Indian Antiquary Vol 47

Author(s): Richard Carnac Temple, Devadatta Ramkrishna Bhandarkar
Publisher: Swati Publications

Page 92

88
THE INDIAN ANTIQUARY
APRIL, 1918
All the Adventurers, excepting the Directors, are at liberty to sell their shares, giving notice to the Directors for the registry; but the Directors shall not be responsible for the eventuality of this expedition, whether fortunate or not, having done their duty as indicated above.
Whoever chuses to accede to this Convention and social contract will be pleased to sign their names, and note the number of actions they desire to take, with an obligation to accept the bills at usanoe which the Directors shall draw for the value of the purchase as soon as the whole number of one hundred actions is completed. 1'rieste, 17th December 1782.
We underwritten, elected and appointed for managing the affairs relative to the Association called the Trieste Society for the expedition of the Imperial ship Cobenzel, in conformity to the foregoing printed plan, declare that the subscriptions in Trieste till this day amount to the sum of 140,000 forins, and so soon as the subscriptions required are completed, the names and respective sums of all the Adventurers shall be published. Trieste, the 20th December 1782.
(Signed) GUGLIELMO BOLTS.
GIACOMO DE GABBIATI GIAN ADAMO VAGNER
GEO : ROSSETTI Note on the Prospectus of the Triestine Company. The foregoing prospectus is very interesting as showing the methods of the Austrian Company, known to the English as the Triestine Society (Société Impériale Asiatique de Trieste) in raising funds for its voyages. Apparently the Society raised a separate subscription for each voyage, which was liquidated on its completion.
Put into modern commercial parlance and divested of its "wrapping," the scheme developed in the prospectus is illuminating, as it tells us how funds for ventures were raised in the 18th century in Europe ; and it shows incidentally that the Company promoters of that time were as “smart” as the most modern of their tribe..
On 20 December 1782, Bolts, in the name of the Triestine Society, promoted a special issue of shares for the voyage of the ship Cobenzel to India, China and the East, and back. The Directors were to be himself, as Managing Director, and three others. He was also to be the promoter.
The share capital was to be 400,000 florins (say £40,000, taking the Austrian florin at 2s, to be divided as to 260,000 florins into 520 20% preference shares of 500 florins each, held by the subscribers, and as to 140,000 florins into 35 unsaleable fully paid ordinary shares of 4,000 florins each, held by the Directors in the proportion of 14 by the promoter and 7 each by the other Directors. The preference sbares were to receive on the promoter's guarantee 5% from the date of subscription to the date of sailing. 10% during the voyage, and 5% from the date of return to the date of final liquidation. These dividends were subject to all the charges of the venture, including the Directors' remuneration.
The Directors' remuneration was to be 21% on all sales during the voyage and 21% on all sales after the ship's return, payable in the proportion of to the promoter