kingdom to ’Change-alley, where the assembled speculators, by their excessive noise and hurry, seemed like so many madmen just escaped from cells and chains. All thoughts of commerce were laid aside for the buying and selling of estates, and traffic in South Sea stock. Some, who had effected sales at high premiums, were willing to pay out the money on real property, which consequently advanced beyond its actual value: cautious landowners justly concluded that this was the time to get money without risk, and therefore sold their property; shortly afterwards they had an opportunity of purchasing more, at less than half the price they had obtained for their own. On the 2d of _June_, South Sea stock rose to 890. On the 15th, many persons who accompanied the king on his foreign journey, sold their stock, which suddenly fell; but the directors promising larger dividends, it got up higher than ever. On the 18th they opened books for a third subscription of four millions more stock, at 1000_l._ for each 100_l._, and before the end of the month it had advanced to 1100_l._, between which and 1000_l._ it fluctuated throughout the month of _July_. On the 3d of _August_ they proposed to receive subscriptions for all the unsubscribed annuities, and opened books for the purpose during the ensuing week, upon terms which greatly dissatisfied the annuitants, who, confiding in the honour of the directors, had left their orders at the South Sea House, without any previous contract, not doubting but they should be allowed the same terms with the first subscribers. Finding, to their great surprise and disappointment, that, by the directors’ arrangements, they were only to have about half what they expected, many repaired to the South Sea House to get their orders returned; but these being withheld, their incessant applications and reflections greatly affected the stock, insomuch that, on the 22d of the month, at the opening of the books, it fell to 820. The directors then came to the desperate resolution of ordering the books to be shut; and on the 24th they caused others to be opened for a fourth money subscription for another million of their stock, at 1000_l._ for each 100_l._, payable by five instalments within two years: this million was subscribed in less than three hours, and bore a premium the same afternoon of 40 per cent. On the 26th the stock, instead of advancing, fell below 830. The directors then thought fit to lend their proprietors 4,000_l._ upon every 1000_l._ stock, for six months, at 4 per cent.; but the annuitants becoming very clamorous and uneasy, the directors resolved that 30 per cent. in money should be the half-year’s dividend due at the next Christmas, and that from thence, for twelve years, not less than 50 per cent. in money should be the yearly dividend on their stock. Though this resolution raised the stock to about 800 for the opening of the books, it soon sunk again.