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James Penfold of Sussex set up business as a stockbroker in London circa 1790, joining with Francis Baily of Berkshire in 1799 to form Penfold and Baily. After the death of James Penfold in 1804, Francis Baily continued the business at their premises in 13 Angel Court, taking his brother, Arthur, into partnership with him. In 1810, Francis Baily was elected to the Committee of the London Stock Exchange. He retired from the firm in 1827. In 1841, Arthur Baily took Charles Hammond into partnership. The firm was formerly known as James Penfold, circa 1790-9; Penfold and Baily, 1799-1804; Francis and Arthur Baily, 1804-1827; Arthur Baily, 1828-1841; Baily and Hammond, 1841-1856 and Charles Hammond, 1856-1879. The offices were moved to 6 Angel Court in 1847, 15 Angel Court in 1870 and to 3 Copthall Buildings in 1914. The firm was dissolved in 1961.