in a long series of such Acts that continued and modified the whaling subsidies throughout the 18th century. This, and the subsequent Acts, required the whalers to meet conditions regarding the crewing and equipping of the whale-ships that closely resembled the conditions suggested by Elking in 1722. In spite of the extended duty-free concessions, and the prospect of real subsidies as well, the Court and Directors of the South Sea Company decided that they could not expect to make profits from Arctic whaling. They sent out no more whale-ships after the loss-making 1732 season. Government debt after the Seven Years' War The company continued its trade (when not interrupted by war) until the end of the Seven Years' War (1756–1763). However, its main function was always managing government debt, rather than trading with the Spanish colonies. The South Sea Company continued its management of the part of the national debt until it was disestablished in 1853, at which point the debt was reconsolidated. The debt was not paid off by World War I, at which point it was consolidated again, under terms that allowed the government to avoid repaying the principal. Armorials The armorials of the South Sea Company, according to a grant of arms dated 31 October 1711, were: Azure, a globe whereon are represented the Straits of Magellan and Cape Horn all proper and in sinister chief point two herrings haurient in saltire argent crowned or, in a canton the united arms of Great Britain. Crest: A ship of three masts in full sail. Supporters, dexter: The emblematic figure of Britannia, with the shield, lance etc all proper; sinister: A fisherman completely clothed, with cap boots fishing net etc and in his hand a string of fish, all proper. Officers of the South Sea Company The South Sea Company had a governor (generally an honorary position), a subgovernor, a deputy governor and 30 directors (reduced in 1753 to 21). In fiction David Liss' historical-mystery novel A Conspiracy of Paper, set in 1720 London, is focused on the South Sea Company at the top of its power, its fierce rivalry with the Bank of England and the events leading up to the collapse of the "bubble". Charles Dickens novels are littered with stock-market speculations, villains, swindlers and fictional speculators: Nicholas Nickleby (1839) – Ralph Nickleby's great Joint Stock Company, United Metropolitan Improved Hot Muffin and Crumpet Baking and Punctual