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Topic: The South Sea Company

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South Sea Bubble

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	South Sea Bubble - LoveToKnow 1911 (Site not responding. Last check: 2007-10-14)
		In 1711 the South Sea Company was formed, and was granted a monopoly of the British trade with South America and the Pacific Islands, the riches of which were popularly regarded as illimitable.
		The aim of the directors was to persuade the annuitants of the state to exchange their annuities for South Sea stock; the stock would be issued at a high premium and thus a large amount of annuities would be purchased and extinguished by the issue of a comparatively small amount of stock.
		A proclamation of the 11th of June against the promoters of illegal companies followed, and the directors of the South Sea Company persuaded the lords justices, who were acting as regents during the absence of the king, to abolish 86 companies as illegal.
	www.1911encyclopedia.org /South_Sea_Bubble (1579 words)

	The South Sea Company - Wikipedia, the free encyclopedia
		In 1719 the company proposed a scheme by which it would buy more than half the national debt of Britain (£30,981,712), again with new shares, and a promise to the government that the debt would be converted to a lower interest rate, 5% until 1727 and 4% per year thereafter.
		The company failures now extended to banks and goldsmiths as they could not collect loans made on the stock, and thousands of individuals were ruined (including many members of the aristocracy).
		The South Sea Company continued its management of the part of the National Debt until it was abolished in the 1850s.
	en.wikipedia.org /wiki/The_South_Sea_Company (1496 words)

	[No title]
		The company would receive interest at the rate of 5% until 1727, when it would be reduced to 4%.
		By this time the extraordinary success of the South Sea Company had produced a crowd of imitators, and the result was a wild mania of speculation, and its inevitable end—a crash.
		The company's books contained entries which were entirely fictitious, and the favours which the directors had secured from the state had been purchased by gifts.
	encyclopedia.jrank.org /correction/edit?locale=en&content_id=62248 (1593 words)

	The South Sea Bubble
		By the first, the proposals of the South Sea Company were accepted, and that body held itself ready to advance the sum of two millions towards discharging the principal and interest of the debt due by the state for the four lottery funds of the ninth and tenth years of Queen Anne.
		Aislabie, the Chancellor of the Exchequer, the principal advocate on behalf of the South Sea Company.
		Knight, the treasurer of the company, was apprehended at Tirlemont, near Liege, by one of the secretaries of Mr.
	www.angelfire.com /mn/mkeenan/ssb.html (12303 words)

	Mississippi Company - Wikipedia, the free encyclopedia
		Compare this with the debt acquisition by The South Sea Company of England that acquired 80% of the 50 million pound government debt during 1720.
		As the creditors bought shares in the company with their Bonds and debt papers, the whole government debt became property of the company (debt-for-equity transaction).
		The company was officially dissolved in 1770, although its liquidation dragged on into the 1790s.
	en.wikipedia.org /wiki/Mississippi_Company (829 words)

	HighBeam Encyclopedia - South Sea Bubble (Site not responding. Last check: 2007-10-14)
		SOUTH SEA BUBBLE [South Sea Bubble] popular name in England for the speculation in the South Sea Company, which failed disastrously in 1720.
		The company was formed in 1711 by Robert Harley, who needed allies to carry through the peace negotiations to end the War of the Spanish Succession.
		The South Sea Bubble - George i's Enron.
	www.encyclopedia.com /html/s/sths1eab1.asp (539 words)

	South Seas
		The South China Sea is a marginal sea, part of the Pacific Ocean, encompassing an area from Singapore to the Strait of Taiwan of around 3,500,000 km².
		The International Hydrographic Bureau defines the sea as stretching in a southwest to northeast direction, whose southern border is 3 degrees South latitude between South Sumatra and Kalimantan (Karimata Strait), and whose northern border is the Strait of Taiwan from the northern tip of Taiwan to the Fujian coast of mainland China.
		The South Seas Detachment of the Imperial Japanese Army was a brigade size force formed in 1941 to be the army unit used in the Japanese seizure of the South Pacific island groups of Wake, Guam and the Gilberts.
	www.breadlike.com /pages7/81/south-seas.html (1096 words)

	The South Sea Bubble: A Short Sketch of Events
		In addition to the South Sea and Mississippi ventures, there was a project for improving the Greenland fishery, another for importing walnut trees from Virginia.
		South Sea stock had been at 175 pounds at the end of February, 380 at the end of March, and around 520 by May 29.
		A committee is form to investigate the South Sea Company; by early 1721 it uncovers widespread corruption and fraud among the directors, company officials and their friends at Westminister.
	www.colorado.edu /Economics/courses/econ2020/4111/articles/South-Sea-bubble.html (1350 words)

	Famous First Bubbles?: South Sea Company Bubble
		The South Sea Company was proposed in 1710 by George Caswall, London merchant, financier, and stock broker, and John Blunt, London scrivener turned stock broker.
		The company acquired 85% of the redeemables and 80% of the irredeemables.
		However, the Sword Blade Company, acting as a banker for the South Sea Company, and even the South Sea Company itself were also susceptible to the Bubble Act.
	people.few.eur.nl /smant/m-economics/southsea.htm (1775 words)

