Tag: eighteenth century

  • An African slave trading commodity washed up off the Isle of Wight

    An African slave trading commodity washed up off the Isle of Wight

    Many of our UoP history students take the opportunity to do voluntary work in one of the many museums in Portsmouth or nearby.  Second-year UoP History Isobel Turtle started volunteering even earlier.  Having decided to defer her university entry,  she started working at the Isle of Wight shipwreck centre in 2021.  It’s given her lots of unique opportunities to learn how a museum works: highlights have included seeing how a museum becomes accredited by the Arts Council, how grants and funding are secured and used, how exhibitions are created from scratch, working on databasing the collection, helping with visiting school groups and managing volunteers. She has worked her way up to being the Museum Supervisor, ready for when the museum moves to larger premises over the next year or two! 

    For the second year module, The Hidden Lives of Things, taught by Dr Katy Gibbons and Dr Mary Cannon, for their assessment, students have to produce an ‘object biography’ for a historical artefact.  Isobel was really glad to be able to use the museum and her access to it to write an object biography of one of the most poignant artefacts in the collection: manillas, a form of commodity money in the form of bracelet used across West Africa and associated with the slave trade, which washed up in a shipwreck off the Island.

    Peter DeWint (1784 - 1849), Shipwreck off the Needles, Isle of Wight, watercolour, Yale Centre for British Art
    Peter DeWint (1784 – 1849), Shipwreck off the Needles, Isle of Wight, watercolour, Yale Centre for British Art

    ‘Manillas’ were a form of commodity money used across West Africa and are today most known for their associations with the transatlantic slave trade, however before becoming synonymous with it as well as after, manillas took on many different roles in a variety of contexts. The etymology of the word manilla suggests the term was picked up via interactions with the Portuguese and refers to their distinctive bracelet-like horseshoe shape.[1] Manillas are found in multiple variations of materials such as brass, bronze, copper as well as in different sizes, weights, and levels of embellishment based on their region of origin as well as their intended value and usage.[2] Accounts note the functionality of the shape of manillas, describing how indigenous West Africans would wear and carry them on their arms on their way to make smaller, everyday purchases but would otherwise be put into parcels if the size, weight or quantity of manillas called for it.[3]  These 3 manillas appear to be of the ‘popo’ subtype due to their small size, smoothed, tapered ends and lack of decorative elements. This type was in use from the 17th to the early 20th century and was most commonly connected to French, English and Dutch traders.[4] Found in Chale Bay off the Southwest coast of the Isle of Wight, these manillas are held in Island’s Shipwreck Centre & Maritime Museum. The exact circumstances of how these particular manillas came to be in Chale Bay awaits further examination, but the 3-mile-long stretch of coastline itself is known for its vast array of shipwrecks. Initial but as yet unconfirmed opinions on the age of the wreck, clues such as the discovery of ivory tusks nearby as well as comparable ‘popo’ style manillas found on a confirmed 17th century Royal African Company shipwreck also in the English Channel suggest that the wreckage in which these manillas were found had links to West Africa during the era of the Transatlantic slave trade. [5]

    Manillas found off the Isle of Wight Coast, Martin Woodward Collection, Shipwreck Centre & Maritime Museum
    Manillas Manillas found off the Isle of Wight Coast, Martin Woodward Collection, Shipwreck Centre & Maritime Museum, photograph taken by Isobel.

    In their extended history, the term ‘manilla’ encompassed a broad range of bracelet-shaped metal rings which were used across West Africa for adornment in addition to functioning as money for a multitude of trade purposes. Despite this, historian Eugenia W. Herbert argues that African metal rings often do not conform to the ‘Western definition of fine art’, leading to a near total disregard for this use from Europeans. [6]  Although their ubiquitousness in West Africa suggests manillas had probably been used for a very long time there, the European use of manillas as a commodity existed predominantly in relation to slave trading by the 18th century, making it all the more likely that these specific manillas ended up in shipwreck in Europe as a result of it. [7]

    Illustration from Burgkmair, Natives of Guinea and Algoa, 1508 showing Africans wearing manillas.
    Illustration from Burgkmair, Natives of Guinea and Algoa, 1508 showing Africans wearing manillas.

