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South Sea Company


König Georg, die Doch blieb dies nicht ohne Folgen. The price of the stock went up over the course of a single year from about £100 to almost £1000 per share.
Others represented potentially sound, although novel, schemes, such as for founding insurance companies. Money was moving around Europe, and other flotations threatened to soak up available capital (two insurance schemes in December 1719 each sought to raise £3 million).Plans were made for a new scheme to take over most of the unconsolidated national debt of Britain (£30,981,712) in exchange for company shares. The conversion was voluntary, amounting to £2.5 million new stock if all converted. The South Sea Company (officially The Governor and Company of the merchants of Great Britain, trading to the South Seas and other parts of America, and for the encouragement of the Fishery) was a British joint-stock company founded in 1711, created as a public-private partnership to consolidate and reduce the cost of the national debt. News from France was of fortunes being made investing in Law's bank, whose shares had risen sharply. Further ships were built in later years, but the venture was not successful. These were nicknamed "Bubbles".

This method, while winning over the heads of government, the King's mistress, et al., also had the advantage of binding their interests to the interests of the Company: in order to secure their own profits, they had to help drive up the stock. The company was also granted a monopoly to trade with South America, a potentially lucrative enterprise, but one controlled by Spain, with whom Britain was at war.At that time, when the continent of America was being explored and colonized, Europeans applied the term "South Seas" only to South America and surrounding waters. The South Sea Company was founded in 1711 with a view to restructuring government debt and restoring public credit.

Those goods were sold at the Spanish colonies at a handsome price as they were in high demand and constituted unfair competition with taxed goods, proving an important drain on the Spanish Crown trade income. Naturally, the directors refused, for compliance would have meant the complete exposure of the illegal traffic.

The more the price rose in advance of conversion, the more the company would make. Statutory requirements regarding surgeons on British whale-ships. The South Sea Company had been founded in 1711 as a trading and finance company. Importantly, it also gained control over when the debt had to be repaid, which was not before seven years but then at its discretion. In Great Britain, many investors were ruined by the share-price collapse, and as a result, the national economy reduced substantially. The national debt investigation concluded that a total of £9 million was owed by the government, with no specifically allocated income to pay it off.

The first two of these, totaling £2.75 million from about 200 large investors, had already been arranged before the company's charter was issued on 10 September 1711.


Die wichtigsten Initiatoren der 1711 gegründeten Handelsgesellschaft South Sea Company waren John Blunt und George Caswell, Mitinhaber der Sword Blade Company (Bankiers), sowie ein anonymer Baptist. The government agreed to pay the same amount to the company for all the fixed term repayable debt as it had been paying before, but after seven years the 5% interest rate would fall to 4% on both the new annuity debt and also that taken over previously. He identified a number of companies which between them sought to raise £40 million in capital. Man spekulierte dabei auf ein schnelles und für England günstiges Ende des Spanischen Erbfolgekrieges, mit dem das spanische Privileg des Sk… Select individuals were sold a parcel of company stock at the current price.

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