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Appendix

Profiles of the British Merchant operating between 1914 and 1939 An attempt has been made to identify as many merchant banks as possible operating in the period from 1914 to 1939, and to provide a brief profle of the origins and main developments of each frm, includ- ing failures and amalgamations. While information has been gathered from a variety of sources, the Bankers’ Return to the Inland Revenue published in the Gazette between 1914 and 1939 has been an excellent source. Some of these frms are well-known, whereas many have been long-forgotten. It has been important to this work that a comprehensive picture of the merchant banking sector in the period 1914–1939 has been obtained. Therefore, signifcant efforts have been made to recover as much information as possible about lost frms. This listing shows that the merchant banking sector was far from being a homogeneous group. While there were many frms that failed during this period, there were also a number of new entrants. The nature of mer- chant banking also evolved as stockbroking frms and issuing houses became known as merchant banks. The period from 1914 to the late 1930s was one of signifcant change for the sector.

© The Editor(s) (if applicable) and The Author(s), 361 under exclusive licence to Springer Nature Switzerland AG 2018 . O’Sullivan, From Crisis to Crisis, Palgrave Studies in the History of Finance, https://doi.org/10.1007/978-3-319-96698-4 362 Appendix 4 5 - 10 2 (continued) 6 The frm had an agent in Kenya 1929 1 Principals described as Merchant Bankers in 1932 3 In 1981 the frm was acquired by D ow Skandia 7 11 In 1869 a Guthrie & Co. was formed in the USA called Balfour, 9 8 extended to California. Involved in fruit and grain trade Chile. Valparaiso, “Liberal Advances given against consignments”. of “family reasons”, which seem to be the absence of sons continue partnership to & Co. Ltd. Lloyds since 1918 ests. The frm’s market was , but it also traded in the West Indies and Central America ests. The frm’s chief market was India, but it also traded in the West Banking Group return. D eclared bankrupt in November 1932 with the frm described as Merchants and Planters 1851 to 1960 Founded in Liverpool by Scottish traders 1851. Initially associated with the Chilean trade, later The South American operation was undertaken from 1863 by Williamson, Balfour & Co. in Profle 1874 to 1932 East India Agent. D escribed in advertisement in 1928 as “Coffee Importers since 1874”, offering 1833 to 1981 Founded in 1833 as Arbuthnot & Latham. In 1861 Alfred Latham becomes Governor of the Bank In 1891 Consolidated Estates Company formed to manage the frm’s Ceylonese and Indian inter Filed Bankers’ Returns between 1914 and 1932. The grounds given were In 1921 Arbuthnot, Latham & Co converts to a limited liability company. In 1944 John K. Gilliat & Co was acquired. In 2005 the Arbuthnot name resurfaced as the Arbuthnot Banking Group, which can trace its roots In 1960 it was acquired by the Bank of London & South America, which had been a subsidiary of Company Balfour, Williamson & Balfour, Williamson 7 , London, EC Firm H. Allan & Co. T. 17 Gracechurch St., London, EC Arbuthnot,Latham & Co. 1929 : To 33 & 34 Great St Helen’s, London, EC From 1929 : 9 St. Helen’s Place London, EC Appendix 363 16 (continued) 13 15 17 14 19 In 1912 the frm was taken over as a going concern by a Liverpool-based company with 12 18 in 1906. He formed the Corocoro United Copper Mines in 1909, which operated properties in Bolivia. business in . In 1801 it was renamed Sir Francis Baring & Co. business in Exeter. suffered a liquidity crisis and was rescued by a guaranteed other banks. It was reconstituted as Baring Brothers & Co. Ltd. the company was acquired for a nominal sum by ING Group of the Netherlands Consequently, Barber, Williams & Co. Inc. based in New York Barber, Probably as a result, the frm suspended payments on 5 March 1921 In the late 1890s frm foating the Highlands & Lowlands shifted to the cultivation of rubber, Para Rubber Co. Ltd. in 1906. The frm took the role as company secretaries and selling agents for a number of plantation companies in London while the Far Eastern offces acted as managing agents having effectively divested its physical assets due to local Malaysian demands for holding company, repatriation of estate assets the injection of £100,000. J. Lionel Barber became “permanent governing director” Profle c.1910–1921 J. Lionel Barber chaired the Lampa Mining Co.—a silver mining company registered in Liverpool 1762 to 1995 Established in London 1762 as John & Francis Baring Co. agents for the family merchant The frm became a major merchant banking house especially in sovereign issues. In 1890 it It became insolvent in 1995 because of a rogue trader called Nick Leeson employed in Singapore. 1863 to 1979 Founded in 1863 by Thomas Barlow as an exporter of cotton goods The frm had in Chile, Peru and Brazil as well a North American house called One of the frm’s managers conducted a fraud in 1920 involving bills excess of £60,000. In the late 1880s, frm fnanced tea estates and acquired several tea estates in Ceylon and Assam. The frm was included in ’s Return from 1933 to 1938 only with one of its rivals, Bousteads. By 1979 the frmIn 1965 it merged had become an investment offce ) (until 1936), Shanghai (until 1937), Singapore and In 1949 only Kuala Lumpur. London and Manchester addresses Firm J. Lionel, Barber and Co. Ltd . ( Banking House ) 5 Lothbury London, EC2 House and Head ( Commercial Building, 411 Liverpool Baring Brothers & Co. Ltd. 8 , London, EC Thomas Barlow & Brother Ceylon House, 49 & 51 , London, EC Offces Calcutta in Manchester, (continued) 364 Appendix

25 - 28 (continued) 29 24 26 30 27 20 21 Converted into a private limited company in 1926 23 bankers. After the First World War the frm cotton manufactur invested in restaurants, a brewery, War bankers. After the First World ing and the London Underground branch, Twentsche Bank, of which he was a directorbranch, Twentsche limited company formed and D e Beers Consolidated Mines. It later became a wholly-owned subsidiaryTrust of Johannesburg which was also founded in 1889 by Barney Barnato Consolidated Investment Company, to London in 1852, becoming a . It was closely connected with railroad fnance Member of the International Financial Society issuing in the USA late nineteenth century. consortium in 1863. with Kleinwort,Ltd., which in 1961 merged Sons & Co. Ltd. to become Ltd. Blydenstein was . The paid-up capital of B. W. D e Twentsche parent company, increased from £625,000 to £700,000 Handel-Maatschappij NV of Amsterdam This led to a change of partners and a reduction in the frm’s capital to £100,000 Profle 1880 to 1919 In 1880 Barney Barnato established the frm of Barnato Brothers as diamond brokers and merchant 1859 to 1953. he founded its Amsterdam Founded in 1859 by Benjamin Willem Blydenstein. In the same year, After a dispute over the wills of former partners in 1919, the partnership was dissolved, and a private The private company had extensive operations in mining investment with Anglo-American Investment 1852 to 1961 The Benson family established as textile merchants in Liverpool the 1780s. The business moved to become Robert with Lonsdale Investment Trust In 1947 it merged Benson Lonsdale & Co. There was a similar change in its Bank was convertedIn 1928 Twentsche to a limited company. From 30 September 1932, the frm restricted its activities in