Item of the Day: Proceedings of the Directors of the South-Sea Company (1721)

Full Title: The Proceedings of the Directors of the South-Sea Company, from the first Proposal of that Company, for the taking in the Publick Debts, February 1, 1719 to the Choice of New Directors, February 2, 1720. Wherein will be contained A Particular Account of the Debates in the General Courts of the said Company, during that Time, as likewise in those of the Bank of England, and East India Company, so far as they relate to the new Scheme for restoring the Publick Credit. Together with Divers other Matters and Occurrences, which either result from or serve to explain those Proceedings. To these are added the By-Laws of the South-Sea Company. London: Printed fro J. Roberts, near the Oxford-Arms in Warwick Lane, 1721.

 

To the Honourable the Commons of GREAT BRITAIN

in Parliamant Assembled.

 

 

The Corporation of the Governour and Company of Merchants of Great Britain trading to the South Seas and other Parts of America, and for Encouraging the Fishery, having under their Consideration how they may be most serviceable to His Majesty andHis Government; and to shew their Zeal and Readiness to concur in the Great and Honourable Design of Reducing the National Debts, in such Manner as may be consistent with, and for Support of Parliamentary Credit, Do humbly apprehend, that if the Publick Debts and Annuities mention’d in the Annexed Estimate were taken into, and made Part of the Capital Stock of the said Company, it would greatly contribute to the at most desirable End; which Debts and Annuities may be comprehended under the General Heads following, viz.

Annuities for Terms of Years.

Annuities granted for 99Years or 96Year, amounting to per Ann. 667,705 l. 8 s. 1 d. which at 20 Years Purchase, amounts to —- 13354108 01 08

Lottery 1710, remaining unsubscribed to the Company, about 40,670 l. 8 s. per Annum, which, at 14 Years Purchase, amounts to —- 569385 12 00

Annuities of 9 l. per Cent. amountting to 81,000 l. per Ann. at 14 Years Purchase, amounts to —- 1134000 00 00

Total Value of the said Annuities —- 15057493 13 08

 

Debts Redeemable by Parliament.

Total after the Rate of 5 l. per Cent. per Ann. —- 11795466 05 6 1/4

Total after the Rate of 4 l. per Cent. per Ann. —- 4128752 07 4

Total of the said Redeemable Debts —- 15924218 12 10 1/4

Therefore do humbly propose, that the said Company may be permitted to inlarge their present Stock by taking in the said Annuities and Debts, at any Time or Times, until Lady-Day, 1721 on the Terms and conditions following, viz. . . .

 

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Filed under 1720's, Great Britain, Posted by Caroline Fuchs, South Sea Company

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