of twelve hundred thousand pounds of lawful money of Great Britain, upon fuch terms, conditions, and advantages as are hereafter expreffed and fet down: now we your Majefty's most dutiful and loyal fubjects, the commons of Great Britain in parliament affembled, being defirous not only to supply your Majefty with fuch aids as may enable your Majesty to carry on the faid war with vigour, but also to raife the fame in fuch a manner as may create no new charge upon your fubjects, do moft humbly befeech your Majefty that it may be enacted; and be it enacted by the Queen's most excellent majefty, by and with the advice and confent of the lords spiritual and temporal, and commons, in this present parliament affembled, and by the authority of the fame, English comThat the faid English company trading to the East Indies, as well pany to adfor and on the behalf of the faid governor and company of vance merchants of London trading into the Eaft Indies, as for and on 1,200,000l. the behalf of all other the members of the said English company, fhall advance and actually pay into the receipt of her Majefty's Exchequer, for her Majefty's ufe, the faid fum of twelve hundred thousand pounds, by fuch proportions, and at

fuch times as are herein after appointed for the payment thereof Times of pay(that is to fay) two hundred thoufand pounds part thereof, on or ment. before the twelfth day of May, which shall be in the year of our Lord one thousand feven hundred and eight; two hundred thousand pounds more thereof, on or before the twelfth day of July, one thousand feven hundred and eight; two hundred thousand pounds more thereof, on or before the eleventh day of September, one thousand seven hundred and eight; two hundred thousand pounds more thereof, on or before the twelfth day of November, one thousand feven hundred and eight; two hundred thousand pounds more thereof, on or before the twelfth day of January, one thousand seven hundred and eight; and two hundred thousand pounds more thereof, and in full fatisfaction of the faid twelve hundred thousand pounds on or before the tenth day of March, which thall be in the year of our Lord one thoufand feven hundred and eight; and in cafe the faid English company or non-paytrading to the Eaft Indies, fhall make failure in any of the faid ment compapayments hereby appointed to be made, at or before the refpec. ny may be futive days or times before limited in that behalf, the monies ed, &c. whereof fuch failure in payment fhall be made, fhall and may be recovered to her Majefty's ufe, by action of debt, or upon the cafe, bill, fuit, or information, in any of her 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 English company trading to the Eaft Indies, are indebted to her 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, there fhall be further recovered to her Majefty's use, against the faid English company trading to the East Indies, damages after

Z 4

the

their common feal.

the rate of twelve pounds per centum, for the monies fo unpaid contrary to this act, befides, full cofts of fuit; and the faid Englib company trading to the Eaft Indies, and their fucceffors, and the faid united stock and fund shall be and are hereby made subject and liable thereunto.

Company II. And for the better enabling the faid English company may borrow trading to the East Indies, to raise and pay the faid fum of twelve 1,500,000l. on hundred thousand pounds to her Majesty's ufe as aforefaid, it is hereby declared and enacted by the authority aforefaid, That the common feal of the faid English company, now in the hands of the managers for the united trade of the English company trading to the East Indies, fhall and may be made ufe of to borrow any fum or fums of money from time to time, upon account of the faid united stock and fund, so as the fum total of all the principal monies which at any one time shall be owing upon the fecurity of the faid feal, do not exceed one million five hundred thoufand pounds, over and above the monies which might lawfully be borrowed thereupon before the making of this present act.

1,200,000l.

Or for repay ing the monies

borrowed.

The two com- III. And it is hereby enacted by the authority aforefaid, That panies may in cafe the general court of the faid governor and company of call in monies merchants of London trading into the Eaft Indies, and the general for advancing court of the faid English company trading to the Eaft Indies, at any time or times whilft they fhall feparately continue, fhall think fit, or if the general court of the faid Englife company, after the determination of the other general court aforefaid, shall think fit to call in monies from their respective adventurers of members, for or towards the raising the said sum of twelve hundred thousand pounds to be advanced to her Majesty's use, or any part thereof, or for repaying the monies borrowed for that purpose, or the intereft thereof, that then it fhail and may be lawful to and for the faid governor and company of merchants of London, trading into the East Indies, and the faid English company trading to the Eaft Indies respectively, at any time or times, during the feparate continuance of their general courts, as aforefaid, and afterwards to and for the faid English company trading to the East Indies, by whatsoever name or names the fame shall then be called or known, to call in, or direct to be paid unto them refpectively, from and by their respective adventurers and members for the time being, proportionably, any fum and fums of money which shall from time to time be fo thought fit, for or towards the making up the faid fum of twelve hundred thousand pounds to be advanced to her Majesty's use as aforesaid, or for repaying the monies borrowed for that purpose, or the interest thereof; and that all executors, adminiftrators, guardians, and &c. indemni- trustees, fhall be indemnified in paying the fame; and in case any adventurers or members of the faid refpective corporations, fhall neglect or refuse to pay his, her, or their fhares of the monies fo called in, at the time or times appointed for that purpofe, by notice to be fixed upon the Royal Exchange in London, or in cafe any adventurer or adventurers, member or members of the faid refpective corporations, fhall neglect or refuse to pay

