The Parties. 1. TO all, to whom these Presents shall come, Hugh Chamberlen Senior, of Essex-street, in the Parish of St. Clement-Danes, in the County of Midle­sex, Doctor in Physick: And, as Honorary Managers of the Undertaking, here­in and hereby Mentioned and Intended, viz. The Right Honourable Charles Earl of Monmouth; Arthur Earl of Torrington; Henry Earl of Romney; Charles Earl of Arran of the Kingdom of Ireland, and Baron of Weston in England; Ro­bert Lord Viscount Lisle, Son and Heir Apparent to the Right Honourable Philip Earl of Leicester; Thomas Lord Wentworth, Baron of Raby; Almeric Lord De Courcy, Baron of Kinsale, of the Kingdom of Ireland; Hildebrand Lord Allington Baron of Killard, of the Kingdom of Ireland; The Honourable Peregrin Bertie Esquire, Vice Chamberlain to his Majesty; And William Bridgeman Esquire, Secretary to the Right Honourable the Lords Com­missioners of the Admiralty: And likewise as, Undertakers and fixt and con­stant Managers, of the said herein and hereby mentioned and intended Un­dertaking, viz. The Honourable Charles Egerton of Lincolns Inn, in the said County of Middlesex; Thomas Aston of Aston, in the County Palatin of Chester; John Weston of Ockham, in the County of Surry; Peter Smith of the Parish of St. Ann, in the Liberty of Westminster, in the said County of Middlesex; Oliver Salus­bury, of the middle Temple, London; Richard Robinson, of the Parish of St. Giles in the Feilds, in the said County of Middlesex, Esquires; Andrew Prime Senior, of London, Merchant; Samuel White of Lincolnes Inn aforesaid Gent. William Prewett of the Parish of St. Martin in the Fields, in the said County of Middlesex; Charles Nicolas Eyre of the Parish of St. James in the Liberty of Westminster aforesaid; and Peter Chamberlen of Essex-street aforesaid, in the aforesaid Parish and County; Esquires; Send Greeting.

[Page 2] 2. Preamble. Whereas the use of Credit in Trade and Dealing, hath by insensible De­grees much obtained, Especially for an Age last past, or there abouts, through­out Europe, Benefit of Credit to Trade. and most of the Civilized, and Trading part of the World, to the very great Benefit, Ease, and Convenience, of no small part of Mankind.

Bills of Credit Su­perior to Money. 3. And whereas Notes or Bills of Credit, have by experience been found, of very great use; and, being well secured by a good Fund, are properly ac­cepted and taken as Ready Money; and, being preferable to the usual Money in many, and equal to it in all, Respects, may therefore justly be accounted a Su­perior Species of Money.

4. The Author of this Contrivance and his Motives. And whereas the said Hugh Chamberlen, for above Thirty Years last past, having taken into Serious Consideration, the nature of Banks, and of Credit in general; and the necessary, convenient, and various uses and kinds thereof in divers Kingdoms and States, as also here in England; and observing the great Utility of sound and good Credit, and the deplorable and many Mischiefs frequently resulting from uncertain, mistaken, personal, and precarious Credit; to the utter Ruine of multitudes, and sometimes to the indangering the publick Safety.

5. And further, Considering that Lands, and Hands, are the Material and Efficient causes of all true, genuine, and natural Riches; Material and effi­cient causes of Ri­ches. and that Money, as such (tho' very good and useful in its first intendment, however since Subject­ed to Abuses) is but imaginary, or at most but political, Wealth; Money is but poli­litical, not real Wealth. and therefore inferior to natural Riches; and consequently as such ought to attend the service of Land and Trade; and not prey upon, both the Lords of the Soil, and the In­dustrious Merchants, by that corroding and destructive Canker, Usury.

6. And the said Hugh Chamberlen, also further reflecting, that Credit, rightly founded upon Land, must evidently be more secure than any other sort of Credit: Land Credit more Secure. And that, since Gold and Silver, are not of the product of this King­dom, Inconveniencies of Gold and Silver for being the common Measure of Trade, where they are not the native product. they might by foreign Orders, by Edicts of Princes, or States, by a wrong Ballance of Trade, or by other Artifices or Incidents thereof, or by some o­ther uncommon Accidents, become scarce and rare in this Kingdom; which could not happen, but to the very great damage of the Publick; as being the common Measure, Medium, Pledge, and Account of Trade.

Ends and Motives of the Doctors pains. 7. The said Hugh Chamberlen, upon these and other such Reflections, and with an earnest desire, to serve his Native Country, in so great and general a Good, applied himself, with the utmost intensness of mind, to contrive a general Credit, to be so founded upon Land, as to give it the greatest Safety and Con­venience, that in its own nature it is Capable of; and to make a Credit, that should not only be a Succedaneum to Money, but in divers respects, more noble and useful, and indeed a Superior Species, indued with all the Uses and Excel­lence of Metaline Money, and in several Regards, exceeding the same; and particularly herein, that in its own Nature it should be Local, without the Restraint of Laws.

The Doctor commu­nicates his thoughts, &c. 8. And whereas the said Hugh Chamberlen, at divers times Communicated these his Conceptions and Designs to divers persons, and in particular to the Lords and Gentlemen herein before mentioned, in order to Mature and Ripen such his Thoughts, and make them more Effectual for the Common Avail.

The late Encou­ragement of Banks by this Nation, is the effect of the Doctor's Endea­vours. 9. And whereas the said Hugh Chamberlen, hath made several Attempts and Essaies to bring his said Thoughts and Intentions into Practice, for the Common Good; but, by reason of the great and many Difficulties, that generally Accompany all great and good Designes, hath not hitherto been able to effect the same; but yet the long, many, repeated, and unwearied Attempts and Endeavours of the said Hugh Chamberlen, and those at Sundry times, Con­joyned wirh him therein, have so far awakened this Nation at first (and long, by him Experienced to be wholly) averse to thoughts of this sort, that within [Page 3] the Reign of his present Majesty, several Banks have been set up and attempted; tho' all of them on a far less Basis, both as to Extent and Benefit, than what hath been divers times offered and Endeavoured by the said Hugh Chamberlen: And indeed all the said Banks (as can well be made out) manifestly owing them­selves to the Models, frequently proposed and attempted, both in Print, and Ma­nuscript, and publickly, and privatly, and freely imparted by him, to all that thought fit to Inform themselves.

10. But for as much as Men Naturally Embrace the greater Good, rather than the less, as soon as they distinguish them aright; and since the Land Cre­dit, Proposed and Intended by the said Hugh Chamberlen, and his present Friends, Associates, and Joynt Undertakers therein, can be Demonstrably made out, to be far Superior to any other sort of Credit, in being, or attempting in the World: And since divers Noblemen, Gentlemen, Merchants, and o­thers, have been so far Sensible of the great and general good, of the hereby intended Credit; of its great extent, and Advantage to Trade; of its manifest Tendency to the immediate Raising the real Worth and Value of the English Lands; to the preservation of the Honours Estates and Families of our An­cient Nobility and Gentry; to the Increase and Perfection of all manner of Arts, Sciences, and Manufactures among us; to the highest Improvement of all our Possible produce; to the Extirpating of Poverty, Baggary, Vice, and Sloth; and to the Great Encouragement of Virtue, Ingenuity, and Industry: Tendency and Be­nefit of this under­taking. The said Noblemen, Gentlemen, and others, have already Actually Subscribed Land Estates, for the Annual Payment of about One hundred thousand pounds Rent Charges, Divers have Sub­scribed to it. to the hereby intended Office of Land Credit; which subscriptions will be further Continued to Two hundred thousand pounds per Annum, or more, as occasion may require: And since the said design is now intirely perfected in its Idea, Scheme, and Model; and all Matters and Things are now Framed, and Matured, for the Speedy and Actual reducing thereof to Practice, with all the dispatch that will well Consist with the Safety, Establish­ment and Honour of so great an Undertaking.