	South Sea Bubble tulip frenzy Dutch East India Company rich trades
		The South Sea Bubble and Tulipmania were instructive, both for what they said about capitalism, and for what they taught about investor psychology and prudent investing.
		When negotiations leading to the formation of the company began at The Hague in December 1601, the biggest stumbling block was the makeup of the seventeen-member board, which would come to be known as the Heren XVII.
		In 1795 the British would take their South African colony, which would be followed by the loss of Dutch Ceylon to the British in 1796.
	www.periclespress.com /Dutch_tulip.html (3193 words)

	Law's Mississippi Scheme and the South Sea Bubble - Gold & Silver Forum
		Right from the start the company enjoyed great prestige, but profits were elusive, because the Spanish King Philip V had refused to let the company send more than one cargo of merchandise per year to South America, and even from this slim venture, insisted on a share of the profits.
		Following the announcement about the company's share price, Law, who was as great a talker and promoter as some of today's high-tech executives as well as being highly regarded, announced that the company had engaged in a series of new ventures and acquisitions with the support of the regent.
		The problem with this flood of new "bubble companies", most of which were fraudulent, was that it endangered the South Sea Company, which depended entirely on a steady flow of new money to boost its share price in order to keep the party going.
	www.goldismoney.info /forums/showthread.php?t=4211&goto=nextoldest (4314 words)

	Literary Encyclopedia: South Sea Bubble
		In 1720 public creditors were invited to convert their claims on the government into South Sea Company stock.
		Since the price of Company shares started to climb the moment the proposal became common knowledge, and further price increases were anticipated, many hastened to take up the offer.
		South Sea Company stock was the instrument chosen for this purpose.
	www.litencyc.com /php/stopics.php?rec=true&UID=1024 (698 words)

	ARPA: Bubbles on the South Seas
		A company whose main assets were essentially a steady stream of government interest payments was then, as now, an unlikely company to have formed the basis for such an extreme case of speculative excess.
		But the South Seas were already an area controlled by the Spanish, and consequently the trading side of the Company remained secondary to the debt conversion business.
		It is often thought that the Bubble Act was passed in the wake of the collapse of the South Sea Bubble.
	www.australianreview.net /digest/2006/05/rafferty.html (3178 words)

	Mackay, Charles, Memoirs of Extraordinary Popular Delusions and the Madness of Crowds, Chapter 2: Library of Economics ...
		The South-Sea Company prayed that their capital stock of ten millions might be increased to twelve, by subscription or otherwise, and offered to accept five per cent instead of six upon the whole amount.
		By the first, the proposals of the South-Sea Company were accepted, and that body held itself ready to advance the sum of two millions towards discharging the principal and interest of the debt due by the state for the four lottery funds of the ninth and tenth years of Queen Anne.
		Aislabie, the Chancellor of the Exchequer, the principal advocate on behalf of the South-Sea Company.
	www.econlib.org /library/Mackay/macEx2.html (11922 words)

	The First Crash: Lessons from the South Sea Bubble
		Among them were the projectors of the South Sea Company, created in 1711 to help the government refinance much of the huge debt it had incurred over the course of the War of the Spanish Succession (1702-1713) (chapter 3).
		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.
		Chapter 5 takes us back to the South Sea Bubble proper and lays out the mechanics of the scheme, while introducing us to Archibald Hutcheson, the one voice of reason who explained, again and again, in the clearest terms possible, why the scheme was fated to fail.
	eh.net /bookreviews/library/0909.shtml (2258 words)

	The South Sea Company Bubble
		Formed in 1711 by Robert Harley, the South Sea Company was created to convert £10 million of government war debt (incurred during the War of Spanish Succession) into its own shares.
		Worried about the competition from the bubble companies and in an attempt to sustain their share price, the South Sea Company convinced the government to pass the Bubble Act in June 1720.
		The act prevented the establishment of new companies without government permission, and allowed existing companies only to carry out those activities that were prescribed by their charters.
	www.greekshares.com /south_sea.asp (525 words)

	BBC - History - The South Sea Bubble 1720 (Site not responding. Last check: 2007-10-14)
		When the South Sea Company had been set up in 1711, it was hoped that it would one day challenge the financial strength of the Bank of England and the East India Company when it came to providing loans for the government to support the national debt.
		The company had a monopoly on trade with all Spanish territories, South America and the west coast of North America.
		In 1720, the government encouraged investors to trade governments stocks for South Sea Company shares and as these boomed, more and more people speculated in them (forcing the share price higher).
	www.bbc.co.uk /history/timelines/britain/geo_s_seabubble.shtml (224 words)

