Series 5 > British Linen Company, 1745-1775

DEBT AND DEVOLUTION, 1763-1764
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a note of what money they had borrowed, and to what extent they intended
to borrow in this manner.
A sketch of the Company’s circulation of notes with the sums due by bonds
and promissory notes together with a state of their cash account with the Royal
Bank etc having been laid before the Court, the Court ordered that all pains
be taken to call in the Company’s debts, and that no new credits be issued, but
that those to whom credits are already granted to be pressed for bills on London
or returns on Edinburgh at short dates.
To John Auldjo, Aberdeen
8 February 1764
As to your Commission I wrote you fully 10th August last, what the Directors
proposed to settle with you, & as it was the highest allowed to any, I hoped it
would have been acceptable. The next day after writing to you I went out of
town for some weeks, on account of my health. And now observe by your
letter of the 13 August, you declined the the terms offered to you, on account
of the resolutions of the Commissioners of Supply & Trustees of your Country
against all those notes but those of the two Banks of Edinburgh. As these are
now at an end, or in great measure so, I flattered myself that that you would
not have insisted on terms so disadvantageously low, & which indeed the
circulation will not bear. In a few days there will be a meeting of the Directors,
to whom I shall show our letters of 13 August & 13 July. I know it will be
most agreeable to them & it will be highly so to me that you continue your
friendships to this Company but I imagine it were better that by encouraging
your endeavoun for bills you in that way double your commission for the year
than that you ask more than double the Commission we pay to other of our
friends, in the one way our mutual interests would be served, & as 21 days are
allowed to you to make remittances in return for the notes, that article might
often be in your favours.
To Tod & Anderson, London
21 February 1764
It is a great loss that we were not allowed to value on T[od] & A[nderson] as
the sales fell due when the exchange was greatly in our favour. Mr Bateman
writes in a strain in which I do not choose to reply but beg to refer you to his
copy book of letters, if he keeps any.' He can have no excuse for so long
1 Bateman was the accountant appointed to sort out the financial affairs o£Tod & Andetson, that copartnery
being in the process of dissolution.