provement of manufactures or trade, may do good, as an incentive to ingenious persons; and which sum of 200l. I appoint, at the term of payment foresaid, to be lodged in the hands, and to be under the directions of the Magistrates and Town Council of Glasgow, to be by them secured in their own hands, as representing the Community of the City or elsewhere, for such annual proceeds in rent or interest as can be got for it, to be applied annually as a premium, either in money, or in the option of the obtainer of the premium, in a medal, to be paid or given to the person, whether mechanic or manufacturer, or merchant, who, in the course of each respective year preceding the determimation of the prize, and which shall be within six months after each year's interest of the fund becomes due, shall have invented, or improved, or confirmed in practice, any machine, or method of working a valuable manufacture in Glasgow, or within ten miles of it, or who shall open a new vent for such as shall have been already established; if such an invention or improvement be deemed prize-worthy by the Provost and Dean of Gild of Glasgow for the time, with fix assessors mosb capable of judging in the matter, viz. Three Merchants to be named by the Merchants House, and three Craftsmen to be named
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