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For the Relief of 


| William Paterfon ex 


IS Claim is grounded on Two Heads. \ 
Firft, On a Preamble to Subfcriptions taken 
at London for the African Company of Scot- 
land, by which Mr. Paterfon is allowed to 
B =ohave a Premium of Two per Cent. out of the 
ci m—me Capital Stock, and Three per Cent. out of the 
Profits for Twenty One Years, 
The faid Preamble is of no Validity to fupport Mr. Paterfon’s 7 
Claim. And that for the following Reafons. q 
Firft, It could only bind the particular Subfcribers, and not | 
the Company ; unlefs it had been ratified by the Company. The 3 
Perfons.who were impower’d to take in Subfcriptions, having no ‘ 
Power or Authority to difpofe of any of the Stock. 4 
Secondly, Mr. Paterfon himfelf, about Three Weeks after the ‘ 
Books for taking Subfcriptions had been opened at London, vo- : 
luntarily executed, under his Hand and Seal, a Releafe of all that 3 
| he could claim by Virtue of that Preamble; * and that upons zy, Releafe , 
| a Reprefentation made by forme of the Nominees, who reprefen-sears date 
| ted the Difcouragement the Undertaking would meet with, ee 
the Subfcriptions were clogged with fuch an extravagant Grant. 9 7” 
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| Thirdly, All the Proceedings had in taking Subfcriptions at 
+ December London, were declared by the Houfe of Commons } at that time 


to be null and void, and the Subferibers to be free from all 
manner of Tie or Obligation by Virtue of the fame. Upon- 
which all the Englith: Subfcriptions were relinquifhed by the 
Subfcribers ; and not One Six-pence of them ever paid in to 
the Company. 

Fourthly, The Stock of the Company confifted wholly of 
Subfcriptions taken in ‘Scotland , the Preamble to, which makes 
no mefition of any Premium to Mr. Paterfon. 

Fifthly, The Stock {abfcribed. for was only 400000/, and not 
above One Fourth Part of that paid in. Whereas Mr. Paterfon’s 
Claim is for 2 per Cent. out of 600000 L, 

The Second Ground of Mr. Paterfon's Claim is an Order of the 
Directors of the Company, bearing date the 6th of Oétober 1696. 
Whereby it is agreed, “ That Mr. Paterfon fhould be allow’d to 
« transfer and difpofe of the Sum of Fifteen Thoufand Pounds 
“ Sterling of the Enghfh Subfcriptions, that were not then dif- 
« nofed of by the faid Court of Directors, and to take and 
« apply to his own proper Ule, the firft Quarterly Payment 
« thereof, extending to the Sum of 3750 /. together alfo with 
« the like further Sum of 3750 I. being the firft Quarter Part 
« of the Sums fubfcribed by him the {aid William Paterfon, and 
« Meffieurs Fames Smith, Daniel Lodge, Fames Campbell, and 
“ Fofeph Coben D?Azavedo, Merchants 1 London. But.the 
{ame Order bears, that it fhali not take effect, unle[s it be ra- 
tified ana approved by the General Council of the Company. 

Nothing can be claimed by Virtue of the forefaid Order of 
Directors. And that for thefe Reafons. 

Firft, This Order was never confirmed by the General Goun- 
cil; but on the contrary reje@ed with Difdain, and the Dire- 
Gors enjoined not to proceed any farther therein. And that with 
very good Reafon, feeing fuch a Grant was exprefly contrary 
to the AG@ of Parliament conftituting the Company ; by which 
it is directed, that no one Perfon fhall have above 3000 /. 
Stock in the Company ; and here the Directors would have 
given to Mr. Paterfon 7500 /, at one dafh. 

aly, Altho’ this Order had been approved by the General 
Council; yet Mr. Paterfon could claim nothing by it, becaute 
he did not perform the Condition upon which it was eranted. 
He did not transfer and difpofe the Sum of 15000 i, of the 
Englith Subfcriptions, out of which he was allowed to take the 
Fourth Part. He did not procure the Sums fubfcribed by him- 
felf, and Friends, to be paid in to the Company , and there- 
fore can have no Claim to the firft Quarter Part of the fame. 

