'Mr. Fowle Pray Pay the Washwoman': The Trade of a London Goldsmith-Banker, 1660-1692

D.M. Mitchell Centrefor MetropolitanHistory, Institute of HistoricalResearch, London

This paperis concernedwith the life of ThomasFowle and his trade as a goldsmith-banker,conducted from the Black Lion at TempleBar, Fleet Street, fromabout 1660 until his deathin 1692. Its principalsources are two Chancery Mastersexhibits; the Fowleand Wottonpapers [8] and a goldsmith'sledger entitledsimply, 1664 Daybook, which the authorhas identified as belonging to ThomasFowle [9; 6]. Thesedocuments enable phases of Fowle'slife andwork to be reconstructedin somedetail. Thisis thejustification for tellinghis story, asmost of thepublished studies of Londongoldsmith-bankers have concentrated upona part of their trade,namely the provisionof financialservices. The studyprovokes diverse questions. How did histrade grow and what were the reasonsfor its success?In what ways could Fowle be considered typical and/or innovative? Does his trade throw light on why busy goldsmith-bankersplayed leading roles in theGoldsmiths' Company or giveany indicationof the forcesthat led to bankingspecialization in the eighteenth century?

An Outline of Thomas Fowle's Life

Born in 1637, Thomaswas a youngerson of Edward Fowle senior, yeoman,of StantonSt. Bernard,Wiltshire [15]. The familyhad enough land directlyto supportthe first two sons--Edwardjunior and Henry--and to provide premiums to enable the next three--Daniel, Robert and Thomas--to be apprenticedto Londongoldsmiths [2, App.Bk. 2, pp. 18,35, 50]. Thomaswas apprenticedin 1652for eightyears to JamesPewte (Pute), a goldsmithretailer in TowerStreet, becoming free of the Goldsmiths'Company in the summerof 1660soon after the restoration of CharlesII. [3, 3f.6v] He probablyset up shop in Fleet Street,where he was certainlyestablished by 1664 when "Thomas FowlerFleetstreet" was listed as one of thetwelve servitors for the Lord Mayor's feastin Guildhall[3, 4f.159]. In 1667he becamea liverymanof theCompany alongwith hisbrother Robert and James Pute [3, 5f.145]. The 1664Daybook, runningbetween July 1664 and September1667, chartsan emergingbusiness servinga burgeoningclientele of gentryand lawyers living both in the westof thecity, andbeyond, towards Westminster and the Court at Whitehall. Thomas's

BUSINESS AND ECONOMIC HISTORY, VolumeTwenty-three, no. 1, Fall 1994. Copyright¸ 1994by the BusinessHistory Conference. ISSN 0849-6825.

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tradewas diverse, and included the sale of plateand jewelry, bullion exchange, andthe provision of financialservices. In thesummer of 1665the plague waxed stronglyin the City. This was reflectedin Thomas'ssales which declined noticeably,and about 22 Julyhe shutthe shop,presumably returning to his familyin Wiltshire.He re-openedfive monthslater on 15 January1665/6 [9]. Fowle'strade recovered quickly and in Juneof 1666 he marriedJane Norton,the daughter of a prosperousLondon stationer. Her marriageportion of œ900must have beena welcomeaddition to the capitalof the business.All seemedset fair until on Sunday2 September,fire brokeout in the heartof the City. It spreadrapaciously and by Tuesdayafternoon, "it ragedso extremein Fleet Streeton both sidesand got...at six of the clockto the King's Bench Office at the Temple." The fire was at Fowle'sdoor. However,"about eleven o'clockon Tuesdaynight...the wind wasgot to the south...andon the sideof the street[Fleet Street] St Dunstan'sChurch gave a checkto it" [5, pp. 55, 61]. TempleBar was untouched. The goldsmithsto theeast were not so fortunate for Lombard Street was "all in dust" and the lanes around Goldsmiths' Hall where manyof the silversmithsworked were in ruins. Afterthe Great Fire, Thomas's trade increased significantly in mostareas of activitybut particularly in sellingfashionable plate. It appearsthat the pattern of hisbusiness remained broadly similar for thenext few years,his main profits beinggenerated by the saleof plateand jewelry with a limitedreturn upon bulliondealings and interest on loans.In 1672the "stop on the Exchequer" was a severesetback to a numberof LombardStreet goldsmiths. Their difficulties may havehelped the smallergroup of Fleet Streetgoldsmith-bankers despite theirclient bases being substantially different. 2 Perhapsit is notcoincidental that althoughsmall transactions between Thomas Fowle andRobert Blanchard were recordedin the 1664 Daybook,the first clearingaccounts between them appearedin Blanchard'sledger for 1672. It appearsthat therewere similar arrangementsto clearnotes with otherlocal goldsmith-bankers, as most of the Fleet Street/Strandfraternity feature in these accounts,including Coggs, Chambers,Scrimshire and Mawson[14, Ledger3]. Fowle'sbanking activities grew significantly after 1672, with loaninterest receivedper annumin the lateseventies in excessofœ1000, rising to œ3000by theend of thenext decade [8, 120Pt I]. Despitethis growth, he didnot neglect the saleof plate,smallwares and jewelry. Someof the profitswere usedfor expansionwhilst otherswere investedin land. Fowle continuedto play an activerole in the life of the Goldsmiths' Companyand the City. In February1681/2, he was electedto the Court of Assistants.In 1686,he becamean Alderman and Sheriff of theCity of London and was knighted. The following year he becamePrime Warden of the Goldsmiths'Company but was removedfrom this office, and dischargedas Alderman,during the closetingcampaign implemented by JamesII to remove

