them, fhall be and are hereby revived, continued and confirmed to them; and alfo that the faid governor and company fhall or may, and they are hereby impowered, at any time or times hereafter, to affign, transfer, or otherwise to difpofe of the faid 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 perfons, body or bodies politick or corporate, in fuch manner and form as the faid governor and company fhall think proper; fubject nevertheless to fuch redemption by parliament as aforefaid, and without power to inlarge their capital stock by or out of the fame.

XVI. And to the end, intent and purpose, that all the present charges and incumbrances on the said impofitions herein before particularly ftated may be regularly discharged, be it enacted by the authority aforefaid, That the commiffioners of Treasury to his Majefty's treasury now being, or the lord high treasurer or difcharge all commiffioners of the treasury for the time being, fhall on or be- incumbrances fore the twenty fifth day of June one thousand feven hundred on these impofitions by and twenty eight, by and out of the monies to be advanced by 25 June 1728. the faid 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 Majefty for the fervice of the year one thousand seven hun- by the bank. dred 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 feveral fums of money, which after the application of the produce of the faid impofitions and duties to that time, according to the directions of former acts of parliament, fhall appear to be due for principal, interest or annuity, premium or rate, or other purposes aforementioned, and by cancelling all the faid exchequer-bills; and that from and after fuch payment, or referving in the exchequer money fufficient for that purpose, to be payable on demand to the proprietors of the faid debts and incumbrances, all and every the faid former annuities or funds, fo charged on the faid duties and impofitions for the purposes aforefaid, fhall ceafe and determine, and the fame duties and impofitions fhall for ever after be difcharged therefrom; any thing in any former act of parliament to the contrary notwithstanding.

XVII. And whereas the before mentioned fum of one hundred and three thousand one hundred and forty pounds, remaining due and to be raised for compleating the fum of three hundred and fixty thousand pounds by the faid act of the fifth year of the reign of his faid late majesty King George the First, is by the faid act appointed to be railed only from time to time, as the commiffioners for building the faid churches fhould certify the fame to be wanting, and the whole thereof need not be issued for fome time: be it therefore enacted, The 103,140 That for the making the beft ufe thereof in the mean time for by 5 Geo. 1. the benefit of the publick, the faid fum of one hundred and ken out of the c. 9. to be tathree thousand one hundred and forty pounds, or so much as at money adMidfummer one thousand feven hundred and twenty eight fhall vanced by the remain unraised for the purposes aforefaid, thall then be taken bank, and ad

out

ded to the ag

gregate fund.

Treasury to

as fhall be wanting for

that fervice.

!

out of the faid purchase money to be advanced by the faid governor and company of the bank of England, or out of the other monies granted for the fupply of the year one thousand feven hundred and twenty eight, and fhall be added to the produce of the fund commonly called the aggregate fund, for the quarter ending at Midsummer one thoufand feven hundred and twenty eight, and fhall be iffued and applied as part of the faid produce, in the fame manner as fuch produce is or shall be made applicable by act of parliament, and that fuch application thereof thall be deemed and taken as a regular discharge thereof within the true intent and meaning of this act.

XVIII. And be it enacted by the authority aforefaid, That flue out of the in lieu thereof the commiffioners of the treasury now or for the growing intime being, or the lord high treasurer for the time being, fhall tereft of that fund, fo much and they have hereby power from time to time to iffue out of the growing produce of the faid aggregate fund, such sum and fums of money as fhall from time to time be wanting for the services to which the faid fum of one hundred and three thoufand one hundred and forty pounds was applicable, in the same manner as they were impowered to raise the fame by the said act of the fifth year of the reign of his late majefty King George the First, so as the whole of the monies fo to be iffued out of the said aggregate fund, do not exceed the fum which fhall have been placed to the faid aggregate fund pursuant to the directions aforefaid.

