What is the exposition of the jack and the beanstalk by Joseph Jacobs?

In Tabart's version, the story is set in the days of King Alfred. A poor woman lives far from London in a cottage with her "indolent, careless, and extravagant" son, Jack. The two have little money and are forced to sell their last possession, a cow. Jack leads the animal along the road and meets a butcher whose hat is filled with beans. Jack takes a liking to the beans and sells the cow for them.