LONDON. Power of Attorney. black. Somewhat browned cert. Folds with small edge-split (repaired). Magnificent company arms on the top. Signed by Brian Fairfax (1676-1749). He was educated at Trinity College, Cambridge and became commissioner of customs from 1723 till his death in 1749.In this document, he gave permission to Ferdinand Fairfax (probably his son) to sell 'all or any part of my stock' in the South Sea Company. The South Sea Co. was created in 1711 and was granted a monopoly of British trade with South America and the Pacific islands. It was highly successful. Towards the end of 1719 the directors recommended to the government that they take over the whole of the national debt, persuading the holders to exchange their annuities for South Sea stock. That stock would be sold at a high premium, repaying a large amount of debt. The stock appreciated in value, and the public bought at ever higher prices. From 128 in January 1721 it rose to 1000 in July. Then the price fell, down to 135 in November. Thousands of peoplewere ruined. The company continued to exist, with no great prosperity until the 19th century, when it was dissolved. An attractive and extremely rare piece.
Thema's: BEFORE 1800, FISHERY, IMPORT/EXPORT, SHIPPING
Datum: 7 October 1724
Startprijs: € 1000