Banking notes
Banking and insurance
Money scriveners
A money scrivener is someone who lend money, or arranges the lending of money on the
behalf of others, usually to those wanting to raise money on guarantee or security. They
may also invest money at interest for clients.
The first money scrivening firm was established by Robert Abbott. He charged a fee for his
services and between 1652 and 1655 £1,137,646 passed through his accounts.
His firm was taken over by his nephew, Robert Clayton. By 1672 Clayton received £3,515 a
year in interest from loans alone.
Goldsmith bankers
The second half of the 17th century saw a massive increase in the success of gold-smith
bankers. Goldsmith bankers existed because storing money with them seemed very safe –
especially after Charles took money from the tower of London in 1640 as part of a ‘forced
loan.’ Goldsmiths were able to lend this money with interest.
London had around 32 goldsmith bankers in 1670, this number rose to 44 in 1677.
Because goldsmith bankers were seen as trusted, they could borrow at between four and six
percent, which also meant they could offer short term loans at a rate above six percent.
Marine insurance
Marine insurance was financial coverage provided against risks to shipping, including loss or
theft of a ship or damage to cargo. This insurance was well established by the 17th century.
Dutch merchants understood the value of marine insurance in the late 16 th century and
often visited London to meet with financers.
A marine insurance law was introduced in 1601 in order to regulate the market and create a
separate ‘Assurance Court’ to deal with insurance matters. In the first half of the century,
many British merchants were reluctant to part with large amounts of money in order to take
out insurance due to the high rates charged for premiums and it was common for as little as
half of the value of goods on a ship to be covered.
Fire insurance
Fire insurance also had a massive increase in the 17th century. The first fire insurance
companies were established in London. Records exist from 1615 referring to Mr Havers,
described as an assurer of fire insurance, with an estate worth up to £40,000.
, Fires were common in the tightly packed streets of London and the Great Fire of London in
1666 increased the need for formal insurance policies, especially for businesses. An act was
passed in 1667 for the rebuilding of the City after the fire and reference is made to the
settling of insurance claims at the Royal Exchange.
Two specialist companies were set up towards the end of the period: the Fire Office in 1681
and the Friendly Society in 1683.
Insurance was an essential ingredient in the growth of a prosperous economy and the
development of more formal banking made this possible.
Agriculture
Growing population encouraged agricultural improvement
Enclosure
Land under production.
Enclosure involved consolidating scattered holdings into blocks of land, usually by fencing
them off. The enclosed land would then be used for the sole use of a single landowner or
tenant. This ensured that crop production was not unnecessarily duplicated as fewer rivals
would exist in each region. By 1650, peasants accepted that the only way they could break
out the cycle of subsistence farming was to accept enclosure. After 1660 enclosure was
proceeding briskly.
An example of its impact can be seen at Sherrington in Buckinghamshire where modest
freeholders who had been slowly gaining land since the 16 th century were driven out
because of indebtedness after 1660 as a result of enclosure.
Farming techniques
The development of more modern farming techniques began under the Tudors and spread
widely under the Stuarts.
Water meadows
Water meadows had been in existence for at least 100 years before 1625 and worked by
diverting water from a nearby river or stream to a field. The diversion would be regulated by
a number of gates and dams. The aim of the water meadow was to provide soil that was
always damp to reduce the chances of frost in early spring and encouraging grass to grow
earlier.
Water meadows enabled farmers to maintain more working and non-working animals. The
number if working animals increased over time.
Specialised farming
There was new appreciation for the fact that different regions could specialise in types of
farming more suited to local conditions. It was known that the warmer, drier South Est was
Banking and insurance
Money scriveners
A money scrivener is someone who lend money, or arranges the lending of money on the
behalf of others, usually to those wanting to raise money on guarantee or security. They
may also invest money at interest for clients.
The first money scrivening firm was established by Robert Abbott. He charged a fee for his
services and between 1652 and 1655 £1,137,646 passed through his accounts.
His firm was taken over by his nephew, Robert Clayton. By 1672 Clayton received £3,515 a
year in interest from loans alone.
Goldsmith bankers
The second half of the 17th century saw a massive increase in the success of gold-smith
bankers. Goldsmith bankers existed because storing money with them seemed very safe –
especially after Charles took money from the tower of London in 1640 as part of a ‘forced
loan.’ Goldsmiths were able to lend this money with interest.
London had around 32 goldsmith bankers in 1670, this number rose to 44 in 1677.
Because goldsmith bankers were seen as trusted, they could borrow at between four and six
percent, which also meant they could offer short term loans at a rate above six percent.
Marine insurance
Marine insurance was financial coverage provided against risks to shipping, including loss or
theft of a ship or damage to cargo. This insurance was well established by the 17th century.
Dutch merchants understood the value of marine insurance in the late 16 th century and
often visited London to meet with financers.
A marine insurance law was introduced in 1601 in order to regulate the market and create a
separate ‘Assurance Court’ to deal with insurance matters. In the first half of the century,
many British merchants were reluctant to part with large amounts of money in order to take
out insurance due to the high rates charged for premiums and it was common for as little as
half of the value of goods on a ship to be covered.
Fire insurance
Fire insurance also had a massive increase in the 17th century. The first fire insurance
companies were established in London. Records exist from 1615 referring to Mr Havers,
described as an assurer of fire insurance, with an estate worth up to £40,000.
, Fires were common in the tightly packed streets of London and the Great Fire of London in
1666 increased the need for formal insurance policies, especially for businesses. An act was
passed in 1667 for the rebuilding of the City after the fire and reference is made to the
settling of insurance claims at the Royal Exchange.
Two specialist companies were set up towards the end of the period: the Fire Office in 1681
and the Friendly Society in 1683.
Insurance was an essential ingredient in the growth of a prosperous economy and the
development of more formal banking made this possible.
Agriculture
Growing population encouraged agricultural improvement
Enclosure
Land under production.
Enclosure involved consolidating scattered holdings into blocks of land, usually by fencing
them off. The enclosed land would then be used for the sole use of a single landowner or
tenant. This ensured that crop production was not unnecessarily duplicated as fewer rivals
would exist in each region. By 1650, peasants accepted that the only way they could break
out the cycle of subsistence farming was to accept enclosure. After 1660 enclosure was
proceeding briskly.
An example of its impact can be seen at Sherrington in Buckinghamshire where modest
freeholders who had been slowly gaining land since the 16 th century were driven out
because of indebtedness after 1660 as a result of enclosure.
Farming techniques
The development of more modern farming techniques began under the Tudors and spread
widely under the Stuarts.
Water meadows
Water meadows had been in existence for at least 100 years before 1625 and worked by
diverting water from a nearby river or stream to a field. The diversion would be regulated by
a number of gates and dams. The aim of the water meadow was to provide soil that was
always damp to reduce the chances of frost in early spring and encouraging grass to grow
earlier.
Water meadows enabled farmers to maintain more working and non-working animals. The
number if working animals increased over time.
Specialised farming
There was new appreciation for the fact that different regions could specialise in types of
farming more suited to local conditions. It was known that the warmer, drier South Est was
