A. D. 171 1. 19. 



This adl firft flates the deficiencies and debts unprovided for, viz. the 

 navy debt, office of ordnance debt, tranfport debt, army debentures, de- 

 ficient tallies and orders on coals, fubfidies to the eledlor of Hanover 

 and duke of Zell, with the interefi: on fuch of them as carried interefl, 

 and alfo monies advanced on feveral duties on goods imported for the 

 fervice of the year 1710, and L50o,ooo to be raifed for the fervice of 

 the year 171 1 ; which altogether amounted to £9,471, 325, the interefl 

 whereof, at 6 per cent, was £568,279: 10. For the payment whereof 

 this aft makes perpetual the duties on wines, vinegar, tobacco, Eafl- 

 India goods, wrought filks, whale-fins, and fundry other duties which 

 were appropriated for limited times for other purpofes, and in the 

 meantime the deficiency of this yearly fund was to be made good by 

 the treafurer of the navy. The furplus, if any, to go towards paying 

 off the above capital, hereby made redeemable on one year's notice af- 

 ter chriflmas 17 16. The faid yearly fund to be payable weekly, and to 

 commence from chriflmas 171 1. 



I) And to the intent that the trade to the South feas may be carri- 

 ed on for the honour and increafe of the wealth and riches of this realm, 

 her majefly is hereby impowered to incorporate all the proprietors of 

 the faid debts, in the ufual fi:ile and form. This adl allows the compa- 

 ny L8000 per annum for charges of management. And, for better fe- 

 cui'ing the privileges of the bank of England, this new company fhall 

 not borrow money on their bills or notes on demand, nor at any lefs time 

 than fix months : neither fhall they difcount bills of exchange, nor any 

 other bills or notes whatfoever ; nor fhall keep any books or cafli for 

 any perfons or corporations, excepting their own alone. 



II) And whereas it is of the greatefl confequence to the honour and 

 welfire of this kingdom, and for the increafe of the ftrength and riches 

 thereof, and for vending the produd and manufacture, goods and mer- 

 chandize of, or brought into, this kingdom, and the employment of the 

 poor, that a trade fhould be carried on to the South feas and other 

 parts in America, herein after mentioned, which cannot fo fecurelyand 

 fuccefsfully be begun and carried on as by a corporation with a joint 

 flock, exclufive of all others. For the better encouragement of the 

 members of the faid intended company, be it enadted, 



III) That this company fliall, from the i fl of Augufi lyt r, be vefled 

 for ever in the fole trade and traffic, unto and from all the kingdoms, 

 lands, iflands, cities, towns, ports, creeks, and places, in America, on the 

 eafi: fide thereof, from the river of Aranoca to the fouthermofl: part of 

 Terra del Fuego ; and on the weft fide thereof, from the fouthermoft 

 part of the laid Terra del Fuego, through the South feas, to the norih- 

 ermoft part of America ; and into, unto, and from all countries, &c. 

 within the fiid limits, which are reputed to belong to the crown of 



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