That the debt be made up in the following manner, viz.
The debt consolidated in 1767 to be made up to the end of the year 1784,
with the current interest at ten per cent.
The Cavalry Loan to be made up to the same period, with the current
interest at twelve per cent.
The debt consolidated in 1777 to be made up to the same period, with the
current interest at twelve per cent, to November, 1781, and from thence
with the current interest at six per cent.
The twelve lacs annually to be received are then to be applied,--
1. To the growing interest on the Cavalry Loan, at twelve per cent.
2. To the growing interest on the debt of 1777, at six per cent.
The remainder to be equally divided: one half to be applied to the
extinction of the Company's debt; the other half to be applied to the
payment of growing interest at 10_l._ per cent, and towards the
discharge of the principal of the debt of 1767.
This arrangement to continue till the principal of the debt 1767 is
discharged.
The application of the twelve lacs is, then, to be,--
1. To the interest of the debt of 1777, as above. The remainder to be
then equally divided,--one half towards the discharge of the current
interest and principal of the Cavalry Loan, and the other half towards
the discharge of the Company's debt.
When the Cavalry Loan shall be thus discharged, there shall then be paid
towards the discharge of the Company's debt seven lacs.
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