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3 Geo. 1. c. 7. ed the general fund, eftablished by an act of parliament of the third year of his Majesty's reign, amounting to feven hundred twenty four thoufand eight hundred forty nine pounds fix fillings and ten pence one fifth part of a penny per annum, and the commiffioners of his Majefty's treafury, or any three or more of them, and the high treafurer for the time being, are thereby authorized and impowered, upon producing any fuch debenture or debentures made forth or to be made forth upon any fuch certificate or certificates as aforefaid, to iffue Standing orders for paying at the faid receipt of exchequer, the faid annuities for the principal fums contained in the faid debentures refpectively, to the perfons named in fuch debentures, their executors, adminiftrators, fucceffors and affigns respectively, which annuities are nevertheless redeemable, according to a provifo in the faid act of the Seventh year of his Majefty's reign contained in that behalf, as by the said several acts and inftruments, relation being thereunto had, may 7 Geo. 1. ftat. more fully appear: and whereas the faid Thomas More hath made forth feveral debentures in the form prefcribed by the faid commiffioners of the treasury, upon the faid commiffion under the great seal, which was founded upon the faid act of the third year of his Majesty's reign, and fome doubts have arifen or may arife, whether the certificates made forth by the feveral commiffioners, for ftating and determining 3 Geo. I. c.17. the debts due to the army, pursuant to the faid other acts, or fome of

1. C. 30.

them, and which certificates have been delivered to the faid Thomas More, were delivered to a proper officer or perfon in order to have the debentures made forth thereupon; and whether the faid Thomas More, to whom fuch certificates were delivered, was strictly authorized in all cases, to make forth the debentures upon all fuch certificates fo delivered to him; and whether the standing orders for fuch annuities as aforefaid, payable at the exchequer, or jome of them have been well grounded upon all the debentures figned by the faid Thomas More as aforefaid: now for the obviating all fuch doubts for the future, it is hereby declared and enacted, &c.

Debentures, &c. already made forth, or to be made forth, &c. deemed good and valid. Altering or counterfeiting debentures, &c. Felony.

EXP.

XXXVII. And whercas fince the faid feast of Saint Michael the archangel in the year of our Lord one thousand feven hundred twenty and two, feveral fums of money have been called for to be issued for paying off and cancelling fuch of the exchequer-bills as then remained to be cancelled, pursuant to an act made and paffed in that behalf in 8 Geo. 1. c. 20. the eighth year of his Majefty's reign, and feveral fums, amounting to twenty three thoufand one hundred thirty eight pounds eleven fhillings ten pence three farthings, part of the monies of the faid finking fund, which remained in the exchequer at the faid feast of Saint Michael the archangel one thousand seven hundred twenty two, have fince been ijued or directed to be iffued pursuant to the act laft mentioned, for or towards paying off and cancelling the faid exchequerbills, which then remained undijcharged: now to the end the compleat redemption of the faid annuities, amounting to fixty thoufand two hundred thirty nine pounds fix fhillings and two pence

per

nuities a

per annum, may not be obstructed or delayed; it is hereby pro- Redemption vided and further enacted by the authority aforefaid, That for of the anmaking up the abovesaid sum of two hundred and four thousand mounting to feven hundred eighty fix pounds three fhillings and four pence 60,2391. 6s,2d. three farthings, by this act intended to be applied towards the per annum, redemption thereof, the fum of one hundred ninety two thou- how to be made, &c. fand two hundred feventy four pounds fixteen fhillings one penny and fourteen twentieth parts of one penny, remaining undifpofed of the faid finking fund, computed at the feast of Saint Michael the archangel one thousand seven hundred twenty and two, shall and may be iffued and applied according to the purport and true meaning of this act above expreffed; and that any further fum or fums of money, not exceeding in the whole twelve thousand five hundred eleven pounds feven thillings three pence and one twentieth part of a penny, shall and may be taken and iffued out of the first money arifing of or by the faid finking fund, to be computed for any time after the said feast of Saint Michael the archangel one thousand seven hundred and twenty two; and the commiffioners of the treafury, or any three or more of them, or the high treasurer for the time being, are hereby authorized and directed to iffue or cause to be issued the fame accordingly; any thing in this or any other law or statute whatsoever to the contrary notwithstanding.

CAP. VI.

An alt for reviving and adding two millions to the capital Stock of the South-Sea company, and for reviving a proportional part of the yearly fund payable at the exchequer, and for dividing their whole capital (after fuch divifion made) into two equal parts or moieties, and for converting one of the faid moieties into certain annuities for the benefit of the members and for fettling the remaining moiety in the faid company; and for continuing for one year longer, the provision formerly made against requiring special bail in actions or fuits upon fuch contracts as are therein mentioned.

