-
15 chief factors 30 shares
37 " traders 37 "
10 retired chief factors 13 "
10 " " traders 5 "
- -
85 "
===
"As regards the shares held on retirement, some of the interests have
nearly run out, and none of the parties have any voice in the business.
"The value of a 1-85th share has been, on the average of the last
thirteen outfits, which have been wound up (1846-1858), about
408l. At that rate a chief factor's retired interest would
amount to 3,264l., and a chief trader's to 1,632l., less
discount, supposing payment to be made at once, instead of its being
spread over nine or ten years. On the other hand, the invariable custom
of the service has been to allow every officer one or more year's
furlough on retiring, which has come to be considered almost a right;
when more than one year has been granted, it has been by special
favour. Adding one year's furlough, a factor's retired allowance would
be 4,080l., and a trader's 2,040l. The discount being
taken off, to render them equal to cash, would make a factor's
allowance about 3,000l., and a trader's 1,500l.
"The cost of commutation, on the above scale, would be -
15 chief factors, at 3,000l L45,000
37 " traders, at 1,500l 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.
