The capital of the South-Sea Company, [electronic resource] : at Midsummer, 1720, is Computed as followeth, viz. By the Two Thirds of the Absolute Terms, supposed to be Subscribed, - - - - - l. 3,430,000 By the Two Subscriptions, at 300 l. and at 400 l. per Cent. 3,650,000 l. 7,080,000 The Old Capital supposed to be - - - - - 11,200,000 l. 18,280,000 10 l. per Cent. for Midsummer Dividend - - - - - - - 1,828,000 The Total Capital will then be - - - - - - - - - 20,108,000 Debts due from the Company. To their Bonds to the Proprietors of the Absolute Terms taken in, l. 2,720,000 To Purchase the remaining One Third Part of the Long and Short Terms, at 32 and 17 Years Purchase, - - - - 7,780,000 l. 10,500,000 To Purchase the Redeemables, - - - - - - - 16,500,000 27,000,000 To be Paid the Publick, - - - - 7,600,000 l. 34,600,000 In Cash, or due to the Company towards the Discharge of this Debt, By the Produce of the First Subscription of 2,250,000 l. at 300 l. per Cent. l. 6,750,000 By the Produce of the Second Subscription of 1,400,000 l. at 400 l. per Cent. 5,600,000 12,350,000 Remaining Debt will be - - - - - - - 22,250,000 But suppose the Capital at Midsummer, 1720, to be 20 Millions; the Debt due to the Company from the Publick to be 42 Millions; and the Debt due from them to particular Persons 22 Millions; Then the Value of 100 l. Stock at Midsummer 1720, will be 100 l. viz. l. s. d. l. s. d. The Proprietors of 20 Millions being Intitled to 42 Millions, each 100 l. in the Capital of 20 Millions is Worth - - - - - 210 : 00 : 00 But the Debt of 22 Millions on the said Capital, is a Debt on each 100 l. Stock of - - - - - - - 110 : 00 : 00 The remaining Value is - - - - - - 100 : 00 : 00 A few Millions more or less in a Matter of this Magnitude, according to the present high Price of South-Sea Stock, seems to be very Inconsiderable; I will therefore suppose, That the Company, by encreasing their Capital only to 21 Millions, will be entirely out of Debt, and will be then Intitled to the 42 Millions due from the Publick. Is it not apparent, that this Capital of 21 Millions (exclusive of the Profits by Trade) is Worth only 42 Millions; and that every Share therein can be but of a proportionable Value; and so 100 l. Stock, Worth only 200 l. exclusive of the Profits by Trade. If, after the Midsummer-Moon is over, the present reigning Madness should happen to cease, and no new Purchasers should be found; but the present Proprietors of the South-Sea Stock left to please themselves, with the imaginary Value thereof, until the Debt due to them from the Publick should be repaid; Could it possibly be of any more intrinsick Worth than I have before supposed; and if not to them, Can it become more Valuable to any others, to whom they shall Transfer the same? I will readily agree, That if new Purchasers come in at high Prices, the Condition of the present Proprietors will be thereby mended; but whatever they Gain the others Lose. For whether the Stock be 21 Millions, Intitled to a Divident of 21 Millions more; or be 30 Millions, Intitled to a Dividend of 12 Millions more; or be compleated to 42 Millions, without any further Dividend in Stock; it is evident, that the whole Capital can be intrinsically Worth only 42 Millions, and no more, exclusive of the Profits on Trade. It is also evident, That whether the Company divide the remaining 21 Millions amongst their present Proprietors in Four, Fourteen, or any other Number of Years, it can be only of an equal Value to an immediate Dividend at once of the said