11. Now for the bet­ter Effecting this Matter; Now for the better Effecting the good Ends and Purposes herein before premised and intimated, and herein after to be further mentioned and explained, These Presents Witness, and the said Hugh Chamberlen, and the Lords and Gentlemen aforesaid, as joynt Undertakers and Managers of the Office of Land Credit, hereby intended, Do hereby Declare, That forasmuch as the necessity of Credit in Trade, is evidently such, that Men dayly venture upon what is uncertain, rather than want the use of it; It is Declared that there is want of good Credit. and when it is made secure beyond possibility of Loss to any, it is then Money under another Name, and can equally with Money become the Measure, Pledge, and Account of Trade: Good Credit is Money under ano­ther Name. And since it is most certain, That Credit, having all the Essentials of the Usual Money, and some other Additional Advantages, wants nothing but a coercive Law, enforceing its currency, to enable it to assume the Name of Money, being already in possession of all its Nature, Uses, and Qualifications: Which Proposition is Sufficiently Illustrated by rightly defining Money. Money therefore is no more than a Legal secure and common Pledge, instituted to supply the defects of Barter, What Money is. and to be the Measure, Medium, and Account of Trade: Or in other terms, Money is only a secure Pledge, of a known Value, that a Man shall be repayed in the same, or in some other Commodity, for the Commodity that he parts with; and it serves but to Supply the Intervals of time, between the selling of one Commodity, and the buying of another: All which Offices, can be equally performed by sound and good Credit, as by the Usual species of common Money.

12. And further, forasmuch as Credit, founded upon Land, and secured by more than a double Value, must undeniably be safe in its self, and good and [Page 4] effectual to all the Intents of Trade and Dealing, to the great benefit of all in general, and without Loss or Damage to any by it. And since it is most certain, that such as are Possest of Estates, in Fee simple, &c. Have already by Law, an undoubted Right, of making whatever Settlements of such their Estates, they shall think fit, and to what ends and purposes they please; Those possessed of Estates in Fee Sim­ple, &c. can by Law settle them to what Ʋses they please: except in certain Cases. Except where Criminal Designs, Superstitious Uses, or Illegal Mortmains, are thereby pursuing, or some Invasion thereby made of anothers Right. And since the happiness of this Nation is such, that a Law cannot pass in England, that can prove a Violation of Property. Property sacred by Law. This being so; and Land well conveyed, be­ing Universally allowed to be the best Security; Land the best Secu­rity. and being also the true Mother from whom by Industry all Wealth is born; The Mother of all wealth. and the Landed Men, or Lords of the Soil, being (upon the matter) the Body of the Nation, the Natural Defenders of English Rights and Liberties, and a chief Support of the expense of War, Landed men how Considerable. and Splendor of Peace.

Ends of this Ʋn­dertaking.13. They the said Hugh Chamberlen, and the rest of the Joynt Undertakers and Managers before Mentioned; Do hereby, further declare, That this Un­dertaking (in order to publick and private Good, and to free our Lands from the Servitude and Tyranny of Devouring Usury) offers to all Land-Proprietors, a Way how to settle Estates, so as to raise One hundred Years Credit upon every Estate, to be setled for the ends of this Undertaking; What it offers. to be disposed in manner following; that is to say, To the Proprietor Seventy Years value, for the Rent-charge by him payable for 100 Years; of which said 70 Years value, only 40 Years value is to be Paid to the Proprietor, To raise 100 Years Credit: of which, Seventy to the Pro­prietor, viz. 40. to himself: and that by four Payments in three Years; which four Payments are thus to be made, viz.

• Upon Sealing the Conveyance. 10 Years Value.
• At the end of
  • One Year 10 Years Value.
  • Two Years 10 Years Value.
  • Three Years 10 Years Value.
• which is in all—40 Years Value.

14. The other thirty Years value, residue of the said seventy Years value above Mentioned, is to remain in the joynt Stock of Trade, And the remaining thirty Years value, to the joint stock of Trade. herein after fur­ther Mentioned and Expressed to be belonging to the whole Body of the Pro­prietors of the Land Subscribed to this Undertaking. In which joynt Trade, every Person therein concerned is to have his Proportional Dividend of the Profits: Profits of it to be proportionably di­vided. But the Capital is not to be drawn out, Capital to remain. till the hundred Years be expired; nor is any Man's stock in Trade alienable or transferable, but together with the Estate on which it was raised: Not transferable, but with the Estate. And its use is such, that at the Moderate Estimate of ten per Cent. profit, it will not only pay the several Annuities, but double as much Yearly to each Proprietor: by which means, the Estates Settled on this Office or Undertaking, will become in effect Exonerated, and onely a Colla­teral Security; and such Settlement, tho' for One hundred Years, will thereby be (not a Burthen but) a Benefit to such Estates: Ʋse and benefit of the joint stock. And at the end of the said One hundred Yearly payments of such intended Annuities, each respective Pro­prietor may withdraw his share of the said joynt Stock in Trade.

15. And they the said Undertakers and Managers, Do hereby further declare, that to assist the more ready Circulation of this Credit; especially in the begin­ning, and till Time and Experience shall have shown the true worth and solid Fund thereof, ready Money is to be provided by the said Undertakers in the best manner they can, Money at first ne­cessary to circulate the Credit. and by such Expedients, Ways and Means as they shall Judge proper to that end. The Ʋndertakers to find Expedients for Money, in the best manner they can. And for assisting the said Undertakers to raise Money, in order to such Circulation of the hereby intended Bills of Credit, [Page 5] they the said Undertakers are to have and employ, Ten Years Value of the said Hundred Years Credit, so as aforesaid to be raised on each Estate, so to be setled as aforesaid on the Office or Undertaking hereby intended; the other Twenty Years Value, residue of the said One Hundred Years Credit, so as aforesaid to be raised, And to have 10 Years Value of each Annui­ty, to assist them to raise such Money. being to the sole, proper Use, Benefit and Behoof of the Undertakers hereof, for support of all the Charges and Expences, Ordinary and Contingent, for Managing and Carrying on this Undertaking, during the whole term of the Continuance thereof.

16. And it is hereby further declared, That this Undertaking Teaches, to advance or anticipate One Hundred Years Revenue, The Hundred Years. and to call it back by equal Portions in One Hundred Years; by which means, the Nation has the Use of so great an Additional Treasure pro interim, the Increase whereof cannot (by Necessary Consequence) but be great by Trade; and its Return, from whence it issued, will be by slow and easie gradations. Benefits thereby.

17. From a due Consideration of the whole of this Undertaking, and all its parts, as contained in the Constitution thereof herein and hereby setled and de­clared, it will be most evident, That no Money Bank is or possibly can be either so safe, or the Credit of it so well secured, as will be the Land Credit issued by and from this Office or Undertaking. Preference of this Credit to that of Mo­ney Banks. For First, All Money Banks are far more liable to Rapine and Seisure; and next, It is apparent that Ten Thousand Pounds Credit, issued upon Ten Thousand Pounds in Money, can have no grea­ter Value of Security than its Original Fund of Ten Thousand Pounds in Mo­ney; which yet (as is most Notorious) few (if any) Banks have, what­ever they pretend: But Ten Thousand Pounds Credit, issuing by and from this Office or Undertaking, is firmly secured by Twenty Two Thousand Five Hundred Pounds Value; every Rent-Charge of One Hundred Pounds per An­num for One Hundred Years, being to be secured (above all Reprises) by One Hundred and Fifty Pounds per Annum, in Land, for One Hundred and Fifty Years; and (since the Ten Thousand Pounds Credit issued, upon thus securing the Payment of One Hundred Pounds Annuity or Rent-Charge for One Hundred Years, is not to be called for at one Time, and in one Sum, but Annually, in small and equal Payments, for an Hundred Years) the Security is unquestion­ably good, for such Payments to be duly made in such a term: The Bills there­fore have thus most evidently a more than double Real, Solid, and Intrinsick Value, inseparably adhering to them: This Credit more than doubly secured. The Land must Annually call for them, till the Hundred Years be out: The Land must Annu­ally call for these Bills. The Office must Annually destroy them as they come in for Rent: And the Office must Annually destroy them. At the end of the Hundred Years they will therefore be all destroyed; These Bills will all be cancelled at the end of 100 Years. their annexed Value making them (beyond all just Exception) safe to all pro interim. Since therefore the Advantages accruing by the said intend­ed Bills of Credit, are so many, so great, and obvious; and since none can pos­sibly lose by them, there can be no just cause of Doubt, but that Safety and Con­venience must necessarily give them a general Esteem and Currency.

