Rule Britannia!: British Stock Market Returns, 1825-1870

This article presents a new series of monthly equity returns for the British stock market for the period 1825-1870. In addition to calculating capital appreciation and dividend yields, the article also estimates the effect of survivorship bias on returns. Three notable findings emerge from this study. First, stock market returns in the 1825-1870 period are broadly similar for Britain and the United States, although the British market is less risky. Second, real returns in the 1825-1870 period are higher than in subsequent epochs of British history. Third, unlike the modern era, dividends are the most important component of returns.

A 'Teague' and a 'True Briton': Charles Johnstone, Ireland, and Empire

Charles Johnstone's literary output - which included Chrysal: or, the Adventures of a Guinea (1760) and a series of novels between 1762 and 1781 prior to his departure for Calcutta in 1782 - features a marked geographical and historical preoccupation with empire. The trajectory of Johnstone's life from Carrigogunnell and Dublin in Ireland, to London, and finally to Calcutta, indicates the remarkable possibilities for self-transformation which empire from Ireland to India offered during the eighteenth century. This paper examines the significance of empire in Johnstone's oeuvre, and identifies for the first time a series of articles written by him in The Calcutta Gazette in 1785.