The History and Antiquities of London, Westminster, Southwark, and Parts Adjacent, vol. 3
South Sea House.
An extensive e edifice of brick; the dividend room is a noble apartment, with coupled pilasters of the Corinthian order round it. The ceiling is of stucco divided into compartments. In the court room are full length portraits of George I. II. and III.
The south sea company was established by act of parliament, in the year , under the title of
But although it thus appeared a commercial body, yet its operations were principally financial, and ha e long been wholly so. It had its origin in the arrears due to the army and navy, which exceeded millions; this the south sea company agreed to pay off, and advance an additional sum of upwards of which made the whole loan to government millions ;--credit was given to that amount, and the interest fixed at a year.
The subsequent career of this company has been fully narrated in another part of this work.
Thousands of persons were totally ruined by speculation in this company, which occasioned a dreadful panic in the country, and had it not been for the prudent conduct of government, might have been productive of the most fatal consequences.
The present south sea company, which is managed by a governor, sub-governor, and directors, annually elected, has no trade, although, when its capital was funded in , - was reserved as a trading capital stock. The amount of the funded capital in south sea stock and annuities, on the , amounted to
The annexed plan of the parish of St. Martin Outwich, , is from a drawing on vellum in the clerks' office, merchant taylor's hall.
 Vol. ii. p. 12.