18. Why must this Credit continue no more nor less than 100 Year? But to such as enquire, why these Rent Charges are to continue for the Term of One Hundred Years just, and not for Fifty Years, or Two Hundred Years, or more, or less: It is hereby answered, Answer. That One Hundred Years is found requisite and necessary to the good Ends intended by this Office of Land Credit, and to the Support and Safety of it; so as to make all things bear, and answer, not only the very great Expence and Charge absolutely necessary there­in, but also the Security, Profit, Advantages and Intentions of it; and therefore a less Term were incompetent, and a greater Term (tho' possibly it might be done yet) is not wanted now; and may (if thought fit) be done hereafter, when time shall by Experience have shewn the Benefits of such a Credit. If a­ny shall wonder, how the same Land can securely raise One Hundred Years Va­lue, that may be Bought in Fee for Twenty Years Purchase: How 100 Years Va­lue can be raised upon Land, that will sell but for 20, It is also answer­ed, [Page 6] Answer. That when a Sum of Money is to be repaid at once with Interest, then it cannot securely much exceed one half, or two thirds of the common Purchase of the Land; but where the Money is to be repaid by equal Annual Payments only, there a Year and half in Rent can well secure a Years Rent, and so in proportion of Time and Value.

19. How this Credit se­cured. And whereas this Undertaking raises, by Advance or Anticipation, the Value of One Hundred Years on the Land; it also firmly secures the Annual Re­payment of it in equal Portions, by one third more in Time or Term of Years, and one third more in Rent or Value: And thus Ten Thousand Pounds, raised by advancing One Hundred Years Rent of One Hundred Pounds per Annum in Land, is secured to be repaid in One Hundred equal Annual Payments, 10000 l. therein is secured, by Land, of One Hundred and Fifty Pounds per Annum for One Hundred and Fifty Years, which produces Twenty Two Thousand Five Hundred Pounds, By 22500 l. which is therefore a more than double Security, that such Credit shall be duly Discharged. and is there­fore, without all peradventure, plainly and evidently, a more than double Se­curity, that the Ten Thousand Pounds so raised, must be recalled and discharg­ed, by equal Annual Payments in One Hundred Years, in Payment and Satis­faction of the Credit so raised on such Land by Anticipation as aforesaid. Which Point being thus firmly setled and secured, beyond any possibility of Reasonable Doubt, none that take this Credit can possibly lose by it; which is all that is ex­pected from the Usual Species of Money, and from the best Security.

20. The Premises illustra­ted by an Example. To illustrate this more clearly, what follows is a plain and full Demon­stration of the Validity and Security of the Bills of Land Credit hereby intended, viz. A. settles One Hundred and Fifty Pounds per Annum on Trustees for a Year and half, to secure the Payment of One Hundred Pounds (above all Reprises) at the end of One Year. The Trustees do thereupon issue their Bill of Credit, for One Hundred Pound, chargeable on such Land, and payable at a Year: This Bill is paid out to One Hundred several Persons within the Year; and conse­quently does the Office of so much Ready Money: At the end of the Year, the Bill is either brought to the Trustees, to be Exchanged for Money, and so can­celled; or (which is the same thing) it comes to the Hands of one that Owes One Hundred Pounds to the Trustees, who therefore accept it in lieu of their Debt, and cancel it. And none can reasonably deny, but that this Settlement, and the Bill of Credit so issued thereupon, were a great Convenience to the Landed Man, and answered his Occasions as well as Ready Money; and as se­cure, and greatly useful to all who received it. Now it is most certain, by pa­rity of Reason, that at least an equal Service, Benefit, and Security, will attend Bills of Credit secured by Land, tho' setled for One Hundred Years; and tho' they should all circulate for the whole Term: Bills for 100 Years may be safely current the while, and as use­ful as those payable at a short Term. For they differ but as Majus and Minus, save that the Bills issued for One Hundred Years, have thereby a further Security and Advantage, by reason of the Joint stock in Trade; which will at least exonerate the Land from any Payment, and probably may besides put dou­ble the Money Yearly into the Proprietor of the Lands Purse; and is the result of extending the Term of Years so long.

21. The Security of these Bills grows stronger yearly. But further, the Security of the Bills for One Hundred Years (tho' e­qual at first to the Security of the Bill for One Year, as is clearly made out) grows stronger every Year as the Bills come in: For that all the same Lands are still tyed, as at first, to make good the Bills to the very end and expiration of the whole Term of One Hundred Years. Had the instance of the Bill pay­able at one Year, been made to consist of One Hundred Bills, payable in equal Portions, and at equal Distances in that One Year, it had then been so for pa­rallel in Security with the Bills of One Hundred Years; because both Securities had then been alike strengthened, by the gradual paying in of the Bills: But still, both the Security and Benefit of the Bills for One Hundred Years are far superior to the other, from the Necessary Consequences of the great Benefits [Page 7] accruing by means of the Joint-stock in Trade; of which Advantages, the o­ther sort of Bills are wholly uncapable. And this (as is conceived) amounts to a full Demonstration, that the hereby intended Bills of Credit are not barely equally secure with any other sort of Bills, but are more secure, and more va­luable; and that because they are extended to One Hundred Years; which yet some Ignorantly, and others Maliciously object as a fault in them. And thus, tho' a part be not greater than its whole, nor a term than a perpetuity, yet a part of one thing, may be greater than the whole of another; and a part of the same thing has often, by Improvement, become more Valuable than its whole was (either by Estimation, or in Reality) worth, without and before such Improvement. A part may be impro­ved to a greater Value than the whole was before, or can be with­out, such Improve­ment. Hence it is, that a Term of Years, as applied by this Under­taking, is really far more Valuable than the perpetuity of the same Estate, without such Application. And a Term thus ap­plied is better than the Perpetuity not so appli­ed.

22. And that, tho' it is acknowledged, that indeed common Mortgages are a very Ancient sort of Credit upon Land; Mortgages a very an­cient sort of Credit; But troublesome; but yet because they cannot be trans­ferred without Trouble, Hazard, Charge, and Loss of Time; and because they are generally in Sums not so well suited to common or frequent occasions, And not well suited to general Occasions. they are still (as their Name imports) but dead Pledges, and a very lame and imperfect Credit; Dead Pledges, and but an imperfect Cre­dit. and therefore Interest is justly required upon them, to com­pensate for those Defects and Inconveniences. Interest necessary upon Mortgages, and why. But not upon these Bills, and why. Whereas the Bills of Credit to issue by and from this Office or Undertaking, are so many living Pledges, and readily, and securely circulating Mortgages, qualified with all the Essentials of Current Money; they are also transferrable as Money it self, by the bare Act of Payment, Tale, or Delivery; and being in their Values and Denominati­ons well suited to the general Uses of Trade and Business, it follows by plain and evident Deduction, that no Demand of Interest can fairly be made upon them; and that they do well and perfectly answer all that is pretended of them by the Undertakers; which is, the whole advantage of sound and safe Credit. Were this Undertaking Calculated purely for little, narrow, selfish, sinister, and by-ends, This Ʋndertaking not calculated for narrow or sinister Ends. then indeed the Undertakers would contrive (under pretences specious enough) to allure Men to load their Estates to a Debt of three fourths of the full Value, principal Sum, leaving them subjected to a design'd Fore­closure and Sale, which in such case would no doubt be the necessary and ine­vitable Consequence. But such are the Benefits tendered and intended by this Office of Land Credit, that it will intirely free the Estates of those concerned in it; and lead them besides into a gainful Trade. The Noble and Ad­vantagious Contri­vance of this Office.

