Series 5 > British Linen Company, 1745-1775

192
THE BRITISH LINEN COMPANY
will be secure against loss. And when the sales are made at London, the
Company will be supplied with money there for making their payments.
5. The same approbation is given to the advancing money on the pledges
of goods at the bleachfields, and the Company’s warehouse especially as this
measure is greatly for the advantage of the linen trade, and highly acceptable
to the Country in general.
6. The advancing of money to manufacturers and linen dealers upon good
personal security is approved of. And lasdy the Committee above all, approve
of the plan for discounting good bills due to manufacturers, as a branch of trade
both convenient and beneficial to the Company and to the manufacture in
general.
As to the extent of each of these articles, the committee are of opinion that
this must be left to the Directors, who can best judge of the interest of the
Company, and how far from time to time these articles ought to extended.
Considering the handsome profits cleared last year by the care and vigilance
of the Directors, independent of their copartnery with Messrs Alexander and
McCulloch, the committee think the Court of Directors entitled to the thanks
of the General Court; and they submit whether the General Court ought not
to acknowledge their good offices accordingly. Signed Henry Home.
The Court approved of the above report and recommended to the Directors
to continue the trade on that plan. They likewise recommended to the
Directors to give in to the next General Court a list of such proprietors who
have not yet paid up their calls, and to report what in their opinion will be the
most effectual method for to procure their being paid up.
The Court further authorised the Directors and Committee of Proprietors
who are continued for that purpose to concur with Messrs Alexander and
McCulloch in winding up the affairs of the copartnery in the easiest and most
amicable manner, and even to allow them some time longer than stipulated
by the contract (if the Directors and Committee shall judge it proper) for
disposing of their stock of goods.
Ebenezer McCulloch & Co. to George Goldie, [Edinburgh]
9 February 1765
We are sorry you should find so much difficulty in your banking department
and would willingly give you every assistance. But as to the state you gave us
of the funds that you suppose we may force in, we apprehend you may find
yourself under some mistakes. The condition of our obligation will be fulfilled
as exacdy as possible, after the advances made, which were agreed to be
replaced from the first payments, are satisfied. We are sorry for your opinion
of Alex Flemming and since our proposal does not seem to suit your views,
you will no doubt follow out the measures you see best. We have had dealings