[1706/10/340]¹

Procedure: debate on committee report over quota of equivalent due to the African Company

Report brought in from the committee to whom it was remitted the 5th instant to reconsider the account due to the Indian and African Company, was read, whereby (deducting the interest formerly allowed by the company) the total of the sums due to the company of stock, interest and debts, at 1 May next, will only extend to £232,884 5s 8d sterling.

And after some reasoning thereon the vote was put, approve of the above sum as the quota, yes or no, and it carried approve.

Thereafter, it was moved that seeing the quota due to the Indian and African Company was now established, that the distribution of the above quota shall be committed to the commissioners appointed or to be appointed for disposing the equivalent, who are to be under the same obligations and qualifications and liable to the same diligence to the several proprietors and creditors of the company as is contained in the report of the committee.

And it was also moved that the above whole quota shall be paid in together to such persons as are or shall be appointed by the council general or directors of the company for distributing thereof in the above terms.

And, after some debate, a vote was stated, whether the quota due to the Indian and African Company shall be paid by the commissioners for disposing of the equivalent, who shall be liable conjunctly and severally materially to a charge of horning as upon foreign bills and inland precepts, and that the payment shall be made by the said commissioners to each particular proprietor without delay, loss or defalcation, and that the said commissioners, nor any of them or any other in their name, upon their account or for their behoof, shall not take right to the said debts or make compositions or transactions thereupon, under the pain of infamy and other pains of the law; or to persons to be appointed by the council general and directors of the company.