Page:Ruffhead - The Statutes at Large - vol 5.djvu/376

 33 6 C. 5. Anno feptimo Georgii Regis. Stat. 1. A. D. 1720. On every fuch Payment a pro- portional Part of the Annuities ihall ceafe. 6 Geo. 1. c. 4. Recital of the A€ts about Ex- chequer-Bills of the fixth of King ..George, £ Geo. 1. c. 10. be payable at the Exchequer in refpect of the Capital Stock which fhall be fo paid off and difcharged ; which Application of the Monies laft mentioned fhall be made in Proportion to the refpective Quantities of Capital Stock, which in Purfuance of this or the faid former Acts fhall then appear to belong to the faid j South-Sea Company, and to the faid Bank of England, and to the faid Eaft-India Company, and every of : them reflectively, and not otherwife ; and the Commiffioners of the Treafury, or any three or more of ; them, and the High Treafurer for the Time being, are hereby directed and authorized to caufe all the Mo- nies arifing of or for the faid Sum of four millions one hundred fifty-fix thoufand three hundred and fix Pounds four Shillings and eleven Pence, and the faid Sums to be paid after the faid Rates of four Years and an Half's Purchafe, and one Year's Purchafe, and of or for fuch Intereft, as aforefaid, and every of them, and every Part thereof, to be applied in the Manner and Form by this prefent Act prefcribed touching or concerning the fame, and not otherwife. XXXVlI. And it is hereby enacted, That upon every fuch Payment, or reserving fuch Money in the Exchequer to make fuch Payment to the faid South-Sea Company, and to the faid Governor and Company of the Bank of England, and the faid Eafl- India Company, every or any of them refpectively, a propor- tional Part of the Annuities or yearly Funds then belonging to them, and every or any of them refpectively, for which the faid Rate of five Pounds per Centum per Annum is payable, as aforefaid, and for which fo much of their Capital Stock fliail be paid off, or for which Money fhall be fo referved, from Time to Time, fhall ceafe and determine ; any Thing in this orany former Act or Acts of Parliament contained, or other Matter or Thing whatfoever to the contrary notwithftanding. ' XXXVIII. And whereas by Virtue of the aforefaid AcT: of the fixth Year of his Majefty's Reign, certain Bills, commonly called Exchequer-Bills, then Handing out, which were therein eftimated to amount to eight hundred ninety-fix thoufand fix hundred fixty-two Paunds and ten Shillings, or thereabouts, in Principal Money, were appointed to be called or brought in, and to be changed for new Bills to be made forth in the Method which was thereby prefcribed, and in Purfuance of the fame Act feveral new Bills have been made forth for feveral Sums of Money, whereof the Principal hath not exceeded the faid Sura of eicmt hundred ninety-fix thoufand fix hundred fixty-two Pounds and ten Shillings, adding thereunto the Intereft that was due upon the old Bills, as by the faid Act was directed ; and by the fame Act the faid South-Sea Company, and their Succefibrs, or their Court of Directors on their Behalf, were enjoined, du- ring the Term of (even Years, reckoned from the Feaft of the Nativity of Saint John Baptift one thou- fand feven hundred and twenty, to furnifh ready Money for exchanging and circulating the new Exche- quer-Bills which ihould be made forth by Virtue of that Aft ; and in cafe any other Act fhould be made for making forth any further Sum or Sums in Exchequer-Bills to be current at any Time or Times within or during the faid Term of feven Years, as is therein mentioned, then the faid Scuth-Sea Company, and their Succefibrs, were by the faid firft mentioned Act (in Part before recited) enjoined and required (du- ring fo much of the faid Term of feven Years as the Bills to be made forth by fuch other Act fhould have a Joint Currency with the Bills to be made forth by the faid firft mentioned Act) to furnifh a propor- tional Part or Parts of fuch ready Money as fhould be fuff.cient for exchanging and circulating all the Bills fo current, which proportional Parts were to be afcertained and determined as by the fame Act is pre- fcribed. And whereas by Virtue of another Act of the fixth Year of his Majefty's Reign, intituled, An Act for making forth new Exchequer-Bills, not exceeding one million, at a certain Intereft, and for lending the fame to the South- Sea Company at an higher Intereft, upon Security of repaying the fame and fuch high In- tereft into the Exchequer, for Ufes to which the Fund for leffening the publick Debts, called the Sinking Fund, is applicable, and for circulating and exchanging upon Demand, the faid Bills at or near the Exchequer, feveral other new Exchequer-Bills, amounting to one million in Principal Monies, were made forth for the Pur- pofe in that Act mentioned; and by the fame laft mentioned Act the Commiffioners of the Treafury, or any three or more of them, or the High Treafurer for the Time being, are enjoined and required (fo long as the Exchequer- Bills, made forth by Virtue of that Act, fhould have a Joint Currency, or be current at the fame Times with the Bills to be made forth by Virtue of the faid firft mentioned Act) to furnifh out of the Monies of the Fund or Security herein after mentioned, or out of Loans to be made there- upon, a proportional Part' of the ready Money which fhould be fufficient for exchanging and circulating all the Bills which fhould be jointly current; which proportional Part fo to be furnifhed on Behalf of the Publick, was thereby prefcribed to be fo much as, together with a proportional Part which, from Time to Time, fhould or ought to be furnifhed by the faid South-Sea Company, ihould be fufficient to fupport the Currency of all the faid Bills ; and by the Act laft mentioned., the Sum of three hundred twenty-eight thoufand fix hundred feventy-three Pounds four Shillings and ten Pence Half-penny, then remaining in the Exchequer, and in the fame Act particularly fpecifled, and the Monies which (from and after the Applica- tion of a certain Sum of five hundred and twenty thoufand Pounds therein alfo particularly fpecifled) fhould arife of or for the Surpluffes, Exceffes and Overpluffes, commonly called the Sinking Fund, therein alfo mentioned, are declared and enacted to be a Fund or Security for furnifhing fuch Proportions of ready Money as are laft before mentioned, for or towards exchanging and circulating all the faid Exchequer-Bills, during their joint Currency. And whereas in and by the Act laft in Part before recited, the Commif- fioners of his Majefty's Treafury were impowered to iffue or caufe to be iiTued by way of Loan or Ad- vance the faid Bills not exceeding one million to the South-Sea Company, the fame Corporation giving Secu- rity upon their Annuity or yearly Fund for Repayment of the Princip?J Sum fo lent, with Intereft,' within fuch Time as by that Act was limited; and the Commiffioners of the Treafury, and High Treafurer for the Time being, are by that Act directed and required to take efpecial Care that upon Repayment of the i Principal Monies fo to be lent, the fame, with the Intereft or Increafe accruing thereupon, ihould be received and applied Ln the firft Place to the paying off and difcharging the faid Exchequer-Bills for one million; ' an<J