2In1677, 29 "Goldsmithsthat keep Running Cashes" were noted in theenvirons of LombardStreet and 10 in FleetStreet and the Strand[4]. The formerdealt largely with overseastrade and governmentfinance. 29

Tories from office [3, f2]. On William 1II's accession,Thomas was again elected as Prime Warden but declined to serve. He died on 11 November 1692 at theage of 55 andwas buried in St. Dunstans-in-the-West?

The Developmentof Thomas Fowle's Trade

The businessilluminated by the 1664 Daybookwas essentiallythat of a retailingor shopkeepinggoldsmith; in the 1676 pamphlet,The Mysteryof the New FashionedGoldsmiths or Bankers,it meetsthe descriptionof a goldsmith of the "Old Fashion":

their whole imploymentwas to make and sell Plate, to buy forreigncoyns and Gold and Silver importedto melt and cull them, and causesome to be coynedat the Mint, and with the rest to furnishthe Refiners,Plate-makers, and Merchants [12, p.3].

The Daybookhas been analyzedfor two six-monthperiods, the first betweenSeptember 1664 and March 1664/65 before the Plague really took hold, and the secondstarting immediately after the Great Fire in September1666 (Tables1 and 2). It hasbeen stated that "theexchange of gold and silvercoin dominatedhis transactions" [1, p.75]. In termsof turnover,this was certainly the case,as payments for the purchaseof coinand receipts from their saleamounted to almost half of the respectivetotals. Yet, in terms of the contributionto overallgross profit, bullion exchange seems to havebeen much less important, accountingfor undera fifth of total grossprofits. Althoughsome of the profit assessmentsin Table 3 mustbe treatedwith considerablecircumspection, in view of the scarcityof data,the "turn"on the exchangeof coin was calculatedwith someaccuracy from the hundredsof entriesin the Daybook. In 1664 mostof the coinspurchased appear to havebeen resold to individualbuyers, but by 1666 this was not the case,since the purchasesof coin were aboutœ500 greater than the receipts. Some of the gold was probablyused for the manufactureof jewelry,but most was presumably exchanged at theMint? The saleof goldand silver objects was dominated in numbersby myriads of gold rings and numeroussmallwares of silver. In the six-monthperiod analyzedin 1664,for example,the smallwaressold included 88 pairsof buckles andclasps and 64 thimbles.It is difficultto assessthe profitmargin on the sale

•His tradewas continued by the partnershipbetween his nephewRobert Fowle and his former apprenticeThomas Wotton. On Wotton'sdeath in March1703/4, Robert formed a partnershipwith JohnMead junior. On Fowle'sdeath in the followingFebruary, it seemsthat Mead tookNicholas Wentworthas hispartner. Subsequently he was in partnershipwith RogerBrighthall, but by 1713 JohnMead was superseded by WilliamMead. Thesuit to which Ihe Chancery Masters exhibit relates is unknownbut it is possibleit wasconnected with the partnership'seventual failure.

