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Actions Help FAQs Can't find what you're looking for? Browse Collections A-Z University of London	South Sea Company investment papers Remove from selection Add to selection Request this item TitleSouth Sea Company investment papers Held atSenate House Library, University of London Reference codeMS89 Date1712-1783 Creator South Sea CompanyMore Info on CreatorLess Info on Creator The South Sea Company was founded in 1711 to trade (mainly in slaves) with Spanish America, on the assumption that the War of the Spanish Succession, then drawing to a close, would end with a treaty permitting such trade. The company's stock sold well, but the Treaty of Utrecht made with Spain in 1713, was less favourable than had been hoped, imposing an annual tax on imported slaves and allowing the company to send only one ship each year for general trade. The success of the first voyage in 1717 was only moderate, but King George I of Great Britain became governor of the company in 1718, creating confidence in the enterprise, which was soon paying 100 percent interest. In 1720 there was an incredible boom in South Sea stock, as a result of the company's proposal, accepted by Parliament, to take over the national debt. The company expected to recoup itself from expanding trade, but chiefly from the foreseen rise in the value of its shares. By September the market had collapsed, and by December South Sea shares had plummeted in value, dragging other, including government, stock with them. Many investors were ruined, and the House of Commons ordered an inquiry, which showed that at least three ministers had accepted bribes and speculated. Many of the company's directors were disgraced, but the company itself survived until 1853, having sold most of its rights to the Spanish government in 1750. Scope and ContentPapers relating to investments in the South Sea Company, 1712-1783, mainly receipts, printed forms completed in manuscript, bonds, legal documents and other papers, some printed. The collection includes correspondence and papers relating to the investments of the Manners family in South Sea stock, 1713-1724, notably Katherine Manners, Dowager Duchess of Rutland, John Manners, 10th Earl and 2nd Duke of Rutland, Lucy Manners, Duchess of Rutland, Lord William Manners, Lady Frances Manners and Lady Katherine Manners; a text, in the hand of Robert Walpole, 1st Earl of Orford, of the agreement between the Bank of England and the South Sea Company for the latter to take over the National Debt, 23 Sep 1720; three letters from Charles Cotes to Thomas Snow, Goldsmith, relating to Cote's speculations in South Sea stock, 28 Sep-15 Oct, 1720; a copy of the minutes of the Directors of the South Sea Company on 15 Sep 1720, relating to the Company's dealings with the Bank of England, made in order to gain the legal opinion of Sir John Chesshyre on the enforceability of the contract, 13 Jan 1721; minutes of evidence taken at the examination of the Directors of the Company, Jan-Apr 1721, including the evidence of Edmund Waller regarding his transactions in South Sea stock on behalf of his family and his father-in-law John Aislabie, Chancellor of the Exchequer; an Order to Edmund Waller to attend the Committee appointed to enquire into the parliamentary act allowing the South Sea Company to increase its capital stock and fund, 6 Feb 1721; a copy of the evidence given by Directors of the Company in the House of Lords, 1 Jun 1733, mainly to determine what money had been received from the sale of the estates of the late directors, and the use made of it, including an account of the cross-examination of the Company Director, Sir Richard Hopkins. Conditions governing accessOpen for research. At least 24 hours notice is required for research visits. ExtentManuscript folio Physical descriptionMS 89 is a manuscript folio bound in half-morocco. Finding aidsA item-level calendar of documents in MS 89is available in Reginald Arthur Rye Catalogue of the Manuscripts and Autograph letters in the University Library (1921), which is available in the Reading Room. A pdf version of the catalogue to file level is attached to this description. Related files http://archives.ulrls.lon.ac.uk/resources/MS89.pdf University of London MS 493 contains a treatise by Malachy Postlethwayt on the South Sea Company. The British Library, London, holds directors, general and committee minutes, official copies of home letters and memorials, petitions and instructions, 1711-1856 (Ref: Add MSS 25494-584); The House of Lords Record Office, London, holds minutes, accounts, reports, subscriptions books, [1711-1733]; the Guildhall Library holds correspondence and receipts, 1711-1765; London Metropolitan Archives holds a register of clerks, 1720-1853; the British Library of Political and Economic Science, London, has balance sheets and accounts, 1744-1753. Level of descriptionfonds Hierarchy browser contains 25 parts South Sea Company investment papers MS89 \| 1712-1783 fonds

