incurred, by the directors of the company in the prosecution of their mercantile projects; the other half to remain, as before, a trading stock, and to be subject to those debts and losses. The petition was too reasonable not to be granted. In 1733, they again petitioned the Parliament that three-fourths of their trading stock might be turned into annuity stock, and only one-fourth remain as trading stock, or exposed to the hazards arising from the bad management of their directors.

Both their annuity and trading stocks had, by this time, been reduced more than two millions each by several different payments from government; so that this fourth amounted only to L3,662,784 8s. 6d. In 1748, all the demands of the company upon the King of Spain, in consequence of the Assiento contract, were, by the Treaty of Aix-la-Chapelle,