eceive, by half yearly payments, at
Lady-Day and Michaelmas, during the continuance of the patent from
Lady-Day 1715, inclusive, an annuity amounting to fifty-pound per cent,
for any sum subscribed, excepting a deduction for the payment of the
directors.

'That nine directors should be chosen on midsummer-day, who should
receive complaints upon non-payments of annuities; and in such case,
upon refusal, any five of the nine directors had power to meet and chuse
a governor from among themselves, enrolling that choice in chancery,
together with the reasons for it.

'That after such choice and enrollment, the patentee should stand
absolutely excluded, the business be carried on, and all the right of
the grant be vested (not as a mortgage, but as a sale without
redemption) in the governor so chosen, for the joint advantage of the
annuitants, in proportion to their several interests.

'As a security for making good the articles, the patentee did, by
indenture enrolled in chancery, assign and make over his patent to
trustees, in the indenture named, for the uses above-mentioned.

'In the mean time the first half yearly payments to the annuitants,
amounting to 3750 l. became due, and the company not being yet
compleated, the patentee himself discharged it, and has never reckon'd
that sum to the account between him and the company; which he might have
done by virtue of the articles on which he gave admission to the
sharers.

'For the better explanation of this scheme it will be necessary to
observe, that while the shares were selling, he grew apprehensive that
the season would be past, before the fifty pounds per share they were to
furnish by the articles could be contributed: He therefore gave up
voluntarily, and for the general good, 20,000 l. of his own 25,000
guineas purchase money, as a loan to the company till the expiration of
the patent, after which it was again to be made good to him, or his
assigns; and this money so lent by the patentee, is all the stock that
ever has been hitherto employed by the company.

'But instead of making good the above-mentioned conditional covenant,
the board proceeded to unnecessary warmth, and found themselves involved
still more and more in animosities, and those irregularities which
naturally follow groundless controversy. He would therefore take upon
himself the hazard and the power of the whole affair, accountable
however to the board, as to the money part; and yet would bind hi