and whereas by or in pursuance of another act of parliament, made in the thirteenth year of the reign of his faid late majesty King George the First, intituled, An act for granting to his Majesty the fum of three hundred and feventy thoufand pounds, to be raised by loans or exchequer-bills, to be charged on the furplus monies of the duties on coals and culm, granted by an act of the fifth year of his Majesty's reign for a term of years, and fince made perpetual, certain exchequer-bills were made forth at the exchequer, amounting together to the principal fum of three hundred thirty eight thoufand eight hundred pounds, and charged on the faid duties on coals and culm, and the fame are still fubfifting: and whereas by virtue of the powers granted by the faid act of the fifth year of the reign of his faid late majesty King George the First Jeveral fums of money have been raised in part of the faid three hundred and fixty thousand pounds, by loans, to be repaid with intereft at the rate of four pounds per centum per annum, out of the faid particular fund of twenty one thousand pounds per annum, and there now remains undifcharged of the faid loans, an the register thereof, the fum of ninety thousand pounds principal money, over and above any monies referved in the exchequer for fatisfying thereof; and there alfo remains to be raised for the building the faid churches, and other the purposes aforefaid, the further fum of one hundred and three thousand one hundred and forty pounds, to compleat the faid whole fum of three hundred and fixty thousand pounds by the faid act appointed to be raifed as aforefaid, and fubject thereto, and to the jaid annuity of seventeen thousand three hundred eighty four pounds and four fillings, or other charges now payable to the South-Sea company, and redeemable on payment to the said South-Sea company of the fum of four hundred thirty four thousand fix hundred and five pounds, and alfo to the faid exchequerbills, amounting to three hundred thirty eight thousand eight hundred pounds as aforefaid, the furplus of the faid impofitions or duties is reServed for the difpofition of parliament: and whereas the governor and company of the bank of England have confented and agreed to advance and pay into the receipt of your Majefly's exchequer the fum of one million feven hundred and fifty thousand pounds, at the times and in manner herein after mentioned, for the purchase of an annuity of feventy thousand pounds to be payable to them and their fucceffors for ever, fubject to redemption by parliament, to be charged on the faid duties and impofitions, fo as the fame duties and impofitions be freed and difcharged from all the former charges or incumbrances thereon: now we your Majesty's most dutiful and loyal subjects, the commons of Great Britain in parliament affembled, being willing and defirous not only to discharge all the faid charges and incumbrances, but also to raise the neceffary fupplies which we have chearfully granted to your Majefty, by means the most easy to your people, have freely and voluntarily given and granted, and by this act do give and grant to your Majefty the fum of one million seven hundred and fifty thousand pounds, to be raised in such manner and form as is herein after directed; and to that end do most humbly beseech your Majefty, that it may be enacted; and be it enacted by the King's most excellent ma

jesty,

1728. an an

jefty, by and with the advice and confent of the lords fpiritual and temporal and commons, in this prefent parliament affembled, and by the authority of the fame, That yearly and every After St. John year, from and after the feaft-day of the nativity of Saint Baptift's day John Baptift in the year of our Lord one thousand seven hundred and twenty eight, a certain yearly fum or fund of feventy 70,000 l. at 4 nuity of thousand pounds, being after the rate of four pounds per centum per cent. to be per annum, for or upon the fum of one million seven hundred raised, reand fifty thousand pounds to be raised by this act, be fettled and deemable by established and be payable in the manner and form herein after expreffed and declared, for fatisfying the annuities to be purchafed in pursuance of this act from time to time, until redemption thereof by parliament, according to the provifo or provifoes herein after for that purpose contained.

:

parliament,

II. And it is hereby enacted by the authority aforefaid, That and chargethe faid yearly fund, or fum of feventy thousand pounds, is and able on the fhall by virtue of this act be charged and chargeable upon, and duty on coals. payable out of the monies, which from and after the faid feaftday of the nativity of Saint John Baptist one thousand seven hundred and twenty-eight fhall from time to time arife into the exchequer, of or for the faid impofitions or duties on coals and culm so granted as aforefaid.

vance the

1,750,000 1.

III. And be it enacted by the authority aforefaid, That the governor and company of the bank of England fhall, and they Bank to adare hereby required and enjoined to advance and pay into the receipt of his Majefty's exchequer, the full and intire sum of one million feven hundred and fifty thoufand pounds of lawful money of Great Britain, in manner following; that is to fay, one moiety thereof on or before the fourth day of June which fhall be in the year of our Lord one thoufand feven hundred and twenty eight, and the other moiety thereof on or before the twenty fourth day of July which fhall be in the said year of our Lord one thoufand feven hundred and twenty eight.

