| Admin History | This was a semi-political body supported by a number of prominent industrialists. Sponsors believed that wage-earners should be encouraged to buy and sell ordinary shares without formality and without recourse to banks and stockbrokers. The bearer share, the title of which passes on delivery, was thought to be the most practical proposition. This culminated in Bank instruction to Authorised Depositaries that shares, purchased through 'shop companies' were to be 'bearer' and would not have to be deposited with Authorised Depositories - no individual warrant to represent shares of a nominal value in excess of £5. |