Mr. George Oldner's INVENTION TO Preserve SHIPS FROM Foundering, or Sinking, at Sea, &c. Experimented & Approv'd, And Now Propos'd for the Universal Good of All Nations concern'd in Navigation. As appears by the following PROPOSAL.

LONDON, Printed by F. Collins, in the Old-Baily, 1698.

And are to be had, gratis, at Mr. George Oldner's in Thames-street near Trigg­stairs, and at Mr. Andrew Prime's, (the Patentees) at the Red Bull in Budge­row; and at Robin's Coffee-house in Exchange-Alley, London.

Shipping Preserv'd FROM Foundering, or Sinking, at Sea, OR, IN Bays, Harbours, Rivers, or Creeks, &c.

BY an INVENTION, which has been Experimented and Ap­prov'd, as appears by the Certificate inserted in the following Proposal, under the Hands of several Merchants of Great Note, Worth, and Eminency in the City of London, The Invention experimented by Persons of Note, and the Advantages thereof. who are themselves considerable Owners in, and Builders of, many Ships and Vessels; as also of several Commanders of Ships, being Men of great and long Experience, Skill, and Judgment in the Nature and Building thereof, for many Years; to be a real, practicable, and necessary Contrivance, greatly wanted in all Ages past, and now attain'd to, by Mr. George Oldner, of London, Merchant: By which said Invention Ship­ping, Merchandise, and Mens Lives, will certainly and effectually be preserved, far better than by any Method that has hitherto been known, from all Dangers occasion'd by such Accidents and Defects as are particularly, and at large, set forth in the following Proposal, viz.

WHEREAS His Majesty has been graciously pleas'd to grant his Royal Letters Patents to George Oldner and Andrew Prime, of London, Merchants; The Preamble of the Patent obtain'd. for the sole Use and Benefit of an Invention or Contrivance applicable to Shipping of all sorts, alrea­dy built, or hereafter to be built, as well His Majesty's Navy Royal as all other Trading Ships and Vessels; The Invention attain'd applicable to Ships already built, as here­after to be built. The Be­nefit and Cer­tainty thereof. which the said George Oldner, by many Years Experience in Shipping, long and mature Consideration, and large Expence of Time and Money, hath now perfectly attain'd unto; by the benefit whereof all sorts of Ships and Vessels so fortified, will with all the Certainty imaginable, be effectually preserv'd from Foundering or Sinking at Sea, &c. occasion'd,

1st, By Worm-holes, want of good Cawking, The Ʋse of the Invention at large particu­lariz'd. or decay of Cawk­ing, decay of Bolts, Trunnels, or Planks.

Or, the springing or starting of Planks, or the Butts of Planks, or of Hudd-ends, &c. which frequently happens by Ships labou­ring in the Sea.

2dly, By any sort of Leaks, Ships preserv'd from sinking by any sort of Leaks, &c. and the same disco­ver'd and men­ded, and the Ships stronger. which would otherwise immediate­ly sink them, notwithstanding the extream continual Labour and Help of Men and Pumps, as is now done, tho' often in vain, lit­tle of either being here requir'd to enable them, at least, to keep the Sea till they can make some Port or Harbour: Which Leaks, [Page 2]to all Ships and Vessels so common and fatal, by this Invention will, with but very little Care, common Skill, and moderate La­bour, be effectually prevented, or easily discover'd and mended. The Ships also, by the same, will be more tight and strong, to endure all Storms or Accidents that they are liable unto.

3dly, By means of this Invention, Ships and Vessels being pre­served, Mens Lives, Goods, &c. pre­serv'd from damage by Wa­ter, and His Majesty's Cu­stomsencreas'd. as aforesaid, not only the Lives of the Seamen and Pas­sengers are likewise at the same time saved, but the Stores, Provi­sions, Ammunition, Goods and Merchandise are for the most part secur'd from Damage, the prevention of which will greatly aug­ment His Majesty's Customs; which Damages otherwise unavoi­dably accrue, by Water entring such Ships or Vessels.