XIX. And whereas by virtue of an act of parliament made in the 9 Geo.1.c.6. ninth year of the reign of his faid late majesty King George the First (for reviving and adding two millions to the capital stock of the South-Sea company) the whole capital stock of the faid company being then computed at thirty three millions eight hundred and two thousand four hundred and eighty three pounds fourteen fillings and one half penny, was divided into two equal parts, and one moiety thereof, therein stated to amount to fixteen millions nine hundred and one thoufand two hundred and forty one pounds feventeen Shillings and one farthing, was to be and remain the capital stock of the faid SouthSea company; and the other moiety thereof, amounting to the like fum of fixteen millions nine hundred and one thousand two hundred and forty one pounds feventeen fhillings and one farthing, was converted into a joint stock, attended with annuities after the rate of five pounds per centum per annum, until the twenty fourth day of June one thousand feven hundred and twenty seven, and from thenceforth with annuities at four pounds per centum per annum, redeemable by parliament, and transferrable at the South-Sea company; and by the fame act it was provided, That after the feast of the nativity of Saint John Baptift in the year of our Lord one thousand feven hundred and twenty-feven, the fame ftocks might be redeemed by any payments, not being less than five hundred thousand pounds at a time; and that fuch payments fhould from time to time be applied either towards difcharging the principal fums which should belong to the faid South-Sea company in their own right, or towards difcharging the principal fums of the said South-Sea annuities, or towards discharg

ing as well the faid principal fums of the faid company, as of the faid South-Sea annuities, in fuch proportions, manner and form as, Should be prefcribed by the respective act or acts of parliament for furnishing fuch fums; therefore and to the intent that the faid fum of four hundred thirty-four thousand fix hundred and five pounds, herein before directed to be paid to the faid South-Sea company, may be made up to a fum of five hundred thousand pounds, agreeable to the intentions of the faid act of parliament, and that the application thereof may be regularly directed, be it therefore further enacted by the authority aforefaid, That at the fame time as the faid four hundred thirty-four 500,000l. of thousand fix hundred and five pounds thall be iffued and paid South-Sea stock to be to the faid South-Sea company, pursuant to the directions heredischarged, in before given for that purpose, there fhall also be iffued and &c. paid to them, by and out of the monies which shall then be in the receipt of exchequer of the faid finking fund, the further fum of fixty-five thousand three hundred and ninety-five pounds, which together with the faid fum of four hundred thirty-four thousand fix hundred and five pounds, will complete and make up a fum 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 thoufand pounds, being one moiety or half-part of the faid fum of five hundred thousand pounds fo made up as aforefaid, fhall go and be applied to and in discharge of so much of the principal due to the faid company, in refpect of that part of their debt which remains capital ftock of the faid company; and the remaining two hundred and fifty thousand pounds fhall go and be applied to and in discharge of fo much of the principal due in respect of that part of their whole stock, as was fo as aforesaid, converted into a joint stock of South-Sea annuities; and that from and after such payment as aforefaid, a proportional part of the annuities payable to the South-Sca company, whether in their own right, or in trust for the proprietors of the faid South-Sea annuities, fhall fink and be abated.

XX. And whereas by an act of parliament made and paffed in the thirteenth year of the reign of his faid late majesty King George the 13Geo.1.c.22. First, For enlarging the times for hearing and determining claims by the trustees for railing money upon the eftates of the late directors of the South-Sea company, and others, it was amongst other things enacted, That the court of directors of the faid company Mould, 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 wife in the right of, or in trust for the faid company, to be divided out and diftributed as near as might be, to and among the proprietors of the flock of the said company, at fuch time or times, and in fuch manner and form, as the general court of the said company should from time to time judge to be most practicable and convenient: and whereas the faid company have, or are intitled in their own right, as a company, to greater fums both

of

of South-Sea flock and South-Sea annuities, undistributed among their other proprietors, than the faid fum of five hundred thousand pounds fo made up as aforefaid, will be fufficient to fatisfy or redeem; and it would be more convenient for the faid company, and for the reSpective proprietors of the faid flock or annuities, that the faid sum of five hundred thousand pounds should be applied, as far as the fame will extend to the redemption and difcharge of the said stock and annuities undistributed as aforesaid, preferably to the redemption of any other parts of the faid ftocks or annuities already diftributed to the South-Sea respective proprietors thereof: be it therefore enacted by the aucompany to thority aforefaid, That the faid South-Sea company, upon reapply the ceipt of the faid fum of five hundred thousand pounds fo made 500,000l. to redeem their up as' aforefaid, fhall apply the fame in equal moieties as aforeundiftributed faid, as far as the fame will extend, to the difcharge or redemption of such parts of the faid South-Sea stock or South-Sea annuities, as at the time of fuch receipt fhall belong to the said company, in their own right as a company, and undiftributed amongst the other proprietors of fuch stocks or annuities, and fhall not be obliged to apply or divide out any part thereof to or amongst any other the proprietors of the faid ftocks or annuities, towards redemption of any part of their respective shares or interests in the fame ftocks or annuities; any former law or statute to the contrary notwithstanding.

ftock;

and to dif

&c.

