His father died in 1755, John Walter then being seventeen and, boy though he was, he at once succeeded to his father’s business. In it he was diligent and throve well, and he so won the confidence and respect of his brother ‘coal buyers’ that when a larger Coal Exchange was found necessary, in order to accommodate, and keep pace with its increasing business, the whole of the arrangements, plans, and directions were left in his hands. When the building was completed, he was rewarded by his brethren in trade with the position of manager, and afterwards he became Chairman to the Body of Coal Buyers.
He married, and, in 1771, things had gone so prosperously with him that he bought a house with some ground at Battersea Rise, and here he lived, and reared his family of six children, until his bankruptcy, when it was sold. He also took unto himself partners, and was the head of the firm of Walter, Bradley, and Sage. For some time all went well, but competition arose, and the old-fashioned way of doing business could not hold its own against the keenness, and cutting, of the new style. Let us hear him tell his own story.[39]
‘I shall forbear relating the various scenes of business I was engaged in prior to my embarking in Lloyd’s Rooms; sufficient it is to remark that a very extensive trade I entered into at the early age of seventeen, when my father died, rewarded a strong spirit of industry, and, for the first ten or twelve years, with a satisfactory increase of fortune; but a number of inconsiderable dealers, by undermining the fair trader, and other dishonourable practices, reduced the profits, and made them inadequate to the risque and capital employed. It happened unfortunately for me, about that time, some policy brokers, who had large orders for insurances on foreign Indiamen and other adventures, found their way to the Coal Market, a building of which I was the principal planner and manager.
‘I was accustomed, with a few others, to underwrite the vessels particularly employed in that trade, and success attended the step, because the risque was fair, and the premiums adequate. This was my temptation for inclining to their solicitations of frequenting Lloyd’s Rooms.[40] With great reluctance I complain that I quitted a trade where low art and cunning combated the fair principles of commerce, which my mind resisted as my fortune increased; but from the change I had to encounter deception and fraud, in a more dangerous but subtle degree.