"

ibis a&t

2. c. 8.

MAY AY it please your most excellent Majesty, whereas in an act of Farther provi= parliament of the feventh year of your Majefty's reign, inti- fions relating to tuled, Ân act for making feveral provifions to restore the pub- the matters in lick credit, which fuffers by the frauds and mifmanagements of 1 Geo. 2. Atat. the late directors of the South-Sea company, and others, there is contained a claufe or provifo in the words or to the effect following, 7 Geo. 1. ftat. (that is to fay) provided always nevertheless, and it is hereby enacted, 2. fect, 2. That from and after the said feast of the nativity of Saint John Baptift which shall be in the year of our Lord one thousand seven hundred and twenty two, the full fum of two millions of pounds sterling, part of the capital flock, which shall then belong to the faid company, Shali by force and virtue of this act, be and be deemed and adjudged to be reduced, funk and auribiluted for ever; and that a proportional part

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Repeal of a
claufe in the

Act 7 Geo. 1.
ftat. 2. for

&c.

of their annuities or yearly funds, payable at the exchequer in respect of two millions, fhall by force and virtue of this act, from and after the faid feast of the nativity of Saint John Baptift which shall be in the year of our Lord one thoufand feven hundred and twenty two, be no longer payable, but fall from thenceforth for ever cease and determine, for the benefit of the publick; any thing in the faid recited acts, or either of them, or any other law ftatute or provifion whatsoever to the contrary in any wife notwithstanding; as by the faid act, amongst divers other things therein contained, relation being thereunto had, may plainly appear: now we your Majesty's most dutiful and loyal fubjects, the commons of Great Britain in parliament affembled, being fully fenfible of the immenfe lofs and damage which the faid company, commonly called the South-Sea company, have fuftained by the many frauds, abufes and breaches of truft making feve- which were committed by the late fub-governor, deputy-goverral provifions, nor and directors of the fame company, and others in confederacy with them, or fome of them; and being minded to grant further relief to the unhappy fufferers, and to advance the publick credit (as well as the credit of the fame company) for the benefit of trade, and otherwife, do moft humbly befeech your Majesty that it may be enacted; and be it enacted by the King's most excellent majefty, by and with the advice and consent of the lords fpiritual and temporal and commons, in this present parliament affembled, and by the authority of the fame, That the faid recited provifo and clause be repealed, and the same are hereby declared and enacted to be null and void accordingly; and the said sum of two millions, by force and virtue of this act, is and fhall be revived and again added to the present calions revived, pital stock of the faid South-Sea company; and that the proporand added to tional part or parts of the annuities or yearly funds of the faid company, payable at the exchequer in respect of the faid two company, &c. millions, together with all arrears thereof, incurred or grown due fince the faid feast of the nativity of Saint John Baptist one thousand seven hundred and twenty two, fhall also be revived, and again become payable at the exchequer, as if no fuch provifo or clause had been enacted or contained in the faid act of 7 Geo.1.ftat.2. the feventh year of his Majefty's reign: any thing in that act contained to the contrary notwithstanding.

The two mil

the ftock of

South-Sea

1723. to be

Before 24 June II. And be it enacted by the authority aforefaid, That the
divided a- faid fum of two millions, by this act revived and added to the
mong the pro- capital ftock of the South-Sea company as aforefaid, fhall before
prietors of the the twenty fourth day of June in the year of our Lord one
capital stock.
thousand seven hundred and twenty three, be divided as near as
conveniently may be, to and amongst all the proprictors of the
whole capital ftock of the faid company, in proportion to their
feveral and refpective interefts therein; and that credit be given
for the fame respectively in the books of the faid company.

III. And whereas on the reviving and adding the faid fum of two millions as aforesaid, the whole capital flock of the faid South-Sea company doth by computation amount to thirty three millicns eight hundred and two thousand four hundred eighty three pounds fourteen

