2^6 A. D. 1793. 



parliament — WTnatever furplus there is remaining after making thefe 

 payments may be applied to accelerate the reduction of the India debt 

 to two crores ; or it may be applied in difcharge of the debts at home 

 (except bond debts to the amount of £1 ,500,000) or for goods to be 

 Ihipped, and their proceeds to be applied to the redudlion of the debt 

 in India. After the redudion of that debt to two crores, and of the 

 bonded debt at home to ;^i, 500,000, one iixth part of the furplus, over 

 providing for the payments already direcled, may be applied in aug- 

 mentation of the dividends upon the company's ilock ; and the other 

 five fixlhs fhall be paid into the bank of England in the firfl week of 

 April in every year, and placed to the credit of the commiffioners for 

 the redudion of the national debt, till the n:ioney fo paid, with the in- 

 terefl: accumulating upon it, fhall amount to twelve millions ; after which 

 the five fixths fhall be paid into the exchequer as the property of the 

 public in full right. 



The fums paid into the bank are to be feparately accounted for to 

 the commiffioners for the redudion of the national debt, under the title 

 of I'be guarantee fund of the united company of merchants of England trading 

 to the Ea/i-Indies, and to be invefled in the national funds in the fame 

 manner as the fums appropriated for the redudion of the national debt. 

 When the guarantee fund, with the proceeds of it, fhall have amounted 

 to _;^i 2,000,000, the dividends arifing from it fhall be fubjed to make 

 good the deficiency, if any, in the company's dividends often per cent, 

 as long as they fhall continue to trade with a joint ftock : and the fur 

 plus, or the whole, if there is no need to aflifl the company's dividends, 

 fhall be paid into the exchequer as the property of the public. 



On the determination of the company's exclufive trade, the capital 

 of the guarantee fund is to be a fecurity for the payment of their debts, 

 and alfo to make good to the proprietors their capital flock, valuing 

 every X^ioo of it at /^200 : and afterwards, as long as the company fhall 

 continue to trade with a joint ftock, it fhall remain fubjed to make good 

 all deficiencies ; and whatever remains of it, after fatisfying all thofe de- 

 mands, fhall become the property of the public. — The bank is required 

 to lay an annual account of the guarantee fund before both houfes of 

 parliament. 



The company are permitted to apply their feparate fund *, which 

 amounted on the 1'' of March 1793 to ^^467, 896 : 7 : 4, over and above 

 ^9,750 capital flock, making alio a part of the feparate fund, with ail 

 intereft accruing upon it, in making an additional dividend of one half 

 per cent to the proprietors of flock, and after the expiration of their ex- 

 clufive trade to dilpofe of the remainder of it as they may think proper. 



For proteding the funds of the company from being burthened with 



• For the commencement of it fee V. iii, p. 690. 3 



•J 



;. ■w-.»^& 