23. And they the said Joint Undertakers and Managers, do hereby most so­lemnly declare, That great Care and Caution shall be had, in the Examining of every Title to be received into this Undertaking. Care against Bad Ti­tles. That the Land Proprie­tors shall and may hold and enjoy their Lands to be setled for this Undertaking, Proprietors to be al­ways in possession of their Lands thus set­led. and receive and take the Rents, Issues and Profits thereof peaceably and quietly, during the whole Term of Years for which such Lands shall be so setled, with­out any Lett or Interruption by or from this Undertaking, or by reason or means thereof, or of the Settlement of such Lands thereon; unless such Land Proprietors become Two Years in Arrear of their Rent Charges, Ʋnless two Year in Arrear. or Annual Payments; in which Case only, this Office or Undertaking may Enter and Hold such Estate or Estates, until due Satisfaction shall be made of such Arrears, and no longer. For then, the Office may Enter and Hold, till Satisfaction. But that during the time this Office shall be in Possession of any such Estate, no Damage, Waste or Spoil shall thereon be wit­tingly or willingly committed or suffered by this Office, or any belonging to it: But to do no Damage; Nor shall this Office Under-lett, Impair or Disparage any such Estate, Nor Ʋnder-lett: but shall rather Use, Improve and Occupy the same, to the most and best Advan­tage for the good of the respective Proprietor; But rather improve the Estate; and shall peaceably and quietly restore such Estate, at any time, upon Demand, and upon full Satisfaction And restore it at any time, upon Demand and Payment. [Page 8] made, of all Arrears of Rent, and of all reasonable and needful Charges and Expences for Seizing and Holding such Estates; the Office duly accounting for Profits received. Accounting for Mesne profits. And that if any Estate so as aforesaid to be setled, shall here­after become considerably and solidly improved in its true Value, above what it really was when so setled as aforesaid, that then the Proprietor of such Estate, may either raise more Credit thereupon, in proportion to such Improvement, or to such part of it as he shall think fit; Ʋpon Improvement of any Estate, the Pro­prietor may raise more Credit: or may have such part of his Estate freed and discharged from this Office, Or may free such O­verplus, from the En­gagement to the Office. as shall be more than the requisite Security for the Credit at first raised and issued on the whole of such Estate. That this Of­fice being duly secured, The Office being safe, things to be interpre­ted in favour of Pro­prietors: by the Conveyance for the setling of any Annuity on this Undertaking, as the Nature of each Case may respectively require; no far­ther Advantage is to be taken of any thing, omitted, implied or expressed in or by such Conveyance, in prejudice of any Land Proprietor; but the Office being safe, all things else are to be taken most favourably for the Proprietor; and Proprietors are at all times (before or after any Entry by or for this Of­fice) to have Power to make any Lease or Leases, of all, or any part of such their Estates, so as not to injure the Title, or to lessen the Rent, that secures the Annual Payments to this Office. Who (before or after Entry) may make Leases, not hurting the Title, or lessening the Rent. That Counterfeit Bills of Credit cannot be imposed on the Office, or upon others, without the apparent Negligence of such as receive them. Bills so contrived that none need be deceived with false. That no Bill of Credit can possibly be issued, but what is duly founded upon Land. No Bill can be issued without a due Fund. That all Bills of Credit, that come in for the An­nual Payment of the Rent Charges shall be duly cancelled; All Bills must be can­celled; as their Fund ceases. so that none shall remain, upon the same Fund, after One Hundred Yearly Payments of such Rent Charges. That a due Provision shall be made for the support of the Office in all its parts, Provision for support of the Office. for the whole One Hundred Years, in all its Charges, Ordinary and Contingent. That the Joint-stock in Trade shall be fairly managed, and in such sort, that the good of the Nation in general shall be always regarded, and no Engrossing or Monopolizing suffered to the hurt of the People. Nature of the Ma­nagement of the Joint­stock. That the Books, Accounts, and Papers of the said Joint-stock of Trade, shall be o­pen at Convenient Times to the Visitation, Inspection and View of all concern­ed; as also of the Members of Both Houses of Parliament; of all great Officers and Ministers of State, and of the Royal Houshold; of all Privy Counsellors; and in general, of all Persons of Quality, Honour, or other Eminence; or to any Eminent Merchant or Trader; to obviate all possible Umbrage, from any reasonable Doubts, of Sinister and Clandestine Actions. All its Books and Pro­ceedings may be en­quired into, when fairly desired. That the Checks and Comptroul upon this Undertaking, be by those concerned in Honour and Inte­rest to suffer nothing Injurious to the Publick, or to Particulars; all which, will further and more plainly herein after appear.

24. And they the said Joint Undertakers and Managers do hereby further agree and declare, That the Grand and Essential Constituent Parts, and the fixt and general Management and Oeconomy, of the Settlement and Constitu­tion hereby mentioned and intended to be, by these Presents agreed, setled, and declared, shall for ever unalterably be as followeth, viz.

25. The Ʋndertaking con­sists of three principal parts. The whole Undertaking hereby intended, shall consist of the Union of these Three, Principal Parts, Members, or Branches, viz.

• First, The Branch of the Setled Lords, or Noble Visitors.
• Secondly, The Branch of the Land Subscribers, and Proprietors.
• Thirdly, The Branch of the Undertakers, and Managers. Of which in their Order.

26. First, the Lords Visi­tor.. First, There shall be Twelve fixt and setled Lords, or Noble Visitors, viz. Great Officers or Ministers of State, or Noblemen in publick Imploy­ment, [Page 9] if they please to accept and perform the same, else others of Honour, and Eminent Dignity or Quality, fit to Undertake so great a Trust, are to be no­minated and setled by the Undertakers. What is submitted to their Care. These Noble Visitors shall or may have a Personal Superintendance, the first Wednesday in every Month, between the Hours of Nine and Twelve in the Forenoon, being twelve times a Year certain, for each, and oftner if they please; and then (when oft­ner) jointly or separately, as they shall think fit; and likewise at any time upon the humble Request of the Branch of Undertakers and Managers; the Branch of Land Subscribers and Proprietors; the Chamber of Comptroul; the Cham­ber of Trade; and the Chamber of Trustees, or any Three, or more of them the said Branches and Chambers.

27. Quorum of the Visi­tors. And that such three or more of the Branch of the Noble Visitors as shall be present at the Hour and Place appointed for any of the Meetings of or for the said Branch, may proceed to Business, and have and exercise the same Pow­ers, as if all the Members of the said Branch were present; except in the Case of the Admonition mentioned in the next ensuing Paragraph.

28. Visitors Power, and manner of redressing what's amiss. And that this Branch of the Noble Visitors have the Visitation, Inspection and Examination of all Matters and Things in general, relating to this whole Undertaking, and may thereupon, by their Admonition in Writing, under the Hands of any Seven, or more of them, require the Redress of what they shall judge amiss; having first heard the Respective Branch, Office, or Cham­ber; and that such their Admonition be either obeyed, or such Reasons given to the contrary, as shall be agreed to be satisfactory by the said Branch of Visi­tors; or by the Branch of Undertakers and Managers, the Chamber of Trade, and the Chamber of Comptroul, or any Two of them. And this Superinten­dance of this Branch of the Noble Visitors, is hereby setled and constituted, to the Intent that the Lords, or others, composing this Branch, may thus have al­ways in their Power, to prevent or remedy the transacting of any thing by this Office and Undertaking, that may be hurtful or injurious to the Government, or to the People. Intent of their Super­intendance.

