and advantages whatsoever, whereunto the governor and company of the bank of England are, or before the making of the faid act were intitled by any act or acts of parliament, grants, or charters then in force, fubject nevertheless to fuch restrictions, rules, directions, agreements, matters and things, as in the faid acts and charters, or any of them, then in force, were contained or prefcribed; and it was thereby alfo further provided and enacted, That at any time, upon twelve months notice, after the first day of Auguft, which should be in the year of our Lord one thousand seven hundred and forty two, and not before, and upon repayment by parliament to the faid governor and company of the bank of England, or their fucceffors, of the faid Sum of one million fix hundred thousand pounds, without any deduction, difcount, or abatement whatsoever, and upon payment to the faid governor and company, and their fucceffors, of all arrears of the faid one hundred thousand pounds per annum, and all the principal and intereft money which should be owing to them upon all fuch tallies, exchequer orders, or parliamentary funds, which the faid governor and company, or their fucceffors, fhould have remaining in their hands, or be intitled to, at the time of fuch notice to be given, as aforefaid; (fuch funds, for redemption whereof other provifion is made in the faid former acts, or any of them, or in the faid recited act, always excepted) then, and in fuch cafe, and not till then, the faid yearly fund of one hundred thousand pounds should ceafe and determine; and it is alfo further provided and enacted, That from and after fuch redemption of the faid one hundred thousand pounds per annum,and from and after redemption should be made by parliament of the annuity of one hundred and fix thousand five hundred and one pounds, thirteen fhillings, and five pence, by the faid recited act of the feventh year of her faid late Majefty's reign, fettled and payable to the faid governor and company, in the manner therein mentioned, and from and after redemption should likewife be made of the fund established by the faid recited act, in relation to the faid exchequer bills; then, and not till then, the faid corporation of the governor and company of the bank of England should ceafe and determine; but till then the faid governor and company should continue a corporation, and should have and enjoy all the powers and privileges they were intitled to, as aforefaid, as by the fame act (relation being thereunto had) may more fully appear: and whereas the faid governor and company of the bank of England, in regard the common intereft for money is very much leffened under your Majesty's most aufpicious government, are willing and contented to advance and pay into the receipt of your Majesty's exchequer, towards the fupply granted to your Majesty for the fervice of the year one thousand feven hundred and forty two, the further jum of one million fix hundred thousand pounds, upon their prefent yearly fund of one hundred thousand pounds, being allowed a discount after the rate of three pounds per centum per annum for the fame, from the refpective time or times of advancing or paying the faid fum of one million fix hundred thousand pounds, or any part thereof, into the exchequer, as aforesaid, to the first day of August, one thousand feven hundred and forty three, over and above the faid yearly fund of one hundred thousand pounds, and the said governor and company of of the bank of England, are alfo willing to accept of an annuity of ninety fix thousand pounds from the faid first day of Auguft, one thousand feven hundred and forty three, being after the rate of three pounds per centum per annum, upon the whole principal fum of three million two hundred thousand pounds, together with the allowance of four thousand pounds per annum, hitherto granted them towards their charges of management, fubject to fuch conditions and power of redemption as are herein after mentioned; provided that the present yearly fund of one hundred thousand pounds payable to the said governor and company, in respect of their faid original capital of one million fix hundred thousand pounds, be continued unto them until the faid first day of August, one thousand seven hundred and forty three, and that the privilege of exclufive banking, and all other the abilities, capacities, powers, authorities, franchifes, exemptions, privileges, profits, and advantages in this act, or any former act mentioned or contained, be granted and confirmed to the faid governor and company: now we your Majesty's most dutiful and loyal fubjects the commons of Great Britain in parliament affembled, being defirous, not only to raise the neceffary fupplies with as much ease as is poffible to your Majefty's fubjects, for the carrying on the prefent war with vigour, but also to use fuch ways and means in doing thereof, as that your Majefty may have the better and more speedy effect of the faid fupplies, and to encourage the faid governor and company to advance the faid fum of one million fix hundred thousand pounds in the manner herein after-mentioned, do most humbly befeech your Majefty that it may be enacted; and be it enacted by the King's moft excellent majesty, by and with the advice and confent of the lords fpiritual and temporal, and commons, in this prefent parliament affembled, and by the authority of the fame, That the said governor and