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144-488: Great Britain took control of Grenada from France in the 18th century, and ruled until its independence in 1974. Despite the long history of British rule, Grenada's French heritage is still evidenced by the number of French loanwords in Grenadian Creole English, as well as by the lingering existence of Grenadian Creole French in the country. The Francophone character of Grenada is the result of over

288-669: A Power and Jurisdiction to examine, correct and amend" judgements of the Irish courts and declared that as the Kingdom of Ireland was subordinate to and dependent upon the crown of Great Britain, the King , through the Parliament of Great Britain, had "full power and authority to make laws and statutes of sufficient validity to bind the Kingdom and people of Ireland". The Act was repealed by

432-607: A century of uninterrupted French rule before the British conquest, which eventually led to Grenadian Creole English replacing Grenadian Creole French as the lingua franca of the island. The Grenada Creole Society, founded in 2009, implemented the mission to research and document the language in Grenada. The initial findings were published in 2012 in the publication Double Voicing and Multiplex Identities ed. Nicholas Faraclas et al. The syntactic structures of Grenadian Creole English

576-662: A clear Protestant heir and endangered the line of succession , with the laws of succession differing in the two kingdoms and threatening a return to the throne of Scotland of the Roman Catholic House of Stuart , exiled in the Glorious Revolution of 1688. The resulting kingdom was in legislative and personal union with the Kingdom of Ireland from its inception, but the Parliament of Great Britain resisted early attempts to incorporate Ireland in

720-521: A considerable part of his reign abroad. These visits were also occasions both for significant negotiations and for the exchange of information and opinion....The visits to Hanover also provided critics with the opportunity...to argue that British interests were being neglected....George could not speak English, and all relevant documents from his British ministers were translated into French for him....Few British ministers or diplomats...knew German, or could handle it in precise discussion." George I supported

864-685: A decisive Allied victory at the Battle of Minden . The victory over the French navy at the Battle of Lagos and the decisive Battle of Quiberon Bay ended threats of a French invasion, and confirmed Britain's reputation as the world's foremost naval power. The Treaty of Paris of 1763 marked the high point of the First British Empire. France's future in North America ended, as New France (Quebec) came under British control. In India,

1008-472: A feverish interest in investing: in South Seas primarily, but in stocks generally. One famous apocryphal story is of a company that went public in 1720 as "a company for carrying out an undertaking of great advantage, but nobody to know what it is". The price finally reached £1,000 in early August 1720, and the level of selling was such that the price started to fall, dropping back to £100 per share before

1152-495: A foreign consortium, Decker £49,000, Sir Ambrose Crawley £36,791. The company had a Sub-Governor, Bateman; a Deputy Governor, Ongley; and 30 ordinary directors. In total, nine of the directors were politicians, five were members of the Sword Blade consortium, and seven more were financial magnates who had been attracted to the scheme. The company created a coat of arms with the motto A Gadibus usque ad Auroram ("from Cadiz to

1296-435: A further 7.5% for a financial adviser, Manasseh Gilligan. Some company board members refused to accept the contract on these terms, and the government was obliged to reverse its decision. Despite these setbacks, the company continued, having raised £200,000 to finance the operations. In 1714 2,680 slaves were carried, and for 1716–17, 13,000 more, but the trade continued to be unprofitable. An import duty of 33 pieces of eight

1440-469: A growing evangelical, revivalist faction in the "Low Church". Its leaders included William Wilberforce and Hannah More . It reached the upper class through the Clapham Sect . It did not seek political reform, but rather the opportunity to save souls through political action by freeing slaves, abolishing the duel, prohibiting cruelty to children and animals, stopping gambling, and avoiding frivolity on

1584-562: A larger economy, and the Scots began to provide soldiers and colonial officials to the new British forces and Empire. However, one notable difference at the outset was that the new Scottish members of parliament and representative peers were elected by the outgoing Parliament of Scotland, while all existing members of the Houses of Commons and Lords at Westminster remained in office. During the War of

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1728-512: A little more tolerance for Protestant Dissenters. He avoided controversy and high-intensity disputes, as his middle way attracted moderates from both the Whig and Tory camps. H.T. Dickinson summed up his historical role: Walpole was one of the greatest politicians in British history. He played a significant role in sustaining the Whig party, safeguarding the Hanoverian succession, and defending

1872-455: A major battle to impose excise taxes on wine and tobacco . To reduce the threat of smuggling, the tax was to be collected not at ports but at warehouses. This new proposal, however, was extremely unpopular with the public, and aroused the opposition of the merchants because of the supervision it would involve. Walpole was defeated as his strength in Parliament dropped a notch. Historians hold Walpole's record in high regard, though there has been

2016-554: A major war and keep the peace. Both sides wanted peace, which allowed both countries enormous cost savings, and recovery from expensive wars. Henry Pelham became prime minister in 1744 and continued Walpole's policies. He worked for an end to the War of the Austrian Succession . His financial policy was a major success once peace had been signed in 1748. He demobilised the armed forces, and reduced government spending from £12 million to £7 million. He refinanced

2160-678: A man in a duel, had travelled around Europe before settling in France. There he founded a bank, which in December 1718 became the Banque Royale, national bank of France, while Law himself was granted sweeping powers to control the economy of France, which operated largely by royal decree. Law's remarkable success was known in financial circles throughout Europe, and now came to inspire Blunt and his associates to make greater efforts to grow their own concerns. In February 1719 Craggs explained to

2304-435: A master of the effective use of patronage, as were Pelham and Lord Newcastle. They each paid close attention to the work of bestowing upon their political allies high places, lifetime pensions, honours, lucrative government contracts, and help at election time. In turn the friends enabled them to control Parliament. Thus in 1742, over 140 members of parliament held powerful positions thanks in part to Walpole, including 24 men at

2448-594: A new company formed for the purpose, the South Sea Company, which in return would issue them shares in itself to the same nominal value. The government would make an annual payment to the Company of £568,279, equating to 6% interest plus expenses, which would then be redistributed to the shareholders as a dividend. The company was also granted a monopoly to trade with South America, a potentially lucrative enterprise, but one controlled by Spain – with which Britain

2592-400: A recent tendency to share credit more widely among his allies. W. A. Speck wrote that Walpole's uninterrupted run of 20 years as Prime Minister is rightly regarded as one of the major feats of British political history... Explanations are usually offered in terms of his expert handling of the political system after 1720, [and] his unique blending of the surviving powers of the crown with

