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them, shall be and are hereby revived, continued and confirmed to them; and also that the said governor and company (hall or may, and they are hereby impowered, at any time or times hereafter, to assign, transfer, or otherwise to dispose of the said annuity or yearly sum of seventy thousand pounds by this act established, every or any part or parcel, parts or parcels thereof, to any person or persons, body or bodies politick or corporate, in such manner and form as the said governor and company shall think proper; subject nevertheless to such redemption by parliament as aforesaid, and without power to inlarge their capital stock by or out of the same.
XVI. And to the end, intent and purpose, that all the present charges and incumbrances on the said impositions herein before particularly stated may be regularly discharged, be it
enacted by the authority aforesaid, That the commissioners of Treasury ta his Majesty's treasury now being, or the lord high treasurer or discharge all commissioners of the treasury for the time being, shall on or be- incumbrances fore the twenty fifth day of June one thousand seven hundred on these inland twenty eight, by and out of the monies to be advanced by 2°JuneSi728. the said governor and company of the bank of England on the out of the mocredit of this act, or by and out of any other monies granted to nies advanced his Majesty for the service of the year one thousand seven hun- bv the bankdred and twenty eight, provide and direct, that all the said debts and incumbrances be duly and regularly discharged, by paying to the respective proprietors thereof the several sums of money, which after the application of the produce of the said impositions and duties to that time, according to the directions of former acts of parliament, (hall appear to be due for principal, interest or annuity, premium or rate, or other purposes aforementioned, and by cancelling all the said exchequer-bills; and that from and after such payment, or reserving in the exchequer money sufficient for that purpose, to be payable on demand to the proprietors of the said debts and incumbrances, all and every the said former annuities or funds, so charged on the said duties and impositions for the purposes aforesaid, mall cease and determine, and the same duties and impositions shall for ever after be discharged therefrom; any thing in any former act of parliament to the contrary notwithstanding.
XVII. And whereas the before mentioned sum of one hundred and tht ee thousand one hundred and forty pounds, remaining due and to be raised for compleating the sum of three hundred and sixty thousand pounds by the said ad of the fifth year of the reign of his said late majesty King George the First, is by the said a el appointed to be raised only from time to time, as the commiffioners for building the said churches Jhould certify the fame to be wanting, and the whole
thereof need not be [sued for some time: be it therefore enacted, The 103,140V.w That for the making the best use thereof in the mean time far hy 5 Geo. 1. the benefit of the publick, the said sum of one hundred and ken out the three thousand one hundred and forty pounds, or so much as at money adMidsummer one thousand seven hundred and twenty eis;ht (hail vanced by the remain uuraised for the purposes aforesaid, fliaH then be taken hank» "and ad~
- ded to the ag~
GUt sregate fund. out of the said purchase money to be advanced by the said governor and company of the bank of England, or out of the other monies granted for the supply of the year one thousand seven hundred and twenty eight, and (hall be added to the produce of the fund commonly called the aggregate fund, for the -quarter ending at Midsummer one thousand seven hundred and twenty eight, and lhall be issued and applied as part of the said produce, in the same manner as such produce is or shall be made applicable by act of parliament, and that such application thereof shall be deemed and taken as a regular discharge thereof within the true intent and meaning of this act. Treasury to XVIII. And be it enacted by the authority aforesaid, That issue out of the in lieu thereof the commissioners of the treasury now or for the fewest1 of that time ^eing, or the lord high treasurer for the time being, shall fund, so.much anc* ^ave nerebv power from time to time to issue out of as shall be the growing produce of the said aggregate fund, such sum and wanting for sums of money as shall from time to time be wanting for the that service, services to which the said sum of one hundred and three thousand one hundred and forty pounds was applicable, in the fame manner as they were impowered to raise the same by the said act of the fifth year of the reign of his late majesty King George the First, so as the whole of the monies so to be issued out of the said aggregate fund, do not exceed the sum which shall have been placed to the said aggregate fund pursuant to the directions aforesaid.
