National Debt Act 1723
| Jurisdiction | UK Non-devolved |
| Citation | 1723 c. 5 |
| Year | 1723 |
(10 Geo. 1) C A P. V. Anno Regni GEORGII Regis Magn Britanni, Franci & Hiberni, decimo.
An Act for redeeming certain Annuities after the Rate of five Poundsper Centum per Annum ; and for Payment of the Principal and Interest on the standing Orders for the Blank Tickets in the Lottery granted for the Service of the Year one thousand seven hundred and fourteen; and for making good the Loss which happened in the Treasury of his Majesty's Exchequer, by the Reduction of Guineas; and for granting Relief to Catherine Collingwood , Widow.
'I. MAY it please your most Excellent Majesty; Whereas in and by an Act of Parliament made and passed in the first Year of your Majesty's Reign, intituled, per Centum per Annum,redeemable by Parliament, and to authorize a Treaty concerning private Rights claimed by the Proprietors of the Sugar-Houses in Scotland, a certain yearly Sum of forty-five thousand five hundred Pounds was established to be a distinct and separate yearly Fund for answering and paying certain Annuities, after the Rate of five Pounds per Centum per Annum , which were then to be purchased upon the same Act, until the Redemption thereof by Parliament; and the said yearly Fund was thereby directed to be issued at the Exchequer to the first and chief Cashier of the Governor and Company of the Bank of England , for the Time being, by way of Imprest, and upon Account, for Payment of the said Annuities, which were to be purchased upon that Act; and it was thereby enacted, That the Monies which should be contributed on the same Act for or towards the Sum of nine hundred and ten thousand Pounds therein mentioned, should be deemed to be a Capital or Joint Stock on which such Annuities should be attending; and the same Joint Stock, and the proportional Annuities attending the same, were thereby made transferrable and deviseable in the Manner thereby prescribed; and in the said Act is contained a Proviso, That at any Time upon one Year's Notice, and Repayment by Parliament, of the said Sum of nine hundred and ten thousand Pounds, or so much thereof as should be advanced upon the said Act, unto the respective Contributors of the same, or to such Person or Persons as by, from or under them, should then be entitled to the said Annuities, after the Rate of five Poundsper Centum per Annum , in respect of the Money so advanced, according to such Interests as they respectively should then have in the same Annuities, and also upon full Payment and Satisfaction of all Arrears of the said Annuities, after the Rate of five Pounds per Centum per Annum (if any such shall be then due); then, and not till then, the said Annuities, after the Rate of five Pounds per Centum per Annum created by that Act, should cease and determine: And whereas the Contributions on the said Act did amount to the said full Sum of nine hundred and ten thousand Pounds, and the Annuities, which became payable in respect of the same, did amount to the yearly Sum of forty-five thousand five hundred Pounds: And whereas since the making of the said Act, as much of the said Capital Stock as amounted to seven hundred and six thousand one hundred seventy-five Pounds and fifteen Shillings, and as many of the said Annuities attending the same, as amounted to thirty-five thousand three hundred and eight Pounds fifteen Shillings and nine Pence per Annum , have been subscribed into the Capital Stock and yearly Fund of the South-Sea Company, and as much of the said Capital Stock, created by the Act in Part before recited, as amounts to two hundred and three thousand eight hundred twenty-four Pounds and five Shillings, and as many of the said Annuities as amount to ten thousand one hundred ninety-one Pounds four Shillings and three Pence per Annum , in respect thereof, do still remain transferrable at the Bank, or deviseable as aforesaid, and are payable by the Cashier of the Governor and Company of the Bank of England for the Time being: And whereas in and by certain Clauses contained in another Act of Parliament made and passed in the said first Year of your Majesty's Reign, intituled, South-SeaCompany, and for supplying thereby eight hundred and twenty-two thousand thirty-two Pounds four Shillings and eight Pence to publick Uses; and for raising one hundred sixty-nine thousand Pounds for the like Uses, by Sale of Annuities upon divers Encouragements therein mentioned; and for appropriating several Supplies granted to his Majesty , for Encouragement of such Persons and Corporations as would advance, for the Service of the Publick, any Sum or Sums of Money not exceeding the further Sum of one hundred sixty-nine thousand Pounds, a certain yearly Sum of eight thousand four hundred and fifty Pounds was established to be a distinct or separate Fund for answering and paying Annuities, after the Rate of five Pounds per Centum per Annum , which were thereby to be purchased, until the Redemption thereof by Parliament; and the said yearly Sum or Fund of eight thousand four hundred and fifty Pounds per Annum was thereby directed to be issued at the Exchequer to the first and Chief Cashier of the Governor and Company of the Bank of England for the Time being, by way of Imprest, and upon Account, for Payment of the said Annuities, not exceeding eight thousand four hundred and fifty Pounds per Annum ; and it was thereby enacted, That the Monies which should be so contributed or advanced for or towards the said Sum, not exceeding one hundred sixty-nine thousand Pounds, should be a Capital or Joint Stock on which the Annuities last mentioned should be attending, and the same Joint Stock, and the proportional Annuities attending the same, were thereby made transferrable and...
To continue reading
Request your trial