3 December 2007
[SOUTH SEA COMPANY]. An Act for Enlarging Capital Stock and Yearly Fund of the South-Sea Company, and for Supplying thereby Eight hundred twenty two thousand two Pounds, Four Shilling and Eight Pence, to Publick Uses... Pp. 395-412. Extract from: Anno Regni Georgii Regis Magnae Britanniae, Franciae & Hiberniae, Primo. At the Parliament Begun and Holden at Westminster, the Seventh Day of March, Anno Dom. 1714. London: John Baskett, 1715.
2o (342 x 223 mm). (Last bifolium somewhat browned.) Unbound, original stab-holes visible (a bit frayed at edges).
"TRADING TO THE SOUTH SEAS...": AN EARLY ACT RELATING TO ENGLISH INVESTMENT IN THE "SOUTH SEA BUBBLE". The English investment group, given a monopoly to trade with South America under a treaty with Spain, had originated in 1711, with the view of restoring public credit. The present document records exact dollar amounts and where the money was to be invested. By this time there were between two and three thousand shareholders, including the new King and his heir. They had taken the early opportunity to buy shares and the improvement in their value was assisted by this increase of royal interest. Following the South Sea Company Act of 1720, it became better known for the "South Sea Bubble", an economic bubble that occurred through overheated speculation in the company shares.
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