29. And that any Member of this Branch of the Noble Visitors, absenting himself from the said Monthly Meetings at any time for Six Months together, shall ipso facto cease to be a Visitor, Visitor ceases to be so, if Six Months absent. and his Place shall and may be supplied, or filled up by such Person, agreeable to this Constitution, as the Undertakers shall thereto Elect. His Place, how sup­plied.

30. Choice of their Audi­tor. And that the Auditor, herein after mentioned, for this Branch of the Noble Visitors, shall be Elected by a Majority of such of the said Visitors as shall be present, at the time of Election: Choice of their Comp­trolers, and Gover­nors of Trade:But that each Mem­ber of this Branch of the Visitors, have the Nomination and Appoint­ment, in Writing under their Hands, of One apiece of the Comptrolers, and Governors of Trade, herein after mentioned, for their Branch: All which, shall continue for Life, unless removed by a Majority of the said Visitors, or otherwise according to this Constitution; All which, for Life, unless, &c. and the Vacancies of such Officers are to be filled in Course by the said Visitors in their several Turns; no Visitor presenting twice to any such Office, till all have presented round. And that in all Questions and Votes for the Branch of Visitors, each Member have but one single and equal Voice. Each Visitor, one Vote.

31. Their Comptrolers. And this Branch of Visitors do also superintend this Undertaking conti­nually by Comptrolers, being Persons of known Worth and Quality, chosen by them, in manner as is herein before mentioned, upon convenient notice by the Chamber of Undertakers; In case the Visitors neglect to chuse them. otherwise by the Undertakers and Managers e­qually with the Governours of the Joint-stock in Trade, and Chamber of Comptroul above-mentioned, or any Two of them; Comptrolers Employ­ment.which Comptrollers are (by direction of, and in subordination to the said Noble Visitors) to be Wit­nesses [Page 10] between the Government; the People in general, and the Land Sub­scribers and Proprietors in particular, of the just and fair Management of the said hereby intended Office and Undertaking. The said Noble Visitors, do al­so upon like convenient notice, chuse (in manner herein before-mentioned) one third of the Governours of the Trade, Governours of Trade chosen in proportion by the Visitors: and an Auditor: Or for want of such choice, the Chambers of Managers, of Trade, and of Comptroul, or any Two of them are to appoint them. And an Auditor; in case the Visitors neg­lect such choice.

32. Chamber of Comp­troul. It is to be adverted, That the Chamber of Comptroul is to consist, not only of those Members thereof so as aforesaid to be chosen by the said Noble Visitors, but also of an equal number of like Worth and Quality chosen by the Branch of the Land Subscribers, and likewise a like Number, and of like Worth and Quality chosen by the Branch of Managers; which three sorts of Elected Comptrollers are together to make one Chamber; Business of the said Chamber. and to take effectual Care, that no Credit be issued without a due Fund; that is to say, that Credit for One Hundred Years, and no more, be issued upon Estates made over for One Hun­dred and Fifty Years to the Trustees for this Undertaking, according to the intention of this Constitution: That the Credit paid back for Rent be duly cancelled: And that there be a sufficient Provision for the due support of the whole Undertaking, during the whole Term of its continuance, in all its Char­ges stated and contingent; and they are to have a superintendance over the Go­vernours of Trade, so far as to prevent the Embezelling, or imprudent Hazard­ing of the Joint-stock.

33. Secondly, The Land Subscribers and Proprietors chuse one third of the Governours of Trade, an Auditor, and Comptrolers, as before; Secondly, the Land­proprietors, they chuse their Governours of Trade, an Auditor, and Comptrolers. in which E­lection, every Proprietor shall have one Vote, and no more; which Vote may indifferently be given in Person, or by Proxy; Comptrolers Duty.and the Comptrolers thus to be chosen, by this Branch of the Land Subscribers and Proprietors, are to join with those chosen by the Lords Visitors, as before; and those chosen by the Undertakers; and to exercise together the several Powers and Trusts before­mentioned, in the three last preceeding Paragraphs or Articles. The Land Proprietors, or any of them, may at any time (upon their Request, and at their Charge) exchange their Subscribed Estates for others of equal Value; Land-proprietors may exchange their Secu­rities. such other Estates passing thro' all the forms of the Office, as the first setled E­states shall have done: And at any time, within the first Five Years after o­pening the said hereby Constituted Office of Land Credit, and the Actual issu­ing of Bills by the said Office, they may (Conveening in a Body) draw out of the Office, by the Major Votes of three fourths, or more of them; And may upon Joint­agreement, within the first five Years, with­draw their Securities. and up­on paying back the Bills of Credit issued, by the said hereby intended and con­stituted Office or Undertaking, on their Estates according to this Constitution, shall have back their Estates, paying only after the Rate of Six per Cent. per Annum, as Interest for the Credit so raised on their Estates as aforesaid; or any single Subscriber may at any time (upon his Request in that Behalf, and at his Charge) after the said first Five Years from opening the Office, have back his Estate, upon payment to the Office the Credit, Any single Subscriber may, upon request, withdraw at any time after. issued as aforesaid, upon his Estate, together with Interest for the same, as aforesaid, after the Rate of Six per Cent. per Annum.

34. Thirdly, The Branch or Chamber of the Undertakers and Managers shall retain Learned Councel for the strict Examining of Titles, Thirdly, The Ʋnder­takers and Managers chuse Councel at Law: and due Settlement of Estates; and shall Nominate and Chuse certain Persons, on whom the E­states Subscribed to this Undertaking are to be legally setled, in Trust for the due payment of the Annuities for One Hundred Years, Trustees for Estates: as aforesaid. The said Branch of Managers have also the Nomination and Choice of one third part of the Governours of Trade; A third of the Gover­nours of Trade: as also of one Auditor, and of Comptrolers to join with the Comptrolers chosen by the Lords Visitors, An Auditor; and Comptrolers. and those chosen by the [Page 11] Proprietors. There is to be an equal Number of these Comptrolers, chosen by each of the said Three Principal Parts composing this Office of Credit; and such Comptrolers are together, to exercise the several Powers and Trusts, as in the preceeding Clause relating to the Power and Office of the Branch of the Noble Visitors.

35. And the Undertakers, in particular, are to make due provision for sup­port of the whole Undertaking, Ʋndertakers are, in particular, to make due provision for the Expence of the Office. in defraying (out of the Twenty Years Va­lue reserved for that end out of the said Hundred Years Credit, so as aforesaid to be Raised on the Estates setled for this Undertaking) all the Charges stated and contingent, (except those of the Joint-stock in Trade, which are to be defrayed as herein after) during the said Hundred Years; and like­wise to provide, in the most effectual manner, to prevent and detect Counter­feit Bills, To prevent and detect Counterfeit Bills: and to take Care of and for the Just and Regular Execution and Oe­conomy of the whole, And for the just Ad­ministration of the whole. and all its parts, and that all be transacted with Justice and Impartiality.

36. And it is hereby provided and constituted, That this Branch of Under­takers and Managers, shall consist of at least Eleven Persons, and at most of One and Twenty; besides the Ten herein named Honorary Managers, which are only Temporary, and not Essential to the Undertaking. This Branch to consist of at least 11, and at most 21, besides the 10 herein named Ho­norary Managers, which are only Tempe­rary. And that any Five or more of this Branch (whereof Three or more to be of the Number of the first Eight Original Undertakers, or such as legally represent them) shall be such a Meeting or Committee, by a Majority of whom, all Matters appertain­ing to this Branch are to be decided by Vote, Scrutiny, or Balot; wherein each Person is to have only one single Vote. How many Transact. And that all the fixt and constant Un­dertakers and Managers shall have as due notice of Meetings as may be, and are duly to attend the Service; but that the Honorary Managers be at their Li­berty to come when, and as they please. And that all new Members of this Branch, be only chosen by the Chamber of Undertakers; New Members Cho­sen. but that none be E­lected, till first proposed in Three several Meetings of the said Chamber, and then such Elections to be decided by the Balot; and that no Person, so to be E­lected, shall be admitted or accounted as a Member of this Branch, unless first Signing to such previous Orders, as shall be thought fit; upon failure whereof, such Election is to be Null and Void.

