their busy emissaries were set to work. Every person interested in the
success of the project endeavoured to draw a knot of listeners around
him, to whom he expatiated on the treasures of the South American
seas. Exchange Alley was crowded with attentive groups. One rumour
alone, asserted with the utmost confidence, had an immediate effect
upon the stock. It was said, that Earl Stanhope had received overtures
in France from the Spanish Government to exchange Gibraltar and Port
Mahon for some places on the coast of Peru, for the security and
enlargement of the trade in the South Seas. Instead of one annual ship
trading to those ports, and allowing the King of Spain twenty-five per
cent. out of the profits, the Company might build and charter as many
ships as they pleased, and pay no per centage whatever to any foreign
potentate.

Visions of ingots danced before their eyes,

and stock rose rapidly. On the 12th of April, five days after the bill
had become law, the directors opened their books for a subscription of
a million, at the rate of 300 pounds for every 100 pounds capital.
Such was the concourse of persons, of all ranks, that this first
subscription was found to amount to above two millions of original
stock. It was to be paid at five payments, of 60 pounds each for every
100 pounds. In a few days the stock advanced to three hundred and
forty, and the subscriptions were sold for double the price of the
first payment. To raise the stock still higher, it was declared, in a
general court of directors, on the 21st of April, that the midsummer
dividend should be ten per cent., and that all subscriptions should be
entitled to the same. These resolutions answering the end designed,
the directors, to improve the infatuation of the monied men, opened
their books for a second subscription of a million, at four hundred