By Peter E Austin

ISBN-10: 1851969225

ISBN-13: 9781851969227

Using British and American documents, Austin charts Baring Brothers improvement from wool retailers to at least one of the main strong worldwide monetary associations. through the 19th century, the corporate grew in tandem with the British Empire. It invested seriously in constructing markets in Asia, Africa and South the US, either assisting the British management and establishing up new components for colonial enlargement. by way of the tip of the century, it was once stated that Britain had demonstrated an empire in South the US by way of capital by myself. The Baring kinfolk gathered large own fortunes and Austin comprises, for the 1st time, a learn of private and company paintings collections linked to the corporate. In 1995, the corporate collapsed over a weekend, introduced down through the 'rogue dealer' Nick Leeson. within the first heritage of Baring Brothers to be written for the reason that its cave in, Austin analyses the error which ended in its downfall and locations them within the context of the company's illustrious background.

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We are a House of trade’, Alexander reminded his son, ‘and have no business with any adventures of this kind, to say nothing of one out of all proportion to the extent of our capital. ’70 The ‘good hands’ turned out to be Barings itself, for the House took on the time-consuming business of being Mexico’s financial agent in September 1826. 72 Indeed, the sullied reputation of Latin American governments in London shifted general investor interest to regions north of the Rio Grande in the late 1820s.

Raising money at home either by direct taxes, the excise or bond offerings was difficult, and attempts to float loans in Europe possible only on the most concessionary terms. The revival of trade supplied Europe with materials for postwar reconstruction. The charter of a second Bank of the United States in 1816 stabilized American finances and contributed to postwar confidence. 44 Despite its postwar focus on Europe, Barings continued its duties as financial agent to the United States. In July 1815, the House offered to advance at an interest rate of 5 per cent any sums necessary to cover interest payments due on American government debt offered during the war, or to assist in the flotation of further United States loans in Europe.

But the Anglo-American trade picture was deceptive and shifting. 119 Fierce price competition among British manufacturers at home caused a contraction of margins. American tariff increases in 1816, 1818, 1824 and 1828 weakened the position of British goods within the consignment and auction systems that Great Britain had controlled utterly since 1815. 120 In the years 1826–30, American exports to Great Britain increased 24 per cent by value, while British exports to the United States were flat.

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Baring Brothers and the Birth of Modern Finance by Peter E Austin

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