	NORD/LB: The South Sea Company, 1729. (Site not responding. Last check: 2007-10-14)
		The South Sea Company, chartered in 1711, was deeply involved with the British government, which invested in the Spanish trade in the hope that profits would pay off the national debt.
		The first governor of the company was Robert Harley, chancellor of the Exchequer; when he fell from power in 1714, he was succeeded at first by the prince of Wales, and then by King George I himself.
		Although this business was not a great success, shares of the company kept soaring in price until, in 1720, the bubble collapsed--the greatest stock-market crash in English history up to that time.
	www.nordlb.lt /en/certificates/southsea (207 words)

	BBC - History - The South Sea Bubble 1694 - 1722 (Site not responding. Last check: 2007-10-14)
		The South Sea Company was set up in 1711 to manage English trade with South America, the Spanish slave trade included; its Tory backers saw it as a counterweight to the Whig Bank of England.
		In 1719 the company proposed to manage part of the National Debt, offering investors and the government better terms than the Bank of England.
		The Bubble Act of 1721 forbade the founding of joint-stock companies without a royal charter - a provision which slowed the development of British industry.
	www.bbc.co.uk /history/timelines/england/geo_south_sea_bubble.shtml (279 words)

	Mackay, Charles, Memoirs of Extraordinary Popular Delusions and the Madness of Crowds, Front Matter and Chapter 1: ...
		The country was supposed to abound in the precious metals; and the company, supported by the profits of their exclusive commerce, were to be the sole farmers of the taxes, and sole coiners of money.
		At the commencement of the year 1719 an edict was published, granting to the Mississippi Company the exclusive privilege of trading to the East Indies, China, and the South Seas, and to all the possessions of the French East India Company, established by Colbert.
		Lest the car should not roll fast enough, the agents of these companies, known by their long fox-tails and their cunning looks, turn round the spokes of the wheels, upon which are marked the names of the several stocks, and their value, sometimes high and sometimes low, according to the turns of the wheel.
	www.econlib.org /library/Mackay/macEx1.html (15768 words)

	The Biggest Market Crashes in History: The South Sea Bubble
		The amount the market declined from peak to bottom: Stocks in the South Sea Company were traded for 1000 British pounds (unadjusted for inflation) and then were reduced to nothing by the later half of 1720.
		So, the South Sea Company had no problem attracting investors when, with an IOU to the government worth £10,000,000.00, the company purchased the "rights" to all trade in the South Seas.
		Eventually the management team of SSC took a step back and realized that the value of their personal shares in no way reflected the actual value of the company or its dismal earnings.
	www.investopedia.com /features/crashes/crashes3.asp (736 words)

	History House: The South Sea Bubble
		The South-Sea Company imagined piles of gold in South America, and between these trading rights and the incoming interest from the government, they fancied themselves to be in the fabled catbird seat.
		The South-Sea Company made millions overnight, and in no time there were plenty of other trading companies popping up to take advantage of the speculative frenzy.
		While the directors of the Company insisted profits were just around the corner, and even outbid the Bank of England for an additional £31,000,000 of government debt in 1719, one dreary day in September 1720 no one wanted to buy stocks.
	www.historyhouse.com /in_history/south_sea (1527 words)

	GrandPrix.com > Features > Globetrotter > The South Sea Bubble, Young Blue Eyes and cat burglary (Site not responding. Last check: 2007-10-14)
		It was called the South Sea company and was modelled on the remarkably successful East India Company.
		The company clearly had plenty money and some well-connected people who knew what they were doing.
		And then someone noticed that the company was not doing much in the way of trade and the South Sea Bubble burst.
	www.grandprix.com /gt/gt00122.html (1634 words)

	South Sea Bubble (Site not responding. Last check: 2007-10-14)
		The South Sea Company was formed in 1711 to trade with Spanish America, and soon, as Margaredt Drabble explains,
		A bill was passed in 1720 by which persons to whom the nation owed money were enabled to convert their claims into shares in the Company, and the shares rose in value from L 100 to L 1000.
		The collapse of these and of the South Sea scheme caused widespread ruin.
	virtual.park.uga.edu /~232/bubble.html (150 words)

	The South Sea Bubble
		The company underwrote the English National Debt, which stood at £30 million, on a promise of 5% interest from the Government.
		King George I also became involved as his two mistresses, the Countess of Darlington and the Duchess of Kendal, were heavily involved in the South Sea Company and were blamed by the populace as being responsible.
		He was made Chancellor of Exchequer and he divided the National Debt that had been the South Sea Company into three, between the Bank of England, the Treasury and the Sinking Fund.
	www.historic-uk.com /HistoryUK/England-History/SouthSeaBubble.htm (601 words)

	South Sea Bubble
		South Sea Bubble, popular name in England for the speculation in the South Sea Company, which failed disastrously in 1720.
		The company was formed in 1711 by Robert
		became first lord of the treasury and chancellor of the exchequer and started a series of measures to restore the credit of the company and to reorganize it.
	www.factmonster.com /ce6/history/A0846104.html (442 words)

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