In the early 20th century, motoring in Britain was exciting and exotic. It was also considered reckless and dangerous. So laws were passed to keep the country's Mr Toads in check by limiting their speeds. For 31 years from 1865, speeds were restricted to a sub-pedestrian 2mph in town, and 4mph out of it. It was raised in 1896 to 14mph.
One effect was that Britain's car industry began to lose ground to competitors in Germany, and, more irritatingly, France. And in France in particular, they liked to go fast – in June 1906, they staged the first Grand Prix.
That annoyed some people. And it really annoyed Hugh Fortescue Locke King. So he spent £150,000 (some £18m in today's money) building a motor racing circuit in the grounds of his estate in Weybridge, Surrey. He was strongly encouraged by his friend Selwyn Edge, a racing driver and car dealer.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The result was Brooklands a 2.7 mile-long concrete circuit, 100 feet wide, with steeply banked curves. It opened to the public in June 1907, and on 6 July, it held its first race meeting.
Some 13,000 spectators turned up to watch the six races held that day. The first, the Marcel Renault Memorial Plate, with a first prize of 100 sovereigns, was won, rather fortuitously, by a Mr SF Edge in his Napier, beating Mr Huntly-Walker's Darraq, and Mr Kerr Smiley in his Renault.
It's fair to say that first meeting wasn't a resounding success. Complaints ranged from the fact you couldn't watch the action from your car, to the speed of the contestants ("With racing at speeds above forty miles an hour, it is almost impossible to recognise the drivers or the cars", complained one correspondent) and the uncompetitive nature of the finishes.
Nevertheless, Brooklands became the home of British motorsport until WWII. But the arrival of war forced the circuit to close, with the site being used to manufacture aircraft. It never recovered.
-
Stop inheritance tax perk on pensions, says IFSThe government could raise billions of pounds in revenue by closing inheritance tax loopholes, such as on pensions and AIM shares. Is your pension at risk?
-
Revealed: Best buy-to-let property hotspots in the UKLooking for the best buy-to-let property locations in the UK? We reveal the top 10 postcodes with the strongest rental returns
-
31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
-
13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