    From the 16th century onwards manillas became the principal currency of the slave trade with the prices of slaves expressed in terms of different types of manillas. By its peak, factories in Birmingham and Bristol were mass producing manillas for use exclusively in the slave trade, resulting in an erasure and overshadowing of the long and complex history in African custom. [8] This mass production further shows how interlinked wealth-building and the development of industrialisation in England was with the slave trade, and by extension its dependency on the economic crippling and cultural pilfering of West Africa. [9] While the use of manillas outlived the transatlantic slave trade, they continued to be used by Europeans mainly in colonial contexts throughout the 19th century, most notably in relation to the palm oil trade.[10] While their circulation was prohibited in the early 20th century, the use of manillas among indigenous populations, particularly in Nigeria or the so called ‘manilla belt’ where the palm oil trade was focused, continued in line with tradition and existed concurrently with the currencies of colonial powers.[11] This practice largely came to an abrupt and forced end 1949 when the Manilla Prohibition Ordnance was launched under British rule in the ‘manilla belt’, taking them out of circulation and making possession of a certain amount of manillas a punishable offence.[12] Over 32 million individual manillas weighing 2,464 tons were recalled and sold for scrap, with historian Eugenia W. Herbert noting the difficulty in knowing ‘what became of it all.’ [13] This process is argued to have been the final step toward full colonial control over the economy in this part of West Africa.[14]

    A 16th century Benin Bronze depicting a Portuguese soldier with manillas in the background.
    A 16th century Benin Bronze depicting a Portuguese soldier with manillas in the background.

    Manillas have long posed a methodological challenge to historians due to their visual and material variability as well as the difficulty in properly defining what fits into the category.[15] Due to this, careful consideration must be given to their individual materiality as well as the spatial context in which they are found in order to uncover their origins and stories. Additional help to pinpoint this is supplied through interdisciplinary research combining historical research with techniques like geochemical analysis, a practice which has resulted in definitive proof that the Benin bronzes are made of metals yielded from the melting down of manillas.[16] Considering the history of manillas, the historiography surrounding the subject of one of, if not the most, contentious issues concerning the present-day legacy of colonial violence and cultural theft is therefore made even more poignant.[17]

    Furthermore, this analysis provides evidence of the melting down and reuse of manillas even prior to the majority of existing examples being sold for scrap, showing how the material through which people were bought and sold, and therefore one of the most harrowing legacies of human cruelty in history, lives on in culturally significant artworks as well as in an untold number of seemingly innocuous and everyday objects. These manillas however, continue to exist in their namesake form and are both an example of the violent legacy of the colonial process and a preservation of a West African tradition which was stamped out through it.

    [1] Paul Einzig, Primitive Money: In Its Ethnological, Historical and Economic Aspects (Elsevier, 2014).

    [2] Eugenia W. Herbert, Red Gold of Africa: Copper in Precolonial History and Culture (University of Wisconsin Press, 1984), 202.

    [3] Herbert, Red Gold of Africa, 203.

    [4] Tobias B. Skowronek et al., “German Brass for Benin Bronzes: Geochemical Analysis Insights into the Early Atlantic Trade,” Plos One, 18, no. 4 (April 5, 2023).

    [5] Skowronek et al.

    [6] Herbert, Red Gold of Africa, 203, 210.

    [7] Beat Kümin, The European World 1500-1800: An Introduction to Early Modern History (Milton: Taylor & Francis Group, 2017), 64.

    [8] “A brass manilla from West Africa,” accessed March 14, 2024, https://www.ashmolean.org/article/brass-manilla-west-africa.

    [9] Frederick Cooper, Colonialism in Question: Theory, Knowledge, History (Berkeley: University of California Press, 2005), 98.

    [10] Herbert, Red Gold of Africa, 203.

    [11] Rolf Denk, The West African Manilla Currency: Research and Securing of Evidence from 1439-2019 (Tredition, 2021). Ben Naanen, “Economy within an Economy: The Manilla Currency, Exchange Rate Instability and Social Conditions in South-Eastern Nigeria, 1900-48,” The Journal of African History 34, no. 3 (1993): 446.

    [12] Naanen, “Economy within an Economy,” 445.

    [13] Naanen, “Economy within an Economy,” 445. Herbert, Red Gold of Africa, 182.

    [14] Naanen, “Economy within an Economy,” 445.

    [15] Denk, The West African Manilla Currency.

    [16] Skowronek et al., “German Brass for Benin Bronzes.”

