A. D. 1749. 273 



And though the fecond fubfcription to that reduction was not enact- 

 ed till the fpring of the year 1750, yet, for connedion's fake, we (hall 

 here give the fubflance of an adt of this fame feflion, for giving further 

 time to fuch of the proprietors of the annuities to fubfcribe the fame 

 upon the terms therein mentioned, and for redeeming (i. e. paying off 

 the principal fums of) fuch of the faid annuities as fliall not be fo fub- 

 fcribed : and for empowering the Eaft-India company to raife certain 

 fums by transferable annuities. 



It recites, that great part of thofe annuities had been fubfcribed on 

 the terms of the former ftatute : it was therefor hereby enacted, that 

 the ftock of fuch proprietors as have not fo fublcribed, and who fhould, 

 on or before the 30th of May 1750, accept an intereft of 3 per cent, to 

 commence from the 25th of December 1755, fliould not be redeemable 

 till the 25th of December 1755 ; and fuch as fliould not fubfcribe on 

 or before that day, fliould be paid off. Thus the fecond fubfcribers had 

 a reduction of their intereft from 3 j to 3 per cent, two years fooner 

 than thofe of the firft fubfcription ; and fuch as determined not to fub- 

 fcribe at all, who however were not very many, were paid off their prin- 

 cipal fums out of the finking fund. Laftly, the Eaft-India company 

 were empowered, by confent of the commiftioners of the treafury (if 

 they fubfcribed their L3, 200, 000 ftock, and their one million annuities, 

 by the 30th of May 1750) to borrow any fums, not exceeding 

 L4, 200,000, by fale of annuities, viz. L3, 200,000 after the feveral 

 rates of intereft in the terms of this fecond fubfcription, and one mil- 

 lion more at the rate of 3 jier cent per annum ; with which the Eaft- 

 India company accordingly complied. 



For promoting the filk manutacturc of Great Britain, the duties on 

 raw lilk, imported from China by the Eaft-India company, were now 

 reduced by act of parliament to the fame duty payable on raw lilk 

 from Italy. 



Parliament now enacted, that, as it would greatly tend to the iii- 

 creafe and improvement of the filk manufaclui-es of this kingdom to 

 encourage the growth of raw filk in his majefty's dominions in America, 

 properly certified to be really raw lilk of the faid growth and culture, 

 the fame might be imported duty free into the port of London, in fliips 

 navigated and manned as by the navagation ads. And as its culture 

 has fince vifibly, though very gradually, incrcafed there, and more par- 

 ticularly in Carolina and Georgia, it feems now probable, that in a rea- 

 fonable fpacc of time thofe two provinces may hereafter have the new 

 honour of being denominated filk colonies, if they will fteadily proceed 

 in the culture of tliat profitable article. 



From Koninglberg, the capital of the kingdom of Prullia, by the 

 common news of the 4th of January 1749-50, we learned, that the com- 

 merce of that port had been more confiderable during the year 1749 



Vol. III. M m 



