"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.

"Under the present organization the pay of officers in the service is about as follows: -

Governor-in-Chief L 2,000 16 chief factors 12,000 35 chief traders 14,000 Clerks, about 10,000 - - - - L38,000 =======

"The following would probably prove a more efficient staff: -

Governor-in-Chief L 2,000 Lieutenant-Governor 1,250 4 councillors, at 800l 3,200 25 chief traders, at 300l 7,500 100 clerks, at various salaries, about 10,000 - - - - L23,950 =======

"The saving of 14,000l. per annum would soon reimburse the Company's outlay in buying up the present interests of the factors and traders.

"The system of making the pay of officers (of the upper grade) dependent on the success of the business, has worked well, and might be advantageously continued, in a modified form, to be hereafter noticed.

"The duties of the officers of the proposed reduced staff would be adapted to the existing distribution of the territory into departments and districts, which are as follows:

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