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Title: The London Stock Exchange, 1870-1914 : an institutional history.
Author: Kynaston, David Thomas Anthony.
Awarding Body: London School of Economics and Political Science (University of London)
Current Institution: London School of Economics and Political Science (University of London)
Date of Award: 1983
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A general survey of the late-Victorian and Edwardian London Stock Exchange suggests that in several significant institutional senses it was probably unsatisfactory as a financial intermediary: its constitution was cumbersome; its communications system was backward; its ruling bodies were out-of-touch with the markets; and, in the context of generally lax entrance qualifications, there were far too many members of little capital and still less expertise. Moreover, the Stock Exchange seems to have been particularly unsatisfactory when it came to servicing the capital needs of home industries. Especially significant in this respect was the almost complete failure of either the Stock Exchange Committee or the company brokers to offer an effective supervisory obstacle to unscrupulous company promoters. Moreover, on the cost side, the Stock Exchange was an expensive place to float a new issue; while in terms of dealing in established home industrial securities, the provincial stock exchanges were cheaper than London's jobbers. Nor did these jobbers really justify themselves by offering genuine marketability: very few home industrials were readily dealt in on the London Stock Exchange. While as far as the brokers of the institution were concerned, there is no evidence to suggest that they offered any form of discriminating, disinterested guide as to which home industrials were worth backing and which leaving alone. In sum, it is impossible to escape the impression that the Stock Exchange of this period played to the full its part in maintaining the well-known gulf in British history between the City and industry. Hermetic, unmeritocratic, and shrouded in a pervasive cloak of rumour and uncertainty, with an eye always on the most immediate future, its very texture, as well as its functional deficiencies, condemned it to an existence remote from larger and longer-term economic realities.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: History