Adding one year's furlough, a factor's retired allowance would
be 4,080_l_., and a trader's 2,040_l_. The discount being
taken off, to render them equal to cash, would make a factor's
allowance about 3,000_l_., and a trader's 1,500_l_.
"The cost of commutation, on the above scale, would be--
15 chief factors, at 3,000_l_ L45,000
37 " traders, at 1,500_l_ 55,500
18 shares held on retirement, about 14,000
--------
L114,500
========
"Without allowing a year's furlough, the above amount would be reduced
about one-sixth.
"The outlay would only be called for in the case of such officers as
are already retired, and of such as under a new agreement might not be
re-engaged. The retired interest of the officers who might enter into a
new engagement would be provided for in the revised deed poll.
"As a set-off for the outlay on commutations would be a large reduction
in the pay of officers, to be hereafter noticed, and the Company would
also receive actual value for their money; and on buying out the
wintering partners they would become possessed of their 4/10th share of
the profits of the trade.
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