Lords Sitting of 1 March 1825

MINING SPECULATIONS.
Earl Grosvenorrose, to address their lordships, on the subject of some reports which had been circulated respecting himself. Their lordships were aware, that there were numerous Mining speculations afloat, which might be attended with ruinous consequences to many; and which, to the individual who had then the honour to address their lordships, had already occasioned some unpleasant circumstances. While he was in the country, he had been told, that it was confidently reported that he had made, by speculations in the mining projects, a sum of 60,000 l. or 80,000 l. He had positively denied this; but had met with persons who still gave credit to the report. When he came to town he found
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that the 60,000 l. or 80,000 l. had swelled to 160,000 l.; which was totally false. He had mentioned the circumstance to the learned lord on the woolsack; and had stated, that he had no dealings whatever in any such speculations. Notwithstanding this, the report had gone on augmenting; and it had since been confidently reported, that he had cleared between 300,000 l. and 400,000 l. As such reports might lead incautious persons to speculate, it was the more necessary for him to guard them against it, by denying the truth of them. He had not engaged in any of these speculations, nor in speculations of any kind, for many years past. He thought it the more necessary to state what he had stated, because he was not unfriendly to bonâ fide speculations of the kind alluded to. When such speculations were honestly and properly conducted they might be a great advantage both to the individual and the public. When Englishmen carried their surplus capital, their talents and ingenuity, to other countries, they carried with them those moral feelings, and that energy of enterprise, which distinguished their countrymen; and they thereby promoted her advantage, by making her better known. He had found it necessary to say this much, to guard against its being supposed that he was inimical to bonâ fide speculations.