1870: 33 & 34 Victoria c.31: An Act to apply the sum of nine million pounds out of the Consolidated Fund to the service of the year ending the thirty-first day of March one thousand eight hundred and seventy-one.
[1st August 1870.]
Most Gracious Sovereign,
WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom of Great Britain and Ireland, in Parliament assembled, towards making good the supply which we have cheerfully granted to Your Majesty in this session of Parliament, have resolved to grant unto Your Majesty the sum herein-after mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted; and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
[There may be applied for the service of the year ending 31st March 1871 the sum of 9,000,000l. out of the Consolidated Fund.]
1. There may be issued and applied, for or towards making good the supply granted to Her Majesty for the service of the year ending on the 31st day of March one thousand eight hundred and seventy-one, the sum of nine million pounds out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland, and the Commissioners of Her Majesty’s Treasury for the time being are hereby authorised and empowered to issue and apply the same accordingly.
[Treasury may borrow 9,000,000l. on the credit of this Act.]
2. The Commissioners of the Treasury may borrow upon the credit of the sum granted by this Act out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland an amount not exceeding in the whole the sum of nine million pounds, and such amount may be borrowed by the said Commissioners from time to time, in such sums as may be required for the public service, and shall be placed to the credit of the account of Her Majesty’s Exchequer at the Bank of England, and be available to satisfy any orders for credits granted or to be granted on the said account, under the provisions of the “Exchequer and Audit Departments Act, 1866.”
[Interest on moneys borrowed.]
3. The sums borrowed from time to time under the authority of this Act shall bear interest not exceeding the rate of five pounds per centum per annum, and the principal and interest of all such sums shall be paid out of the growing produce of the Consolidated Fund at any period not later than the next succeeding quarter to that in which the said sums shall have been borrowed.
Source: Public General Statutes, 1870.