4Thereare payments for "making up bags," which were probably connected with such exchanges [9]. 30

of jewelry as thereare few detailsof purchasesand sales that canbe directly linked. It is easierfor smallwareswhere a numberof fashioningchanges for particularitems are given, togetherwith their weights, enablingseveral assessmentsto be made. Theseindicate a returnon salesof about20 per cent. Althoughthe pagesof the Daybookare litteredwith coins,rings and buckles, it appearsthat the greatestprofit wasderived from the saleof plateand flatware (spoonsand forks). This was recognizedby Fowle and after the Fire, he changedthe balanceof his stock,with greateremphasis on plate,particularly expensiveitems such as chased cups, dressing plate and wares described as "new fashioned";spoons, candlesticks, casters and salts [16]. In additionto the subcontractorshe had previouslyemployed, he now commissioneda leading Englishplateworker, Arthur Manwaring and two "strangers,"Wolfgang Howzer and JacobBodendick who were amongthe most celebratedand expensive silversmithsin London? He alsoused well knownspecialist makers such as JohnKing for flatwareand Marlyn Gale for castersand chafingdishes. These changeswere reflectedboth in a nearthreefold increase in sales(Table 1) and in a significantboost to averageprices: during the twelve months between July 1664 andJuly 1665,plate and flatware was soldat an averageprice of 5s. 9d. per ounce,whereas in the year after the Great Fire in September1666, the averageprice was more than 6s. 2d. per ounce. Thereare a numberof entriesin the Daybookrecording payments for fashioningparticular articles of plateand flatware, as well as contemporarydata withinthe Backwell ledgers [9; 13]. Theseshow that plain wares, such as simple bowls,tankards and trencherplates cost 3d. or 4d. per ouncefor fashion,the "newfashioned" wares cost from 9d. upto 13d.per ounce. 6 Thesefashioning coststogether with the weightsof itemsand the salesreceipts, indicate gross

5Manwaringhad been commissioned bythe Goldsmiths' Company to makeeight major pieces to replaceprevious giRs to theCompany that had been melted down in 1637. Two of these,the Feake andHanbury cups, have survived and Manwaring's individual auricular style is stillmuch admired [16]. WolfgangHowzer (Hauser) was from a familyof goldsmithsfrom Zurich and came to London in about1657. By thetime that payments to him arefirst recorded in Fowle'sDaybook he hadbeen makingexpensive plate over several years for EdwardBackwell [13].

6Examplesof fashioningcosts:

a) 1664 Daybook[9] 12 Nov 1666 Fashionof 2 pairsof candlesticks = œ2.9.0 Weightof candlesticks = 43 oz 16 dwt i.e. Costof fashioning =13•/2d/oz

b) Backwell[13, Pf2] 25 Jan 1666/7: Fashionof 24 trencherplates = œ6.17.6 Weightof plate = 413 oz 10 dwt i.e. Costof fashioning =4d/oz [By ThomasStarkey] 31

TABLE ] - R.ECEIIr[S

SIX MONTtlS IN 1664 SIX MONTtlS IN 1666 (19 Seplember1664 Io ( 17September 1666 to CATEGORY 13 March 1664/65) I 1 March 1666/67) Numberof Receipts(-O Numberof Receipts(.f)

BULUON SALES Coin 163] 5651 226] 1159 Gold ,9 }IS7 17 1564 ,6 }253 94 }1293 Silver 5 J 2 J ii j 40

Jewelle•a•walches220 ] 158] 205] 284] Small.... 178I 30 I 335,I 1051

FINANCIAL SERVICES byLoansolhem or deblsrepaid 491 274] 78] 922] Redeemedp.... 33 } 84 49 }323 8 }88 28 }953{ lineres4 2 J - J 2 J 3 J

