Copy of a memorandum by Matthew Boulton.

(4 pcs.)
1 I have no objection (nor ever had) against the Trade being made Dr. for all money put into it, & either party, putting it in, to have Credt for the same.
2 Nor any objection to the Trade receiving Credt & either party debtd. for all money taken out of the Trade by them.
3 I have no objection against paying B & S with as much exactness as other Merchts. do, for all goods bought of them, at the expireation of the agreed for Credt. which I estimate 12 Mo. after what is calld ready money.
4 As B & S must have a Banker into whose hands they lodge their Money & Bills & who must furnish them with such Money & Bills as they may from day to day want to make their payments with I have no objection against being their Banker upon the same terms as the Birmingham Bank do their business for.
5 And if B & S have any overplus money at any time which they may wish to put out to Interest for 3 Mo-I have no objection against allowing them Interest for it for that or any longer term it may lye.
6 I have no objection to settleing ye Acct. between me & B & S once a quarter both of Goods (1), Interest (2), Cash &c-but not oftener.
7 Hence it seems necessary that the following Acct. be kept by Mr Pierson
Viz: 1 MB: acct. proper in Button Trade wth JS.
2 I: S: acct proper.
3 Acct of Goods sold to B & Co. at New Hall.
4 do. Banking Acct. wth B & Co. at New Hall.
5 do. Money on Interest.

What is commonly considerd as Ready Money amongst the Birmingham Merchants is, that soon after every Quarter day the Acct. shall be settled & the Ballance paid in a Bill at 6 Weeks or 2 Months but upon the average such Bills do not come into Cash in less time than in 2 Mo. after ye Quarter day for if they are paid in 9 days after ye Quarter day by a Bill at 6 Weeks It is 2 Mo. after ye Quarter day before it becomes Cash & therefore all Goods deliverd in the Course of the first 3 Mo should be pd. for in Cash on the last day of the fifth Month, and 12 Mo. Credt. I consider as 12 Mo. after Ready Money, & then if not wanted by Button Co. MB hath no objection to keeping it upon interest & transfering it to such Lent Money Acct No 5.
The only Material point in which MB differs in opineon from IS (and was what his remarks to Mr Pierson related to) is, that he thought it not a liberal way of settleing the Acct. for the trade to pay IS the whole interest of his whole Capital of 3000£: from ye 1st day of ye new partnership & that B is only to receive interest from the days on which B & S had occasion to draw money from him or Bills, & if Bills, not to be allowd Interest till those Bills were pd in Cash
MB thinks that from ye 1st day of ye new partnership to the middle of May following (at which time B & S had drawn as much money, as with ye Stock amounted to 9000£) that either both or neither partner should take Intt. for their whole Capitals & that from & after that time the Trade should be charged with the Intt. of both their Capitals.
And his reasons for thinking so are various but he will confine himself to three only.
1st That both S & B were prior to ye 24th June 1782 engaged in another house BFS but that House became suddenly dissolved by death on ye sd 24 June & a new one was that day commenced between S & B. The Effects of the old partnership were all at Sea so that neither B nor S nor the representatives of F could instantly collect them. Except the Dead Stock 3642£ of which 2/3 belonged to B (as he agreed wth Fs Executors to take it) & 1/3 to IS & although the [Effects] wch. I call out at Sea, were insured by B & F yet B & F never agreed to pay Ready Money neither had they any allowance for it from Button Co. and if IS had gone into partnership with any other person he must have waited for his money till it could have been collected in, and such as could not be collected in by the Expireation of the customary Credt. then in such case, B & F were obliged to pay it, because they were paid to insure against bad debts but not paid for Ready Money.
2dly It is the Custom & usage in Trade that when a partnership dissolves a reasonable time is allowd for Collecting in the debts without either of the late partners being Chargd Interest untill they are Collected. But when any one of the Partners dye The Law allows 12 Mo. for the Representatives to collect debts & settle accts. before any Claimant upon the effects of ye deceased, can demand payment. However in the present case, payments were made the day after the new partnership commenced & were continued to be made from day to day as fast as the new House wanted it insomuch that the whole of both the new Partners Capitals (9000£) were paid into the new House in Eleven Months from the death of F & therefore [B] thinks it too rigid to be chargd with the Interest of S 3000 dureing that Eleven Months.
3dly Because the new partnership receivd no disadvantage or inconvenience from the whole money not being paid in the 1st day. For if it had been paid in B & S must have placed it in a Bankers hand & have taken it out as the trade required it from day to day which would not have been more advantageous or so convenient to B & S or the manner in which they did take it, which was as they wanted it, without their being Charged for the Sundry Expences & risk attending the provideing of Money such as
Tax upon Bills
Postage B hath never made any charges of this sort &
Commission to Bankers therefore thinks that the difference of Intt. dureing the
both in Country & in Town first Eleven Months not more than an equivalent.
Horse Hire Indeed he thinks the Int ought not to be allowd upon
Person to fetch Cash ye first ground of argumt.
Risk in Conveyance
Bankers Profits
However if Men of more Commercial Knowledge than himself think otherwise B will resign his own opineons but he will not pay so bad a Compliment to his own Judgment as to implicitly give it up, without he finds it the opineon of impartial sensible Men that he should & to such he is willing to Submit it.

Terms of Bankers.
London Bankers oblige their Customers to keep 4 or 5 Hundred Pounds in their Hands or otherwise they Charge them ¼ per Cent for ye amount of the Money returnd with postage.
Birmgm. Bank have a number of very little accts. with little Manufacturers whose returns are not more than 2000 per Year & to such they go as low as to require the Acct. never to be reduced lower than to have one Hundd. £ in ye Bank or
They charge 6s/ per Hundred £ for all Money or Bills for the amount of the money returnd through their hands.
They also charge 4d Postage for every Bill you pay them
And Charge the tax of every Bill they draw for you.
They never Allow interest for any Lodgments which are in a running acct.
But if you Lodge My. with them for 3 Mo they allow 2 per Cent & when you take it out of their hands you must give them one Months notice or take a Bill at one Mo. which they reckon as Cash.
I pay Mrs. Barker Intt. for the Time, 6d for postage on each Bl, & a ¼ per Ct. Commission once a Year & ¼ in London.
Tyson Horse &c which expences I ought not to pay without an equivalent.