Note 14 — Are these Things So?

At the same time the South Sea Company agreed to pay a duty of 25% on all profits to the King of Spain. It was the question of the payment of this duty for illegal trips that became the basis of Spain's later claim for reparation. These details are taken from William Coxe, Memoirs of the Life and Administration of Sir Robert Walpole, Earl of Orford, 3 vols. (London, 1798), I, 589.