Bank of England Act 1708
| Jurisdiction | UK Non-devolved |
| Citation | 1708 c. 7 |
| Year | 1708 |
(7 Ann.) C A P. VII. (30)
'MA Y it please your most Excellent Majesty; Whereas by or in pursuance of an Act of Parliament mad in the fifth Year of the Reign of their late Majesties King William and Queen Mary , of glorious Memory, intituled,An Act for granting to their Majesties several Rates and Duties upon Tonnage of Ships and Vessels, and upon Beer, Ale, and other Liquors, for securing certain Recompences and Advantages in the said Act mentioned, to such Persons as shall voluntarily advance the Sum of fifteen hundred thousand Pounds, towards carrying on the War against France, the Corporation or Body Politick of the Governorand Company of the Bank ofEngland was erected and established with such Capacities, Powers, Privileges, Benefits, and Advantages, and subject to such Restrictions, and in such Manner and Form as are therein mentioned; and in pursuance of the same Act the Sum of one million two hundred thousand Pounds was advanced and lent to their said late Majesties, for which there is now payable to the said Governor and Company, and their Successors, the yearly Sum of one hundred thousand Pounds out of certain Rates and Duties of Excise, which were thereby granted to their said late Majesties, their Heirs and Successors; in which Act it was provided, That at any Time upon twelve Months Notice, after the first Day of August in the Year of our Lord one thousand seven hundred and five, upon Repayment by Parliament of the said Sum of one million two hundred thousand Pounds, and of all the Arrears of the said yearly Sum of one hundred thousand Pounds, then the said one hundred thousand Pounds per Annum , and the said Corporation, should absolutely cease and determine: And whereas by another Act made in the eighth Year of the Reign of his said late Majesty King William the Third, intituled, England,and for raising the Publick Credit , the said Corporation was enlarged and established with divers other Powers, Privilege, Benefits, and Advantages, and subject to such other Restrictions and Rules as are therein particularly expressed; in which Act last-mentioned it was provided and enacted, That at any Time upon twelve Months Notice, after the first Day of August which should be in the Year of our Lord one thousand seven hundred and ten, and not before, and upon Repayment by Parliament of the said Sum of one million two hundred thousand Pounds, and of all Arrears of the said one hundred thousand Pounds per Annum , and also upon Payment of all the Principal and Interest Monies which should be owing to the said Governor and Company of the Bank of England , upon all such Tallies, Exchequer Orders, or Parliamentary Funds, which the said Governor and Company should have remaining in their Hands or be entitled to at the Time of such Notice to be given, as aforesaid, then, and in such Case, and not till then, the said one hundred thousand Pounds per Annum , and also the said Corporation, should cease and determine: And whereas by an Act made in the fifth Year of your Majesty's Reign (intituled, ) several Duties upon Houses therein mentioned or referred unto, are continued from the last Day ofJuly one thousand seven hundred and ten, and from thenceforth made payable to your Majesty, your Heirs and Successors for ever, for the Purposes in that Act expressed, subject to the Proviso or Condition of Redemption therein contained; and the Duties so continued, together with such Remainder and Arrears of House Money, as are therein mentioned, are thereby charged with the yearly Fund, after the Rate of four Pounds ten Shillings per Centum per Annum , to be paid to the said Governor and Company of the Bank of England , for circulating all such Exchequer Bills as should be issued by or in pursuance of that Act; and by the same Act a Power was given for making forth Exchequer Bills for any Sum not exceeding fifteen hundred thousand Pounds for your Majesty's Supply; and it was thereby enacted, that like Bills should be made out quarterly for so much as should be computed to be due and owing upon and for the said Allowance of four Pounds ten Shilling per Centum per Annum , until the Feast of St. Michael the Archangel one thousand seven hundred and ten inclusively, in the Manner therein mentioned; and it was thereby enacted, that the said Governor and Company, after the said Exchequer Bills, or any of them, should be issued upon that Act as aforesaid, should, from time to Time, exchange all such Exchequer Bills as they should be required to exchange by any Person or Persons whatsoever for ready Money; and that the said Governor and Company, and their Successors, should continue and remain a Corporation until all the said Exchequer Bills should be redeemed and cancelled in the Manner in that Act mentioned; and in the same Act there is