"As regards the shares held on retirement, some of the interests have nearly run out, and none of the parties have any voice in the business. "The value of a 1-85th share has been, on the average of the last thirteen outfits, which have been wound up (1846-1858), about 408_l_. At that rate a chief factor's retired interest would amount to 3,264_l_., and a chief trader's to 1,632_l_., less discount, supposing payment to be made at once, instead of its being spread over nine or ten years. On the other hand, the invariable custom of the service has been to allow every officer one or more year's furlough on retiring, which has come to be considered almost a right; when more than one year has been granted, it has been by special favour. Adding one year's furlough, a factor's retired allowance would be 4,080_l_., and a trader's 2,040_l_. The discount being taken off, to render them equal to cash, would make a factor's allowance about 3,000_l_., and a trader's 1,500_l_. "The cost of commutation, on the above scale, would be-- 15 chief factors, at 3,000_l_ L45,000 37 " traders, at 1,500_l_ 55,500 18 shares held on retirement, about 14,000 -------- L114,500 ======== "Without allowing a year's furlough, the above amount would be reduced about one-sixth. "The outlay would only be called for in the case of such officers as are already retired, and of such as under a new agreement might not be re-engaged. The retired interest of the officers who might enter into a new engagement would be provided for in the revised deed poll. "As a set-off for the outlay on commutations would be a large reduction in the pay of officers, to be hereafter noticed, and the Company would also receive actual value for their money; and on buying out the wintering partners they would become possessed of their 4/10th share of the profits of the trade. "Under the present organization the pay of officers in the service is about as follows:-- Governor-in-Chief L 2,000 16 chief factors 12,000 35 chief traders 14,000 Clerks, about 10,000 ------- L38,000 ======= "The following would probably prove a more efficient staff:--