4. I to draw one-third of the profits so soon as any arise from
the business, after paying the workmen's wages and goods
furnished, but abstract from the stock-in-trade, excepting the
interest thereof, which is to be deducted before a balance is
struck.
5. I to make drawings, give directions, and make surveys, the
company paying for the travelling expenses to either of us when
upon engine business.
6. You to keep the books and balance them once a year.
7. A book to be kept wherein to be marked such transactions as
are worthy of record, which, when signed by both, to have the
force of the contract.
8. Neither of us to alienate our share of the other, and if
either of us by death or otherwise shall be incapacitated from
acting for ourselves, the other of us to be the sole manager
without contradiction or interference of heirs, executors,
assignees or others; but the books to be subject to their
inspection, and the acting partner of us to be allowed a
reasonable commission for extra trouble.
9. The contract to continue in force for twenty-five years, from
the 1st of June, 1775, when the partnership commenced,
notwithstanding the contract being of later date.
10. Our heirs, executors and assignees bound to observance.
11. In case of demise of both parties, our heirs, etc., to
succeed in same manner, and if they all please, they may burn
the contract.
If anything be very disagreeable in these terms, you will find
me disposed to do everything reasonable for your satisfaction.
Boulton's reply was entirely satisfactory, and upon this basis the
arrangement was closed.
Watt, with his usual want of confidence in himself in business affairs,
was anxious that Boulton should come to him at Glasgow and arrange all
pecuniary matters connected with the marriage. Watt had faced the
daughter and conquered, but trembled at the thought of facing the
father-in-law. He appeals to his partner as follows:
I am afraid that I shall otherwise make a very bad bargain in
money matters, which wise men like you esteem the most essential
part, and I myself, although I be an enamoured swain, do not
altogether despise. You may perhaps think it odd that in the
midst of my friends here I should call for your help; but the
fact is that from several reasons I do not choose to place that
confidence in any of my friends here that would be necessary in
such a case, and I do not know any of them that have more to say
with the gentleman in question than I have myself. Besides, you
are the only person who can give him satisfactory information
concerning my situation.
Public-domain text, read in full here on John Shaqi.
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