if xxii A GENERAL HISTORY

former was alfo difcharged from~all duty, and became a dormant part-
ner. Thus, all the young men who were not provided for at the begin-

HA ning of the contract, fucceeded in fucceffion to the charaéter and advan-

Hl tages of partners, They entered into the Company’s fervice for five or
j feven years, under fuch expe€tations, and their reafonable profpeéis were
feldom difappointed : there were, indeed, inftances when they fucceeded
to fhares, before their apprenticefhip was expired, and it frequently hap-
pened that they were provided for while they were in a ftate of articled

clerkfhip. Shares were transferrable only to the concern at large, as no

=
see

perfon could be admitted as a partner who had not ferved his time to
the trade. The dormant partner indeed might difpofe of his intereft to

Fearne ee ae

any one he chofe, but if the tranfaétion were not acknowledged by his

affociates, the purchafer could only be confidered as his agent or attor-
ney. Every fhare had a vote, and two thirds formed a majority. This

psoas Sl saee

regular and equitable mode of providing for the clerks of the company,

excited a fpirit of emulation in the difcharge of their various duties, and

eae

in fa€t, made every agent a principal, who perceived his own profperity

Pear

to be immediately conneéted with that of his employers. Indeed, with-

oN

f: out fuch a fpirit, fuch a trade could not have become fo extended and
i advantageous, as it has been and now is.

In 1788, the grofs amount of the adventure for the year did not ex-
ceed forty thoufand pounds,* but by the exertion, enterprife, and in-
duftry of the proprietors, it was brought in eleven years to triple that

* This might be properly called the ftock of the company, as it included, with the expenditure of
the year, the amount of the property unexpended, which had been appropriated for the adventure of
that year, and was carried on to the account of the following adventure.

amount