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To the honourable the Court of Directors of the South Sea Company. This piece being a representation of the fishery of Great Britain.
|To the honourable the Court of Directors of the South Sea Company. This piece being a representation of the fishery of Great Britain.|
|© National Maritime Museum, London|
|Repro ID: PX6946|
|Description: When the South Sea Company was establised in 1711, it was hoped that it would challenge the financial strength of the Bank of England and the East India Company regarding the provision of 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 1713, the Company received the right to supply slaves to the Spanish colonies. In 1720, the government encouraged investors to trade government stocks for South Sea Company shares and as these boomed, more and more people speculated in them, and the share price became higher. In July 1720, with company shares at a vastly inflated, unrealistic and unsustainable level, the share price and confidence in the South Sea Company collapsed.|
|Creator: Thomas Baston|
|Credit line: National Maritime Museum, London|