Implications of Foreign Public Capital in National Forms of Public Financial Infrastructure Historical Instance on the Involvement between Export Import Bank of the U.S. and Mexican Development Bank (1934 -1954)

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This paper discusses and presents empirical evidence on the historical relations between the forms of public financing for development and the manufacturing infrastructure linked to it. It investigates the effects of the historical involvement of the
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  1   Newsletter from the EABH bulletin 2/2013  2 Dear Colleagues and Friends,The year 2014 will be rich with activities. It will start with a jointly organised conference The Challeng-es of International Banking Regulation and Supervision after 1945   in Frankfurt. Then we will have a New Scholars Workshop in Belfast. This year’s Annual Conference will be held in Zurich and will focus on the theme of Risk Management. As usual there will also be an Archival Workshop, this time dedicated to the European Banks Confronted by WWI.We must raise your attention to the new activity of the EABH that will launch in 2014. The EABH Working Papers Series (EABH Papers) gives scholars in banking, nancial, business, and economic history and related elds the opportunity to distribute their research-in-progress. Business technology is changing, as well as the way we preserve information. Not only future histori - ans but today’s historians will have to deal with databases which are very different from old historical archives. The problems related to data management are a focus of banking and nancial historians. For that reason we organised the Summer School for Archivists dedicated to the problems of data management. Also, in this issue of the EABH bulletin there are several texts dealing with this issue.There is no doubt that the future of the European economy will be shaped to a great extent by the relationship the EU will develop with its two main neighbouring economic areas, the Russian one and the Islamic one. In this issue we publish two texts that can help us to better understand the world of Russian nance.  As usual, we provide you with a large amount of other interesting material. We hope you will enjoy reading this issue. As a supplement to this issue of the EABH bulletin, we are publishing a booklet "Remembering Phil" dedicated to the memory of our long lasting member, Professor Philip Cottrell.Yours faithfully    E   d   i   t  o  r   i  a   l  3 Paying a visit to... 2New research Sergey Tatarinov 7 John Consiglio 14 Natalia Vargas Escobar 30Data management J. Carles Maixé-Altés 41  Jim Gray 48 Ross Harvey 58 Victoria L. Lemieux 65Conference reports 76Book reports 81 EABH   noticeboard 86Removing the dust 96 Front page illustration: Five blocked Reichsmarks, Schroders ArchivesPublished by the European Association for Banking and Financial History ( EABH  ) e.V. ISSN 2219-0643 Key title: Bulletin  (European Association Banking and Financial History)Editor: Damir Jelic Assistant Editor: Carmen HofmannLanguage Editor: Jenny FyallThe European Association for Banking and Financial History ( EABH  ) e.V. Geleitsstrasse 14 D-60599 Frankfurt am Main Mail: info@bankinghistory.deTel: 0049 69 97 20 33 09Fax: 0049 69 97 20 33 08 www.eabh.info    C  o  n   t  e  n   t  s  It can’t be that often that the archives of not one but three banks make their rst appearance to- gether out of the storeroom and into the reading room, but this is exactly what happened in the spring of 2013 at the Schroder Archive in Lon - don. The surviving papers of J. Henry Schröder & Co., Helbert, Wagg & Co. and the J. Henry Schroder Banking Corporation are now in large part available for bona de academic research with, of course, the usual restrictions protecting client and commercial condentiality. The core of these collections was assembled by the historian Richard Roberts in the 1980s in the course of his research for the book Schrod - ers: Merchants and Bankers (London: Macmil - lan, 1992). His purpose, naturally, was to use the archival record to tell the story of the Schro - der businesses: their srcins, development, survival and evolution over the course of two hundred years. Once the book was published, and whilst the Schroder businesses underwent signicant restructurings, the papers were sent away into long term storage in various commer  - cial facilities around southern England. Three years ago the time felt right for Schroders plc, now a major international asset manage -ment rm headquartered in the City of London, to take stock of its heritage. The rst task was to track down the thousand or so boxes that Richard Roberts had identied three decades previously. Maybe