810 •1• 1119 •393

TABLE 2 - PAYMENTS

SiX MONIHS IN 1664 s•x MOIVI'115IN 1666 (19 Sep4ember1664 4o (17 Sep4ember1666 4o CA3EGORY 13 March 1664/65) I I March 1666/67) Number oœ Receipts Number of Receipts 4mmacdions (•e) 4runsactions (•e) BULLION PURCHASES Coin 359] 5803 5443 16633 Gold 17j376 13j593 22j566 59ji722 Silver 77 3 67 3 98 3 1893 Bu..,•ilve. IS1 }27• 6S }267 •OS,279 96 }506 •a,e(•eco.dha•d) 43 J 132) 73 J 221J

JEWELLERYS•A.LWARESA• SO SO 37 37 •25 125 •06 ,06 ('1'osubeondmc4o• spedalisds)

PURCHASES OF GC•2)DS Small.... 2203 1583 205] 2843 3ewellery.ndwatches178jl52 30 }l{3 335j170 105jl28

F1N•d'qCIAL SERVICES L...... debtsbyTF53 3 2063 128:3 7493 L.... gain•,p.... 33js6 61j267 12:jI4ø27 j776

OVERH•S (Household mmd 63 63 33 31 59 59 59 59 pesohalexpense) 1028 f1310 1339 •3297 32

profitsof about4d. per ouncefor plainwares and about 10d. per ouncefor "new fashioned"wares. With the changingbalance of his plate sales,Fowle's gross profitsfrom thisprofit center rose from abouta thirdto a half of his total gross profitsbetween 1664 and 1667 (Table 3). It is difficultto assessthe contributionof financialservices to his profits in the 1660s,as there are many receipts simply listed as "Recd in Caish,"without any furtherindication as to whetherthey referto the repaymentof a loan,the settlingof a debt,or a paymentinto a creditaccount. It is possiblethat loan repaymentsincluding interest and gratuities are hidden among these receipts. In anyevent it seemsthat the profitsfrom this sectorwere modest. Some money wasadvanced against pawns but thiswas often for very shortperiods, sometimes only "until next Monday." A featureof Thomas'strade that was to becomevery importantto his successwas the provisionof creditaccounts. The numbergrew during the span of the Daybookpossibly reaching about twenty by its close.

Thomas Fowle's Trade in Its Maturity

Thereare no survivingledgers after the closeof theDaybook in 1667,but the papersof the Fowle and Wottonexhibit [8] give an insightinto his business in its maturity. He expandedin all sectors,with the most visiblebeing the provisionof loans. He listed in his pocket-bookthe receipts,payments and "product"of intereston loansbetween 1674 and 1692 (Table 4). Theseloans were initially financedby his marriagesettlement and by retainedprofits. He also borrowed modest sums from his relations, as well as from Wiltshire connections.Initially his loanswere largelyconfined to the samegroups. As his loanportfolio expanded, he lentlarge sums to a few individuals,notably the Dukeof Albemarleand the Earl of Pembroke.He alsolent to a few goldsmiths, the Goldsmiths'Company and the EastIndia Company,although most of his loanswere to the nobility,gentry and the legalprofession. For example,of the 83 receiptsof interestin 1683, abouta half were from thosewith the rank of Knight or above. Very few loanswere madeto women. (This was in contrast to the salesof plate andjewelry, wherethey representedup to a third of the customers.)As shownin Table 4, Thomasfollowed a conservativelending policy,using net profitsto graduallyreduce his ownborrowings. The "product" of his lendingincreased steadily until the war in 1689when they surged due to receiptsfrom "the chequer."His interestrate policy is unclearas thereare few referencesto the levelof rates.However, amongst the interestreceipts are many entriesconcluded by theabbreviation "Gra." These may well representgratuities, indicatingunwritten agreements to pay interestin excessof the legal limit of 6 per cent. Apart from the growth in interestreceived, the expansionof Thomas Fowle'strade is shownby themonies cleared between him andRobert Blanchard (Table5). Mostof thetransactions involved the settling of clients'bills or notes, althoughthere was a mutualtrade in bullion,plate and jewelry. For instance, platewas given on approval,presumably to offera customeran itemthat was not in stock; this was sometimessold, but often returned. 33

TABLE 3 - PROFIT ASSESSMENTS,1664 AND 1667

SIX MONTHS IN 1664 SIX MONTI IS IN 1666 (17September1664 to 13March 1664/65) (17September1666 to 11March 1666/67)

