^4 A. D. 1 71 2. 



* fucceflbrs may be the better encouraged to proceed in their trade, and 

 ' to make fuch lafling fettlements for the fupport and maintenance 

 ' thereof for the benefit of the Britifh nation;' it was now enaded, 



* that not only the provifo in the above ftatute for the redemption and 

 ' determination of the duties on fait and (lamps, and of 5 per cent on 

 ' imported Eaft-India goods, and their yearly fund, but likewife of the 

 ' benefit of the trade and of the corporation, is hereby repealed and 



* made void ; and that the faid duties and fund fliall continue, and the 



* faid United company, and their fucceffors, fliall have and enjoy fuch 

 ^ part of their yearly fum of Li 60,000 as they fliall hereafter be intitled 

 ' to, and all the benefit of trade, franchifes, privileges, profits, and ad- 

 ' vantages, whatever, granted to the company by former ftatutes and 

 ' charters: provided, that, at anytime, upon three years notice after 



* lady-dav 1733, and repayment of the faid L3, 200,000, and of the faid 



* yearly fund of L 160,000, then the faid duties and fund fliall abfolutely 



* ceafe and determine.' [10 ^nne, c. 28.] 



We muft here remark, that although the title of this ftatute may feem 

 to imply a perpetuity in their exclufive trade, even although their fund 

 fliould be redeemed, as they themfelves alleged in the year 1730, when 

 petitioned againft to the parliament, as will be feen, yet the body (or the 

 enacting claufes of this a6l) does not clearly imply fo much : but, on the 

 contrary, declares, ' that the company fliall be fubjed, neverthelefs, to 



* the reftridlions, covenants, and agreements, of former ad:s and charters 

 ' now in force ; and alfo fubje6t to the general provifoes or conditions 

 ' of redemption above named.' 



But in the very next ftatute, fave one, of this fame feflion of parlia- 

 ment, the enadting claufe in behalf of the South-fea company is unex- 

 ceptionably clear, viz. ' an ad; for continuing the trade to the South 

 ' feas, granted by an a£l of the laft feflion of parliament, although the 



* capital ftock of the faid corporation fliould be redeemed.' This acl, 

 after reciting the former one, for the eftablifliment of the company, 

 adds, ' and whereas fome doubts may arife concerning the power of re- 

 ' demption intended by the faid a6l and charter, which might tend to 

 ' difcourage the fiid company in expending fuch large fums of money 

 ' as are necefliry for new fettlements, and fettling a trade there, for the 

 ' future benefit of Great Britain ; for explanation thereof, be it enad- 

 ' ed, that at any time, upon one year's notice after chriftmas 1716, 

 ' upon repayment of the principal fura due to the company, then all 

 ' the impofitions and duties fliall and may be difpofed of by parliament, 

 ' and the yearly fund fliall ceafe and determine. But the faid corpora- 

 ' tion, by the name aforefaid, after fuch redemption ot the faid yearly 

 ' fund, fliall continue for ever, and have perpetual fucceflion; and fliall 

 ' hold and enjoy all forts, factories, and acquifitions, that they fliall ere<5l 

 ' within the limits prcfcribed ; and fliall have the fole benefit of trade 



