The South Sea Company had taken over the National Debt, on terms, and its stock, carefully manipulated, rose by leaps and bounds.

In 1714 the stock stood at 85.

After the defeat of the rebellion of 1715, it was quoted at prices varying from par to 106.

In the autumn of 1719, when rumours of its great scheme were spread about the town, it rose to 126.

Early in the following year it could not be purchased for less than 400.