Orders shall be signed by the Treasury for payment of the said annuity, &c. as per 1 2 Geo. 2. Geo. 2. stat. 2. cap. 8. s. 6.

c. 3. s. 6.

The said annuity shall be a personal estate, and shall not be liable to foreign attach- Sect. 7.

ment.

If the overplus monies of the said additional duties shall be deficient, &c. the defi- Sect. 8. ciency shall be supplied, as in the preceding act of 1 Geo. 2. stat. 2. cap. 8. s. 9, 10, 11.

Upon repayment by Parliament to the Bank of England, of the said sum of 1,250,000l. Sect. 11. and of all arrears of the said annuity of 50,000l. the said annuity shall cease, and the monies arising by the surplusses of the said additional duty shall not be issued, or applied to any other use, but as shall be directed by future acts of Parliament.

in

If payment be made to the bank of any sums, not being less than 500,000l. at a time, Sect, 12. part of the said principal sum, and if payment be then also made of all arrears of the said annuity, then so much thereof as shall bear proportion to the monies so paid in part of the said principal sum, shall cease.

The bank shall continue a Corporation till redemption of the said annuity of 50,000l. Sect. 13. The bank may assign the said annuity of 50,000l. or any part thereof, but subject to Sect. 14. such redemption by Parliament.

Out of the sinking fund there shall be paid to the bank, 500,000l. for redeeming a Sect. 16. proportionable part of the annuity of 80,000l. granted to them by stat. 11. Geo. 1. cap. 9.

c. 27. s. 16.

At the feast of St. Michael, 1738, there shall be issued to the Governor and Company 11 Geo. 2. of the Bank of England, the sum of 1,000,000l. out of any of the aids granted in this session of Parliament, for redeeming the annuity of 40,000l. part of the annuity of 60,000l. in further part of the principal sum of 2,000,000l. being the amount of Exchequer bills, delivered up by the bank according to the directions of the act 3 Geo. 1. cap. 8. and in respect whereof, an annuity of 80,0001, was payable to the bank by act 11 Geo. 1. cap. 9. and of which an annuity of 20,000l. was redeemed by payment of 500,000l. pursuant to the act 2 Geo. 2. cap. 3.

Reciting the several acts of 7 and 12 Ann. made concerning the bank, which con- 15 Geo. 2. tinued the Governor and Company an incorporation till 1742, subject, however, to pages 57, powers of redemption, as therein mentioned.

And the time of the said two former acts being expired, the Company, by this act, are engaged to supply the government with the further sum of 1,600,000l. before December 25, 1742, at different payments, as demanded by the Treasury, each payment not to be more than 400,000l. and at a month's notice.

528, 5:9, 530, 531.

The said sums to bear an interest of three per cent. till August 1, 1743, and on any P. 532. default, the said Company may be sued in any of his Majesty's courts at Westminster, and shall forfeit twelve per cent. damages, and full costs, for which their stock and funds shall be liable.

The several provisoes contained in the recited acts of 7 and 12 Ann. and all provisoes P. 539. in any other acts for determining the said fund of 100,000l. per ann. are hereby repealed; and the said Company, and their successors, shall continue to enjoy the said entire yearly fund, to be paid out of the duties of excise, with perpetual succession, and privilege of exclusive banking, and all other abilities, &c. granted to them, by any acts of Parliament, grants, or charters; subject nevertheless to such restrictions, and other agreements, as are prescribed by any acts and charters now in force; as also to the power of redemption, as in this act is hereafter contained.

At any time, twelve months after August, 1764, on repayment of all monies lent by P. 534. the bank, with interest, &c. the said yearly fund of 100,000l. shall determine.

No other bank shall be allowed by Parliament; nor shall any body politic or corpo- P. 585. rate, or other persons whatever, united in partnership, above the number of six,

P. $36.

throughout England, borrow or take up any sums of money on their note, payable for less time than six months, during the continuance of such privilege to the Governor and Company, who are hereby declared to be a corporation, with privilege of exclusive banking, subject to redemption on a year's notice, after August 1, 1764, and repayment of the several sums lent, with interest, viz. 3,200,000l. and all arrears of the 100,000l. per ann. and all principal and interest owing them on all tallies, Exchequer orders, Exchequer bills, or parliamentary funds, except such funds as are otherwise provided for, which the Governor and Company, or their successors, shall have remaining in their hands, or be entitled to, at the time of such notice given, as aforesaid.

