The Jobbing System of the London Stock Exchange: An Oral History
Ref.No.: 18	Playback No.:

Interviewee's surname:  Stotesbury	Title: Mr 
Interviewee's forenames: Peter  
Date of birth:   4 April 1937             Sex: Male

Date(s) of recording: 19 April 1990
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 AR-60     Noise reduction:   DBX 
Mono or stereo:  stereo      Original or copy:  Copy
Additional material: Copyright/Clearance: CMH; no restrictions

SUMMARY OF CONTENTS:

Tape 1, Side 1:

Personal and family background; joins grandfather's stockbroking firm of Davey & Candy; description of the firm; attitude to jobbers; early experience as a broker dealing with a large block of shares; description of Stock Exchange; how comes to join Charlesworth; the gilt market; description of the firm; attitude of partners to running the firm; firm deals with small business; brokers who dealt with the firm; jobbers in the gilt market; Peter Stotesbury brings business to Charlesworth; transition to being a jobber.

Tape 1, side 2

Brings business to firm; considers returning to broking; the partners; role within the firm; firm gains business as other firms withdraw; relations with large jobbing firms; change in gilt market; impact of government White Paper; impact on business of physical position in the temporary Stock Exchange; example of being caught out by a broker; the government broker; contrast gilt and equity markets; typical day; holidays; 1974 recession; old partners want to be bulls; possible merger with an equity jobber; gilt market late-70s; value of the jobbing system.

Tape 2, side 1

Value of the jobbing system (contd); cross-book situation in which firm had to be assisted by large jobber; specialises in low coupon stocks; starts off a short-dated section; becomes Finance and Administrative partner; attitude to abolition of single-capacity; position of firm in c. 1983; change in atmosphere in Stock Exchange; reform of the gilt market; weaknesses of the jobbing system; qualities of a successful jobber; advice to someone about entering the Stock Exchange; difference between jobbers and brokers.