It is necessary to observe with respect to this company, that they have never carried on any considerable trade; however by the assiento contract they had for some years the privilege of furnishing the Spaniards with negroe slaves for their mines and plantations in America, and of sending a large ship annually with European goods, consisting chiefly of our woollen manufactures, to the Spanish West Indies; and for nine years they annually sent a small number of ships to fish for Whales on the coast of Greenland. As they have now no trade, they only receive interest for their capital, which is in the hands of the government, and also 8000_l._ a year out of the treasury, towards the expence attending the management of their affairs.
The hours of payment of dividends are from nine o’clock till eleven, and the hours of transfer from twelve o’clock till one.
The days of transferring South Sea stock are Monday and Friday.
Old annuities Monday, Wednesday and Friday.
New annuities Tuesday, Thursday, and Saturday.
Three _per cent._ 1751, Tuesday and Thursday. Except on holidays, which are in general the same as at the Bank.
The business of this company is managed by a governor, subgovernor, deputy governor, and twenty-one directors, annually chosen before the 6th of February, by a majority of votes: such members of the company as have 1000_l._ in the capital stock in their own names, having one vote; such as have 3000_l._ two votes; such as have 5000_l._ three votes, and such as have 10,000_l._ stock or more, four votes, and none above: but no person can be governor, subgovernor, deputy governor, or director, while governor, deputy governor, or director of the bank of England.
[Illustration: _S. Wale delin._ _J. Fougeron sculp._ _South Sea House._]
SOUTH SEA HOUSE, a very neat brick building at the north-west corner of Threadneedle street, opposite the church of St. Martin’s Outwich. In this building the South Sea company transact their affairs.
The front is very large and plain, and is a modern edifice with stone copings, rustic quoins, and window cases. The entrance has no relation to it, and is much too fine and principal, a fault not often committed, but is only so by being in the extreme; over the entrance is raised a handsome well proportioned window, ornamented with rustic work, in conformity to the angles of the building, and crowned with a pediment: and on the inside of the gate is a handsome square court, surrounded with a piazza formed by columns of the Doric order.