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By David Sunderland

Britain's Crown brokers' place of work is a distinct improvement supplier. until eventually the early Sixties, its consumers have been colonial governments, and, thereafter, the administrations of dependencies and newly self sustaining nations. in addition to buying a wide percentage of its buyers' imports, it supplied them with finance and controlled their investments. It was once hence one of many biggest dealers of products within the united kingdom, and, after, the financial institution of britain, the country's greatest bank. This ebook, the sequel to the author's handling the British Empire: The Crown brokers, 1833 -1914 (Boydell, 2004), examines the brokers' quite a few improvement roles, together with the disastrous enterprise into secondary banking in 1967 which collapsed in 1974, then the biggest financial ruin in British monetary background. The booklet contributes to a couple of present debates in improvement reviews, provides to our figuring out of the London monetary marketplace and the competitiveness of British undefined, and exhibits how latest relief enterprises can examine a lot from the preparations of the previous.

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94 Scrimgeours argued that the size of the commission was fully justified. 96 The commission also subsidised a range of services provided for no charge. 97 The Agents’ wish to replace Scrimgeours or to abandon underwriting was motivated by the desire to reduce overriding and underwriting costs, but also to increase the price of issues. Scrimgeours forced the CAs to set excessively low loan prices in order to reduce the likelihood that their underwriters would be left with unsold stock and to minimize the post-issue price collapse when this occurred.

When this occurred, the Agents obtained the necessary money from a variety of other sources. 140 It was claimed that the Sinking Funds of the loans to be redeemed would prove woefully inadequate, due to the CAs’ incompetent investment strategies, and that there were few other sources of finance. 141 The Bank thus proposed that, to avoid catastrophe, the loans would have to be repaid by the UK government. If this failed to occur, the resultant defaults would damage the reputation of Britain and the London market and the debtors’ credit standing, making it difficult for them to 134 135 136 137 138 CAOG 9/324, notes, p.

Standard deviation £20,319. For example, Bedales School, Brentwood Spiritualist Church, the London Society for Promoting Christianity Among the Jews, and Trinidad Central Oil Fields. 42 per cent of female subscribers, for whom a marital status was given, were married, 30 per cent were widows, and the remainder were spinsters. Women on average bought £475 of stock and men £416. For example, CAOG 9/78, memo, 2 Feb. 1928; Morgan, A Reassessment, p. 181.

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