 Solution

Bounded completeness of an arithmetic theory means that every bounded arithmetic first-order sentence true in the standard natural numbers is provable in $S$. If $S$ is first-order consistent and proves a false bounded arithmetic sentence $B$, bounded completeness of an arithmetic theory also proves its true bounded negation, a contradiction. Conversely, if every bounded theorem is true, $S$ cannot be inconsistent, because inconsistency would prove the false bounded arithmetic sentence $0=1$. ThusIf $S$ is one-consistent and proves $\exists xB(x)$ with bounded matrix, that existential sentence cannot be false: otherwise every $\neg B(\bar{n})$ would be a true bounded arithmetic sentence and hence provable, contrary to one-consistency. Thus $S$ has Sigma-1 soundness.

Conversely, Sigma-1 soundness excludes inconsistency. If $S⊢\exists xB(x)$, it supplies a standard witness $n$ with $B(n)$ true. Bounded completeness of an arithmetic theory proves $B(\bar{n})$, so first-order consistency forbids a formal proof of $\neg B(\bar{n})$. Hence there cannot simultaneously be refutations of all standard instances. ThereforeFinite blocks of existential logical variables are treated as finite tuples of witnesses, with the same argument.