ruinous bankruptcy, or to secure their ill-gotten gains, and the Government became seriously alarmed at the excited state of public feeling. Attempts were made to prevail on the Bank to come to the rescue by circulating some millions of Company's bonds; but as the shares still declined, and the Company's chief cashiers, the Sword Blade Company, now stopped payment, the Bank refused to entertain the proposal. The country was now wound up to a most alarming pitch of excitement; the punishment of the fraudulent directors was clamorously demanded, and Parliament was hastily summoned (December 8) to deliberate on the best means of mitigating this great calamity. Both Houses proved, however, to be in as impetuous a mood as the public; and in spite of the moderate counsels of Walpole, it was resolved (December 9) to punish the authors of the national distresses, though hitherto no fraudulent acts had been proved against them. An examination of the proceedings of the Company was at once commenced; and on Walpole's proposal nine millions of South Sea bonds were taken up by the Bank, and a similar amount by the East India Company. The officials of the Company were forbidden to leave the kingdom for twelve months, or to dispose of any of their property or effects. Ultimately various schemes, involving the deepest fraud and villany, were discovered to have been secretly concocted and carried out by the directors; and it was proved that the Earl of Sunderland, the Duchess of Kendal, the Countess Platen and her two nieces, Mr Craggs, M.P., the Company's secretary, Mr Charles Stanhope, a secretary of the Treasury, and the Sword Blade Company, had been bribed to promote the Company's bill in Parliament by a present of £170,000 of South Sea stock. The total amount of fictitious stock created for this and similar purposes was £1,260,000, nearly one-half of which had been disposed of. Equally flagrant iniquity in the allocation of shares was discovered, in which, among others, Mr Aislabie, the Chancellor of the Exchequer, was implicated. Of these offenders, Mr Stanhope and the Earl of Sunderland were acquitted through the unworthy partiality of the Parliament; but Mr Aislabie, and the other directors who were members of the House of Commons, were expelled; most of the directors were discovered, and all of them suffered confiscation of their possessions. The chairman was allowed to retain only £5000 out of £183,000, and others in proportion to their share in the fraudulent transactions of the Company. At the end of 1720, it being found that £13,300,000 of real stock belonged to the Company, £8,000,000 of this was taken and divided among the losers, giving them a dividend of 33 per cent.; and by other schemes of adjustment the pressure was so fairly and wisely distributed, that the excitement gradually subsided." It will thus be seen that the South Sea Bubble was, after all, not more disastrous in its effects than many modern and comparatively unknown. speculations. It is singular that the South Sea Bubble led to littlealmost nothing-in the way of advertisements. When we think of the columns which now herald the advent of any new company, or for the matter of that, any new idea of an old company, or any fresh specific or article of clothing, it seems strange that at a time when the art of advertising was fast becoming fashionable, no invitations to subscribe were published in any of the daily or weekly papers that then existed. Just before the consent of Parliament was obtained we find one or two stray advertisements certainly, but they have no official status, as may be judged by this, which is from the Post Boy, April 2-5, 1720:— +*+ Some Calculations relating to the Proposals made by the South Sea Company and the Bank of England, to the House of Commons; Showing the loss to the New Subscribers, at the several Rates in the said Computations mention'd; and the Gain which will thereby accrue to the Proprietors of the Old South Sea Stock. By a Member of the House of Commons. Sold by J. Morphew near Stationers Hall Pr. Is. In the Daily Courant of April 4 is also the following, which shows the immense amount of the stock possessed by private individuals. The reward offered for the recovery of the warrant seems ridiculously small, let its value be what it might to the finder : Lost ost or mislaid, a South Sea Dividend Warrant No. 1343 dated the 25th of February last, made out to John Powell Esq. for 630/ being for his Half Years Dividend on 21,000/ stock due the 25th of December last. If offered in Payment or otherwise please to stop it and give Notice to Mr Robert Harris at the South Sea House, and you shall receive 10s Reward, it not being endorsed by the said John Powell Esq. is of no use but to the Owner, Payment being Stopt. The only official notification in reference to the Bubble is found in the London Gazette, "published by authority," of April 5-9, 1720. It is the commencement of a list of Acts passed by the King, and runs thus : Westminster, April 7. IS Majesty came this Day to the House of Peers, and being in his Royal Robes seated on the Throne with the usual Solemnity, Sir William Saunderson, Gentleman-Usher of the Black