ABSTRACT
A. Origins of the Markets Glasgow's first stockbroker was James Watson, a founder member of the Glasgow Stock Exchange, who in 1830 added share dealing to his existing accountancy business. Until 1835-36 he seems to have enjoyed a virtual monopoly of local activity, but the 1836 boom saw the entry into the trade for a few years of A. McTaggart. The increasing number of railway promotions and the associated growth of public interest brought new brokers onto the scene and by 1842-43 five more had appeared. They were John Lang, Buchanan and Aitken, MacEwan and Auld, J. C. Foulds, and Kerr and Anderson, and they conducted their business by advertising 'wanted and on-offer' lists in the local press. By 1844-45 the number of brokers in the city had risen to eighteen. In June 1844 a number of them formed "a society under the title of the Glasgow Stock Exchange Association". It was asserted in the local press at the time that the "vast amount of business transacted in the city in stocks has rendered such an association, more particularly of late years, a decided desideratum; and there can be no doubt that it will prove highly advantageous to the public. An accredited list of prices founded on the actual transactions of the Association will be regularly furnished to the members and to the different newspapers, and anything like misrepresentation as to the value of shares for dishonourable or jobbing purposes will thus be effectively checked".l The first meeting, called by Peter Wilson Dixon, a broker since 1842, consisted of accountants who had also been acting as brokers. It was held at the Exchange Sale Room and the decision was taken to commence business early in July at No.3, North Court, Royal Exchange. Only brokers in public companies or undertakings, insurance agents or accountants, were to be admitted to the Stock Exchange, and they had to be resident in Glasgow. Admission was by ballot and entry money was put at £5 but soon raised to £25, and to £100 in April 1845. The Stock Exchange was administered by a committee of five members, later increased to nine, James Watson was elected Chairman and Andrew MacEwan to the post of Secretary.2