2736-738: A single unified parliament. Ireland remained formally separate, with its own parliament, until the Acts of Union 1800 took effect. The Union of 1707 provided for a Protestant-only succession to the throne in accordance with the English Act of Settlement of 1701 ; rather than Scotland's Act of Security of 1704 and the Act anent Peace and War 1703 , which ceased to have effect by the Repeal of Certain Scotch Acts 1707 . The Act of Settlement required that

2880-528: A small German state that was opposed to Prussian supremacy. George I and George II saw a French alliance as the best way to neutralise Prussia. They forced a dramatic reversal of British foreign policy, which for centuries had seen France as England's greatest enemy. However, the bellicose King Louis XIV died in 1715, and the regents who ran France were preoccupied with internal affairs. King Louis XV came of age in 1726, and his elderly chief minister Cardinal Fleury collaborated informally with Walpole to prevent

3024-588: A superb Royal Navy, which not only protected the British colonies but threatened the colonies of the other empires, and sometimes seized them. Thus the Royal Navy captured New Amsterdam (later New York City ) in 1664. The colonies were captive markets for British industry, and the goal was to enrich the mother country. During the 1760s and 1770s, relations with the Thirteen Colonies turned from benign neglect to outright revolt, primarily because of

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3168-455: A total of £9 million was owed by the government, with no specifically allocated income to pay it off. Robert Harley and John Blunt had jointly devised a scheme to consolidate this debt in much the same way that the Bank of England had consolidated previous debts, although the Bank still held the monopoly for operating as a bank. All holders of the debt (creditors) would be required to surrender it to

3312-550: Is influenced by Standard English, French and some African languages. This pidgin and creole language -related article is a stub . You can help Misplaced Pages by expanding it . Kingdom of Great Britain The Kingdom of Great Britain , officially known as Great Britain , was a sovereign state in Western Europe from 1707 to the end of 1800. The state was created by the 1706 Treaty of Union and ratified by

3456-524: Is the least criminal part of his ministry. For what is the loss of allies to the alienation of the people from the government, or the diminution of trade to the destruction of our liberties? Walpole's allies defeated a censure motion by a vote of 209 to 106, but Walpole's coalition lost seats in the election of 1741, and by a narrow margin he was finally forced out of office in early 1742. Walpole secured widespread support with his policy of avoiding war. He used his influence to prevent George II from entering

3600-664: The Acts of Union 1707 , which united the kingdoms of England (including Wales ) and Scotland to form a single kingdom encompassing the whole island of Great Britain and its outlying islands, with the exception of the Isle of Man and the Channel Islands . The unitary state was governed by a single parliament at the Palace of Westminster , but distinct legal systems— English law and Scots law —remained in use. The formerly separate kingdoms had been in personal union since

3744-582: The Acts of Union 1800 , enacted by Great Britain and Ireland, under George III , to merge with it the Kingdom of Ireland . The name Britain descends from the Latin name for the island of Great Britain, Britannia or Brittānia , the land of the Britons via the Old French Bretaigne (whence also Modern French Bretagne ) and Middle English Bretayne , Breteyne . The term Great Britain

3888-682: The American War of Independence , it also had dominion over the Thirteen Colonies . From 1787, Britain began the colonisation of New South Wales with the departure of the First Fleet in the process of penal transportation to Australia . Britain was a leading belligerent in the French Revolutionary Wars . Great Britain was merged into the United Kingdom of Great Britain and Ireland on 1 January 1801, with

4032-690: The BBC , and others, including the Historical Association , refer to the state created on 1 May 1707 as the United Kingdom of Great Britain . Both the Acts and the Treaty describe the country as "One Kingdom" and a "United Kingdom", leading some publications to treat the state as the "United Kingdom". The term United Kingdom was sometimes used informally during the 18th century to describe

4176-1119: The British Parliament 's insistence on taxing colonists without their consent to recover losses incurred protecting the American Colonists during the French and Indian War (1754–1763). In 1775, the American Revolutionary War began at the Battles of Lexington and Concord , and the Americans then trapped the British Army in Boston in the Siege of Boston and suppressed the Loyalists who supported The Crown . South Sea Company The South Sea Company (officially: The Governor and Company of

4320-534: The Church of England gained strength in the late 18th and early 19th century. The movement challenged the traditional religious sensibility that emphasized a code of honour for the upper class, and suitable behaviour for everyone else, together with faithful observances of rituals. John Wesley (1703–1791) and his followers preached revivalist religion, trying to convert individuals to a personal relationship with Christ through Bible reading, regular prayer, and especially

4464-819: The Earl of Sunderland , and Robert Walpole . Many Tories were driven out of national and local government, and new laws were passed to impose greater national control. The right of habeas corpus was restricted; to reduce electoral instability, the Septennial Act 1715 increased the maximum life of a parliament from three years to seven. During his reign, George I spent only about half as much of his time overseas as had William III, who also reigned for thirteen years. Jeremy Black has argued that George wanted to spend even more time in Hanover: "His visits, in 1716, 1719, 1720, 1723 and 1725, were lengthy, and, in total, he spent

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4608-591: The Repeal of Act for Securing Dependence of Ireland Act 1782 . The same year, the Irish constitution of 1782 produced a period of legislative freedom. However, the Irish Rebellion of 1798 , which sought to end the subordination and dependency of the country on the British crown and to establish a republic, was one of the factors that led to the formation of the United Kingdom of Great Britain and Ireland in 1801. The deeper political integration of her kingdoms

4752-715: The Secretary of the Treasury , William Lowndes (who had had significant responsibility for reminting the entire debased British coinage in 1696) and John Aislabie (who represented the October Club , a group of about 200 MPs who had agreed to vote together). Harley's first concern was to find £300,000 for the next quarter's payroll for the British army operating on the Continent under the Duke of Marlborough . This funding

4896-509: The South Sea Bubble . The Bubble Act 1720 ( 6 Geo. 1 c. 18), which forbade the creation of joint-stock companies without royal charter , was promoted by the South Sea Company itself before its collapse. In Great Britain, many investors were ruined by the share-price collapse, and as a result, the national economy diminished substantially. The founders of the scheme engaged in insider trading , by using their advance knowledge of

5040-606: The Treasurer to the Navy, Hampden , who invested £25,000 of government money on his own behalf. The proposal was accepted in a slightly altered form in April 1720. Crucial in this conversion was the proportion of holders of irredeemable annuities who could be tempted to convert their securities at a high price for the new shares. (Holders of redeemable debt had effectively no other choice but to subscribe.) The South Sea Company could set

