"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.
"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 800_l_ 3,200
25 chief traders, at 300_l_ 7,500
100 clerks, at various salaries, about 10,000
———-
L23,950
=======
"The saving of 14,000_l_. per annum would soon reimburse the Company's outlay in buying up the present interests of the factors and traders.