The Jobbing System of the' London Stock Exchange: An Oral History
Ref.No.: 22	Playback No.: 

Interviewee's surname: Davie	Title:  Mr
Interviewee's forenames: Richard (Dick)
Date of birth:    17 January 1913	Sex:  Male

Date(s) of recording:  10 May 1990
Location of interview:  Centre for Metropolitan History
Name of interviewer:   Bernard Attard
Type of recorder:   Marantz CP 430
Total no. of tapes:      3   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 jobber; education; living provided by the Stock Exchange; fortunes of his father's firm; Lemon Brothers; attitude to the Stock Exchange and City when at school; plans when finishes education; joins Lemon; description of the firm; first jobs; Stock Exchange bargains; introduction of comptometers; atmosphere in the Stock Exchange during the 1930s; blue button; authorised clerk; discipline; the Kaffir market; work as a blue button; Stock Exchange humour; hours worked as a blue button; becomes an authorised clerk; the Australian/miscellaneous market; organization of the book.

Tape 1, side 2

Responsibilities as an authorised clerk; experience of making, and then losing, £2,000; some qualities of a good jobber; taking positions; example of dealer in Wedd Durlacher having too big a position in Mount Isa Mining; learns skills from father; size of bargains during the early part of his career; jobbers' capital and capital required to run a book; other jobbers in the Australian market; spoon-fed jobbers; jobbers deal with each other; brokers who specialised in Australian stocks; qualities of the Australian market; mining houses support the market; shops; partners' visits to South Africa and Australia; arbitrage and relationship with agents; street markets.

Tape 2, side 1

Influence of crises on investors; marriage; senior partner raises his salary when he gets married; membership of the Stock Exchange; memories of 'the' Zulu1; discipline; partners in Lemon; differences between jobbers and brokers; the attitude to jobbers; joins George M. Hill (GMH) in 1948; reasons for the decline of Lemon; description of GMH; conditions in the Australian market and the Stock Exchange post-War; recalls discussion with Alec Hill about the profitability of the firm; lack of turnover; value of knowledge about stocks; visits to Australia; difficulties of communication up to 1960; relationship with agents; runs firm with Alec Hill; competition; arbitrage; open bidding and offering.

Tape 2, side 2

Does not feel necessity to merge with other firms; reputation of GMH; takes Cazenove to task over behaviour in the Gallagher takeover; decline in the number of jobbers in the market; increase in size of bargains; approach of GMH when asked to do a large order; joint book; specialist brokers and shops; Australian mining booms; speculation; a source of information about stocks; goes on television during the Poseidon boom; pressures to merge; merger with Wedd Durlacher; role in Wedd Durlacher after merger; dead wood in Wedd Durlacher.

Tape 3, side 1

Description of role in Wedd Durlacher; Wedd Durlacher lunch room; Dick Wilkins cuts down on drinking at lunch; entertainment at Wedd Durlacher; pressures to deal in large size; qualities of a good jobber; strengths of jobbing system; weaknesses of the jobbing system; principles of jobbing hadn't changed during his career; enjoyed being a jobber.