So A. D. 1720. 



ihemfelvcs to offer Li, 700 bank flock for every L 100 per annum of 

 long annuities, and in like proportion for the fliort ones. 



Total fo valued was _ - _ 1^15,118,072 11 o 



II) The redeemable debts at the exchequer and bank, carrying 5 per 

 cent intereft, amounted to Li 1,779,660: 11:3!; and thofe at 4 per 

 cent to L4, 766,8 21 : 15 : 9y. So that if all the public debts aforefaid, 

 amounting to 1.31,664,554 : 18 : i{-, had been fubfcribed, the South-fea 

 company's capital flock would have been increaled to the fum of 

 L43,4ii,399:6; Hi. 



The South-fea direilors, who were alfo, by commifTion, truflees for 

 taking in the public debts, opened their firfl money-fubfcription on the 

 14th of April, for the fale of two millions of their flock at 300 per cent, 

 the market price that day being 325. Some of the directors feemed to 

 diflike this method, as copying too clofely the Miffiflppi proceedings: 

 yet the junto of managers judged it advifeable, for keeping up the price 

 of flock. And fuch was the concourfe of perfons of diftindlion to that 

 fubfcription^ that it was increafed to L2, 250,000, and thereupon it foon 

 fold for double the price of the firfl payment, which was L60, and the 

 ftock role to 340 per cent. 



Their next mafter-piece was in a general court, where now were 

 feen many of the highefl rank and quality, to vote a dividend of 10 per 

 c«nt in fiock for midfummer half-year 1720, as well to the new fub- 

 fcribers as to the old capital. This dividend was one great caufe of the 

 enfuing calamities, by occafioning too high an opinion of the value of 

 the fcheme. 



At the fame general court it was refolved to grant money-loans on 

 flock, as far as £500,000 (lecretly enlarged to £900,000) for four 

 months at 5 per cent. There were alfo at this time large premiums given 

 by the agents of the managers for the refufal of flock at very high 

 prices. More money was afterward lent out both on flock and on fub- 

 fcription-receipts. On the other hand, the diredors were conflantly fo- 

 licited for more fubfcriptions, loans, &c. And to fo great a height was 

 the frenzy already got, that the bare refolution of the court of diredlors, 

 on the 28th of April, to receive the irredeemable annuities into their 

 flock influenced many of the proprietors of thofe annuities actually to 

 depofit their annuities at the South-fea houfe, and implicitly to fub- 

 fcribe the fame, before they knew what terms they were to have for 

 them : fome of whom, neverthelefs, were the loudefl afterwards in the 

 clamours againfl the diredlors. 



On the 30th of April a fecond money-fubfcription was taken for one 

 million of ftock at L400 per cent price ; and this fubfcription was, in 

 like fort, increafed to £1,500,000. 



On the 1 9th of May the directors declared the terms for the irre- 

 deemable fubfcribed to be. 



For the long annuities, thirty-two years purchafe, and at that rate 



