Morris, Marshall, Faulkner & Co. opened for business. The partners – Morris, Burne-Jones, Webb, Faulkner, Hughes (who withdrew soon after), Rossetti, Madox Brown and Marshall – each put up £1 as collateral. The main capital of £100 was loaned by Morris’s mother, Emma.

The Firm’s prospectus was also issued. In its early days the members of the Firm held meetings once or twice a fortnight.