56 Stat. 2. Anno feptimo Georgii Regis. From 24. June 3722. the Sam 0^4,156,3061. 45. 11 d. and the four and an Half Year's Pur- cbafe, and one Year's Purchafe, and ali Anions, Sec, difcharged. After 24 Jims 3722. two mil- lions of the South- Sea Com- pany's Capital Stock to be re- - ducei and anni- hilated, and a proportional Part of their Annui- ties, to ceafe. This Claufe re- pealed 9 Geo. 1, c. 6. feci. i. Tor putting an End to all De- putes between the Company and the Proprie- tors of fubfcribed jedeemable Funds, and the Proprietors of the four Money Subfcriptions ; A.D. 1721. yearly Funds payable in refpeft thereof, fhould continue fubjeft and liable to all the faid Payments, and to fuch Stoppages as are directed by the fad Aft laft mentioned, the Credit of the faid Company would be utterly impaired, and the Sufferings of the Members would be extremely increafed : And whereas in regard to the Inability of the faid Company, under the bad Circumftances to which the fame is re- duced, and to the Intent that the faid Company may be obliged and better enabled to give fame further Relief fas this Aft directs) to the feveral Proprietors and Perfons concerned in Intereit in or with the farti Company, in order to the afcertaining and fettling their refpeftive Properties and Interefts, and the re-eftabli/hing of the Publick Credit, and thereby quieting theMinds of his Majefty's Subjects, it is thought meet, that the faid Sum of four millions one hundred fifty-fix thoufand three hundred and fix Pounds four Shillings and eleven Pence, and the faid feveral and refpeftive Sums, which were intended to be computed after the faid refpefti ve Rates of four Years and an Half's Purchafe, and one Yeai's Pur- chafe, be remitted and difcharged, fo as from and after the Feaft of the Nativity of Saint John Baptiji, which (hall be in the Year of our Lord one thoufand feven hundred and twenty-two, the Sum of two millions Sterling, Part of the Capital Stock which fhall then belong to the faid Company, be reduced and annihilated, and fo as a proportionable Part of their Annuities or yearly Funds, in refpeft of the faid two millions, do from that Time ceafe and determine for the Benefit of the Publick;' Be it there- fore enafted by the King's moft Excellent Majefty, by and with the Advice and Confent of the Lord's Spiritual and Temporal, and Commons, in this prefent Parliament afTembled, and by the Authority of the fame, That the faid Sum of four millions one hundred fifty-fix thoufand three hundred and fix Pounds four Shillings and eleven Pence, and the faid feveral and refpeftive Sums, which were intended to be com- puted and paid after the faid feveral and refpeftive Rates of four Year's and a Half's Purchafe, and one Year's Purchafe, and all Actions, Suits, Executions, Demands, Stoppages, Detentions, and other Reme- dies for recovering or obtaining the fame, or any Part thereof, are and ihall, by Force and Virtue of this prefent Aft, be and be deemed and adjudged to be remifed, releafed, and for ever difcharged. II. Provided always neverthelefs, and it is hereby enafted, That from after the faid Feaft of the Nati- vity of Saint John Baptiji, which fhall be in the Year of our Lord one thoufand feven hundred and twen- ty-two, the full Sum of two millions of Pounds Sterling, Part of the Capital Stock which lhall then be- long to the faid Company, fhall by Force and Virtue of this Aft, be and be deemed and adjudged to be reduced, funk and annihilated for ever ; and that a proportional Part of their Annuities or yearly Funds, payable at the Exchequer in refpeft of two Millions, fhall, by Force and Virtue of this Aft, from and after the faid Feaft of the Nativity of John Baptiji which fhall be in the Year of our Lord one thoufand feven hundred and twenty-two, be no longer payable, but fhall from thenceforth for ever ceafe and de- termine for the Benefit of the Publick ; any Thing in the faid recited Afts, or either of them, or any other Law, Statute or Provifion whatfoever, to the contrary in any wife notwithftanding. ' III. And whereas feveral Perfons or Corporations, who were intitled to feveral redeemable Debts and Annuities, payable at the Receipt of the Exchequer, or by the Cafhier of the Bank of England, or other- wile, and who were enabled to fubfcribe the fame into the Capital Stock of the faid South-Sea Company, did fubfcribe, or caufe or procure to be fubfcribed, many of the faid redeemable Debts and Annuities ; and the Proprietors of fuch of the faid redeemable Debts and Annuities as were payable at the Receipt of the Exchequer, or at particular Pay-Offices at or near the Exchequer, did deliver in their refpeftive Orders, Tallies, Tickets or other Securities, for Payment of fuch Debts or Annuities to Perfons for that Purpofe appointed ; and the Accounts of the Proprietors of fuch of the faid redeemable Debts and An- nuities as were payable by the faid Cafhier of the Bank of England, were debited in the Books of the Bank ; and an additional Capital Stock was, upon Books or Duplicates figned and attefted by three or more of the Direftors or Managers in that Behalf appointed, created or fettled by the Commiifioners of his Majefty's Treafury for the Time beings to be allowed to the faid Company for or in refpeft of the faid redeemable Debts and Annuities ; which faid redeemable Debts and Annuities were fubfcribed, or pretended to be fubfcribed at feveral high Rates or Prices in Stock, exceeding the Rate or Price of four hundred per Centum ; and a General Court of the faid Company, on or about the thirtieth Day of Sep- iember one thoufand feven hundred and twenty, towards relieving thofe Proprietors, did agree that the fame redeemable Debts and^Annuities fhould be taken in at Par, being one hundred Pounds for each one hundred Pounds principal Money of thofe redeemable Debts and Annuities ; and that the Proprietors of the fame fhould be entitled to the Intereft due thereon, until the twenty-ninth Day of September one thoufand feven hundred and twenty, and be paid for the principal Sums in the Stock of the faid Company, at the Rate of four Hundred per Centum, with an Addition of ten per Centum in Stock for a Dividend at Midjummer one thoufand feven hundred and twenty : And whereas the faid Company, or their late Court of Direftors, did exhibit, or caufe to be exhibited, Books for taking Subfcriptions of Money for purchafing Stock of the faid Company, commonly called the four Money Subfcriptions ; whereupon feveral Perfons or Corporations did advance, or caufe to be advanced, Monies amounting to a large Sum ; and the General Court of the faid Company, on or about the ninth Day of March one thoufand feven hundred and twenty, did refolve that no more Money than what had then been actually paid on the faid four Money Subfcriptions, fhould be demanded or infilled on, and that Stock fhould be given for the Money aftually paid by the refpeftive Proprietors in the faid firft Money Subfcriptions, at three hundred per Centum, with the Dividend of Midjummer one jjioufand feven hundred and twenty, of ten per Centum in Stock ; and that Stock fhould be given for the Money aftually paid by the refpec- tive Proprietors in the faid iecond Money Subfcription, at four hundred per Centum with the like Divi- dend ; and a General Court of the faid Company, on or- about the eighteenth Day of the faid Month of March one thoufand feven hundred and twenty, did refolve that Stock fhould bs given for the Mo- ' nies
