National Debt Act 1719

Cited as:1719 c. 4
Jurisdiction:UK Non-devolved
National Debt Act, 1719

(6 Geo. 1) C A P. IV.
Anno Regni GEORGII Regis Magn Britanni, Franci: &Hiberni, sexto.

An Act for enabling theSouth-Sea Company to increase their present capital Stock and Fund, by redeeming such publick Debts and Incumbrances as are therein mentioned; and for raising Money to be applied for lessening several of the publick Debts and Incumbrances; and for calling in the present Exchequer-bills remaining uncancelled; and for making forth new Bills in lieu thereof, to be circulated and exchanged upon Demand at or near the Exchequer.

S-I The several publick Debts and Incumbrances to be redeemed. For farther Provisions concerning the Matters in this Act, see 6 Geo. 1. c. 10.

I The several publick Debts and Incumbrances to be redeemed. For farther Provisions concerning the Matters in this Act, see 6 Geo. 1. c. 10.

I. MOST Gracious Sovereign; Whereas as well within or during the respective Reigns of several of your Majesty's Royal Predecessors, as also since your Majesty's happy Accession to the Throne of this Realm, divers Acts of Parliament now in Force have been made and passed, whereby several publick Duties, Revenues and Incomes, have been granted or continued in Perpetuity, or for some Estate, Term or Interest now in Being; and all or most of the said publick Duties, Revenues and Incomes, are and stand clogged and incumbred by Authority of Parliament with sundry Annuities, yearly Funds, Debts or Payments charged thereupon respectively, and payable out of the same, either in Perpetuity, or for Term or Terms of Life, Lives or Years, in form Cases absolutely, and in other Casessubject to a Power of Redemption by Parliament, as hereafter in and by this Act is more particularly expressed: That is to say, By one Act of the fourth Year of the Reign of their late Majesties KingWilliam and Queen Mary , intituled, An Act for granting to their Majesties certain Rates and Duties of Excise 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 ten hundred thousand Pounds towards carrying on the War againstFrance, certain Rates and Duties of Excise upon Beer, Ale, and other Liquors, were granted to the Crown for the Term of ninety-nine Years, which commenced from the twenty-fifth Day ofJanuary one thousand six hundred ninety-two; and by virtue of the same Act, and divers subsequent Acts relating thereunto, the said Rates and Duties of Excise, so granted by the said Act of the fourth Year of their late Majesties Reign, do now stand charged (amongst other Things) with several Annuities amounting to one hundred twenty-four thousand four hundred and nine Pounds one Shilling and nine Pence per Annum ; Part of which Annuities were purchased upon a Term of ninety-six Years which commenced from the twenty-fifth Day of January one thousand six hundred ninety-five; and another Part thereof upon a Term of eighty-nine Years, which commenced from the twenty-fifth Day of January one thousand seven hundred and two; and during the respective Remainders of the said respective Terms are payable to the respective Proprietors thereof, according to the Nature of their several and respective Estates and Interests therein, whereof some are in Possession, and others to take Effect in Reversion, or by way of suture Interest: And the said Rates and Duties of Excise originally granted for the said Term of ninety-nine Years, have been continued and made perpetual by several Acts of Parliament since made and passed, for several Uses and Purposes therein expressed. And by one Act of the fifth Year of the Reign of their said late Majesties King William and Queen Mary , 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 againstFrance, several Rates and Duties upon Tonnage of Ships and Vessels, were laid for four Years, which commenced from the first Day ofJune one thousand six hundred and ninety-four; and several additional Rates and Duties of Excise upon Beer, Ale, and other Liquors, commencing from the seventeenth Day of May one thousand seven hundred and ninety-seven, were granted to their said Majesties their Heirs and Successors, and by virtue of the Act last mentioned, and of divers subsequent Acts relating thereunto, towards raising the Sum of three hundred thousand Pounds therein mentioned, the said Rates and Duties upon Tonnage of Ships and Vessels, and the said additional Rates and Duties of Excise granted by the said Act of the fifth Year of their said late Majesties Reign, or two seventh Partsof the said additional Excise, do now stand charged (amongst other Things) with several Annuities amounting to fifteen thousand two hundred thirty-six Pounds and twelve Shillingsper Annum ; Part of which Annuities last mentioned were purchased upon the Term of ninety-six Years, which commenced from