| Title | Sketch of partnership of Longsdon and Morewood judged reasonable by J. and A. Morewood junior
1) 6 equal shares comprehending the two manufactories at Cromford and Manchester and establishment at St Petersburg
2) James Longsdon to have 2/6, John Morewood 2/6 and A. Morewood senior and A. Morewood junior 2/6
3) A. Morewood junior to supervise business at Manchester, J. Longsdon at Cromford, and J. Morewood at St Petersburg
4) Whole capital to bear interest and each partner be allowed 5% per annum for all money he has in trade
5) Nothing to be taken for private use without previous consent of Company
6) After deduction of interest each manager to have clear 10% on profit of own concern
7) John Morewood to give up claim to exemption from paying interest for his deficiency in capital, a privilege enjoyed in consideration of benefits to Company of his residence in St Petersburg
8) John Morewood to support himself in future, Company to pay charges of house and warehouse rents, and wages of clerks or servants employed for benefit of business
9) John Morewood to have discretionary power to execute commissions for friends not interfering with immediate business, and keep profits for own use
10) Thomas Morewood is to be supported by Company, permitted to visit England next autumn, and expenses to be paid for return to Russia; to have 400 roubles wages in next 12 months, then to be admitted to partnership and given 1/7 share of profits of three concerns
11) Any of parties free to leave with capital on 6 months notice. If capital is cash, to be paid in 3 equal payments at 6, 12 and 18 months; sums only to be excepted which are unpaid as a result of failure |