37. Ʋndertakers make Rules and Orders. And that the said Chamber of Undertakers have full Power, in such their Meetings, to make Resolves, Rules, Orders, Establishments, and Re­gulations, for the well Governing of themselves, and for the General Direction and Oeconomy of the whole Undertaking; with regard to the common Prospe­rity thereof, and pursuant to the tenor and true meaning of this Constitu­tion. And that every Member of this Office and Undertaking, do Act Conform to such Rules and Orders, upon pain of Suspension, Deprivation, or Expulsion, and of utter Incapacity of Re-admission into this Office or Un­dertaking, or into any of the dependents thereof, as the case may require.

38. And that the said Chamber of Undertakers, do choose all manner of Officers and Servants, in any sort regarding this Office of Land Credit, And Chuse all offi­cers: that are not Expresly limited in and by this Constitution to be otherwise chosen. And that in the said Undertakers do reside, the sole Power to pro­vide all appartments, for all the Branches and Chambers of this Undertaking; except for the Chamber of Trade; as also all Stationary Ware, Candles, Few­el, and other Conveniencies, and Necessaries: And to defray, out of the rising Profits of this Office of Land Credit, all constant Incident and Contingent Charges; and order payment thereof, and of Salaries Bills and Expences thereto relating: Not herein limited to be otherwise chosen; And do provide, and defray. except of the Trade: And likewise to Employ the Fund, set apart for Support of the Office, in the most prudent Manner to that end, to the best of their Judgments; And have a general Care and Inspection. and with the Advice and Consent of the [Page 12] Chamber of Comptrol. And that this Branch of Undertakers and Managers, do take a particular care, that all Persons belonging to this Undertaking, do discharge their several Duties. And that this Branch, do also hear Examine and Redress, all Complaints and Grievances of all manner of Officers be­longing to this Undertaking, either directly under this Branch, or by appeal from any other Branch or Chamber, alone, or jointly with some other Cham­ber or Chambers, as the Nature of the case may require,

39. And they the said Undertakers and Managers, do hereby further agree and declare, that for the better Diffusing the Good intended by this Undertak­ing, Credit may be raised, not only upon Lands in Fee, as before, but also, upon Leases, and upon Houses; The Credit extended to Leases and Houses. with these Restrictions, viz. As to Leases, that none be Admitted for a less Term than thirty Years to come; nor of less value than Fifteen pounds per Annum; and such a Lease (if of Land) may secure Ten pounds per Annum, for twenty Years; which is two thirds of the Rent, for two thirds of the Term; or it may secure four Ninth's of the Rent, for the whole Term; the Security being both ways equal, and more than double; and such a Lease is therefore to receive the several Quotas of Credit, in proportion with Lands in Fee, as herein before is particularly set forth and declared. And on what Terms, as to Leases.

As to Houses to be In­sured against Fire.40. And that as to Houses, not only they are to be Insured from Fire, But likewise for as much as Houses are, by decay and Dilapidation, Subjected to more and greater Hazard and Contingency than Lands; therefore a double Value in Houses is required, by this Undertaking, to Secure the Credit to be Issued thereon.

Provision against Neg­ligence, or Damage, by any relating to this Constitution.41. And for the better and more Effectual prevention, of any hindrance, impediment or obstruction, in the affairs and business of this great Undertak­ing, that may arise by the Default. Willfulness, Perversness, Obstinacy, or voluntary, Negligence, of any Person or Persons whatsoever, from time to time to be Employed in this Office of Land Credit, or any of the Branches or Chambers thereto belonging; It is hereby further declared to be an Es­sential of this Constitution, that if any one of the said three Principal Con­stituent Members or Branches thereof, do or shall, at any time hereafter, Plainly, Openly, or Willfully, neglect their duty, in Matters of Consequence, and do not rectify the same, upon Notice given by both, or either of the o­ther Branches, or by the Chamber of Comptrol as Representing the Branch of Visitors, or by the Chamber of Trade, as Representing the Branch of the Land Subscribers and Proprietors, or by the Chamber of Undertakers, that then the other two Branches of this Undertaking, or the Respective Cham­bers of Trade, and of Comptrol, the first as Representing the Branch of Pro­prietors, and the Second as Representing the Branch of Visitors, as the case shall require, shall and may Supply such defect pro interim and may Pro natura commissi vel delicti, Suspend or remove such Person or Persons, as upon Inquiry and Examination, shall appear to be faulty therein; whose places are to be Resupplied by their respective Branch or Chamber, accord­ing to the true meaning of this present Constitution.

42. Freedom reserved to Dr. Chamberlen, the Ʋndertakers, or Ma­nagers, and Comptro­lers, to be present at the debates of any of the several Chambers. And also, that the said Hugh Chamberlen, or any Member of the Chamber of Undertakers, or Branch of Managers, as also any of the Comp­trolers, may be at any time present in any of the Branches, Chambers, or Offices, belonging to this Undertaking; and may there freely, Ask, Inquire Move, or Offer whatever any of them shall Judge to be Conducing to the Ge­neral Good.

43. Governors of Trade, the Constant Repre­sentatives of the Pro­prietors. And it is hereby Declared to be also an Essential of this Constitution, that the Governors of the Trade, are to be the Constant Representative of the Branch of the Land Subscribers and Proprietors; and to do all acts for them, in the [Page 13] Intervals of the Session of that Branch; to prevent the Trouble and Inconve­nience of too frequent Assembling so great a Body without Just and Necessa­ry Cause.

Yet that the Body of the Proprietors may, upon occasion, assem­ble, or be assem [...]led, in person, or by Proxy.44. Yet that the Body of the Proprietors may by Order of one, or both of the other Branches, or of the said Chamber of Undertakers, be assembled in Per­son, or by Proxy; or the said Body of Proprietors may also be assembled, at the Request of any Fifty Person, or more, being Proprietors for one third, or more, of the whole of the Rent-Charges, that for the time being shall be vested as aforesaid, in the Trustees for Estates setled for the Service of this Underta­king. And that the said Branch of Proprietors being so Assembled, may, at their pleasure, freely inquire into, and examine all Books, Papers, Accompts and Proceedings, in any wise belonging or appertaining to this Undertaking, or any of the Branches, Chambers or Offices thereof; and may prepare and give into the Chambers of Managers and of Comptrol, or either of them, What the Proprietors being assembled may do. Memorials of whatever they shall judge fit and proper; which done, that Assembly is, for that time, dissolved; and thereupon the Chambers of Comptrol, of Trade, and of Management, are forthwith to deliberate, thereon de die in diem, till Resolutions be taken by the said three Chambers, or any two of them, in every point contained in such Memorials: which Resolutions, with the Rea­sons whereon they were Founded, are to be Entred fair by the Secretaries of those three Chambers. Their Memorials re­mitted to the Judg­ment of the three Chambers of Comptrol of Trade, and of Ma­nagement.

