Odd Lots This Is How Finance and Banking Worked Before Computers
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Jun 22, 2023 In this engaging discussion, Anne Murphy, a history professor and author, and John Handel, a postdoctoral fellow, unravel the complexities of finance before the digital age. They explore the trust-based transactions and manual record-keeping of the 18th century, highlighting the vital role of clerks at the Bank of England. The duo sheds light on the challenges of trading and how technology like ticker tape transformed markets in the 19th century. Listeners will be fascinated by stories of financial mishaps and the historical interconnections between finance and imperial power.
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Clerk's Downfall
- Bank of England clerk Francis Fonten stole shares from deceased accounts to fund his lifestyle after a personal crisis.
- He was caught and executed, demonstrating the bank's strict penalties for fraud during that time.
Severe Penalties
- 18th-century Britain viewed harsh penalties, even death, for financial crimes as essential for upholding trust in the commercial system.
- This reflected their belief in the integrity of paper money and trade.
Misdelivered Orders
- London Stock Exchange messengers sometimes misdelivered orders, causing delays and frustration for brokers.
- One waiter's ignorance of a broker's location led to an order being returned, highlighting the challenges of a large, bustling exchange.