Executors,

fied.

vidends.

his, her, or their share of the monies which the faid companies, or either of them, fhall (in pursuance of the faid first recited act, and their respective charters, or any or either of them) call in, for the carrying on of their trade, at the time or times appointed for that purpose, by the like notice, as aforefaid, then and in either of the faid cafes, it fhall and may be lawful for the faid Members regovernor and company of merchants of London trading into the fusing to pay, Eaft Indies, and the faid English company trading to the Eaft company may Indies refpectively, and their respective fucceffors, not only to top their di ftop the share or dividends which fhall from time to time become payable to fuch adventurer or adventurers, member or members, fo neglecting or refufing, of the fund, ftock, or profits of the said respective companies, and to apply the fame from time to time for or towards payment of the share of the money fo called in, and which ought to have been paid by fuch adven turer or adventurers, member or members fo neglecting or refufing to'pay the fame, until the fame fhall be fatisfied, but allo to ftop the transfers of the shares of every fuch defaulter, and to And the charge fuch defaulter and defaulters with an intereft after the transfers of rate of fix pounds per centum per annum, for the monies fo by fuch defaulthim and them neglected to be paid, from the time the fame ers, and were appointed to be paid until the payment thereof; and the with interest at charge them fhare and stock of fuch defaulter and defaulters fhall be liable to 61. per cent. make good and answer the faid monies fo appointed to be paid, fhares not paid and the intereft thereof; and that in cafe the principal and in- in 3 months, terest shall not be paid within the space of three months, then fell. the faid governor and company, and the faid English company, and their fucceffors refpectively as aforefaid, fhall have power to fell fo much of the stock of fuch defaulter or defaulters as will fatisfy and pay the fame.

company may

IV. And be it further enacted by the authority aforefaid, The faid That the faid fum of twelve hundred thousand pounds agreed 1,200,000l. to to be advanced and paid, as aforefaid, fhall be, and be called, be a further deemed, and taken to be a further addition to the capital ftock addition to the capital of the faid English company, and fhall be, and is hereby ex-stock, and tax empted from any taxes, rates, impofitions, or affeffments what- free. foever.

all debts contracted, &c.

V. And be it further enacted by the authority aforefaid, That The united the united stock and fund of the faid English company, and their stock liable to fucceffors, by whatsoever name or names they fhall be called or known, shall be and are by this present act made subject and liable to the payment and fatisfaction of all such debts as are or fhall be contracted by the fame company, for or upon account of the faid united stock or trade.

VI. And whereas by the faid former acts and charters it was pro- For encouragvided, That at any time, upon three years notice, after the nine and ing the Englith company twentieth day of September, one thousand seven hundred and eleven, to carry on upon repayment of the faid two millions, and all arrears of the faid their trade. annuities or yearly payments, the faid duties upon falt, and rock salt, and the faid duties upon fampt vellum, parchment, and paper, and the faid yearly fund charged thereupon, and the faid annuities issuing

out

Former pro.

vifo for re

demption repealed.

out of the fame, and the duty of five pounds in the hundred on imported goods therein expreffed, and all the corporations to be erected by or in pursuance of that act, and the benefit of trade thereby given or intended to be given to them or any of them, fhall abfolutely ceafe and determine: now, to the intent that the faid English company, and their fucceffors, may be encouraged to proceed in their trade, and may have time to fettle factories, and perform fuch other matters and things as are neceffary for carrying on the said trade to their beft advantage and profit, it is hereby declared and enacted by the authority aforefaid, That the laft-mentioned provifo for redemption and determination of the faid feveral duties, yearly fund, annuities, corporations, and benefit of trade, fhall be, and is hereby repealed and made void; and that the faid duties upon falt and rock falt, and the faid duties upon ftampt vellum, parchment, and paper, and the faid duty of five pounds in the hundred upon imported goods, thall continue, and the faid English company trading to the East Indies, and their fucceffors, by whatsoever name or names they fhall be called or known, fhall have and enjoy the faid yearly fum of one hundred fifty nine thoufand four hundred twenty four pounds per annum, and all the benefit of trade, franchises, privileges, profits, and advantages whatsoever, in respect thereof given or granted, or intended to be given or granted unto them by the said act of the ninth year of his faid late Majefty's reign, or by the said charter 9 & 10 W. 3. of the fifth day of September, in the tenth year of his faid late

See 3 Geo. 2.