4thly, The many Distempers and Contagions which Seamen and Passengers are incident to in long and tedious Voyages, and more especially in hot Countries, The Distempers and Evils oc­casion'd by the Bilge-water, (as is the Opi­nions of Naval Surgeons) pre­vented by the Ships being perfectly freed from the said Bilge-water. oftentimes occasioning so great a Sickness and Mortality, that there are scarcely Hands left to bring home the Ship, by reason of the Putrifaction and poysonous stench of the Bilge-water, whose subtle and secret Infection is the prime and general Cause thereof, according to the Opinions and Judgments of several eminent Naval Chyrurgeons; as appears by a printed Paper lately produc'd to the Parliament, tho' the Men on board may not discern it: Which common and fatal Evil will by this means be certainly and easily prevented, by free­ing all such Ships and Vessels from the said Bilge-water, and keeping them perfectly sweet and clean: The Advantages and unspeakable Benefits of which, further appears in a True Copy of the said printed Paper, which is as followeth, viz.

THESE are to Certifie whom it may concern, An exact Copy of the said Sur­geons Certifi­cate. That we whose Names are under-written, are very well assur'd, that the odious Stench in Ships, arising from the Bilge-water, is not only pernicious and destructive to the Health of the Men, especially in Hot Countries and long Voyages, but oftentimes produces Contagious Distempers, to the Ruin of many Mens Lives on Shipboard. Whereupon, we do verily believe, That an Invention capable of effectually preventing or purifying the same, will not only be of Singular Advantage to His Ma­jesty and the Merchants, but an Ʋnspeakable and Ʋniversal Benefit to all concern'd in Sea-affairs.

Attested by Ʋs, Naval-Surgeons,
  • James Wasse,
  • John Kent,
  • Archibald Arthur,
  • Hen. Batchelor,
  • Edward Tanner,
  • Chr. Robinson,
  • Rich. Griffis,
  • Richard Boare,
  • Alex. Innes,
  • William Douglas,
  • Gerrard St. Clare,
  • Tho. Vigures,
  • John Gill,
  • James Lauther,
  • Rich. Springall,
  • P. Heart,
  • Alex. Kilpatrick,
  • W. Angus,
  • Robert Forbes,
  • Si. Ashton,
  • J. Cloake,
  • And. Martin,
  • Tho. Tuker,
  • Chr. Brown,
  • J. Boinough,
  • Cary Rochester,
  • Will. Lake,
  • Jn o Tomkins,
  • Hugh Munro,
  • Jn o Cholmeley.

[Page 3] 5thly, By Damage occasion'd to Shipping by great Shot, Ships better preserv'd from Damages by great Shot or by striking upon Sands, &c. or by their striking or running upon Shoals or Sands (unless at once broke to pieces) from which Damages they will be more effectual­ly preserv'd, than by any means hitherto known; or, at least-wise, Time may be gain'd for saving the Cargo, and the Mens Lives.

6thly, By means of this Invention, Water shipt from aloft, Water entring the Hold from aloft discharg'd, and hidden Leaks disco­ver'd and mended. and by that way entring the Hold of the said Ship, wil easily and much more effectually be discharg'd, than by any means now commonly practis'd or known: And also any sorts of Leaks, which for ma­ny Voyages have lain hid and undiscover'd, will readily be found out and mended.

7thly, This Invention is so contriv'd, The convenien­cy, cheapness, and durability of the said In­vention. that it will take up but very little room, and require very little Labour, not at all hin­dering the sailing, nor Stowage of Goods in Ships or Vessels; not difficult, and but of small charge to be done; Not interfering with the Ship­wrights, &c. Navigation, &c encourag'd to the advantage of all Nations concern'd there­in. is very du­rable and lasting, no ways interfering with the Shipwrights or Carpenters, but in many cases facilitating their Work and Busi­ness. By means whereof Trade and Commerce, Travel and Na­vigation, will greatly be secur'd, enlarg'd, and encourag'd, and thereby become an Universal Benefit and Advantage to all Crowns, Kingdoms, and States concern'd in Navigation, and to all Sea-faring Persons and Marine Dealings: The deplorable loss for want of this Invention in Ages past and present, as to Men, Ships, and Cargo. For want of which Invention, what Great Designs have miscarried, what Immense Riches has the Sea swallow'd, and how many great and ex­cellent Persons have deplorably perish'd? What Numbers of the King's Ships, of the East-India, African, Levant, and other Companies; besides great numbers of other rich Trading-Ships and Vessels have been lost within these few Years past, together with the vast number of Men which have miserably lost their Lives in the same, many of which might certainly have been preserv'd, had this Invention been then in practice; several re­markable Instances of which kind might be enumerated, but such fatal Accidents being but too well known to most People, would here be too tedious and large to recite.