Rod, was sent with a Message from His Majesty to the House of Commons, commanding their Attendance in the House of Peers; the Commons being come thither accordingly, His Majesty was pleased to give the Royal Assent to An Act for enabling the South Sea Company to increase their present Capital Stock and Fund, by redeeming such publick Debts and Incumbrances as are therein mentioned, and for raising Money for lessening several of the publick Debts and Incumbrances, and for calling in the present Exchequer Bills remaining uncancelled, and for making forth new Bills in lieu thereof to be circulated and exchanged upon Demand at or near the Exchequer. The advertisement then goes on to state what other Acts received the royal assent, but with none of them have we anything to do. In the Post Boy of June 25-28 there is a notice of a contract being lost, which runs thus : : W Hereas a Contract for the Delivery of South Sea Stock made between William Byard Grey, Esq. and Mr. William Ferrour is mislaid or dropt: If the Person who is possess'd of it will bring it to the Wheat-Sheaf in Warwick-Lane, he shall have Ten Guineas Reward, and no Questions ask'd. And in the issue of the same paper for June 30-July 1 we find this, which refers to the Company on which all the South Sea directors' orders were made payable : F Ound at the South Sea House Saturday the 17th of June a SwordBlade Company's Note. If the Person that lost it will apply to Mr. Colston's, a Toy Shop at the Flower de-Luce against the Exchange in Cornhill, and describe the said Note shall have it return'd, paying the Charge of the Advertisement. These are, however, only incidental advertisements, which might have occurred had the Company been anything but that which it was; and so we have only to remark on the peculiar quietness with which all rigging operations were managed in those days. One of the paragraphs quoted in a note a short distance back will, however, account for the fact that advertisements were not found in the usual places. The growth of the disgusting system which permitted of public combats between women is exhibited in several advertisements of 1722, the most noticeable among them being one in which a challenge and reply are published as inducements to the public to disburse their cash and witness a spectacle which must have made many a strong man sick: CHAI `HALLENGE.—-I, Elizabeth Wilkinson, of Clerkenwell, having had some words with Hannah Hyfield, and requiring satisfaction, do invite her to meet me upon the stage, and box me for three guineas; each woman holding half a crown in each hand, and the first woman that drops the money to lose the battle. ANSWER.-I, Hannah Hyfield, of Newgate Market, hearing of the resoluteness of Elizabeth Wilkinson, will not fail, God willing, to give her more blows than words, desiring home blows, and from her no favour; she may expect a good thumping! The precaution taken with the half-crowns to keep the hands clenched and so prevent scratching, shows that even these degraded creatures had not quite forgotten the peculiarities of the sex. And that there is piety in pugilismeven of this kind—is proved by the admittance that the Deity had to give his consent to "the ladies' battle." But Mesdames Wilkinson and Hyfield sink into insignificance when compared with the heroines of the following, which is cut from the Daily Post of July 17, 1728 AT Mr. Stokes' Amphitheatre in Islington Road, this present Monday, being the 7 of October, will be a complete Boxing Match by the two following Championesses :-Whereas I, Ann Field, of Stoke Newington, ass-driver, well known for my abilities in boxing in my own defence wherever it happened in my way, having been affronted by Mrs. Stokes, styled the European Championess, do fairly invite her to a trial of the best skill in boxing for 10 pounds, fair rise and fall; and question not but to give her such proofs of my judgment that shall oblige her to acknowledge me Championess of the Stage, to the entire satisfaction of all my friends. I, Elizabeth Stokes, of the City of London, have not fought in this way since I fought the famous boxing woman of Billingsgate 29 minutes and gained a complete victory (which is six years ago); but as the famous Stoke Newington ass-woman dares me to fight her for the 10 pounds, I do assure her I will not fail meeting her for the said sum, and doubt not that the blows which I shall present her with will be more difficult for her to digest, than any she ever gave her asses. Note. -A man known by the name of Rugged and Tuff, challenges the best man of Stoke Newington to fight him for one guinea to what sum they please to venture. N.B.-Attendance will be given at one, and the encounter to begin at four precisely. There will be the diversion of cudgel-playing as usual. Pugilism was evidently a much valued accomplishment among the lower-class ladies in 1728, and there is no doubt that Mrs Stokes and Mrs Field were considered very estimable persons as well as great athletes in their respective circles. There is, moreover, a suspicion of humour about the reference to the asses in the reply of Mrs Stokes. In the happily-named Rugged and Tuff we see the fore |