TitleSouth Sea Company investment papers

Held atSenate House Library, University of London

Reference codeMS89

Date1712-1783

Creator
- South Sea CompanyMore Info on CreatorLess Info on Creator
  The South Sea Company was founded in 1711 to trade (mainly in slaves) with Spanish America, on the assumption that the War of the Spanish Succession, then drawing to a close, would end with a treaty permitting such trade. The company's stock sold well, but the Treaty of Utrecht made with Spain in 1713, was less favourable than had been hoped, imposing an annual tax on imported slaves and allowing the company to send only one ship each year for general trade. The success of the first voyage in 1717 was only moderate, but King George I of Great Britain became governor of the company in 1718, creating confidence in the enterprise, which was soon paying 100 percent interest. In 1720 there was an incredible boom in South Sea stock, as a result of the company's proposal, accepted by Parliament, to take over the national debt. The company expected to recoup itself from expanding trade, but chiefly from the foreseen rise in the value of its shares. By September the market had collapsed, and by December South Sea shares had plummeted in value, dragging other, including government, stock with them. Many investors were ruined, and the House of Commons ordered an inquiry, which showed that at least three ministers had accepted bribes and speculated. Many of the company's directors were disgraced, but the company itself survived until 1853, having sold most of its rights to the Spanish government in 1750.

Scope and ContentPapers relating to investments in the South Sea Company, 1712-1783, mainly receipts, printed forms completed in manuscript, bonds, legal documents and other papers, some printed. The collection includes correspondence and papers relating to the investments of the Manners family in South Sea stock, 1713-1724, notably Katherine Manners, Dowager Duchess of Rutland, John Manners, 10th Earl and 2nd Duke of Rutland, Lucy Manners, Duchess of Rutland, Lord William Manners, Lady Frances Manners and Lady Katherine Manners; a text, in the hand of Robert Walpole, 1st Earl of Orford, of the agreement between the Bank of England and the South Sea Company for the latter to take over the National Debt, 23 Sep 1720; three letters from Charles Cotes to Thomas Snow, Goldsmith, relating to Cote's speculations in South Sea stock, 28 Sep-15 Oct, 1720; a copy of the minutes of the Directors of the South Sea Company on 15 Sep 1720, relating to the Company's dealings with the Bank of England, made in order to gain the legal opinion of Sir John Chesshyre on the enforceability of the contract, 13 Jan 1721; minutes of evidence taken at the examination of the Directors of the Company, Jan-Apr 1721, including the evidence of Edmund Waller regarding his transactions in South Sea stock on behalf of his family and his father-in-law John Aislabie, Chancellor of the Exchequer; an Order to Edmund Waller to attend the Committee appointed to enquire into the parliamentary act allowing the South Sea Company to increase its capital stock and fund, 6 Feb 1721; a copy of the evidence given by Directors of the Company in the House of Lords, 1 Jun 1733, mainly to determine what money had been received from the sale of the estates of the late directors, and the use made of it, including an account of the cross-examination of the Company Director, Sir Richard Hopkins.

Conditions governing accessOpen for research. At least 24 hours notice is required for research visits.

ExtentManuscript folio

Physical descriptionMS 89 is a manuscript folio bound in half-morocco.

Finding aidsA item-level calendar of documents in MS 89is available in Reginald Arthur Rye Catalogue of the Manuscripts and Autograph letters in the University Library (1921), which is available in the Reading Room. A pdf version of the catalogue to file level is attached to this description.

Related files

http://archives.ulrls.lon.ac.uk/resources/MS89.pdf

University of London MS 493 contains a treatise by Malachy Postlethwayt on the South Sea Company. The British Library, London, holds directors, general and committee minutes, official copies of home letters and memorials, petitions and instructions, 1711-1856 (Ref: Add MSS 25494-584); The House of Lords Record Office, London, holds minutes, accounts, reports, subscriptions books, [1711-1733]; the Guildhall Library holds correspondence and receipts, 1711-1765; London Metropolitan Archives holds a register of clerks, 1720-1853; the British Library of Political and Economic Science, London, has balance sheets and accounts, 1744-1753.

Level of descriptionfonds

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