In consideration whereof, The Motives to the Patentees for putting the same in practice the said George Oldner and Andrew Prime, for the more effectual and speedy putting in practice and carrying on the said Invention, of so extensive and universal a Good and Benefit to all Mankind, have already begun and made their Application to, Their Treaty already begun with several Nations. and Treaty with His present Majesty and the Admiralty; as also to the Court of France, and States of Holland; which latter have since sent for the said George Oldner, he offering to go (to receive a Conditional Reward upon his per­forming and making good what is here propos'd) and return in a Ship thus fortified, having such a Breach, The States of Holland 's In­vitation to the Inventor, and his Offer to the States. that Twenty of the best-known Pumps, tho' manag'd with as many Hands as can work them, shall not be able to save the Ship four or five hours together from sinking; which yet by this Invention shall be done with the use but of two Pumps, standing in as little room, The perfor­mance of the said Invention. and requiring as little strength, as those now generally us'd. And the said George Oldner also offers, as a further confirma­tion thereof, The Inventor's further Offer for confirma­tion. That a Ship of two or three hundred Tun having great and dangerous Leaks and Breaches, yet by being thus for­tified, may with safety to the Ship, Men, and Cargo, make a Voyage to and from the East or West-Indies, &c. secur'd from Da­mages by such Leaks or Breaches, and the other Accidents, Dan­gers, and Defects before mention'd.

[Page 4] And they the said George Oldner and Andrew Prime do also design and resolve, The Patentees further Design to extend the same to all Na­tions in Eu­rope. that the said Invention shall be further ex­tended, by due and proper management, not only to the Crowns, Kingdoms, and States of Europe afore-mention'd, but also to Scotland, Ireland, and Spain, and all other parts of the World interested and concern'd in Naval Affairs. And the more to fa­cilitate, In order to which, the said Invention is di­vided into 6000 Parts or Shares. and the better to enable them to proceed in the Nego­tiation thereof, with the greatest Dispatch possible, they the said George Oldner and Andrew Prime, by the Advice and Entreaty of several Friends, have consented to divide the whole Concern and Invention into Six thousand parts or Shares, and to dispose thereof as hereafter is propos'd.

And the Nature of the said Invention being such, that it can­not admit of any publick demonstration, Reasons why publick demon­stration may not be given. as to the manner how the same is perform'd, without disclosing the whole Secret; which tho' the Letters Patents oblige all the Subjects of England not to practice nor imitate the same, without License from the Patentees, yet other Nations may, without the Consent of the said Patentees, to the prejudice both of the Nation (our Ship­ping becoming more chargeable than theirs) and of the Paten­tees also, by their getting that gratis for which the Patentees and Proprietors presume and reasonably hope to have a Con­ditional and Suitable Reward for so great a Good, as well from Foreign as our Own Government.

All which Reasons and Considerations have oblig'd the said Patentees, Instead of an offer of a pub­lick Experi­ment, a Cer­tificate an­nex'd. instead of an Offer of a Publick Experiment to annex the following Certificate of the great Universal Benefits, Truth, Conveniencies, and Practicableness of the same under the Hands of several Persons of known Worth and Credit, not doubting but that it, The Credit of the Inventor, and Persons at­testing the cer­tainty of the said Invention, not reasonably to be question'd. together with the said Persons themselves attesting the same, may suffice to answer and satisfie all the Scruples, Doubts, and Questions of any Ingenious Enquirers, whether Subscribers or others. The Persons that have sign'd the said Certificate, as well as the Patentees themselves, being Men of known Integrity and Honesty, as well as Judgment and Skill, in the Affairs of Shipping; and being for that end, by the Paten­tees, upon solemn Promises and Obligations of Secrecy, ac­quainted with the whole Matter; An Affidavit of one who saw the Experiment of the said In­vention, which is filed in Chancery; as likewise the at­testation of the Builder of the Model. and having also seen an Ex­periment of the same, as is herein after-mention'd: All which, to the same effect, tho' not altogether in the same form, the Sollicitor-General reports, That an Affidavit was produc'd to him by one (who had depos'd before a Master in Chancery, where the same is filed) that he saw the Experiment made in the like manner: And the same also was seen and attested by the Buil­der of the Model, in which the Experiment was made, and like­wise filed in Chancery, as aforesaid.