XIX. And whereas by virtue of an aft of parliament made In the 9 Geo.i. c. 6. ninth year of the reign of his said late majefly King George the First (for reviving and adding two millions to the capital stock of the South-Sea company) the ivbole capitalflock of the said company being then computed at thirty three millions eight hundred and tivo thousand four hundred and eighty three pounds fourteen /hillings and one half penny, tvas divided into tivo equal parts, and one moiety thereof, therein slated to amount to sixteen millions nine hundred and one thousand two hundred and forty one pounds seventeen Jhillings and one farthing, was to be and remain the capital stock of the said SouthSea company; and the other moiety thereof, amounting to the like sum of sixteen millions nine hundred and one thousand two hundred and forty one pounds seventeen Jhillings and one farthing, ivas converted into a joint Jlock, attended with annuities after the rate of five pounds per centum per annum, until the twenty fourth day of June one thousand seven hundred and twenty seven, and from thenceforth with annuities at four pounds per centum per annum, redeemable by parliament, and transferr able at the South-Sea company 3 and by the fame acl it was provided, That after the feast of the nativity of Saint John Baptist in the year of our Lord one thousand seven hundred and twenty-seven, the fame stocks might be redeemed by any payments, not being less than five hundred thousand pounds at a time; and that such payments should from time to time be applied either towards discharging the principal sums which fiiould belong to the said South-Sea company in their own right, or towards discharging the principal sums of the said South-Æea annuities, or- towards discharging big as iv ell the said principal sums of the said company, as of the said South-Sea annuities, in such proportions, manner and form as^ should he prescribed by the respective att or acls of parliament for furnishing such sums \ therefore and to the intent that the said sum of four hundred thirty-four thousand six hundred and five pounds, herein before directed to be paid to the said South-Sea company, may be made up to a sum of five hundred thousand pounds, agreeable to the intentions of the said act of parliament, and that the application thereof may be regularly directed, be it therefore further enacted by the authority aforesaid, That at the same time as the said four hundred thirty-four 500,0001. of thousand six hundred and five pounds ihall be issued and paid South-Sea to the said South-Sea company, pursuant to the directions here-^^^Jj^ in before given for that purpose, there shall also be issued and &Cm * paid to them, by and out of the monies which shall then be in the receipt of exchequer of the said sinking fund, the further sum of sixty-five thousand three hundred and ninety-five pounds, which together with the said sum of four hundred thirty-four thousand six hundred and five pounds, will complete and make up a sum of five hundred thousand pounds, for the redemption of a proportionable part of the annuities attending their whole principal monies, whether in capital stock or annuity stock; and that two hundred and fifty thousand pounds, being one moiety or half-part of the said sum of five hundred thousand pounds so made up as aforesaid, (hall go and be applied to and in discharge of so much of the principal due to the said company, in respect of that part of their debt which remains capital stock of the said company; and the remaining two hundred and fifty thousand pounds (hall go and be applied to and in discharge of so much of the principal due in respect of that part of their whole stock, as was so as aforesaid, converted into a joint stock of South-Sea annuities; and that from and after such payment as aforesaid, a proportional part of the annuities payable to the South-Sea company, whether in their own right, or in trust for the proprietors ot the said South-Sea annuities, sliall sink and be abated.
XX. And whereas by an aft of parliament made and passed in the thirteenth year of the reign of his said late ma7'e'fy King George the 13GCO.1, cm. Firs, For enlarging the times for hearing and determining claims by the trustees for railing money upon the estates of the late directors of the South-Sea company, and others, it was amongsi other things enacted, TI?at the court of directors of the said company should, after the twenty fifth day of March one thousand seven hundred and twenty eight, cause all and every part of the South-Sea stock and South-Sea annuities, remaining any ivife in the right of, or in trust for the said company, to be divided out and dijlributed as near as might be> to and among the proprietors of the flock of the said cotnpany, at such time or times, and in such manner and form, as the ■general court of the said company should from time to time judge to he most practicable and convenient: and whereas the said company have, or are intitled in their own rights a\ a company, to greater sums both
South-Sea company to apply the 500,0001. to redeem their undistributed stock 5
of South-Sea stock and South-Sea annuities^ undistributed amon* their other proprietors, than the said sumps five hundred thousand pounds so made up as aforesaid, will be sufficient to satisfy or redeem and it would be more convenient for the said company, and for the respective proprietors of the saidstock or annuities, that the said sum of five hundred thousand pounds Jhould be applied, as far as the fame will extend to the redemption and discharge of the said stock and annuities undistributed as aforesaid, preferably to the redemption of anyother parts of the said stocks or annuities already distributed to the respective proprietors thereof: be it therefore enacted by the authority aforesaid* That the said South-Sea company, upon receipt of the said sum of five hundred thousand pounds so made up as'aforesaid, shall apply the same in equal moieties as aforesaid, as far as the fame will extend, to the discharge or redemption of such parts of the said South-Sea stock or South-Sea annuities, as at the time of such receipt shall belong to the said company, in their own right as a company, and undistributed amongst the other proprietors of such stocks or annuities, and shall not be obliged to apply or divide out any part thereof to* or amongst any other the proprietors of the said stocks or annuities, towards redemption of any part of their respective (hares or interests in the fame stocks or annuities; any former law or statute to the contrary notwithstanding.
