West India Company.
The Times, 1824-04-23T00:00:00

(From a CorresnoondentA bir,-At a time when the advantageous employrmient of money is so difficult that it is forced into foreign countries for the tempo- rary and uncertain benefit of a higher interest than is afforded in the English funds, a more appropriate and secure investmnnt has pre- tented itself in the formation of a West India Company, which at the eame time that it will give an impulse to loog-establisjed sources of British production and wealth;, will secure a liberal retuar of profit. This Coinpany is instituted for the purpose of receiving consign- ments of 'West India produce, in return for advances to be made on mortgage, and other good security, upon a scale which will afford an adequate profit on the capital emploved and also of making tempo- rary advances upon the assignment of mortgages bearing colonial interest with collateral security. One material circumstance in favour of such an investment ;s that the profits of the Company, instead of being diminished, will be considerably increased, in the event of war. The establishmentofthiss Company will be as advantageous to all persons interested in the colonies, as to the subscribers. It is anti- cipated that immediate actiTity Will be given to the circulation of colonial property by the advances which the Company will make to partics who can offer adequate security with consignments of produce. This wiU have the effect of maintaining the fair value of the West India estates, and thus operate favourably on the condition of the negro population, whlich is intimately connected with, and in a great measure dependenit on, the prosperity oftthe master. It can scarcely be necessary to say, that such an institution (emne- nating, asit would, from the West Indian merchants themselves, and principally conducted by persons chesen from their body) could have no view to a monopoly, or any exclusive privileges: on the contrary, the leading principle and the fundamental regulation of the Company would br, in no manner whatever to interfere with private establishments, the only object being to enable the 5Vest India in- terests to apply a pernanent and efficient'relief to their own property, which such a Company would cffect, at the same time that it would be berficial to those who subscribe capital to its establishment. The Company will consist of Vice Presidents, Auditors, and 24 Directors, 12 of whom shaU be West India merchants. The capital of the company is four milions, consisting of 40,000 shares of 1001. each, on which a deposit of 101. is to be paid-51. thereof at the time of subscribing, and 51. on or before the 15th of May. Further instalments, upon due notice from the lirectors, will be called for as the business of the Company may require. The institution having received the sanction of Govemment, it is proposed that the capitalsliall form a joint stock, to he vested in the Company by act of PaTliament, limiting the liability of the pro- prietors to the amount of their respective shares, and a bill to that effectis preparing. Interest at 5 per cent. on the instalments will be paid for the first year; after whicbl, such part of the profits, not exceeding three- fourths, as the directors may think fit, shall be divided, and at the end of every seven years, or earlier at their discretion, a proportion of the reserved profits shall be distributed by way of bonus among the oroDrietors. WP!ST INDrA COMPAvy,.