1) Banking/insurance companies based there. 2) Roads in and around London had seen invested as they were also trade routes. 3) Skilled workers moved to London as there was more chance of work. 4)A large amount of national markets in London.
2 of 16
Which chartered companies were based in London?
East India Company (est. 1600), Levant Company (est. 1581), Muscovy Company (est. 1555)
3 of 16
When was the Royal Exchange opened?
1571 by Sir Thomas Gresham; brokers could do deals here.
4 of 16
What was a money-scrivener?
Someone who lent money or arranges money lending on behalf of others.
5 of 16
Who was Robert Abbott?
The apprentice to a financier. He became a broker and between 1652 and 1655, £1,137,646 passed through his accounts as he set up a broker firm.
6 of 16
When was the Royal Mint seized by Charles I and why was it significant?
1640; caused more people to store their wealth with goldsmith bankers.
7 of 16
How many goldsmith bankers were there in 1670?
32, but rising to 44 in 1677.
8 of 16
What happened in the 1670s, concerning Charles II?
The King was indebted to goldsmith bankers, who were borrowing at 6% and lending to the Crown at 10%.
9 of 16
What happened in 1672?
Charles reformed banking, meaning that he levied loans to the Crown from the general public, meaning he paid a lower rate of interest.
10 of 16
What was normal in 1657?
For ships from Holland to be insured through English brokers.
11 of 16
What happened over the course of the 17th century concerning marine insurance?
Policy prices dropped by 75% as the industry became more established; London became the leading insurance market in the world.
12 of 16
What did Edward Lloyd do in 1688?
Opened his coffee house, which would eventually develop to become the world's first insurance market.
13 of 16
What happened in 1627 concerning fire insurance?
An office within the Royal Exchange was created to deal with the insurance of ships and fires.
14 of 16
Why did the need for fire insurance policies increase?
Great Fire of London in 1666.
15 of 16
What was the effect of the Great Fire of London?
Two offices were set up to deal with fire insurance claims: the Fire Office in 1681 and the Friendly Society in 1683.
16 of 16
Other cards in this set
Card 2
Front
Why did London's economy grow so much?
Back
1) Banking/insurance companies based there. 2) Roads in and around London had seen invested as they were also trade routes. 3) Skilled workers moved to London as there was more chance of work. 4)A large amount of national markets in London.
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