A. D, 1720, 83 



fupplylng the borrowers with the means of buying more ; fo that, 

 though the price of the {lock was fomewhat under 800 per cent, tlie 

 junto ventured fo fur out of their depth as to take a third money-fub- 

 fcription, for the purchafe of (lock at 1 000 per cent in ten different 

 payments of L 100 each, for five milhons of ftock : crowds of people at- 

 tended at the South-iea houfe, loudly calling for a new fubfcription, and 

 even named the faid price of 1000 per cent. And, in a few days, their 

 firfi: payment of Lioo rofe to L400. Of the five millions now paid in 

 for the firlT: payment, the managers lent out in one day three millions, 

 for fupplying the ftock-market with cafli. A few days after the mid- 

 fummer fluitting of their books, the price of South fea flock for the 

 opening of them was at 1000 per cent and upwards, including the 10 

 per cent midfummer dividend. 



Whilfl South fea flock was thus in its meridian glory, the frenzy in 

 part affeded the other two great companies by railing them greatly- 

 above their jufl value, viz. Eafl-India flock to 445 per cent, and bank, 

 flock to 260 per cent. This rife was partly occafioned by the fellers 

 out of South-fea flock, and alfo out of the bubbles, (as they were juflly 

 termed) or numerous leffer flocks, at very high prices ; who thought 

 their money fafer in the flocks of thofe two great companies. The ad- 

 vanced prices of all thofe flocks, greater or leffer, of every kind, 

 were computed, about midfummer 1720, to amount to about 500 

 millions llerling ; or about five times as much as the current cafh of all 

 Europe. And if the yearly rents of all the lands and houfes in Great 

 Britain do not exceed fourteen millions, and the utmofl value thereof, 

 houfes and lands together, do not exceed fixteen years purchafe on an 

 average, or two hundred and twenty-four miUions of money ; then here 

 was above double the value of the fee-fimple of all the immoveable 

 property of the nation in this chimerical traffic ; while the real and fub- 

 llantial traffic of many of the dealers therein was for many months in a 

 great meafure fufpended, or at leafl much neglecfled. 



On the 4th of Augufl: the fccond fubfcription of the irredeemable 

 annuities was taken at the South fea houfe, viz. 



Li25,392 17 6 long annuities. 

 18,750 o o nine per cents, 

 and 14,906 6 o of lottery 17 10. 



y?. The long annuities, all but the 14 per cents, had L400 South fea 

 ftock, and L400 in bonds and money for each Lioo per annum, thofe 

 annuities being now valued at ^6 years purchafe. 2d/y, And for every 

 L98 per annum of the Lr4 per cents, they gave L420 in flock, and 

 Li 68 in bonds and money. ^My, For every i-90 per annum of the 

 nine per cent annuities, they allowed L200 ftock, being 17^ years pur- 

 chafe. A-lff/j, For every Lioo per annum of the prizes of lottery 1710, 

 they gaveL2oo ftock, and L150 bonds andmonev, which was 17-y vears 



'L 2 



