TitleSouth Sea Company
Reference codeMS218
Date1731-1739
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 ContentLetters of attorney given by holders of South Sea stock in Amsterdam, The Hague and Geneva to London merchants respecting their stock, 1731-1739.
Conditions governing accessOpen for research. At least 24 hours notice is required for research visits.
Extent7 items
Physical descriptionMS 218 is a manuscript quarto bound in quarter-morocco.
Finding aidsA pdf of an item-level catalogue is attached to this description.
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