And they the said Patentees do assure all whom it may con­cern, Where a Copy of the Instru­ction to, and Report of the Solicitor-Gene­ral, and other Papers of note, are to be seen, &c. that the Truth hereof is also further attested, as appears by a Paper containing a Copy of the Instructions to, and Re­port of the Sollicitor-General, upon the reference of the Petition from the Lords Justices in Council, for the Patent; which, with other Papers of note relating to the same, are to be seen or perus'd by any sober Person at Mr. Andrew Prime's, (one of the Patentees) at the Red Bull in Budge-row, London.

A True Copy of the Certificate, sign'd by the Persons before mention'd, who saw an Experiment of the said Invention made, as followeth, viz.

THIS is to Certifie all whom it may concern, Note, That the said Model was built by a Scale, every Inch represen­ting a Foot, and the whole representing a Ship of about 140 Tuns. That we whose Names are hereunto subscrib'd, have seen an Experiment of the Invention of Mr. George Oldner, for the preventing Ships and Vessels from Foundering or Sinking at Sea, &c. in the Model of a Ship about six foot in length, upon the River of Thames, where it did float deep loaden, and, without all doubt, would have continued swimming for many Months, notwithstanding two large Breaches which she had on each side near the Keel: And had not the said Invention been affixed to the said Model, she must and would un­avoidably have sunk down in a very few minutes space; and was only preserv'd from sinking by the said Invention. Which we being fully convinc'd by the reason of the thing, and Demonstration gi­ven, find it to be a Real and Ingenious Contrivance, and, we sin­cerely believe, will answer what is above propos'd, and be of great Ʋse, Benefit, and Advantage to all Nations interested and concern'd in Navigation; and doth therefore very worthily deserve all due En­couragement and Esteem. Witness our Hands, in November, 1698.

  • Sir William Ashhurst, Knight, and Alderman, ☞ Note, Sir William Ash­hurst, not being well, and the Wind blowing very hard and cold, could not stay to see the Model loaden, as the others than did. as also Member of Parliament for the City of London.
  • Sir James Collet, Knight, late Sheriff of the City of London.
  • Sir Thomas Cuddon, Knight, and Chamberlain of the City of London.
  • Mr. Arthur Shallet, Merchant, Member of Par­liament for Weymouth.
  • Mr. Thomas Lurting, a Virginia Commander, and Surveyor of the building of many Ships.
  • Mr. William Warren, also late Commander, and Surveyor of the building of many Ships.
  • Mr. Richard Haynes, Merchant.
  • Mr. Thomas Byfeld, Merchant.
  • Mr. Richard Oldner, Coal-merchant, who made Affi­davit of the said Experiment, which is filed in Chancery.
  • Mr. John Webb, Shipwright, and Builder of the said Model, whose Solemn Affirmation of the said Experiment is also filed in Chancery.
  • Mr. George Oldner, Junior.

☞ Note, That the Hands of many more Persons skill'd in Shipping might have been obtain'd, had it been thought convenient further to have entrusted the SECRET; but the Testimonies here given, 'tis presum'd, will be a sufficient demonstration to the World, that the said Invention is Real, Practicable, and Necessary; as by the many curious and nice Objections and Queries which were made by the Persons signing hereto, and which were distinctly and amply Answer'd to their entire satisfaction; And the said Mr. Lurting, and Mr. Warren, being so throughly convinc'd and confirm'd in the Cer­tainty of the said Invention; that they voluntarily offer to go in a Ship of any burthen, having great and dangerous Leaks or Breaches, as aforesaid, (She being provided with this Invention) to the Streights or West-Indies, &c.