the London discount and bill market. In 1953 the frm’s Bank NV and D e Nederlandsche business was absorbed within D e Twentsche 22 Firm Barnato Brothers 10 & 11 Austin Friars, London, EC Robert Benson & Co. 31 Bishopsgate, London, EC 1915 : From Nov. 26 Old , London, EC Blydenstein & Co. B. W. 55 & 56 Threadneedle Street, London, EC 4 Hercules Passage, Old Broad Street, London, EC (continued) Appendix 365 Walter Walter (continued) 32 31 He did not return to the frm. 33 The frm & was acquired by Helbert, Wagg 34 In October 1924, the frm was acquired by London & 36 37 35 was continued by the remaining partners. Mauritius frm of Thomas Blyth, Sons & Co. was established in 1830. In 1874 the frm became Blyth, Greene, Jordain & Co. and incorporated as a private limited company in 1894. Shortly afterwards acquiring the banking business of Benecke Souchay & Co. Réunion. This evolved into an agency for Shell Company of . D uring the the frm did a considerable amount of trade in rice from Burma. The frm was involved in giving credit to customers abroad and making advances to shippers against produce interest From in the Russian & English Bank of St Petersburg. 1919 dealt in Indian trade bills. London agent for Alliance Bank of Simla. D eclared bankrupt in 1924 Bonn served in the Welsh Guards in the First World War, reaching the rank of Major. He was reaching the rank of Major. War, GuardsBonn served in the First World in the Welsh awarded the Military Cross and D istinguished service Order. Foreign Banking Co. in 1921 From 30 June 1919, Max Bonn was sole partner. 1899 to 1924 German origins. Established in London 1899. Arthur Brandt died in August 1923, but his frm Profle 1810 to 1981 The Thomas Blyth and Co. was established in Limehouse 1810 as a sail-maker ship chandler. In 1903 the frm became the sole agents of Asiatic Petroleum Company for Mauritius and 1907 to 1924 Established in 1907. Acquired Alexander Fletcher & Co. in 1910. From 1910 had a controlling In 1981 the company was acquired by John Swire and Sons c.1900 to 1921 Bonn were partners.Included in Bankers’ Return for 1914. Max and Walter Bonn was Max’s cousin. Max Bonn’s father provided the capital for business. Walter Co. Limited Arthur H. Brandt & Co. [ Old Firm ] 39 , London, EC Firm & Blyth, Greene, Jourdain 41 Eastcheap, London, EC Boulton Brothers & Co. 39 Old Broad Street, London, EC Bonn & Co. 62½ Old Broad Street, London, EC (continued) 366 Appendix - 40 (continued) 38 39 41 Corporation as the principal shareholder (80%). Special Resolution for Member’s Voluntary Corporation as the principal shareholder (80%). Special Resolution for Member’s Voluntary Winding-up on 18 D ecember 1930. Finally dissolved 2 October 1953 London agent from 1807 as E. H. Brandt & Co. GermanySons & Co., extending its business to Argentina, and . In 1886 the Calcutta house of C. Scholvin & Co. was acquired but was closed in 1892. After 1918 the frm diversifed into foreign exchange business and resumed timber trading two-thirds of the equity. After property losses in the secondarytwo-thirds of the equity. banking crisis of 1975, strengthened its control and as a result Brandts was expelled from the Accepting Houses Committee about 1800. His son founded the Liverpool house in 1810 as William Brown & Co., becoming the became a part leading houses in the American trade especially cotton. An American, William Shipley, Mahon, continuing as an house ner in 1825 and the frm was renamed Brown, Shipley & Co. in 1837. In 1863 the frm started to withdraw from merchanting and opened an offce in London, closing the Liverpool branch 1888 End branch for private clients mainly American between 1900 and 1955 deposit banking. It had a West frm had little exposure to central . It was involved in fnancing the wool, timber and fur trades Profle 1924 to 1930 Incorporated as an unlimited company on 8 November 1924 with London & Foreign Banking 1858 to 1975 German mercantile family trading to Russia. Emmanuel Henry was the Brandt, William’s brother, In 1858 an independent branch of the Russian frm was established in London as Wm. Brandt’s c.1800 to Present In 1952 the frm was converted to a limited company. In 1965 National & Grindlays Bank acquired In 1952 the frm was converted to a limited company. The frm can trace its origins to Alexander Brown, an Irish linen merchant in Baltimore in the USA It adopted limited liability in 1946. In 1993 it sold its merchant banking business to Guinness The frm was mainly an acceptance house for the American trade. It also did foreign exchange and partnershipIn 1918 its inter-locking with Brown Brothers in the USA ended. Between wars Company Firm Arthur H. Brandt and [ New Firm ] 158 , London, EC3 Wm. Brandt’s Sons & Co. 4 Fenchurch Avenue, London, EC Founders Court, Lothbury, London, EC End branch : West 123 Pall Mall, London, SW (continued) Appendix 367 44 (continued) 42 43 Barings crisis of 1890. It reconstituted itself as Chaplin, Milne, Grenfell & Co. Ltd. in 1898. It suspended payments in June 1914 as a result of speculation in mainly Canadian securities 1865 his son, Arbuthnot Charles Guthrie, acquired Torosay Castle on the island of Mull, which 1865 his son, Arbuthnot Charles Guthrie, acquired Torosay became the family estate London, Guatemala and Columbia The original frm held 59% of the capital, but in 1927 it was wound-up voluntarily of the directors of the old frm transferred to the new frm Tyre & Rubber Company (1929) Ltd in 1929 and Hickson, Lloyd King Ltd. Trowbridge 1930 debenture was raised, which resulted in receivership in October 1932. By November 1933 the was satisfed, but the company dissolved by May 1938 the Governor General of . He also the principal shareholder in the Canadian Agency, Grey, an issuing and fnance house for mainly Canadian securities, which also failed in 1914 1898 to 1914 Originally the Anglo-American house of Morton, Rose & Co., which was severely impacted by the Profle c.1820 to 1927 D avid Charles Guthrie (1788–1859) co-founded the frm in D undee and London c.1820. In The original partnership was incorporated in August 1899 when the frm’s business was based in In 1926 Chalmers & Guthrie (Merchants) Ltd. was formed to acquire the merchanting business. Patrick Reginald Chalmers later wrote a novel, The Golden Bee , based on his time with the frm 1927 to 1938 New company formed with the same name as original and was based at address. None (1928) Ltd. in 1928, The frm became an issuing house. It managed issues for R. M. C. Textiles After 1931 there were various directors appointed usually for periods. In April 1931 a 25,000 He married the daughter of Earl Arthur Grenfell was a member of the Grenfell banking family. Co. Ltd. Chaplin, Milne, Grenfell & 6 Prince’s Street, London, EC Firm Chalmers, Guthrie & Co. Ltd. [ Old Firm ] 9 Idol Lane, London, EC From 4 January 1926 : South Sea House, 37 Threadneedle Street, London Chalmers, Guthrie & Co. Ltd. [ New Firm ] 9 Idol Lane, London, EC (continued) 368 Appendix (continued) In 1922 it purchased 49 47 In 1935 the frm became limited 51 The frm closed its Chicago offce in 1921 45 52 The voluntary liquidation occurred in 1924 46 From 1935 until after the Second Wold War when the industry War was nationalised, From 1935 until after the Second Wold 48 It also had interests in various mining companies 50 1922. The partners were stock jobber with particular expertise in oil shares. and later fnancing the frst railway in Alaska. created with the same name. Half unquoted investments held by original company were transferred to his estate. utch Company’s holding in the Shell Transport & Trading Company for the bulk of Royal D utch Company’s holding in Shell Transport & Trading £5.7m. would consolidate smaller independent gas companies. The frm formed the South Western Gas would consolidate smaller independent gas companies. The frm formed the South Western Corporation. company. In 1943 Morgan Grenfell In 1943 Morgan agreed to take over its business and in 1944 put the company company. into voluntary liquidation the frm managed various gas and electricity companies. by Consolidated Gold Fields. In 1978 there was a management buy-out. In 1982 the frm acquired a Stock Exchange quotation. 