this is what all detective work is like: a lot of methodical plodding through old data, following up every anomaly and retracing every step; and the occasional ash of insight or inspiration that gains a great leap in under  - standing. And some of the settings could easily have been used for a Nordic police thriller: vast warehouses on the edge of bleak coastlines; a juddering lift with rattling grilles descending to former air raid shelters deep underground; industrial parks in the drive-by zones of hard- bitten cities. Although the process is not complete we have now reassembled the bulk of this core collection in one location and feel ready to make it acces - sible for academic research. Broadly speaking it consists of the papers of three rms: J. Henry Schröder & Co. (1818-1962); Helbert, Wagg & Co. (1848-1962); and the J. Henry Schro-der Banking Corporation (1923-1985) of New York. The collection also includes papers gen - erated by J. Henry Schroder Wagg & Co. Ltd (1962-2000), the entity owned by Schroders plc (1959-) and created when J. Henry Schröder & Co. merged with Helbert, Wagg & Co. Ltd in 1962.J. Henry Schröder & Co.The Schroder story, like that of so many bank -ing rms in London, begins in Germany. Chris-tian Matthias Schröder (1742-1821) was the founder of a successful mercantile rm based in Hamburg whose commercial interests ex - Baron Bruno Schröder (1867-1940) The Schroder Archive    P  a  y   i  n  g  a  v   i  s   i   t   t  o . . .  tended from the Baltic to the New World, with sugar a commodity of particular importance. He set up his relatives in sister rms in strategic locations, including London, where his son Jo -hann Friedrich Schröder (1780-1852) arrived in 1800 to be joined by a younger brother, Johann Heinrich Schröder (1784-1883) in 1802.  Away from the worst effects of the blockades and turmoil of the Napoleonic wars the Lon -don rm prospered. The two brothers quickly made the transition from mercantile activity to nancial services, supplying short term com- mercial credit, through the medium of the bill of exchange, to clients known and trusted by them through the family networks in Germany and elsewhere. This was so lucrative that Jo - hann Friedrich felt comfortable enough to retire in 1818 at the age of 38, at which point Johann Heinrich set up his own rm, J. Henry Schröder & Co., to continue the business. By the middle of the century the rm was keen to move from the bread and butter of short term credit provision to the more prestigious busi -ness of issuing long term securities. Its rst bond was issued in 1853 for the Matanzas and Sabanilla Railroad Co. in Cuba, an island well known to the Schröders through their exten - sive dealings in the sugar trade; the railway was built to carry sugar from plantation to port. Other notable nineteenth century bond issues were the 1863 cotton loan for the Confederate States of America, and the 1870 Japanese cus -toms loan, raised to nance the construction of Japan’s rst railway and which marked Japan’s entry into the international capital markets. By the late nineteenth century J. Henry Schröder was one of London’s biggest merchant banks both in terms of capital and participation in bond issuing. The rst world war was particularly traumatic for the Schröders in Britain. The senior partner at the outbreak of war, Baron Bruno Schröder (1867-1940), was a German citizen and as such the rm was liable to seizure as enemy property. The prospect of such a sizeable actor in the London money market being closed for business so alarmed the Bank of England that strings were pulled at the highest level for Bar  - on Bruno to be naturalised within the space of three days of Britain’s entry into the war. None -theless, the rm’s huge exposure to German clients meant that it had to borrow to remain solvent and there can be no doubt that its sur  - vival could not be taken for granted. After the war J. Henry Schröder resumed its acceptance business, moved into foreign ex - change operations and began to take on some British corporate nance clients. Large scale bond issuing in London was now rarely under  -taken by a single house, and the rm frequently operated with N.M. Rothschild & Sons and Bar  - ings Brothers & Co. Ltd, issuing international bonds in syndication. In 1923 the J. Henry Schroder Banking Corporation was opened in New York; and in 1926 the London rm began to offer investment management services. But, having successfully re-established business relations with clients in Germany after the war, the German Standstill on repayment of external debt in 1931 presented the rm with perhaps Norman Totman, chief cashier, 1964    P  a  y   i  n  g  a  v   i  s   i   t   t  o . . .
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