quickly recognized Baring's special qualities and in 1771 the Royal Exchange Assurance, a giant public business, appointed him to its court. He underpinned his directorship, which continued until 1780, with a holding of £820 in the company's stock, no mean sum when his assets totalled £13,000. This appointment was important to hold; for the first time he was marked out from the throng of merchants populating the courts and alleys of the city. Independence from Exeter Baring's early business was constrained through the demands placed upon it by the much larger Exeter firm, which suffered under Charles Baring's speculations of a "wild, strange, incoherent description". The resulting conflict was only resolved in early 1777, when Baring took the initiative in dissolving the interlocking partnerships. Capital and management were now entirely separate, though Francis maintained strong family links with Exeter. Regularly he employed his wealth to rescue Charles from ruin and thus preserve the good name of his family; his motivation was an intense desire to see business and family prosper. Thus he was scandalized by Charles's "almost monstrous management of the original and chief dependence of the Baring family". Baring's brother John remained a sleeping partner until his retirement in late 1800. In 1781 two nominal partners were appointed, J. F. Mesturas, formerly a clerk, and Charles Wall, who in September 1790 married Baring's eldest daughter, Harriet Wall. The two nominees were soon afterwards promoted full partners. However, Mesturas withdrew in 1795 and was not replaced. From 1777 until his retirement in 1804, Baring led the firm almost singlehandedly, for many years having Wall (died 1815) as his sole active partner. Financial success The partnership capital grew steadily from £20,000 in 1777 to £70,000 in 1790. The next decade was to prove very profitable, thanks to the fall of Amsterdam and the rise of London as centre of shipping trade, thanks to the French wartime bans on shipping in Amsterdam. Partnership capital peaked at £400,000 in 1804. Baring contributed the major share, providing 12% in 1777, 40% in 1790, and 54% in 1804. Annual profits rose to £40,000 in the 1790s and peaked, atypically, at over £200,000 in 1802; they were calculated after payment to partners at 4% interest, sometimes 5%, on their capital. Baring's share of the profits increased steadily from a quarter in the mid-1760s to a half from 1777 and to three-quarters from 1801. His total wealth,