342 C. 7. Anno feptimo Ann^ Reginas. A. D. 1708. Total Stock Pounds ten Shillings as aforefaid, fo that the Capital Stock of the faid Governor and Company fo increa- fcd, fliall be and amount, and be deemed to amount in the whole to the Sum of four millions four hun- dred and two thoufjind three hundred forty-three Pounds ; and that all and every the Perfon and Perfons, Natives and Foreigners, who have fubfcribed or written any Sum or Sums of Money, or for whom any Sum or Sums of Money have been fubfcribed or written in the faid Books of Subfcription, for or towards the making up the faid Sum of two millions two hundred and one thoufand one hundred feventy-one Pounds ten Shillings, therein compleatly fubfcribed, and who have paid to the faid Governor and Com- pany one fifth Part of each fubfcribed Sum as aforefaid, and the Executors, Adminiftrators, and Ailigns, New Subfcribers of fuch Perfon and Perfons refpedtively, fhall be, and be deemed and reputed to be Members of, united incorporated to, and incorporated with the faid Governor and Company of^e Bank oi England, and fhall at all Times, with the piefent together with the other Members of the faid Corporation and Body Politick, and their SuccefTors refpec- Baok "^ ° ^ ^ tively, be, and be adjudged, conftrued, reputed, accepted, and taken to be one Body Politick and Cor- porate, by the Name of The Governor and Company of the Bank 2/"England. Stock afiignabk. II. And it is hereby enafted by the Authority aforefaid. That the Capital Stock of the faid Governor and Company, now amounting as aforefaid, to four millions four hundred and two thoufand three hun- dred forty-three Pounds, fhall be afiignable and transferrable in the fame Manner as the original Capital Stock of the faid Governor and Company was afiignable and transferrable before the making of this Adt, ' III. And whereas the faid Governor and Company of the Bank oi England io enlarged or conftituted, ' being the better enabled by fuch new Subfcriptions and Payments thereupon as aforefaid, to ferve the ' Publick, are willing to advance and lend to her Majefty a further Sum on the faid yearly Fund of one ' hundred thoufand Pounds, upon fuch Terms, Conditions, and Advantages as are hereafter in this Aft ' exprefll'd in Relation thereunto, and are willing to accept an Annuity after the Rate of fix Pounds ^^r ' Ceritwn per Annum, out of the faid Duties on Houfes, for all the faid Exchequer Bills that have been 5Annae, c. 13. * made out, or are to be made out, in purfuance of' the laft recited Aft, and to deliver up the faid Bills as ' faft as they can get them into their Cuftody, to be cancelled, upon fuch Terms, Conditions, and Ad- ' vantages as are alfo hereafter in this Aft expreffed^ in relation to fuch Annuity to be fettled, and fuch ' Bills to be cancelled as aforefaid ; and are alfo willing to undertake a Circulation, (in the Manner and ' Form herein after mentioned) of two millions five hundred thoufand Pounds in other Exchequer Bills ' to be iffued for the Ufe of the War, and other your Majefty's Occafions, upon fuch Terms, Conditions, ' and Advantages as are likewife hereafter in this A61 expreffed in relation thereunto ; and are likewife
- willing upon the like Terms, Conditions, and Advantages to undertake the Circulation of fuch Exche-
' quer hills as fliall be made out quarterly, as well to difcharge the Allowance of three Pounds^«- Centum ' per Jmium which fhall be due to the faid Governor and Company for circulating the Exchequer Bills to ' be iffued, in purfuance of this Aft, from the Time fuch Bills fhall begin to be iffued, as alfo to dif- ' charge, or raife Money to difcharge the Intereft of two Ytnce per Die?n, for every one hundred Pounds' ' to be born upon the faid Bills, until the Funds, which by this Aft are fettled and intended to difcharge
- the faid Allowances for Circulation and Intereft, fhall take Effeft, and be fufScient for thofe Purpofes :'
Now we your Majefty's moft dutiful and loyal Subjefts the Commons of Great Britain in Parliament af- fembled, being defirous, not only to raife the neceffary Supplies with as much Eafe to your Majefty's Sub- jefts as is poffible, for the carrying on and finifhing the prefent War with Succefs, but alfo to ufe fuch Ways and Means in the doing thereof, as that your Majefty may have the better and more fpeedy Effeft of the faid Supplies, do moft humbly befeech your Majefty that it may be enafted ; and be it enafted by' Ba,ik to advance the Authority aforefaid, That the faid Governor and Company of the Bank of ^wf/aW fo enlarged or 400,0001. into conftituted as aforefaid, and their Succeffors, fhall advance and pay into the Receipt of her Majefty's Ex- tbe iixchequer, &c. Times of Pay- - Slent, Bank to have a DUcount of 6 per Cent. &c. till one Auguit chequer, for her Majefty's Ufe, the full Sum of four hundred thoufand Pounds, or fo much thereof as fhall remain after Deduftion of fuch Difcount as is hereafter in this Aft allowed to be made out of the fame; fuch Payment to be made by fuch Proportions, and at fuch Times, as are herein after appointed for Pay- ment thereof; that is to fay, one third Part thereof on or before the tenth Day of May one thoufand kyen hundred and nine, one other third Part thereof on or before the eight and twentieth D^y of "June one thou-, fand feven hundred and nine, and the Refidue thereof on isr before' the live and twentieth Day of Jugr/Jl' one thoufand feven hundred and nine. IV. Provided always, and it is hereby declared and enafted by the Authority aforefaid. That out of the faid Sum of four hundred thoufand Pounds, the faid Governor and Company fhall have and receive back, ' or fhall and may retain and keep to their own Ufe, by Way of Difcount, fo much as the Rate of fix Pounds per Centum per Annum, for each Sum of Money which fhall be aftually advanced and paid for or upon Account of the faid Sum of four hundred thoufand Pounds, fhall amount unto, from the Day of the aftual Payment thereof, until the firft Day of A ugujl one thoufand feven hundred and eleven : And in cafe ' On Nonpayment the faid Governor and Company of the Bank of England fhall make Failure in any of the faid Payments, ' niay beiuedj fo by this Aft appointed to be made into her Majefty's Exchequer as aforefaid, at or before the refpeftive Days or Times before limited in that Behalf, the Money whereof fuch Failure in Payment fhall be made, ihall and may be recovered to her Majefty's Ufe, by Aftion of Debt, or upon the Cafe, Bill, Suit, or Information, in any of her Majefty's Courts of Record at Wejiminfter, wherein no Effoin, Proteftion, Privilege, or Wager of Law fhall be allowed, or any more than one Imparlance ; in which Aftion, Bill, Suit, or Information, it fhall be lawful to declare. That the faid Governor and Company of the Bank of England, are indebted to her Majefty the Monies of which they fhall have made Default in Payment, ac- cording to the Form of this Statute, and have not paid the fame, which fhall be fufKcient ; and in or upon fuch Aftion, Bill, Suit, o;: Information, there fhall be further recovered to her Majefty's Ufe, againft the fM'