15 Gen. 2. The Governor and Company may enlarge their capital with any further sum, not exceeding 1,600,000l. additional stock, and may take in subscriptions from such persons, and at such times, as they shall think proper; and all such subscribers, whether natives or foreigners, having paid the money subscribed for, shall be united to, and incorporated with, the said Governor and Company, and adjudged to be one body politic and corporate, by the name of The Governor and Company of the Bank of England; subject to the same regulations, and intitled to the same privileges and advantages with the present members of the said Corporation.

P. 537.

P. 539.

The capital stock, increased as aforesaid, shall be assignable and transferrable in the same manner as the original capital stock was, before the making this act; and, toge ther with the produce, shall be free from all manner of taxes, charges, or impositions whatever; and the transfers of the additional stock shall not be chargeable with any other stamps or duties than were used in transferring the former stock.

No person concerned in the stock of this Company, whether as governor, deputygovernor, director, manager, or member, shall be disabled from serving as a member of Parliament, or be liable to any penalty, or disability, prescribed by any acts of Parliament, for not qualifying themselves to execute any trust with respect to affairs of this Corporation, as persons, who execute any office or place of profit or trust, are liable to, by any law now in force, or liable to be a bankrupt within the meaning of any statutes of bankruptcy.

It is the true intent and meaning of this act, that the Governor and Company, and their successors, shall enjoy the said annuity of 100,000l. in respect of their original capital stock of 1,600,000l. till August 1, 1743, besides the interest of the 1,600,000l. to be advanced as aforesaid, which interest the said Governor and Company are to receive back by way of discount.

Any vote or resolution of the House of Commons, signified by the Speaker in writing, and delivered at the public office of the said Governor and Company, and their successors, shall be deemed a sufficient notice within the meaning of this act.

Any persons who shall forge, counterfeit, or alter, any bank note, bill of exchange, dividend warrant, or any bond or obligation under the common seal, or any endorsement thereon; or shall offer to dispose of the same, or demand any money, pretended to be due thereon, of the said Company, or any of their officers or servants, knowing such note, &c. to be forged, &c. with an intent to defraud the said Company, or their successors, or any other persons whatever; the offenders being duly convicted, shall be deemed guilty of felony, and suffer death as felons, without benefit of clergy.

If any officer, or servant of the Company, being intrusted with any note, &c. belong ing to the Company, shall embezzle any such note, &c. the offender, being duly convicted, shall be deemed guilty of felony, and shall suffer death, without benefit of clergy. By the charter it is ordained, that there shall be for ever, of the members of the Company, a Governor, Deputy-governor, and twenty-four Directors; which said Governor, Deputy-governor, and Directors, or any thirteen, or more, the Governor or Deputy-governor to be always one, shall be a Court of Directors, for managing the affairs of the

Corporation; but as this limitation, by the unavoidable absence, or otherwise, of the Governor and Deputy-governor, may be of great hindrance to the business of the Corporation, it is therefore enacted, that whenever a Court of Directors is met, if the Governor and Deputy shall be absent for the space of two hours, after the usual time of proceeding to business, the Directors then met, being not less than thirteen, may chuse a chairman by majority, and proceed to business; and all acts done by them shall be as valid, as if the Governor or Deputy had been present.

This act shall be deemed a public act, and judicially taken notice of as such by all judges, &c. without specially pleading the same.

The preamble recites an act passed in 16 Geo. II. intitled, an act for repealing the 19 Geo. 2. several rates and duties upon victuallers, &c. and for transferring the Exchequer bills p. 155. unsatisfied thereupon, to the duties for licenses to sell spirituous liquors, and strong P. 156. waters by retail, &c. whereby it was enacted that from the twenty-fourth of June, 1743, the several duties imposed by an act of 12 Geo. I. upon all victuallers, and retailers of beer, within the cities of London and Westminster, and the weekly bills of mortality, should thenceforth cease; and that, after the said twenty-fourth of June, 1743, the prin cipal sum of 481,400l. in Exchequer bills (part of the sum of 500,000l. advanced to his Majesty's Exchequer by the Bank of England, upon credit of the said duties, at three per cent. per annum interest) made forth in pursuance of the said act of 12 Geo. I. which then remained unsatisfied, with the interest thereon, and the charges of circulating the same, should be transferred from the duties then charged therewith, and be charged (together with the sum of 518,600l. to be raised by the before recited act of 16 Geo. II. towards the supply for 1743) upon the duties payable to his Majesty by another act of the said 16 Geo. II. intitled an act for repealing certain duties upon spirituous liquors, &c. and in pursuance of the first recited act of Geo. II. the said sum of 481,400l. in P. 15... Exchequer bills, as also the said further sum of 518,600l. were charged upon the said duties, arising by licenses, at an interest of three per cent. per ann. And whereas the bank is willing that the said sum of 986,8001. in Exchequer bills, remaining unsatisfied, on the aforesaid duties, may be cancelled and discharged, and in lieu thereof to accept of an annuity of 39,4721. being the interest on the said sum at four per cent. to be charged on the same securities; and also are willing to advance unto his Majesty's Exehequer, towards the supply granted for the service of the year 1746, the sum of 1,000,000l. upon the credit of the duties arising by the malt and land tax for 1746, at four per cent. per ann. for Exchequer bills to be issued for that purpose; provided they may have a power to create and dispose of the said sum of 986,8001. of bank stock (to be joined and incorporated with their present capital) in such manner, and at such times, as they shall think proper; with such further powers, privileges, and advantages, as have usually been granted by former acts on that occasion: the Parliament, thinking it will be of advantage to the public to accept the said proposal of the bank, have en- P. 158; acted, that the Bank of England, by the 25th March, 1746, shall deliver up unto persons nominated by the Treasury, all the said Exchequer bills charged upon duties aforesaid, amounting to 98,800l. to be discharged and cancelled as the Treasury shall think fit, without issuing again the same, or any of them..

