Pages 62 and 63 of the Robert Stephenson & Co Ltd minute book no.1

[Page 62]

At a Meeting of the Partners in the Firm of Robert Stephenson & Co held at the Factory South Street Newcastle upon Tyne
16th Septr 1847
Present, Messrs Robert Stephenson
Joseph Pease
William Hutchinson
It was resolved
That [word underlined] the amount paid by William Hutchinson for his share in the business be placed at the credit of the old Profit & Loss Account prior to the date of William Hutchinson’s becoming a Partner say 1st Jany 1846
That [word underlined] the total amount standing at the credit of the old Profit & Loss Account be divided among the Partners in the old Firm previous to any division of profits among the Partners in the new Firm; and that for this purpose separate accounts be kept under the heads of
Profit & Loss Old Account }
and Profit & Loss New Account } respectively
That [word underlined] until the arrears of Undivided Profits due to the Partners in the old Firm be worked off

[Page 63]

off, William Hutchinson shall be at liberty to draw such sums as he may require from time to time on account of his share of the profits of the new Firm, provided the finances of the Company will admit of such sums being paid without inconvenience: it being understood that such advances on account are not chargeable with interest -
[Placeholders for signatures in pencil but not signed]

Signed R. S.
J. P.
W. H.