CATEGORY ReceiptsRate or Gross Propor-tion or Receipts Rate or Gross Propor-tion or ,• return profit,• 1o•al% • tatum profit• tolal% BULLION SALES 584 1.5% 9 17 1293 1.4% 18 I 1

PLATE AND JEWELLERY Jewelleryand watches 158 10% 16 30 284 10% 28 18 Smallwares 30 20% 6 I I 105 20% 21 13 Flatwareand plate 268 5d/oz 19 36 268 7Vz/doz 75 48 (=932 oz) (-2400 oz Repairs,engraving, tic 5 30% 2 4 8 30% 2 1

FINANCIAL SERVICES Loansor debtsrepaid 274 922 andcre. dit payments Redeemedpawns 49 3% I 2 28 3% I Interest 3 100% 3 3

RENT RECEIVED 9 100% 9 6 Gross Proill 53 Gross Profil 157 OVERliEADS 33 [ 59 Net Profit 20 Net Profit 98 . œ40 p.a ß œ196 p.n

TABLE 4 - 'RECEIPTS FOR INTRES MONYS' (fromThomas Fowle's brown lealher pockel book, London, PRO. C 104/120PI I) Periodin Receipts Payments Product From months œ œ œ I April1674 5 288 180 108 3 September1674 11 621 565 56 3 Aul•ust1675 12 1077 561 56 8 Aususl1676 12 1077 561 516 6 August1677 12 1756 624 1132 I August1678 12•/2 1663 519 1144 14August 1679 12 1806 510 1296 14A%,usl 1680 12•/:z 1332 423 909 27Aulb, ust 1681 12 2363 178 2185 28Au•us! 1682 12 2383 265 2118 30Augusl 1683 12 1637 62 1575 25 Augus!1684 24 2535 38 2497 25 August1686 13 2929 164 2765 10 October 1687 12 2627 2627 20Seplember 1688 11 1431 143I 30Auld, us! 1689 12 3191 3191 I Seplember1690 12 3854 3854 I Seplember1691 12 6391 6391 (unlil 1 Sep! 1692) 34

TABLE 5 - Monies clearedbetween Blanchard and Fowle, 1672 to 1680

2O

19

18

17

16

15

14

o 1672 1673 1674 1675 1676 1677 [678 [679

New styleyears 35

The significantgrowth in themonies cleared, indicates an increasein the number of credit accounts. This is reflected in the collections of notes in the Fowle and Wottonexhibit. The accountswere used to settlea greatvariety of tradesmen'sbills, to pay feesand taxes, to provideready cash, and to purchase shares,lottery tickets and tallies. Interestwas not paid on creditbalances but was chargedif the accountwas overdrawn.These credit accounts provided a service, facilitated by the clearing arrangementsbetween groups of goldsmith-bankers,that was clearly attractive to manycustomers, despite offering conveniencerather than interest. To Fowle, therewere two major advantages that outweighedthe overheadcosts and risks of operatingthe clearingsystem. First,they provided interest-free deposits. Second, they minimized the long lines of credit,which were a featureof life for manyseventeenth century tradesmen: plateand jewelry bought by creditaccount customers was simply debited to their accounts. A typicalaccount was that of JohnHampden Esq.. It wasopened by Sir ThomasFowle in August1691 and was closed by Fowle andWotton in August 1696. The accountseems always to havebeen in credit. Therewere few credits, butmany debits, including a paymentin 1692to Sir GodfreyKneller for œ12and a debit in 1693/4 for a pair of candlesticksat œ10.13.0. The total transactions duringthe five-year period amounted to œ3,357.15.10.7 Despitehaving, by now, becomethe very model of a "New Fashioned Goldsmithor Banker,"Fowle continued to employa numberof subcontractors andspecialist craftsmen to makea widerange of plateand jewelry. In 1681,he financedthe business of hisnephew William Fowle who for threeyears until his deathin 1684,supplied Thomas with fashionablecast and chased plate including setsof dressingplate, candlesticks, sconces and teapots. William hasrecently beenidentified, by the author,as the "unknown"London silversmith with the mark"WF" who made several toilet services surviving in currentcollections [6]. Theseinclude the CulverIcyservice in theVictoria and Albert Museum, London, whichwas described by CharlesOman as "amongst the most important surviving examplesof Carolinegoldsmithing" [7, p.18]. The closerelationship with his nephewdemonstrates Thomas's desire to satisfyhis customers'demand for new typesand styles of plate. However,he was concernednot only with product innovationbut alsowith technicaldevelopment, for the splendidplaquettes incorporatedinto William'sdressing plate were cast using silver patterns [6]. The significanceof this technicalinnovation, in consideringThomas Fowle's trade,is the light it shedson his role as impresariowithin the production network. Initially, the demandfor splendiddressing plate was generated by a changein socialbehavior; namely, for noblewomento entertain"officially" in their bedroomsor dressingrooms. Thomasreacted promptly to this demand, sellingdressing plate in 1666[9]. In 1681,his commissioning of very expensive silvermoulds, probably from a leadingstranger silversmith was to enablehis

