284 A. D. 1 75 1. 



provided, that the manner of the receipt from the exchequer, and the 

 charges of management upon the prefent old and new South- fea annui- 

 ties, and on their faid capital flock, be "ontinued as they now are : an 

 ad of parliament, in confequence thereof, pafled in the 24th year of 

 King George II, for reducing the fame accordingly upon thofe terms, 

 and for preventing frauds committed by the officers and fervants of the 

 faid company, viz. 



I) After chriftmas 1757 their capital ftock fliall be reduced to 3 pey 

 cent, until redemption thereof, in full difcharge of all demands of the 

 company on the king of Spain, on account of the afliento, or annual 

 fhip, or on any account whatfoever, over and above the fum of Li 00,000, 

 paid purfuant to treaty. 



II) The company fhall continue to receive from the exchequer, out 

 of the funds appropriated for that purpofe, what monies fhall, from 

 time to time, become due for the intereft thereof and charges of ma- 

 nagement, upon fuch part of the old and new South-fea annuities as 

 are not redeemed, and on their capital flock ; and all the rights and 

 exemptions, with regard to the redemption of their capitals, fliall be 

 confirmed in the fime manner as they now ftand. 



III) If any officer or fervant of the company, enrrufted with any 

 note, bill, dividend warrant, bond, deed, or fecurity, money, or other 

 efFeds, belonging to the company, or to other perfons, depofited with 

 the company, or with him, as an officer or fervant of the company, fliall 

 fecrete, embezzle, or run away with the fame, and be convicted thereof 

 in due form of law, he fhall be deemed guilty of felony, and fuffer death 

 as a felon, without benefit of clergy. 



Thus, for the prevention of future difputes between Great Britain 

 and Spain, this company was debarred from all future claims on the 

 court of Spain (though certainly very confiderable and equitable ones), 

 purfuant to the treaty of Madrid, whereby our king agreed to accept of 

 Li 00,000 for the company, in full compenfation for all their confider- 

 able lofles. So that between their very great lofTes luftained by their 

 ill-fated afliento contrad, and by the mofi: national undertaking of their 

 whale fifhery, that company may truely and impartially be faid to me- 

 rit not only the compaflion, but even the particular regard, of the pub- 

 He. 



By a flatute of the 24th year of King George II, for enabhng his 

 majefty to raife the feveral fums of money therein mentioned, by ex- 

 chequer bills, &c. the treafury was empowered to iflue L2, 276, 893 : 11 ; 7, 

 being the total principal fum remaining payable upon the unfubfcribed 

 old and new South-fea annuities, after deduding L48,i29 : 17 : 4, by 

 this ad direded to be lubfcribed into the faid annuities, towards re- 

 deeming them. Any part of which fum might be replaced by fuch asr 

 were truflees for certain purpofes, as far^s fuch monies would go at the 