5184-657: The War of the Polish Succession in 1733, because it was a dispute between the Bourbons and the Habsburgs. He boasted, "There are 50,000 men slain in Europe this year, and not one Englishman." Walpole himself let others, especially his brother-in-law Lord Townshend , handle foreign policy until about 1726, then took charge. A major challenge for his administration was the royal role as simultaneous ruler of Hanover,

5328-537: The War of the Quadruple Alliance . The company's assets in South America were seized, at a cost claimed by the company to be £300,000. Any prospect of profit from trade, for which the company had purchased ships and had been planning its next ventures, disappeared. Events in France now came to influence the future of the company. A Scottish economist and financier, John Law , exiled after killing

5472-507: The third Carnatic War had left France still in control of several small enclaves , but with military restrictions and an obligation to support the British client states, effectively leaving the future of India to Great Britain. The British victory over France in the Seven Years' War therefore left Great Britain as the world's dominant colonial power, with a bitter France thirsting for revenge. The evangelical movement inside and outside

5616-480: The 1603 " Union of the Crowns " when James VI of Scotland became King of England and King of Ireland . Since James's reign, who had been the first to refer to himself as "king of Great Britain", a political union between the two mainland British kingdoms had been repeatedly attempted and aborted by both the Parliament of England and the Parliament of Scotland . Queen Anne ( r.  1702–1714 ) did not produce

5760-459: The 36 men honoured were peers and members of parliament who would provide him with useful connections. Walpole himself became enormously wealthy, investing heavily in his estate at Houghton Hall and its large collection of European master paintings. Walpole's methods won him victory after victory, but aroused furious opposition. Historian John H. Plumb wrote: Walpole's policy had bred distrust, his methods hatred. Time and time again his policy

5904-542: The Act gave a boost to the South Sea Company, its shares leaping to £890 in early June. This peak encouraged people to start to sell; to counterbalance this the company's directors ordered their agents to buy, which succeeded in propping the price up at around £750. The price of the stock went up over the course of a single year from about £100 to almost £1,000 per share. Its success caused a country-wide frenzy— herd behavior —as all types of people, from peasants to lords, developed

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6048-706: The Americas. The First British Empire, based upon the English overseas possessions , was enlarged. From France, Great Britain gained Newfoundland and Acadia , and from Spain Gibraltar and Menorca . Gibraltar became a major naval base which allowed Great Britain to control the entrance from the Atlantic to the Mediterranean. The war marks the weakening of French military, diplomatic and economic dominance, and

6192-672: The Bank of England's monopoly. The task of the Company Secretary was to oversee trading activities; the Accountant, Grigsby, was responsible for registering and issuing stock; and the Cashier, Robert Knight, acted as Blunt's personal assistant at a salary of £200 per annum. The Treaty of Utrecht of 1713 granted Britain an Asiento de Negros lasting 30 years to supply the Spanish colonies with 4,800 slaves per year. Britain

6336-435: The Bank proposed to undertake the conversion with a payment of £5.5 million and a fixed conversion price of £170 per £100 face-value Bank stock. On 1 February, the company negotiators led by Blunt raised their offer to £4 million plus a proportion of £3.5 million depending on how much of the debt was converted. They also agreed that the interest rate would decrease after four years instead of seven, and agreed to sell on behalf of

6480-464: The Company at a par value of £100—the idea was that they would profit by the rising price of their stock. Everyone with connections wanted in on the bonanza, and many other outlandish schemes found gullible takers. South Sea stock peaked at £1,060 on 25 June 1720. Then the bubble burst, and by the end of September it had fallen to £150. Hundreds of prominent men had borrowed to buy stock high; their apparent profits had vanished, but they were liable to repay

6624-726: The Company was restructured and continued to operate for more than a century after the Bubble. The headquarters were in Threadneedle Street , at the centre of the City of London , the financial district of the capital. At the time of these events, the Bank of England was also a private company dealing in national debt, and the crash of its rival confirmed its position as banker to the British government. When in August 1710 Robert Harley

6768-401: 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. By Act of Parliament, the company was granted the right to issue £1,150 of new stock for every £100 per annum of annuity which was surrendered. The government would pay 5% per annum on the stock created, which would halve their annual bill. The conversion

6912-421: The King. Shares in the company were "sold" to politicians at the current market price; however, rather than paying for the shares, these recipients simply held the shares, with the option of selling them back to the company at any time, receiving the increase in market price. This method, as well as winning over the heads of government, the King's mistress, et al. , had the advantage of binding their interests to

7056-399: The Name of Great Britain", and as such "Great Britain" was the official name of the state, as well as being used in titles such as "Parliament of Great Britain". . The term Great Britain had been in use in some official contexts for a century, such as at the proclamation of Charles I 's acession to the throne in 1625 as "King of Great Britain". The websites of the Scottish Parliament ,

7200-448: The Philippines, and coastal Africa. The results were highly favourable for Britain, and a major disaster for France. Key decisions were largely in the hands of William Pitt the Elder . The war started poorly. Britain lost the island of Minorca in 1756 , and suffered a series of defeats in North America. After years of setbacks and mediocre results, British luck turned in the "miracle year" ("Annus Mirabilis") of 1759. The British had entered

7344-528: The Sabbath; evangelicals read the Bible every day. All souls were equal in God's view, but not all bodies, so evangelicals did not challenge the hierarchical structure of English society. The first British Empire was based largely in mainland North America and the West Indies, with a growing presence in India. Emigration from Britain went mostly to the Thirteen Colonies and the West Indies, with some to Newfoundland and Nova Scotia. Few permanent settlers went to British India , although many young men went there in

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7488-452: The Scottish Enlightenment had a major impact on British, American, and European thinking. As a result of Poynings' Law of 1495, the Parliament of Ireland was subordinate to the Parliament of England , and after 1707 to the Parliament of Great Britain. The Westminster parliament's Declaratory Act 1719 (also called the Dependency of Ireland on Great Britain Act 1719) noted that the Irish House of Lords had recently "assumed to themselves

7632-417: The Spaniards are to be divested of common sense, infatuate, and given up, abandoning their own commerce, throwing away the only valuable stake they have left in the world, and in short, bent on their own ruin, we cannot suggest that they will ever, on any consideration, or for any equivalent, part with so valuable, indeed so inestimable a jewel, as the exclusive trade to their own plantations. The originators of

