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298.
Teitl
Abstract Of Articles Of Copartnership in the Clydach Ironworks; recites a lease of 27 Dec. 1793 from Morgan Morgans to ...,
Dyddiad(au)
- 1803, March 31. (Creation)
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- Edward Frere;. 2. Thomas Cooke;. 3. Walter and John Powell. Abstract Of Articles Of Copartnership in the Clydach Ironworks; recites a lease of 27 Dec. 1793 from Morgan Morgans to the Duke of Beaufort for 99 years of 2 closes of land [in Llanelly] and the assignment thereof on 26 December 1798 to Edward Frere and Thomas Cooke, also of leases of 24 March 1798 from Capel Leigh to Frere and Cooke for 81 years of an iron furnace, forge and buildings in Llanelly, of 1 June 1798, for 99 years from Walter Morgan to Thomas Cooke, acting on behalf of the partnership, of several closes of land on which a rolling mill had been erected, of 29 Aug. 1801 for 77 years from the Duke of Beaufort to E. and J. Kendall of lands and minerals with an iron furnace and buildings, of an underlease of 31 Aug. 1801 for 76 years of the last mentioned premises from Messrs Kendall to [Frere and Cooke] and of a mortgage of 25 March 1802 by Messrs Frere and Cooke to John Frere for securing £16448.1.1. and interest and £8,200 Bank 3% reduced annuities; it had been agreed to admit Messrs Walter and John Powell to a one third share in the business, in which on valuation Edward Frere's share in the stock-in-trade amounted to £2084.6.2 and Thomas Cooke's to £6727.6.0 with borrowed capital owing on mortgage to John Frere of £24346.12.5. the redemption of which should be provided for on the payment of £10073.18.5 by Edward Frere, £8272.14.0 by T. Cooke and £6,000 by Messrs J & W Powell; the firm to trade under the name of Frere, Cooke and Powells, with a capital of £45,000 i.e. £15,000 each on the part of Frere and Cooke and £15000 between the two Powells; Frere's share to be made up of £2084.6.2., present capital, £2841.15.5. to be retained out of profits and £10,073.18.5 owing to John Frere; Cooke's contribution to include £6727.6.0 present capital and £8272.14.0 owing to John Frere; the Powells to be liable to pay £6000 to John Frere and to contribute a further £9000 in cash by instalments. The other main provisions of the deed are as follows: (1) after payment of a mortgage the dwelling house in Llanelly to be purchased of E. Frere and in the meantime rented of him for £50 per annum to be occupied by the resident partner; (2) Cooke to be managing partner and to reside for 10 months of the year and receive a salary of £200 per annum; (3) Frere to attend at the works weekly and to inspect the works at least once a quarter, receiving an annual salary of £100; (4) the Powells to attend at monthly meetings; (5) interest at 5% to be paid to each partner on his share of his capital and the net profit to be divided proportionately but it is provided that, until the capital stock should have been made up, E. Frere to receive only £300 above his salary, while the residue of his profits to be devoted to paying the interest on J. Frere's mortgage and a private debt of £2600 likewise owed to the same person, then to making up his capital, and finally to discharging the principal; in the same manner Cooke to receive only £500 a year above his salary, the residue being set aside to defray J. Frere's principal and interest.
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Preferred citation: 298.
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vtls005355505
Project identifier
ISYSARCHB19
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