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A Caution to the Directors of the East-India Company: With Regard to Their Making the Midsummer Dividend of Five Per Cent. Without Due Attention to a Late Act of Parliament, and a By-law of Their Own — John Shaqi

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A Caution to the Directors of the East-India Company: With Regard to Their Making the Midsummer Dividend of Five Per Cent. Without Due Attention to a Late Act of Parliament, and a By-law of Their Own

Name: 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
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East India Company -- Early works to 1800

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.

Public-domain text, read in full here on John Shaqi.

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

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