IV. And that in case the faid governor and company of the Bank making bank of England fhall make failure in payment of the faid fum failure in payof one million feven hundred and fifty thousand pounds, or any fued. ment, may be part thereof, contrary to the tenor of the directions hereby given or enacted for payment thereof, then the money whereof fuch failure in payment fhall be made, fhall and may be recovered in his Majesty's name, for the ufes and purposes of this act, by action of debt or upon the cafe, bill, fuit or information, in any of his Majesty's courts of record at IVestminster, wherein no effoin, protection, wager of law, or more than one imparlance fhall be granted or allowed; in which action, bill, fuit or information, it fhall be lawful to declare, that the faid governor and company of the bank of England are indebted to his Majefty the monies whereof they fhall have made default in payment, according to the form of this ftatute, and have not paid the fame, which thall be fufficient; and in or upon fuch action, fuit, bill or information, there fhall be further recovered to his Majefty's ufe, against the faid governor and company of the

2

bank

On payment bank intitled to an annuity of 70,000 1.

Treasury to fign orders for payment

thereof.

The duties to

the faid or

ders, as they come in.

bank of England, damages after the rate of eight pounds per centum for the monies fo unpaid contrary to this act, befides full cofts of fuit, and the faid governor and company of the bank of England, and their capital ftocks and funds, fhall be and are hereby made fubject and liable thereto.

V. And be it enacted by the authority aforefaid, That on payment by the faid governor and company of the bank of England, of the faid fum of one million feven hundred and fifty thousand pounds, at the times and in manner aforefaid, the faid governor and company, and their fucceffors and affigns, fhall be intitled to have, receive and enjoy, at the receipt of his Majefty's exchequer aforefaid, by and out of the faid yearly fund established as aforefaid, one annuity or yearly sum of feventy thousand pounds of lawful money of Great Britain, to commence from the twenty fourth day of June which fhall be in the of our Lord one thousand seven hundred and twenty eight, and year to be paid and payable to them, their fucceffors and afsigns, by even half-yearly payments, at the feaft of the nativity of our Lord Christ, and the feast of the nativity of Saint John Baptist in every year, by even and equal portions for ever, until redemption thereof by parliament, according to the provifo or provifoes herein after for that purpose contained, and that the faid annuity or yearly fum of seventy thousand pounds, and every part thereof, fhall be free from all manner of taxes, impofitions or charges whatsoever.

VI. And for the better and more regular payment of the faid annuity of seventy thousand pounds to the faid governor and company of the bank of England, their fucceffors and affigns for ever, fubject to redemption as aforefaid, an order or orders. fhall be figned by the commiffioners of the treasury now or for the time being, or any three or more of them, or the lord high treasurer for the time being, for the payment thereof; and after the figning thereof, the fame fhall be good, valid and effectual in the law, according to the purport and true meaning thereof, and of this act, and shall not be determinable by or upon the deaths or removal of any of the faid commiffioners of the treafury, or the lord high treasurer, or by or upon the determination of the power, office or offices of them, or any of them, nor fhall any commiffioners of the treasury, or lord high treafurer now or for the time being, have power to revoke, countermand, or make void such order or orders fo figned as aforefaid.

VII. And for the more speedy payment of the faid annuity be issued upon or yearly sum of seventy thousand pounds to the faid governor and company as aforefaid, it is hereby declared and enacted, That weekly or otherwife, as the money of the faid duties or impofitions fhall, from time to time, be brought into the receipt of exchequer, the fame fhall and may be issued upon the faid order or orders, for or towards difcharging the faid annuity, to grow due for and at the end of the half-year in which fuch payment fhall be made, fo as fuch weekly or other pay

ments,

ments, do not exceed the fum of the half-yearly payment, which should grow due for or at the end of every such half-year refpectively.

VIII. And it is hereby enacted, That the faid annuity of fe- Annuity a venty thousand pounds, and every part thereof, fhall be ad- personal estate. judged to be a perfonal and not a real estate, and fhall not be liable to any foreign attachment; any law or custom to the contrary notwithstanding.

