An emblematic print on the South Sea Scheme.

Prompted by the mania for political speculation begun around 1711 and concluding nine years later in general financial chaos and ruin. In return for assuming a portion (later all ) of the national debt, the South Sea Company was granted a monopoly on trade between South America, the Pacific Islands and England. Initially, the company prospered and advanced more ambitious schemes. A swarm of other companies grew up in imitation of the South Sea Company. Speculation raged and soon shares had increased in price beyond the remotest possibility of profitable return. Prices in the 1720 in the company rose from �128 a share in January to �330 in March to �550 in May and to �1,000 in July. By the end of the year the market had collapsed, the South Sea &quotbubble&quot had burst and thousands of speculators ruined.