company of the bank of England, and their fucceffors, fhall advance and pay for the prefent into the faid receipt of his Majefty's exchequer for his Majefty's use, the full sum of one million fix hundred thousand pounds, on or before the twenty fifth day of December, one thoufand seven hundred and forty two, at fuch times, and in such proporEach payment not to be lefs tions, as the commiffioners of his Majefty's treasury, or any than 400,000l. three or more of them, or the high treasurer for the time being, at a month's fhall think fit to direct and appoint, so as the said governor and Bank to ad vance 1,600,000l. year. notice. Three per cent. to be discounted.. company be not obliged to pay more than four hundred thousand II. Provided always, and it is hereby enacted and declared vernor vernor and company of the bank of England fhall make failure in any of the faid payments fo by this act appointed to be made into his Majesty's exchequer, as aforefaid, at or before the respective days or times limited before in that behalf, the money whereof such failure in payment shall be made, fhall and may be recovered to his Majesty's use, by action of debt, or upon the case, bill, fuit, or information, in any of his Majefty's courts of record at Westminster, wherein no effoin, protection, privilege, or wager of law fhall be allowed, or any more than one imparlance; in which action, bill, fuit, or information, it shall be lawful to declare, that the faid governor and company of the bank of England are indebted to his Majesty the monies of which they shall have made default in payment, according to the form of this ftatute, and have not paid the fame, which fhall be fufficient; and in or upon fuch action, bill, fuit, or information, The bank, on there fhall be further recovered to his Majefty's ufe against the failure of payfaid governor and company of the faid bank of England, damages, ment, to forafter the rate of twelve pounds per centum for the monies fo un- feit 12l. per paid contrary to this act, befides full cofts of fuit, and the said cent. with governor and company of the bank of England, and their fuc- cofts, and their ceffors, and their said stock and funds, shall be, and are hereby made subject and liable thereunto. stock liable. Provifoes of III. And for the encouragement of the faid governor and company of the bank of England to advance and pay the faid fum of one million fix hundred thousand pounds, with fuch discount out of the fame as aforefaid; and to the end the faid governor and company, and their fucceffors, may have a competent recompence and confideration for fo doing; it is hereby declared and enacted by the authority aforefaid, That the said several and redemption in respective provisoes contained in the faid recited acts of the fe- the acts 7 and venth and twelfth years of the reign of her late majesty Queen 12 Ann. reAnne, and each of them, and all other provifoes contained in pealed. any other act or acts of parliament for determining the faid fund of one hundred thousand pounds per annum, and the faid corporation of the governor and company of the bank of England, upon the respective notices and payments in the same respective acts mentioned, fhall be and are hereby repealed and made void; and that the faid governor and company of the bank of England fo enlarged as aforefaid, and their fucceffors for ever Privileges of shall remain, continue, and be one body corporate and politick, ceffion, and perpetual fucby the name aforefaid, and fhall for ever have, receive, and en- exclufive joy the faid entire yearly fund of one hundred thousand pounds, banking conout of the faid rates and duties of excife, together with a perpefirmed, tual fucceffion, and privilege of exclusive banking, as herein after is mentioned; and all other abilities, capacities, powers, authorities, franchises, exemptions, privileges, profits, and advantages whatsoever, whereunto the governor and company of the bank of England are, or before the making this act were, intitled by the faid acts of the seventh and twelfth years of the reign of her faid late majesty Queen Anne, or either of them, or by any other act or acts of parliament, grants, or charters what till August 1. 3764. whatsoever now in force, all which are by this act ratified and confirmed to the faid governor and company, and their succesfors, freed and discharged of and from the faid provifoes and conditions of redemption hereby repealed, or intended to be repealed as aforefaid, and all other provifoes, powers, acts, matters and things whatfoever, heretofore had, made, done or committed, for redeeming, determining or making void the faid corporation, or yearly fund of one hundred thousand pounds, and the said privilege of exclufive banking, and all other their abilities, capacities, powers, authorities, franchifes, exemptions, privileges, profits and advantages, or any of them, fubject nevertheless to fuch reftrictions, rules and directions, and alfo to fuch other agreements, matters and things, as in the said acts and charters, or any of them now in force are contained or prefcribed, and alfo fubject to the power and condition of redemption, hereafter in this act contained in this behalf. IV. Provided always, and it is hereby further enacted by the authority aforefaid, That at any time upon twelve months. notice after the first day of Auguft, which fhall be in the year of our Lord one thoufand