1921 to 1943 Established in 1921 as a and fnancial house, converting to an unlimited company in Profle 1878 to Present William Brooks Close founded the business in 1878, initially providing farm mortgages in Iowa, In his will W. B. Close directed that Close Brothers should be wound up and a new company In his will W. Arthur Martens became a director in 1934. He conceived the idea of a public company that The novelist, Ian Fleming, worked for the company in 1933. The frm was a founder member of the Issuing Houses Association in 1946. In 1973 it acquired Culland Company Limited 11 Throgmorton Avenue, London, EC Firm Close Brothers & Co. 7, 9 & 11 , London, EC From c.1928 : No. 9 Clements Lane, London EC4 (continued) Appendix 369 (continued) 53 54 55 Cunliffe Brothers. On his father’s death in 1895, he came into a substantial fortune. This fortune should have increased both his ability to do business and the stature of his house. Nevertheless, Cunliffe Brothers was never a front-rank frm, and on 1 January 1920—fve days before his death—it was absorbed by the merchant bank Frühling and Goschen, which became the new house of Goschens & Cunliffe (which failed in D ecember 1939). Lord Cunliffe was Governor of I era. He was created 1st War the Bank of England from 1913 to 1918, during the critical World Baron Cunliffe in 1914 house, but in the early 1930s became involved in reorganising the gas industry. South Eastern Gas house, but in the early 1930s became involved reorganising the gas industry. Corporation was launched in 1932 by the frm and Edward de Stein and Co. The new company had control of several local gas companies. Similar ventures were formed with the Severn Valley Gas Corporation, Consolidation and Palatine Corporation in 1929–1936 of the armaments and engineering company Armstrong Whitworth. He had an important role in the industrial rationalisation movement gas and electrical industries. It launched fve other fxed trusts in the 1930s. In 1936 it launched D ay and Co. a managed unit trust.Investors Flexible Trust, In 1937 close interests of D awnay, acquired Unit Trusts Fifteen Moorgate and Co. Profle 1890 to 1920 Cunliffe and his two brothers ArthurIn 1890 Walter and Leonard founded the merchant bank 1928 to 1950 It was initially an issuing D awnay and Major ay. The frm was founded in 1928 by Major-General Major-General D awnay was chairman in 1925–1929 of the troubled British Celanese Company and Major-General In 1934 the frm with a portfolio launched the Investors General Fixed Trust of companies in the In 1950 the frm became an investment trust and transferred its fnance business to Edward de Stein Firm Cunliffe Brothers 2 White Lion Court, Cornhill, London, EC Dawnay, Day & Co. Ltd. Dawnay, c.1932 : To 54 Threadneedle Street, London, EC2 From c.1932 : 15 Moorgate, London, EC2 (continued) 370 Appendix - (continued) 58 60 There were family links in the partnership. Henry 59 57 The frm was also sued by N. M. Rothschild & Sons for defaulting on the payment to 56 1858 John Horsley Palmer, a former governor of the Bank England (1830–33), as was his son 1858 John Horsley Palmer, Edward Howley Palmer (1877-9), and James Mackillop retired from the frm. The remaining partners continued the business as D ent, Palmer & Co. Middard. son Hermann E. de Pury were in business London from the late nineteenth century until 1902 Gautschi & Co was formed on the retirement Son and Co. The frm de Pury, of D avid as de Pury, de Pury G. Gautschi to the partnership and the admission of George in 1903 Harrison and two other investors. However, Harrison had fnancial diffcultiesHarrison and two other investors. However, that led to the col - lapse of a Lloyds syndicate managed by Harrison, Reid & Co. Ltd. The new partnership in D ent, Palmer & Co. was therefore wound up in shortly after establishment He had three limited partners.partner. ness in Luton as a straw plait merchant and bleacher. His son became a director of the chemical frm ness in Luton as a straw plait merchant and bleacher. Laporte in 1928. Alexander Ingham Whitaker was the owner of Grayshott Hall until 1927 in the Bankers’ Returns from 1914 to 1923, but the business seems have ceased in early 1920s the bondholders of an Ottoman Loan D urler’s sister married G. Gautschi and Alexander Ingham Whitaker married George D avid de Pury’s daughter - both D urler and Whitaker were partners in the frm Profle 1835 to 1923 Mackillop, D ent & Co. In In 1835 Thomas D ent joined a frm which became known as Palmer, In 1923 the frm was declared bankrupt Nicolas because of the withdrawal £73,000 by a partner, 1903 to c.1923 The de Pury family were of Huguenot origins from Neuchatel, Switzerland. D avid de Pury and his The goodwill of the bankrupt frm was purchased from the liquidator in 1923 for £1000 by S. B. K When Hermann E. de Pury retired from the frm G. Gautschi became the general in 1909, George G. Gautschi was also a silversmith with registeredGeorge hallmark. Henry D urler had a successful busi George G. Gautschi died in 1919 and was succeed in the partnership by his widow. The frm was included G. Gautschi died in 1919 and was succeed the partnershipGeorge by his widow. Firm Dent, Palmer & Co. 1 Gresham House, London, EC de Pury, Gautschi & Co. de Pury, 1919 : To 17 St Helen’s Place, London, EC From 1920 : 25 College Hill, London, EC (continued) Appendix 371 - (continued) 61 63 65 62 64 about 1720 involved with its merger in 1931 with the Gramophone to forminvolved with its merger Electric and Musical Industries Ltd. (later EMI Ltd.). He was chairman of tobacco manufacturers Gallaher Ltd. of Belfast, follow - of a syndicate to acquireing his organization the business from its founding family in 1928. He was also chairman of the fnance house Mercantile Credit from the early 1930s to 1950s, at a time of its expansion into hire purchase Brothers, Edward de Stein died in 1965 D obrée family were Bonmay D obrée, who died in 1907, and his son Harry Hankey D obrée, who Bank for 50 years. His father died in 1908. Bonmay was a director of the London & Westminster was Governor of the Bank England in 1859 went a reconstruction including the formation of a new department for securities issuance Profle 1925 to 1960 The frm was established in 1925 and specialised new issues investment trusts c.1720 to 1929 The frm originated in in the early eighteenth century and later transferred to London in Member of the International Financial Society issuing consortium in 1863 D e Stein himself was a director of the Columbia Graphophone Company from about 1920 and was The frm acquired the fnance business of D awnay ay in 1950. Later 1960 frm with merged The last partners from the In 1914 this frm was one of the oldest mercantile frms in the City. By 1927 the frm had a global mercantile business dealing in a range of commodities, but under James D unn