ABSTRACT
Notably, the evident changes in the market for new securities occurred largely without regulatory interventions. Although in 1930, the Exchange reformed the rules governing the introduction of new securities, those changes occurred after the rise of new issuing houses and the eclipse of the company promoter. WH Coates, in evidence to the Colwyn Committee estimated that in the early 1920s about 57% of profits originated in public companies, and by 1951, quoted companies alone accounted for some 71% of profits generated by the corporate sector. The company had been surprised by a fall in the price of raw jute that had led to the need to write down stock values. In 1921, the led to the formation of Cull & Company by four ex-partners in a jobbing firm specialising in oil shares who had made a fortune shortly before the war when Burmah Oil was introduced to the Stock Exchange.
