Expansion
According to the subsequent report of a House of Commons Committee, little business was done until 1725, when a new committee (Board of Directors) was appointed in October 1725, consisting of Sir Robert Sutton, Sir John Meres, Sir Fisher Tench, Dennis Bond, Archibald Grant (later Bt), and others. They proceeded to appoint officers, including John Thomson as warehousekeeper and Mr Clarke as surveyor in November 1725. Following a deficiency at the Spring Garden warehouse, the surveyor was required to report weekly to the Committee concerning pledges at the Fenchurch Street warehouse, but Thomson the warehouse keeper instead procured his dismissal in May 1726. William Burroughs joined the Committee in March 1727, and William Aislabie and Hon. Walter Molesworth in December 1729. Assistants were also appointed from 1726, including William Squire, George Jackson and John Torriano (disqualified from office in 1729).
The accomptant's key was removed from him and handed at Thomson's request to a menial employee, giving him control of all three keys. Thomson's creatures Richard Woolley and Thomas Warren were appointed as his assistants. This had the effect of removing the checks on the officers. Previously, two officers had been needed to conduct any business, but the effect was to give Thomson unrestricted access to the warehouse. When they discovered that the checks had been removed, Sir John Meres resigned from the committee, as did Sir Fisher Tench, though Viscount Percival blamed him for allowing his son to remain as cashier. Sir Fisher Tench left on 22 December 1726, and Sir John Meres on 23 December 1729. In 1726 and 1727 orders had been made for weekly accounts to be available for the Committee to inspect, but this was not done. Thomson also did the cashier's work in the absence of William Tench, and the accomptant's in the absence of Jeremiah Wainwright, but Walter Molesworth, George Jackson and John Torriano. The Committee also authorised more than £1000 to be lent on one pledge – up to £2000, and more with the consent of the Committee.
Read more about this topic: Charitable Corporation
Famous quotes containing the word expansion:
“The fundamental steps of expansion that will open a person, over time, to the full flowering of his or her individuality are the same for both genders. But men and women are rarely in the same place struggling with the same questions at the same age.”
—Gail Sheehy (20th century)
“Every expansion of government in business means that government in order to protect itself from the political consequences of its errors and wrongs is driven irresistibly without peace to greater and greater control of the nation’s press and platform. Free speech does not live many hours after free industry and free commerce die.”
—Herbert Hoover (1874–1964)
“We are caught up Mr. Perry on a great wave whether we will or no, a great wave of expansion and progress. All these mechanical inventions—telephones, electricity, steel bridges, horseless vehicles—they are all leading somewhere. It’s up to us to be on the inside in the forefront of progress.”
—John Dos Passos (1896–1970)