o higher, and
many persons took that opportunity of selling out, with a view of
realising their profits. Many noblemen and persons in the train of the
king, and about to accompany him to Hanover, were also anxious to sell
out. So many sellers, and so few buyers, appeared in the Alley on the 3d
of June, that the stock fell at once from eight hundred and ninety to six
hundred and forty. The directors were alarmed, and gave their agents
orders to buy. Their efforts succeeded. Towards evening, confidence was
restored, and the stock advanced to seven hundred and fifty. It continued
at this price, with some slight fluctuation, until the company closed
their books on the 22d of June.

It would be needless and uninteresting to detail the various arts employed
by the directors to keep up the price of stock. It will be sufficient to
state that it finally rose to one thousand per cent. It was quoted at this
price in, the commencement of August. The bubble was then full-blown, and
began to quiver and shake preparatory to its bursting.

Many of the government, annuitants expressed dissatisfaction against the
directors. They accused them of partiality in making out the lists for
shares in each subscription. Further uneasiness was occasioned by its
being generally known that Sir John Blunt the chairman, and some others,
had sold out. During the whole of the month of August the stock fell, and
on the 2d of September it was quoted at seven hundred only.

The state of things now became alarming. To prevent, if possible, the
utter extinction of public confidence in their proceedings, the directors
summoned a general court of the whole corporation, to meet in Merchant
Tailors' Hall on the 8th of September. By nine o'clock in the morning, the
room was filled to suffocation; Cheapside was blocked up by a crowd unable
to gain admittance, and the greatest excitement prevailed. The directors
and their friends mustered in great numbers. Sir John Fellowes, the
sub-governor, was called to the chair. He acquainted the assembly with the
cause of their meeting; read to them the several resolutions of the court
of directors, and gave them an account of their proceedings; of the taking
in the redeemable and unredeemable funds, and of the subscriptions in
money. Mr. Secretary Craggs then made a short speech, wherein he commended
the conduct of the directors, and urged that nothing could more
effectually contribute to the bringing this scheme to perfect