A Scottish economist and financier, In February 1719 Craggs explained to the House of Commons a new scheme for improving the national debt by converting the annuities issued after the 1710 lottery into South Sea stock. The government agreed to pay the same amount to the company for all the fixed term repayable debt as it had been paying before, but after seven years the 5% interest rate would fall to 4% on both the new annuity debt and also that taken over previously. The stock price crashed disastrously in 1720. Im Juni 1720 beschloss das Parlament, dass alle Gesellschaften eine königliche Ernennung haben sollten, was zu einer weiteren Aufwertung der Gesellschaft führte (
There were hardly any experienced whalemen remaining in Britain, and the Company had to engage Dutch and Danish whalemen for the key posts aboard their ships: for instance all commanding officers and harpooners were hired from the The South Sea Company directors appealed to the British government for further support.
The South Sea Company had been founded in 1711 as a trading and finance company.
Stanhope, who was a member of the committee, received £50,000 of the 'resaleable' South Sea stock from Sawbridge, a director of the Hollow Sword, at about this time. The South Sea Company was formed with the purpose of consolidating and managing Government Debt including that owned by Thomas Guy who had already made his fortune. On 21 January the plan was presented to the board of the South Sea Company, and on 22 January Perhaps the first sign of difficulty came when the South Sea Company announced that its Christmas 1719 dividend would be deferred for 12 months. The national debt investigation concluded that a total of £9 million was owed by the government, with no specifically allocated income to pay it off. During this time, most of the Americas were being colonized and Europeans used the term "South Seas" to refer to South America and other lands located in the surrounding waters.
Danach schoss er aber raketenartig nach oben und erreichte im Juli fantastische 950 Pfund.
Annuities were valued as a lump sum necessary to produce the annual income over the original term at an assumed interest of 5%, which favoured those with shorter terms still to run.
The York Buildings Company was set up to provide water to London, but was purchased by Case Billingsley who used it to purchase confiscated Jacobite estates in Scotland, which then formed the assets of an insurance company.On 22 February 1720 John Hungerford raised the question of bubble companies in the House of Commons, and persuaded the House to set up a committee, which he chaired, to investigate. Die wichtigsten Initiatoren der 1711 gegründeten Handelsgesellschaft South Sea Company waren John Blunt und George Caswell, Mitinhaber der Sword Blade Company (Bankiers), sowie ein anonymer Baptist. (Holders of redeemable debt had effectively no other choice but to subscribe.)
The conversion was voluntary, amounting to £2.5 million new stock if all converted.
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