STOCK EXCHANGE

LONDON. 3% Debenture £1000. red. #200. No 83. Central fold. The London Stock Exchange has its roots in the late 17th century. It was not popular at first, and had to move from its initial meeting-place in the Royal Exchange to a nearby coffee-house, Jonathan's, which became the real cradle of the Exchange. In the early 18th century efforts were made by Parliament to stop stock-dealing, but unsuccessfully. In 1773 Jonathan's was renamed 'The Stock Exchange', and it was only in 1801 that a building was erected, in Capel Court, especially for the Exchange. To pay the costs, a capital of £20.000 (in 400 shares of £50) was issued. 1853 saw the demolition of that building, and its replacement by a much larger one. Further shares were issued, to a total of 20.000, and the value climbed, to reach £140 on the market. In 1875 it was decided that shares could belong only to members of the Exchange. This debenture is part of a loan of £325,000 divided into £100, £500 and £1000 denominations. Only 200 bonds of this top denomination were issued.

Condition: VF-EF