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Saturday, February 1, 2020 | History

3 edition of The South-sea bubble found in the catalog.

The South-sea bubble

William Harrison Ainsworth

The South-sea bubble

a tale of the year 1720.

by William Harrison Ainsworth

  • 32 Want to read
  • 5 Currently reading

Published by Tauchnitz in Leipzig .
Written in English


ID Numbers
Open LibraryOL20060898M

It then had the option to issue more shares. The Postmaster General took poison and his son, who was the Secretary of State, avoided disaster by fortuitously contracting smallpox and died! As individual ownership in equities fell, the inequality grew as the record stock prices benefited fewer and fewer. According to records compiled by David Eltis and others, during the course of 96 voyages in 25 years, the South Sea Company purchased 34, slaves, of whom 30, survived the voyage across the Atlantic.

However, the schemes had the support of Walpole and Craggsso that the larger part of the Bubble Act which finally resulted in June from the committee's investigations was devoted to creating charters for the Royal Exchange Assurance Corporation and the London Assurance Corporation. The pop came about because of the directors of the South Sea Company. Much of the play's satire was aimed at Sir Robert Walpole — for his role in shielding some of those involved in the South Sea bribery. Activities could be damaged by association with 'stock-jobbing'. Others represented potentially sound, although novel, schemes, such as for founding insurance companies. How to make a lot of money quickly!

He instituted a government enquiry, known as the Secret Committee. Shares in the company were "sold" to politicians at the current market price; however, rather than paying for the shares, these recipients simply held on to what shares they had been offered, with the option of selling them back to the company when and as they chose, receiving as "profit" the increase in market price. London: Routledge, All EH.


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The South-sea bubble book

Chapters 8 and 9 examine the aftermath of the Bubble. The debt was not paid off by World War Iat which point it was consolidated again, under terms that allowed the government to avoid repaying the principal.

Frost, Robert I. Dutch investors faced low interest rates in the Netherlands, and hence looked abroad for higher returns. No recapitulation of the South Sea Bubble is complete without reference to the comparable scheme begun earlier in France by the expatriate Scot, John Law.

Some of the companies had no legal basis, while others, such as the Hollow Sword Blade company acting as the South Sea's banker, used existing chartered companies for purposes entirely different from their creation.

The public interest in finance, and the fact that there was capital to invest, encouraged the foundation of a number of new ventures.

A debate in Parliament was particularly heated with insults being thrown at the company directors. Desmaretz was unpopular with the elite due to his reforms and was replaced by Law. There was also an annual ship which was licensed to bring goods to the colonies.

Plague spread panic, but also restricted trade movements due to quarantine restrictions. The South Sea Company Directors were arrested and their estates forfeited.

Following an introduction which explains both the historiographical and theoretical backgrounds to the Bubble debate, Paul goes on to provide a thematic account of the rise of the financial market in London, the development of the South Sea Company and the contexts and consequences of the Bubble.

Sunderland was deservedly acquitted, but the bitterness of popular feeling forced him into retirement. He instituted a government enquiry, known as the Secret Committee.

Moreover, in addition to its trading activities, the South Sea Company? In Henry Elking published a proposal, directed at the governors of the South Sea Company, that they should resume the "Greenland Trade" and send ships to catch whales in the Arctic. Their prices were tightly constrained by the short term of their existence and therefore the implied interest rates also tightly confined.

However, he overreached himself. This implied, of course, ending those companies when their current charters expired. He is usually credited with being Britain's first prime minister and he held power until It comprises satirical prints, poetry, plays, commentary and even financial prospectuses.

Despite all of this, the South Sea Company stuck around for some time, but rather than doing physical trading in the South Seas, primarily just dealt in Government debt until the midth century.

The potential for female financial independence threatened the existing social order and gender roles.Harrison, P., 'Rational equity valuation at the time of the South Sea Bubble,' History of Political Economy, vol (2) pp. Shea, G.S., 'Financial market analysis can go mad (in the search for irrational behaviour during the South Sea Bubble,' Economic History Review, vol (4).

The bubble was not the first, and certainly won't be the last. Crises cannot be prevented nor predicted.

South Sea Company

However, as explained in the book "Lombard Street" () by Walter Bagehot, there are. This Web Site has been created to house the products and services of South Sea Bubble Limited, a registered New Zealand company. The company exists primarily to provide Project Management consultancy in NZ. As Helen Paul argues in the introduction to this book, the South Sea Bubble has become a byword for human folly.

Despite the passing of nearly three hundred years, it is still cited by journalists seeking examples to prove the ubiquity of irrationality and fraud in financial markets. South Sea Bubble, the speculation mania that ruined many British investors in The bubble, or hoax, centred on the fortunes of the South Sea Company, founded in to trade (mainly in slaves) with Spanish America, on the assumption that the War of the Spanish Succession, then drawing to a.

Jan 22,  · South Sea Bubble by Charles Mackay. The South Sea Bubble from Popular Delusions and the Madness of Crowds - non fiction audiobook. The South Sea Company was a British joint-stock company founded.