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 OwnAnonymous
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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
Anonymous
East India Company -- Early works to 1800
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.
Public-domain text, read in full here on John Shaqi.
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