Britain’s Queen Elizabeth, who was born 90 years ago today, is celebrated as a symbol of continuity in a rapidly changing world. In her lifetime, for example, split-second trading in securities by computers has replaced open outcry dealing by bowler-hatted humans. But it is surprising how much a modern City of London type would recognise if taken back in time.
On April 21 1926, financial types were worried by trade barriers, the weakness of the UK steel industry and executive pay. That all sounds familiar, albeit that a controversial bonus pool at the Dunlop Rubber Company amounted to just £18,000. Investors might not have had a contentious referendum on EU membership to contend with. But a general strike broke out the following month.
Contemporary accounts give the lie to the notion that London’s Square Mile was any more representative of British business in the past than it is now. There was hectic trading in foreign securities, ranging from sovereign bonds to corporate equity. The difference was that overseas companies were often colonial in character, as suggested by names such as Glenshiel Rubber Estates.