Stock

This share certificate issued in payment for stock in the South Sea Company represents the greed of both private and state investors hoping to capitalise on the financial opportunities of Europe's expanding empire in the 18th century, including the transatlantic slave trade.The South Sea Company was founded in London in 1711 during the War of the Spanish Succession on the basis that it would enjoy a post-war monopoly on trade with Spanish colonies in South America, primarily the sale of enslaved Africans. The Company's first voyage took place in 1717 and despite only modest success the potential of the Company encouraged large and small investors, including King George I to purchase shares in the Company. As Parliament agreed to convert significant portions of the national debt into Company shares the directors exaggerated its successes in order to generate more investment. In 1720 share prices peaked to unprecedented levels due to frenzied demand. The following month the market crashed and many of the Company's investors were ruined as the 'South Sea Bubble' burst. A House of Commons investigation revealed high level corruption in both the Company and the British government. This receipt, dated 4th December 1728 is one of several in the Museum's collection relating to Mrs Katherine [Cath] Foulkes investment in the South Sea Company between 1720 and 1728 indicating she continued to invest in the company following the 1720 collapse and may not have suffered the same financial loss as other investors. The South Sea Company continued to trade until 1853 but despite public confidence in the company trade and profits failed to reach the high expectations of investors.