points. On June 2, 1720, it went up in the morning to 890,
in the afternoon fell to 640; and many who were speculating in
differences were utterly ruined. Later in the day it recovered, though
only to 770. Ultimately it rose to 1,000. Of course the prices were
fictitious, but everyone in society tried their luck, and while some
came out of it with a fortune, the majority lost practically every penny
they had. The directors, most of whom were guilty of fraud, made vast
sums of money. That astute financier, Robert Walpole, speculated on a
vast scale, sold out before the slump, and realised a fortune more than
sufficient to enable him to rebuild Houghton and to gather together his
famous collection of pictures. On the other hand the Duke of Portland,
who held on too long, was so hard hit that he had to solicit the post of
Captain-General of Jamaica.

Remond held some South Sea stock, and, acting on Lady Mary's advice,
sold out at a considerable profit. Not content with his gains, however,
he insisted, just before his departure for France, on leaving in Lady
Mary's hands L900 for investment as opportunity should arise.
Reluctantly Lady Mary consented--she would probably have agreed almost
to anything, so anxious was she that Remond should leave the country.

On August 22, 1720, Pope, with the best intentions in the world, wrote
to Lady Mary: "I was made acquainted last night that I might depend upon
it as a certain gain to buy the South Sea stock at the present price,
which will assuredly rise in some weeks or less. I can be as sure of
this as the nature of any such thing will allow, from the first and best
hands, and therefore have despatched the bearer with all speed to you."
No doubt the phrase "the first and best hands," was intended to convey
the fact that his informant was his friend and neighbour, James Craggs
the younger, the Secretary of State who was so deeply involved in the
affairs of the South Sea Company that when the "bubble" burst he only
escaped prosecution by conveniently dying of small-pox. Acting on the
hint given by Pope, Lady Mary purchased stock for herself and Remond.
The stock fell rapidly--in August it stood at 750 and in December at
130. What she lost is not known, but she had been sufficiently involved
to make her desire to sell her diamonds, and more than once she asked
Lady Mar if there was a market for the jewels in Paris. Remond's L900
had dwindled to L400. On receiving these distressful tidi