45. And it is likewise hereby Provided and Constituted, that the Land Proprietors do at first meet as Subscribers onely, and do then choose the Au­ditor, Comptrolers, and Governors of Trade for that Branch; in order to Set­tle these three Chambers, and give a beginning to the Undertaking: First Meeting of the Land Subscribers. Which Elections made, that Assembly is Dissolved, and no more to be Reassembled as meer Subscribers: But, within one Year after two hundred thousand pounds per Annum, shall be Actually made over to this Undertaking, all the then so settled Land Subscribers and Proprietors, are to be Re-assembled, Their second Meeting. in a Ge­neral Meeting of that Branch; which till then is to be in all things Repre­sented by the Chamber of Trade as at first settled. Till when, represented by the Chamber of Trade. This Branch, thus Re-assembled, are to Elect their Auditor, Comptrolers, and Governors of Trade, either de novo, or the same Persons, or any of them, that shall then be found in the Administration of those Employments. What they do at their second Meeting. The said Branch may also then Proceed, to Frame any Remonstrance or Memorial, they shall Judge Proper to the Good of the Undertaking, and may transmit the same to such Consideration as herein before, on like occasion, is directed to be done; and are then, for that time, dissolved.

46. How the Branch of Land Subscribers to be Summoned. And that, the Summons or Notice for Assembling of this Branch, shall be by affixing Papers of the time and place of Meeting, at and in all or most of the Appartments of the Several Branches or Chambers of this Undertaking; at the Royal Exchange in London; at Westminster Hall; at the four Inns of Court; at Temple Bar; at Charing Cross; at St. James's; and So-Ho; and at other Eminent and Publick Places in and about the Cities of London and Westminster; and likewise by causing Notice of such Meeting to be put into the Gazett; or other publick News Papers, if the same will be permitted on the Usual Terms of Common Advertisements: And that at Least fourteen Days Notice be given of every such Meeting; and that such Notice having been so given, any fifty or more of them appearing, are to have as full Right and Power to proceed to Business, as if all were present.

Number of Votes in the Chamber of Trade.47. And it is hereby further declared, that in the Chamber of Trade, the Six and thirty Governors (of which Number that Chamber is to Consist) are but three distinct Votes, that is to say, the Twelve Governors chosen by [Page 14] the Lords Visitors, or any three or more of them, are one vote; the Twelve Governors chosen by the Land Subscribers or Proprietors; or any three or more of them, are also one vote; and the Twelve Governors, or any three or more of them, chosen by the Office Chamber or Branch of Managers are likewise one Vote; and a Quorum is to consist of three or more of the Governors for each Branch. Their Quorum.

48. Votes in the Chamber of Comptrol. And that in the Chamber of Comptrol are Likewise to be but three distinct Votes, that is to say, one for each of the three aforesaid chief and Constituent Branches; and a Quorum is to consist of any three or more of the Comptrollers for each Branch. Their Quorum.

49. And it is hereby declared to be Absolutely and Indispensibly Essential, that the Hands of three of the Comptrolers, (viz.) of one for each Branch, are to be to every Bill of Land Credit to be Issued by this Office or Un­dertaking, One Comptroler of each Branch, to attest every Bill. in Attestation to all Men, that they are duely and bona fide founded upon Land, according to the tenor and true Intent and Meaning of these presents. And that such Bills of this Credit, as shall return back to this Office, for and in lieu of the Rent Charges or Annual payments, as aforesaid, shall be Annually Cancelled; And that the Bills be duely Cancelled. and an Authentick Registry or Entry thereof made, by or in presence of one or more of the said Comptrolers for each of the said three Branches; who shall signe such Entry or Registry thereof, and cause the same to be Countersigned by the Secretary of that Chamber.

50. And it is hereby further declared, that the most exact care and caution, shall from time to time be taken, for Security of the Treasure belonging to this Office or Undertaking, Care of the Treasury. to prevent any Loss or Embezlement therof: And care is to be taken, that the Treasury Chamber do pay and dispose the same according to proper Orders, Treasurers duty. being careful to take due Vouchers to Discharge it self thereof, according to the Tenour or true intent and meaning of this pre­sent Constitution, and such Establishment and Orders as shall be made in pur­suance hereof.

51. Comptrolers and Go­vernors of Trade, belonging to the Visi­tors, or Subscribers, are to fill up the Va­cancy of any Office of their respective Bran­ches. And that the Comptrolers and Governors of Trade, for the Lords Vi­sitors, or Proprietors, may severally and respectively fill or Supply, the Va­cancy of any Office belonging to their several and respective Principals; which Choice shall or may be laid before such Principals at their next Assembling, to be Confirmed or Annulled at their pleasure; saving to the Lords Visitors, the Power of Presenting or Chusing Comptrolers and Governors of Trade from time to time as is herein before particularly Mentioned.

Place of paying the Rent Charges; and the time.52. And further, That the several Rent-Charges, or Annual Payments to this Undertaking, are to be made payable at the Chamber of Comptroul, in Easter Term Yearly, or within Forty Days following, till the end of the Term of Years for such Annuities, or Yearly Payments; and the first payment thereof is to be made, in the first Easter Term from and after the end of the first Year, When the first Pay­ment is to commence. from the Conveyance of each Estate to this Undertaking, by the respective Sub­scriber or Proprietor; or within Forty Days after the said last-mentioned Easter Term.

53. And further, That the Chamber of Trade is solely to be defrayed in all its Charges, stated and contingent, out of one fourth part of the Neat Profits a­rising by such Trade: Joint-stock is to de­fray its proper charge and expence, out of the fourth part of the neat Profits. Out of which fourth part, the Six and Thirty Gover­nours thereof (as Men of Worth and Value imployed in so great Affairs, and to incourage their utmost Application, and sincere Transacting, in discharge of their Trusts, without making any private, clandestine, or other Profit to them­selves, over and above the Allowance to them hereby appointed) are to be al­lowed Five Hundred Pounds a-piece per Annum, for their standing Fee; Salary of the Gover­nors of Trade. in case the same exceed not one third, of the aforesaid fourth part, of the Neat produce of the said Trade, before hereby allotted for defraying all manner of Charge, [Page 15] stated and contingent, relating to, or affecting the said Chamber of Trade.

54. Contingent Perqui­sites to the Gover­nours of Trade. And that as a further inducement to the Application and Industry of the said Six and Thirty Governours, Ten Shillings in the Pound shall be further al­lowed, out of all Profits to arise by such Trade, over and above Ten per Cent. per Annum: Of which Poundage, one half shall be divided equally among the said Six and Thirty Governours; and the other half shall be distributed, among such Subordinate Officers or Servants belonging to the said Chamber of Trade; or among such other Person or Persons that shall render any Eminent Service in particular to the said Chamber of Trade, or in General to this Undertaking, in all or any of its Parts or Branches; And to their Subordi­nate Officers, and o­thers, for Eminent Service. such Rewards, to be given according to the several and respective Merits of every, or any such Person or Persons, whereof the said Governours of Trade are to be Judges: Of which, the Go­vernours of Trade are to judge. Yet so, that an Appeal may be made to the Office or Chamber of Management, and to the Chamber of Comp­troul, by any who are aggrieved by the distribution of such Rewards: Yet an Appeal lies, and when. Which Chambers, shall thereupon take those Matters into Consideration; and such Or­der therein shall stand and be decisive, as the said Three Chambers, of Comp­troul, of Management, and of Trade, or any Two of them, shall think fit to agree and determine.

55. And further, That the said Chamber of Trade, shall also have full Power to chuse all their own Officers; Chambers of Trade chuse their own Offi­cers. except their Secretary, who is to be chosen by the Chamber of Undertakers; and whose Salary, of Five Hundred Pounds per An­num, is to be paid by the said Chamber of Trade, out of the aforesaid one fourth part of the Profits of the Joint-stock: And the said Chamber of Trade, is to make all Rules and Orders for it self, Officers, and Dependents; and to deliberate and determine upon all Matters and Incidents relating to their Trade; Powers of the Cham­ber of Trade. yet so, as that the said Chamber, at any time upon Demand or Request in that behalf made, by the Lords Visitors, by the Branch of Proprietors, by the Branch of Managers, and by the Chamber of Comptroul, or Chamber of Undertakers, or by any of them, shall at any time communicate and impart to them, or any of them, so desiring, all Matters and Things whatsoever, that shall be demanded or desired: Subject to an Enquiry, by the several Bran­ches, and Chambers, of Comptroul, and of Ʋndertakers. And if the said Lords Visitors, Proprietors, Undertakers, Mana­gers, and Comptrolers, or any three, or more of them, the said Branches, Cham­bers or Offices, shall disagree to any Project of Trade, pursuing or intended by the said Chamber of Trade, as too hazardous in its self, or as any way prejudi­cial to the English Crown or Nation; then such Project of Trade shall be forth­with wholly discontinued, or laid aside, and no further practised or pursued. And the Reason why.

