WALPOLE

Although the exact dates of Walpole's dominance, dubbed the Robinocracy, are a matter of debate, the period 1721–1742 is generally used. He dominated the Walpole–Townshend ministry, as well as the subsequent Walpole ministry, and holds the record as the longest-serving British prime minister. Soon after Walpole returned to the Cabinet, Britain was swept by a wave of over-enthusiastic speculation which led to the South Sea Bubble. The Government had established a plan whereby the South Sea Company would assume the national debt of Great Britain in exchange for lucrative bonds. It was widely believed that the company would eventually reap an enormous profit through international trade in cloth, agricultural goods, and slaves. Many in the country, including Walpole himself (who sold at the top of the market and made 1,000 per cent profit), frenziedly invested in the company. By the latter part of 1720, however, the company had begun to collapse as the price of its shares plunged.In 1721 a committee investigated the scandal, finding that there was corruption on the part of many in the Cabinet. Following the scandal the resignation of Sunderland and the death of Stanhope in 1721 left Walpole as the most important figure in the administration. On 3rd April 1721 he was appointed First Lord of the Treasury, Chancellor of the Exchequer and Leader of the House of Commons