Thirdly, If any Share of the Stock had been vefted in Mr. Pa- 
rerfon by Virtue of this Order, would not he have had Credit 
given him for it on the Books of the Company? He himfelf 
being one of the Dire@tors, would have taken care to have Ju- 


{tice done to himfelf in the Books of the Company, if he Se 
ha 


ce] 
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bee) 
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to Claim. But he had no Credit given him on 


d therefore cannot be reckoned a Creditor. 
the Parliament of Great Bri- 


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salle died 
Ste 


had any thing 
the Books, an _ cal 
Upon his former Application to 


% 


tain tor Relief in this matter, the Parliament was pleafed to re- , 
fer him to the Barons of Exchequer in Scotland, that he might 4 
inftrua his Demand in a legal manner before them, and that u 2a 
they might certify what was due to him. He gave in his De- 4 i 
mand there, but could not prove any thing to be due to him ; al 
reither did they Certify’ any thing to be due. 7 $65, 
The Proofs of what is urged againft Mr. Paterfon’s Claim, ap- | a 
pear from the Journal of the Houle of Commons, where Mr. Pa- = 
terfon'’s Releafe of the Premium of 24 per ‘Cent. ftands recor- 3 
ded. And from the Order of the Directors of the 6th of Ogfob. 3ty 
1696, which Mr. Paterfon himfelf has produced, and put into | re 

the Hands of the Clerk of the Houfe of Commons. By which 1 ve 

| it appears, that it was to have no effet, unlefs ratified by the cat 
General Council 5 and unlefs he procured the Subfcriptions therein / Se 
| mentioned. He does not offer to fhew that the faid Order was a 
| ever ratified by the General Council , or that the Subfcriptions =f 
therein mentioned were ever paid in. oq 

Mr. Paterfon demands an Allowance from the Company of 5001. a 
a Year, for his Services, which he computes to amount to 5250 /- 4 S63. 
| Whilft he was employed in the Service of the Company he had | a. 
the fame Allowance as the other DireGtors. There were 5° Di- | 


g 


rectors in all, and if every one of them were to have the fame 
Allowance which Mr. Paterfon now claims, it would take no 


i lai 
| lefs than the Sum of 2625001. to fatisty them. And yet eve- 
ry Director is as much entitled to demand this Allowance as 


Mr, Paterfon. wy 
Allthat Mr. Paterfon Pleads in anfwer to what is objected againft ; 


his Claim, is 4 Refolve of a former Houfe of Commons, decla- 
ring the Sum that he now demands to be due to him. 7 
- Which Sum he now pretends to, have out of the Equivalent 5 : 
out of a Fund that is already appropriated, by the Articles of 1 
the Union, to other ufes 5 and from which, it 1s humbly ho- / 
: ped, the Parliament of Great Britain will not think fit to di- | 


: vert it. 


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Mr, Paterfon’s Renunciation and Releafe, 


4 t | 
f i \ 7 Hereas, by the Preamble of Subfcription to the Company 
i ‘YY of Scotland, Trading to Africa and the Indies, 1 Wil. 
liam Paterfon of thé Parifh of St. Giles in the Fields and County 
of Middlefex Efq; my Heirs, Executors, Adminiftrators and Afligns, 
were to have and receive 21/. per Cent. of the Sum of 6c0000 |, 
to be Subfcribed, and 31. per Cent. more of the Profits of the faid 
E fod ) Fund for 21 Years, or 2/1. per Cent. more of the Sum Subfcri- 
ee bed fome time in § Years in Lieu thereof; now know you b 
Fs : thefe Prefents, that I Wiliam Paterfon for diverfe good Caufes 


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and Confiderations, me thereunto moving do for me, my Heirs, 

Executors, Adminiftrators, and Affigns Remit, Releafe, Acquit, 

Difcharge, and quit Claim unto the faid Company, and all and 

every the Subfcribers thereunto, their Heirs, Executors, Admini- 
| ftrators and Affigns, all and every Part of the faid 2 1. per Cent, 
‘ of the Fund, and 3/. per Cent. of the Profits mentioned in the 

faid Preamble of the Subfcriptions; in Witnefs whereof I have 


hereunto fet my Hand and Seal this’ 29th of November 1695. 


sealed and “delivered, the ~ Sic Subfcribitur 
Paper being firft Stamped William Paterfon 
according to Act of Par- 
liament in Prefence of This is a true Copy 
Sic Subicribitur ' 
Rod. Mackenzie 
Henry Alye 


ofeph Boys 
oF Mackenzie 


Poa 


(ohn Carter Brown 


. 


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