| Description | "Settlement with James Alston, executor of John Scale: terms for the adjustment of account between late J. Scale, Birmingham Warehouse, and M. Boulton." (In the hand of Zaccheus Walker. Docketed by John Robinson.)
Birmingham, and Soho, 27th. August 1795.
It is mutually agreed between Matthew Robinson Boulton on the part of his Father, and James Alston on the part of the Executors of the late Mr. John Scale-That the Annual Settlement made in the Books of Boulton & Scale are right so far as relates to the extra Credit, in lieu of discount, agreed to be allowed to Matthew Boulton for selling their goods abroad, without puting any advance of price thereon, and for guaranteeing payment thereof-vizt. The Amount of Goods sold to him in one Year is reckoned as Cash at the end of the Year following-Which extra Credit is agreed and allowed to be equivalent to a discount of Seven and a half per Cent.
But as it appears that there has been no Account of Interest made out of the Cash and Bill Transactions which passed between the said Parties; It is now agreed that Matthew Boulton is to be allowed five per Cent Interest, and a Commission of one quarter per Cent, on all Cash furnished to Boulton & Scale, since the Commencement of their last partnership in the Year 1789.-And be charged with the Interest on the Bills placed in his hands by Boulton & Scale from the date of their maturity Each Years account to be stated up to the end of that year.
Boulton & Scale are also to allow Mattw: Boulton a farther discount of two & a half per Cent upon all goods sold to him during an Interval of twelve months, and during which Interval Messrs Ravee & Co. were allowed Ten per Cent and Matthew Boulton only only Seven & a half per Cent, deducting therefrom the White Metal, and Inlaid Buttons on which an equal discount was allowed to both Houses.
That as soon as the above disagreements, or arrangements, can be adjusted, the Partnership Accounts shall be closed and mutually Signed up to the end of last Year, and the same mode of settlement pursued in time to come.
But in case Matthew Boulton shall at any future time prefer taking an extra discount of Seven and a half per Cent upon the goods purchased from Boulton & Scale, instead of the accustomed extra credit-It is hereby agreed that the Accounts from thenceforth shall be settled quarterly upon the same terms, and with the same allowances that are granted to other Merchants, And also with the further deduction aforesaid of Seven & a half per Cent (in lieu of advancing prices, charging Commission, & guaranteeing payments &c:) on the Nett Amount of all Articles, or goods bought, Except Inlaid Buttons, on which the said Extra Allowance is to be only Five per Cent-Provided Matthew Boulton shall give Six Months previous Notice of it's being his intention to deal in future upon that footing, in order that the Capital employed in the Trade should be proportionally lessened.
We the parties concerned, or Interested, [Signed] on the Part of the
in the above agreement, confirm, Exors of Mr Jno Scale James Alston
& hereby signify our Assent thereto [Signed] on the Part of my
Father M: Robn Boulton
[Signed:]
Mattw: Boulton
John Bownas
Garnett Braithwaite
Copy of the above agreement. 27 Aug. 1795.
(Press-copy.)
Copy of a statement of the Interest account between Boulton & Scale and Matthew Boulton, 4 Jul. - 31 Dec. 1789.
(Press-copy of an original in the hand of James Pearson. This document does not appear to belong here.) |