'Anno 1714, he made and published proposals, for taking a subscription
of 20,000 l. upon the following conditions;

'That every subscriber should receive, by half yearly payments, at
Lady-Day and Michaelmas, during the continuance of the patent from
Lady-Day 1715, inclusive, an annuity amounting to fifty-pound per cent,
for any sum subscribed, excepting a deduction for the payment of the
directors.

'That nine directors should be chosen on midsummer-day, who should
receive complaints upon non-payments of annuities; and in such case,
upon refusal, any five of the nine directors had power to meet and chuse
a governor from among themselves, enrolling that choice in chancery,
together with the reasons for it.

'That after such choice and enrollment, the patentee should stand
absolutely excluded, the business be carried on, and all the right of
the grant be vested (not as a mortgage, but as a sale without
redemption) in the governor so chosen, for the joint advantage of the
annuitants, in proportion to their several interests.

'As a security for making good the articles, the patentee did, by
indenture enrolled in chancery, assign and make over his patent to
trustees, in the indenture named, for the uses above-mentioned.

'In the mean time the first half yearly payments to the annuitants,
amounting to 3750 l. became due, and the company not being yet
compleated, the patentee himself discharged it, and has never reckon'd
that sum to the account between him and the company; which he might have