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South sea bubble 1694 1722 Original Source Link: (May no longer be active)    http://www.bbc.co.uk/history/timelines/england/geo_south_sea_bubble.shtml http://www.bbc.co.uk/history/timelines/england/geo_south_sea_bubble.shtml The Stuarts and the Civil War The South Sea Bubble 1694 - 1722 Aiming, like many previous monarchs, to regularise the monarchy's finances, in 1694 William III licensed the founding of the Bank of England. Its chief debtor was the government, which it made an indefinite loan of £14,000,000. Successive governments were preoccupied with servicing and ultimately reducing the National Debt, which nevertheless grew progressively; by 1763 it stood at £130,000,000. 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. While the scheme might ultimately have worked, its launch - using exaggerated claims, cut-price stock offers and outright bribery - made a rapid payback imperative; funds were raised through further stock issues, supported by ever more inflated expectations. The company collapsed in 1720, ruining many investors. 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.

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