Commission regarding the exchange of monies

Our sovereign lord and estates of parliament, considering that the great and exorbitant interest accustomed formerly to be taken by merchants and factors of this his majesty's kingdom of Scotland from other of his majesty's subjects of the said kingdom for loan monies and monies advanced upon exchange in the city of London in his majesty's kingdom of England, has given occasion to the frequent and continual exportation of gold and money out of this kingdom, to the no small damage and prejudice of the same, and that the excessive proportion of the said interest does far exceed and surmount the rate and proportion of interest accustomed, usual and approved in other neighbouring and well governed kingdoms. For remedying and redressing whereof, his majesty and estates foresaid have given and granted full power, authority and commission to the lords of his majesty's privy council to set down, appoint and determine the due and just rate and proportion of interests that they shall find just, reasonable and expedient in all time coming, to be taken by merchants and factors of this kingdom and others exercising the said trade from any other of his majesty's lieges of the same kingdom for loan monies and monies to be advanced upon exchange in the city of London; with power likewise to the said lords to impose fines and penalties upon the breakers and contraveners of their ordinance to be made relating thereto, and to take such further course and order regarding the same as they shall think most expedient for the benefit of his majesty's lieges. And finds and declares that whatsoever the said lords of privy council shall find, determine and conclude regarding the premises, that the same shall have the full strength, force, power and effect of an act and decreet of parliament in all time thereafter.

  1. NAS, PA2/21, f.45v. Back