Agency reversal and the steward’s lot when discharge exceeds charge: English archival evidence,1739-1890

This study examines the charge—discharge accounting system of a Yorkshire landowning charitable trust during the eighteenth and nineteenth centuries. One unusual feature of the accounts is that, on many occasions, the Trust appeared to be indebted to its bailiff for long periods of time. The article draws on previous work on such credit balances to explore possible explanations for this apparent reversal of the normal principal—agent position. It confirms the proposition that a credit balance on the accounts represented amounts owed to the bailiff/steward, rather than inclusion of other creditors’ balances. However, the cash-based charge—discharge accounting system was utilized to maintain the record of any ongoing indebtedness of the Trust to the bailiff. The question of how and why such credit balances were sustained by the bailiff is examined, and the conclusion reached that, in this case, the explanation may well rest in the financial status of the bailiff/steward.