The Jobbing 'System of the London Stock Exchange: An Oral History
Ref.No.:  15       Playback No.:

Interviewee's surname:   Powell		Title: Mr
Interviewee's forenames: Valentine Anthony Lewis
Date of birth: 9 November 1939	             Sex: Male

Date(s)  of recording:   9 March 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: 
Additional material:
Copyright/Clearance : CMH; no restrictions

SUMMARY OF CONTENTS

Tape 1, Side 1

Personal and family background; early history of L Powell & Co.; eventually becomes C.D. Pinchin & Co.; early careers of father and uncle; pre-War jobbing system; education; influences at Winchester; attitude to the Stock Exchange at school; impressions of the Stock Exchange as a boy; influence of parents; attitude to money in the family; trains as an accountant; marriage; joins Pinchin; description of the firm; development of post-War Stock Exchange and insight of Lewis Powell, Esmond Durlacher and Hugh Merriman.

Tape 1, side 2	

Father adapts Pinchin to post-War Stock Exchange; importance of trust between jobber and broker; the expansion of the firm; early experiences as a blue button; Percy Duke; 1974 rumour that National Westminister was about to go broke; post-nationalisation of BP; markets in which the firm dealt; feelings about joining the firm; the essence of a jobber; Copper Powell; Bill May? Todd Earling-Slaughter; becomes a junior dealer; firms's policy regarding capital; recruitment; becomes a partner; organisation of the firm's books; typical day.

Tape 2, side 1

Importance of, and relationship with, the press; jobbers as a source of information; insider information; GEC takeover of AEI; takeovers; hammerings; climate for jobbers during the 1970s; merger with Denny Brothers; computerisation; significance of the transfer from the old to the new House; 1974 recession; becomes senior partner; decision to incorporate; merits of being a partnership.

Tape 2, side 2	

Possible advantages of incorporation; loss of business from London Stock Exchange and the effect on the jobbers; ascendancy of brokers during 1980s; tensions between jobbers and brokers;"capitalisation; joint books; spread agreements; relations between jobbing firms; attitude to Goodison-Parkinson agreement; contrast of market of early 80s with market known by his father; qualities of a successful jobber; advice to children about the City.