the

All the interest due on the said Exchequer bills to be delivered up to be cancelled,. with the charges of circulating the same, shall be paid off.

In lieu of the said sum of 986,800l. in Exchequer bills to be delivered up to be can- P. 159% celled, the bank, from the 25th of March, 1746, shall receive from the Exchequer an annuity of 39,4721. being four per cent. interest on the said sum of 986,800l. until redemption thereof by Parliament.

The said annuity shall be paid from time to time, with preference to all other payments whatsoever, out of the monies that shall arise into the Exchequer, from the du

19 Geo. 2 P. 160.

P. 161.

P. 162.

P. 163.

ties for licenses to sell spirituous liquors and strong waters by retail, in pursuance of the act of 16 Geo. II.

The said annuity shall be paid at four quarterly payments, viz. on the feasts of St. John Baptist, St. Michael, Christmas-day, and Lady-day; the first payment to be made on St. John's Day, 1746; subject nevertheless to redemption, as provided for by this act; and the said annuity of 39,4721. shall be free from all taxes and charges.

For the better and more regular payment of the said annuity, orders shall be signed by the Treasury for the payment thereof, which shall be valid in law; and shall not be determinable by the death or removal of any of the commissioners of the Treasury, or determination of their power and offices, nor shall the Treasury revoke or countermand any orders so signed.

And for the more speedy payment of the said annuity, it is enacted, that weekly, or otherwise, as the monies arising by the said duties shall be paid into the Exchequer, the same shall be issued upon the orders for discharging the quarterly annuity, so as such weekly payments do not exceed the sum which shall be due at the end of every quarter. The said annuity shall be adjudged to be a personal, and not a real estate, and shall not be liable to any foreign attachment.

If at any time after the 25th of March, 1746, the produce of the duties arising by licenses aforesaid, at the end of any quarter, shall be insufficient to pay the quarter's annuity, in every such case, the deficiency shall be supplied out of the overplus monies of the said duties, which shall be in any subsequent quarter; and if at the end of any one year, computing the same to end at Lady-day, yearly, the produce shall not be sufficient to pay off the whole year's annuity then due, the deficiency shall be made good out of the first supplies; and if no supplies be granted within six months after, then to be paid out of the sinking fund, such monies therein excepted, as by former acts are appropriated to other uses.

Whatever money shall be issued out of the Sinking Fund, shall be replaced out of the first supplies granted by Parliament.

Upon repayment by Parliament to the bank of the said principal sum of 986,8001. in full without deduction, &c. and of all arrears of the said yearly sum of 39,4721. then, and not till then, the said annuity shall cease, and be accounted redeemed; and after such redemption, the monies, arising from the said duties for licenses, shall be applied as any future act shall direct.

If, at any time after the 25th of March, 1746, payment be made to the bank of any sums not less than one moiety of the said 986,800l. at any one time, and also of all the arrears of the annuity, then so much of the annuity, as shall bear proportion to the monies paid in part of the whole principal sum, shall cease, and be understood to be redeemed.

