +justice; and will you, Gentlemen, give less authority to an act of the +legislature, than to a private deed, or the record of any petty court of +law? + +We must suppose the legislature will be as jealous of their resolutions, +as the East-India company are of theirs. You cannot have forgot the +proceedings of a late general court, upon the subject of dismissing the +prosecutions brought against some of your servants abroad.--This +business was brought on at that court, on account of the clamours raised +without doors, and at the recommendation of a worthy member, to whom you +owe the two acts of parliament, that you then so much desired to be +made, and now so much wish to break through. It was proposed at that +court, that the question for dismissing these prosecutions should be put +to a ballot, to convince all the world, that the resolution of the 6th +of May, for this dismission, which was confirmed on the 8th, was not a +partial one, but agreeable to the sense of all the proprietors taken at +large. I believe there was not a proprietor in the court who did not +wish that such a ballot could be taken; but when it came to be +considered, that the question then proposed to be submitted to a third +decision, had been unanimously voted on the 6th of May, and as +unanimously confirmed on the 8th, the great importance of giving weight, +and stability, to their resolutions, determined the wisdom of that +court, to put the propriety of such a measure to the test of a previous +question, which was proposed, put, and carried, by a great and +respectable majority, against a third consideration. + +You will after this, Gentlemen, assume with an ill grace, that the +parliament are not to support these resolutions; however you may wish to +have them reconsidered, or repealed. They certainly will support their +resolutions, and I need not remind you that the breach of an act of +parliament will be a forfeiture of your charter.--And though a gentle +administration might treat your dividing upon such a notion of a mistake +with great lenity, what are you not to expect, if the minister should +say, you have made the dividend we meant to restrain; we restrained it, +because you convinced us it would be improper and improvident; you have +since changed your mind, and you would alter the law? Here even the +lenity of the present ministry cannot avail you; your charter would be +forfeited, and the world would not pity, but laugh at your presumption. +But to suppose still, that the legislature are mistaken, may we not +suppose too a change in the present administration, and that a future +minister may embrace this, as a fair opportunity, to seize upon the +charter, or at least to squeeze the company, and make them purchase a +forgiveness at a very high price? If we plead that we injured nobody, it +may be said, we have insulted the dignity of parliament, and a minister, +who may be no friend to the company, will have a very plausible pretence +to make you part with your millions for the public good. + +However heavy you should find the rod of power, the world will not then +hearken to your complaints of severity; you have already drawn upon you +the censure of your fellow subjects, by the resolution of the 6th of +May, with regard to your dividends, which they say were made, in +defiance of the king's ministers. The previous question upon the affair +of dismissing the prosecutions has not retrieved your credit among them. +What will they not think, what will they not say, if you divide thus in +violation of a recent act of parliament? They see the legislature has +determined you shall not divide, because you have proved you cannot +divide; will they not say now, that you have determined, in your turn, +you will divide, because the legislature has said you shall not divide? + +I conjure you therefore, Gentlemen, use the utmost caution at the +present crisis, call in the ablest assistance, whilst you are making a +construction on these acts of parliament, nor presume too far to trust +your own judgments. + +I am the more earnest in this recommendation, as I find you mistake the +intention, and operation, of these acts, with respect to a Christmas +dividend, as you do with respect to this you are now going to pay. I +understand, it is your opinion, that in order to make a dividend of 5l. +_per cent._ at Christmas next, a court may be called in September with +the seven days notice, prescribed by the said act, cap. 49, and 5l. _per +cent._ may be then declared, by a vote taken by ballot, to be payable at +Christmas. I must remind you, that the vote for 12l. 1-half, passed on +the 6th of May, stands unrepealed by you, or by parliament, and by +clause C. you cannot make any declaration of a dividend, but at the +distance of five months from the last declaration; which five months, +from the 6th of May, will not be expired, till October, when you cannot +hold the Michaelmas quarterly court, because your charter, in page 36, +expressly says, it must be held in the month of September. You cannot +therefore declare any dividend till the Christmas court, as by the said +clause C. every declaration must be made at a quarterly court; nor can +you even then declare a dividend of 5l. _per cent._ as the 29th by-law +will stand in your way, which enacts, "that no alteration shall be made +in the dividend, on the capital stock of this company, without first +giving six months public notice;" and such notice cannot be given of the +intended alteration of dividend, from 6l. 1-4th to 5l. _per cent._ You +see, therefore, that no dividend can be declared at Christmas next but +the 6l. 1-4th, and that may be confidently declared, without infringing +any act of parliament, or any of your own by-laws. + +Do you ask then, how I would construe the late acts? and what measures I +would advise you to take? My design is only to awaken your _caution_. +But as a well-wisher to you and the company, and interested in it's +welfare, I will further offer my sentiments on the conduct necessary to +be observed on this occasion. + +I consider the intention of the legislature, to be what is professed in +the preamble of cap. 49, to prevent improper and improvident dividends: +you only proved, when the affair was before parliament, the dividend at +Midsummer, to be improper and improvident, because the homeward-bound +ships were not arrived, the advices from Lord Clive were not received, +and the annual account itself was not yet made up. It was not, nor could +it at that time be disclosed to parliament, what dividend at Christmas +would be improper, or improvident; the legislature has therefore +restrained your Midsummer dividend, and has prevented your declaring any +dividend at all, till the next session, which is expected in November; +and if they shall then see no cause to restrain you further, you will +be at liberty to declare and divide your 6l. 1-4th _per cent._ at +Christmas; but if they should then find you in no better situation then +they left you in the last session, you may expect to be restrained by a +fresh law, in that dividend, as you are in this. + +Are we then, say you, to lose the present dividend for ever? As things +stand at present, I answer, yes. If you divide, you divide in defiance +of the legislature, at the risque of your charter, and your own persons; +if you call a general court, and, with the sanction of such a court, +apply to parliament, by an humble petition, to have your Midsummer +dividend restored; there will be no room to believe the legislature will +not take off the refraction, if you prove yourselves in a condition to +make the dividend you propose, as we may be confident they would be +ready to rectify a mistake, in any act, whenever it should be pointed +out to them. I must however add, if the annual account, which the +gentlemen would not suffer you to produce, at the last general court, +will not bear the light, submit with patience to the present loss; but +if you think it will prove the dividend of 5l. _per cent._ at this +Midsummer, and 6l, 1-4th _per cent._ at Christmas, will be neither +improper or improvident, you will see this restricting clause _repealed +absolutely, totally, and immediately_. + + I am, &c. + + * * * * * + +[Transcriber's Notes: + +The transcriber made these changes to the text to correct obvious +errors: + + 1. p. 7 elven --> eleven + 2. p. 9 declaning --> declaring + 3. p. 23 under which it is pre- to be made. (left as published) + +End of Transcriber's Notes] + + + + + +End of the Project Gutenberg EBook of A Caution to the Directors of the +East-India Company, by Anonymous + +*** END OF THIS PROJECT GUTENBERG EBOOK A CAUTION TO THE DIRECTORS *** + +***** This file should be named 37048.txt or 37048.zip ***** +This and all associated files of various formats will be found in: + http://www.gutenberg.org/3/7/0/4/37048/ + +Produced by Richard J. Shiffer and the Distributed +Proofreading volunteers at http://www.pgdp.net for Project +Gutenberg. (This file was produced from images generously +made available by The Internet Archive.) + + +Updated editions will replace the previous one--the old editions +will be renamed. + +Creating the works from public domain print editions means that no +one owns a United States copyright in these works, so the Foundation +(and you!) can copy and distribute it in the United States without +permission and without paying copyright royalties. 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