A. D. 1742. 233 



The old or original capital of the bank of England of Li,6oo,oco 

 being at an interefl of 6 per cent till the ift of Auguft 1743, when 

 alio that company's exclufive privileges expire, and the natural intereft 

 of money being at this time very low, the government availing itlelf 

 thereof, made this year a contracfl with the bank, and had it confirmed 

 by parliament, that the bank flaould advance Li ,600,000 more with- 

 out any additional interefl whatever, (i. e. by agreeing that both fums, 

 amounting to L3, 200, 000, fhould bear an intereft of only 3 per cent) ; 

 in confideration of which fervice to the public, the bank, by this fla- 

 tute, had their privileges of banking, exclufive ot any partnerOiip be- 

 yond fix perfons, till one year's notice, and repayment of principal and 

 arrears, after the ifl: of Auguft 1764. Ey this ad, perfons forging, 

 counterfeiting, or altering any bank note, bill of exchange, dividend 

 warrant, or any bond or obligation under that company's feal, or any 

 indoriement thereon, or knowingly uttering the fame, ftiall fuffer death 

 without benefit of clergy. Moreover, the company's fervants breaking 

 their trufl to the company fhall fuffer death as felons without benefit of 

 clergy. It was alfo enaded, that when, at a court of diredors of the 

 bank, neither the governor nor deputy-governor fliall attend in two 

 hours after the time appointed for bufmefs, then any thirteen or more 

 of the diredors may choofe a chairman for the time, for the difpatch 

 of bufincfs ; which court fliall be as valid as if either the governor or 

 deputy-governor had duely attended. Hereby the bank was authorized 

 to take in fubfcriptions for advancing the faid Li, 600, 000 *. [15 Geo, 



The parliament taking into their confideration, that the linen ma- 

 nufadures of Great Britain and Ireland were of late years greatly im- 

 proved, whereby the prices, as well of foreign as of home fabric, were 

 confiderably reduced, in order to extend thofe advantages as much as 

 pofilble, laid an additional duty on foreign cambrics imported of 1/5 for 

 every half piece, and 2/10 for every whole piece; out of which addi- 

 tional duty there was allowed a bounty of id' for every yard of Britilh 

 and Irifh linen, worth from 6d to 1 2d per yard in value, and one half- 

 penny per yard for linen under the value of 6d per yard, exported. [15, 

 16 Geo. II, c. 29.] 



It has, for very many years paft, been judged of the utmoft confe- 

 quence, that the trade and navir;ation to and from the Britilli American 

 plantations fiiould be entirely confined and fecured folelv to Britifii, 

 Irilh, and American, fubjcdis : for which end it was, by a llatutc of the 

 7th and 8th of King William 111, and the 5th of Queen Anne, and 

 now confirmed by an ad of parliament [15, 16 Geo. II, f. 31] for far- 

 ther regulating the plantation-trade, &c. enaded, that all fiiips trading 



• The capital (lock of th; b.i: k was now Lg.Soo^coOi yielding to tiic proprietors a dividend of 

 fiv.' and a half per cmt. M. 



Vol. III. G g 



