272 A. D. 1749. 



only about 1 00 perfons a large profit upon a fmall capital ; and have not 

 only endeavoured to keep the true ftate of the trade and country an 

 mipenetrable fecret, but have alfo induflrioufly propagated the word 

 imprellions of them. He therefor propofed, that for preventing thofe 

 vaft territories from filling into the hands of the French of Canada, 

 the legillature fhould purchafe the company's right to fuch lands as they 

 have a legal title to, and lay the trade open, fettle the rivers and ad- 

 joining coafl with European proteftants, and civilize the natives. 



We have handled this fubjed fo often and fo fully, as to have quite 

 exhaufled it; and we fliall therefor leave it to the judgment of the pub- 

 lic, after obferving, that the company's opponents have, at different 

 times, advanced fundry things in favour of the probability of a paflage, 

 and alfo in behalf of the goodnefs of the lands and climate, which feem 

 too much exaggerated ; and in this uncertain flate the fubje6l may pof- 

 fibly remain to the end of time. 



An ad of parliament, for reducing the feveral annuities then bearing 

 4 per cent to the feveral rates of intereft therein mentioned, laid the 

 foundation of an addition to the fmking fund, which in a fiiort time 

 amounted to near L6oo,ooo a-year, faved from the intereft of the fol- 

 lowing capitals, viz. 



The principal fum payable at the exchequer, of L 312,000 o o 

 Capital bank ftock, _ _ _ 8,486,800 o o 



Certain annuities transferable at the bank, - 18,402,472 o 10 

 Capital ftock of the Eaft-India company, 3,200,000 o o 



Capital South-fea ftock, and old and new South- 

 fea annuity ftock, _ _ _ 27,302,203 5 6y 



Total, -_ L57,703,475 6 4^ 



And it being the united opinion of the king and parliament, that no- 

 thing can fo effedually contribute to make trade iiourifti, as leflening 

 the public debts and incumbrances, confiftent with juftice and public 

 faith ; ir was therefor enaded, that all the proprietors of the public 

 debts incurred before michaelmas 1749, who ftaould, on or before the 

 28th of February 1749-50, confent to accept an intereft of 3 per cent 

 per annum, to commence from the 25th of December 1757, ftiould, in 

 lieu of their prefent intereft, receive 4 per cent per annum, until the 

 25th of December 1750, and from thence L3 : roper cent until the 

 25th of December 1757 ; and no part of the i'ame (except what is due 

 to the Eaft-India company) fhould be liable to be redeemed until the 

 faid 25th of December 1757. 



This is what was called the firft fubfcription, becaufe (as we fliall fee) 

 all the proprietors of the above debts did not come into this propofed 

 fubfcription within the time limited by this act, although the major 

 part of them did. 



