Bank of England Act 1716
| Jurisdiction | UK Non-devolved |
| Citation | 1716 c. 8 |
| Year | 1716 |
(3 Geo. 1) C A P. VIII.
'MOST Gracious Sovereign; Whereas by an Act of Parliament made and passed in the seventh Year of the Reign of her late Majesty QueenAnne, of blessed Memory, intituled, England,and for raising a further Supply to her Majesty for the Service of the Year one thousand seven hundred and nine , the Governor and Company of the Bank of England were obliged, in the Manner therein mentioned, to deliver up to be cancelled certain Exchequer-bills which had been made forth by a former Act of Parliament in that Behalf, which Bills, with Interestthereupon, were computed to amount to seventeen hundred seventy-five thousand twenty-seven Pounds seventeen Shillings ten Pence Half-penny; and to the End the said Governor and Company of the Bank ofEngland, and their Successors, might have a competent Recompence and Consideration for so doing, and for all their Demands relating thereto, it was by the said Act of the seventh Year of her said late Majesty's Reign, enacted, That from and after the Feast of St. Michael the Archangelin the Year of our Lord one thousand seven hundred and ten, the said Governor and Company of the Bank ofEngland, and their Successors for ever, should have, receive and enjoy one Annuity or yearly Sum of one hundred and six thousand five hundred and one Pounds thirteen Shillings and five Pence out of such Duties on Houses as are therein mentioned: But it was thereby provided and enacted, That at any Timeupon one Year's Notice to the said Governor and Company of the Bank ofEngland, or their Successors, and upon full Payment to them of the said Sum of one million seven hundred seventy-five thousand twenty-seven Pounds seventeen Shillings and ten Pence Half-penny, and of all Arrears of the said Annuity of one hundred and six thousand five hundred and one Pounds thirteen Shillings and five Pence per Annum (if any shall be then due); Then, and not till then, the said Annuity of one hundred and six thousand five hundred and one Pounds thirteen Shillings and five Penceper Annum should cease and determine, and then also the said Duties on Houses should 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 whereas in pursuance of the said Act of the seventh Year of her said late Majesty's Reign, several other Bills, commonly called Exchequer-bills, were made forth, amounting to two millions five hundred thousand Poundsprincipal Money; and in pursuance of another Act of the same Year, and of certain Clauses contained in an Actof the eighth Year of her Reign, there were issued several such Bills, amounting to four hundred thousand Poundsmore in principal Money; and pursuant to an Act made in the twelfth Year of her said late Majesty's Reign, there were issued such Bills, amounting to twelve hundred thousand Pounds more in principal Money: And it was provided by the said Acts respectively, That all the Bills thereby made forth should bear an Interest after the Rate of two Penceper Centum per Diem (saving such Interest as therein is mentioned;) and that the said Governor and Company of the Bank of England should have an Allowance after the Rate of three Pounds per Centum per Annum for circulating the said Bills,abating the said Allowance proportionally as the Bills should be cancelled: And by an Act made in the ninth Year of her said late Majesty's Reign, for better enabling the said Governor and Company of the BankofEngland to exchange for ready Money upon Demand any of the Bills made forth upon the said several Acts of the seventh and eighth Years of her Majesty's Reign, it was enacted, That the full Sum of forty-five thousand Pounds per Annum should be paid to and for the Use of the said Governor and Company of the Bank of England, by the Ways and Means therein specified, for and during such Timeonly, as in that Act was limited: And by the said Act made in the twelfth Year of her Majesty's Reign, for better enabling the said Governor and Company of the Bank ofEngland to circulate all Exchequer-bills made forth and to be made forth on that and the said former Acts, by exchanging the same, from Time to Time, for ready Money upon Demand, it was enacted, That the intire yearly Sum of eight thousand Pounds (over and above the said yearly Sum of forty-five thousand Pounds) should be paid to and for the Use of the said Governor and Company of the Bank of England by quarterly Payments, until such Time as no more than nineteen hundred thousand Pounds of all the Bills issued and to be issued in pursuance of that and the said former Acts (taken all together) should