The niggardly policy of the board of directors, more intent on peaceful dividends than on warlike rule, could not but be galling to soldiers of fortune.
Treating x as the unknown quotient corresponding to the original dividend, we obtain successive dividends corresponding to quotients x-200, x- 230 and x-231.
By three battles, victories for the enemies of FranceRossbach in Germany, 1V57, Plassey in India, 1757, andQuebec in Canada, 1759 (owing to the recall of Dupleix, who was not bringing in large enough dividends to the Company of the Indies, and to the abandonment of Montcalm, who could not interest any one in a few acres of snow), the expansion of Prussia was assured, aiid the British relieved of French rivalry in the expansion of their empire in India andon the North American continent.
To sum up the causes of failure of the old chartered companies, they are to be attributed to (1) bad administration; (2) want of capital and credit; (3) bad economic organization; (4) distribution of dividends made prematurely or fictitiously.
To use the expression of Sir William Mackinnon, the shareholders have been compelled in some cases to "take out their dividends in philanthropy."