Bills of exchange were the lifeblood of Britain's financial industry in the nineteenth century, the route by which countless Britons' savings reached the real economy. A shipyard needing to build an ocean-going cargo vessel would usually issue paper notes to buy the steel and timber it required. If the steel seller wished, he could hold the note and wait for the shipyard to pay, or take it to his banker, who would buy the note at a certain "discount," with the difference becoming the banker's income.
But the man who approached Padma was not a bill banker, but William Coke, a bill broker whose office was on Lombard Street. His work differed from that of other bill brokers who intended to use leverage to move the world. For example, after a banker had discounted a £1,000 note for £970 and was eager to recover funds, he might seek a buyer at a reasonable price. He would find a broker and negotiate a commission. The broker would then find a suitable buyer, perhaps someone willing to pay £985 for the note. Of that amount, £10 would go to the previous banker and £5 to the broker.
He also engaged in lending. In 1788, he married Elizabeth Kent, the daughter of a grocer who, like him, came from Norfolk. They had once been deeply in love, but Elizabeth died in childbirth, leaving behind a son.
Elizabeth had a younger sister named Fanny, who had come to London "to broaden her horizons." As Elizabeth happened to be pregnant, Fanny stayed at her sister's home to keep her company. Unexpectedly, Elizabeth died from a difficult labor, and her brother-in-law fell into grief. Fanny chose to remain behind to care for the baby, her brother-in-law, and the house.
Later, the two developed feelings for each