[146] The arrangement between the partners is indicated by the following passage of Watt’s letter to Boulton:--“As you may have possibly mislaid my missive to you concerning the contract, I beg just to mention what I remember of the terms. “1. I to assign to you two-thirds of the property of the invention. “2. You to pay all expenses of the Act or others incurred before June, 1775 (the date of the Act), and also the expense of future experiments, which money is to be sunk without interest by you, being the consideration you pay for your share. “3. You to advance stock in trade bearing interest, but having no claim on me for any part of that, further than my intromissions; the stock itself to be your security and property. “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 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 without consent 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, &c., 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 MSS. [147] Watt to Boulton, 3rd July, 1776. Boulton MSS.