    [17] Dan Hicks, The Brutish Museums: The Benin Bronzes, Colonial Violence and Cultural Restitution (London: Pluto Press, 2020), 219.

  • Getting creative with early modern history

    Getting creative with early modern history

    In a previous post, Dr Katy Gibbons looked at how second-year students studying the Debating the Past module, translated Natalie Davis’s book The Return of Martin Guerre into other media: emojis, memes and poetry.  Our first-year students in the Beliefs, Communities and Conflicts: Europe 1400-1750 module are also set an assessment asking them to employ the imaginative use of media to explore a theme relating to their studies on the module.  Below we look at two great responses to this.

    Having initially thought about crocheting an item or artwork from the early modern period (!), Megan Conway decided to produce a comic. Visual formats often make it easier to take in complex information; historical comics and cartoons were what initially got Megan to be so interested in history as a child; she says might not have studied history now at university had it not been for them.

    Megan Conway
    Megan Conway

     

    There are controversies surrounding visual media as a form of education due to “ethical implications” such as how certain cultures are displayed and the bias that evolves from such. [1] To tackle this, Megan ensured that she mainly used stick figures with the flags, or clear labels, instead of defining features. The few times she drew historical people they were “cartoonised” and based on references to other modernised cartoon drawings and comic books. [2] Additionally, she avoided biased colours for example using red backgrounds as it is often used to symbolise Catholicism and orange as it symbolises Protestantism. She thus attempted to avoid any potential bias influenced by colour theory, depictions of certain countries or people.

     

    Elliott Thomas and Jack Baker used a different approach, a podcast, quoting statistics which show that there was an estimated 23.3 million podcast listeners in the United Kingdom.[3] Podcasts are clearly an important medium in showing information, be it life advice, comedy or history.

    They decided to do a podcast about colonial empires as they were an important aspect of the development of early modern Europe. More specifically, they decided on a tier list ranking a selection of colonial empires. Those empires were: Scotland, Denmark, Sweden, Russia, Spain, England/Great Britain, France and Portugal. Before setting off on research, in the group they discussed the parameters of how an empire is ranked, as naturally it can be controversial due to the sometimes-abhorrent crimes committed in their name. They decided that they should compare the empires based on: territorial extent, impact, military might and to a certain extent: legacy (mainly in the short term). They were quite strict in confining their discussions of the empires to the early modern period (c. 1450-1750)

    They decided to group the empires in five tiers: The Best, good, middling, bad and the worst.

    Their conclusions were surprising: instead of the stereotypical winners like the Spanish or Portuguese, France came out on top.  Have a listen to their podcast and see if you agree.

    [1] Annette Kuhn, ‘Memory Texts and Memory Work: Performances of Memory in and with Visual Media’, Memory Studies 3, no. 4 (27 September 2010), https://doi.org/10.1177/1750698010370034.

    [2] Newcastle University and National Civil War Centre, ‘Fact File: Oliver Cromwell’, British Civil Wars (blog), accessed 4 March 2024, https://britishcivilwars.ncl.ac.uk/key-people/fact-file-oliver-cromwell/; Andy Hirsch, History Comics: The Transcontinental Railroad, 10 vols, History Comics (Macmillan Publishers, 2022), https://us.macmillan.com/books/9781250794772/historycomicsthetranscontinentalrailroad.

    [3] “Estimated number of podcast listeners in the United Kingdom (UK) from 2017 to 2016”. https://www.statista.com/forecasts/1147560/podcast-reach-uk#:~:text=Podcast%20reach%20in%20the%20United%20Kingdom%20(UK)%202017%2D2026&text=As%20of%202021%2C%20there%20were,28%20million%20listeners%20by%202026 , last accessed 18 March 2023

  • Criminal punishments in Devon, 1598-1638

    Criminal punishments in Devon, 1598-1638

    In the second-year UoP history module, Underworlds:  Crime, Deviance & Punishment in Britain, 1500-1900, taught by Dr Fiona McCall and Professor Brad Beaven, students study the history of crime and punishment between 1500 and 1900. Students can take this option on a range of courses at Portsmouth, including History, Criminology and English Literature.  In this blog post, based on his work for the module, second year UoP history student Edward Sainsbury discusses what can be learned from a detailed table of statistics on sentences given to criminals at the Devonshire assizes and quarter sessions courts between 1598 and 1638.

