Substance of the Proceedings of a General Court of Proprietors Held At the Ban
Substance of the Proceedings of a General Court of Proprietors Held At the Ban
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Winthrop, one of the Directors, observed, that when the Bonuses had been given, it cer- tainly was under an implied condition, that they were not to be considered as permanent, but to depend entirely on the state and ability of the finances of the Company. It was true, he said, the Learned Gentleman, Mr. Jackson, had, with considerable address, obtained from them annu- ally, an assurance of continued prosperity ; but he thought such assurances perfectly reconcilable with the conduct of the Dire...ctors, who unani- mously concurred with him in opinion, that a permanent Dividend of Ten per Cent, was better for the Proprietors, than Twelve per Cent, subject to fluctuation.
Mr. Jackson begged leave to explain. He said, the Twelve per Cent, in 1806, was expressly, and emphatically, declared, not to be a Bonus, but a Dividend ; and the plain and only possible inference to be drawn from the Directors' speeches on that day, was their expectation and intention that 21 that it should he so continued.
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To quickly assess the difficulty of the text, read a short excerpt:
Winthrop, one of the Directors, observed, that when the Bonuses had been given, it cer- tainly was under an implied condition, that they were not to be considered as permanent, but to depend entirely on the state and ability of the finances of the Company. It was true, he said, the Learned Gentleman, Mr. Jackson, had, with considerable address, obtained from them annu- ally, an assurance of continued prosperity ; but he thought such assurances perfectly reconcilable with the conduct of the Dire...ctors, who unani- mously concurred with him in opinion, that a permanent Dividend of Ten per Cent, was better for the Proprietors, than Twelve per Cent, subject to fluctuation.
Mr. Jackson begged leave to explain. He said, the Twelve per Cent, in 1806, was expressly, and emphatically, declared, not to be a Bonus, but a Dividend ; and the plain and only possible inference to be drawn from the Directors' speeches on that day, was their expectation and intention that 21 that it should he so continued.
What to read after Substance of the Proceedings of a General Court of Proprietors Held At the Ban?
You can find similar books in the "Read Also" column, or choose other free books by Bank of England to read onlineMoreLess
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