contained a Proviso, That at any Time, upon one Year's Notice and Payment of the Principal Money to be due on the said Exchequer Bills, and of so much as should be due for the said Allowance, after the Rate of four Pounds ten Shillings per Centum per Annum , for circulating the said Exchequer Bills, then, and not till then, the said Exchequer Bills should be cancelled and discharged, and the said Allowance after the Rate of four Pounds ten Shillings per Centum per Annum , should cease and determine; and so much of the said Duties on Houses as should have been applied for the Payment of the said four Pounds ten Shillings per Centum per Annum , in case the same had continued, should from thenceforth be understood to be redeemed by Parliament, and should not be issued, paid, or applied to any Use or Purpose whatsoever but by Authority of Parliament; and it is also thereby enacted, that the said Governor and Company might call in from their respective Members proportionably, any Sums of Money as they should think necessary for the said Circulation; and that until all the Exchequer Bills by that Act directed to be issued, should be paid off, discharged and cancelled, no more or other Bills of the like Nature should be made out and issued at the Receipt of her Majesty's Exchequer, either with or without the Authority of Parliament, unless with the Consent of the said Governor and Company; and that nothing in that Act contained should hinder the Redemption of the said original Fund of one hundred thousand Pounds per Annum , or of any other Funds granted or to be granted by Parliament, upon which the said Governor and Company had or should have lent any Monies, and which were redeemable by Parliament, but that the same might be redeemed from the said Governor and Company, according to former Acts for that Purpose, without redeeming the said four Pounds ten Shillings per Centum per Annum ; nevertheless, without determining or dissolving the Corporation of the said Governor and Company, until the said four Pounds ten Shillings per Centum per Annum , should be redeemed from them; as by the said several Acts, Relation being thereunto respectively had, more at large may appear: And whereas the said Governor and Company, for the better enabling themselves to supply the publick Exigencies, did lately consent to admit new Subscriptions for doubling their then present Stock of two millions two hundred and one thousand one hundred seventy-one Pounds ten Shillings, at the Rate of one hundred and fifteen Pounds to be paid for every one hundred Pounds subscribed; and upon a Commission granted by your Majesty, under the great Seal ofGreat Britain , bearing Date the sixteenth Day of February in the seventh Year of your Reign, to Sir Thomas Abney , and others directed, grounded upon an Address of the Commons of Great Britain in Parliament assembled, several Persons have subscribed several Sums, amounting to two millions two hundred and one thousand one hundred seventy-one Pounds ten Shillings, for doubling the said Stock as aforesaid, and have paid down to the said Governor and Company, at or before their respective Subscriptions, one fifth Part of the Sums by them respectively subscribed, and are to pay the remaining four fifth Parts thereof, together with fifteen Pounds per Centum more (being in all one hundred and fifteen Pounds for every one hundred Pounds subscribed) in Manner hereafter mentioned; all which Subscriptions are contained in Books of Vellum or Parchment for that Purpose, attested by three or more of the said Commissioners, and now remaining in the Custody of the Governor and Company of the Bank of England , whereof there are two Duplicates made in Vellum or Parchment, attested by seven or more of the said Commissioners; and one of the said Duplicates is delivered into the Office of the Auditor of the Receipt, and the other of them into the Office of the Clerk of the Pells in your Majesty's Exchequer, there to remain for ever:' Now for the better pursuing the Ends and Intent of the said Subscribersin making such Subscriptions and Payment as aforesaid, it is hereby enacted, at the humble Suit of the said Governor and Company of the Bank ofEngland , and be it enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by Authority of the same, That the several Sumssubscribed or written in the said Books, amounting to the said Sum of two millions two hundred and one thousand one hundred seventy-one Pounds ten Shillings, shall be added and united, and be judged and deemed to be added and united to the Stock of the said Governor and Company, which before such Addition consisted of the like Sum of two millions two hundred and one thousand one hundred seventy-one Poundsten Shillings is aforesaid, so that the Capital Stock of the said Governor and Company so increased, shall be and...
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