In a street of Venice, the merchant Antonio laments that he is sad but knows not why. His friends, Solanio and Salerio try to cheer him up, to no avail. More friends, Lorenzo and Gratiano also try and fail. Antonio's friend, Bassanio, informs him that he intends to seek the wealthy Portia's hand in marriage, yet needs financial backing. Antonio, though reluctant, offers Bassanio 3,000 ducats (money) to help him. At Belmont, Portia's house, she laments to her servant, Nerissa, that she fears a suitor she dislikes will pursue her hand in marriage. Per her late father's will, the suitor must choose the correct of three chests (gold, silver, and lead), and then, if correct, he may marry Portia. She likes none of her six suitors, but wishes Bassanio would come and choose the correct chest. Back in Venice, after much begging, Bassanio convinces the merchant Shylock the Jew to lend him 3000 ducats, with Antonio putting up his property as the bond. Although Shylock hates Antonio, he lends the money anyway, hoping Antonio will default on the loan. Antonio, though, has confidence one of his ocean vessels will come to port one month before the three month deadline.

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