| Description | (In the hand of John Scale.)
Copy of a memorandum of an agreement between Mattw. Boulton and John Scale to take date 24th June 1782.
7. 14. or 21 Years determinable on 12 Mos Notice on either side.
Matthew Boulton & John Scale both of Soho agree to carry on the business of manufactoring Buttons Steel Chains & Sword hilts at Soho under the Firm of Boulton & Scale in all the branches that have been formerly been carried on under the firm of Boulton & Fothergill (vizt.) in all such buttons as have been formerly been manufactor'd under the direction of Mr Scale and in which he hath formerly been intrested or in any other manufacture of Buttons or other articles that they shall mutualy agree upon.
The business carried on under the firm of Boulton & Scale shall keep all the Accts: belonging thereto in their own care and in their own Books, Shall provide all their own materials and pay all their own debts &c &c.
For such goods as Boulton & Scale sells to Matthew Boulton where he alone runs the risk of the payment &c upon the amount of such goods Boulton & Scale shall allow to Matthew Boulton all the advantages of length of Credit extra allowances called good will &c carriage to London, as customary by the most eminent and respectable Manufactorers in the like branches of Manufacture and as it is judged to be for the intrest of the trade of Boulton & Scale that Mattw Boulton shall not charge any commission upon the Sale of the goods that he purchases of Boulton & Scale they (B & S) under that consideration agree to allow Mattw. Boulton a discot: of 5 per Ct in lieu of said commission and also to agree to make good to him all extra allowances that he is necessiated to make upon the sale of said Goods in consequence of his former agreements with his former friends or with such as it may be mutualy agreed to allow to foreign corrospondents.
Matthew Boulton agrees to advance in money and goods the sum of Six Thousand Pounds and J Scale agrees to advance Three thousand pounds and they mutualy agree to divide the proffit or Loss in the like proportion and if the business or manufactory shall be extended so as to require a further additional Capital it is agreed that either party may advance such additional sum as may be wanted, and they shall receive for such money so advanced an Intrest after the rate of 7½ per Ct. per annum in lieu of proffit, If each party is desirous of advancing such money so wanted they may advance it in proportion to their first agreement, vizt. M. B. may advance 2 parts and J S one part. The Button Co. under the aforesaid firm of Boulton & Scale, shall pay the rent of the Warehouses & Shops at Soho which they occupy as heretofore. The said Button Co. shall deal if they choose it in England, Ireland & Scotland with whom soever they please but Shall not deal with Matthew Boulton's foreign correspondence upon the European Continent without his consent. B & S shall purchase their materials wanted in their Manufactory of whom they please and under their own Firm. J. Scale agrees to employ his time and attention in the said manufactory and not to enter into any other of a similar nature and that may clash with the intrest of it.
Mattw. Boulton agrees to render all the assistance in his power towards improving or extending the said manufactory and also ingages not to enter into any other manufactory of a similar nature and that clashes with the intrest of it, but as he is already engaged in a manufactory of plated Candlesticks and other plated wares and as he is also ingaged in a partnership with Mr Watt in carrying on the Steam Engine business and likewise he is engaged in carrying on the Mercantile Business at Birmingham. Therefore for these reasons he cannot devote much of his time to the To the Manufactory of Buttons &c in partnership with Mr Scale. But in order to make up such difficiencies M. B. agrees to pay & Satisfy Jas: Pearson the thier present Clerk for keeping the Journal & posting their Ledger in a Mercantile manner, and also to allow to Jno. Scale fifty Pounds per annum both to be paid out of his seperate Share of the said stock. But shou'd it hereafter be deemed necessary by Mr Boulton to employ an assistant or person capable of keeping Books writing Letters going journeys or otherwise assisting in the manufactory to get up orders &c &c wherein he shall devote his whole time & abilities to the intrest thereof; then and in such case the allowance as above to J S of £50- per annum shall cease & Ditermine and the whole Salery of such person or assistant M. B. agrees to pay out of his seperate Share.
Soho 16th Augt. 1783 [Signed] Mattw. Boulton
Witness [signed] Wm Matthews [Signed] John Scale |