The South Sea bubble

‘The South Sea Bubble’ is a modern ‘Ballad Opera’, drawing on material from the Eighteenth Century Ballads of Thomas D’Urfey, Bernard Mandeville and others. Commissioned by Cantata Dramatica from Nick Bicât in 2021, with song lyrics and spoken dialogue by Tony Bicât, the opera is based on a story devised by Nick Pitts-Tucker.

The Story

The inspiration for this ballad opera was a number of events leading up to the spectacular rise and subsequent collapse of South Sea Company Stocks in 1720, after months of frenzied dealing in the streets and coffee houses of London. In the words of a contemporary:

“..what ruination has the Southsea crash caused! The whole nobility is at its last gasp; only gloomy faces are to be seen. Great bankers are going bankrupt, great shareholders just disappear and there is not an acquaintance or friend who has escaped total ruin. These rogues of Company Directors have betrayed everybody and I assure you the tragic worst is feared.”

Letter from Paulo Rolli to Giuseppe Riva, September 1720

The story is told through a cast of characters that were actually involved in this episode of financial madness. They are led by the exciting adventuress Lady Mary Herbert, her aunt Lady Anne and a crew of gambling entrepreneurs, namely John Law, Joseph Gage, Richard Cantillon and James Bridges, Duke of Chandos. Not forgetting Olive Trant, mistress to the Regent of France. There are also surprise appearances from well known celebrities of the day who are celebrated for reasons completely unconnected with The South Sea Bubble: composer Georg Friederic Händel, the scientist Isaac Newton, and John Gay, who later because famous as librettist of The Beggar’s Opera.

The script divides the story in two. The first part is set in Paris, where the Mississippi Company is launched; the second in London, where shares in its twin, the South Sea Company, are touted first to the nobility and then to the general public, who respond in a frenzy of unbridled enthusiasm for this novel route to instant wealth. The Stock rises to unbelievable heights, then falls right back, leaving a trail of devastation amongst all classes of investor.

The telling of the story benefits from frequent use of material derived from contemporary ballads, sensitively woven into the song lyrics and spoken words by Tony Bicât. The words of the songs are presented on pages 9 - 24, and literary experts in the period may enjoy recognising references to sources including Bernard Mandeville’s Fable of the Bees, John Gay’s libretto for Acis and Galatea, the satirical verses of Thomas D’Urfey and works by Alexander Pope and Isaac Newton.

The South Sea Bubble was first performed in the Library of the Reform Club, London, 25 August 2022.