[Page 6] Therefore all these Advantages, by means of this Invention, accruing in general to the Publick as well as Private Persons; To obtain Advantages from all Nations, being too great a Work to the present Proprie­tors. and the Work, (to accomplish the same effectually, and to obtain all the Rewards, Encouragements, and Advantages due from all Na­tions to so Great and Certain a Good) being thought too great and too heavy to the said Patentees and the present Proprietors; and that their being thus advis'd and perswaded (as they really are) to offer to dispose of so many Parts or Shares of their said Invention, To take the Assistance of others, &c. no sinister Ends in them. as in the following Proposal, (as well to strengthen their Hands with Men as Money, both being essential to carry on the same with Vigour and Dispatch, as afore­said) is hoped cannot be justly term'd any Sinister or Self-ends in them, especially they being Men of known Reputation, In­tegrity, and Credit, who would not offer to the World either a slender or fruitless Proposal. The Invention at first hearing, incredible; when known, astonishing. Tho' at the bare hearing of the Na­ture, Use and Excellency of the said Invention, it may seem almost incredible for any Person to believe, yet when seen and under­stood, is immediately admir'd and esteem'd, even to an Astonish­ment and Wonder that the Thought should not have occurr'd for Ages past.

So then as there need be no further Doubt or Question, but that this Invention, Real and neces­sary, therefore will be embra­ced. as it is real, will therefore be equally embra­ced and made use of in the Shipping of all Nations, so it will also raise large Profits to the Patentees, Partners, and Subscribers, it being so very beneficial, convenient, and necessary; which, besides the great Advantages already mention'd, there are many more which cannot be publish'd at present, As likewise profitable to all concern'd. without endangering the Secret; but this in short, That Shipping being so fortified and secured by this Invention, Insurance must consequently be more reasonable than it now is, and Insurers, Owners, and Mer­chants still greater Gainers; which, among the Profits that arise and accrue by means of the great and general Safety of this Invention, Insurance thereby made easier, and In­surers, Owners, &c. greater Gainers. may be deem'd a Considerable Article. And as to some further Advantages, which may reasonably arise to all that shall subscribe or become Partners herein, take the following Scheme.

A Short View how, and from whence, the said PROFITS and ADVANTAGES may arise, is as followeth, (viz.)

First, Rewards from several King­doms and States, &c. FROM His Majesty of Great Britain, and the other Prin­ces and States, &c. viz. France, Spain, Portugal, Swede­land, Denmark, the Princes of Italy, the States of Holland and Venice, Genoua and Hamburgh, &c. It being but reasonable to hope that a suitable and grateful Reward may justly be expected and obtain'd, especially since it is only propos'd Conditionally to the said several Governments; Conditional. and the Invention, to admiration, being so demonstrably plain and obvious to all that have seen it, The sevention demonstrable. and will as certainly be so to all who may hereafter see the same, and beyond peradventure, The Rewards deemed certain. will be so effectual in performing, that such Rewards may be therefore justly deem'd nothing less than a Certainty to all concern'd therein. Not that the Patentees will pre­sume [Page 7]to assign or ascertain the Quantum of such Rewards, Tho' the quan­tum is not as­certain'd, yet is thought may double the pre­sent Estimate of the whole. At 10 l. per Share. but the Merit of the Contrivance, being such, that it may be modest­ly thought and expected the same will not be less, but more than what may double their present Estimate of the whole at Ten pound per Share.

Secondly, From Subjects of England, &c. by vertue of the Patent, &c. From all the Subjects of England concern'd in Ship­ping, as the East-India, African, Levant, and other Companies, as also other Merchants and Owners, by vertue of the Powers and Priviledges granted to the Patentees, whereby they may by Agreement with the said several Companies, Merchants, A Quantum per Ship or Tun may be well afforded, &c. and Ship-Owners, &c. have reasonable Recompence annually for di­recting and fitting their several Ships and Vessels, according to this proposed Invention, either by a Quantum per Ship or per Tun, &c. which the Owners of the Ships and Vessels, as they may better afford, so they will, without all doubt, The Profit great, the Charge small. chearfully and readily pay, the Advantage that accrues hereby being so very great and manifest, and the Charge thereof but small and inconsiderable.

Or otherwise upon a due Application to the Parliament, Application to the Parliament to have the Quantum and Time ascertain'd and confirm'd to the said Patentees and their Partners.

The Number of Tunnage of Shipping belonging to England, Tunnage of En­gland 500000 according to the Computation of Sir William Petty, printed in his Political Arithmetick, Anno 1691, amounting to Five hundred Thousand Tuns; which at as reasonable a rate as the Owners themselves can fairly desire or offer, would amount to such a sufficient Annual Income as the Patentees and their Partners can reasonably desire.

