In chapter 4, Foreign creditors (May 16 - May 25) the actors deal with the problem of raising an Austrian government bond loan, while at the same time Credit Anstalt’s foreign creditors are getting involved. Conflicts begin to disappear between Austrian actors and central bankers and international creditors, and it becomes increasingly clear to the latter that the situation may well be more problematic than they imagined in the first place. On the Austrian side talks of a moratorium upsets central bankers and creditors who favor a guarantee. It’s getting increasingly difficult for the central bankers to emplot a narrative that can make sense of the situation and enable action to dodge the crisis. The fear of contagion becomes widespread, adding to the uncertainty.

One of the most striking developments of this period was the rise and success of the official lottery, first staged in 1694. Prior to its abolition in 1823 – the last official lottery was held in 1826 – the lottery represented state-sanctioned gambling, as well spawning a whole host of derivative gambling activities. This chapter explains the operations of the lottery, in particular the markets for lottery tickets as they developed very rapidly from the 1690s, and grew to encompass the whole of Britain, penetrating deep down into as well as across British society. It emphasizes how far the early development of the lottery marketplace was enfolded within the contemporaneous financial revolution. From early on, however, it also owed much to widely diffused entrepreneurial spirit and energies, in particular those of the lottery office keepers and their proliferating agents. The lottery was thus another facet of the accelerating commercialization of British society in this period, as well as a leading exploiter of the new power of publicity unleashed by a relatively free and ebullient print industry. From newspapers to hastily printed single-sheet handbills, publicity was key to stoking contemporary interest in and demand for the lottery and its various derivatives.