7Thenotes and bills when returned to Fowlewere either threaded on a swing,if theaccount was active,or foldedand placed within a wrappermarked with the client's name. The threadedbundles werepresumably hung on the wall as shownin ComeIlsBris6's painting of 1656depicting the Amsterdamtreasury (Collection Amsterdams Historisch Museum) whilst the wrapperswere pigeonholed. 36

nephewto producegoods of thehighest quality. Althoughthe use of castingin lieu of chasedtechniques reduced production time, and thereforethe cost,the major reasonfor the use of the castplaquettes was probablythe desireto maintainproduct quality. With the absenceof ledgers,it is impossibleto assessthe scaleof Thomas Fowle'strade in plateand jewelry duringthe 1680s. Early in his careerin 1667, hehad sold about 4,500 ounces of plate. Thisshould be compared with thetrade of largebusinesses such as Sir RobertVyner who in 1662 sold44,000 ounces just to the Crown,and Edward Backwell who in ninemonths during 1663 sold 16,000ounces. 8 Thus, it is conceivableby 1681when Thomas had become a majorretailer, that he soldin theorder of 15,000ounces per annum. At a profit of about8d. per ounce,this would represent a contributionto his grossprofits of œ500. It is likely that Fowle'sgross profits in the 1680sfrom the saleof jewelry, smallwaresand plate, interest from loansand pawns, and rental income were in the orderof œ4,000per annum. As was commonat the period,this considerabletrade was run by very few people. In thepoll tax assessmentof 1692,Sir ThomasFowle was recorded as livingwith hiswife andeight servants (two of whomwere probably female domestics).In the sameassessment Sir FrancisChild, AbrahamChambers and RichardHoare had four, three and seven servants respectively [ 16]. The sizeof suchhouseholds meant that apprenticesand youngjourneymen were given considerableresponsibilities. Premiums were high for apprenticeshipsto men like Fowlebut the opportunitiesand potential rewards were great. Of Thomas Fowle's sevenapprentices, four are recordedas having taken their freedom (AppendixB). Three of these,Scrimshire, Chambers and Wotton, became goldsmith-bankersin Fleet Streetor the Strand(Table 6).

8Thetotal quantity of platetouched at the Hall in 1662/3was 344,000 oz and in 1680/Iwas 508,000 oz [3]. 37