    Over the course of an almost 30-year period almost 10,000 punishments were recorded in Devonshire in the early 17th century. These punishments were overseen by the Courts of Assize, which were justices appointed by the sovereign and travelled around England and Wales trying people for crimes. Also included in this source, is the Court of Quarter Sessions, which were county level courts that were typically held 4 times each year. The source meticulously catalogues each punishment from a list of 16 categories. The source, based on surviving archival records at the Devonshire Heritage Centre, was compiled by historian J.S. Cockburn as evidence for his research on court proceedings in the Western Circuit.[1] In this post, I will be analysing the source to discuss what it can tell us about executions and public punishments in the early modern period.

    Detail from John Reynolds, The Triumphes of Gods Revenge Agaynst The Cryinge, & Execrable Sinne, of Willfull, & Premeditate Murther (1670)
    Detail from John Reynolds, The Triumphes of Gods Revenge Agaynst The Cryinge, & Execrable Sinne, of Willfull, & Premeditate Murther (1670)

    Executions were clearly a popular punishment during this time period. During this time there were a number of ways people were executed but the use of gallows was by far the most common way to execute someone.[2] The source tells us that 620 people were sentenced to execution, this makes executions the third most popular punishment in Devon behind being granted clergy and whipping.[3] Crimes which merited a criminal to be executed were those where breaking the law was seen as an attack on the sovereign and punishable by death.[4] This led to minor crimes being punishable by death. A source depicting the percentage of crimes that resulted in execution in Sussex suggests that 94% of horse theft crime resulted in the accused being executed, while a more serious crime of murder was only 65%.[5] The number of executions over the period the source covers do not seem to change too significantly. The rate of executions in Devon would not drop significantly until the start of the civil wars.[6] The source ends in 1639 but by 1637 the rate of executions looks to be in decline.

    A section from Cockburn's table of punishments.
    A section from Cockburn’s table of punishments.

    During the 17th century, punishments were often conducted in public spaces; it was seen as a spectacle.[7] On the source we are looking at, punishments such as execution, stocks/pillory and whipping would commonly be done in front of a live audience.[8] Visual punishments were useful as they acted as a reminder of authority within the lower classes. Public trials and punishments were an innovation that came about during the Tudor Period, these punishments were originally reserved for the upper-class as a way to show the power of the crown, but their effectiveness as both entertainment and societal control meant they were gradually used on the lower ends of social hierarchy by the end of the Tudor Period.[9]

    Whippings as a form of punishment remained largely popular throughout the period. They were overwhelmingly popular for the Quarter Sessions, being the most common punishment inflicted. This could be because the Quarter Session would typically look over lesser cases. For the Assizes it is a fairly even split between whippings and executions. Public punishments often had religious motivation as well. The punished were encouraged to redeem themselves, for public executions this often meant the punished was expected to make a speech humbling the crowd and seeming accepting of death in order to be ‘reborn again in death’.[10] This gives us an idea of the role religion played in everyday life and more importantly in the legal framework of 17th century England and Wales.

    Moving on to religion, a notable inclusion to the list of punishments presented, is ‘granted clergy’. This involved the accused proving to the courts that they are a member of the clergy. This could be proven by reciting a verse of the bible. The original idea was that if the accused successfully convinced the judge he was a clergyman, they would be required to be tried in the ecclesiastical courts, which were notoriously more forgiving with their punishments. By the early modern period you did not need to be in religious orders to make this plea.  Crimes which would overwise condemn a man to the gallows like grand larceny and manslaughter were commonly saved with ‘benefit of clergy’.[11] The number of people who were granted clergy stayed healthy through the time period recorded in the source, which suggests this was a tried and tested method for criminals to get out of a worse punishment. This was clearly an exploited part of the legal system as many years more notably in early years like 1598 and 1609 being granted clergy was close to being the most common verdict in the courts.

    The source shows us what punishments were used during the early 17th century. It gives us insight into what people experienced during this time and it gives us a specific idea of the standard practices of English and Welsh courts. From this period, we know that capital punishment was commonly used and that the executions were public spectacles, which could hint at one reason for their continued use. Religion played a significant role in the legal process. This source only applies for Devonshire but with the information it provides it could be cross referenced when looking at punishments of other counties.

