3.The Bank of England and the South Sea Company then began to bid against each other for the preference；but the latter triumphed by offeringa Chancellor of the Exchequer.-The chief finance minister in the English Government.The office wasthen held by Mr.Aislabie.
b Walpole，Robert，was leader of the Whigs in the House of Commons.He was Prime Minister from 1721till 1742，and he kept office so long chiefly by skilful bribery.On his retirement in 1742，he became Earl of Orford.He died in 1745.
more than seven million as a present to the public.The Bill passed；and at once the shares began to rise in price.
4.Robert Walpole went to spend the summer months at his country seat of Houghton in Norfolk；and there he heard strange news of the madness which had come to the people in London.The directors of the South Sea Company，in order to increase the value of their shares and excite the public to buy them，circulated wonderful stories about the riches of the various places to which they alone were now allowed to trade.It was hinted and believed that mines of gold and silver had been discovered which would bring great wealth to the Company.
5.The public ran so eagerly to buy shares that the price went up，until a piece of paper，which at one time had represented ？100，came to sell for more than ？1000！When this huge bubble began to expand，a great number of smaller companies，formed with the most foolish objects，also grew up and shone for a while.There was a company to make salt water fresh；another to make oil out of sunflower seeds；a third for trading in human hair to make those huge bushy wigs which were fashionable at the time；and a number of others，for many purposes，sensible or ridiculous.
6.The place in which the shares were bought and sold was called Change Alley.It was crowded from morning till night with people of every kind.A tall fashionable man，in a blue coat with silver edging，might be seen eagerly reading the prospectus of a new company to a stout rosy-faced squire fresh from thecountry，with a whip under his arm and thick-soled boots all covered with theamud of the cattle-market.Sedan chairsand hackney coaches were arriving
b
and departing every moment.Ladies with patched facesand fans struggledthrough the crowd.Even chimney-sweeps and errand boys might be seen in the alley，from which arose all day long a confused noise of voices，calling out the advantages of investing money in new schemes.
7.We may form an idea of the madness which had seized on the minds of the people by the following instance.One morning a clever knave issued an advertisement，saying that he would unfold in the afternoon a new scheme，which would surpass all others in the certain and quick return of its profits.He would tell no one what it was；but those who paid so many guineas would receive a ticket permitting them to take shares in the mysterious company.
8.That morning he received many thousand pounds for his pieces of pasteboard；and，when the ticket-holders went to his office in the afternoon，a Sedan chairs.-Covered chairs，carried by two men on poles；so called from Sedan，in France，where the chairs were invented.
b Patched faces.-Faces with little black patches stuck on them.
they found the door shut，and the gentleman off to the Continent！He had no scheme at all to propose；the whole thing was a piece of clever fraud.
9.The highest persons in the land took part in this traffic.The Prince of Wales made a large sum as governor of a copper company；and all the leading statesmen，but one or two，bought and sold shares.It was even said that King George traded in stock and made a handsome profit.
10.This went on through the heat of summer；but at last the South Sea Company unintentionally killed itself.It happened thus.Seeing other companies springing up all around，and drawing a great deal of money from the public，the directors of the big bubble got power from the courts of law to put down the smaller schemes，and so crushed a good many of them out of existence.This destroyed the confidence of the public in shares of every kind；and the price of South Sea stock began to sink at once.What had been sold in August for ？1000，could find no buyer at ？300in September.In fact the bubble had collapsed，and was found to be empty.
11.Then men of every rank began to run away from the bankruptcy into which their folly had led them.There was so great ruin among the shareholders，that some angry people proposed that the directors should be sewed up alive in sacks and thrown into the Thames！In this crisis Robert Walpole came forward，and proposed a plan by which after a time the mischief was to some extent remedied；but the statesmen who were involved in the frauds practised by the company were disgraced；and some of them died of the shame.
中文阅读
1.乔治一世的统治即将结束时，在2月的一天，英国国会下院展开了一场令人印象深刻的辩论。主发言人是财政大臣a，他建议授予南海公司以某种贸易专享权，条件是让他们在26年内负责为政府还清国债。议员们对这一提议感到非常吃惊，以至于在长达15分钟的时间内无人回应。
2.最后，一个处事谨慎的人提议说，这些愿意努力帮助偿还债务的公司，相互间应当进行一次公开竞争，这样国家就可以得到最合理的合同。而已经与南海公司秘密达成交易的财政大臣，却讥讽地说这就如同把国家拿去拍卖。但是，有一个丰富睿智而又富有才华的、叫做沃波尔b的人，却赞成接受其他公司的报价，最后大家一致同意提交该项目来公平竞争。
a 财政大臣：英国政府的首席经济大臣。该职位随后由艾斯拉比耶担任。
b 罗伯特·沃波尔：英国国会中辉格党领袖，自1721年至1742年任英国首相，但他之所以任职时间这么长，主要是因为善于行贿。他在1742年退休时，成为奥克福德伯爵。他死于1745年。
3.于是，英格兰银行和南海公司开始为获得优先权相互竞价，但是后者却由于提出用700多万作为礼物回报给社会而成功胜出。议案通过了，该公司的股票价格开始上扬。
4.罗伯特·沃波尔将夏天的几个月时间，用来到他位于诺福克的霍顿乡村别墅休闲。在那里，他听到一些已经传到伦敦居民耳朵里的奇怪而不可思议的消息。南海公司的董事们为了抬高他们的股票价格，以刺激公众购买，竟然传播一些离奇的故事，说什么只有他们才获准去买卖各个地方的金银财宝。这暗示人们并且使人们相信：金矿和银矿已经被发现，而这将给该公司带来巨额财富。
5.民众开始竞相购买股票，以至于股价一路飙升，直到一张曾经代表100英磅的薄纸，竟以超过1000英磅的价格出售！当这个巨大的泡沫开始膨胀时，以最荒谬的噱头构成的许多小公司也不断增多，而且也都昙花一现。有一家公司的业务是使盐水保鲜，另一家公司从向日葵的种子里提炼出油，第三家公司则买卖人的头发，用于制作当时风行的浓密的大型假发。还有一些其他公司，出于许多昭然若揭或十分荒唐的目的，也纷纷冒了出来。