XXI. Provided always, That the monies fo to be paid to the charge debts, faid South-Sea company, may be afterwards ufed or imployed. by the faid company, to the discharging or paying any debts, dividends, or other services of the faid company, in the famne manner as any other monies or cafh of the faid company may or ought to be imployed; any thing herein, or in the faid laft mentioned act of parliament to the contrary notwithstanding.

7

Ann. c. 7.

XXII. And whereas in pursuance of a certain act of parliament made and passed in the feventh year of the reign of her late majesty Queen Anne, intituled, An act for enlarging the capital ftock of the bank of England, and for raifing a further fupply to her Majefty 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 fum of one hundred and fix thousand five hundred and one pounds thirteen fillings and five pence, being after the rate of fix pounds per centum per annum, for or in respect of the fum of one million feven hundred seventy five thousand and twenty seven pounds feventeen fillings and ten pence halfpenny, being the amount of certain exchequer-bills by the faid act directed to be delivered up by the faid governor and company to be cancelled, which annuity was thereby charged on certain duties on houses therein mentioned, and was made redeemable by parliament on repayment to the faid governor and company of the faid sum of one million feven hundred feventy five thousand and twenty Seven pounds feventeen fhillings and ten pence halfpenny: and whereas by fubfequent acts of parliament the faid annuity was, by and with the consent of the faid bank of England reduced, and particularly by an act made 11 Geo.1. c. 9. in the eleventh year of the reign of his faid late majesty King George

the

the First, intituled, An act for continuing the feveral annuities. of eighty eight thousand feven hundred and fifty one pounds feven fhillings and ten pence halfpenny, and one hundred thoufand pounds, to the bank of England until Midfummer one. thousand seven hundred and twenty feven, and from thence for reducing the fame to seventy one thousand and one pound two fhillings and three pence three farthings, and eighty thousand pounds, redeemable by parliament, and for preventing the uttering of forged, counterfeited or erafed bank bills or notes, it was amongst other things enacted, That from and after the feast-day of Saint John Baptift in the year of our Lord one thousand feven hundred and twenty feven, the faid annuity should ceafe and determine, and the faid governor and company should have and enjoy, in lieu thereof, one annuity of Jeventy one thousand and one pound two fhillings and three pence three farthings for ever subject nevertheless to redemption by parliament, on payment to the faid governor and company of the principal fum above-mentioned; and it was thereby provided and enacted, That if at any time or times payment should be made of any fum or fums of money (not being less than five hundred thousand pounds at a time) in part of the faid principal fum, then from and after fuch payment fo made, fo much of the faid annuity, as Should bear proportion to the money fo paid in part of the faid principal, should ceafe, determine, and be abated, as by the faid feveral acts of parliament (relation being thereunto had) more fully and at large doth and may appear: now to the intent that the fum of one million may be raised and applied towards redeeming a proportional part of the faid laft mentioned annuity, in the manner herein after mentioned, be it therefore enacted by the authority aforefaid, That by or out of fuch monies as are or thall be in Out of the the receipt of exchequer, of the furpluffes, exceffes or overplus finking fund monies, commonly called the finking fund, arifen or to arife at to be paid to or from the feaft of the nativity of Saint John Baptift which fhall the bank for redeeming be in the year of our Lord one thousand feven hundred and annuities twenty eight (after payment of, or referving fufficient to pay, quarterly till fuch monies as have been directed by this or any former act or the payments acts of parliament to be paid out of the faid furpluffes, exceffes amount to or overplus monies) there fhall be iffued, paid and applied to See 2 Geo.. the faid governor and company of the bank of England, at the c. 3. faid feaft-day, and afterwards quarterly, from time to time as the fame thall arife, fuch fum or fums of money as fhall on fuch quarter-day be in the faid receipt of exchequer, for or towards the redeeming the faid laft mentioned annuity, until the fame payments fhall in the whole amount to the principal fum of one million; and that as the faid payments of the principal money thall be from time to time made, a proportional part of the faid annuity attending thereon fhall alfo from time to time cease and determine, for the benefit of the publick.

1,000,000l.

XXIII. Provided always, and be it enacted by the authority The overplus aforefaid, That all the monies which fhall arife for the faid fur- of the finking pluffes, exceffes and overplus monies commonly called the fink- fund appro.. priated to dif ing fund (over and beyond what will fatisfy and pay the feveral charge debts VOL. XV. fums incurred be

Hh