Corporate stock was a new phenomenon, not well understood, except for the strong gossip among financiers that fortunes could be made overnight. The South Sea Company, although originally set up to trade with the Spanish Empire, quickly turned most of its attention to very high risk financing, involving £30 million, some 60 per cent of the entire British national debt. It set up a scheme that invited stock owners to turn in their certificates for stock in the Company at a par value of £100—the idea was that they would profit by the rising price of their stock. Everyone with connections wanted in on the bonanza, and many other outlandish schemes found gullible takers. South Sea stock peaked at £1,060 on 25 June 1720. Then the bubble burst, and by the end of September it had fallen to £150. Hundreds of prominent men had borrowed to buy stock high; their apparent profits had vanished, but they were liable to repay the full amount of the loans. Many went bankrupt, and many more lost fortunes.