C. 14. f.11. /

C. 44.

Majesty's reign, or by the faid indenture tripartite of the two and twentieth day of July, one thoufand feven hundred and two, and every or any of them, freed and difcharged of and from the faid former provifo, or condition of redemption, and all other provifoes, powers, acts, matters, or things heretofore had, made, done, or committed, for redeeming, determining, or making void the faid duties, yearly fund, benefit of trade, franchises, Subject never- privileges, profits, and advantages, or any of them; fubject theless, &c. nevertheless to the reftrictions, covenants, and agreements in the said act first recited, and the faid recited charters and indenture tripartite, or any of them contained, now in force, and allo fubject to the general provifoes or condition of redemption hereafter in this act contained.

VII. And whereas several persons who did fubfcribe, or do derive under perfons who did subscribe several fums, amounting in the whole to feven thousand two hundred pounds, part of the faid two millions, are in respect thereof, entitled to five hundred feventy fix pounds per annum, part of the said sum of one hundred and fixty thousand pounds per annum, and to a proportional part of the trade to the East Indies, and other the parts aforefaid, have not united their stock and fund to the flock and fund of the faid corporations impowered to trade by a joint flock, as aforesaid, but do by themselves, or others by them licenfed, carry on their trade for their own feparate ufe and accounts: it is hereby provided and enacted by the authority aforesaid, Separate stock That the feveral perfons entitled to the faid ftock, amounting to feven thousand two hundred pounds, their executors, admi

confirmed.

niftrators,

three years,

notice and

niftrators, and affigns, fhall and may peaceably and quietly have, hold, and enjoy their faid proportion of the faid yearly fund and trade, as fully and effectually as they might have done if this act had never been made; nevertheless it shall and may be law ful to and for the faid English company, and their fucceffors, at any time after the nine and twentieth day of September, one But after 29 thousand seven hundred and eleven, by writing to be figned by September, their fecretary, and to be affixed upon the Royal Exchange in 1711, upon London, to give notice of their intention to repay the said sum of seven thousand two hundred pounds to the perfons who fhall repayment, be interested therein, or entitled thereunto, at the end of three &c. years after fuch notice given; and in cafe the faid English company, at the end of the said three years, do fully pay and fatisfy to fuch perfons the faid fum of feven thoufand two hundred pounds at the Guild-hall of London, together with all arrears (if any) of the faid yearly fum of five hundred feventy fix pounds, which fhall be then due to the faid perfons refpectively, then, and upon fuch payment made, or lawful tender thereof, the faid ftock of feven thousand two hundred pounds, and the proportional trade and fund belonging thereunto, fhall be, and are by virtue of this act, vested and settled in the faid English company, The faid feand their fucceffors; fubject nevertheless to the general provifo parate ftock, in the English or condition of redemption hereafter in this act contained, and shall be vested company. to no other provifo or condition of redemption whatsoever; any thing in this act contained, or any other matter or thing to the contrary notwithstanding.

VIII. Provided always, and it is hereby further enacted by Duty of 51. the authority aforefaid, That the before-mentioned duty of five per cent. after pounds per centum, for or in respect only of fuch goods and mer- 29 Sep. 1714. chandizes as fhall be imported into Great Britain by the faid to cease. English company trading to the East Indies, from and after the nine and twentieth day of September, one thousand seven hundred and fourteen, fhall ceafe, determine, and be no longer collected or paid; any thing in this, or in the said first recited act, 9 to the contrary in any wife notwithstanding.

C. 44.

& 10 W. 3.

IX. Provided always, and it is hereby declared and enacted After 25 by the authority aforefaid, That at any time upon three years March, 1726. notice, and notice, after the five and twentieth day of March, which fhall be upon 3 years twenty repayment, in the year of our Lord one thousand seven hundred and fix, upon the expiration of the said three years, and upon repay- &c. corpora.ment by parliament, as well of the said sum of two millions for- tion to ceale. merly advanced, as of the faid fum of twelve hundred thoufand pounds to be advanced, as aforesaid, making in the whole three millions and two hundred thoufand pounds, unto fuch companies, corporations, or perfons as fhall be then entitled thereunto, and of all arrears which at the end of the said three years fhall be due for or upon the faid yearly fund of one hundred and fixty thousand pounds per annum, then, and from thenceforth, Repealed by 3Geo. 2. C.14. as well the faid duties upon falt and rock falt, as the faid duties to Ann. c. 28. f.11. upon ftampt vellum, parchment, and paper, and also the said yearly fund of one hundred and fixty thousand pounds, and all

the