Page "Gregor MacGregor" Paragraph 43

Further Poyais schemes were equally successful.

In 1828 MacGregor tried to sell land from Poyais at the price of 5 shillings per acre.

In 1830 Robert Charles Frederic, brother and successor of King George Frederic, began to offer for sale the same territories to lumber companies.

These certificates competed with those of MacGregor.

When older investors demanded their interest, he could only pay with more certificates to the value of the interest payments he owed.

Others began to use the same trick too – two men named Upton opened a rival " Poyaisian office " and offered land debentures for sale.