Thirdly, Rewards from Scotland, Ire­land, &c. Rewards from the several Merchants and Owners of Shipping in Scotland, Ireland, New-England, New-York, Pensilvania, and the other English Plantations, being as equally to be expected as from any other Kingdoms or States, Another Pa­tent promis'd. from the latter of which a Promise of a Patent, by the Governour, is made to the present Patentees.

Fourthly, There is also great reason to hope and expect, Rewards from France and Holland expe­cted by Privi ledges usually­granted. that a Consideration may be obtain'd from France, and the States of the Ʋnited Provinces, not only for their Ships of War, but al­so from their Merchants Ships, by such Powers and Priviledges as are in the like Cases by them granted according to the Informa­tions given us.

And the like may be fairly expected from the Subjects of other Governments, whether Crowns or States. As also from other Crowns and States, &c.

The Number of Tunnage of the Dutch Shipping, The Tunnage of Holland 900000. according to the said Computation of Sir William Petty, amounting to Nine hundred Thousand Tuns; Of the rest of Europe, 600000. and the Tunnage of the rest of Europe, according to the aforesaid Computation, being Six hun­dred Thousand Tuns.

[Page 8] And moreover, as a further Advantage to the Parties concern'd, Twenty per Cent. A fifth part of the 4000 shares for a Stock. of the Four thousand Shares, which upon the compleating of the Subscriptions (hereby intended) will be a Stock of Eight thousand Pounds, to be left to the management of the Committee mention'd in the following Proposals, and will be to the Advantage and Benefit of all the Proprietors and Subscribers, according to their several Interests.

The Shares also propos'd at 10 l. per Share, The Shares now bona fide valu'd at 20 l. per share, but propos'd at 10 l. purposely to en­courage Sub­scribers. which are by all, or at least most that in any measure understand the Nature of the Invention, now really and bona fide valued at 20 l. per Share, and is not doubted but will be so, at least, upon the final clo­sing of the Books: Which Advantage is designedly and pur­posely left an Encouragement to all that shall become Subscri­bers.

So that the summary View of Profits and Advantages here given, The Profits and Encourage­ments certain. and the Patentees and Proprietors having already begun to make Treaties, as is before hinted, and there being such an evident Demonstration of the certainty of the Invention perfor­ming what is here propos'd, as appears by the Model and Cer­tificate, and that the Profits will thereby certainly accrue, is thought satisfactory enough to remove all Doubts and Questions, whe­ther the same will answer, as is by them set forth and ex­pected, and be a sufficient Encouragement to all Persons that shall become Subscribers or Partners herein.

Upon the whole matter it may appear, by the Instances and Testimonies aforesaid, that the said Invention is Real and Practi­cable, The Encourage­ment of the Parliament, and all wise and honest Men, justly expected. the Use great, and of universal Good and Necessity; the Profits certain, both to the Publick, as well as to all that are or shall be concern'd therein; the Patentees honest, and sincere in their Proposal; a Conditional Reward from all Go­vernments and States, &c. the Encouragement of the Parliament, as aforesaid; and lastly, the unanimous Concurrence of almost all Wise and Honest Men, but justly and deservedly to be ex­pected, in order to put the same into practise with all the speed and good management imaginable: And for that end a Sum of Money being needful to be rais'd, it is by the said Patentees Propos'd as followeth.

THE PROPOSALS For Taking Subscriptions to this Invention, VIZ.

I. THE Whole, The whole divi­ded into 6000 Shares, as en­roll'd in Chan­cery. according to the Settlement between the Pa­tentees and present Proprietors, as enroll'd in Chancery, is divided into Six thousand Parts or Shares, which are to be di­spos'd of in manner following.

II. That Five thousand Eight hundred of the said Six thousand Shares shall be dispos'd of by Subscription, at 10 l. per Share, Whereof 5800 to be disposed of by Subscriptions at 10 l. per Share, and 200 in Trust, as aftermention'd and the remaining Two hundred Shares shall be subscrib'd by the two Patentees, or either of them, without paying down any Money; and to be vested in the said Patentees, in Trust, for the Uses and Purposes herein after-mention'd and express'd.

