Banking and Insurance

• When did Money Scriveners first appear?

  In the 1630s
• Who is an example of a successful money scrivener?

  Robert Abbort
• How much money passed through Robert Abbort's accounts between 1652-5?

  Over £1 million
• 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?


  Because Charles I seized the royal mint in 1640, leading to a loss of trust in the monarchy
• How much did the number of goldsmiths increase from 1670 to 1677?

  From 32 in 1670 to 44 in 1677
• What encouraged the move to private financiers?

  The suspension of payments to creditors by Charles II in 1672 (Stopping of the Exchequer)
• How much did the stopping of the Exchequer lose goldsmiths?

  A total of £1 million
• When was the practice of marine insurance brought to England?

  In the 15th century
• 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 in 1681 and Friendly Society in 1683
• Who opened the first Coffee House?

  Edward Lloyd in 1688
• When did Edward Lloyd move to a bigger business?

  In 1697 as the demand increased
• What was the significance of Edward Lloyd's business in 1697?

  It became the 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
• What did the literacy rate for men increase by?

  From 30% in 1650 to 45% by 1714
• What did literacy rate for women increase by?

  From 10% in 1600 to 25% by 1714