XXL Provided always, That the monies so to be paid to the said South-Sea company, may.be afterwards used or imployed by the said company, to the discharging or paying any debts^ dividends* or other services of the said company, in the samd manner as any other monies or casli of the said company may or ought to be imployed; any thing herein, or in the said last mentioned act of parliament to the contrary notwithstanding.
XXII. And whereas in pursuance of a certain acs of parliament made and passed in the seventh year of the reign of her late majesty Ssueen Anne,'intitule d^ An act for enlarging the Capital stock of the bank of England, and for raising a further supply to her Majesty for the service of the year one thousand seven hundred and nine, the said governor and company of the bank of England did become intitled to a certain annuity or yearly sum os one hundred and six thousand five hundred and one pounds thirteen /hillings and five pence, being after the rate of six pounds per centum per an* num, for or in respeft of the sum of one million seven hundred seventy five thousand and twenty seven pounds seventeen shillings and ten pence halfpenny, being the amount of certain exchequer-bills by the said .ad dire ft ed to be delivered up by the said governor and company to be cancelled, which annuity zuas thereby charged on certain duties on bouses therein mentioned, and zuas made redeemable by parliament on repayment to the said governor and company of the said sum os one million seven hundred seventy five thousand and-twenty seven pounds seventeen sbillings and ten pence halfpenny : and whereas by subsequent afts of parliament the said annuity was, by and with the consent of the said bank os England reduced, and particularly by an aft made 11 Geo.i. c. 9. iff the eleventh 'year of the reign of bis said late majesty King George
and to discharge debts, &c.
7 Ann. c. 7.
the First, intituled, An act for continuing the several annuities of eighty eight thousand seven hundred and fifty one pounds seven shillings and ten pence halfpenny, and one hundred thousand pounds, to the bank of England until Midsummer one. thousand seven hundred and twenty seven, and from thence for reducing the same to seventy one thousand and one pound two shillings and three pence three farthings, and eighty thousand pounds, redeemable by parliament, and for preventing the uttering of forged, counterfeited or erased bank bills or notes, it was amongjl other things enaclecl, That from and after the feast-day of Saint John Baptist in the year of our Lord one thousand seven hundred and twenty seven, the said annuity should cease and determine> and the said governor and company should have and enjoy, in lieu thereof, one annuity of seventy one thousand and one pound two JhiU \ lings and three pence three farthings for ever fubjecl nevertheless to redemption by parliament, on payment to the said governor and company of the principal sum above-mentioned', and it was thereby provided and enacled, That if at any time or times payment should be made of any sum or sums of money (not being less than five hundred thousand pounds at a time) in part of the said principal sum, then from and after such payment so made, so much of the said annuity>9 as should bear proportion to the money so paid in part of the said principal, si'mdd cease, determine, and be abated, as by the said several acls of parliament (relation being thereunto had) more fully and at large doth and may appear: now to the intent that the sum of one million may be raised and applied towards redeeming a proportional part of the said last mentioned annuity, in the manner herein after mentioned, be it therefore enacted by the authority aforesaid, That by or out of such monies as are or thall be in out of the the receipt of exchequer, of the surplusses, excesses or overplus sinking fund monies, commonly called the sinking fund, arisen or to arise att0 be paid.to
or from the feast of the nativity of Saint John Baptist which mall thA^k for i-i r r 1 1 rJ i r * Jx 11 . redeeming
be in the year ot our Lord one thouiand leven hundred and annuities
twenty eight (after payment of, or reserving sufficient to pay, quarterly till
such monies as have been directed by this or any former act ortne payments
acts of parliament to be paid out of the said surplusses, excesses *TM°U
or overplus monies) there mall be issued, paid and applied to 2 Gee.
the said governor and company of the bank of England, at the c. 3*
said feast-day, and afterwards quarterly, from time to time as
the fame (hall arises such sum or sums of money as shall on such
quarter-day be in the said receipt of exchequer, for or towards
the redeeming the said last mentioned annuity, until the same
payments shall in the whole amount to the principal sum of
one million; and that as the said payments of the principal
money thall be from time to time made, a proportional pait of
the said annuity attending thereon shall also from time to time
cease and determine, for the benefit of the publick.
XXIsL Provided always, and be it enacted by the authority The overplus aforesaid, That all the monies which shall arise for the said sur- °f tne sinking plusses* excesses and overplus monies commonly called the sink- su?d aPPr°ing fund (over and beyond what will satisfy and pay the several charge debts
Vol, XV. Hh 1 sums incurved be