1-237-168 - The London Archives (City of London)/Heritage Images

Dutch satire on the South Sea Bubble, 1720. Three columns of text are surmounted by five images; four spandrels contain images of Dutch rural life while the central oval shows a female draped figure seated and surrounded by children, one of whom blows a trumpet. Account books, etc. are scattered on the floor and ships at sea are visible through an opening on the right. This bubble, or hoax, centred on the South Sea Company which had been founded in order to trade with Spanish America on the assumption that the War of the Spanish Succession would end soon with a favourable treaty allowing trading. The Treaty of Utrecht in 1713 was not as favourable as hoped, although confidence was boosted when George I became governor of the company. However by September 1720 the market had collapsed and many investors were ruined.