Studied by 3 people
Road System improved and transport systems due to increased demand for goods.
Previously responsibility of local parishes in poor state
Roman roads were the exception, passable throughout the year.
First Turnpike Act was passed in 1663 - allowed creation of new toll roads
Road Atlas published in 1675 300 page
Toll paid by travellers on road, paid for their upkeep
Invaluable linking major towns.
Road System
Crucial in market development by east and west coast of Britain.
Coal transported from Newcastle to London
By the end of the 17th century, Ouse, Severn and Thames used to transport agricultural and manufactured goods.
Water Transport
Mid 17th century - London became the largest city of Western Europe with a population of around 400,000. By 1700, the population 575,000.
Success = heart of roads and shipping networks
London was the economic, political and religious capital of England.
Eg Legal system - Inns of Court - high profile lawyers went there.
Growth of London
Basic commodities prices in 1650 six times higher than 1500
London brewers outbid other towns when purchasing barley (destroying brewing industry in surrounding small towns)
national market problems
A number of chartered companies whose interest was in trade and exploration.
E.g
East India Company (1600)
Levant Company (1592)
Muscovy (1555)
Chartered companies
London grew and the rise associated with trade became greater.
Merchants became aware of their need to insure ships
Presence of merchants, insurers, bankers, barrister and government civil servants in London led to a growth in employment in services industries
Service Industries
Essential for development of both British economy and international trade.
Growth of lending possible due to lowering of interest rates
Legal limit for interest rates between 1571 and 1624 was 10% lowered to 8% between 1615 and 1714 - more attractive
Banking
Royal landowners faced disaster in the decade after the civil war commonwealth- consfiscated land and remove capital
Moved to London to protect assests
ABBOTS - first money scrivened firm established flourished in 1650, charged fee for his services - £1,137,646 passed through his account from Between 1652 and 1655
Robert Clayton - first cheque- 1659
Money Scriveners
Second half of the 17th Century saw a boom in the success of the gold smith bankers
Original job was to find and hold precious metals in vaults, then gold
used to be deposited in royal mint but siezed by Charles I in 1640
Goldsmiths - safer option and able to charge interest (6% loans)
Charles in debt to group of goldsmith bankers 1672, reformed banking lowers interest rate
Goldsmith Bankers
introduced in 1601 in order to regulate - separate insurance court to deal with insurance matters.
First part of the century, British merchants were reluctant to part with large sums of money to take out insurance.
British racing against Dutch, more peopple took out insurance as needed to therefore it was cheaper (dropped by 75%).
London leading marine insurance market in the world.
Marine Insurance
1688, Edward Lloyd opened his coffee house in London developed into world’s first insurance market.
Space for merchants ,shipowners to talk about weather to latest prices of tradeable commodities.
First coffee house was opened in Oxford in 1650 by a Turkish merchant, many more sprang up in succession.
LLoyd’s of London
Germany state funded fire insurance in 1688
Records show a scheme created by Charles I in 1681 and the Friendly Society in 1688.
Booming market in the 18th century.
Hale Commission 1652- discussed legal reforms
Fire insurance
Note 
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