Indian Antiquary Vol 47

SR No.: 032539
Original Sutra Author: N/A
Author: Richard Carnac Temple, Devadatta Ramkrishna Bhandarkar
Publisher: Swati Publications
Publication Year: 1984
Total Pages: 386
Language: English
Classification: Book_English
File Size: 15 MB

Page 91

APRIL, 1918]
AUSTRIA'S COMMERCIAL VENTURE IN INDIA
87
10. In co.isequence, however, of the foregoing obligation, it shall be incumbent on the Codirectors jointly with Mr Bolts, to prepare and draw up the publick or private advertisements to the Adventurers, to collect the money arising from the sale of the actions, to realize and verify the fourteen shares taken by Mr Bolts; to provide the goods required for the voyage; to give the needful instructions to the Captain, Supercargo, and other officers of the said ship; to get insurance done, not only on the capital, but also on an expected or imaginary gain, as is usual in maritime trade; to sign letters of correspondence, and whatever else is requisite in the execution of this undertaking; and in like manner, after the return of the ship, to take care that the merchandize be landed, sold, the produce got into Cash, charges paid, the respective dividends made, and whatever else may be necessary or convenient for the general interest of the Society.
The money chest shall be kept under four keys, whereof Mr Bolts or his Agent shall have the custody of one, and one shall remain in the hands of each of the other three Directors. In this chest shall be lodged not only the money received or to be received for Actions, but also all the documents relative to the expedition, such as the bills of lading signed by the Captain, the policies of insurance, and every voucher concerning the voyage out and home.
The books shall be kept by Mr Edward Watts, but under the constant inspection of the Codirectors, who, jointly with Mr Bolts, shall, in due time, get insurance done on the cargo out and home, and likewise on an imaginary or hoped for profit, so as, in case of a misfortune, which God forbid, the capital and interest of all the Adventurers may be insured.
In like manner, they shall jointly give the requisite instructions to the Captain, Supercargo and Officers, that, in case of any fortunate circumstance, particularly in Asia, on the opportunity of this ships return to Europe, if a certain profit should be offered independent of the fund of this Society, all such - transactions may be done which are usual in these parte, and from which a sure profit results, but not otherwise ; and these profits, independent of the Company's funds, shall be divided, that is, three fourths to Mr Bolts, and one fourth to the Adventurers, the commission of the Direction, as in the following article, deducted.
In recompenge for the pains and care of all the four Directors, they shall be allowed. by way of commission and premium, two and a half per cent. on the whole amount of the expedition outward, and two and a half per cent. on the sales of the homeward cargo, after the ships return, that is, two fifths to Mr Bolts, and three fifths for the other three Directors.
On the safe return of the ship, with all convenient speed in regard to the interest of the Company, the whole cargo shall be sold at publick sale ; and when the accounts are made up, all the charges are to be paid, and the ten per cent. and respective five per cent. to the Adventurers, the commission to the Directors, premiums of insurance, and whatever else falls to the charge of the common concern ; and the remaining profit, hoped for, shall be decided according to the seventh article.
In case of loss, the funds insured are to be recovered and brought into cash, and the capital, interest, and hoped for gain that have been insured are to be paid to the Adventurers in the manner above mentioned ; and every thing is to proceed in a clear orderly manner for the satisfaction of the conoer ned, who shall at all times have free access to see the accounts and vouchers.