The first act opens in a street in Venice, where Antonio, a wealthy merchant of Venice, was conversing with two friends, and wonders why he feels vaguely sad. When his friends say that it may be because of his many ships at the mercy of the ocean, he denies it. Next Bassanio joins this group with two companions and decide a date to meet for dinner, although Antonio is not very happy in participating in festivities.
Left alone with Bassanio, Antonio talks about the beautiful Portia, the heiress of Belmont, and says that he cannot sue her hand as he has no money to go to Belmont to take part in the lottery of Caskets to win Portia. He asks Antonio for another loan for the same. Antonio, instead of reproaching him, generously consents to provide another loan, but says that as all his funds are presently at the mercy of the sea. However Bassanio can use Antonio’s name and creditworthiness to borrow the necessary sum (that is, three thousand ducats).