7776-426: The Spanish Succession (1702–14) England continued its policy of forming and funding alliances, especially with the Dutch Republic and the Holy Roman Empire against their common enemy, King Louis XIV of France. Queen Anne , who reigned 1702–1714, was the central decision maker, working closely with her advisers, especially her remarkably successful senior general, John Churchill, 1st Duke of Marlborough . The war

7920-433: The Whigs between Walpole's faction supporting the Prince of Wales and James Stanhope 's supporting the King. Argyll and Townshend were dismissed as directors, as were surviving Tories Sir Richard Hoare and George Pitt, and King George I became governor. Four MPs remained directors, as did six people holding government financial offices. The Sword Blade Company remained bankers to the South Sea, and indeed had flourished despite

8064-406: The arrival on the world scene of Britain as a major imperial, military and financial power. British historian G. M. Trevelyan argued: In the 18th century England, and after 1707 Great Britain, rose to become the world's dominant colonial power , with France as its main rival. The pre-1707 English overseas possessions became the nucleus of the First British Empire . "In 1714 the ruling class

8208-430: 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. He identified a number of companies which between them sought to raise £40 million in capital. The committee investigated the companies, establishing a principle that companies should not be operating outside

8352-442: The board and replaced with businessmen. The Whigs Horatio Townshend, brother in law of Robert Walpole , and the Duke of Argyll were elected directors. The change of government led to a revival of the company's share value, which had fallen below its issue price. The previous government had failed to make the interest payments to the company for the preceding two years, owing more than £1 million. The new administration insisted that

8496-448: The bubble companies investigated were two supported by Lords Onslow and Chetwynd respectively, for insuring shipping. These were criticised heavily, and the questionable dealings of the Attorney-General and Solicitor-General in trying to obtain charters for the companies led to both being replaced. However, the schemes had the support of Walpole and Craggs , so that the larger part of the Bubble Act (which finally resulted in June 1720 from

8640-419: The committee's investigations) was devoted to creating charters for the Royal Exchange Assurance Corporation or London Assurance Corporation. The companies were required to pay £300,000 for the privilege. The Act required that a joint stock company could be incorporated only by Act of Parliament or royal charter . The prohibition on unauthorised joint stock ventures was not repealed until 1825. The passing of

8784-430: The companies had no legal basis, while others (such as the Hollow Sword Blade Company, which acted as the South Sea Company's banker), used existing chartered companies for purposes entirely different from those designated at their creation. 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

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8928-403: The company ship. He was dismissed as a director, but the result was the beginning of Harley's fall from favour with the company. On 27 July 1714, Harley was replaced as Lord High Treasurer as a result of a disagreement that had broken out within the Tory faction in parliament. Queen Anne died on 1 August 1714; and at the election of directors in 1715 the Prince of Wales (the future King George II )

9072-512: The company's charter was issued on 10 September 1711. The government itself surrendered £0.75 million of its own debt held by different departments (at that time individual office holders were at liberty to invest government funds under their control to their own advantage before it was required for government expenditure). Harley surrendered £8,000 of debt and was appointed Governor of the new company. Blunt, Caswall and Sawbridge together surrendered £65,000, Janssen £25,000 of his own plus £250,000 from

9216-572: The company's dubious legal position. Blunt and Sawbridge remained South Sea directors, and they had been joined by Gibbon and Child. Caswall had retired as a South Sea director to concentrate on the Sword Blade business. In November 1718 Sub-Governor Bateman and Deputy Governor Shepheard both died. Leaving aside the honorary position of Governor, this left the company suddenly without its two most senior and experienced directors. They were replaced by Sir John Fellowes as Sub-Governor and Charles Joye as Deputy. In 1718 war broke out with Spain once again, in

9360-399: The company, based on that of the Bank of England, was drawn up by Blunt who was paid £3,846 for his services in setting up the company. Directors would be elected every three years and shareholders would meet twice a year. The company employed a cashier, secretary and accountant. The governor was intended as an honorary position, and was later customarily held by the monarch. The charter allowed

9504-399: The conversion price but could not diverge much from the market price of its shares. The company ultimately acquired 85% of the redeemables and 80% of the irredeemables. The company then set to talking up its stock with "the most extravagant rumours" of the value of its potential trade in the New World; this was followed by a wave of "speculating frenzy". The share price had risen from the time

9648-694: The current price. The transactions were recorded by Knight in the names of intermediaries, but no payments were received and no stock issued – indeed the company had none to issue until the conversion of debt began. The individual received an option to sell his stock back to the company at any future date at whatever market price might then apply. Shares went to the Craggs: the Elder and the Younger ; Lord Gower ; Lord Lansdowne ; and four other MPs. Lord Sunderland would gain £500 for every pound that stock rose; George I's mistress, their children and Countess Platen £120 per pound rise, Aislabie £200 per pound, Lord Stanhope £600 per pound. Others invested money, including

9792-411: The dawn", from Juvenal , Satires , 10) and rented a large house in the City of London as its headquarters. Seven sub-committees were created to handle its everyday business, the most important being the "committee for the affairs of the company". The Sword Blade company was retained as the company's banker and on the strength of its new government connections issued notes in its own right, notwithstanding

9936-408: The debt be written off, but allowed the company to issue new shares to stockholders to the value of the missed payments. At around £10 million, this now represented half the share capital issued in the entire country. In 1714 the company had 2,000 to 3,000 shareholders, more than either of its rivals. By the time of the next directors' elections in 1718 politics had changed again, with a schism within

10080-413: The disproportionately large number of Scottish peers were permitted to send only sixteen Scottish representative peers , elected from amongst their number for the life of each parliament. Similarly, the members of the former English House of Commons continued as members of the British House of Commons, but as a reflection of the relative tax bases of the two countries the number of Scottish representatives

10224-569: The expulsion of the Tories from power; they remained in the political wilderness until his great-grandson George III came to power in 1760 and began to replace Whigs with Tories. George I has often been caricatured in the history books, but according to his biographer Ragnhild Hatton : ...on the whole he did well by Great Britain, guiding the country calmly and responsibly through the difficult postwar years and repeated invasions or threatened invasions... He liked efficiency and expertise, and had long experience of running an orderly state... He cared for

10368-633: The failure of the South Sea Company , an early joint-stock company . The campaigns of Jacobitism ended in defeat for the Stuarts' cause in 1746 . The Hanoverian line of monarchs gave their names to the Georgian era and the term " Georgian " is typically used in the contexts of social and political history for Georgian architecture . The term " Augustan literature " is often used for Augustan drama , Augustan poetry and Augustan prose in

