upon should be executed. Watt writes so to Boulton,
and the arrangement between the partners is indicated by the following
passage of Watt's letter to him:

As you may have possibly mislaid my missive to you concerning
the contract, I beg just to mention what I remember of the
terms.

1. I to assign to you two-thirds of the property of the
invention.

2. You to pay all expenses of the Act or others incurred before
June, 1775 (the date of the Act), and also the expense of future
experiments, which money is to be sunk without interest by you,
being the consideration you pay for your share.

3. You to advance stock-in-trade bearing interest, but having no
claim on me for any part of that, further than my intromissions;
the stock itself to be your security and property.

4. I to draw one-third of the profits so soon as any arise from
the business, after paying the workmen's wages and goods
furnished, but abstract from the stock-in-trade, excepting the
interest thereof, which is to be deducted before a balance is
struck.

5. I to make drawings, give directions, and make surveys, the
company paying for the travelling expenses to either of us when
upon engine business.

6. You to keep the books and balance them once a year.

7. A book to be kept wherein to be marked such transactions as
are worthy of record, which, when signed by both, to have the
force of the contract.

8. Neither of us to alienate our share of the other, and if
either of us by death or otherwise shall be incapacitated from
acting for ourselves, the other of us to be the sole manager
without contradiction or interference of heirs, executors,
assignees or others; but the books to be subject to their
inspection, and the acting partner of us to be allowed a
reasonable commission for extra trouble.

9. The contract to continue in force for twenty-five years, from
the 1st of June, 1775, when the partnership commenced,
notwithstanding the contract being of later date.

10. Our heirs, executors and assignees bound to observance.

11. In case of demise of both parties, our heirs, etc., to
succeed in same manner, and if they all please, they may burn
the contract.

If anything be very disagreeable in these terms, you will find
me disposed to do everything reasonable for your satisfaction.