The Jobbing System of the London Stock Exchange: An Oral History
Ref.No.: 21	Playback No.:

Interviewee's surname: Priestley	Title:  Mr
Interviewee's forenames: James (Jimmy)	Frederick
Date of birth:   22 February 1915	Sex: Male

Date(s) of recording:  8 May 1990
Location of interview: Home
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

Birth and family background; father a partner with Wedd Jefferson before going to Mullens as future Government Broker; early impressions of the Stock Exchange-education; influence of parents; attitude to money in the family; influence of masters at Winchester; attitude to the City and the Stock Exchange during the period; joins Wedd Jefferson; Dick Wilkins and Dick Russell join at the same time; salaries; the offices; personal ambitions; memories of being a bluebutton; the partners in Wedd Jefferson; Wedd Jefferson and the other major gilt jobbers; the Stock Exchange; becomes a dealer; the Colonial book; jobbing skills; John Longuet-Higgins; dealing episode involving New Zealand stock; the dealer's job; characteristics of the colonial market; effect of crises on the Stock Exchange; Stock Exchange of the 1930s; other partners in Wedd Jefferson; characteristics of the three main gilt jobbing firms; competition; size of bargains; the general attitude to jobbers; war experience; offered partnership prior to attack on Caen; Wedd Jefferson during the war; marriage.

Tape 1, side 2

Feelings about returning to the Stock Exchange; remuneration of partners; Jimmy Priestley, Wilkins and Russell return to Wedd Jefferson and soon take over running the firm; start to outstrip Francis and Akroyd; Dick Wilkins; Jimmy Priestley the 'technician'; factors that go into making a price; periods when you made money; Jimmy Priestley a bull jobber; Akroyd more successful later because prepared to run larger bears; as a jobber, Jimmy Priestley does not worry about the "big picture"; policy of enlarging capital of firm; wants to merge with  Pinchin; merger with Durlacher; comparison of government book with the colonial book; contacts with the discount market; relationship with the banks; relationship with the press; approach to running the firm; recruitment; reason for joining Wedd Jefferson; relationship with government broker; example of cutting a bad position; contacts with other jobbers; spoiling a market; relationship with small jobbers; decline in the number of jobbers; impact of the institutions; Big Bang.

Tape 2, side 1

Membership of Stock Exchange Council; necessity of being continually involved in the running of a book; approach to running the government book; capital required to run the book; daily routine; importance of reading the papers; dealing over telephone; merger with Durlacher; business entertainment in Wedd Jefferson; contrast equity jobbing with gilt jobbing; retirement; changes in jobbing during Jimmy Priestley's career; City still a place where 'slick people' went; how brokers built up big fortunes; strengths of jobbing; weaknesses; concentration of power in the hands of a few; risks of jobbing; advice about the City as a career; qualities of a good jobber; people from any background could be jobbers.