10512-571: The first year, plus any that might have been added (against standing instructions) by the ship's captains on their own behalf. On arrival of the first cargoes, the local authorities refused to accept the Asiento, which had still not been officially confirmed there by the Spanish authorities. The slaves were eventually sold at a loss in the West Indies. In 1714 the government announced that a quarter of profits would be reserved for Queen Anne and

10656-471: The form of a fixed annuity over a period of years, so that the government effectively held the prize money as borrowings until the whole value had been paid out to the winners. Marketing was handled by members of the Sword Blade syndicate, Gibbon selling £200,000 of tickets and earning £4,500 commission, and Blunt selling £993,000. Charles Blunt (a relative) was made Paymaster of the lottery with expenses of £5,000. The national debt investigation concluded that

10800-402: The founders of the Bank of England and of the financially disastrous Darien Scheme . Harley was rewarded for delivering the scheme by being created Earl of Oxford on 23 May 1711 and was promoted to Lord High Treasurer . With a more secure position, he began secret peace negotiations with France. The scheme to thus consolidate all government debt and to manage it better in the future held out

10944-747: The full amount of the loans. Many went bankrupt, and many more lost fortunes. Confidence in the entire national financial and political system collapsed. Parliament investigated and concluded that there had been widespread fraud by the company directors and corruption in the Cabinet. Among Cabinet members implicated were the Chancellor of the Exchequer , the Postmaster General , and a Secretary of State, as well as two other leading men, Lord Stanhope and Lord Sunderland . Walpole had dabbled in

11088-592: The full court of directors to nominate a smaller committee to act on any matter on its behalf. Directors of the Bank of England and of the East India Company were barred from being directors of the South Sea Company. Any ship of more than 500 tons owned by the company was to have a Church of England clergyman on board. The surrender of government debt for company stock was to occur in five separate lots. The first two of these, totaling £2.75 million from about 200 large investors, had already been arranged before

11232-475: The government was to be used to buy in any debt not subscribed to the scheme, which although it helped the government, also helped the company by removing possibly competing securities from the market, including large holdings by the Bank of England. Company stock was now trading at £123, so the issue amounted to an injection of £5 million of new money into a booming economy just as interest rates were falling. Gross Domestic Product (GDP) for Britain at this point

11376-519: The government £1 million of Exchequer bills (formerly handled by the Bank). The House accepted the South Sea offer. Bank stock fell sharply. 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 company now embarked on a show of gratitude to its friends. Select individuals were sold a parcel of company stock at

11520-600: The heir to the English throne be a descendant of the Electress Sophia of Hanover and not a Roman Catholic; this brought about the Hanoverian succession of George I of Great Britain in 1714. Legislative power was vested in the Parliament of Great Britain , which replaced both the Parliament of England and the Parliament of Scotland . In practice, it was a continuation of the English parliament, sitting at

11664-487: The hope of making money and returning home. Mercantilism was the basic policy imposed by Great Britain on its overseas possessions. Mercantilism meant that the government and the merchants became partners with the goal of increasing political power and private wealth, to the exclusion of other empires. The government protected its merchants—and kept others out—by trade barriers, regulations, and subsidies to domestic industries to maximise exports from and minimise imports to

11808-645: The increasing influence of the Commons. He was a Whig from the gentry class, who first arrived in Parliament in 1701, and held many senior positions. He was a country squire and looked to country gentlemen for his political base. Historian Frank O'Gorman said his leadership in Parliament reflected his "reasonable and persuasive oratory, his ability to move both the emotions as well as the minds of men, and, above all, his extraordinary self-confidence." Julian Hoppit has said Walpole's policies sought moderation: he worked for peace, lower taxes, growing exports, and allowed

11952-666: The interests of the company: in order to secure profits, the stock needed to rise. Meanwhile, by publicising the names of their elite stockholders, the company managed to clothe itself in an aura of legitimacy, which attracted and kept other buyers. The South Sea Company was by no means the only company seeking to raise money from investors in 1720. A large number of other joint-stock companies, making extravagant (sometimes fraudulent) claims about foreign or other ventures or bizarre schemes, had been created. Others represented potentially sound, although novel, schemes, such as for founding insurance companies. These were nicknamed "Bubbles". Some of

12096-724: The islands in the " South Seas " and South America . When the company was created, Britain was involved in the War of the Spanish Succession and Spain and Portugal controlled most of South America. There was thus no realistic prospect that trade would take place, and as it turned out, the Company never realised any significant profit from its monopoly. However, Company stock rose greatly in value as it expanded its operations dealing in government debt, and peaked in 1720 before suddenly collapsing to little above its original flotation price. The notorious economic bubble thus created, which ruined thousands of investors, became known as

12240-525: The leaders were executed, many others dispossessed of their lands, and some 700 prominent followers deported to forced labour on sugar plantations in the West Indies. A key decision was the refusal of the Pretender to change his religion from Roman Catholic to Anglican, which would have mobilised much more of the Tory element. The Whigs came to power, under the leadership of James Stanhope , Charles Townshend ,

12384-399: The margin of three votes he saved several key government officials from impeachment. Stanhope and Sunderland died of natural causes, leaving Walpole alone as the dominant figure in British politics. The public hailed him as the saviour of the financial system, and historians credit him with rescuing the Whig government, and indeed the Hanoverian dynasty, from total disgrace. Walpole was

12528-573: The merchants of Great Britain, trading to the South Seas and other parts of America and for the encouragement of the Fishery ) was a British joint-stock company founded in January 1711, created as a public-private partnership to consolidate and reduce the cost of the national debt . To generate income, in 1713 the company was granted a monopoly (the Asiento de Negros ) to supply African slaves to

12672-497: The national debt, dropping the interest rate from 4% p.a. to 3% p.a. Taxes had risen to pay for the war, but in 1752 he reduced the land tax from four shillings to two shillings in the pound: that is, from 20% to 10%. By avoiding wars, Walpole could lower taxes. He reduced the national debt with a sinking fund, and by negotiating lower interest rates. He reduced the land tax from four shillings in 1721, to 3s in 1728, 2s in 1731 and finally to only 1s (i.e. 5%) in 1732. His long-term goal

12816-489: The national finances, which were suffering from the pressures of two simultaneous wars : the War of the Spanish Succession with France, which ended in 1713, and the Great Northern War , which was not to end until 1721. Harley came prepared, with detailed accounts describing the situation of the national debt, which was customarily a piecemeal arrangement, with each government department borrowing independently as

