130 



SIR HUGH MYDDELTON, M.P. 



PART 11. 



reduced his holding to only two shares. From the first 

 Minute of the Court of the Company, held on the 2nd of 

 November, 1619, it appears that his son Hugh also held 

 one share, and his brother, Sir Thomas, another. Several 

 persons of distinction held shares, but none more than 

 two each. Amongst these original proprietors we find 

 the names of Sir Henry Montague the Lord Chief 

 Justice, Sir William Borlase, Sir Lawrence Hide, and 

 Sir Henry Nevill. There were four other shareholders 

 of the name of Middleton, but it does not appear that 

 they were relatives of the goldsmith. At this first 

 Court Sir Hugh was appointed Governor, and Robert 

 Bateman Deputy-Governor of the Company. 



Under the arrangement made by Sir Hugh with 

 the King, the latter was precluded from taking any 

 part in the management, in order to prevent what, it 

 was thought, might lead to undue influence ; and lie 

 was only allowed a representative at the meetings of 

 the Company, to prevent injustice to the royal interests. 

 On the 9th of November, 1619, we find a grant made 

 to Sir Giles Mompesson 1 of the Survey orship of the 

 profits of the New River, with authority to attend their 

 meetings, inspect their accounts, &c., with a grant to 

 him for such service of 200/. per annum of the King's 

 moiety of the profits of the said river. It was long, 

 however, before there were any profits to be divided ; 

 for the expenses of making repairs and improvements, 

 and laying down wooden pipes, continued to be very 

 great for many years; and the ingenious method <>{' 

 paying dividends out of capital, to keep up the price 

 of shares and invite further speculation, had not yet- 

 been invented. In fact, no dividend whatever was 

 paid until, after the lapse of twenty years from llic 

 date of opening the New River at Islington ; and the 



1 ' Domestic Calendar of State Pa- 

 pers.' This Sir Giles Mompesson is 

 understood to have been the original 



of Sir Giles Overreach in Massinger's 

 ' New Way to Pay Old Debts.' 