Conclusions

How did ThomasFowle's trade grow and what were the reasonsfor his success?Without doubt he wasblessed by the goddessFortuna, although he had the talentand foresight to graspthe opportunitiesthat sheoffered. His timing was faultless,if fortuitous. First, the Restorationin 1660 broughtincreased opportunities,especially for the retailersin the west of the city. Second,he survivedthe Plague,married well, and sawthe GreatFire stopyards from his door. At the sametime, the goldsmithsof LombardStreet and Cheapside were burntout, giving thosein Fleet Streetand the Stranda distinctcompetitive advantage.Third, the paceof the growthof his tradewas such,that he was unaffectedby the "stopon the Exchequer"in 1672. This dealtanother blow to thosein LombardStreet and may haveencouraged the growthof Fowle's loan portfolio. His initial financialsuccess was basedupon the sale of plate and jewelry. Thereafter,he continuedto organizethe productionof plateto satisfy the fanciesof thosewith sophisticatedtastes and healthy credit accounts. At the sametime, he providedan extensiverange of financialservices, underpinned by a conservativelending policy. In what wayscould Fowle be consideredtypical and/or innovative? In a sense,he was both. He wastypical of the coterieof goldsmith-bankersin Fleet Streetand the Strand; yet they, as a group,could be consideredto havebeen innovative.More thanthis, in his work with Manwaringand Howzer,and later with William Fowle,he may havebeen an importantconduit for the transferof skill betweenstranger and English silversmiths. In addition,he may have broken new groundin London,together with William, by usingsilver patterns in the productionof castplaquettes. Doeshis trade throw light on why busygoldsmith-bankers played leading rolesin theGoldsmiths' Company? The question arises, as the Company did not concernitself with the regulationof financialservices, but essentially with entry to the tradeand qualitycontrol of gold and silverwares. StephenQuinn has arguedthat apprenticeship within the Goldsmiths' Company and opportunities for social exchangeat the Hall, provided the knowledgeof an individual's competence,probity and financialsoundness which was necessaryfor the clearingsystem to operateeffectively [11]. This must have been the case. Nonetheless,if the growthof Fowle'strade was typical, there were additional reasonsfor involvementin theCompany's affairs. As a retailer,Thomas would have been interestedin mundanematters such as the just and efficient organizationof both the Assay Office and the regularcompany searches. Further, it was in his interestto resist the repeatedattempts of English silversmithsto stopthe strangers, upon whom he in partrelied, from working in London. Finally,does his trade give any indication of theforces that led to banking specializationin the eighteenthcentury? An early exponentof such specializationwas Edward Backwell, who ran downhis dealingin platein the mid 1660sand only continuedto supplya few specialcustomers, such as the 38

Dukeof York andPrince Rupert. 9 Presumably,his plateprofits were small comparedwith thosefrom his banking activities and he judged that he would not losebanking clients by thischange of policy. It is easyto understandthat Fowle mighthave been tempted to followa similarpath, as by 1681his profitswere largelygenerated by bankingservices. However, Fowle's client base was more homogeneousthan Backwell's and he mayhave judged that he couldlose credit accountcustomers if he did not offer a comprehensiveservice.

References

1. PhilippaGlanville, Silver in Tudorand Early SmartEngland (London, 1990). 2. Goldsmiths'Company, London, Apprentice books I to 4. 3. Goldsmiths'Company, London, Court books, Z and I to I I. 4. SamuelLee, TheLittle London Directory of 1677(London, reprinted 1863). 5. GustavMilne, The Great Fire of London (London,1986). 6. DavidMitchell, "Dressing plate by the 'unknown'London silversmith 'W.F.'," TheBurlington Magazine(London, June 1993). 7. CharlesOman, CarolineSilver 1625-1688(London, 1970). 8. PublicRecord Office, London, Fowle and Wotton Chancery Masters Papers, Exhibits C104/107, 108, 112, 115, 117to 125. 9. PublicRecord Office, London, 1664 Daybook, Goldsmiths' Account Books, Exhibit C114/179. 10. Public Record Office, London, P.C.C., PROB I 1. I I. StephenQuinn, "Balancesand Goldsmith-Bankers,"in working papers of the StudyDay: Innovationand Skill in Goldsmiths'Work (Centre for Metropolitan History, IHR, Universityof London,to be publishedlate 1994). 12. J.R., TheMystery of theNew Fashioned Goldsmiths or Bankers:Their Rise, Growth, State and Decay(London, 1676). 13. RoyalBank of Scotland,London, Edward Blackwell Customer Ledgers I, L, M, O andP. 14. RoyalBank of Scotland,London, Child and Company Customer Ledgers CH/194/1 to 3. 15. WiltshireCounty Record Office, Trowbridge, Stanton St BernardRegisters. 16. Centrefor MetropolitanHistory, University of London,"Metropolitan London in the 1990s" projectdatabase.

9BetweenApril and December 1663, Backwell's sales of platetotalled œ4519 and of jewelry œ 1060. In 1667,the correspondingfigures were approximately œ700 and œ550.