Banking and Insurance

When did Money Scriveners first appear?

1630s

Who is an example of a successful money scrivener?

Robert Abbort

Between 1652-5 how much money passed through his accounts?

Over £1 million and he recieved interest

Who inherited Robert Abbott’s company and what landmark did they achieve?

His nephew Clayton, who with his business partner Morris wrote the first cheque in 1659

Why did people turn to goldsmith bankers?

Charles I seized the royal mint in 1640 so people lost trust in storing money with the monarchy

How much did goldsmiths increase?

From 32 in 1670 to 44 in 1677

What encourage the oved to private financiers?

Charles II suspended payments to creditors in 1672 (Stopping of the Exchequer)

How much did the stopping of the exchequer lose goldsmiths?

Lost a total of £1 million

When was the practice of marine insurance brought to England?

In the 15th century it was brought over from Italy

When were English bankers involved in insuring Dutch ships

Regularly from 1657

How much did marine insurance prices drop by?

Up to 75%

When was marine insurance more prevalent?

At times of war e.g The Anglo-Dutch Wars

Which two specialist fire companies were set up?

.Fire Office- 1681
.Friendly Society- 1683

Who opened the first Coffee House?

Edward Llyod in 1688- allowed for brokers, merchants and bankers to conduct business

When did he move to a bigger business?

In 1697 as the demand increased, became first insurance market (Lloyds of London)

What was the primary publication of London?

The City Mercury

When did advertisements for insurance services begin to appear in the City Mercury?

From 1680