<!DOCTYPE ETS PUBLIC "-//UMDLPS//DTD EEBOPROOF 2.0//EN">
<ETS>
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<REVDESCR>
<CHANGE>
<DATE>2010-08-06</DATE>
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<NAME>Mona Logarbo</NAME>
<RESP>MURP</RESP>
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<ITEM>Proofed and reviewed as part of batch B100711.apex.</ITEM>
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<EEBO>
<IDG S="marc" R="UM" ID="B09008">
<STC T="W">E864A</STC>
<BIBNO T="oclc">[ocm]62369187</BIBNO>
<VID>187882</VID>
</IDG>
<TEXT LANG="eng">
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<DIV1 TYPE="text">
<PB REF="1">
<PB N="1" REF="1" MS="y">
<HEAD>AN ABSTRACT OF THE ACTS for Annuities, WITH SOME OBSERVATIONS THEREUPON.</HEAD>
<P>AN Additional Duty of <HI>9d. per</HI> Barrel on Ale, <HI>&amp;c.</HI> <NOTE PLACE="marg">Act 1. An. 4. W. Ma.</NOTE> was granted for 99 Years, from <HI>Jan.</HI> 25, 1692. for rai&s;ing <HI>1000000l.</HI> by the Fir&s;t of <HI>May,</HI> 1693.</P>
<P>Out of which Duties <HI>100000l. per Ann.</HI> was to be &s;et apart as the Recompence to the Contributors of the &s;aid Mil|lion, till <HI>June</HI> 24, 1700. and afterwards <HI>70000l. per Ann.</HI> only.</P>
<P>This <HI>1000000l.</HI> was to be advanced by &s;o many Hundred Pounds upon general Survivor&s;hip before the <HI>1&s;t.</HI> of <HI>May,</HI> 1693. And if not compleat by that time, the remainder of the Million was to be advanced upon 14 <HI>per Cent.</HI> for a &s;ingle Life, before <HI>Septemb.</HI> 29, 1693.</P>
<P>The Surplus of the Moneys ari&s;ing by this Act above what would an&s;wer the <HI>100000l.</HI> or the <HI>70000l.</HI> &s;o to be &s;et apart as afore&s;aid, was to go to the King, but not to be di&s;po&s;ed of.</P>
<P>The Sum of <HI>881493l.</HI> only having been advanced on the <NOTE PLACE="marg">Act 2. An. 5. W. Ma.</NOTE> former Act, the Deficiency being <HI>118506l.</HI> was to be advanced by <HI>May</HI> 1, 1694. upon 14 <HI>per Cent per Ann.</HI> for every Hundred Pounds for a &s;ingle Life.</P>
<P><PB N="2" REF="2">
For rai&s;ing <HI>1500000l.</HI> upon the Duty of Tunnage, granted <NOTE PLACE="marg">Act 3. An. 5 &amp; 6. W. Ma.</NOTE> for Four Years from the <HI>1&s;t.</HI> of <HI>June,</HI> 1694. and upon another, <HI>9d. per</HI> Barrel on Ale, <HI>&amp;c.</HI> granted for ever (after the <HI>17th.</HI> of <HI>May,</HI> 1697.) the &s;um of <HI>140000l. per Ann.</HI> out of the &s;aid Duties, was to be the Fund to the Contributors, where|of <HI>100000l.</HI> or five &s;evenths was to be the Fund for <HI>1200000l.</HI> for E&s;tabli&s;hing the Bank of <HI>England,</HI> and the other <HI>40000l.</HI> or two Sevenths, &s;eems to remain as the Fund to the Contri|butors of the remaining <HI>300000l.</HI> upon 14 <HI>per Cent. per Ann.</HI> for every Hundred Pound for a &s;ingle Life; 12 <HI>per Cent.</HI> for two Lives, and 10 <HI>per Cent.</HI> for three Lives.</P>
<P>There having been <HI>1300000l.</HI> advanced upon the three pre|ceding <NOTE PLACE="marg"><HI>Act</HI> 4. <HI>An.</HI> 6 <HI>&amp;</HI> 7. <HI>W.</HI> 3.</NOTE> Acts, whereof <HI>981619l.</HI> upon &s;ingle Lives at 14 <HI>per Cent.</HI> and the re&s;t upon general Survivor&s;hip, or upon the Survivor|&s;hip of two or three Lives, the Sum of <HI>618420l.</HI> was to be rai&s;ed by this fourth Act, by converting the the &s;aid &s;ingle Lives into a Term certain of 96 Years, from <HI>Jan.</HI> 25, 1695. by paying (before <HI>July</HI> 24, 1695.) <HI>63l.</HI> or 4&frac12; Years Purcha&s;e for each <HI>14l. per Ann.</HI> &s;o re&s;erved upon the <HI>981619l.</HI> advanced upon &s;ingle Lives.</P>