became a major Canadian fnancier and industrialist during the interwar period The frm became bankrupt in 1929 1905 to 1914 Established in 1905, but effectively ceased in 1914 Firm de Stein & Co. Edward Pinners Hall Austin Friars London, EC2 Samuel Dobrée & Sons 7, 9 & 11 Moorgate, London, EC Dunn, Fischer & Co. 41 Threadneedle Street, London, EC (continued) 372 Appendix O.T. O.T. The In 1937 67 66 69 68 (continued) 72 71 70 Erlanger & Co. in , specialising the issue of bonds for sovereign clients. It worked closely with J. Henry Schroder & Co. In 1870 a London branch was opened, and the focus of frm shifted from Paris. The frm was involved in both bond issuance and acceptance fnance the 1930s it specialised in corporate fnance for British industry side of the USA before the First World War side of the USA before the First World Fritz O. T. Falk formed Power Jets Ltd. to fnance the development of Whittle jet engine. O. T. Ltd., which in 1965 merged with M. Samuel & Co. Ltd. to formLtd., which in 1965 merged Hill Samuel & Co. Ltd. Jardine Matheson, forming Falk was a well-known commentator on economic issues. He director of the merchant bank Chalmers Guthrie between 1925 and 1928. The frm was dissolved in September 1934. company was later nationalised Profle 1859 to 1959 its origins to the Erlanger family of Frankfurt.Traces In 1859 Emile Erlanger established The frm became known as Erlangers from 1917 and became a private limited company in 1928. In 1873 to 2000 The frm was established in D undee 1873 and moved to London 1909 Robert Fleming was known as the ‘father of investment trust’. The frm had few interests out - c.1934 This frm was established in London by the brothers Moritz and Part of a Jewish banking family. In 1959 it merged with Philip Hill, Higginson & Co. Ltd. to formIn 1959 it merged Philip Hill, Higginson, Erlangers Same address as Robert Fleming & Co. in 1914. Included Bankers’ Return for 1914–1928 1932 to 1934 Five stockbrokers resigned from Buckmaster & Moore to form this frm in February 1932. In 1970, Robert Fleming entered into an joint venture with Hong Kong based In April 2000, Robert Fleming Holdings was sold to Chase Manhattan Bank for $7.7 billion Firm Erlangers 8 Crosby Square, London, EC Robert Fleming & Co. 8 Crosby Square, London, EC M. & F. Feuchtwanger M. & F. 165-7 Moorgate, London, EC2 O. T. Falk & Company O. T. 10, Old Jewry, London, EC2 (continued) Appendix 373 (continued) 76 73 75 74 becoming the leader in production and marketing of nitrate. From 1887 it broadened its business into bond issuance, private banking and acceptance fnance. Later expanding away from Latin America. It expanded into broking and established a signifcant timber trading business especially in Australia 1972 the Hong Kong & Shanghai Banking Corporation acquired 20%, obtaining full ownership in 1980 commission agents exporting produce and cotton to . His son Viscount Goschen commission agents exporting colonial produce and cotton to Germany. became Chancellor of the Exchequer Financial Society issuing consortium in 1863 mid-nineteenth century the frm became John K. Gilliat & Company, a merchant banking com - mid-nineteenth century the frm became John K. Gilliat & Company, pany that traded in England and America ceased trading in 1940. H. K. Goschen became a partner of Antony Gibbs and Sons in 1947 new house of Goschens & Cunliffe 1808 to 1980 The frm was established in London 1808. The business mainly focused on Latin America, In 1918 the nitrate trade collapsed, and frm fell back on its other businesses and diversifed the different partnerships War were reorganised into limited companies. In After the Second World Profle 1814 to 1920 H. Goschen, to act as The frm was established in London 1814 by a German merchant, W. The frm later acted as merchants and foreign bankers. It was a member of the International 1786 to 1944 In 1786 the brothers John and Thomas Gilliat established the frm in Virginia and London. In the 1920 to 1940 New partnership formed of Cunliffe on the merger Brothers and Frühling & Goschen. The frm On 1 January 1920, Cunliffe Brothers was absorbed by Frühling and Goschen, which became the In 1944 the frm was acquired by Arbuthnot Latham & Co. Ltd. Antony Gibbs & Sons 22 Bishopsgate, London, EC Firm Frühling & Goschen 12 Austin Friars, London, EC John K. Gilliat & Co. 7 Crosby Square, London, EC Goschens & Cunliffe 12 Austin Friars, London, EC (continued) 374 Appendix - 80 (continued) Walter Walter 79 81 82 77 The partnership was restructured in 1923. 78 83 the London business became moribund. head offce operations in in 1865. It would become a major merchant shipper, and City in 1865. It would become a major merchant shipper, head offce operations in New York established the Grace , forerunner of Marine Midland Bank, in 1914. It continues today as specialist chemicals and materials conglomerate Ffennell of Wogau & Co. became a partner, although the frms & Co. became a partner, continued to operate separately Ffennell of Wogau chant bank evolved. In 1937 Grace Brothers & Co. discontinued its banking business. William R. Grace and his brother Michael. It had developed from a ship’s chandler business called Bryce & Co. Michael Grace started to spend more time in England from which the London mer Co. and the London Merchant Bank. In February 1942 the partnership was transformed into a private company Lewis & Peat. The combined group became known as Guinness Peat London, Merchant, and Johann Ludwig Schumann” is dated 1867 Foreign Bankers 1836 to 1998 War, Founded in D ublin 1836. Opened an agency London 1879. uring the First World Profle 1876 to 1937 R. Grace & Co. was founded in Peru in 1854 by William Russell Grace. The company set up W. The merchant banking affliate of the W. R. Grace & Co. was established in Peru in 1876 by The merchant banking affliate of the W. & Limited, was included from Erin Trust A corporate partner, 1925. In 1939 it acquired Wogau commodity traders and merchants, with one of the City’s large In 1972 Guinness Mahon merged in 1991 and later sold to 1998 Guinness Mahon was acquired by the Bank of Yokohama 1867 (?) to 1918 of No. 140, Leadenhall-street, in the City of Earliest record found of “John Samuel Haarbleicher, Martin & TilbrookBecame Harker, in 1917 and Peddle, Harker & Martin in 1918. D escribed as Same address as Grace Brothers & Co. Ltd. D escribed as Banking and iscount Agents in Bankers’ Return for 1914 Guinness Mahon & Co. 81 Lombard Street, London, EC Firm Grace Brothers & Co. Ltd. 144 , London, EC Haarbleicher & Schumann 144 Leadenhall Street, London, EC (continued) Appendix 375 (continued) Moved from stockbroking to 85 87 84 86 stated: Enterprises in the stages imminent to their conversion into Public Companies. Also, of First Class Industrial Issues” established in c.1800. It amalgamated with the British Bank of Northern Commerce Ltd. in 1920 and eventually was known as Hambros Bank banking. It was the sole banker to Scandinavian kingdoms for many years solved and the family went their separate ways. In February 1998 the bank was sold to French bank Société Générale stated: “Merchant Bankers. New Issues of Capital for established British and other Undertakings. Purchase and Sale of British other Securities. Underwriting of approved Capital Issues” develop Schroders’ investment advisory business merchant banking c.1934 The only information about this frm is an advertisement on 14 D ecember 1934 that in The Times Merchant Bankers. Undertake the fnancing of Industrial “Lionel Hardinge & Company, 1804 to 1962 Established as stock and share brokers in 1804 as Helbert and Wagg. Profle 1839 to 1998 The frm originated as the London branch of J. C. Hambro & Son of Copenhagen, which was It was a specialist in Anglo-Scandinavian business with expertise in trade fnance and investment In 1986, the Hambro established in 1929 and the majority shareholder Trust, in the bank, was dis - c.1923 The only information about this frm is an advertisement on 30 D ecember 1934 that in The Times In 1962 Schroders It specialised in issues for domestic clients and helped acquired Helbert Wagg. Lionel Hardinge & Company Lionel Hardinge 127 Fenchurch Street London, EC3 Helbert, Wagg & Co. Helbert, Wagg 37 Threadneedle Street, London, EC Firm C. J. Hambro & Son 70 Old Broad Street, London, EC G. Haswell Veitch & Co. G. Haswell Veitch 1 Cornhill, London, EC3 (continued) 376 Appendix 93

