
Contents
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Stock market flotation: July 1914 Stock market flotation: July 1914
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The Great War begins The Great War begins
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The admiral at the Front The admiral at the Front
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Financing: 1915–1916 Financing: 1915–1916
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Continued growth and acquisitions: 1916–1918 Continued growth and acquisitions: 1916–1918
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A short-lived boom as the Great War ends A short-lived boom as the Great War ends
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At the sign of the Bald-Headed Stag At the sign of the Bald-Headed Stag
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The wheels start to come off: 1920 The wheels start to come off: 1920
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Into the arms of the banks Into the arms of the banks
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Belt-tightening: 1921 Belt-tightening: 1921
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Hubert Thomas Marsh (1883–1935) Hubert Thomas Marsh (1883–1935)
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No end in sight No end in sight
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The bankers take charge: 1923 The bankers take charge: 1923
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Beginning to turn the corner: 1923–1924 Beginning to turn the corner: 1923–1924
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The McKenna duties The McKenna duties
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Decisive reorganization Decisive reorganization
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Change of guard Change of guard
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Back on a sound footing: 1925 Back on a sound footing: 1925
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The General Strike The General Strike
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Deliverance from the banks: 1927 Deliverance from the banks: 1927
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The importance of being English The importance of being English
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In hot water with Swiss parts In hot water with Swiss parts
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Robinhood Engineering Robinhood Engineering
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Capital raising and financial outcomes: 1914–1928 Capital raising and financial outcomes: 1914–1928
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A firm footing is established A firm footing is established
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Notes Notes
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3 1914–1928: Flotation, War, Boom and Bust, Recovery
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Published:September 2014
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Abstract
The motor accessories business is a cuckoo, outgrowing the nest of the jewellery business. Needing to expand and requiring external finance, a new motor accessories company is formed, floating on the stock market in July 1914. With the outbreak of war, a second major evolution for Smiths commences, with its West End factory of 300–400 workers replaced by a large munitions factory complex in Cricklewood, employing thousands. Gordon Smith manages the transition, cementing his leadership role and marginalizing his father. Smiths has a good war, but falters for the first time, seduced into debt-fuelled expansion in the post-war boom, and then struggles in the economic collapse of mid-1920. Guided by a skilful accountant-cum-company-doctor, Hubert Marsh, Smiths undertakes a disciplined knuckling down of cost cutting and efficiencies. On the back of the success of firms such as Morris, its main client, Smiths emerges strong and profitable by the late 1920s
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