    [1] J.S. Cockburn, A History of the English Assizes 1558-1714, (Cambridge, 1972), 94-96

    [2] Paul Griffiths, “Punishing Words: Insults and Injuries, 1525-1700,” in The Extraordinary and the Everyday in Early Modern England: Essays in Celebration of the Work of Bernard Capp, ed. Angela McShane and Garthine Walker, (Basingstoke: Palgrave Macmillan, 2015), 79.

    [3] For certain serious offences, it was possible for criminals to be spared execution by pleading ‘Benefit of Clergy’, by proving they could read.

    [4] Michel Foucault, Discipline and Punish: The Birth of the Prison, (London: Penguin Press, 1991), 49.

    [5] C.B. Herrup, The Common Peace: Participation and the Criminal Law in Seventeenth-Century England, (Cambridge: Cambridge University Press, 1987), 169.

    [6] J.S. Cockburn, “Criminal Proceedings,” in A History of the English Assizes 1558-1714, 93.

    [7] Griffiths, “Punishing Words: Insults and Injuries, 1525-1700”, 68.

    [8] Sarah Covington, “Cutting, Branding, Whipping, Burning: The Performance of Judicial Wounding in Early Modern England,” in Staging Pain, 1580-1800: Violence and Trauma in British Theater, ed. by James R. Allard and Mathew R. Martin, (Farnham: Ashgate, 2009), 95.

    [9] Sharpe, “Civility, Civilizing Processes, and the End of Public Punishment in England,” 221.

    [10] Katherine Royer, The English Execution Narrative, 1200-1700. (London: Taylor and Francis, 2015), 63.

    [11] Sharpe, “Civility, Civilizing Processes, and the End of Public Punishment in England,” 223.

     

     

     

  • The Dragon Gun: secrets of a local South-East Asian treasure

    The Dragon Gun: secrets of a local South-East Asian treasure

    On 29 November 2023 we were pleased to welcome Thomas Davies, Assistant Curator of Artillery at the Royal Armouries: Fort Nelson, to the University of Portsmouth as part of our History Research Group Seminar series. Thomas presented his paper on the Dragon Gun, the iconic cannon housed at Royal Armouries: Fort Nelson on Portsdown Hill.  The Dragon Gun was captured in Myanmar by the British Army in the 19th century and presented to the Prince of Wales. Today it can be viewed in Fort Nelson’s Art of Artillery gallery. The gun dates to the 18th century, is only one of four in the world, and has always been believed to be Burmese in origin. However, new research reveals that the gun may not be from Myanmar after all. Thomas’ talk discussed the theories regarding its symbolism, manufacture, and its potential uses in warfare. He also discussed the gun’s capture, as well as his efforts to trace the gun’s true origins in Southeast Asia.


    If you missed the paper, the recording is available to watch here. You will need the following password  M^Kzbc8e to access the recording.

    The Dragon Gun is just one of over 700 items, which have been collected over a 600 year period, that the museum houses. You can find out more information about the museum here.
  • PhD by Publication – Top tips from an award-winning UoP history graduate student

    PhD by Publication – Top tips from an award-winning UoP history graduate student

    The collier, from George Walker, The Costume of Yorkshire (1813)
    The collier, from George Walker, The Costume of Yorkshire (1813)

     

    Anthony Annakin-Smith is a local historian with a diverse range of interests focused on maritime and industrial history in the late eighteenth and early nineteenth centuries.  Anthony was awarded the PhD by Publication from the University of Portsmouth in 2022 for his work on The Neston Collieries, 1759-1855: an Industrial Revolution in Rural Cheshire. The collieries date from the eighteenth century, when the main colliery was owned by local magnates the Stanley family, and were more successful than its better-known contemporaries in nearby south-west Lancashire and North Wales. It was the first large industrial site in west Cheshire and introduced the area’s earliest steam engine. Anthony’s supervisors for his doctorate were UoP history lecturers Dr Mike Esbester and Dr Karl Bell.  His Commentary in association with his published work were awarded the Association for Industrial Archaeology’s Dissertation Prize for 2023. To read more about Anthony’s research click here.

    The process of undertaking a PhD by publication can be pretty daunting. Where to start? What will the examiners be looking for? Do I just re-hash the work I’ve already done?