<P>And upon default of &s;uch Purcha&s;ing by the Per&s;ons Inte|re&s;ted in &s;uch &s;ingle Lives; any Stranger between the &s;aid <HI>July</HI> 24, 1695. and <HI>Novemb.</HI> 12. 1695. might Purcha&s;e the Term over at <HI>70l.</HI> or five years Purcha&s;e for each <HI>14l.</HI> as afore&s;aid.</P>
<P>But the &s;aid Purcha&s;ers coming in &s;lowly, other &s;ub&s;equent Acts pa&s;&s;ed for Enlarging the time, and Lowering the Rates of Pur|cha&s;ing the Term over to four Years Purcha&s;e, whereupon by <HI>Anno,</HI> 1698. all the Term over (of the Nominees in being) was Purcha&s;ed in; But as to the 203 Nominees Decea&s;ed, they &s;till remain in Ob&s;ervation.</P>
<DIV2 TYPE="part">
<HEAD>Ob&s;ervations on the foregoing Acts.</HEAD>
<P N="1">I. Whereas by the Act 4 <HI>W. Ma. 100000l. per Ann.</HI> was to be re&s;erv'd for the Contributors to the Million, till <HI>June</HI> 24, 1700. and afterwards <HI>70000l. per Ann.</HI> only. It is to be ob&s;erved, that the &s;aid <HI>70000l</HI> will not an&s;wer the &s;everal Annuities of 14 <HI>per Cent.</HI> Payable to the Contributors upon that Act, now that the Termover is Purcha&s;ed in, by rea&s;on the whole number of tho&s;e Annuities will &s;ub&s;i&s;t to the end of the Term of 99 Years, ex|cept the 203 Lives or Nominees already Decea&s;ed, and there|fore the &s;aid Clau&s;e will want to be Repealed.</P>
<P N="2"><PB N="3" REF="2">
II. That whereas <HI>618420l.</HI> was to be rai&s;ed by converting the &s;ingle Lives into a Term certain, or by Purcha&s;ing the Term over at 4&frac12; Years Purcha&s;e for every <HI>14l.</HI> Annuity; There will be &s;ome Deficiency therein by lowering the Rate to four Years Purcha&s;e, be&s;ides what the Purcha&s;ing the Term over of the 203 Nominees Decea&s;ed would have amounted to, which an&s;wering to about 353 Annuities of <HI>14l. per Annum</HI> if they had been &s;old at 4&frac12; Years Purcha&s;e, or <HI>63l.</HI> for each <HI>14l.</HI> Annuity, would have rai&s;ed <HI>22239l.</HI> which Sum mu&s;t be wanting of the <HI>618420l.</HI> intended to be rai&s;ed by Purcha&s;ing the Term over.</P>
<P N="3">III. That this Deficiency of <HI>22239l.</HI> by rea&s;on of the 203 Nominees Decea&s;ed, and what other Deficiency there may be, by lowering the Rate of Purcha&s;ing the Trem over (which the Hou&s;e may command an Account of) may be made up by its own Fund with a con&s;iderable Surplus, by directing that the&s;e 203 Nominees Decea&s;ed may be &s;upplyed by con&s;tituting a gene|ral Nominee, and thereupon the 353 Annuities &s;o fallen, may be purcha&s;ed for the remaining Term of the 99 Years now un|expired.</P>
<P N="4">IV. That the Sale of the&s;e 353 Annuities &s;o fallen, will not endanger the Security of the Annuities now &s;ub&s;i&s;ting; for that the Fund <HI>9d.</HI> granted by the fir&s;t Act, is not brought in by the Trea&s;ury among the pre&s;ent Deficiencies, but may be ra|ther concluded to afford a con&s;iderable Surplus, &s;ince it rais'd in the Year ending <HI>June</HI> 24 1694. <HI>147000l.</HI> and in the Year 1697. above <HI>145000l.</HI> as may be collected by Dr. <HI>Davenants</HI> Di&s;cour&s;es on the Publick Revenues, <HI>page</HI> 250, where the three Ninepences Additional Exci&s;e, are there &s;aid to produce together <HI>435590l. per Annum.</HI></P>
<P>Which if true, the three Ninepences are a &s;ufficient &s;ecurity for what is charged upon them, though Tunnage be taken away, and Salt may fall &s;hort.</P>
</DIV2>
<PB REF="3">
</DIV1>
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