fillings

shillings and a halfpenny; and upon reviving and adding the said proportional part or parts of the faid annuities or yearly funds in respect of the faid two millions as aforefaid, the whole annuities or yearly funds of the faid company, payable at the exchequer, in respect of their whole capital stock, do by computation amount as follows, (that is to fay) for three millions eight hundred thirty nine thousand three hundred fixty three pounds thirteen Shillings and one penny, (part of their faid whole capital) at the rate of four pounds per centum per annum, the fum of one hundred fifty three thousand five hundred seventy four pounds ten fillings and ten pence per annum, and for twenty nine millions nine hundred fixty three thousand one hundred and twenty pounds and eleven pence halfpenny (being the refidue of their whole capital) at the rate of five pounds per centum per annum, the fum of one million four hundred ninety eight thousand one hundred fifty fix pounds and a halfpenny per annum, in all one million fix hundred fifty one thousand feven hundred and thirty pounds ten fillings and ten pence halfpenny per annum, payable until and for the feast of the nativity of Saint John the Baptift one thousand feven hundred and twenty feven: and from thenceforth the faid annuities or yearly funds are to be computed on the faid whole capital stock or fum of thirty three millions eight hundred and tivo thousand four hundred eighty three pounds fourteen fillings and a halfpenny, at the rate of four pounds per centum per annum, and no more, until the redemption thereof by parliament, over and above the feveral fums of eight thousand pounds per annum, and one thousand three hundred ninety Seven pounds nine fillings and fixpence per annum, already fettled and allowed for charges of management, and several other fums to be fettled and allowed for charges of management, pursuant to several acts of parliament in that behalf: and whereas it is judged to be advifeable and necessary, that fo great a capital flock, and fuch large annuities and yearly funds as are laft mentioned, should be divided and Separated in fuch a manner, that all and every the members or proprietors thereof may find their respective shares or interefts in each part fo divided, and feparated, and the publick, as well as the faid SouthSea company, may be the better fecured against future frauds, abuses, errors and mifmanagements; therefore we your Majesty's faid dutiful and loyal fubjects, do further humbly pray, that it may be From 24 June enacted, and be it enacted by the authority aforefaid, That 1723. the from and after the twenty fourth day of June which fhall be in whole capital the year of our Lord one thoufand feven hundred and twenty into two equal three, the whole capital ftock of the faid company, called the parts. South-Sea company, herein computed to amount to thirty three Farther divided millions eight hundred and two thousand four hundred eighty by 6 Geo. 2. three pounds fourteen fhillings and an halfpenny as aforefaid, and the fhares of the refpective members and proprietors of and in the fame, thall be divided and feparated into two equal parts or moieties, and the fame from thenceforth are hereby divided and separated, and shall be deemed and adjudged to be divided and feparated accordingly; any former law or ftatute whatsoever to the contrary notwithstanding.

VOL. XV.

C

IV. And

to be divided

C. 28.

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Moiety converted into a joint stock.

IV. And be it further enacted by the authority aforesaid, That one moiety or half-part of the faid capital stock fo divided and separated, which moiety or half-part will by computation amount to fixteen millions nine hundred and one thousand two hundred forty one pounds feventeen fhillings and a farthing, fhall from and after the faid twenty fourth day of June one thoufand seven hundred and twenty three, be, and the fame from thenceforth are hereby converted into a joint stock, attended with certain annuities, payable out of the funds of the said South-Sea company in lieu of all the dividends, profits and advantages fuch moiety is now intitled to, that is to say, with annuities, after the rate of five pounds per centum per annum, from the faid twenty fourth day of June one thoufand feven hundred and twenty three, until and for the faid feast of the nativity of Saint John Baptift one thousand feven hundred and twenty feven, and from thenceforth with annuities out of the fame funds, after the rate of four pounds per centum per annum only, and no more, until redemption thereof by parliament, according to the purport and true meaning of this act; and that the fame moiety fo converted into fuch joint ftock, fhall from thenceforth be called the joint ftock of South-Sea annuities; and that the other moiety or half-part of the faid whole capital stock, amounting to the like fum of fixteen millions nine hundred and one thousand two hundred forty one pounds feventeen fhillings and a farthing, fhall remain, continue, and be in the faid company, called the South-Sea company, as a joint stock in their own right, attended with the refidue of the faid annuities or yearly funds payable in the exchequer, for their faid whole capital as aforefaid, until the redemption thereof by parliament, according to the purport and true meaning of this act, and also attended with the said several fums already fettled and allowed, and to be fettled and allowed for charges of management, and with all the other benefits, profits of trade, privileges and advantages now belonging to the faid South-Sea company: and whereas the present annuities or yearly fund, now payable at the exchequer to the faid South-Sea company, for or in respect of their whole capital, exclufive of the faid fums fettled and allowed, or to be fettled and allowed for charges of management as aforesaid, doth and will, until the said feast of the nativity of Saint John Baptift one thousand feven hundred and twenty feven, amount to the sum of one million fix hundred fifty one thousand seven hundred and thirty pounds ten fhillings and ten pence halfpenny, as is before-mentioned; and the annuity or interest of that moiety which is hereby enacted to be converted into a joint stock of the South-Sea annuities, being computed after the rate of five pounds per centum per annum, doth amount unto the yearly fum of eight hundred forty five thousand fixty two pounds one fhilling and ten pence farthing, which being deducted out of the said yearly sum of one million fix hundred fifty one thousand seven hundred and thirty pounds ten fhillings and ten pence halfpenny, the refidue thereof, which will be at

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