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The company have a governor, deputy-governor, and twenty-four assistants or directors, elected annually in April. The East India Company export great quantities of bullion, lead, English cloth, and some other goods, the product or manufacture of that kingdom, and import from China and India tea, china ware, cabinets, raw and wrought silks, coffee, muslins, calicoes, and other goods.
And provided always that a retiring member of the Board shall be eligible for re-election, and that, if the retiring member be the Governor or Deputy-Governor of the Company, he shall be eligible for re-election, or any other member of the Board shall be eligible for election as Governor or Deputy-Governor respectively; and in the event of any member of the Board being elected to the office of Governor or Deputy-Governor, in the place of the retiring Governor or Deputy-Governor such member shall be deemed to have retired from his former office.
"But is he mad, to leave his post at such a time?" Blood was amazed. "Taking the whole fleet with him, pray remember, and leaving the place open to French attack. That is the sort of Deputy-Governor that the late Government thought fit to appoint: an epitome of its misrule, damme! He leaves Port Royal unguarded save by a ramshackle fort that can be reduced to rubble in an hour. Stab me!
The Charter emphasized the executive, and began the segregation of the Upper House or Council, since by it the "Particular Court" of the founders became the Governor's Council, serving upon like occasions, but requiring the presence of at least six magistrates for the transaction of business. The Particular Court had consisted of the Governor or Deputy-Governor, and three Assistants.
It is evident, however, from the pamphlet of the first deputy-governor, that at this period they allowed interest to their depositors; and another writer, D'Avenant, makes it a subject of complaint: "It would be for the general good of trade if the bank were restrained from allowing interest for running cash; for the ease of having 3 and 4 per cent. without trouble must be a continual bar to industry."
Another bill was enacted into a law, for restraining the sub-governor, deputy-governor, directors, treasurer, under-treasurer, cashier, secretary, and accountants, of the South-Sea company, from quitting the kingdom till the end of the next session of parliament; and for discovering their estates and effects, so as to prevent them from being transported or alienated.
The friar, whom his own repute, jolly affability, and favour with the Duchess of Bedford made a considerable person with the authorities of the place, had already obtained from the deputy-governor an order to lodge two persons, whom his zeal for the king sought to convict of necromantic practices in favour of the rebellion, in the cells set apart for such unhappy captives.
Pitt's plan was to form a sinking fund which should be made inalienable by an Act of Parliament until the Act creating it should be repealed by another Act of Parliament. For this purpose Pitt created a Board of Commissioners consisting of the Speaker, the Chancellor of the Exchequer, the Master of the Rolls, the Accountant-General, and the Governor and Deputy-Governor of the Bank of England.
Very few selections in the world are made with nearly equal purity. There is a sincere desire to do the best for the Bank, and to appoint a well-conducted young man who has begun to attend to business, and who seems likely to be fairly sensible and fairly efficient twenty years later. The age is a primary matter. The offices of Governor and Deputy-Governor are given in rotation.
The said fifty to be first nominated by the Lord Mayor of London for the time being, and every vacancy to be supplied in ten days at farthest by the majority of voices of the rest. The fifty to choose a committee of eleven, to sit twice a week, of whom three to be a quorum; with a chief governor, a deputy-governor, and a treasurer.
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