A. D. 1797. 417 



law. Colledors of the public revenue fhall receive the bank's notes in 

 payment — The reftridion was now enaded to remain in force till the 

 24"'of June 1797. [f. 45] 



The terms of the three ads, cc. 32, 40, 45, have been repeatedly ex- 

 tended by fubfequent ads, which, unlefs when they contain any new 

 matter, need not be noticed. 



March 7"' — The Eaft-India company were empowered to enlarge their 

 prefent capital flock of fix millions by receiving fubfcriptions from all 

 perfons and bodies politic and corporate, whether natives or foreigners, 

 for an augmentation not exceeding two millions ; the fubfcription to be 

 at fuch rate for every /^loo as the court of diredors, with the approba- 

 tion of the treafury, Ihould fix it at ; the new ftock to be incorporated 

 with the old ; and the new fubfcribers to be incorporated with tlie com- 

 pany ; to enjoy all the profits and privileges, and to be liable to all re- 

 gulations and orders, in the fame manner as the prefent proprietors of 

 Hock. — The proprietors, holding flock at the time appointed by the 

 diredors for the new fubfcription, were entitled to a preference in fub- 

 fcribing, as far as fifty per cent on the flock previoufly held by them, 

 or, in cafe the fubfcriptions of fifty per cent fliould exceed the whole 

 fum to be fubfcribed, fuch part as fhould be proportionate to their 

 flock. And it is only in cafe of the fubfcriptions of the proprietors 

 falling fhort of the fum to be added to the capital, that the public at 

 large can be admitted to any fhare of the fubfcription. 



In confideration of the additional flock to be fubfcribed, it wasenad- 

 ed, that the guarantee fund of the Eafl-India company fhould be put 

 in a train of increafe, in fuch proportion to the whole flock, as twelve 

 millions bear to the prefent flock of fix milUons ; and that the addi- 

 tional dividend of one half per cent, authorized by the ad 33 Geo. Ill, 

 c. 52, to be paid out of the company's feparate fund, fliould be paid 

 out of their profits. \^c. 31] 



But the company's afiiiirs have been fo profperous, and their treafury 

 fo full, ever nnce the ad was pafTed, that they have not thought it ex- 

 pedient to create any new capital, which, efpecially at the time of paff- 

 ing the ad, muft have been given to the fubfcribers at or under the low 

 prices, to which their flock, in common with other ilocks and funds, 

 was reduced by the war and the fufpenfion of paying cafh at the bank 

 of England. 



May 3'' — The fum of ;^30o,ooo, part of a loan made by the govern- 

 ment of Ireland, being made payable in London, for the accommoda- 

 tion of the fubicribers, and the bank having agreed with the Irifli 

 government to manage the bufinefs of transferring the flock and pay- 

 ing the dividends, the agreement was fandioned by parliament. The 

 terms of this loan were an annuity of £^, redeemable by the Irifh 

 government after fifteen years, and a terminable annuity of ^4 ; 13 : o 



Vol. IV. ' 3 G 



