The Every-day Book and Table Book, v. 1 (of 3): or Everlasting Calendar of Popular Amusements, Sports, Pastimes, Ceremonies, Manners, Customs and Events, Incident to Each of the Three Hundred and Sixty-five Days, in past and Present Times; Forming a Complete History of the Year, Month, and Seasons, and a Perpetual Key to the AlmanacHone, William
History
The Every-day Book and Table Book, v. 1 (of 3): or Everlasting Calendar of Popular Amusements, Sports, Pastimes, Ceremonies, Manners, Customs and Events, Incident to Each of the Three Hundred and Sixty-five Days, in past and Present Times; Forming a Complete History of the Year, Month, and Seasons, and a Perpetual Key to the Almanac
Hone, William
Days; Great Britain -- Social life and customs
* * * * *
In 1720, soon after the bursting of the South Sea bubble, a gentleman
called late in the evening at the banking-house of Messrs. Hankey and
Co. He was in a coach, but refused to get out, and desired that one of
the partners of the house would come to him. Having ascertained that it
was really one of the principals, and not a clerk, who appeared, he put
into his hands a parcel, very carefully sealed up, and desired that it
might be laid on one side till he should call again, which would be in
the course of a few days. A few days passed away--a few weeks, a few
months, but the stranger never returned. At the end of the second or
third year, the partners agreed to open this mysterious parcel, in the
presence of each other. They found it to contain 30,000_l._, with a
letter, stating that it was obtained by the South Sea speculation, and
directing that it should be vested in the hands of three trustees, whose
names were mentioned, and the interest appropriated to the relief of the
poor, which was accordingly done.
It has been calculated, that the rise on the original South-sea stock of
ten millions, and the subsequent advance of the company’s four
subscriptions, inflated their capital to nearly three hundred millions.
This unnatural procedure raised bank stock from 100_l._ to 260_l._
India, from 100_l._ to 405_l._ African, from 100_l._ to 200_l._
York-buildings’ shares, from 10_l._ to 305_l._ Lustring, from 5_l._
2_s._ 6_d._ to 105_l._ English copper, from 5_l._ to 105_l._ Welch
copper, from 4_l._ 2_s._ 6_d._ to 95_l._ The Royal Exchange Assurance,
from 5_l._ 5_s._ to 250_l._ The London Assurance, from 5_l._ to 175_l._,
to the great injury of the various purchasers at such prices.
* * * * *
The South Sea scheme terminated in the sudden downfall of the directors,
whose estates were confiscated by parliament, and the proceeds applied
to the relief of many thousands of families, who had been wholly ruined
by the speculation. These dupes of overweening folly and misplaced
confidence, were further benefited by a remission in their favour of the
national claims on certain of the South Sea company’s real assets. The
extent of these donations to the sufferers amounted to 40_l._ per cent.
upon the stock standing in their names.
OTHER BUBBLES.
Public-domain text, read in full here on John Shaqi.
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