[2] The result of the battle, in which the English had 1,360 guns, the Spanish 1,310, was that fifteen Spanish ships of war, 744 guns in all, one fireship, and one store-ship were taken, and two smaller vessels burnt, and Byng goes on to say that, "as is usual on such Occasions, their Mortification after their Defeat was equal to their Presumption before."
THE PROPOSALS: THE SECOND SCHEME OF THE SOUTH SEA COMPANY.
+Source.+--_The Schemes of the South Sea Company and the Bank of England as Propos'd to the Parliament for the Reducing of the National Debts._ London, 1720.
_To the Honourable the Commons of Great Britain in Parliament Assembled._
The Corporation of the Governors and Company of Merchants, Trading to the South Seas and other Parts of America, and for Encouraging the Fishery, having on the 27th January last presented their Humble Proposal to this Honourable House, for Enlarging the Capital Stock of the said Company, by taking thereinto the several Annuities and Publick Debts therein Mentioned, on the Terms and Conditions in the said Proposal also Mentioned, in which Proposal such Advantages were offer'd to the Publick, as the said Corporation did humbly hope would have been to the entire Satisfaction of this Honourable House, and most conducive to the certain Discharging and Paying off the whole Debt of the Nation, and to which Proposal they humbly crave Leave to refer. But the Governors and Company of the Bank of England having the same day also delivered a Proposal to this Honourable House, for enlarging their Capital Stock, by taking in the same Annuities and Debts on the Terms and Conditions in their Proposal also mentioned.
This Corporation therefore further, to manifest their Zeal and Earnest desire to Contribute their utmost to the reducing and paying off the Publick Debts, crave leave to offer the following Explanations and Amendments to their said Proposal.
I. As to the sixth Article of their said former Proposal, wherein they have humbly desir'd to be Allowed for Charges of Management, for their to be increased Capital, so much as it now costs the Government for the Charges of Paying, Assigning and Accounting for the said Debts, or such Proportion thereof, as the Sum which shall be taken in by the Company, shall bear to the whole of those Debts.