development of banking and finance

Question 1

London developed as a center for finance and banking

Answer 1

Barkleys bank and the Bank of England where set up to lend money and credit to slave traders

Question 2

London developed as an insurance center

Answer 2

Loyds of London was set up to insure ships against loss of good or stock and damage in storms for example

Question 3

Many individuals also became very wealthy very quickly

Answer 3

A slave trader could make 20-50% profit on just one triangular trade voyage