[Lady Mary Wortley Montague by Lewis Melville]@TWC D-Link bookLady Mary Wortley Montague CHAPTER X 10/39
The directors, most of whom were guilty of fraud, made vast sums of money.
That astute financier, Robert Walpole, speculated on a vast scale, sold out before the slump, and realised a fortune more than sufficient to enable him to rebuild Houghton and to gather together his famous collection of pictures.
On the other hand the Duke of Portland, who held on too long, was so hard hit that he had to solicit the post of Captain-General of Jamaica. Remond held some South Sea stock, and, acting on Lady Mary's advice, sold out at a considerable profit.
Not content with his gains, however, he insisted, just before his departure for France, on leaving in Lady Mary's hands L900 for investment as opportunity should arise. Reluctantly Lady Mary consented--she would probably have agreed almost to anything, so anxious was she that Remond should leave the country. On August 22, 1720, Pope, with the best intentions in the world, wrote to Lady Mary: "I was made acquainted last night that I might depend upon it as a certain gain to buy the South Sea stock at the present price, which will assuredly rise in some weeks or less.
I can be as sure of this as the nature of any such thing will allow, from the first and best hands, and therefore have despatched the bearer with all speed to you." No doubt the phrase "the first and best hands," was intended to convey the fact that his informant was his friend and neighbour, James Craggs the younger, the Secretary of State who was so deeply involved in the affairs of the South Sea Company that when the "bubble" burst he only escaped prosecution by conveniently dying of small-pox.
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