South Sea Bubble Incident

Japanese: 南海泡沫事件 - なんかいほうまつじけん（英語表記）South Sea Bubble

The stock market crash of 1720 triggered a great deal of turmoil in the British economy and politics. During the War of the Spanish Succession, the government was struggling to pay the interest on excessively issued government bonds, and in 1711, at the initiative of the Chancellor of the Exchequer, the South Sea Company was established. This company underwrote 1,000 pounds of government bonds on the condition that it would be granted exclusive rights to trade slaves (→asiento) with the Spanish colonies in Latin America (the South Seas) at the end of the war, thereby reducing the government's financial burden. The Treaty of Utrecht in 1713 recognized the asiento, but it imposed taxes on imported slaves and limited the company to one trading ship per year, which was much harsher than initially expected. Nevertheless, the first trading ship in 1717 made a certain profit, and the benefits of the deal were so widely publicized that the company announced a 100% dividend payment the following year. In 1820, the company offered to underwrite all the government bonds, and Parliament approved this. This increased the company's credibility, stoking the nation's speculative enthusiasm and creating an unprecedented boom. The company's stock price soared from 128.5 pounds in January to 1,000 pounds in August. However, it became clear that the stock was not sufficiently backed, and the market collapsed in September. By December, the stock price had fallen to 124 pounds, and many people went bankrupt. As a result, some of the cabinet members were accused of corruption, and the cabinet fell. In 1821, the R. Walpole cabinet was formed. He restored the nation's credibility by getting the Bank of England and the British East India Company to buy the South Sea Company's stock at 8 shillings per pound. The company continued to exist until 1856, but trade with the South Sea region ended in 1750.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

1720年株価暴落を機にイギリスの経済界と政界に大混乱をもたらした事件。スペイン継承戦争中，国債を乱発した政府はその利子支払いに苦しみ，11年大蔵大臣の肝いりで南海会社が設立された。この会社は，戦争終結時に予期されるスペイン領中南米植民地 (南海地方) との奴隷貿易権 (→アシエント ) を独占的に与えられるという条件で，国債 1000ポンドを引受け，政府の財政負担を軽減した。 13年のユトレヒト条約でアシエントは認められたが，輸入奴隷に課税し，会社の貿易船は年に1隻だけという条件付きで，当初の予想よりずっときびしかった。それでも 17年の第1回貿易船は一応の利益をあげ，その有利さが喧伝されて，翌年には 100%の配当支払いを発表した。 20年会社は国債の全額引受けを申入れ，議会がこれを承認したため，ますます信用が高まって国民の投機熱をあおり，空前のブームを呼んで，同会社の株価は1月の 128.5ポンドが8月には 1000ポンドに急騰した。しかし十分な裏づけのないことが判明して9月には市場は崩壊し，12月には株価は 124ポンドに低落して破産者が続出した。その結果，閣僚のなかから汚職の嫌疑に問われる者もあって内閣は倒れ，21年 R.ウォルポール内閣が成立した。彼はイングランド銀行とイギリス東インド会社に，南海会社の株を1ポンド8シリングで引取らせることによって国家の信用を回復した。会社は 1856年まで存続したが，南海地方との貿易は 1750年をもって終った。

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