| 单词 | South Sea Bubble |
| 释义 | South Sea Bubble The collapse of the British market in South Sea Company stocks in 1720. The South Sea Company, a joint-stock company founded in 1711, traded, mostly in slaves, with Spanish America. In 1720 its offer to take over part of the national debt was accepted by parliament, causing a rise in the value of its shares from 128 (in January) to 1000 (August). By December the bubble had burst and the shares fell to 124, ruining many investors. A subsequent enquiry implicated three ministers on charges of corruption and touched King George I, first because he had become governor of the company in 1718, and secondly because two of his mistresses were involved in the scandal. The situation was saved by Sir Robert Walpole, who transferred the stocks to the Bank of England and the British India Company. The subsequent legislation, known as the Bubble Act 1720, restricted the formation of joint-stock companies. See: |
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