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."