91 (continued) 89 90 The merged frm The merged was known as Philip 88 92 scandal in 1932 Eagle Star’s chairman, Sir Edward Mountain, in 1932–1933 he set up Philip Hill & Partners with M. Samuel & Co. Ltd. to formmerged Hill Samuel & Co. Ltd. the frm in London. It was mainly involved South African goldmines and English coalmines Leopold Hirsch became the broker to Wernher, Beit & Co. in the 1890s. One of partners was Leopold Hirsch became the broker to Wernher, the brother of Sigismund Neumann frm of Hirsch, Stokes & Wilson in 1923. L. Hirsch & Co. ceased to operate at the end of 1923 Hill, Higginson & Co. Ltd. with M. Samuel & Co. Ltd. to formmerged Hill Samuel & Co. Ltd. Profle 1907 to 1950 London house of Lee, Higginson & Co. , USA Lee, Higginson & Co. was established in the 1840s. The frm collapsed in the Swedish match The London house continued in business after failure of the American frm in 1932 It was acquired in 1950. by the Philip Hill Investment Trust 1932 to 1965 With the support of In 1929 Philip Hill became a director of the Eagle Star Insurance Company. with Higginsons to formIn 1950, it merged Philip Hill, Higginson & Co. Ltd. with Erlangers to formIn 1959 it merged Philip Hill, Higginson, Erlangers Ltd., which in 1965 c.1880 to 1923 Baruch Hirch and his three sons Leopold, Adolph and Heinrich left Germany in 1880s and founded Thomas Lowinsky, moved to the stockbroking Included in Bankers’ Return Thomas Lowinsky, for 1914. A partner, In 1959 it merged with Erlangers to formIn 1959 it merged Philip Hill, Higginson, Erlangers Ltd., which in 1965 Street, Firm Higginson & Co . 1 Bank Buildings, Princes Street, London, EC From 1917 : 80 Lombard Street, London, EC3 Philip Hill & Partners Ltd. 55–56 Pall Mall London, SW1 L. Hirsch & Co. Court,Warnford Throgmorton London, EC 1919 : From 10 Nov. 233 Salisbury House, London, EC (continued) Appendix 377 Her 96 (continued) On his death in 1907, second wife, 95 94 97 Horstman and Co. Limited. Albert Johan Fransella was a director of the new frm as well J. C. im Thurn & Sons Ltd. transactions businessman, banker, and corporate director with a ruthlessbusinessman, banker, business reputation. He was President and a director of some 250 compa - of the Royal Bank Canada; Montreal Light, Heat & Power, nies worldwide, with assets valued at around $200 million Light and Power Company in 1924. Montreal. He became a director of Brazilian Traction London and Montreal frm’s senior partner was Adolf D eichmann; a member of the family that owned one Germany’s most prestigious private banks, D eichmann & Co. daughters also held loan stock in the frm England £400,000 for advances on pre-moratorium bills. But it was regarded a German frm and was unable to continue in business. In 1928 it sold a newly created private company called J. Horstman and Co. Limited Baroness von D eichmann (née Hilda Elizabeth de Bunsen), became the owner of frm. 1928 to 1929 The old frm was sold on 19 D ecember 1928 to a newly created private company called J. The frm failed in 1929 as a consequence of heavy losses incurred through a series of fraudulent Profle c.1924 to 1929 Sir Herbert Samuel Holt (1856–1941) was an Irish-born Canadian civil engineer who became a His son Major Andrew Paton Holt succeeded his father in many of business ventures in Little is known about his frm. It advertised in 1929 as a merchant in The based in 1802 to 1928 the German. Established in London 1802 by John Horstman. By the mid-nineteenth century, It was a founder member of the Accepting Houses Committee. In 1921 it owed Bank J. Horstman and Co. Ltd. 48 Bishopsgate, London, EC2 Firm Andrew Holt and Company 7 Gracechurch Street, London, EC3 317 Power Building Montreal, Canada Horstman & Co. 2 Crosby Square, London, EC (continued) 378 Appendix 99 (continued) 103 98 The frm was dissolved in D ecember The business later recovered 106 101 Fransella, Ladenburg and Warren were the and Warren Fransella, Ladenburg 105 107 104 100 He resigned from the bank in 1919 due to “pressure of private engagements” 102 International Financial Society issuing consortium in 1863 surviving business transferred to the British Overseas Bank gross liabilities of £3m, including acceptances £2m. only partners in the Bankers’ Return in February 1925. from the Bank of England. In 1922 frm with König Brothers. merged The old Huths frm was incorporated in March 1928 in the name of Cordillera Investments Ltd., with Acorn Trust taking 415 non-voting shares and the Bank of England 415 voting shares. Certain realisations were made in the 1930s and proceeds used to reduce the outstanding debt to Bank 1936 at 58–60 Cannon Street & Co Ladenburg the business of W. Thurn, Jnr. was a director utility compa - of the British Bank South America, and Argentine Thurn, Jnr. nies. 1925 and a new limited company formed Profle 1809 to 1928 The company was founded by Frederick Huth, a German merchant, in 1809. Member of the 1922 to 1936 In 1922 the old Huth frm with König Brothers. merged Huths was wound up in 1936 and the 1844 to 1925 The frm was founded in 1844 by John Conrad im Thurn. In 1875 it suspended payments with Huths experienced fnancial diffculties during the First World War and in 1921 received assistance War Huths experienced fnancial diffculties during the First World From 1912–1924 the frm had a fur warehouse at 64 Park Street, Southwark, and from 1925 to In 1923 Arthur joined the frm, became a partner. Ladenburg amalgamating In 1921 J. R. Warren Albert Johan Fransella joined the frm in May 1924. In 1914 there were four partners: two sons of the founder and their sons. In 1914 John Conrad im Firm Frederick Huth & Co . [ Old Firm ] Yard, 12 Tokenhouse London, EC Frederick Huth & Co. [ New Firm ] J. C. im Thurn & Sons [ Old Firm ] 1 East India Avenue, London, EC By 1925 : 17 Throgmorton Avenue, London EC2 (continued) Appendix 379 (continued) 111 108 It became a private company in 1946 112 The frm was controlled by Samuel Montagu until 1908 when it became 110 109 between the two director of the Industrial Finance and Investment Corporation Limited in 1928 The frm concentrated on broking and arbitrage, but in 1919 moved to merchant banking from stockbroking Co., to provide roles for some of his sons who, by virtue of their numbers, could not become part - ners in S. Montagu. Oslo, New York and London. Oslo, New York new frm lost heavily in the secondary banking crisis in 1973–1975. In 1981 Charterhouse Japhet acquired Keyser Ullmann Limited independent. Assur Keyser retired from the frm in 1890 Profle 1925 to 1962 The new frm continued after the liquidation of old frm, although there was no connection The directors sat on the boards of various investment trusts. For instance, J. N. Buchanan was a The company was wound-up voluntarily in 1962 1896 to 1986 German brokerage frm that opened a branch in London 1896. In 1900 it moved to London. 