ards of L8,000,000 of this was taken from the
Company, and divided among the proprietors and subscribers generally,
making a dividend of about L33 6s. 8d. per cent. This was a great
relief. It was further ordered that such persons as had borrowed money
from the South Sea Company upon stock actually transferred and pledged,
at the time of borrowing, to or for the use of the Company, should be
free from all demands upon payment of ten per cent. of the sums so
borrowed. They had lent about L11,000,000 in this manner, at a time when
prices were unnaturally raised; and they now received back L1,100,000,
when prices had sunk to their ordinary level."

A volume (says another writer) might be collected of anecdotes connected
with this fatal speculation. A tradesman at Bath, who had invested his
only remaining fortune in this stock, finding it had fallen from 1,000
to 900, left Bath with an intention to sell out; on his arrival in
London it had fallen to 250. He thought the price too low, sanguinely
hoped that it would re-ascend, still deferred his purpose, and lost his
all.

The Duke of Chandos had embarked L300,000 in this project; the Duke of
Newcastle strongly advised his selling the whole, or at least a part,
with as little delay as possible; but this salutary advice he delayed to
take, confidently anticipating the gain of at least half a million, and
through rejecting his friend's counsel, he lost the whole. Some were,
however, more fortunate. The guardians of Sir Gregory Page Turner, then
a minor, had purchased stock for him very low, and sold it out when it
had reached its maximum, to the amount of L200,000. With this large sum
Sir Gregory built a fine mansion at Blackheath, and purchased 300 acres
of land for a park. Two maiden sisters, whose stock had accumulated to
L90,000, sold out when the South Sea stock was at 790. The broker whom
they employed advised them to re-invest in navy bills, which were at the
time at a discount of twenty-five per cent.; they took his advice, and
two years afterwards received their money at par.

Even the poets did not escape. Gay (says Dr. Johnson, in his "Lives of
the Poets") had a present from young Craggs of some South Sea stock, and
once supposed himself to be the master of L20,000. His friends,
especially Arbuthnot, persuaded him to sell his share, but he dreamed of
dignity and splendour, and could not bear to obstruct his own fortune.
He was then importuned to sell as much as wou