COMPANY. 
inent for the renewal of their charter, an- 
other million was added to their capital, 
which thus became 6,000,0001. and the di- 
vidend was raised to lOi per cent. 
By the agreement in 1793, the term of 
their exclusive trade was continued, under 
various regulations, for 20 years from the 
1st of March, 1794, with the former pro- 
viso, that if, after the expiration of that 
term, their right to the sole trade shall 
cease, in oonsequence of three years pre- 
vious notice being given by parliament, and 
the repayment of such sums as may be then 
due from the public, they shall continue a 
corporation notwithstanding, with power 
to carry on a free trade in common with 
other persons. 
The Company is under the management 
of twenty-four directors, elected by the 
proprietors of the Company’s stock, who 
hold 10001. or upwards. Such proprietors 
are likewise entitled to vote on all occa- 
sions, in the quarterly and special general 
counts of the Company. 
Company, South Sea. The scheme for 
satisfying the national deficiencies by the 
establishment of this Company was arranged 
and brought forward in 1711 by Mr. Har- 
ley, then Chancellor of the Exchequer, and 
the opinion of its efficacy for retrieving the 
languishing state of public credit was so 
great, that upon his being created Earl of 
Oxford, this service was particularly men- 
tioned in the patent as one of the chief 
reasons for advancing him to that honour. 
It certainly afforded considerable relief to 
government, by consolidating a variety of 
debts and arrears of interest, and making a 
general provision for them, which tlie ex- 
pectation of gain from the commercial un- 
dertakings of the Company induced the pro'- 
prietors readily to accept. These debts 
and deficiencies formed the first capital of 
the Company,which amounted to 9,177,9671. 
15s. 4d. including half a million raised to- 
w'ards the current services of tlie year. 
In 1715 their capital was increased to 
10,000,0001. and in 1719 to 11,746,8441. 8s. 
lOd. ; but as all the sums thus subscribed 
into South Sea Stock consisted of public 
debts, which were thus transferred from the 
individual proprietors of them to the Com- 
pany, it became necessary for the Company 
to borrow money on bonds, to enable them 
to undertake their ostensible object of trade 
to Soutli America. 
In 1720, the Company engaged in one of 
the most memorable projects ever attempt- 
ed in Great Britain. It was founded upon 
an agreement with government, authorizing 
the Company to take in, either by subscrip- 
tion or purchase, all the public debts, at 
such prices as tliey could agree upon with 
the respective proprietors; and they viere 
empowered to raise the money which would 
be necessary for making these purchases, 
either by calls upon their members, by an- 
nuities, bonds, or bills, or by opening sub- 
scriptions for new stock. It is difficult to 
conceive how the Company could expect to 
derive such permanent advantages from 
this transaction as would support any con- 
siderable increase of their dividend; yet 
the expectation of great profits was so ge- 
neral, as to excite the most extensive, though 
the most extravagant, infatuation that was 
ever known in money transactions in this 
country. Soutli Sea Stock was soon sold at 
double the sum that had been paid in upon 
it, and in the course of a short time reached 
the enormous price of 1000 per cent. The 
rapidity of its tall, however, exceeded that 
by which it rose ; for, before the end of the 
year, the difference of price was more than 
800 per cent, in the course of only three 
weeks, by which thousands of persons suf- 
fered very severe losses, and many were 
entirely ruined. 
The only branches of trade in which the 
Company ever engaged were, in supplying 
the Spanish colonies in America with ne- 
groes, and the Greenland whale-fishei-y. In 
both tliese undertakings the Company were 
considerable losers ; in consequence of which, 
in 1748, they gave up the contract with 
Spain, and from that period have not car- 
ried on any branch of commerce whatever; 
their whole business being confined to trans- 
ferring and paying the dividends on the 
public funds, known by the title of South 
Sea Stock, Old and New South Sea An- 
nuities, and South Sea Annuities of 1751. 
The Company is under the management 
of three governors and twenty-one direc- 
tors. The whole expense of managing the 
concern in the year ending the 5th of Ja- 
nuary, 1807, was 10,7271., of which 36921. 
was paid to the sub and deputy governors and 
directors, and 4,7351. to 36 officers and clerks 
employed by them. The sum annually paid 
by the public to the South Sea Company is 
14,7131. 10s. 6d., and about 701. for fees 
and allow ances to the cashier. 
Company, Hud-wn’s Bay, was c.stablbhed 
in 1670, by charter, granted by Charles II. 
to his cousin Prince Rupert, and seventeen 
Ollier persons of distinction, who were in- 
corporated for carrying on an exclusive 
