1000000031

730 / 868

S T o S T o
in Ihe monlh of July; bUI befure Ihe end of Sept<mber il fums allowed lo Ihem for managemenl of Ihe annuilies paid
fell 10 ' so 1. by whleh multitudes Were ruined, .nd fueh at thei r olliee, and from Ihe inre,ell of annuities whieh are
a (cene of dlfire(s occdfioncd as is fcarccly ro be coocei.,cd. - Dot claiOled by the proprietors.
RUl the conrequencts of {his Infamous fcheme aTt: too 'tI.'cll As the prices of {he di fFerent llocks are continualJy fluc.
knuwn. W e fhall pals over .11 the olher tranfaétio ns of l uating . bove and below par; fo when a perfon who IS nOI
tbls compótny In the reign 01"kiog George 1. as Dot material acquilintcd Wilh tranfalltODS of that natuTe, reads r.\ lhe
to otlr prefenl purpof.. pape" the prtee. of lloeks, \Vhere -I!oek IS ntarked per-
Bya /lalue 01 m.6lh of hislale M ajeOy, it wasen, ned, hap. 1271. India dillo '34 a ' 34i. Soulh Se. di"o ~7{,
th"t from aoJaflertl\e24ülol J une '733, Iheeapil,] noek ác. he i. \O undertlaod Iha, a tOO l .. of ,hofe refpethve
of this e Jmpany. ",hieh , mounted 10 '4,6 S t , 103 1. 8 s. 1d. !tuek, fell at fueh • lime ror thofe feoeral IUlm .
and the nldrcs of lhe refpcélivc: propnctors, fhould be dlVi. In companng. lhe pnces of the ol ffc:ren t fi,:u:ks one wit h
d ed into fo.n-equal pans ; Ihree-Iounl", of ~·hleh (ho~ldbe anather, tt mul! be remembercd, th.. tlt'e iOlcrd! due 00
CODvl rted ¡nto a j0101 Oock. attended wilh aonuiues, arler them fram [he time of. the 1.,,\ paymeOl, is 16Keo lotO lhe
tbe rate of 4 per cene until ndemp,ion by p¡rJi.meol, and current pllCfj aDd Ihe lellef m.Ver reCCIYes any rc:parate coa·
Ibould bc ealled 1 he new SOU"I Sea annLities; aAd '-hc o fide"lion for it, e"eep' 10 the cafe of lod.. bond., where
t her fou rth pan fhould remalO 10 (he comp.tny a ... a trading [he ¡meren due is C"'dlculattd tO fhe day of the tale, a(id !
capit.d ftock attendt:d with lhe reftdue of t he: anllUIl,es ar by (he purchafer"over and above [he premium agreed (or.
fnllds poyable al the <xch ' qU<f lO Ihe eomp, ny lor Hu, as the ioterel! on Ihe ddfere. t ftoek, i, paid al dlffer–
' I.'hole c..pual, lItJ redempuon : and artended wnh lhe f.tme ent times, IhIS, If nOl rightly underClood, would Icad a per–
fums dlowed fOf l h.lrg S of mandgement, and with all ef· fon nOl welldcqua,oted wirh rhem ioto cODGdcrablt: miHakes
feas, profit.~ or tradc. tiebu, pflviJt;gt:s itnd advanr .ges be iD hls compulatioD of their value; fome always having a
long,ng to the Sou n Sea. comp,lny. the accompt.tnt quarter's ¡oteren- due 00 them more th an others, WhlCh
o f thc fhould Iwic< e\'<ry ye.. , al Chriflrn.s .nd m. kes an 'ppear.oce of a eooGderoble dl!T<rence iD ,he
nli.lfu mmer, or wlthin one monlh ¡(ter, fiate an account pnce, wheo In realay thcre is nooe at aH. Thus, fo r
o f tlle compa. y's ,ff"" . whleh fhould be laid b<fore Ihe inn.nce, old Soulh Sea annullie, fetl al prefcnt for [ . 8 S~
next genel 1 court. in order lO thdr decla iflg a d 'vidend; or l 85 10 s, while new Soueh Sea ¡nnuities fetch only
and .11 diYld<nd. fhould be out 01 thGele., profits, [ 8-1!' or [ 84 'S s. thoogh eaeh of Ihem produce lhe
and fhould no' t xceed what the company m'ght reafon¡¡bly [¡me .DDUal rUnl ot [ 3 per cenL bUl thé old ~Dnullies have
diddt: wllhuut in~ur nng tOY 'an ha rlr.:bt i provH1ed that a quar er's InlU c'n mure due on them lhan lhe new . nnui·
the comp,my fh ould not .1.1 .. ny time divide more rbao 4 ptr ties, which .. mounu to '5 s the I:xaét d.ffc!rcnce. Tbere is,
cene per annum, until tbeir debt were dlrchnged : and Ihu however. one ur nvo caules thal will always rndke ODC' rpecies
l be S"I:th Sea company, and lh~11 trading ftock, nlould, ex- of ..nnuiues (eJl luml!wh.u lower than another, lhough oE
cluh.,ely f, om Ih.: r'lfW joinr anauiues, be li..b le 10 all the the (olme real valut:; one of which ISr the annuities making
deb's and IOcumbrances oE the company j and that the cam- bUI a Cm.¡JJ capital and tltere not belng far that realon fo
pany Chould cau(e tO be ktpt \llIthm the cíty of L andon, an Rla" y pt:ople ,n .11 times ready tO into ir as into o·
o~ce and books, 10 whlch all thnsrt'rs of lhe n f W . nnuitie$ thers where rhe quanwy IS larger j becauCe le is apprehend.
