South Sea Company

Papers relating to investments in the South Sea Company, 1712-1783, mainly receipts, printed forms completed in manuscript, bonds, legal documents and other papers, some printed. The collection includes correspondence and papers relating to the investments of the Manners family in South Sea stock, 1713-1724, notably Katherine Manners, Dowager Duchess of Rutland, John Manners, 10th Earl and 2nd Duke of Rutland, Lucy Manners, Duchess of Rutland, Lord William Manners, Lady Frances Manners and Lady Katherine Manners; a text, in the hand of Robert Walpole, 1st Earl of Orford, of the agreement between the Bank of England and the South Sea Company for the latter to take over the National Debt, 23 Sep 1720; three letters from Charles Cotes to Thomas Snow, Goldsmith, relating to Cote's speculations in South Sea stock, 28 Sep-15 Oct, 1720; a copy of the minutes of the Directors of the South Sea Company on 15 Sep 1720, relating to the Company's dealings with the Bank of England, made in order to gain the legal opinion of Sir John Chesshyre on the enforceability of the contract, 13 Jan 1721; minutes of evidence taken at the examination of the Directors of the Company, Jan-Apr 1721, including the evidence of Edmund Waller regarding his transactions in South Sea stock on behalf of his family and his father-in-law John Aislabie, Chancellor of the Exchequer; an Order to Edmund Waller to attend the Committee appointed to enquire into the parliamentary act allowing the South Sea Company to increase its capital stock and fund, 6 Feb 1721; a copy of the evidence given by Directors of the Company in the House of Lords, 1 Jun 1733, mainly to determine what money had been received from the sale of the estates of the late directors, and the use made of it, including an account of the cross-examination of the Company Director, Sir Richard Hopkins.

The South Sea Company was founded in 1711 to trade (mainly in slaves) with Spanish America, on the assumption that the War of the Spanish Succession, then drawing to a close, would end with a treaty permitting such trade. The company's stock sold well, but the Treaty of Utrecht made with Spain in 1713, was less favourable than had been hoped, imposing an annual tax on imported slaves and allowing the company to send only one ship each year for general trade. The success of the first voyage in 1717 was only moderate, but King George I of Great Britain became governor of the company in 1718, creating confidence in the enterprise, which was soon paying 100 percent interest. In 1720 there was an incredible boom in South Sea stock, as a result of the company's proposal, accepted by Parliament, to take over the national debt. The company expected to recoup itself from expanding trade, but chiefly from the foreseen rise in the value of its shares. By September the market had collapsed, and by December South Sea shares had plummeted in value, dragging other, including government, stock with them. Many investors were ruined, and the House of Commons ordered an inquiry, which showed that at least three ministers had accepted bribes and speculated. Many of the company's directors were disgraced, but the company itself survived until 1853, having sold most of its rights to the Spanish government in 1750.

Access to this collection is unrestricted for the purpose of private study and personal research within the supervised environment and restrictions of the Library's Palaeography Room. Access to archive collections may be restricted under the Freedom of Information Act. Please contact the University Archivist for details. 24 hours notice is required for research visits.

Many of the papers were in the collection of Edmund Waller, and were acquired in 1912 from the Waller family. MS 394 was bought from Myers and Co in 1953.

A calendar of documents in MS 89 and 218 is available in Reginald Arthur Rye Catalogue of the Manuscripts and Autograph letters in the University Library (1921).

Compiled by Sarah Smith as part of the RSLP AIM25 Project. Date(s) of descriptions: Aug 2000.

Copies may be made, subject to the condition of the original. Copying must be undertaken by the Palaeography Room staff, who will need a minimum of 24 hours to process requests.