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A Caution to the Directors of the East-India Compa

A

CAUTION

TO THE

DIRECTORS

OF THE

EAST-INDIA COMPANY,

With regard to their making the

Midsummer Dividend of Five per Cent.

WITHOUT

Due Attention to a late ACT of PARLIAMENT, and a BY-LAW of their own.

"Upon the Whole, I will beg Leave to tell what is really my Opinion: It is, that it be repealed absolutely, totally, and immediately."

_A late celebrated Speech._

LONDON:

Printed for GEORGE KEARSLY, in Ludgate-Street.

MDCCLXVII.

A

CAUTION

TO THE

DIRECTORS, &c.

GENTLEMEN,

Perhaps there never was such a necessity, for an address to you upon the subject of _caution_, since the East-India company was established, as at present.--Your great successes in India, have drawn upon you the envy of your own countrymen, as well as the other European powers; the great increase of your dividend, has alarmed the proprietors of other funds for their own property; the differences among yourselves, and your fellow-proprietors, have furnished this envy, and these fears, with the means perhaps of overturning your constitution.

Tho' I will not presume to determine, whence these differences arose, or who have been to blame, that not being part of the present design, you will agree with me they have drawn upon you the notice of the legislature, and have produced an act of parliament, that affords either party but little cause for rejoicing, however grateful it may be to the public. I must suppose you would wish to keep your _golden fleece_ to yourselves--union among yourselves would have secured it--but your differences have exasperated the watchful dragon, the _guardian_ of this _treasure_, and you now only hold it in _participation_--A strange _participation_ too, where the public is to receive four hundred thousand pounds, while you are to receive _nothing_--I say _nothing_--for I shall endeavour to prove you cannot make your dividend of 5l. _per cent._ due the 5th of last July, nor will you be able, as things now stand, to declare the dividend of 5l. _per cent._ at Christmas next.

I am satisfied that such a consequence as this, will not be admitted without some proof; but I should conceive very little proof necessary, to awaken your _caution_, at the time you are going to pay the 5l. _per cent._ dividend, if it is but hinted, that it cannot be done without incurring a danger of the censure of parliament. I presume only to recommend _caution_, but I will submit to your better judgments, the reasons which convince me, that while the late act of parliament, for regulating your dividends, remains in force, you cannot divide the 5l. _per cent._ which you have declared payable the 5th of July last, nor can you declare, or make the like dividend of 5l. _per cent._ at Christmas next.


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