Stoke Newington, Aug. 30.
_A Sword-blade Note_ (Vol. iv., p. 176.).--The sword-blade note, to
which R. J. refers, was doubtless a note of the Sword-blade Company,
which was intimately connected with the South Sea Company. In the
narrative respecting the latter company, given in _The Historical
Register_ for 1720, is an account of a conference between the South Sea
Directors and those of the Bank of England: therein is the following
passage:
"And when it was urg'd that the _Sword Blade_ Company should come
into the Treaty; _By no means_, reply'd _Sir Gilbert_ [Heathcote];
_for if the_ South Sea _Company be wedded to the Bank, he ought
not to be allow'd to keep a Mistress_. The Event show'd that the
Bank acted with their usual Prudence, in not admitting the _Sword
Blade_ Company into a Partnership."--_Historical Register_ for
1720, p. 368.
At p. 377. of the same work it is stated, that on the 24th of September
the Sword-blade Company, "who hitherto had been the chief cash keepers
to the South Sea Company," stopped payment, "being almost drain'd of
their ready money."
Perhaps some of your correspondents may be able to elucidate the rise,
transactions, and "winding up" of the Sword-blade Company.