National Debt Act 1718
| Jurisdiction | UK Non-devolved |
| Citation | 1718 c. 3 |
| Year | 1718 |
(5 Geo. 1) C A P. III. Anno Regni GEORGII Regis Magn Britanni, Franci &Hiberni, quarto.
An Act for applying certain Overplus Monies, and further Sums to be raised, as well by way of a Lottery, as by Loans, towards paying off and cancelling Exchequer-bills, and for lessening the present great Charge in relation to those Bills; and for circulating and exchanging for ready Money the Residue of the same Bills for the future.
I Recital of the Act of 3 Geo. 1. c. 8. Farther Provisions concerning the Funds granted by this Act.
'I. MAY it please your most Excellent Majesty; Whereas by an Act of Parliament of the third Year of your Majesty's Reign, intituled,An Act for redeeming several Funds of the Governor and Company of the Bank of England, per Centum, per Centum; , the said Governor and Company of the Bank ofEngland , and their Successors, for circulating certain Bills, commonly called Exchequer-bills, therein mentioned, amounting to two Millions five hundred sixty-one thousand and twenty-five Pounds, or thereabouts, in principal Money, and for exchanging the same for ready Money on Demand, are entitled to an Annuity or yearly Sum of seventy-six thousand eight hundred and thirty Pounds fifteen Shillings (being an Allowance after the Rate of three Pounds per Centum per Annum , computed upon the said Sum of two Millions five hundred sixty-one thousand and twenty-live Pounds) subject nevertheless to a Proviso of Redemption in that Act contained, upon such Notice as is thereby prescribed; which Annuity or yearly Allowance is by the same Act charged upon and made payable out of the Monies arisen or to arise at the Receipt of the Exchequer of or for certain particular Duties on Houses, and of or for several other Duties and Revenues called the Aggregate Fund in that Act, and in former Acts relating to the said Fund more particularly mentioned and described, in the Order and Course, and with such Preference as is thereby directed; and by the Act first above-mentioned it is enacted and declared, That as well the said particular Duties on Houses, and the Duties, Revenues and Incomes composing the said Aggregate Fund, and all other Duties which were settled for Payment of a former yearly Sum of one hundred and six thousand five hundred and one Pounds thirteen Shillings and five Pence, and the Interest and Allowances relating to former Exchequer-bills therein mentioned, should be continued, but be disposable to and for the several and respective Uses and Purposes appointed by that Act and subject to the several Provisoes of Redemption therein contained; and that all the Monies of the said Duties, Revenues and Incomes, which should or ought to be brought into the Receipt of the Exchequer (except the necessary Charges for raising, collecting, levying, issuing, paying and accounting for the same) should be and are thereby appropriated, and should be issued and applied to and for the Payment and Satisfaction of several yearly and other Sums in the said Act particularly expressed, in their due Course and with such Preferences as are thereby appointed; amongst which Payments an express Provision is made for Payment of the said Annuity or Allowance of seventy-six thousand eight hundred and thirty Pounds fifteen Shillings per Annum , and for answering all Demands of Interest due and to be due upon the said Exchequer-bills as is therein mentioned, And by the same Act it was declared and enacted, That the Excess or Surplus which, at the End of every or any Quarter of a Year (reckoning the Quarters to end at the usual Feast-days) should or might be produced by the said several Rates, Duties, Revenues and Incomes thereby appropriated, and should remain in the Exchequer (over and above the Money then due or demandable for or upon the several Annuities, Allowances and other Payments therein before-mentioned, or any Arrears of the same) should attend the Disposition of Parliament, and be applied according to Act or Acts of Parliament in that Behalf, and not otherwise. And it was thereby declared and enacted, That any Vote or Resolution of the House of Commons, signified by the Speaker of the said House in Writing, and delivered at the publick Office of the said Governor and Company, should be deemed and adjudged to be a sufficient Notice within the Words and Meaning of the said Act for redeeming the said Annuity or Allowance of seventy-six thousand eight hundred and thirty Pounds fifteen Shillingsper Annum , as by the same Act, Relation being thereunto had (amongst many other Matters and Things therein contained) may more fully appear. And whereas by another Act of Parliament of the said third Year of your Majesty's Reign, intituled, South-SeaCompany, being 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; and to raise for an Annuity or Annuities at five Pounds per Centum per Annum any Sum not exceeding two Millions, to be employed in lessening the National Debts and Incumbrances; and for making the said new yearly Fund and Annuities to be hereafter redeemable in the Time and Manner thereby prescribed , several other Subsidies, Impositions, Duties, Revenues and proportional Parts of Duties and Revenues therein mentioned, or thereby referred unto, were continued for the several and respective Uses and Purposes in that Act. And it was thereby enacted, That all the Monies thereof which should or ought to be brought into the Exchequer for those Purposes (except the necessary Charges of raising, collecting, levying, issuing and accounting for the same; and except such Part thereof, as by any former Act or Acts of Parliament was applicable to the Repayment of Loans then remaining unsatisfied, and to pay the Interest of the same) should be and are thereby appropriated, and should be issued and applied to and for the Payment of the yearly and other Sums in the same Act particularly expressed, in their due Method and Order, and subject to such Redemption as are thereby prescribed. And by the same Act it was provided and enacted, That if at any Time at the End of any Quarter of a Year (reckoning the Quarters to end at the usual Feasts) there should be an Excess or Surplus of the Monies brought into the Exchequer of the said Subsidies, Impositions, Duties, Revenues and proportional Parts, and such Excess or Surplus should remain there, over and above the Money then or before that Time grown due, by or in pursuance of that Act, as is therein mentioned, then such Excess or Surplus should from Time to Time attend the Disposition of Parliament, and...
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