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Rh money, stock, and riches of the kingdom; but what he conceived he had less reason to anticipate was the difficulty he experienced in prevailing upon the government to go into his scheme. King William was abroad when the proposal was brought before the cabinet in 1693, where long debates took place upon it in the presence of the queen; but at last an act of parliament was passed (5 and 6 W. and M. c. 20), which, in imposing certain rates and duties on tonnage of ships, and upon beer, ale, and other liquors, authorised their majesties to grant a commission to take subscriptions for 1,200,000l. of the whole 1,500,000l. which the new taxes were expected to raise, and to incorporate the subscribers into a company, under the name of the Governor and Company of the Bank of England. Interest at eight per cent, was to be allowed upon the money advanced, and also 4000l. a year for management; making the whole annual payment to the company 100,000l. The company were to be enabled to purchase lands, &c., and to exercise all the usual powers of bodies corporate; but were not to trade in the buying or selling of any goods or