south sea bubble

The now notorious South Sea Company was established in 1711 in an attempt to replicate the success achieved by the East India. Unable to realise its monopoly on trade to South America due to Britain's entanglement in the War of Spanish Succession (1701-1715), the Company soon fell victim to market speculation before imploding spectacularly in 1720.

Many members of Britain's elite were ruined by the collapse. This letter from Henry Grey, Duke of Kent (d.1740) to the company's Comptroller was an attempt, likely futile, to recoup a dividend on the enormous sum of £23,610:12 (equivalent to £2,700,000 in today's money) which had been due since 'midsum[m]er last'. Poor Kent already enjoyed an unfortunate reputation, and had to put-up with the demeaning soubriquet 'Bug' owing to his apparent body odour.

Autograph letter; small 4to (19 x 16 cm); later MS notes in pen to footer giving brief epitome of Kent's life, pencil MS notes to verso repeating information, single leaf.