Scene change alley during frenzy south sea bubble 1720 argument traditional clothing crowd gathering bustle The Change Alley exc
The Change Alley exchange thrived. However, it suffered a set-back in 1720. Much excitement was caused by the South Sea Company, stoked by brokers, the company's owner John Blunt and the government. Having set up the unprofitable company nine years previously, the government hoped to wipe out the large debts accumulated by offering shares to the public. Shares in the company, which had started at £128 each at the start of the year, were soon fetching as much as £1,050 by June. The bubble inevitably burst, with share prices plunging to £175, then £124. The incident caused outcry, forcing the government to pass legislation to prevent another bubble, and it took a long time for the stock exchange to recover.
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Photo credit: © 19th era / Alamy / Afripics
License: Royalty Free
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