the twenty-fifth Day of January one thousand six hundred and ninety-five; and another Part thereof upon the Term of eighty-nine Years, which commenced from the twenty-fifth Day of January one thousand seven hundred and two; and during the respective Remainders of those Terms are payable to the respective Proprietors thereof, according to the Nature of their several and respective Estates and Interests therein, whereof some are in Possession, and others to take Effect in Reversion, or by way of future Interest. And by one Act of the twelfth Year of the Reign or his said late Majesty KingWilliam , intituled An Act for appropriating three thousand seven hundred Pounds weekly, out of certain Branches of Excise for publick Uses, and for making a Provision for the Service of his Majesty's Houshold and Family, and other his necessary Occasions, it was enacted, That some and after the twenty-fifth Day ofDecember one thousand seven hundred, for and during the Term of five Years then next ensuing, the full, clear and intire weekly Sum of three thousand seven hundred Pounds, out of the hereditary Duties of Excise, and other Duties of Excise therein mentioned, and every or any of them, should be brought and paid into the Receipt of Exchequer for the Purposes in that Act expressed. And by an Act made in the first Year of the Reign of her late Majesty Queen Anne , intituled, An Act for the better Support of her Majesty's Houshold, and the Honour and Dignity of the Crown,the Duties of Excise thereby granted during her Majesty's Life, together with the said hereditary Duties of Excise, were subjected to the said weekly Payment of three thousand seven hundred Pounds, during the said Term of five Years; and after the Expiration thereof, so much Money, as together with certain Payments, after the Rate of three Poundsper Centum per Annum , should make up a Sum of three thousand seven hundred Pounds for every Week during her Majesty's Life, was thereby appointed to be taken out of the said Hereditary and other Duties of Excise therein mentioned or any of them; and the said Payments of three Pounds per Centum per Annum being deducted out of the Hereditary Part thereof, the Residue of the said three thousand seven hundred Pounds per Week was thereby directed to be applied and disposed for the publick Use and Service. And by an Act of the second Year of the Reign of her said late Majesty Queen Anne , intituled, An Act for granting an Aid to her Majesty for carrying on the War, and other her Majesty's Occasions, by selling Annuities at several Rates, and for such respective Terms and Estates as are therein mentioned, it was enacted, That from and after the five and twentieth Day ofDecember one thousand seven hundred and five, the said full, clear and entire weekly Sum of three thousand and seven hundred Pounds, out of the said Hereditary Duties of Excise and other Duties of Excise therein mentioned, or any of them, should from Time to Time for ever be brought and paid into the Receipt of Exchequer; and by virtue of the same Act and divers subsequent Acts relating thereunto, the said weekly Payments do now stand charged (among divers other Things) with several Annuities amounting to one hundred four thousand sever hundred forty-five Pounds ten Shillings and six Pence Half-penny per Annum (over and above twelve hundred Pounds per Annum , for Changes of paying the same Annuities) which Annuities last mentioned were purchased upon a Term of ninety and nine Years, reckoned from the five and twentieth Day of March one thousand seven hundred and four, and during the Remainder of that Term are payable to the several Proprietors thereof, according to the Nature of their several and respective Estates and Interests therein, whereof some are in Possession, others to take Effect in Reversion, or by way of future Interest. And by an Act of the third Year of the Reign of her said late Majesty Queen Anne , intituled, An Act for raising Monies by Sale of several Annuities, for carrying on the present War, several Annuities, amounting to forty-six thousand Poundsper Annum , were purchased for a Term of ninety and nine Years, reckoned from the five and twentieth Day of December one thousand seven hundred and five, at the Rate of fifteen Years Purchase, and during the Remainder of that Term are payable to the several Proprietors thereof out of the Monies arising by the said weekly Payment of three thousand seven hundred Pounds, or some Part thereof, according to the Tenor of the Act last mentioned, and other Acts of Parliament in that Behalf. And by an Act of the fourth Year of the Reign of her said late Majesty Queen Anne , intituled, An Act for continuing an additional Subsidy of Tonnage and Poundage, and certain Duties upon Coals, Culm, and Cinders, and...

To continue reading

Request your trial