according to that act, to pay and difcharge or to complete the payment at the end of any quarter of a year, of all the money which should be then due, as well for or upon the above-mentioned yearly fund of five hundred thousand pounds and the above-mentioned yearly fum of eight thousand pounds, then and so often and in every fuch cafe, the deficiency of any fuch quarter should and might be supplied out of the overplus monies of the faid duties and revenues arifing in any fubfequent quarter; and in default thereof by the space of half a year, then all and every fuch deficiency and deficiencies should be fupplied and made good from time to time by or out of the general yearly fund by another 3 Geo. 1. c. 7. act of that feffion of parliament established or intended to be established 9Ann. c.6,23. for redeeming the duties and revenues then charged or chargeable in 10 Ann, C. 19, and by several lottery-acts of the ninth and tenth years of her said late 26. Majefty's reign, and certain annual payments out of the hereditary excife in the faid act of that feffion mentioned, or out of money to be raifed at the exchequer for purchasing an annuity or annuities after a rate not exceeding five pounds per centum per annum, for every fuch deficiency; which annuity or annuities should, by virtue of the faid act, be charged on the faid general yearly fund, and be payable and transferrable at the bank of England, as other annuities payable out of the Jaid general yearly fund were intended by the faid other act of the faid Seffion to be payable and transferrable until the redemption thereof by 3 Geo. 1. c. 9. parliament, as by the faid act of the third year of his Majesty's reign for redeeming the then fund of the faid corporation may more fully appear: now it is hereby further provided, declared and enacted, That out of the first payment of the faid fum of feven hundred seventy eight thousand seven hundred and fifty pounds, or of or for the faid proportional part thereof, to be paid by way of advance into the exchequer as aforefaid, so much as at the twenty-fourth day of June one thousand feven hundred and nineteen fhall be deficient to make good the fums then incurred and grown due for or upon the faid yearly fund of five hundred thousand pounds, and for or upon the faid yearly sum of eight thousand pounds mentioned in the faid former act, and for and upon the additional or increased yearly fund and yearly fum by this act intended to be paid to the faid company, or fuch part of the fame deficiencies as fhall bear proportion to the value of the lottery-annuities and arrearages which fhall be actually fubfcribed as aforesaid, at the rates before-mentioned, pursuant to this act, fhall and may be deducted, defalked and recouped for or towards fatisfying and making good the said deficiencies of the faid yearly funds and yearly fums fo growing due at or before the faid twenty fourth day of Fune one thousand seven hundred and nineteen; and that out of each fubfequent payment of the said sum of seven hundred feventy eight thousand feven hundred and fifty pounds, or of or for the faid proportional part thereof, to be paid by way of advance into the exchequer as aforesaid, fo much as at and for the quarter-day next preceding the refpective times hereby limited, for making those fubfequent payments respectively, fhall be deficient to make good the fums then incurred and grown due for or upon the faid yearly funds and A and yearly fums by this and the faid former act payable to the XVI. And be it further enacted by the authority aforefaid, Company maThat in case the said corporation of the South-Sea company fhall king failure of make failure in payment of the said sum of seven hundred feven- payment may ty eight thousand seven hundred and fifty pounds, or of the said be fued. proportional part thereof, at the days and times hereby limited for the payment of the fame, having fuch deductions, defalcations and abatements as by this act are prefcribed, then the money whereof fuch failure in payment fhall be made, fhall and may be recovered in his Majefty's name for the purpose before-mentioned, by action of debt or upon the cafe, bill, fuit or information in any his Majefty's courts of record at Westminster, wherein no effoin, protection, privilege or wager of law fhall be allowed, or more than one imparlance; in which action, bill, fuit or information it shall be lawful to declare, That the governor and company of merchants of Great Britain trading to the South-Seas and other parts of America, and for encouraging the fishery, are indebted to the King's majesty the money 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 shall be further recovered for the purpose aforefaid, against the defendants, damage after the rate of ten pounds per centum per annum, for the monies fo unpaid contrary to this act; and the faid corporation and their stock and funds fhall be and are hereby made fubject and liable thereunto. XVII. And be it further enacted by the authority aforefaid, The annuiThat the said value computed at the said rate of eleven years and ties, &c. fuba half's purchase, for the faid term of twenty three years and fcribed, to be three quarters of a year, of and in the faid lottery-annuities, or united to the fo many of them as fhall be actually fubfcribed, pursuant to this capital ftock. act, on or before the faid twentieth day of June one thousand feven hundred and nineteen, and the faid arrearages for one year and a quarter, computed to amount to one hundred fixty eight thousand seven hundred forty eight pounds and five fhillings as aforefaid, or so much thereof as fhall be actually subscribed pursuant to this act, at any time or times on or before the faid twentieth day of June one thousand seven hundred and nineteen, and alfo the faid fum of