Page:Craik History of British Commerce Vol 2.djvu/197

Rh ruin many of the eager adventurers had brought upon themselves, and the well-merited punishment that was inflicted upon others—had probably a considerable effect in sobering down the extravagant spirit of cupidity, bred under the influence of an unaccustomed prosperity and abundance, in which the recent mania had originated, and in turning people's thoughts from the dream of making money by mere legerdemain and gambling to the slower but surer ways of regular commercial industry and enterprise.

During the short time it lasted, however, the excess to which the general intoxication, excited by the mounting up of the South Sea Company's stock, proceeded is almost incredible. Anderson has given us a curious table of the crowd of new projects that jostled one another in the money-market, and also an interesting description of the general scene of competition and clamour among the dealers and purchasers of the various stocks, which seems to be taken from personal observation. Of the great legal corporations whose stock was raised for the time to extravagant prices he enumerates, besides the South Sea Company, whose original 100l. shares came at last to sell for 1000l. each, the East India Company, whose 100l. shares rose to 445l.; the Bank of England, whose shares, originally worth about 96l., rose to 260l.; and the Royal African Company, whose 23l. shares rose to 200l. Besides these there were, having doubtful charters, the Million Bank, whose stock rose from 100l. to 440l.; the York Buildings' Company, whose 10l. shares rose to 305l.; the Lustring Company, whose shares originally of 5l. 2s. 6d. rose to 120l.; and others. Another class of funds was founded on the revival of old companies, such as the Mine Adventurers, the Sword Blade Company, &c., which had long been deserted and defunct. Other schemes were for local and personal objects, such as the Temple Mills Brass Works, whose 10l. shares rose to 250l.; and Sir Richard Steele's Fish Pool, for bringing fresh fish by sea to London, the shares in which rose in the market to 160l., although no money at all was paid for them originally.