The first dividend offered, as has been said, was 10 _per cent._ half-yearly, in stock: this was afterwards converted into no less than 30 _per cent._ in money, for that half-year: and when stock rose to 1000, a dividend of no less than 50 _per cent. per annum_, in money, was promised for twelve years to come. Had stock risen to 2000 _per cent._ the dividend could have as easily been carried to 100 _per cent. per annum_, as it had been to 50 _per cent._ when at 1000. But whence was this dividend to be paid? The company and the directors took good care never to give to the public any light as to that particular. To prevent, therefore, such abuses in the rising of the South Sea, it ought to have been provided by parliament, that in taking in subscriptions, and offering dividends, the directors should have informed the public, 1_mo_, Of the money owing to them by government. 2_do_, Of the money gained by the subscriptions above par. And 3_tio_, Of the profits upon their trade. And, on the other hand, of the debts due by them; and of the nett balance upon their books, in their favour. This would have been fair dealing. But to pretend the necessity of secrecy, in a point where a nation is interested, was in itself a mere pretext; and had it been otherwise, it might have been answered, that a company which is obliged to have recourse to such secrets, ought to be prevented from dealing with those who were to remain ignorant of _them_, however deeply interested.