feven hundred feventy-eight thousand feven hundred and fifty pounds, or fo much thereof as fhall be actually advanced within the refpective times before limited in that behalf by the faid corporation (including there 2 Treasury to compute the additional stock. Every member to have credit in the books for his share in the increased stock, from 25 Dec. 1718. to have 51. per cent. for the increased Atock. in the deductions by this act allowed to be made out of the fame for the respective caufes and purposes aforefaid) fhall be and be deemed an additional stock of the said corporation, and shall be united to the prefent capital ftock of ten millions now belonging to the said corporation: and the faid present and increased ftock fo united, fhall be and be called the capital ftock of the faid corporation, and the commiflioners of the treasury, or any three or more of them now being, or the high treasurer, or any three or more of the commiffioners of the treasury for the time being fhall, and they are hereby impowered and required to cause the sum total of the faid additional stock to be computed and adjusted, as foon as it can conveniently be known and adjusted, and to declare and determine the fame by an instrument in writing under his or their hands and feals, which fhall be entred in the proper book or books of the faid corporation; and that every member of the faid corporation (as well thofe to be incorporated into the fame, by virtue of this act, as all other members thereof) fhall, from and after the twenty-fifth day of December one thousand seven hundred and eighteen, have credit in the books of the faid corporation, for his, her or their proportion or share of and in the whole capital or joint stock of the faid corporation so increased, and of and in all the dividends, profits and advantages whatsoever to attend the fame, except as herein after is otherwife provided. XVIII. And be it further enacted by the authority aforeThe company faid, That the faid governor and company of merchants of Great Britain, and their fucceffors, fhall have, receive and enjoy, and be intitled by virtue of this act to have, receive and enjoy, for the faid additional stock, to be computed, adjusted and determined, as aforesaid, an annuity or yearly fund, after the rate of five pounds per centum per annum, which fhall be and is hereby declared and enacted to be united to and confolidated with their faid present annuity or fund of five hundred thousand pounds per annum, and the faid yearly funds fo united fhall be and be called the increased yearly fund of the faid governor and com The faid an per cent. to commence from Chrift mas 1718, and be paid quar terly. pany. XIX, And it is hereby enacted, That the said annuity, after nuity of 51. the rate of five pounds per centum per annum, for the faid additional stock, fhall commence and be reckoned to commence from the feast of the birth of our Lord Christ one thousand feven hundred and eighteen, and have relation from that time in point of payment, when the fame fhall be adjusted, as aforefaid, and that fo much thereof as fhall be payable to the faid governor and company for the faid fum of seven hundred feventy eight thousand feven hundred and fifty pounds, or the proportional part of the fame, which fhall be actually advanced by them (including therein the deductions by this act allowed to be made thereout, as aforefaid) fhall be payable, and be accounted to grow due to the faid governor and company, and their fucceffors, and be paid to them or their cafhier for their ufe, at and for the four most ufual feafts in the year, that is to faya : fay, The feafts of the annunciation of the bleffed virgin Mary, the nativity of St. John Baptift, St. Michael the archangel, and the birth of our Lord Chrift, by even and equal portions, or within twenty days after every of the faid feaft-days until the redemption thereof by parliament, according to the provifoes and powers of redemption herein after contained; the first of the faid quarterly payments to become due and payable at Lady- First payment day one thousand seven hundred and nineteen; and that so much at Lady-day of the said additional annuity or yearly fund, after the rate of 1719. five pounds per centum per annum, as shall be payable to the faid nagement. 1718. XX. And it is hereby enacted, That the faid additional fum The 2000 l. of two thousand pounds per annum, or fuch leffer proportional for managefum for charges of management, fhall commence and be reckon- ment to comed to commence from the faid feaft of the birth of our Lord mence from Christmas Christ one thousand seven hundred and eighteen, and shall have relation from that time in point of payment, when the same shall be adjusted, as aforefaid, and shall be payable and accounted due to the said governor and company, and their fucceffors, and be paid to them or their cashier for the time being, for their use, at the four most usual feafts in the year before-mentioned, by even and equal portions, or within twenty days after every of the faid feaft-days, until the redemption thereof by parliament, according to the provifoes and powers of redemption herein after mentioned. XXI. And t The addition XXI. And it is hereby enacted, That as well the faid addial annuity, &c. tional annuity or yearly fund, after the rate of five pounds per to be charged centum per annum, to be computed upon the said additional on coals and stock, to be adjusted and determined, as aforefaid, as also the on the duties houses. How the un fcribed lottery-annuities hall be paid. 3 Ann. C. 4. &c. 3 Geo. 1. c. 9. 8 Ann. c. 4. faid additional yearly fum of two thousand pounds, or fuch leffer XXII. Provided always, That fo much of the above-men- How the defi- XXIII. And it is hereby declared and enacted by the autho- jesty's |