III. That the Patentees and present Proprietors, or their Assigns, shall have free Liberty to subscribe any number of the said Five thousand Eight hundred Shares, The present Proprietors have liberty to subscribe 1800 Shares for their own use, with equal Advan­tages, paying down no Money, and esteem 10 l. per share not near the real value. not exceeding Eighteen hundred in the whole, for the proper use of the said Patentees and Proprie­tors, without paying down any Mony, and thereby be as equally en­tituled to them with all the Benefits and Advantages in this In­vention, as if they had actually paid down Money for the same, all of them being resolv'd to subscribe, at least, each his Quota of the said Eighteen hundred Shares, and most of them many more, (as not esteeming 10 l. per share near the real Value thereof) And therefore do hereby promise and declare, that they also will retain their several Quota's of no lesser a number than Twelve hundred Shares in the whole; and will not sell nor dispose of any thereof, until the First Day of January 1699, unless by Advice and Consent of the majority of the Committee hereafter to be chosen.

IV. That the Two hundred Shares vested in the Patentees in Trust, as abovesaid, be dispos'd of and apply'd to the Uses fol­lowing, (viz.) One hundred Shares thereof to the sole use, be­nefit, and advantage of Greenwich Hospital, 100 Shares, (1000 l. value) for Greenwich Hospital. which at the com­pleating the Subscriptions will be equivalent, at least, to One thousand Pounds in Money. One hundred other Shares of the said Two hundred, be invested in the said Mr. George Oldner sen. Mr. Richard Oldner sen. Mr. Andrew Prime, Mr. John Knight, 100 more shares in Trust (1000 l. in value) for the use of the Company of Watermen, &c. and Mr. George Oldner jun. their Executors, Administrators, or As­signs, (as Trustees) to be applied only for the sole use and benefit of the Company of Watermen, for and towards the [Page 10]Education of the Children of the Freemen of the said Company, in English, Writing, and Accompts, as also such parts of the Mathe­maticks as are or shall be necessary to Navigation; which also, at the compleating of the said Subscriptions, will be equivalent, at least, to One thousand Pounds in Money.

V. That the Books for taking Subscriptions will be laid open on Monday the 9th of January next, When, how long and where the Books are to be open'd for ta­king Subscripti­ons, &c. at Robin's Coffee-house in Exchange-Alley, London, from Ten to Two, and from Four to Six a clock, and will be continued open until Saturday the 14th Ditto inclusive, unless the whole Six thousand shares be sooner subscribed; but if any Shares, at the closing of the Books, should be left unsubscrib'd, then the Books shall be open'd again on Monday the 6th of February following, for compleating the said Subscriptions.

VI. n="1"That Dispatch being of the highest consequence at this Juncture, to the service of this great Undertaking, in reference to the Applications already made, A fourth part of all Money subscribed to be paid down, with 5 s. per share discount to such as pay the whole within 4 days after subscribing. and further to be made to the Governments both at home and abroad, and particularly to the Par­liament here; all Subscribers are to pay down to the Patentees, or their Cashier, one Fourth part at the time of Subscribing, and the remaining three Fourths at three several equal Payments, at every Fourteen Days after Subscription, allowing Five shillings per share discount to such as shall pay down the whole at the time of subscribing, or within Four Days after.

And, That for all and every the several Payments made of all Money so subscribed, Receipts signed by the Patentees, or their Cashier, shall be given: And when the whole Payments are made, Receipts to be given by the Patentees, &c. for Money re­ceiv'd, and an Instrument up­on payment of the whole. the said Receipts shall be delivered back, and an Instrument under the Hands of the said Patentees shall be duly executed according to Law, and usual Custom in like Cases, entituling such persons to as many Shares as they have subscribed and paid in their Money for.

VII. That Twenty pound per Cent. of all Money so sub­scribed, and paid in, for the said Four thousand Shares only, be reserv'd, 20 per Cent. to be reserv'd a Stock to be ma­nag'd by the Committee, which upon compleating the Subscription, will be 8000 l. and accounted a Stock to negotiate and carry on all the necessary Affairs relating to this Invention; which said Stock to be under the care of the Committee hereafter to be chosen, who are to appropriate and dispose of the same when and after such manner as they shall think most reasonable and convenient, for promoting the general Profit and Success of this Undertaking.