feven hundred and fixty four, and not before, and upon repayment by parliament to the said governor and company of the bank of England, or their fucceffors, as well of the faid fum of one million fix hundred thousand pounds formerly advanced, as of the fum of one million fix hundred thousand pounds before mentioned, now to be advanced, amounting in the whole to the fum of three million two hundred thousand pounds, without any deduction, discount or abatement whatsoever to be made out of the said sum of three million two hundred thousand pounds, or any part thereof; and upon payment to the faid governor and company, and their fucceffors, of all the arrears of the said one hundred thousand pounds per annum, and all the principal and intereft money which fhall be owing unto them upon all fuch tallies, exchequer orders, exchequer bills or parliamentary funds, which the faid governor and company, or their fucceffors, fhall have remaining in their hands, or be intitled to at the time of fuch notice to be given, as aforefaid; fuch funds for redemption whereof other provifion is made in & Geo. 1. c. 21. and by one act of parliament made and paffed in the eighth year of the reign of his late majefty King George the First, intituled, An act to enable the South-Sea company to difpofe of the effects in their hands by way of lottery or subscription, or to fell part of their fund or annuity, payable at the exchequer, in order to pay the debts of the faid company; and for relief of fuch who were intended to have the benefit of a late act touching payment of ten pounds per centum therein mentioned; and in and by one other act of parliament ■ Geo. 2 c. 8, made and paffed in the first year of his prefent Majefty's reign, intituled, An act for granting an aid to his Majefty by fale of annuities to the bank of England at four pounds per centum redeemable by parliament, and charged upon the duties on coals and culm; and for further applying the produce of the finking fund; and for enlarging the time for exchanging Nevis and Saint Chriftopher's de bentures bentures for annuities of three pounds per centum; and for applying the arrears of his late Majefty's civil lift revenues; and by one other act of parliament made and paffed in the fecond year of the reign 2 Geo. 2. c. 3. of his faid present Majefty, intituled, An act for raising a fum of one million two hundred and fifty thousand pounds, by fale of annuities to the bank of England, after the rate of four pounds per centum per annum redeemable by parliament; and for applying the produce of the finking fund; always and only excepted; then, and in such case, and not till then, the faid yearly fund of one hundred thousand pounds fhall ceafe and determine. V. And to prevent any doubts that may arife concerning the privilege or power given by former acts of parliament to the said governor and company of exclufive banking, and alfo in regard to the erecting any other bank or banks by parliament or reftraining other perfons from banking, during the continuance of the faid privilege granted to the governor and company of the bank of England, as before recited; it is hereby further enacted and declared by the authority aforefaid, That it is the true intent and meaning of this act, that no other bank shall be erect- No other bank to be erected continuanceof ed, established or allowed by parliament, and that it shall not in partnership be lawful for any body politick or corporate whatfoever, erected of more than or to be erected, or for any other perfons whatsoever, united or fix persons, to be united in covenants or partnership, exceeding the number during the of fix perfons, in that part of Great Britain called England, to this act. borrow, owe, or take up, any fum or fums of money on their bills or notes payable at demand, or at any lefs time than fix months from the borrowing thereof, during the continuance of fuch faid privilege to the faid governor and company, who are hereby declared to be and remain a corporation, with the privilege of exclufive banking as before recited, fubject to redemption on the terms and conditions before mentioned; that is to fay, on one year's notice after the first day of August, one thoufand feven hundred and fixty four, and repayment of the three million two hundred thousand pounds, and all arrears of the one hundred thousand pounds per annum, and all the principal and interest money that thall be owing them on all fuch tallies, exchequer orders, exchequer bills, or parliamentary funds (such funds as are before-mentioned only and always excepted) which the said governor and company, or their fucceffors, fhall have remaining in their hands, or be intitled to at the time of fuch notice, to be given as aforefaid, and not otherwise; any thing in this act, or any former act or acts of parliament to the contrary in any wife notwithstanding. VI. And whereas by the faid recited act of parliament made and passed in the twelfth year of the reign of her late majesty Queen Anne, it is, amongst other things enacted, That it shall and may be lawful for the faid governor and company of the bank of England, and their fucceffors, for their necessary occafions, to call in, or direct to be paid to the faid governor and company, and their fucceffors, by the refpective members of the faid company for the time being, proportionably to their respective interefts in the fund or capital stack of the faid gover 2 |