12960-619: The need arose. He released the information steadily, continually adding new reports of debts incurred and scandalous expenditure, until in January 1711 the House of Commons agreed to appoint a committee to investigate the entire debt. The committee included Harley himself, the two Auditors of the Imprests (whose task was to investigate government spending), Edward Harley (the Chancellor's brother), Paul Foley (the Chancellor's brother-in-law),

13104-556: The objects specified in their charters. A potential embarrassment for the South Sea was avoided when the question of the Hollow Sword Blade Company arose. Difficulty was avoided by flooding the committee with MPs who were supporters of the South Sea, and voting down by 75 to 25 the proposal to investigate the Hollow Sword. (At this time, committees of the House were either 'Open' or 'secret'. A secret committee

13248-499: The offer to the public in July 1719. The Sword Blade company spread a rumour that the Pretender had been captured, and the general euphoria induced the South Sea share price to rise from £100, where it had been in the spring, to £114. Annuitants were still paid out at the same money value of shares, the company keeping the profit from the rise in value before issuing. About two-thirds of the in-force annuities were exchanged. The 1719 scheme

13392-481: The open market at a price that allowed anyone with advance knowledge to buy and resell in the immediate future at a high profit, for as soon as the scheme became publicised the bonds would once again be worth at least their nominal value, as repayment was now more certain a prospect. This anticipation of gain made it possible for Harley to bring further financial supporters into the scheme, such as James Bateman and Theodore Janssen . Daniel Defoe commented: Unless

13536-718: The period 1700–1740s. The term "Augustan" refers to the acknowledgement of the influence of classical Latin from the ancient Roman Empire . Victory in the Seven Years' War led to the dominance of the British Empire , which was to become the foremost global power for over a century. Great Britain dominated the Indian subcontinent through the trading and military expansion of the East India Company in colonial India . In wars against France , it gained control of both Upper and Lower Canada , and until suffering defeat in

13680-455: The political union. The early years of the newly united kingdom were marked by Jacobite risings , particularly the Jacobite rising of 1715 . The relative incapacity or ineptitude of the Hanoverian kings resulted in a growth in the powers of Parliament and a new role, that of " prime minister ", emerged in the heyday of Robert Walpole . The "South Sea Bubble" economic crisis was brought on by

13824-467: The principles of the Glorious Revolution (1688) ... He established a stable political supremacy for the Whig party and taught succeeding ministers how best to establish an effective working relationship between Crown and Parliament. The Seven Years' War , which began in 1756, was the first war waged on a global scale and saw British involvement in Europe, India , North America, the Caribbean,

13968-486: The process, which removed all 33 company directors and stripped them of, on average, 82% of their wealth. The money went to the victims. The government bought the stock of the South Sea Company for £33 and sold it to the Bank of England and the East India Company, the only other two corporations big enough to handle the challenge. Walpole made sure that King George and his mistresses were not embarrassed, and by

14112-414: The prospect of all existing creditors being repaid the full nominal value of their loans, which at the time before the scheme was publicised were valued at a discounted rate of £55 per £100 nominal value, as the lotteries were discredited and the government's ability to repay in full was widely doubted. Thus bonds representing the debt intended to be consolidated under the scheme were available for purchase on

14256-418: The quality of his ministers and his officers, army and naval, and the strength of the navy in fast ships grew during his reign... He showed political vision and ability in the way in which he used British power in Europe. Robert Walpole (1676–1745) was a son of the landed gentry who rose to power in the House of Commons from 1721 to 1742. He became the first "prime minister", a term in use by 1727. In 1742, he

14400-516: The realm. The government had to fight smuggling—which became a favourite American technique in the 18th century to circumvent the restrictions on trading with the French, Spanish or Dutch. The goal of mercantilism was to run trade surpluses, so that gold and silver would pour into London. The government took its share through duties and taxes, with the remainder going to merchants in London and other British ports. The government spent much of its revenue on

14544-642: The revival experience. Wesley himself preached 52,000 times, calling on men and women to "redeem the time" and save their souls. Wesley always operated inside the Church of England, but at his death, it set up outside institutions that became the Methodist Church . It stood alongside the traditional nonconformist churches, Presbyterians, Congregationalist, Baptists, Unitarians and Quakers. The nonconformist churches, however, were less influenced by revivalism. The Church of England remained dominant, but it had

14688-578: The royal court, 50 in the government agencies, and the rest with sinecures or other handsome emoluments, often in the range of £500 – £1000 per year. Usually there was little or no work involved. Walpole also distributed highly attractive ecclesiastical appointments. When the Court in 1725 instituted a new order of chivalry, the Order of the Bath , Walpole immediately seized the opportunity. He made sure that most of

14832-407: 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 assumed previously. After the first year, the company was to give the government £3 million in four quarterly installments. New stock would be created at a face value equal to the debt, but the share price

14976-565: The same location in Westminster, expanded to include representation from Scotland. As with the former Parliament of England and the modern Parliament of the United Kingdom , the Parliament of Great Britain was formally constituted of three elements: the House of Commons , the House of Lords , and the Crown . The right of the English peers to sit in the House of Lords remained unchanged, while

15120-453: The scheme knew that there was no money to invest in a trading venture, and no realistic expectation that there would ever be a trade to exploit, but nevertheless the potential for great wealth was widely publicised at every opportunity, so as to encourage interest in the scheme. The objective for the founders was to create a company that they could use to become wealthy and that offered scope for further government deals. The royal charter for

15264-514: The scheme was proposed: from £128 in January 1720, to £175 in February, £330 in March and, following the scheme's acceptance, £550 at the end of May. What may have supported the company's high multiples (its P/E ratio ) was a fund of credit (known to the market) of £70 million available for commercial expansion which had been made available through substantial support, apparently, by Parliament and

15408-441: The speculation himself but was not a major player. He rose to the challenge, as the new First Lord of the Treasury , of resolving the financial and political disaster. The economy was basically healthy, and the panic ended. Working with the financiers he successfully restored confidence in the system. However, public opinion, as shaped by the many prominent men who had lost so much money so quickly, demanded revenge. Walpole supervised

15552-504: The start of the contract. The Asiento was granted in the name of Queen Anne and then contracted to the company. By July the company had arranged contracts with the Royal African Company to supply the necessary African slaves to Jamaica. Ten pounds was paid for a slave aged over 16, £8 for one under 16 but over 10. Two-thirds were to be male, and 90% adult. The company trans-shipped 1,230 slaves from Jamaica to America in