56. And further, That the said Chamber of Trade, are never to Endeavour the becoming the sole Trader to any part or place, or in any Commodity, exclu­sive to others; Against Exclusive In­grossings, to the pub­lick prejudice. nor are at any time to ingross any sort of Commodity, Goods or Merchandize, unless in order to serve the Nation better and cheaper than would otherwise have been done: And then that the produce of such Trade do not in any such Case exceed Twenty per Cent. per Annum; nor more than Ten per Cent. per Annum, at the utmost, Profits limited, in case of Ingrossing, to 10 per Cent. in some cases, and to 20 in o­thers. in Commodities of Necessity to the support of Life, or Goods, or Merchandize, for Service of the King in his Fleets or Ar­mies.

57. Care for Monied Per­sons, Widows, and Orphans. And it is hereby further declared, That for the Accommodation of such Monied Persons, whether Widows, Orphans, or others, who know no better way to Employ their Stocks of Money, they may at all times bring into the Joint-stock of Trade, what Sum or Sums of Money they please, either by way of Loan, at Five per Cent. Interest; or by way of Profit and Loss in the Trade: So that no Fractional Sums, but only even Hundred Pounds, be so brought in; and no less Sum than One Hundred Pounds. And so, that what shall be brought in upon Loan, shall continue for One Year certain, and after at Six Months no­tice [Page 16] from the time of Interest being payable: And also that the Money so to be brought in to Trade upon Profit and Loss, shall not be drawn out, but may at any time be transferred in the Books of the Chamber of Trade: Upon which Consideration, such Money so to be brought in upon Profit or Loss, shall be ad­mitted to proportional Dividends, with Land Proprietors, of the Profits to a­rise by the Joint-stock of Trade, so as aforesaid to be setled and erected: And this provision is thus made, to the intent that none may be necessitated to keep Money by them dead and unimployed; and thereby be forced, to their Loss, to live upon their Principal: The reason for their Admission. And also to the end, that Persons ignorant of Trade, and otherwise incapacitated for it, may yet receive the Benefit of it, without the Trouble, and without the Hazard of being wronged or defrauded therein; because of the strict Checks upon this Trade, and the frank and open procedure of it; wherein no secret, clandestine Practices will be permitted, nor any of the narrow, selfish and sinister Arts, of some cunning Merchants, who postpone fair Dealing, and the publick Good, to their private and sordid Lucre.

58. The time for the Joint-stock to Ac­compt. And further, the said Chamber of Trade, shall Yearly make up their Books to Midsummer; so that in Michaelmas Term Yearly, all Persons concern­ed may see, to what amounts their several and respective Quotaes of the Divi­dend of Profit; and may accordingly receive the same, at any time upon De­mand, at the Treasury of the said Chamber of Trade.

59. Office to be held in or about London, &c. And moreover, That the constant Residential Apartments, of the Head or General Office for this Undertaking, that is to say, of the three Principal or Constituent Branches, and of the Chambers of Undertakers, of Trade, of Comp­troul, of Audit, of Counsel, of Treasury, of Trustees, of the Secretaries, Sur­vey, Register, of the Bills, Agent, and others on them depending, shall be held within the Cities or Liberties of London, and Westminster, or one of them; or within the Parts or Places comprized within the London Weekly Bills of Mortality.

Business of every Chamber, to be there­in hung up in Tables.60. And also, That to prevent the imposing upon any Person, who shall Transact or Negotiate any Matters or Things with this Undertaking, the Au­thority, Power, and Business of every Chamber or Office, shall, with all con­venient speed, be hung up therein, fairly written in Tables, and so always con­tinued, in some publick Place of each Chamber or Office, so as to be freely and easily Read by all that please.

61. All Officers for Life; except, &c. And that all manner of Officers, Superior, and Subaltern or Inferior, be for Life; (except those Chosen, the first time, by the Branch of Land Subscri­bers, who are to be subject once to a New Election, as is herein before expres­sed) unless suspended, or removed, in case of wilful and obstinate Neglect or Malversation, having been first admonished, and always heard in their Vindi­cation, before Censure pass upon them.

62. The Salaries to go out of the Profits. And likewise, That all Salaries are to go out of the Profits to arise by this Undertaking; that for the first Year, to be accounted from Midsummer, 1696, only bare Subsistence is to be paid, Only Subsistance to some, for a Year from Midsummer, 1696. to such as cannot be without it: That half Salary be paid to all, as soon as One Hundred Thousand Pound Annuities shall be setled for the Ends of this Undertaking; and that full Salary, according to the Establishment, with all Arrears, including also the first Year from Midsum­mer One Thousand Six Hundred Ninety and Six, be constantly paid, as soon as Two Hundred Thousand Pounds such Annuities shall be so setled. How payment of Sala­ries afterwards.

63. Confirmation of Or­ders already made. And further, That all Resolves, Regulations, Rules, and Orders, made, agreed, or declared, by the Eight Original Undertakers, on the Thirteenth Day of March last, or at any time since by the Chamber of the said Undertakers made, to the Day of the Date hereof, be valid and obliging to all the Parties to these Presents, and to all others properly concerned therein.

[Page 17] 64. Provision against Ele­ction of Ʋnqualified Persons for Auditors, Comptrolers, or Go­vernours of Trade. And Moreover, It is hereby Provided always, That if any such Au­ditor, Comptroler, or Governour of Trade as aforesaid, at any time chosen for the service of this Undertaking, shall, in the Judgment of the Branch of Un­dertakers and Managers, seem unqualified to answer the Character and Station to which such Auditor, Comptroler, or Governour, shall be respectively elected; whereby the good ends and purposes of this Undertaking, may be in danger to be thereby Obstructed or Impaired; And if the same shall be so resolved, upon a Scrutiny therefore to be made by Balot, in a Meeting held for the said Branch; for which Resolve, the said Branch, or any Member thereof, shall be obliged to render no other Reason or Account, than the result of such their Scrutiny by the Balot, as aforesaid; that then the Election of every such Person shall be to all Intents and Purposes absolutely Null and Void; and such Vacancy shall be supplied by the former Elector or Electors, or otherwise, according to the Te­nor and true Meaning of these Presents; so that such Scrutiny be therefore made, within one Month after the Inrollment of these Presents in some Court of Re­cord, or within one Month next after Report made to the said Branch of Under­takers and Managers, of the Election of any such Auditor, Comptroler, or Go­vernour of Trade.

65. Reserve for furthe [...] Deed, for better Explanation, &c. And lastly, That the said now Undertakers and Managers, or the Un­dertakers and Managers at any time hereafter for the time being, may at any time hereafter, by Advice of Councel Learned in the Law, Make, Seal, and Execute any further, or other Deed, or Instrument, for the better Explanation or Execution of all, or any of the Clauses, Articles, Trusts, and Powers, in and by this present Constitution and Settlement mentioned or intended.

In Witness whereof, the said Ʋndertakers and Managers herein before first above-named, have hereunto set their Hands and Seals.

Dated at London, the Fifteenth Day of July in the Eighth Year of the Reign of our Soveraign Lord WILLIAM the Third, by the Grace of God, King of England, Scotland, France, and Ireland, De­fender of the Faith, &c. Anno (que) Dom. 1696.