The Jobbing System of the London Stock Exchange: An Oral History

Ref.No.: 2	Playback No.:

Interviewee's surname: Lederman	Title: Mr
Interviewee's forenames: Geoffrey Lewis	 Harry
Date of birth: 9 July 1929	Sex: Male

Date(s)  of recording: 13 December 1989
Location of interview: Institute of Historical Research
Name of interviewer: Bernard Attard
Type of recorder: Marantz CP 430
Total no.  of tapes:   2	Speed:
Type of tape: TDK SA 60	Noise reduction: DBX
Mono or stereo: Stereo	Original or copy:  Copy
Additional material: Copyright/Clearance: No restrictions

SUMMARY  OF  CONTENTS:

Tape 1,  Side 1:

Birth on 9 July 1929; parents; father a half-commission man; education; National Service; first job with Australian import/export firm (Gollan & Co); obtains job in 1951 with Smith Brothers through a family connection; description of firm and its origins- first jobs; description of office; the partners; gets his blue button; becomes an authorised clerk; becomes a member; functions of an authorised clerk; conventions and traditions of the Stock Exchange; the Floor of the House; typical day as an authorised clerk; playing 'mini-poker' with his friends; importance of the private investor; starts dealing in the stores market; identifying brokers; description of the stores and South African gold markets; expansion into steel shares; Lederman asked to deal in these; regards stocks and shares as counters; changes in the jobbing system; importance of the senior partners; necessity of care when dealing with other jobbers; open bidding in the South African and oil markets.

Tape 1, Side 2:

Open bidding; competitiveness of jobbers; social life outside the House; relations with brokers; Smiths has to work hard to get 'better class1 of business; main aim of a jobber; feelings about jobbing; story of how he became a partner; 1959 election and success with the steel book; Sidney King plans to set up his own firm; cessation plan and Lederman taken into partnership of Smith Brothers; expansion and success of firm; sport a common denominator; getting 'caught on the trace1 and consequences; back office; career as a partner and a director; reasons for incorporation; Smith Brothers during the 1970s and early 1980s.

Tape 2,  Side 1:

Recruitment policy; distinctive qualities of Smiths; mechanics of jobbing during the 1970s; expert stagging, selling short of old and buying new; Smiths' foray into gilt market and takeover of R.H. Prance; proposal of a merger with Bisgood Bishop; strengths of jobbing system; background to Big Bang; qualities of a successful jobber.