1868 to 1981 The frm was established by Samuel Montagu (later Lord Swaythling), in addition to S. Montagu & The frm was acquired by the Charterhouse Group in June 1954, becoming Charterhouse Japhet D uring the interwar period the frm was mainly concerned with securities arbitrage between Paris, In 1962 the frm merged with Ullmann & Co. Limited to become Keyser, Ullmann Limited. The In 1962 the frm with Ullmann & Co. Limited to become Keyser, merged Firm J. C. im Thurn & Sons Ltd. [ New Firm ] 37 Threadneedle Street London EC2 From July 1937 : 14 Circus, London, EC2 S. Japhet & Co. 20 Copthall Avenue, London, EC 1 Shorter’s Court, Throgmorton Street, London, EC A. Keyser & Co. 21 Cornhill, London, EC From 1917 : 31 Throgmorton Street, London, EC2 (continued) 380 Appendix 113 (continued) in 1853 as Knowles & Foster. It specialised in trade between Britain, Portugal, and Brazil. It was in 1853 as Knowles & Foster. at various times as bankers to Portuguese Royal Family and to the Brazilian Emperor Rio de Janeiro, acted as director of London and River Plate Bank, the Rio Flour Mills Co. frm established in London by Herman Greverus in 1830. He formed a partnership with Edward Cohen in 1851, but retired in 1855, whereupon Alexander Kleinwort became Cohen’s partner, and the frm was restyled Kleinwort and Cohen Edward Cohen retired, Alexander’s younger son, Alexander D rake Kleinwort, also became a part - the frm being renamed Kleinwort,ner, Sons and Company In 1927, Sir Alexander D rake their nephew Herman Anton Andreae also became a partner. Kleinwort’s two sons, Ernest Greverus Kleinwort and Cyril Hugh Kleinwort, were brought into the partnership. Sir Alexander D rake Kleinwort died in 1935. His brother Herman Greverus Kleinwort withdrew completely from the partnership in 1939 and died 1942 investment bankers, created Kleinwort, Benson Limited., Robert Benson, Lonsdale and Company, which was acquired by D resdner Bank in June 1995 1826 to 1965 In 1826 principals involved in the Brazilian trade. 1828 founded as Foster Brothers but renamed Thomas Foster Knowles was the most active partner (1878–1939). He created the English Bank of Profle 1855 to 1995 Kleinworts was founded in 1855 by Alexander Kleinwort, although its origins may be traced to a In 1881, Herman Greverus Kleinwort, In 1883, when Alexander’s elder son, became a partner. Alexander senior died in 1886 and the business was continued by his two sons until 1907, when with the frm In 1961 a merger of In 1948 the partnership became a private limited company. In 1928 the frm acquired Pinto Leite & Nephews. In 1965 Knowles Foster failed Knowles & Foster Street,48 Moorgate London, EC Firm Kleinwort, Sons & Co . , London, EC (continued) Appendix 381 119 120 He 114 (continued) Survived 117 Later forming Leopold 116 Acquired by the Bank of NT Butterfeld of Bermuda in 2004 118 Later entering into partnership with Hermann Strauss and others as Leopold 115 vided capital for the frm for a period of fve years, after which it was due to be distributed the benefciaries of their father’s will, including foreign benefciaries—German and American and König Brothers. The frm with Huths and provide was to be merged a capital injection Trade in return for offcial assurances that foreign claims would not be allowed £300,000 on pre-moratorium acceptance advances but it was Ladenburg, In 1926 he proposed starting an issuing house under the old name of W. not a success and the business was sold to Sanctuary He remained Trust. in the frm on a salaried basis Joseph & Strauss, foreign bankers, until 1929 when it was dissolved. the secondary German banking crisis of 1973–1975 by obtaining a capital injection from two West banks in return for 25% stake. resigned in 1917. Joseph & Sons, which was included in the Bankers’ Returns from 1931 to 1938 1919 to 2004 Leopold Joseph was appointed a manager of the London offce of Swiss Bankverin in 1910. Profle c.1914 to 1922 Fritz König was the deceased father of two brothers who were the partners in Königs. He pro - On 30 D ecember 1922, the Bank of England entered into a secret agreement with the Board of 1785 to 1923 Established in 1785. The frm went into liquidation in 1923 owing the Bank of England about Arthur became a partner Ladenburg in J. C. im Thurn, but this partnership was dissolved in 1925. Henry died in 1933 leaving an estate of £100 Ladenburg The liquidation of the frm was completed in 1939, the debt to Bank being some £190,000 Family control transferred in 1963. Floated on the 1971. Leopold Joseph & Sons 10–11 Austin Friars, London, EC2 Firm König Brothers 1 St Michael’s Alley, Cornhill, London, EC W. Ladenburg & Co . Ladenburg W. 10 Angel Court, London, EC Later : 18 St Helen’s Place, London, EC3 (continued) 382 Appendix (continued) 123 122 The frm later became 124 126 125 121 to the United States. In 1848 Lazard Frères & Co. was founded in New Orleans as a dry goods merchant. By 1851, Lazard Frères had moved to San Francisco, where it would expand into offce. In one of the brothers opened a New York banking and foreign exchange. In the same year, 1854, Lazard Frères opened an offce in Paris, and 1870 one London. The frm evolved into the three ‘Houses of Lazard’ of Baron Ludwig Knoop, including D e & Co. in Manchester. partners, bringing English shareholders’ interests to 53%. In 1931 further purchases by S. Pearson & Sons increased its holding to 80% with the French frm owning 20% net liabilities of £5.85m. The Bank England lent £3m to S. Pearson & Sons rescue the frm. As part of this rescue all foreign offces of the London frm were to be closed a partner in this frm and even returned to it after 1925 lems, the sole surviving partner wound-up the frm in 1949 involved in Canadian and US railway securities Profle 1870 to Present Lazard’s roots began in the 1840s with emigration of fve French brothers and several cousins c.1790 to 1949 the frm became closely associated with the commercial enterprises In the nineteenth century, In 1920 arrangements were made by S. Pearson & Sons to buy 40% of the frm from the French In July 1931, irregularities were discovered in the London frm’s Brussels branch, which indicated Although Gaspard Farrer joined Barings in 1902 and remained with them until 1925, he remained In 1930 its foreign business was acquired by the British Overseas Bank. D ue to succession prob - Firm Brothers & Co . Lazard 40 Threadneedle Street, London, EC H. S. Lefevre & Co. 16 Bishopsgate, London, EC (continued) Appendix 383 (continued) 128 129 relationship with the merchant banking house Magniac Smith & Co., which found itself in fnan - cial diffculties in 1847. A new merchant banking partnership was formed in 1848 by Alexander Matheson, who was also a partner in Jardine Matheson. The connection continues to the present demise of Sir Edgar Speyer. It acted as the London agents for Speyer & Co., New York demise of Sir Edgar Speyer. Gordon Leith & Co., was dissolved and the partners became directors of the European Merchant Banking Co. Ltd., representing Kuhn. Loeb & Co. in Europe. This arrangement was fairly loose and by 1936 Gordon Leith & Co. had been reformed it was reorganised in 1916 as the London Merchant Bank Ltd. War, renamed London Merchant Securities 1920 to 1923 (Did not trade) Incorporated on 10 February 1920 D issolved on 17 August 1923 No evidence that it traded. Only 4 shares allotted 1885 to 1891[?], but before 1916 (Did not trade) Incorporated on 7 January 1885 D issolved on 8 ecember 1891[?], but before 1916 No evidence that it traded Profle 1848 to Present The merchant house of Jardine, Matheson was founded in Canton 1832. It developed a close 1922 to 1927 and 1936–c.1941 Until 1922 Gordon Leith was a partner in Speyer Brothers. The new frm was established after the In March 1927 Gordon Leith was taken into partnership with Kuhn, Loeb & Co. The frm, Gordon Leith died in 1941 1873 to 1939 Established in 1873 as the London & Hanseatic Bank Ltd. Severely damaged by the First World it was transferred to Guinness Mahon & Co. It was later War, At the outbreak of the Second World 127 Bank Limited Britain Limited Merchant Banking Co. Ltd. operated from the same address) Mediterranean Merchant No information Merchant Bank of Great No information Firm Leith & Co. Gordon 7 Lothbury, London, EC2 (From 1927, the European Matheson & Co . 