VIII. That within One Month after the Books are finally clos'd, A Committee to be chosen by a general Mee­ting, within a month after the final closing the Books, of whom Seven to be a Quorum. of which publick Notice shall be given by the Paten­tees; a Committee not exceeding Twelve in number, the two Patentees included, shall be nominated and elected by the Majority of the Proprietors and Subscribers to that end assembled, at a General Meeting: And, That a Quorum of the said Committee shall consist of any Seven or more of them, which said Committee shall have power to manage and transact the whole Concern.

[Page 11] IX. That none be qualified to be of the Committee, Committeemen to hold Ten Shares; or for­feit their Office. un­less he hold at least Ten Shares, in his own Name and Right: And if any Member of the said Committee shall at any time part with so many Shares, as not to retain such his Quota, he shall ipso facto forfeit his Office.

X. The two Paten­tees to be Com­mittee-men whilst each holds 50 shares. All Proprietors &c. to have one Vote, none to have more than one Vote. That the two Patentees retaining Fifty Shares each in his own Name and Right, part of their Quota's of the Twelve hundred Shares, as in the 3d Article, shall always be of the said Committee.

XI. That every Proprietor and Subscriber shall have One Vote, and none to have more than one Vote, in the Election of the said Committee, which shall be Chosen on the Se­cond Thursday in January Yearly, after the First Ele­ction.

XII. That the said Committee shall meet as often, An Allowance to be made to the Committee by a general Meeting. and at such Time and Place as they shall appoint when elected; And that such Allowance out of the Joynt Stock, as shall be made and agreed on by the General Meeting, be equally di­vided, and paid to such of the said Committee as shall at­tend accordingly.

XIII. The Books made up once a Year, or oftner, for Dividends. That the Books shall be made up at least once in every Year, or oftner, if occasion require; And, that Divi­dends be made within one Month following, proportiona­ble to each person's number of Shares; And, No Transferrs to be made, but in the Transfer Book. that no Trans­ferrs of any Parts or Shares be made, saving in the Book for that purpose to be provided, and kept by the said Committee or their Secretary, &c.

XIV. That at the Request of any Twelve, or more, Twelve or more may summon a general Meet­ing. of the Parties concern'd, whether of the Proprietors, Subscribers, or both, a General Meeting of all the said Parties concern'd shall be call'd and appointed by the said Committee, within Ten Days next after such Demand made, The Demand to be left in Wri­ting. and left by them in Writing under their Hands with the said Committee, or their Secretary, for the final determination of all Matters which shall be laid before them.

XV. That all General Meetings may adjourn to such time or times, place or places, The general Meeting may adjourn. within the Cities of London or Westminster, as they, or the majority of them, shall see meet: And, that all future Vacancies in the Committee be fill'd up by a New Election, at a General Meeting of the Pro­prietors and Subscribers, with Persons qualified to be elected, in manner as aforesaid.

XVI. That the Proprietors and Subscribers, Who may Elect. at a General Meeting, may Annually, or oftner, as occasion requires, Three Auditors to examine the Accompts, for a general satis­faction, &c. and make them such an Al­lowance out of the joynt Stock as they think fit, &c. Chuse and Appoint Three from among themselves to be Au­ditors, at all seasonable Hours to inspect, examine, and make report of all the Accompts, Books, and Transactions of the said Committee, as often as they shall see cause, for the full Satisfaction of All that are or shall be concern'd; and that the said Auditors, while such, shall receive such Reasonable Allowance out of the Joynt Stock aforesaid, as shall be appoin­ted [Page 12]by the majority of the Proprietors and Subscribers at a Gene­ral Meeting.

XVII. The Orders of the Committee binding on all. That all Orders of the said Committee shall be binding upon all the Parties concern'd, subject nevertheless at all Times, and in all Cases, Matters, and Things, to the Sense, Judgment, But subject to the General [...] in all [...]. Final End, Determination, and Decision of a Ge­neral [...] of the Proprietors and Subscribers, or the majority of them.

XVIII. That all Votes be made per Balott.

☞ Note, That so soon as the Subscriptions are compleated, and the Affairs thereof settled at Home, &c. that then some fit and proper Persons of the Committee shall be appointed, and left in Trust with the SECRET, by the said George Oldner, he intending to go as soon as requir'd by the said Committee, to the [...], and States of Holland, &c. in order to [...] and Compleating his Treaties there; it [...] necessary to the Advantage of this great [...], that the same should be done with all the wise and prudent Dispatch possible.

FINIS.

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