CAP. LXIV.
An Act for granting to His Majesty a Sum of Money to be raised by Exchequer Bills; and to be advanced and applied in the Manner, and upon the Terms therein mentioned, for the Relief of the United Company of Merchants of England trading to the East Indies.
Preamble.
CommifTioncrs of the Trealury, beiore OfL ip. J 77 b »rc to caufc Exchequer B.llf, for 1,400,000 1. to bo applied for Ktlief of the Lift India Com¬ ply* according tn the Ru'es in the Milt-fax Aft, 13 Geo. III.
4 XT7HEREAS the United Company of Merchants of England trading to the Eafi Indies do 4 W at prefent labour, and have, for fome Time paft, laboured under great and unufual Difficul- 4 ties in the carrying on of their Affairs, from which it greatly imports the Publick, as well as the 4 faid United Company, that they fhould, as fpeedily as poflible, be relieved : And whereas the faid c Company, finding themfelves under the Neceffiiy of applying to Parliament for Relief did, by their 4 Petition to the Houfe of Commons, make Application for the Loan of One Million five hundred 4 thoufand Pounds, or fo much as (hould be wanted to be advanced, and repaid in fuch Manner, and 4 to be attended with fuch other Conditions and Provifions as in their faid Petition is fet forth, in 4 confequence whereof the Houfe of Commons came to feveral Refolutions, fpecifying the Terms 4 upon which it might be expedient for the Publick to advance to the faid United Company the Sum 4 of One million four hundred thoufand Pounds, and the feveral Limitations which ought to accom- 4 pany fuch Loan : And whereas the faid United Company did, by afubfequent Petition, declarethcir 4 Determination to depend on the Laws of their Country, and fubmit to the temporary Difficulties 4 which may ‘attend the prefent Situation of their Affairs, rather than*receive the Loan offered to them 4 upon the Conditions preferibed : And whereas, in cafe the faid Company (hould not be forth- 4 with affilfed by the Publick with the Advance of a confiderable Sum of Moqey, they would re- 4 main altogether unable to provide for the Payment of their Debts, fome of which Debts being 4 due to the Publick, and others to the Governor and Company of the Bank of England, the Payment 4 thereof could not long be poftponed without great Prejudice to the Publick Service, and Dif- 4 advantage to publick Credit, and yet could not be expedited or fecurecT otherwife than by the Ufe 4 of fuch Methods as muft be attended with Confequences the moft fatal to the faid United Com¬ 4 pany; and, forafmuch as upon Confutation of the feveral Matters before mentioned, it appears 4 abfolutely neceffary that immediate Provifion (hould be made by Parliament for giving Affiftance to 4 the faid Company, in fuch Manner, and upon fuch Terms, as may be beft calculated for eftefting 4 the Prefervation of the faid United Company, and the Re-eftablifhment of their Affairs, without 4 leaving it in the Power of the General Court of Proprietors, by withholding their Confent to the 4 Acceptance of fuch Affiftance, to expofe, at once, each Separate Proprietor.of Eaji India Stock, 4 the Company it Self, the Creditors of the Company, and the Publick, to all the Mifchiefs which 4 muft attend the Want of fuch Affiftance, as afore faid : And whereas it hath been refolved that 4 a Sum, not exceeding One million four hundred thoufand Pounds, be granted to His Majefty, to 4 be applied for the Purpofe of relieving the Eaji India Company, and for Securing to the Creditors of 4 the faid Company a more fpeedy Satisfaction of their Demands Now, to the End that no Want or Failure may happen or be made by Rcafon or Means of fuch Grant, and the Application of the fame, in the Aids granted, or to be granted, in this Sefiion of Parliament, for defraying the feveral publick Services, and for anfwering which the faid Aids were, or may be intended to be applied ; and, for the better , fupplying the faid Sum of One million four hundred thoufand Pounds, and applying the fame in the moft effeftual Manner for the Purpofes above mentioned ; we Your Majefty’s moil dutiful and loyal Subjects, the Commons of Great Britain, in Parliament afiembled, do moft humbly bcfcech Your Majefty that it may be enabled ; andl be it enacted by the King’s moft Ex¬ cellent Majefty, by and with the Advice and Confent of the Lords Spiritual and Temporal, and Commons, in this prefent Parliament afiembled, and by the Authority of the fame, That it (hall and may be lawful to and for the Commiffioners of His Majefty’s Treafury, now and for the Time be¬ ing, or any Three or more of them, or for the High Treafurer for the Time being, and he and they refpedtively are hereby authorifed and impowered, at any Time or Times before the Firft Day of Oftobery One thoufand Seven hundred and fev< nty-three, by his or their Warrant or Warrants, to direct, or caufe to be prepared and made, at the Receipt of His Majefty’s Exchequer, any Num¬ ber of Exchequer Bills for fuch Sum or Sums of Money as he or they fhall think moft proper and convenient, fo as all the Principal Monies to be contained in the Bills fo to be made forth by virtue of this Ad do not exceed in the Whole the laid Sum of One Million four hundred thou¬ fand Pounds, (exclufive of any Exchequer Kills that are or may be made forth by virtue of any other Ad or Ads palled in this Scllion of Parliament for the publick Service) ; and the faid Ex- chtqucr Bills, fo to be made forth in purfuancc of this Aft, (hall bear an Intereft not exceeding the Rate of Four Pounds per Centum per Arnnun, and proportionablv for any greater or lefs Sum to be contained therein, to be payable to the Bearers thereof refpeftively ; which faid Exchequer Bills (hail be made out in the like Manner, P'orm, and Order, and according to the fame or like Rules and Directions, as in and by an Ad of this prefent Seftion of Parliament, intitled, An Aft for ccnm tinuing and granting to His Alajefiy certain Duties upon IIalt% Alum, Cyder, and Perry, for the Service of the Year One thou) iJ‘even hundred ani feventy-threr, are enaded and preferibed concerning the Ex¬ chequer Bills authonied to be made forth in purluance of the faid A6L
II. And