    As a PhD by Publication is a relatively unusual approach to a doctorate there is little guidance ‘out there’. Of course, your supervisors will give you plenty of support but I found it still took me quite a while – too long! – to get into the right mindset. In the end my work paid off  – I got the doctorate (passing the viva without corrections) and, to boot, later received the Association for Industrial Archaeology’s Dissertation Prize. It seems, then, that I ultimately ‘got’ what the PhD by Publication is all about. As such, here’s a list of tips covering things I learnt along the way which may be of use to others.

    • Start with your goal in mind. I focused on the wording in UoP’s ‘What is a PhD by Publication?’ which suggests you should be able to demonstrate your work’s ‘coherence, significance and contribution to knowledge’.
    • Read other PhD by Publication Commentaries to give you ideas about structure, concepts, language etc. but …
    • … don’t use others’ work as a straitjacket. This is your work so use a structure and approach that best suit your work and your goals.
    • Step back from your published work. You are not meant simply to repeat your findings but instead to scrutinise them from new perspectives. I found myself discussing concepts in the Commentary that never featured (and didn’t need to) in the published work.
    • Have regular meetings with your supervisors (online in my case). This is obvious but needs stating. Agree a schedule and/or meeting frequency with them. Not only is the discussion at the meetings beneficial but the planned dates gives a point of focus for prior drafting and submission as well as for preparing questions you may have.
    • Have confidence in your work and opinions Listen to what your supervisors say and consider their verbal and written comments carefully. However, ultimately it’s your Commentary based on your publication(s) so don’t fret too much about dealing with every point they make –  it’s OK to disagree or ignore points if you feel it’s justified.
    • Maximise use of the UoP Library. While there are plenty of online resources in the library, as a remote student who never even visited Portsmouth, I also made much use of the facility for physical books to be posted. This was quick, easy and very helpful.
    • Use resources elsewhere. UoP Library did not have access to everything I needed so I also used resources from another academic library to which I had routine access as well as making day-visits to other institutions.
    • Make use of reviews. Your publication(s) has/have probably been reviewed publicly in journals or elsewhere. Use insights from those reviews and leverage them to give independent authority to what you have to say.
    • Have a mock viva. This was very useful for highlighting potential lines of questioning as well as the style of the real thing.
    • Prepare for your viva well. I spent ages preparing answers to a myriad of potential questions, prompted both by the mock viva and by my own thoughts. In retrospect I probably over-prepared but the approach gave me confidence for the examination.
    • The viva is not as scary as you might expect (the need to ‘defend’ my work always worried me; it suggested I would be facing a bank of aggressive questioners looking to trip me up!). It was nothing like that and I was really surprised to find that I actually enjoyed it. I very definitely had not anticipated that!

     

     

  • Rehabilitating Exchange Alley: why it was possible to trust eighteenth-century stock-brokers

    Rehabilitating Exchange Alley: why it was possible to trust eighteenth-century stock-brokers

    On 26 April 2023 Professor Anne Murphy, Executive Dean of the Humanities and Social Science here at the University of Portsmouth, presented her paper on the nature of trust in financial markets in the eighteenth century. If you missed the paper, the recording is available to watch here. You will need the following password r?Qo7xmt to access the recording. An abstract for Anne’s paper can be found below.

    Anne’s latest monograph, Virtuous Bankers: A day in the life of the late eighteenth-century Bank of England, which presents an in-depth study of the eighteenth-century Bank of England at work, is published on 9 May 2023. For more details, please follow this link.

    Abstract
    This paper explores the nature of trust in financial markets in the absence of formal institutions. It focuses on London’s late-eighteenth-century stock market. This was an unregulated, dispersed, often disorderly market that was framed by factual and fictional discourses of the moral degeneracy of financiers and the risks, both economic and personal, faced by naïve investors. Yet the primary instruments traded in this market – government debts and the shares of the large monied companies, the Bank of England and the East India Company – were judged to be gilt-edged. They were the cornerstone of the investment portfolios of large-scale corporations and prudent lady’s maids. ‘The funds’ became the repository for the idle balances of businessmen, for dowries, nest-eggs and retirement funds and they were the preferred facilitator of inter-generational transfers, especially for perceived vulnerable recipients, such as orphans and spinsters. I will, therefore, discuss how, in the absence of institutions and constraints, trust was generated in the market that provided the mechanism for purchase of these securities and determined their overall value.