IX. And it is hereby enacted by the authority aforefaid, Deficiencies to That if at any time or times after the twenty fourth day of June be made good one thousand seven hundred and twenty eight, the produce of out of the the faid impofitions on coals and culm shall be fo low and de- finking fund, ficient, as that the monies arifen therefrom into the exchequer, at the end of any of the said half yearly feasts, shall not be fufficient to pay and discharge the half-year's annuity then due and payable, according to the tenor and true meaning of this act, then and fo often and in every fuch cafe, the deficiency of any fuch. half-year shall and may be fupplied out of the overplus monies of the faid impofitions or duties arifing in any fubfequent halfyear; and in cafe at any time or times after the twenty fifth day of December one thousand feven hundred and twenty eight, fuch produce thall be fo low and deficient at the end of any one year (computing the fame to end at Christmas yearly) as that the same shall not be fufficient to pay and discharge the whole year's annuity then grown due, then every fuch yearly deficiency fhall, from time to time, be answered and made good by and out of the firft fupplies, which fhall be granted in parliament next after fuch deficiency fhall appear; and in cafe no fuch fupplies fhall be granted within fix months next after fuch deficiency shall happen, then the fame thall be made good out of any the monies which at any time or times fhall be or remain in the receipt of the exchequer, of the furpluffes, exceffes or overplus monies commonly called The Sinking Fund (except fuch monies of the fame finking fund, as are appropriated to any particular ufe or ufes by any former act or acts of parliament. in that behalf) and fuch monies of the faid finking fund fhall and may be, from time to time, iffued and applied accordingly.

X. Provided always, and be it enacted by the authority a- and replaced forefaid, That whatever monies fhall be fo iffued out of the out of the next faid finking fund, fhall from time to time be replaced by and fupplies, out of the first supplies to be then after granted in parliament.

XI. Provided always, and be it enacted by the authority a- Surplus to be forefaid, That in cafe there fhall be any furplus or remainder referved for of the monies arifing by the faid duties, at the end of any one disposition of year (computing the fame to end at Christmas yearly) after the parliament. faid annuity of seventy thousand pounds, and all arrears thereof are fatisfied, or money fufficient fhall be reserved for that purpofe, fuch furplus or remainder fhall, from time to time be referved for the difpofition of parliament, and shall not be issued 6

but

redeemed.

but by authority of parliament, and as fhall be directed by future act or acts of parliament; any thing in any former or other act or acts of parliament to the contrary notwithstanding.

XII. Provided always, and be it enacted by the authority aOn repayment forefaid, That upon repayment by parliament to the faid goby parliament, annuity vernor and company of the bank of England, and their fucceffors or affigns, of the faid fum of one million feven hundred and fifty thoufands, without any deduction, difcount or abatement whatsoever to be made out of the fame, or any part thereof, and of all arrears of the faid annuity or yearly fum of feventy thousand pounds, then and not till then, the faid annuity or yearly fum fhall from thenceforth cease and be understood to be redeemed; and from and after fuch redemption, the monies arifing from the faid impofitions and duties fhall not be iffued or applied to any ufe or purpose, but as fhall be directed by future act or acts of parliament; any thing in this or in any former act or acts of parliament to the contrary notwithstanding.

to the bank

not lefs than

XIII. And in regard it is intended that the faid annuity or yearly Sum of feventy thousand pounds, may be redeemed by any payments not less than five hundred thousand pounds at a time, and that as the faid principal money shall be paid off, the faid annuity shall proporAfter 25 Dec. tionably fink and be abated; be it therefore provided and enacted 1729. it pay by the authority aforefaid, That if at any time or times after ment be made the twenty fifth day of December one thousand seven hundred and twenty nine, payment be made to the said governor and company of the bank of England of any sum or fums of money (not being less than five hundred thousand pounds at a time) in part of the said principal fum at which the faid annuity is redeemable, and also if payment be then also made of all arrears of the faid annuity, then from and after every fuch payment fo made, fo much of the faid annuity, as fhall bear proportion to the monies fo paid in part of the faid whole principal fum, fhall cease, determine, and be understood to be redeemed; any thing in this or in any former act or acts of parliament to the contrary notwithstanding.

500,000 l. fo much of the annuity to ceafe.

XIV. And be it further enacted by the authority aforefaid, Bank to con- That the faid governor and company of the bank of Engtinue a corpo- land, and their fucceffors, fhall continue and be a corporation, whole fum be and shall enjoy all the capacities, powers, privileges and ad

ration till the

redeemed.

vantages to them as a corporation belonging, until the compleat redemption of the whole of the faid annuity or yearly fum of feventy thousand pounds, according to the before mentioned provifoes for that purpofe; any former or other statute to the contrary notwithstanding.

XV. And for the better enabling the faid governor and company of the bank of England at all times hereafter to support their own and the publick credit, be it enacted by the authority Bank may af-, aforefaid, That all former powers or authorities heretofore grantfign over their ed to them for affigning or otherwise disposing of any annuities or capital stocks heretofore purchased by and now belonging to

annuities.

them,