Memoir of the life of John Law of Lauriston

110 LIFE OF JOHN LAW
be withdrawn by the sale of 200,000 shares.
In that case the Regent would still have
200,000 shares left in his hands ; and the di-
vidend on these, at 200 livres each, amount-
ing to forty millions, being deducted from the
forty-eight millions payable annually by the
King as the interest of the loan from the com-
pany, leaves a remainder of eight millions,
all that his Majesty would have to pay, in-
stead of eighty millions as at first. This sum
of eight millions might even have been altoge-
ther extinguished, if either the price of shares
or the quantum of dividend had increased, or
the rate of interest been sunk to a degree suffi-
cient to answer that purpose.*
The assertion that the company were bound
to sell the Regent 300,000 actions, at 5000
livres each, seems to be unfounded, no such
agreement appearing among the edicts of
council.f It must be allowed, however, that
* Stewart, ii. 267.
+ It appears that in June 1720, the Company were in
possession of 300,000 actions ; and that the Regent had
100,000 shares belonging to him. When the Bank was
incorporated with the Company of the Indies, it was
agreed by them to purchase these 100,000 shares at the