National Debt Act 1718
| Jurisdiction | UK Non-devolved |
| Citation | 1718 c. 19 |
| Year | 1718 |
(5 Geo. 1) C A P. XIX. Anno Regni GEORGII Regis Magn Britanni, Franci &Hiberni, quarto.
An Act for redeeming the Fund appropriated for Payment of the Lottery-tickets which were made forth for the Service of the Year one thousand seven hundred and ten, by a voluntary Subscription of the Proprietors into the Capital Stock of theSouth Sea Company; and for raising a Sum of Money to pay off such Debts and Incumbrances as are therein mentioned; and for appropriating the Supplies granted in this Session of Parliament; and to limit Times for Prosecutions upon Bonds for exporting Cards and Dice.
I Ann. c. 4.
'I. M O S T gracious Sovereign; Whereas by an Act of Parliament made and passed in the eighth Year of the Reign of her late Majesty QueenAnne , of blessed Memory, intituled, An Act for continuing Part of the Duties upon Coals, Culm and Cinders, and granting new Duties upon Houses having twenty Windows or more, to raise the Sum of fifteen hundred thousand Pounds, by way of a Lottery, for the Serviceof the Year one thousand seven hundred and ten , It was enacted, That for and during the Term of thirty-two Years, which commenced from the twenty-ninth Day of September in the Year of our Lord one thousand seven hundred and ten, there should be raised, levied, collected, and paid to her said late Majesty, her Heirs and Successors, for and upon all Goals, Culm and Cinders therein expressed (except Charcoal made of Wood) the several and respective additional or new Impositions, Rates, Duties and Sums of Money, in that Act particularly mentioned; and for and upon every Dwelling-house inhabited, that then was, or thereafter should be erected or built within the Kingdom of Great Britain , having twenty Windows or more, the several new Duties in that Act expressed: And it was thereby enacted, That yearly and every Year, during the said Term, the full Sum of one hundred thirty-five thousand Pounds, by or out of the Monies to arise by the said several and respective Duties, and to be brought into the Receipt of the Exchequer, in case the same should extend thereunto, should be the whole and intire yearly Fund; and in case all the Monies arising into the Exchequer of or for the said Duties, should not amount to one hundred and thirty-five thousand Pounds per Annum , then the Monies so arising, so far as the same would extend, should be Part of the yearly Fund for and towards answering or paying the Annuities therein after mentioned; and in case the said Duties should at any Time or Times appear to be so deficient or low in the Produce of the same, as that within any one Year the said Monies arising into the Exchequer for or upon account of the same Duties, should not amount to so much as one hundred thirty-five thousand Pounds, or to so much as should be sufficient to discharge and satisfy all the Annuities by that Act appointed or intended to be paid, within or for the same Year respectively, That then and so often, and in every such Case, so much as should be wanting to make up the said Fund for every or any such Year, should be supplied and made good, from Time to Time, out of the first Aid to be granted in Parliament next after such Deficiency should appear, and should, from Time to Time, be transferred thereunto as soon as the same should be granted: And it was thereby enacted, That it should and might be lawful for any Person or Persons, Natives or Foreigners, Bodies Politick or Corporate, to contribute for or towards advancing the Sum of fifteen hundred thousand Pounds therein mentioned, by paying at or before the first Day ofSeptember one thousand seven hundred and ten, to the Receiver or Receivers to be appointed for that Purpose, the Sum of ten Pounds, or divers entire Sums of ten Pounds upon that Act, for which he, she, or they, for thirty-two Years, should be entitled to receive a Share or Dividend of the said yearly Fund; and that Lottery-tickets should be prepared and drawn, and the Shares of the Adventurers in the said Fund should be determined and ascertained in the Manner thereby prescribed, as by the said Act, Relation being thereunto had, may more largely appear: And whereas the Sumof fifteen hundred thousand Pounds was contributed upon the said Act, and the Annuities payable out of the said Fund by virtue thereof, do amount as is herein after mentioned (that is to say) to the Sum of thirty-two thousand six hundred twenty-five Poundsper Annum , payable half-yearly, to wit, at Lady-day and Michaelmas , by equal Portions, or within twenty Days after every such Feast-day, in respect of the fortunate Tickets; and to the Sum of one hundred and two thousand three hundred seventy-three Pounds and twelve Shillings per Annum , payable at Michaelmas yearly, or within twenty Days after the same Feast-day, in respect of the Tickets which did not prove to be fortunate upon Drawing of the said Lottery pursuant to the said Act: And whereas other Tickets, commonly called