A. D. 1720. 85 



in keeping np the price of South-fea ftock : for, very many of the lower 

 people, not being at firft able to purchafe South-fea ftock, ran greedily 

 into the bubbles, and even into fmailer fliares or parts of them ; and, 

 having foon gained confiderably therein, they very often came afterward 

 into South-fea ftock and ilibfcrintions. And thus thofe leller currents 

 or rivers were a conftant fupply to the great South fea ; but this the ma- 

 nagers did not perceive till it was too late. 



It appeared, by an inquiry of the houfe of commons in February 

 preceding, that this new humour of new projects or bubbles had been 

 on foot for two or three years paft ; as alfo appeared by a petition in 

 January 171 8 for a charter for infuring fhips and merchandize, figned 

 by near 300 merchants and gentlemen, and that a million of money 

 had been previoufly fubfcribed for it. Another petition, about the fame 

 time for a grand fifhery company, was figned by feven peers of the 

 realm, and many merchants and gentlemen. A third petition was, 

 in May 171 9, by the focieties of the city of London for the mines-royal,, 

 the mineral and battery works, under certain obfolete charters ofQueen 

 Elizabeth and King James I, for mines, &c. for a like patent to infure 

 (hips and merchandize, for which Li, 152,000 had been fubfcribed. 

 Thefe were, in the main, the fame perfons as thofe in the firft petition : 

 they petitioned a third time, on the 8th of January 1720 [N. S.], only 

 as fo many private gentlemen and merchants, (dropping their claim by 

 the obfolete charters) and were in the end fuccefsful by their prefent 

 name of the Royal-exchange afllirance company, their capital confining 

 of L5oo,ooo. That fame day, another body of petitioners applied for 

 a patent for infuring fliips and merchandize, with a lubfcription of two 

 millions, and were incorporated alfo in the end, by the name of the- 

 London afliirance company. This laft company had at firft two fepa- 

 rate fubfcriptions, which were afterwards united. Their capital at pre- 

 fent confifts of 36,000 fhares, on each of which Lr2 : 10 was originally 

 paid. This was the original rife of the prefent two very ufeful and 

 flourifhing infurance corporations, who alfo are empowered to lend 

 money on bottomree ; and each of them afterward obtained charters 

 for inluring from lofs by fire. Yet neither of them are by the Itatute, 

 nor by their confequcnt charters, exclufive in any refpedl relating to 

 private perfons, who may and ftill do practice infurance on fliips and 

 merchandize as formerly ; but with refped to all other corporations 

 they are both e.xclufive ; excepting, however, the Eall-Indiaand South- 

 fea companies, both which corporations may ftill continue to advance 

 money (fays the ftatute) by bottomree on their own fliips. 



A third petition of a different body of people was prcfented to the 

 king on the 21 ft of January 1720 [N. S.] for an infurance charter, which 

 did not fucceed. And, 



On the 8th of the fame month three Englifli peers, two biftiops, and aa 



