| Description | Docketed, “Some remarks about my partnership.”
1st. Mr. F. should advance an equal sum to M.B., viz. 5000 neat, deducting out all mony he has hitherto taken out, or shall take out, before the whole is advanced. N.B. it is a custome in all partnerships for the last comer-in to take out nothing untill six months after his whole is advanced.* [Marginal note: *as no profit can be made untill some returns are made, which at least will be six months.]
2d. Interest account be kept, and our trade made debtor for the interest of all the mony we employ in it. M.B. account shall have credit for the interest of his mony from the day it was advanced, and J.F. the same.
3d. Reasonable that the Mill account should be made debtor for the interest of all the mony M.B. paid for it, etc., from the time he paid it, as no advantage was made of it untill after the partnership commenced.* [Note on another page: *And further the Mill account ought to be made debtor for all the time M.B. spent in considering, experimenting, and contriving the necesery for the said mill and business which is there carried on, which took him nearly one year and a half before the partnership commenced, without any advantages accruing from it; and I think of my time worth at least 150£, but as I love peace and harmony I will give up all claim to any thing for it.
As Mr. F. hath some times said he thought there was too much of the mony which I advanced layd out upon my premisses, in answer to which I say I will give or take for it, for if he chooses to pay me all the mony I have layd out at Soho the whole shall be his, and he shall advance in trade the mill as so much mony it costs.
4th. M.B. hath also some apprentices, whose time is of considerable value, viz. Brown, Dyott, Powel, etc., which he also should have some allowance for, as he was a considerable looser by them in the first part of their time, and the equvelent advantages are yet to come; but as little matters may not create disputes, he will give up all those advantages to the partnership.
5. M.B. apprehiend the foreign trade to be incompatible with the interest of the manufactory of the partnership, as he presumes many of the merchants are, and will be, disgusted at it, and therefore begs it may be given up.
If Mr. F. desents from my judment in any perticular (as I may blind my self by a partiality to self as well as other men), I will agree to leave the decision of any disputable point to any one or two persons that we shall agree upon; and if Mr. F. is not content with these terms but had rather seperate—in that case, I say, if he will enjoyn himself by his bond to keep all the secrets I have intrusted him with relative to our business for the term of fourteen years, and will accept of his mony after the rate he proposed to me last Monday was sevenight, viz. by 1000£ per annum, I will bind my self to pay it him, with interest after the rate of 5 per cent. for all and every portion of it whilest any of it remains in my hands; or, if Mr. F. will let me have the £4000 for five years certain, I will allow him 100 pound per annum premium, besides the common interest of 5 per cent.
douceur
[Edited transcript.] |