[185] Thomas Day, the eccentric but kindly author of ‘Sandford and Merton,’ lent Boulton 3000_l._ at 4 per cent. When Boulton came to pay a higher rate of interest on other loans, he wrote Day proposing to pay him the same rate; but Day refused to accept the advance, as he could not make more of his money elsewhere. Day, however, offered him some good advice. “Give me leave,” said he, “with the real interest of a sincere friend, to express my wishes that now at last when a fortune is within your power, you will contract that wide sphere of business in which your ingenuity has so long kept you engaged, and which has prevented you hitherto, if I may believe the words of one of your sincerest friends, the late Dr. Small, from acquiring that independence which you ought to have had long ago. I should think that now, like a good Christian, thoroughly convinced of the inutility of other works, you ought to attach yourself to the one thing needful, and determine to be saved ‘even as by fire.’ You are now, dear Sir, not of an age to sport any longer with fortune. Forgive the freedom of these sentiments, and believe me, with the greatest sincerity and regard, Yours, &c., “THOMAS DAY.” [186] Watt to Boulton, 20th January, 1779. The other partner, Fothergill, was quite as downhearted. He urged that the firm of Boulton and Fothergill should at once stop payment and wind up; but as this would have seriously hurt the credit of the engine firm, Boulton would not listen to the suggestion. They must hold on as they had done before, until better days came round. Fothergill recommended that at least the unremunerative branches of the business should be brought to a close. The heaviest losses had indeed been sustained through Fothergill himself, whose foreign connexions, instead of being of advantage to the firm, had proved the reverse; and Mr. Matthews, the London agent, repeatedly pressed Boulton to decline further transactions with foreigners. There was one branch of the Boulton and Fothergill business which Boulton at once agreed to give up. This was the painting and japanning business; by which, as appears from a statement prepared by Mr. Walker, now before us, the firm were losing at the rate of 500_l._ a year.