A. D. 1709. ^ 



hours of nine in the morning and one in the afternoon on the firft day 

 of opening the fubfcription books. This was by foreigners efteemed a 

 proof of the great wealth of the nation, more efpecially as near one 

 milUon more would have been fubfcribed on the fame day, had there 

 been room for it, fo great was the crowd of people coming with their 

 money to the books. But, like the Eafl-India company, the bank' 

 hereby obhged themfelves to advance to the government L400,ooo, 

 without any additional allowance of interefl for that fum, which made 

 their original capital of Li ,200,000, at 8 per cent, amount 10 Li ,6co,ooo 

 at € per cent interefl, to commence from the ift of Auguft 171 1, be- 

 ing their original yearly fund. And as the bank had 6 per cent per 

 annum, difcount was thereby allowed them on the fiid L4oo,coo till 

 the I ft of Auguft 171 1, for the money they were fo to pay in ; and the 

 advance of 1 5 per cent on the fale of this additional ftock, enabled them 

 Co make this payment .of L40o,ooo to the public. 



Thus the bank^capital, a part of which was only temporary, till now 



was _____ L2, 201, 171 10 o 



Which being now doubled, became - 4,402,343 o o 



And by the L40o,oco now farther advanced, 400,000 o o 



. The total w^as now to be, at 6 per cent interefl, 4,802,343 o o 



In confideration of which fum of L40o,ooo, fo 

 lent without any additional intereft, their exclufive 

 privileges as a bank were hereby prolonged to one 

 year's notice after the ift of xYuguft 1732. But by 

 the fame ftatute the bank obliged themfelves to 

 pay off and cancel all the exchequer bills vv^hich had 

 been before ilTued, amounting, with their intereft at 

 6pcrcent,*to « _ _ _ 1,775,027 17 10-' 



So that the total capital of the bank, by this acft, 

 was - - - - - 6,577,370 17 107 



By this acl of parliament, the bank was to remain an eftabliOied cor- 

 poration (notwithftanding the acls of the 5th and 8th of King William), 

 and all vheir former privileges were now confirmed, as alfo their origin- 

 al annual fund of Li 00,000, until the whole L 1,600, 000 iliould be 

 paid off; and alfo the annuity of Li 06,501 : 13 : 5 after mentioned ; 

 and till all the exchequer bills, to be made forth purfuant to this ad, 

 fliould be called in, as herein after mentioned, and payment made of 

 the allowances for circulating the fame. Then, and not before, the 

 corporation was to ceafe and dctemiinc. The fiid Lio6,5o[ : 13:5 

 was to be the intereft, at 6 per cent, of the faid Li,775,o27 : 17 : loi. 



• Notwitdflanding the rcdiiftidn of tlie intereft received from tlic government from e'jht to _/"»« per- 

 cent, the bank continued to make a dividend of nint per cent to tlie propiietots. AT. 