Ihould b. cntered . nd figoed by Ihe pany m.king fueh Iranf- ed, In.. whenever Ihc gOYernment pays off Ihe naltonal debl,
fer, Or his atlorney; and the perfan tOw~om fuch transfer they"wilJ begi n Wllh lhjH p,uticular fpecles of annuity ihe
Ihould be made, or his ""orney. (hould unden.,ile h...e eapllal of whieh is the fm.lle!l
ceptanee, and no othor metbod of lransferring the aonUllt. s A 1I0ek m.y Ilke ' ife be affeéled by ,he eourt of ehaocery;
lhouJd be goodín law for If coun Oloul(\orderlhe moneywhichisunder their
The annouies of this company, as wd l as the ather, are dlreEtian tO be I:ud OU t iD 3ny panicular llock, that' nock,
DOW reduced 10 31. per eeot. by havio~ muo e purehafers, wllI be raifed 10 a high.r priee
This company is under the dircélion of a govHnar, fub· than .tny oeher o, the Ilke "alue.
¡ overnor, deputy governor, and 21 dlreétors; hat noperfoH Ry what has been raid, the rea.derwill perceivehow much
js qualified ' o bc governor, his M'je!ly .xceptd, u.nlefs fueh Ihe eredit .~d ¡n,erell of Ih. nation de.p~nd, on ~he fupport
g~.,ernor ha!, in his Qwn "ame and right, 50001. In the tra- of che publ.c fund.s Whale the annu~lIes, and !nter~H .r0r
d,ng !loek: Ihe fub gO\'ernor is 10 hove 40001 Ihe deputy m" ney .d..n«d . .. ,here re~ul.r1y pald, and Ihe prtnelpal
3000 1 . nd a Otretlor 2000 1. lO the f2me ltoek. In eoery iofured by both prinee and people (a feeurity . QI 10 be had
gen'!rAI c(.un, every me:nbu ha"ing ID hls QWO name and in other na,ion~) foreigners will Jend us thelr propen y aod
r ighl 5001. in tr,¡ding Itock, has one vote , If 20001. [\YO all Europe be IOttretled in our welfare; the p"per ot the
VOt R d 3000 I Ihree Votes i and Ir 5000 I too r votes. compantes will be converted iota money :\od .merch.í\nd ze,
T h EaU odia Cmp~"y. Ih.. 8 .1,nk of E ,..gl.tnd. 0\",' the and Crear Bntain COlO oevcr WQot cafh' to carryher Ichemes
Sour~ Se I e m p'lfly are the (In~)' Incoroord 'c,,; bodic:s fO ¡OIO rxecutiC'ln
Wblchrhl ~o,crnmt! 115 IOdC'11to:::d, CIo4Cept lh<· l\1dlior Bdl'k, [o oth'er natioos. credil is. founded ' on Ihe word of the
W1'ofe c~ ptT"l ls onIY"ne mdlhJn. conllittll d tO porchalc [he Ihe priDce.. ir a mO,na,rchy; or thal of rhe, people. if a re.
rtv"rfi,..,n of the long ex<.hequer aroers , , publ!c: bUI here, It T~ ect.~bldlred 'On the lnten:ft~ of both
T ht' Interen of I II the debts oWlllg by the g vernmenllS pnnce aod p~ople; whlch 15 the tlroD~en recurlty~ for ho~
now reduétod 3 per Ctont , except;"l!! only lhe .wnuilles for ~ver lov,ely and eogaging honelly may be 10 otht'r re!pe.éls,
thc yeH~ (75 6 and '7S S • th~ life-annuities, and the ex- inleren In money-matterswdJ alwaysobtdln. co~6dence; be.
eh 'q ut"r 1 rc1l'r< b," the S.'uth Sea campany fliil .1I0Ilnu'" CdUre many pt:ople pay greal regí\rd tO Ihetr amereU, who
to Olvide 'ol1r pc.r Cr nr. or¡ their prc(ent capildl (lack. which have but liule venecatioo foc virtu..e.
thó)' are enaDled 10 do froro Ihe profits they make u. Ihe. STOca s. ,