Two thousand six hundred and eighty slaves had been carried in 1714, and thirteen thousand  for 1716–1718, but the trade continues to be unprofitable.

An import duty of thirty-three pieces of eight is charged on each slave, although for purposes of payment slaves are not counted individually, but might only be counted as part slaves according to quality.

Mortality among the slaves is higher than average among more experienced slavers.

One of the extra trade ships had been sent to Cartagena in 1714 carrying woolen goods, despite warnings there was no market for them there, and they had remained unsold for two years.

By the time of the next director's elections in 1718, politics has changed again, with a schism within the Whigs between Walpole's faction supporting the Prince of Wales and James Stanhope supporting the King.

Argyll and Towshend are dismissed as directors, as are surviving Tories Sir Richard Hoare and George Pitt, and King George I becomes Governor.

Four members of parliament remain directors, as do six people holding government financial offices.

The Sword Blade Company remains bankers to the South Sea, and indeed has flourished despite the company’s doubtful legal position.

Blunt remains a South Sea director, as does Sawbridge and they have been joined by Gibbon and Child.

Caswall has retired as a South Sea director to concentrate on the Sword Blade business.

Sub-Governor Bateman, then shortly after Deputy Governor Shepheard, both die in November 1718.

Leaving aside the honorary position of Governor, this leaves the company suddenly without its two most senior and experienced directors.

They are replaced by Sir John Fellowes as Sub-Governor and Charles Joyce as Deputy.

War breaks out in 1718 with Spain once again.

The company's assets in South America are seized, which the company claims cost it three hundred thousand pounds.

Any prospect of profit from trade, for which the company has purchased ships and has been planning its next ventures, disappears.