Female investors in the first english and Welsh commercial joint-stock banks

Abstract

The 1826 Banking Act was passed to strengthen the banking sector. It allowed the establishment of joint-stock banks in England and Wales outside a 65-mile radius of Charing Cross, London. Institutions formed under this legislation could have an unrestricted number of partners but they did not enjoy the privilege of limited liability. This article examines the extent of female investors in joint-stock banks formed under the 1826 Act. Analysis of shareholdings found that female investors were in a minority yet their holdings in aggregate increased over time. They were primarily widows and spinsters, who collectively became significant in the emerging national financial securities market.