» 58 Geo. Ill, ch. 93.
EESTEICTIONS GRADUALLY DISAPPEAR. 53 « counted or given value for it. But as to this point, see post.
The Statute of Queen Anne, however, did not aflfect^contracts made abroad. Thus the payment of the East Indian interest of twelve per cent, was enforced by the Courts in England upon bargains made in India, " because the refusal to enforce such contracts would put a stop to foreign trade." ^ But restrictions upon interest have been gradually dis- appearing in England, for many years past, and her policy is to afford every facility and aid to the enter- prise of her merchants, and remove every obstacle that may stand in the way of her commerce. Thus (by the third and fourth of William IV., c. 98), bills and notes payable at or within three months, are exempted from the operation of the usury laws, and by a subsequent act ^ in the same reign, notes given for an usurious consideration, are not void, but deemed to have been given for an illegal consideration. The exemption was afterwards extended to bills and notes not having more than twelve months to run. And now (by two and three Vict., c. 37), no bill or note, not having more than twelve months to run, nor any contract for loan or forbearance of money, above the sum of ten pounds, shall, by reason of any interest taken thereon, or secured thereby, etc., be void, nor the liability of any party thereto, or any person borrowing, be affected by any statute or law in force for the prevention of usury. This law, ' Bl. Com., 2, p. 451. ^ 5 <fc 6 William IV., 41.
however, does not sanction the recovery in any court of law or equity, more than the legal rate, unless it appears to the court, that a different rate of interest was agreed upon between the parties, nor affeci any statute relating to pawnbrokers.