15696-420: The state. The kingdoms of England and Scotland, both in existence from the 9th century (with England incorporating Wales in the 16th century), were separate states until 1707. However, they had come into a personal union in 1603, when James VI of Scotland became king of England under the name of James I . This Union of the Crowns under the House of Stuart meant that the whole of the island of Great Britain

15840-435: The timings of national debt consolidations to make large profits from purchasing debt in advance. Huge bribes were given to politicians to support the Acts of Parliament necessary for the scheme. Company money was used to deal in its own shares, and selected individuals purchasing shares were given cash loans backed by those same shares to spend on purchasing more shares. The expectation of profits from trade with South America

15984-485: The two kingdoms into a kingdom called Great Britain. Anne became the first monarch to occupy the unified British throne, and in line with Article 22 of the Treaty of Union Scotland and England each sent members to the new House of Commons of Great Britain . The Scottish and English ruling classes retained power, and each country kept its legal and educational systems, as well as its established Church. United, they formed

16128-435: The very term "patriot". The opposition Country Party attacked Walpole relentlessly, primarily targeting his patronage, which they denounced as corruption. In turn, Walpole imposed censorship on the London theatre and subsidised writers such as William Arnall and others who rejected the charge of political corruption by arguing that corruption is the universal human condition. Furthermore, they argued, political divisiveness

16272-719: The year anxious about a French invasion , but by the end of the year, they were victorious in all theatres. In the Americas, they captured Fort Ticonderoga (Carillon) , drove the French out of the Ohio Country , captured Quebec City in Canada as a result of the decisive Battle of the Plains of Abraham , and captured the rich sugar island of Guadeloupe in the West Indies. In India, the John Company repulsed French forces besieging Madras . In Europe, British troops partook in

16416-447: The year was out. This triggered bankruptcies amongst those who had bought on credit, and increased sales, including short selling (i.e., selling borrowed shares in the hope of buying them back at a profit if the price fell). Also, in August 1720, the first of the installment payments of the first and second money subscriptions on new issues of South Sea stock were due. Earlier in the year John Blunt had come up with an idea to prop up

16560-557: Was a distinct success from the government's perspective, and they sought to repeat it. Negotiations took place between Aislabie and Craggs for the government and Blunt, Cashier Knight and his assistant and Caswell. Janssen, the Sub Governor and Deputy Governor were also consulted but negotiations remained secret from most of the company. News from France was of fortunes being made investing in Law's bank, whose shares had risen sharply. Money

16704-441: Was a financial drain, for Britain had to finance its allies and hire foreign soldiers. Stalemate on the battlefield and war weariness on the home front set in toward the end. The anti-war Tory politicians won control of Parliament in 1710 and forced a peace. The concluding Treaty of Utrecht was highly favourable for Britain. Spain lost its empire in Europe and faded away as a great power, while working to better manage its colonies in

16848-519: Was a foreign prince and had a small English standing army to support him, with military support from his native Hanover and from his allies in the Netherlands. In the Jacobite rising of 1715 , based in Scotland, the Earl of Mar led eighteen Jacobite peers and 10,000 men, with the aim of overthrowing the new king and restoring the Stuarts. Poorly organised, it was decisively defeated. Several of

16992-407: Was a key policy of Queen Anne , the last Stuart monarch of England and Scotland and the first monarch of Great Britain. A Treaty of Union was agreed in 1706, following negotiations between representatives of the parliaments of England and Scotland, and each parliament then passed separate Acts of Union to ratify it. The Acts came into effect on 1 May 1707, uniting the separate Parliaments and uniting

17136-511: Was a new phenomenon, not well understood, except for the strong gossip among financiers that fortunes could be made overnight. The South Sea Company, although originally set up to trade with the Spanish Empire, quickly turned most of its attention to very high risk financing, involving £30 million, some 60 per cent of the entire British national debt. It set up a scheme that invited stock owners to turn in their certificates for stock in

17280-458: Was a significant part of the company's work, and that it was carried out to the standards of the day. Its trading activities therefore offered a financial motivation for investment in the company. The company was heavily dependent on the goodwill of government; when the government changed, so too did the company board. In 1714 one of the directors who had been sponsored by Harley, Arthur Moore, had attempted to send 60 tons of private goods on board

17424-595: Was also universal and inevitable because of selfish passions that were integral to human nature. Arnall argued that government must be strong enough to control conflict, and in that regard Walpole was quite successful. This style of "court" political rhetoric continued through the 18th century. Lord Cobham , a leading soldier, used his own connections to build up an opposition after 1733. Young William Pitt and George Grenville joined Cobham's faction —they were called "Cobham's Cubs". They became leading enemies of Walpole and both later became prime minister. By 1741, Walpole

17568-477: Was an unofficial bank. Sales commenced on 3 March 1711 and tickets had completely sold out by 7 March, making it the first truly successful English state lottery. The success was shortly followed by another larger lottery, "The Two Million Adventure" or "The Classis", with tickets costing £100, with a top prize of £20,000 and every ticket winning a prize of at least £10. Although prizes were advertised by their total value, they were in fact paid out by installments in

17712-498: Was appointed Chancellor of the Exchequer , the government had already become reliant on the Bank of England , a privately owned company chartered 16 years previously, which had obtained a monopoly as the lender to the government. The government had become dissatisfied with the service it was receiving and Harley was actively seeking new ways to improve the national finances. A new parliament met in November 1710 resolved to attend to

17856-415: Was at war. At that time, when the continent of America was being explored and colonized, Europeans applied the term "South Seas" only to South America and surrounding waters. The concession both held out the potential for future profits and encouraged a desire for an end to the war, necessary if any profits were to be made. The original suggestion for the South Sea scheme came from William Paterson , one of

18000-478: Was charged on each slave (although for this purpose some slaves might be counted only as a fraction of a slave, depending on quality). One of the extra trade ships was sent to Cartagena in 1714 carrying woollen goods, despite warnings that there was no market for them there, and they remained unsold for two years. It has been estimated that the company transported a little over 34,000 slaves with mortality losses comparable to its competitors, showing that slave trading

