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Conclusion

Published online by Cambridge University Press:  05 September 2014

Patrick Walsh
Affiliation:
Irish Research Council CARA Postdoctoral Fellow at University College Dublin. He is the author of The Making of the Irish Protestant Ascendancy: The Life of William Conolly, 1662-1729 (Boydell Press, 2010)
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Summary

In March 1733, on reporting the death of Sir Ralph Gore – the long-time chancellor of the Irish exchequer and one-time national bank promoter – a leading Irish politician, Marmaduke Coghill, noted with some surprise that Gore had ‘no ready money or any out on securities’. Almost thirteen years after the South Sea bubble, it was clearly expected that members of the Irish elite would have some of their wealth laid out in stocks or securities, whether in London or Dublin. This is evident from other sources too. The diaries for the same period of John Perceval, now 1st Earl of Egmont, are replete with references to his investments, both his own, and on behalf of his Irish and English relations, including regular purchases of South Sea stock. His negative personal experience, of what Egmont still termed in 1737 ‘that vile scheme’, had not led him to retreat entirely from investment in the stock market. Instead, despite his losses during the bubble, income from stocks and shares continued to be important for him and his extended family circle. In this he had much in common with many, if not most, investors during the bubble. The ‘plaguy South Sea’, while it initially led to increased levels of suspicion and distrust among the British and Irish investing public, did not mark a watershed in terms of wider financial and investing practices. The innovations and developments of the financial revolution had become too embedded in contemporary society for them to be easily undone.

Type
Chapter
Information
The South Sea Bubble and Ireland
Money, Banking and Investment, 1690–1721
, pp. 181 - 182
Publisher: Boydell & Brewer
Print publication year: 2014

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  • Conclusion
  • Patrick Walsh, Irish Research Council CARA Postdoctoral Fellow at University College Dublin. He is the author of The Making of the Irish Protestant Ascendancy: The Life of William Conolly, 1662-1729 (Boydell Press, 2010)
  • Book: The South Sea Bubble and Ireland
  • Online publication: 05 September 2014
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  • Conclusion
  • Patrick Walsh, Irish Research Council CARA Postdoctoral Fellow at University College Dublin. He is the author of The Making of the Irish Protestant Ascendancy: The Life of William Conolly, 1662-1729 (Boydell Press, 2010)
  • Book: The South Sea Bubble and Ireland
  • Online publication: 05 September 2014
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Conclusion
  • Patrick Walsh, Irish Research Council CARA Postdoctoral Fellow at University College Dublin. He is the author of The Making of the Irish Protestant Ascendancy: The Life of William Conolly, 1662-1729 (Boydell Press, 2010)
  • Book: The South Sea Bubble and Ireland
  • Online publication: 05 September 2014
Available formats
×