The scheme was simplicity itself, to modern notions; but that it was not so regarded by some of the Adventurers themselves may be gathered from the following passage from a letter of Mrs. Mary Butterfield, one of the owners of the Company's stock. "I cannot tell you how it is to be done, for that passes my wit; but in short, the value of our interests is to be trebled without our paying a farthing; and then to be trebled again if the business is to the publick taste, and we are told it cannot fail to be." [Sidenote: Plan to reorganize the Company.] It was late in August before the scheme was detailed. It was explained that the Company's assets in quick and dead stock and lands were £94,500. With this as a basis, it was proposed to enlarge the stock to the sum of £378,000, dividing this into 3,780 shares of £100 each. Before this could be carried out, however, the existing stock, being but £31,500, or 315 shares, was to be made and reckoned 945 shares of £100 value each. By such means a result of £94,500 actual capital would appear. A majority of partners favoured the scheme, and the proposal was carried amidst the greatest enthusiasm. Its purpose was to unload the stock at an inflated figure, far even in excess of that actually named by its promoters. Had it succeeded and the flotation been carried out, it would have doubtless administered a death-blow to the Company as then organized, and would probably have involved the revocation of its charter in view of what was soon to occur. But the plan met with a sudden arrest by an event which then happened, and which in beggaring multitudes altered the whole disposition of the public with regard to joint stock enterprises. A general impression had gained ground that the South Sea Company's stock had attained high-water mark, and so many holders rushed to realize that the price fell, on June 3rd, to 640. The directors were not yet ready for their _coup_. Agents were despatched by them to buy up and support the market, and the result was that by nightfall of that day the quoted price was £750. By means of this and similarly unscrupulous devices, the shares were sent, early in August, to 1,000. This was the long-awaited opportunity. Many of the directors sold out; a general anxiety began to prevail and the shares began to drop. In view of this change in affairs, the Hudson's Bay Company's meeting for September 3rd was deferred. On the 12th, South Sea shares were selling at 400, and the decline continued. The country was thrown into the greatest excitement, and by the time December had arrived, Parliament had been hastily summoned to consider the calamity.