Notwithstanding the efforts of the Duke of Bourbon and of the Prince of Conti to make the government responsible for the excess of notes, and thus relieve the shareholders by increasing the free assets upon which they could claim in liquidation, La Houssaye gained his point, and reported that the public debt including the shares of the Company amounted to over thirty-one hundred million livres and bore interest to the extent of almost a hundred million livres per annum. So great a charge upon the revenues of the State could not be faced by the Government, but he recognised it was necessary to minimise as far as possible the loss which would require to be borne by the shareholders and possessors of bank notes, who, it was estimated numbered no less than 100,000 families. He accordingly proposed to withdraw all the privileges of the Company as far as these related to the management of the national revenues, and reduce it to the position of a mere trading concern. He would submit to the closest scrutiny the history of every individual holding either shares or notes and those which were tainted with speculation would be subject to cancellation. A commission would be appointed under whose supervision the work of investigation would be carried on, and all those who failed to submit their securities for adjudication before 1st August would be deprived entirely of any right to have a value placed upon their securities. A decree to this effect was issued on 4th February, and immediately thereafter the Commission set to work. The task of investigation which covered transactions over half a million in number, and of a value of over 3000,000,000 livres, was entrusted to the brothers Paris, who employed for the purpose a staff of 800 clerks. To simplify the gigantic task, securities were cast into five categories according as they were (1) Reimbursements made by the King, (2) Reimbursements between private individuals, (3) Sales of real property, (4) Sales of personal property, (5) Purely speculative transactions. All securities embraced in the fifth class were cancelled without consideration. The first were untouched because of their origin. The other three classes were subjected to reduction, ranging from five to ninety-five per cent. By the end of 1721, the Commission were in a position to deliver their decision upon the first batch of securities, and by the end of the following year to finally bring their work to a conclusion. As a result of the investigation, 1000 million livres of securities were altogether cancelled, leaving a public debt of 2000 million livres bearing annual interest amounting to 48 million livres. The capital of the Company which had before the commission amounted to 200,000 shares was reduced to 56,000 shares of the value of 500 livres each, bearing a fixed dividend of 100 livres for the first year, and 150 livres during subsequent years, guaranteed by the Government and subject to increase,