18144-468: Was created Earl of Orford and was succeeded as prime minister by two of his followers, Henry Pelham (1743–1754) and Pelham's brother the Duke of Newcastle (1754–1762). Clayton Roberts summarizes Walpole's new functions: He monopolized the counsels of the King, he closely superintended the administration, he ruthlessly controlled patronage, and he led the predominant party in Parliament. Corporate stock

18288-591: Was elected as Governor of the company. The new King George I and the Prince of Wales both had large holdings in the company, as did some prominent Whig politicians, including James Craggs the Elder , the Earl of Halifax and Sir Joseph Jekyll. James Craggs, as Postmaster General, was responsible for intercepting mail on behalf of the government to obtain political and financial information. All Tory politicians were removed from

18432-485: Was estimated as £64.4 million. On 21 January the plan was presented to the board of the South Sea Company, and on 22 January Chancellor of the Exchequer John Aislabie presented it to Parliament. The House was stunned into silence, but on recovering proposed that the Bank of England should be invited to make a better offer. In response, the South Sea increased its cash payment to £3.5 million, while

18576-441: Was facing mounting criticism on foreign policy—he was accused of entangling Britain in a useless war with Spain—and mounting allegations of corruption. On 13 February 1741, Samuel Sandys , a former ally, called for his removal. He said: Such has been the conduct of Sir Robert Walpole, with regard to foreign affairs: he has deserted our allies, aggrandized our enemies, betrayed our commerce, and endangered our colonies; and yet this

18720-441: Was first used officially in 1474. The use of the word "Great" before "Britain" originates in the French language, which uses Bretagne for both Britain and Brittany . French therefore distinguishes between the two by calling Britain la Grande Bretagne , a distinction which was transferred into English. The Treaty of Union and the subsequent Acts of Union state that England and Scotland were to be "United into One Kingdom by

18864-694: Was fixed at 45. Newly created peers in the Peerage of Great Britain , and their successors, had the right to sit in the Lords. Despite the end of a separate parliament for Scotland, it retained its own laws and system of courts, as also its own established Presbyterian Church and control over its own schools. The social structure was highly hierarchical, and the same ruling class remained in control after 1707. Scotland continued to have its own universities, and with its intellectual community, especially in Edinburgh,

19008-518: Was moving around Europe, and other flotations threatened to soak up available capital (two insurance schemes in December 1719 each sought to raise £3 million). Plans were made for a new scheme to take over most of the unconsolidated national debt of Britain (£30,981,712) in exchange for company shares. 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 government agreed to pay

19152-493: Was much harder to sell and transfer of its ownership was legally much more complex. The government received a cash payment and lower overall interest on the debt. Importantly, it also gained control over when the debt had to be repaid, which was not before seven years but then at its discretion. This avoided the risk that debt might become repayable at some future point just when the government needed to borrow more, and could be forced into paying higher interest rates. The payment to

19296-430: Was now ruled by a single monarch, who by virtue of holding the English crown also ruled over the Kingdom of Ireland . Each of the three kingdoms maintained its own parliament and laws. Various smaller islands were in the king's domain, including the Isle of Man and the Channel Islands . This disposition changed dramatically when the Acts of Union 1707 came into force, with a single unified Crown of Great Britain and

19440-416: Was one with a fixed set of members who could vote on its proceedings. By contrast, any MP could join in with an 'open' committee and vote on its proceedings.) 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. Hungerford had previously been expelled from the Commons for accepting a bribe. Amongst

19584-574: Was permitted to open offices in Buenos Aires , Caracas , Cartagena , Havana , Panama , Portobello and Vera Cruz to arrange the Atlantic slave trade . One ship of no more than 500 tons could be sent to one of these places each year (the Navío de Permiso ) with general trade goods. One quarter of the profits were to be reserved for the King of Spain. There was provision for two extra sailings at

19728-528: Was provided by a private consortium of Edward Gibbon (grandfather of the historian ), George Caswall , and Hoare's Bank . The Bank of England had been operating a lottery on behalf of the government, but in 1710 this had produced less revenue than expected and another begun in 1711 was also performing poorly; Harley granted the authority to sell tickets to John Blunt , a director of the Hollow Sword Blade Company , which despite its name

19872-556: Was so bitterly divided that many feared a civil war might break out on Queen Anne's death", wrote historian W. A. Speck . A few hundred of the richest ruling class and landed gentry families controlled parliament, but were deeply split, with Tories committed to the legitimacy of the Stuart "Old Pretender" , then in exile. The Whigs strongly supported the Hanoverians, in order to ensure a Protestant succession. The new king, George I

20016-418: Was still rising and sales of the remaining stock, i.e. the excess of the total market value of the stock over the amount of the debt, would be used to raise the government fee plus a profit for the company. The more the price rose in advance of conversion, the more the company would make. Before the scheme, payments were costing the government £1.5 million per year. In summary, the total government debt in 1719

20160-546: Was successful in Parliament only because of the government's absolute control of the Scottish members in the Commons and the Bishops in the Lords. He gave point to the opposition's cry that Walpole's policy was against the wishes of the nation, a policy imposed by a corrupt use of pension and place. The opposition called for "patriotism" and looked at the Prince of Wales as the future "Patriot King". Walpole supporters ridiculed

20304-488: Was talked up to encourage the public to purchase shares, but the bubble prices reached far beyond what the actual profits of the business (namely the slave trade) could justify. A parliamentary inquiry was held after the bursting of the bubble to discover its causes. A number of politicians were disgraced, and people found to have profited immorally from the company had personal assets confiscated proportionate to their gains (most had already been rich and remained so). Finally,

20448-407: Was to replace the land tax, which was paid by the local gentry, with excise and customs taxes, which were paid by merchants and ultimately by consumers. Walpole joked that the landed gentry resembled hogs, which squealed loudly whenever anyone laid hands on them. By contrast, he said, merchants were like sheep, and yielded their wool without complaint. The joke backfired in 1733 when he was defeated in

20592-492: Was voluntary, amounting to £2.5 million new stock if all converted. The company was to make an additional new loan to the government pro rata up to £750,000, again at 5%. In March there was an abortive attempt to restore the Old Pretender, James Edward Stuart , to the throne of Britain, with a small landing of troops in Scotland. They were defeated at the Battle of Glen Shiel on 10 June. The South Sea company presented

20736-414: Was £50 million: The purpose of this conversion was similar to the old one: debt holders and annuitants might receive less return in total, but an illiquid investment was transformed into shares that could be readily traded. Shares backed by national debt were considered a safe investment and a convenient way to hold and move money, far easier and safer than metal coins. The only alternative safe asset, land,

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