The company of the bank may admit, and take in by sale, call, or subscription, or by such other methods as they shall judge proper, from such persons, upon such terms, and at such times, as they shall approve, for enlarging their present capital to a sum not exceeding the further sum of 986,800l. additional stock, over and above what they are empowered to create, by any former act in that behalf, and from time to time, in a general court, and from such time as they shall direct, to order the same, or any part thereof, to be added to the present capital of the bank; from which time such monies shall be deemed as part of the said capital stock, and shall be proportionably enlarged thereby; and all persons on whose account any monies shall be paid in, as directed to, wards the said sum, they, their executors, administrators, and assigns, shall be deemed members of, and incorporated with, the company; and shall with the other members of the corporation, be taken to be one body politic and corporate, by the name of the Governor and Company of the Bank of England, subject to the same rules, and enjoying

the same privileges, with the present members of the Corporation; and all executors, administrators, guardians, and trustees, shall be indemnified in making payments upon such calls, &c. as aforesaid.

The capital of the bank so increased shall be transferrable, in the same manner as the 19 Geo.. original stock was before this act, and, together with the produce thereof, shall be free p. 164, from all taxes, &c. whatsoever; and the transfers and assignments of stock in the Company's books shall be liable to no higher stamp, or other duties, than are now payable for the same.

The Company of the Bank, and their successors, shall continue a Corporation, and enjoy all the privileges, &c. belonging thereto, until the complete redemption of the said annuity of 39,4721. in as full manner as the same are specified in an act of 15 Geo. 2. intituled, An Act for establishing an agreement with the Governor and Company of the Bank of England, for advancing the Sum of one Million six hundred thousand Pounds, &c. or in any other act relating to the said corporation.

The bank shall advance to the Exchequer, towards the supply for the service of the P. 165. year 1746, 1,000,000l. upon the credit of the duties arising from the land-tax and malt act, for the said year, to be paid at such times, and in such proportions, as the Treasury shall direct; so that they be obliged to pay no more than 250,000l. at any time, nor without fourteen days' notice before each payment.

Upon payment of the said million, or any part thereof, by the bank, the Treasury shall make out Exchequer bills for the same, payable out of the duties granted by the said two acts, together with an interest of four per cent. per ann. until repayment of the principal aforesaid; and the said bills shall be subject to the rules prescribed in the last recited acts which relate to Exchequer bills thereby authorized to be made forth.

In case the bank shall make failure in any of the said payments, appointed by this P. 168. act to be made into the Exchequer, at or before the times limited in that behalf, the - same shall be recovered to his Majesty's use by action of debt, or on the case, &c. in any of the courts of Westminster, &c. in which suit, &c. the Governor and Company of the Bank of England may be declared indebted to his Majesty the monies of which they shall have made default in payment, &c. which shall be sufficient; and upon such action, &c. there shall be further recovered damages after the rate of ten per cent. for the monies so unpaid, besides full costs of suit.

The bank is to continue a corporation until the several annuities established by Parliament are redeemed. 4 Geo. 2. c. 9. s. 33.-15 Geo. 2. c. 19. s. 13.-16 Geo. 2. c. 13. s. 32.-17 Geo. 2. c. 18. s. 28.-18 Geo. 2. c. 9. s. 33.-19 Geo. 2. c. 6. s. 15, and c. 12. $. 59.-20 Geo. 2. c. 3. s. 55, and c. 10. s. 45.-21 Geo. 2. c. 2. s. 36.-22 Geo. 2. c. 23. s. 14.-23 Geo. 2. c. 16. s. 11.-28 Geo. 2. c. 15. s. 31.—29 Geo. 2. c. 7. s. 39. 30 Geo. 2. c. 19. s. 51.-31 Geo. 2. c. 22.-32 Geo. 2. c. 10.-33 Geo. 2. c. 7.-1 Geo. 3. c. 7.-2 Geo. 8. c. 10.-3 Geð. 3. c. 12. And by several subsequent acts for new loans, to the present time. It being one of the clauses of It being one of the clauses of every bill for raising money by annuities payable at the bank. For preventing the forgery of bank notes, bank bills of exchange, and bank post bills, the statutes 41 Geo. 3. c. 39, and 45 Geo. 3. c. 89. were passed, by which statutes it is, amongst other things, enacted, "That any person not authorized by the bank, who shall make, &c. or have any frame, &c. for making paper with the bank water marks, or make, &c. or publish such paper, or who shall assist in so doing, shall be transported for 14 years; with some exceptions therein mentioned and persons knowingly receiving, &c. any forged bank note, &c. or blank bank note, &c. are guilty of felony, and shall be transported for 14 years." 41 Geo. 3. c. 39.

8. 5.-45 Geo. 3. c. 89. s. 45-6.

Unauthorized persons engraving, &c. any bank note, blank bank note, &c; or using any engraved plate, &c.; or knowingly having such plate in their custody, or uttering

VOL. I.

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