The Establishment And Management Of London Private Banks In The 18th Century

The National Wealth,especially commercial wealth of England had risen rapidly after Glorious Revolution in 1688,and foreign trade occupied an important part 'of commercial wealth.From the end of the 17th century to the beginning of the 18th century,London gradually became the political,economic and trade center of the United Kingdom,where the great changes in the financial field were most evident here.The banking is the most important and central part of the financial sector,which is consists of the Bank of England,the London private banks and local private banks in the United Kingdom.This article selects the London Private Bank as the research object,and the time range of the study is not only to include the entire 18th century,but also to take into account the relevant content of the late 17th century and early 19th century.The London Private Bank is a financial organization engaged in the business of deposits,loans,bills of exchange,etc.,operated by private bankers.From the late 17th century to the early 18th century,a number of banking businesses were started from groups such as goldsmiths and merchants.These people gradually became professional private bankers working in what they called a "banking-house".Through transferring accounts,bills of exchange,and discounting services,private banks have played a role in optimizing the allocation of capital in London and even the United Kingdom,thus contributing to the economic development of capital-strapped industrial areas.This article will elaborate on the process of setting up and operating of private bank in London from the perspective of social history.The article is divided into four parts.The first part deals with the rise of the private banking and its development in the 18th century.It specifically discusses the generation of private bankers,their early developments,the methods and quantitative scale of the establishment of 18th century London private banks.The second part of this article describes the office staffs of private banking,which is divided into three sections:private bankers,partners,apprentices and bank staffs.It is specifically described in terms of their identity,experience,and quantities.The third part of this article describes the working conditions of the private bank.The first section introduces the office content of the private bank from the perspective of the private banker,it describes their daily working hours,workload,and things that need to pay attention in the office.The second section introduces the working conditions and office locations of private banks.The specific banks are used as examples to introduce the relocation of bank shops.The fourth part of this article describes the business types and customer groups of private banks.The first section describes different banking business and how they operate.The second section describes the banks' customer information in terms of customer types of banks and the factors of attracting and maintaining customer groups.