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

Ref.No.: 14	Playback No.:

Interviewee's surname: Ashton	Title: Mr
Interviewee's  forenames: Angus David
Date of birth:   15 February 1929	Sex: Male

Date(s)   of recording: 5 March 1990
Location of  interview: County Natwest Gilts, Drapers Gardens,
12 Throgmorton Avenue
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; father's career; grandparents; early impressions of the Stock Exchange; attitude to money in the family; influence of parents; education; attitude to Stock Exchange during the War; accountancy training; national service; how he joins Francis & Praed; description of the firm and of the partners; becomes a blue button; first impressions of the Stock Exchange; is authorised and becomes a member; learns dealing skills selling rabbits during the War; the pitch; broker who wished to deal 'all or nothing’; membership; approach of the partners to running the firm; partnership; typical day as a young partner.

Tape 1, side 2

Typical day; 1957 bank rate increase; role of Bank of England in maintaining an orderly market; marriage; development of career with Francis & Praed; lack of capital in the firm; contrast with other firms; the gilt market during the sixties; bond washing; relations with brokers; impact of the institutions; price agreements; vulnerability to changes of bank rate and devaluation; influence of the Bank; move to the new Stock Exchange; abortive merger with Bisgood Bishop; Angus Ashton decides to join Bisgood Bishop; closure of Francis & Praed; description of Bisgood Bishop; difficulties in changing firm and the reaction in the Stock Exchange; the fixed interest department; 1974 recession; Angus Ashton a bear jobber; periods when he considered leaving the Stock Exchange; implications of unlimited personal liability; running the fixed interest pitch; situation in which someone is losing money.

Tape 2, side 1

Situation in which someone is losing money; put throughs; jobbing firms become closer; under-capitalisation of jobbing firms; financial resources of Bisgood Bishop/possibility of merger with Smith Brothers; feelings about the abolition of single capacity; comparison of Stock Exchange at the beginning and at the end of his jobbing career; memorable characters; jobbing becomes more professional; qualities of a successful jobber; unsuccessful jobbers; feelings about a Stock Exchange career; the strengths of the jobbing system.