be standing out uncancelled in the whole: And for making good as well the said Interest of two Pence per Centum per Diem, and the said Allowance after the Rate of three Pounds per Centum per Annum, as also the said yearly Sum of eight thousand Pounds, until the Subsidies, Duties, Surplus Monies and Arrears composing the general Fund and Security by the said former Acts, or some of them, intended to be established, or so many of them as should be sufficient for those Purposes should have taken Effect, it was by the said several Acts of the seventh, eighth and twelfth Years of her late Majesty's Reign, or some of them, enacted, That the Lord Treasurer, or three or more of the Commissioners of the Treasury for the Time being, should make out or cause to be made out other Exchequer-bills for so much as should be computed to be due at the respective Quarter-days therein mentioned (over and above what should have been applied out of the Subsidies, Duties and other Sums of Money aforesaid) for such Interest and for such Allowance of three Pounds per Centum per Annum, and for the said yearly Sum of eight thousand Pounds respectively; and that such quarterly Bills should bear the like Interest of two Pence per Centum per Diem; and that the said Governor and Company of the Bank of England should have the like Allowance of three Pounds per Centumper Annum for Circulation thereof. And whereas in an Act of Parliament made and passed in the first Year of your Majesty's Reign, reciting, That the Exchequer-bills standing out and remaining unsatisfied and undischarged upon the eleventh Day of July one thousand seven hundred and fifteen did amount to the Sum of four millions five hundred sixty-one thousand twenty and five Pounds, or thereabouts; it was thereby enacted and declared, That several Subsidies, Duties, Revenues, additional Revenues, Incomes, surplus Monies, Arrears, overplus Monies and other Monies therein particularly descried or mentioned, were and should be one general and aggregate Fund and Security for satisfying and paying all Monies which then were and from Time to Time should be incurred and grown due or payable for Interest, at the Rate of two Pence per Centum per Diem, and for the said Allowance of three Pounds per Centum per Annum for all the Exchequer-bills above-mentioned or such of them as should from Time to Time be uncancelled or undischarged; and all the Monies which were or should be grown due from Time to Time upon the said Sums of forty-five thousand Pounds per Annum and eight thousand Pounds per Annum, for so long Time as those yearly Sums were to continue or be payable; and for supplying to your Majesty, during your Life, the yearly Sum of one hundred and twenty thousand Pounds, for the Service of your Majesty's Houshold and Family, and other your necessary Expences and Occasions; and also for supplying the further yearly Sum of fifty-four thousand six hundred Pounds for ever, to raise Money for publick Services, and for making good such Deficiencies as are therein expressed; and likewise for and towards furnishing the yearly Sum of two hundred and seventy thousand nine hundred ninety-nine Pounds and seven Shillings, for paying off and cancelling the said Bills; all which was to be done in such Order, Manner and Form, and with such Preferences, as in the same Act are prescribed: And it was thereby provided and enacted, That from and after the complete paying off and discharging all the Principal and Interest which should be due upon all the said Exchequer-bills issued as aforesaid, and cancelling the same, and full Payment made of all Arrearages (if any should be then due) as well for or upon the said Allowance, after the Rate of three Pounds per Centum per Annum, and for or upon the said yearly Sums of forty-five thousand Pounds, eight thousand Pounds, one hundred and twenty thousand Pounds and fifty-four thousand six hundred Pounds, and every of them, as also of such Deficiency or Deficiencies as should then appear to be unsatisfied (if any such be) for or upon the original Fund of one hundred thousand Poundsper Annum payable to the said Governor and Company of the Bank of England, and for and upon their abovesaid Annuity of one hundred and six thousand five hundred and one Pounds thirteen Shillings and five Pence per Annum; then, and not till then, the said general or aggregate Fund, and the said Subsidies, Duties and Revenues contained therein, and every of them, should be understood to be redeemed by Parliament, and should not be issued, paid or applied to any Use, Intent or Purpose...
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