as they should find convenient before the
first day of March of the ensuing year, and without any compulsion on
any of the proprietors, at such rates and prices as should be agreed
upon between the company and the respective proprietors. They were
likewise authorised to take in all the redeemable debts, amounting to
the same sum as that of the irredeemables, either by purchase, by taking
subscriptions, or by paying off the creditors. For the liberty of taking
in the national debts, and increasing their capital stock accordingly,
the company consented that their present, and to be increased annuity,
should be continued at five per cent, till Midsummer, in the year one
thousand seven hundred and twenty-seven; from thence to be reduced to
four per cent, and be redeemable by parliament. In consideration of
this, and other advantages expressed in the act, the company declared
themselves willing to make such payments into the receipt of the
exchequer as were specified for the use of the public, to be applied to
the discharge of the public debts incurred before Christmas, in the year
one thousand seven hundred and sixteen. The sums they were obliged to
pay for the liberty of taking in the redeemable debts, four years and
a half's purchase for all long and short annuities that should be
subscribed, and one year's purchase for such long annuities as should
not be subscribed, amounted on the execution of the act to about
seven millions. For enabling the company to raise this sum, they were
empowered to make calls for money from their members; to open books of
subscription; to grant annuities redeemable by the company; to borrow
money upon any contract or bill under their common seal, or on the
credit of their capital stock; to convert the money demanded of their
members into additional stock, without, however, making any addition
to the company's annuities, payable out of the public duties. It was
enacted, that out of the first monies arising from the sums paid by the
company into the exchequer, such public debts, carrying interest at five
per cent, incurred before the twenty-fifth day of December, in the year
one thousand seven hundred and sixteen, founded upon any former act
of parliament, as were now redeemable, or might be redeemed by the
twenty-fifth day of December, in the year one thousand seven hundred and
twenty-two, should be discharged in the first place: that then all the
remainder should be applied towards paying off