Is there anyone who has not heard of The Prudential? Founded, along with hundreds of other similar ventures, in the late 1840s for the purpose of making loans (largely to the clergy) and providing life assurance, it stumbled along for a bit before growing dramatically in the 1860s and 1870s. It was in the late 19th century that it really began to extend to every aspect of the country. By 1891 the Prudential Assurance had more than ten million policies. There was hardly a disaster of any kind with which it was not associated - the Tay Bridge, the Titanic, colliery collapses and, of course, both world wars.

This year is its 150th anniversary and it is time to set out the story of its origins and successes. How to do this is the problem that confronts every author of such a history. Who wants it, for what purpose? The firm generally commissions a history such as this, and the author gains access to the records; an implicit contract is struck that nothing too nasty will be unearthed, and if it is and must be divulged it will be dressed up as well as it can be. It is for these reasons that such histories usually finish some way back from the anniversary being celebrated, with just a gloss on recent years and a photograph of the current chairman. This history is no exception.

The second part of the above question is the intended audience. On the one hand there are serious students of business, corporate finance, financial services and so on who would like detailed accounts of behaviour as it relates to their particular interest. There are also the firm's shareholders, employees, customers and the like, who may have an interest in the development of the company but generally do not wish to be bogged down with discussion of profitability rates and changing dividend policy. This latter group wants photographs, glossy pages and so forth. One solution is to produce two books, one for the coffee table and one for the library shelves. But the solution here is to try to do both in one. The book is printed on glossy paper and is liberally illustrated with pictures of buildings, people, documents and adverts. It is also a full account of all the activities of the firm.

The book covers the development of life insurance generally (including the work on improving primitive life tables, efficient use of actuaries), relationships with government, incorporating the Prudential's role in the shaping of legislation, the employment of technology in the 19th century - such as arithmometers, pneumatic tube networks, and treadle-type numbering machines. It deals with the personnel issues of a huge enterprise - thousands of agents countrywide and already more than 2,000 employed at Holborn Bars by 1911. W.G. Grace gets a mention in discussion of sport, as it also touches on aspects of the social activities the employees. All of this is set in the social and political context of the period.

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It hardly needs saying that much of this is superficial. While there are some figures on the growth of assets and some discussion of investment strategy, these are brief. The kind of questions the serious business analyst pursues will not find many answers here. That is not to say the book is not a success. It is; Laurie Dennett has done a fine job.

Forrest Capie is professor of economic history, Business School, City University.

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