Pay-tickets, directed by the said Act, have been made forth for Payment of the said respective Annuities at the respective Times before-mentioned, and all the said Annuities payable out of the said Fund are satisfied until and for the Feast of St. Michael the Archangel in the Year of our Lord one thousand seven hundred and seventeen, and no further; and the Sum of one hundred sixty-eight thousand seven hundred forty-eight Pounds and five Shillings, is due and in Arrear thereupon, by computing the same Annuities for one Year and a Quarter of a Year from the said Feast of Saint Michael the Archangel one thousand seven hundred and seventeen, until and for the Feast of the Birth of our Lord Christ one thousand seven hundred and eighteen: And whereas the Capital or Joint-stock of the Governor and Company of Merchants of Great Britain , trading to the South-Seas and other Parts of America , and for encouraging the Fishery, doth now amount to the Sum of ten Millions, and in respect thereof a yearly Fund of five hundred thousand Pounds is payable to the said Governor and Company, after the Rate of five Pounds per Centum per Annum , besides a yearly Sum of eight thousand Pounds, for or towards the Charges of the said Governor and Company for Management, subject nevertheless to such Provisoes and Powers of Redemption, as are contained in one Act of Parliament of the third Year of your Majesty's Reign, made (amongst other Things) for redeeming the yearly Fund of theSouth-Sea Company, being then after the Rate of six Pounds per Centum per Annum , and settling on the said Company a yearly Fund after the Rate of five Pounds per Centum per Annum , redeemable by Parliament, as by the several Acts of Parliament, whereupon the said Capital or Joint-stock, and the said yearly Fund of five hundred thousand Pounds, and the said yearly Sum of eight thousand Pounds, and the said Powers of Redemption, are grounded, Relation being thereunto severally had, may more fully appear: And whereas the Corporation of the said Governor and Company of Merchants of Great Britain , is willing (upon such Terms, Conditions and Encouragements, as are hereafter in and by this Act provided and enacted) to permit all and every or any such Persons as are, or at any Time before the twentieth Day of June one thousand seven hundred and nineteen shall be the Proprietors of the said Lottery-annuities, or any of them, for the Residue of the said Term of thirty-two Years (that is to say) for twenty-three Years and three Quarters of a Year, to be reckoned from the Feast of the Birth of our Lord Christ one thousand seven hundred and eighteen (in case such Proprietors, or any of them, do so think fit) to subscribe his, her or their Right, Property and Interest, for and during all such remaining Time or Term of and in every or any such Annuity or Annuities, and of and in all his, her or their said Pay-tickets for the same, during such residual Time or Term, into a Book or Books to be provided, as hereafter in this Act is directed, at the Rate of eleven Years Purchase and a half; so that he, she or they so subscribing, for every twenty Shillings per Annum so subscribed for the said Time or Term of twenty-three Years and three Quarters of a Year, shall have and the entitled to eleven Pounds and ten Shillings in the Capital or Joint-stock of the said Company, when the said Capital or Joint-stock shall be increased, according to the Purport and true Meaning of this Act, and proportionally for any greater or lesser Annuities which shall be so subscribed; and the said Corporation is also willing (upon the said Terms, Conditions and Encouragements herein after mentioned) to permit all and every, or any such Persons as are, or at any Time before the said twentieth Day of June one thousand seven hundred and nineteen shall be Proprietors of the said Sum of one hundred sixty-eight thousand seven hundred forty-eight Pounds and five Shillings, computed to be in Arrear, as aforesaid, or any Part thereof, to subscribe the same into the said Book or Books, so that every such Subscriber, for the Sum so subscribed in Part of the said Sum of one hundred sixty-eight thousand seven hundred forty-eight Pounds and five Shillings, shall have and be intitled to the like Sum in the said increased Capital Stock of the said Company, according to the Purport and true Meaning of this Act: And in order to raise Money to be applied towards discharging the Principal and Interest of such National Debts and Incumbrances as were incurred before the twenty-fifth Day ofDecember one thousand seven hundred and sixteen, declared to be National Debts, and provided for by Acts of Parliament, the said Corporation is also willing to advance and pay the Sum of seven hundred seventy-eight thousand seven hundred and fifty Pounds, or so much thereof as is herein after limited and appointed, at such Times, and by such Proportions at a Time, as are herein after mentioned, subject nevertheless to such Deductions...
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