Page:Ruffhead - The Statutes at Large - vol 5.djvu/377

 A. D. 1720, Anno feptimo Georgii Regis. Stat. 1. C. 5, 337 ' and that the Surplus thereof, after paying off and difcUarging thc_ fame Bills, fliould be placed at the Receipt ' of Exchequer to and for the fame Ufes to which the Monies of the Surplufles, Exceffes and Overpluses, ' commonly called the Sinking Fund, are applicable ; and that the faid South-Sea Company fliall make juft c Account of the Principal fo borrowed, and the Intereft and Incrcafe thereof, and of the Repayment of ' the fame Principal, with the faid Intereft or Increafe thereof, into the Exchequer in Manner, as aforefaid ; ' and in Default of paying the faid Monies, with the faid Jntereftor Incrcafe thereof, then the Commiffioners ' of the Treafury, or any three or more of them, or the High Treafurer for the Time being, were thereby ' authorized and required to caufe the Monies fo lent to be ftopt out of the Monies which weekly or other- ' wife fhould be payable to the Soutb-Sca Company at the Exchequer, for or upon their Annuities or yearly ' Fund, together with fo much more as the Intereft of the faid Monies fo unpaid fliall amount unto, and ' to caufe the Principal and Intereft fo ftopt, to be applied and placed in the Exchequer, as aforefaid ; as by ' the faid feveral Afts (herein before in Part recited) Relation being thereunto (everally had, doth more ' fully appear. And whereas the faid Sum of five hundred and twenty thoufand Pounds, fince the making ' of the Aft laft before in Part recited, is compleatly fatisfied, or fufficient Money is referved in the Exche- ' quer for that Purpofe, and purfuant to the fame Aft, the faid Exchequer-Bills, amounting to one mil- ' lion, were on the feventh Day of "June, one thoufand feven hundred and twenty (as by a Certificate figned ' by the Auditor of the Receipt of the Exchequer doth 2ppcar) iffued by way of Loan or Advance to the ' faid South-Sea Company-, upon a Security under their Common Seal, by an Inftrument or Writing, bearing ' Date the fourth Day of June one thoufand feven hundred and twenty, for Repayment of the fame in good ' and lawful Money of Great Britain into the Exchequer at Wejlminjler at the End of one Year, to be '* per Annum, as by the fame Inftrument or Writing, Relation being thereunto had, may alfo appear :' Nov/ to the End that all the Exchequer-Bills for the faid Sum of one million, and the Intereft thereof, may effec- tually be difcharged out of the Monies to be repaid by the fame Company, with the Intereft thereof as afore- faid, at or before the Time herein after limited in that Behalf, whereby the faid Joint Currency may ceafe, and the Publick may be eafed of the Burthen and Charge of contributing thereunto ; and to the End the faid Exceffes, Surplufles and Overplus Monies, called the Sinking Fund, and other the publick Monies aforefaid, after their being freed from the Incumbrance of the Exchequer-Bills laft mentioned, may be at. Liberty to be applied towards leffening or reducing the publick Debts and Incumbrances, according to the true Intent and Meaning of this prefent Aft ; It is hereby provided, eilafted and declared by the Authority South -Sea Corri- aforefaid, That the faid Corporation, called the South- Sea Company, or their Succefibrs, at their own Cofts paiiy /hail repay and Charges, on or before the feventh Day of June which fliall be in the Year of our Lord one thoufand lntot £- e £«he- feven hundred twenty-two (although any Affignment or Alignments before that Time fhall or fhall not qu " y 7 •'. und have been made to the faid other Companies, or either of them, in Purfuance of this Aft, as aforefaid) fhall r Joo'cool. well and truly repay or caufe to be repaid into the faid Receipt of Exchequer the faid Sum of one million, with jn'.erefr, • together with Intereft then due for the fame; and that upon fuch Repayment the Monies fo repaid, with the Intereft or Increafe accruing thereupon, fhall be applied in the firft Place to the paying off and difcharg- to be applied to ing the faid Exchequer-Bills amounting to one million, with fuch Intereft as fliall be due thereupon ; and paying off the that the Surplus thereof, after paying off and difcharging the Bills laft mentioned, fhall be placed and ap- Exchequer- plied to the fame Ufes to which the Monies of the faid Sinking Fund are to be applied; and that an Ac-. Bllls ' &c " count of the Monies fo borrowed and repaid, and of the Intereft thereof, fhall be made, as by the faid for- mer Aft was prefcribed ; and in Default of repaying the faid Sum of one million, with the Intereft or In- in Default their creafe thereof, according to this Aft, then the Annuity and Annuities which fliall be then payable at the Annuities may Receipt of the Exchequer to the faid South-Sea Company (except fo much thereof as in the mean time fhall be fto P t - of may have been affigned or transferred to the faid other Companies, or either of them, as aforefaid) fhall and may be ftopt by the Commiffioners of the Treafury, or any three of them, or by the High Treafurer for the Time being, or by the Officers of the Exchequer for the Time being; and the faid Exchequer- Bills amounting to one million fliall and may be called in and cancelled by and with the Monies fo ftopt, in the Manner prefcribed by the faid former Aft in that Behalf. XXXIX. And be it further enafted by the Authority aforefaid, That after difcharging the faid Exche r After difchargi quef-Biils amounting to one million, with all the Intereft which fhall be due thereupon, and after paying ingthofeBii s, ofFTuch publick Debts and Incumbrances carrying Intereft or Annuities after the Rate of five Pounds per &c ' Centum per Annum, or any higher Intereft or Annuity founded upon any former Aft or Afts of Parliament in that Behalf, as may be redeemed before the faid Feaft of the Nativity of Saint John Baptlft one thoufand f.ven hundred and twenty-feven, or referving Money fufficient in the Exchequer for thofe Purpofes; Then Then all the all the Monies of the faid Sum of three hundred twenty-eight thoufand fix hundred feventy-three Pounds Sinking Fund, - four Shillings and ten Pence Half-penny, and of the faid Surplufles, Exceffes and Overplus Monies, com- &c - ,i;aI1 De 2 P- monly called the Sinking Fund, which then fhall or ought to remain in the Receipt of the Exchequer, and p K d low ~ r p S all the faid Overplus (if any be) of the faid Intereft-Monies, which fliall be paid by the faid South-Sea ^^Ck'uzI Company for the faid million lent as aforefaid, fliall immediately, or as foon as the Monies then refting of Stock of tie the faid Sinking Fund can be computed, fhall be applied (fo far as the fame will extend) towards paying three Compa- off and difcharging fo much and fuch Parts of the Capital Stock, which fhall then belong to the faid South? nief > &. c ' Sea Company, and to the faid Governor and Company of the Bank of England, and to the faid Eajl-Inclla • n '"'"' : f.^ x '' Company, and to every or any of them refpeftively, as by the Tenor and true Meaning of this and the L^,)*"- ' faid former Aft in. thst Behalf are to carry Annuities payable at the Exchequer, after the Rate of five Pounds i6 6>>. 2. c. 12. per Centum per Annum, till the twenty-fourth of June one thoufand feven hundred and twenty-feven, and af- siG?o. ?,. c. 7, terwards at the Rate of four Pounds per Centum per Annum, till Redemption by Parliament, and towards l8, 2I &2 -- paying off and redeeming fo much of the fame Annuities which fliall then be payable at the Exchequer, in L 3 ' c ' ■ Vol. V. X x refpeft
 * reckoned from the Time of iffuing the faid Bills, with Intereft after the Rate of four Pounds per Centum