3 Lombard Street, London, EC London Merchant Bank 38 Lombard Street, London, EC (continued) 384 Appendix - (continued) 132 130 131 133 different centres Trust ness as a merchant in London 1838. He ended his association with the American frm in 1843. merchants The frm Peabody and Company, was known as George of the frm and Company became J. S. Morgan and in 1934 it January 1910. Between 1918 and 1934 the bank was a private unlimited company, became a private limited company 1914 ers to many important , including Royalty, and was agent for the Bank of . In 1920 ers to many important Spaniards, including Royalty, it got into diffculties due to failure of Banco de Barcelona and elsewhere in Spain. It suspended payments in March 1921 Profle 1796 to 1921 The frm carried on business mainly in Spain, but also South America and India. It acted as bank 1853 to 1974 Specialists in arbitrage or traffcking bills of exchange and currencies to take account of rates in Ernest Franklin’s two brothers were partners in A. Keyser & Co. Samuel Montagu, the frm was owned by a family trust,After the death of its founder, Montagu Midland Bank acquired a stake in the trust in 1967, and 1974 acquired the frm 1838 to 1989 a partner in Peabody Riggs and Company of Baltimore, established his own busi - Peabody, George became a partnerIn 1854 Junius Spencer Morgan and upon Peabody’s retirement in 1864 the style Edward Grenfell became a full partner Grenfell in 1904 and the style Morgan was adopted on 1 GrenfellIn 1989 Morgan was acquired by D eutsche Bank 1822 to 1914 Established in the provinces in 1822, moving to London 1838 August Provost was Governor of the Bank England in 1901. Baring Brothers acquired the frm in Firm Mildred, Goyeneche & Co. 8 St Helen’s Place, London, EC By 1921 at : 36 New Broad Street, London, EC Samuel Montagu & Co. 60 Old Broad Street, London, EC Morgan, Grenfell & Co. Morgan, 22 Old Broad Street, London, EC Morris, Prevost & Co. 25 Old Broad Street, London, EC (continued) Appendix 385 (continued) 137 From 1927 Mark 138 While the description of merchant bank was 139 The winding-up was handled by Cull & Co., 134 135 The company was incorporated to take over the interests of Messrs B. 136 new frm of merchant bankers Bank with two of his brothers, Maurice and Mark, in 1921. In the 1920s Ostrer Brothers were responsible for a number of company fotations, the most important of which were Amalgamated in 1920 and the Gaumont-British Picture Corporation in 1927. The coming of the ‘talk - Textiles ies’ encouraged Isidore to assume direct control of Gaumont-British. In August 1929 he became chairman, with Mark as vice-chairman and Maurice joint managing director. Africa in his late teens. In 1907 he established Neumann, Luebeck the City with former London manager of the D resdner Bank American interests. Newgass & Co. in 1911. The company went into voluntary liquidation in 1937 still used, the frm had essentially become a flm production company by 1927 Ostrer became the sole partner in Ostrer Brothers. where Hermann Marx became a partner Profle 1917 to 1921 The stockbroking frm of the same name was dissolved in April 1917 and transferred to a The business was wound-up in September 1921. 1921 to 1927 Isidore Ostrer set up the Lothbury Investment Corporation in 1919 and Ostrer Brothers Merchant 1907 to c.1945 He emigrated to South Sigismund Neumann was born in 1857 Bavaria, the son of a German Jew. Founding member of the Accepting Houses Committee Included in Bankers’ Return for 1945 1911 to 1937 Benjamin Newgass was a Liverpool banker who transferred his business to London. He had large Firm Nelke, Phillips & Co. Street,4 Moorgate London, EC By 1921 at : 9 Angel Court, London, EC Ostrer Brothers 4 Broad Street Place London EC From c.1925 : 25–31 Moorgate London EC Neumann, Luebeck & Co. 241 to 250 Salisbury House, London Wall, London, EC B. Newgass & Co. Ltd. 75 & 76 Lombard Street, London, EC (continued) 386 Appendix (continued) It was 142 141 140 144 In 1928 Knowles & Foster acquired the frm, but by the 1930s Manchester 143 initially as a manufacturing and trading house in India. Parry Murray withdrew from banking in 1920 to concentrate on merchanting London-based banking operation. It was operating as an accepting house at the outbreak of war in 1914 and was included in Bankers’ Return for 1914 century in the mercantile trade between the Levant and Europe with bases in several European and Mediterranean ports. In 1818, two brothers, John Stephen Ralli and Eustratio Ralli, established a frm in London. From 1826 it was based at 25 Finsbury Circus, where it remained for nearly 150 years to 1961 which In 1871 a branch was opened in New York, in 1851, and a Bombay branch ten years later. was closed down in 1931, and the business hitherto was done through an agent Brothers Limited. It became a public company in 1941, and 1959 was taken over by General Guarantee Corporation Limited. In 1969/70 it was acquired by Slater Walker operation was closed given a special advance which was repaid within two years, but by 1926 the frm was declared bankrupt. London. In 1960 the frm began distributing hand woven fabrics for furnishings Profle c.1800 to 1920 (withdrawal from banking) The company was established in the late eighteenth century by Thomas Parry and made its name 1846 to 1928 The frm commenced trading as a merchant in Manchester 1846, but by 1890 had added a In August 1922 it still owed the Bank of England £248,000 on pre-moratorium bills. 