chapter  3
20 Pages

English financial markets in the 1830s: information networks, risk assessment and banking crisis

Director from 1811 and Governor, 1830-33), and was raised to the peerage as Lord Wolverton by Gladstone in 1867. Glyn’s correspondent was Joseph Langton (1793-1855) who had been deputy agent at the Bank of England’s Liverpool office before his appointment as manager of the newly formed Bank of Liverpool in 1831. The Bank of Liverpool was the foremost joint-stock bank of the town with leading merchants prominent on the board (Chandler, 1964: 239-55). Many of the bank’s early chairmen (most notably William Brown, Adam Hodgson, Joseph Hornby and George Holt) not only played active roles in commercial life and in the promotion of other new companies in the railroad and financial sectors, but also in public life as reformers in the slave trade and in educational provision. Both Glyn and Langton had been educated at Westminster School and in the 1830s both sent their sons to Dr Arnold’s new school at Rugby. The correspondence reveals a meeting of minds on many of the banking issues of the day and it provides a frank insight into what made the money markets tick.