’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 himself to pay for three years to come, a profit of forty shillings per annum upon every share, and then deliver back the business to the general care, above the reach of future disappointments.

’What reasons the gentlemen might have to refuse so inviting an offer is best known to themselves; but they absolutely rejected that part of it, which was to fix the sole power of management in the patentee.  Upon which, and many other provocations afterward, becoming more and more dissatisfied, he thought fit to demand repayment of five hundred pounds, which he had lent the company; as he had several other sums before; and not receiving it, but, on the contrary, being denied so much as an acknowledgment that it was due, withdrew himself intirely from the board, and left them to their measures.

’Thus at the same time have I offered my defence, and my opinion:  By the first I am sure I shall be acquitted from all imputations; and confirmed in the good thoughts of the concerned on either side, who will know for the future what attention they should give to idle reflections, and the falsehood of rumour; and from the last, I have hopes that a plan may be drawn, which will settle at once all disputed pretensions, and restore that fair prospect, which the open advantage of last year’s success (indifferent as it was) has demonstrated to be a view that was no way chimerical.—­