been destroyed altogether, and that some had been taken away or
secreted. At the very entrance into their inquiry, they had observed
that the matters referred to them were of great variety and extent.
Many persons had been intrusted with various parts in the execution of
the law, and under colour thereof had acted in an unwarrantable
manner, in disposing of the properties of many thousands of persons,
amounting to many millions of money. They discovered that, before the
South Sea Act was passed, there was an entry in the Company's books of
the sum of 1,259,325 pounds, upon account of stock stated to have been
sold to the amount of 574,500 pounds. This stock was all fictitious,
and had been disposed of with a view to promote the passing of the
bill. It was noted as sold at various days, and at various prices,
from 150 to 325 per cent. Being surprised to see so large an account
disposed of, at a time when the Company were not empowered to increase
their capital, the committee determined to investigate most carefully
the whole transaction. The governor, sub-governor, and several
directors were brought before them, and examined rigidly. They found
that, at the time these entries were made, the Company was not in
possession of such a quantity of stock, having in their own right only
a small quantity, not exceeding thirty thousand pounds at the utmost.
Pursuing the inquiry, they found that this amount of stock, was to be
esteemed as taken in or holden by the Company, for the benefit of the
pretended purchasers, although no mutual agreement was made for its
delivery or acceptance at any certain time. No money was paid down,
nor any deposit or security whatever given to the Company by the
supposed purchasers; so that if the stock had fallen, as might have
been expected, had the act not passed, they would have sustained no
loss. If, on the contrary, the price of stock advanced (as it actually
did by the success of the scheme), the difference by the advanced
price was to be made good to them. Accordingly, after the passing of