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Carmichael and Stalker joined in a co-partnership of bookselling at Glasgow. Carmichael stocked in two thirds, amounting to £.212, and the profits were to be divided equally betwixt them, because Stalker was to undertake the whole management. They afterwards entered into a new contract for three years, wherein they declared the former copartnership dissolved. “Carmichael conveyed to Stalker his stock and profits, to be restored to him in money or books at the end of the three years; and Stalker on the other part became bound to pay him £.46 yearly, at four terms in the year.” This was not found a covered loan. It was pleaded to be a bargain of hazard, Stalker giving his partner a certain sum in lieu of profits, taking his chance whether they should be more or less; and therefore the Lords repelled the objection of usury.—See Appendix.