1818 to 1959 originally from the Greek island of Chios, was involved from the eighteenth The Ralli family, The frm traded in cotton goods, and a Manchester branch was opened 1827, Calcutta Ralli The frm remained a family partnership until 1931, when it became a private limited company, In 1937 John Robert Murray joined as a partner and registered Parry Murray as a company in Firm Murray & Co. Parry, 70 Gracechurch Street, London, EC Pinto Leite & Nephews Street,45 Moorgate London, EC Ralli Brothers 35 Finsbury Circus, London, EC (continued) Appendix 387 (continued) 146 151 152 150 148 The frm became a member of the Accepting Houses 149 147 Mainly a stockbroker that conducted banking business from 1870 145 different centres. was operating in Liverpool before that date. Originally merchant and shipbuilders, it developed a trading network across the , Europe and the Americas. By early nineteenth century most of the tea imported to Britain came through Rathbones Barings Crisis in 1890 private clients, charities and professional advisers H. Salomon & Co., which Rea Brothers in 1943. In 1950 it acquired the banking frm of Walter was established in London 1938. ist private client stockbroker Committee in 1969. It was acquired by Close Brothers in 1999 1859 to 1938 Founded 1859. Bankers and banking & discount agents Profle 1870 to 1983 Specialists in arbitrage or traffcking bills of exchange and currencies to take account of rates in 1742 to Present The earliest record of the Rathbone business dates from 1742, although it is likely that the business , a partner in 1864–1898, was Governor of the Bank England during Rathbone Brothers is now one of the UK’s leading providers of investment management services for 1919 to 1999 and McLennan Ltd was incorporated on 17 D ecember 1919. It adopted the name Rea, Warren In 1983 the banking business was sold to Frost Group, and the stockbroking continued as a special - Oldest discount house in London. Converted to a limited company in 1925 Business taken over by National D iscount from 25 July 1938 Limited Reeves, Whitburn & Co. Firm R. Rapheal & Sons 2 Austin Friars, London, EC Rathbone Brothers & Co. Royal Liver Building Pier Head Liverpool and McLennan Rea, Warren 3 St Helen’s Place London, EC (continued) 388 Appendix (continued) 153 and Belgian wool trade. It was a pre-moratorium acceptance debtor to the Bank of England. In support,1922, recognising the need for longer-term the frm was incorporated as a limited com - pany with the Bank of England taking £700,000 ordinary shares out of a total just under £1 million in settlement of the frm’s debt D eteriorating conditions in and Two. War and 1931 but managed to survive until World Belgium, and the call-up of some directors made winding-up inevitable Glyn Mills in 1946. The company was fnally dissolved 1964 the Bankers’ Return for 1914 Copsides became a partner. He was later accused of reckless fnancial business that led to the bankruptcyCopsides became a partner. of the frm in 1930, resulting from bad due from failed German and Italian trading partners one of Europe’s most powerful bankers in Europe. His sons started banking operations in the various capitals of Europe, including sending his third son, Nathan Mayer Rothschild, to England textile trading. He later moved to London, where he founded N.M. Rothschild & Sons in 1811, making a fortune in the government bonds market frm began a steady transition towards advisory work and securities issuance for commercial con - cerns. It continues in this role today 1872 to 1946 The accepting house A. Rüffer was founded in 1872 and specialised fnancing the Anglo-French The Bank of England’s shares were Rüffers held by the Securities Trust. sustained losses in 1930 liquidation came in 1941, and the little banking business that remained was transferredVoluntary to Profle 1830 to 1930 The frm was started in 1830 as merchants and bankers with interests in shipping. It was included 1811 to Present After 1925 the Rodocanachi family were no longer connected with the frm. In February 1929 D . N. In the late eighteenth century Mayer Amschel Rothschild rose to become and early nineteenth century, where he established a business in fnance and Nathan Mayer Rothschild frst settled in Manchester, the marked a change of fortune and emphasis for Rothschilds. After the War, War The First World A. Rüffer & Sons 39 Lombard Street, London, EC Firm Rodocanachi, Sons & Co. Palmerston House, 129 Old Broad St., London, EC N. M. Rothschild & Sons New Court, St Swithin’s Lane, London, EC (continued) Appendix 389 158 (continued) By that time 159 157 154 155 156 operated as trade and insurance agents in Japan, including Charles V. Sale. operated as trade and insurance agents in Japan, including Charles V. Frazer, Ltd., of Yokohama, a Company registered under Japanese law” Ltd., of Yokohama, Frazer, Return for 1907–1946, apart from 1912 and 1925 Kindersley as Governor in 1925 including the dealing of Governor and his firm. This inquiry was the result of charges Included in the Bankers’ Return of 1918–1921 partner. it was a limited company uring the First World War, Mr Sale and his firm made Mr Sale and his firm made War, made by Mr C. L. Nordon. D uring the First World very profits large by chartering ships and purchasing supplies on behalf of certain Allied Governments. This business continued to 1921. Although the committee was critical of it found “no want of good some of the actions board of the Hudson’s Bay Company, faith” Profle 1907–1946 (?) until 1903. From 1904 to 1907 Sale & Frazar Sale & Co. were foreign merchants in Yokohama 1915–1933 correspondents D ealers in Japanese and Municipal bonds. Frazer & Company were its New York In 1907 Sale & Co. was described in the Bankers’ Returns as the “London House of Sale and In the Post Offce D irectory for 1914, it was listed under Merchants—Japan. Included in Bankers’ Sale became D eputy Governor of the Hudson’s Bay Company in 1915, succeeding Lord Charles V. In 1930 a special committee of inquiry examined the affairs of the Hudson’s Bay Company, Believed to have been established in 1915 by Frederick Sale, merchant George banker and sole into voluntarily liquidation on 1 May 1933 when Alfred V Sale was chairman. Went The frm failed in 1965 with a defcit of £3.8m owed mainly to Japanese banks Firm Sale & Co. 21 Old Broad Street, London, EC From 1934 : 10 St. Swithin’s Lane, London, EC4 From 1939 : 226 Central Buildings, Southwark Street, London, SE1 G. Sale & Sons F. 20 Bishopsgate, London, EC2 (continued) 390 Appendix (continued) 164 160 162 161 163 in the rice trade, which were reinvested in developing oilfelds Borneo ing frm. Cotton and opium were the two commodities on which frm built its success & Co. The frm’s success in supplying Indian cotton as a replacement for American cotton during the civil war transferred the heart of the business to Britain. Branches were opened in Liverpool and Manchester He settled in England establishing textile mills and a wet dock in Bombay. nineteenth century, 1876 and was created a baronet in 1890. He was involved the formation of the Hong Kong & Shanghai Bank in 1865 and established a connection between the frm and the Imperial Bank of Persia with Royal D utch Petroleum Company in 1907 led to the resignation of Marcus Samuel from his eponymous frm which then ceased to manage Shell acquired (TSB) in 1987 by the Trustee Profle 1831 to 1965 The frm was highly successful in Far Eastern trade. In the early 1890s substantial profts were made 1858 to 1983 D avid Sassoon was born in Baghdad 1792. He moved to Bombay 1832 and established a trad - In 1858 D avid’s eldest son Sassoon avid was sent to London establish Another son, Albert Abdullah D avid Sassoon, further diversifed the frm’s interests in the late From 1897 the frm managed the Shell Transport & Trading Company. The amalgamation of Shell Company. From 1897 the frm managed the Shell Transport & Trading The old partnership was incorporated in 1920 In 1965 the frm with Philip Hill, Higginson, Erlangers to form merged Hill Samuel, which was The frm had its banking licence withdrawn by the Bank of England in 1983 Firm M. Samuel & Co. 25 & 27 Bishopsgate, London, EC David Sassoon & Co. Ltd. 12 Leadenhall Street, London, EC (continued) Appendix 391 165 - (continued) Asset management and related businesses now comprise the whole of Schroders 168 166 167 Schrobanco as it came to be known the frm specialised in issues for domestic clients and develops an important investment advisory side to its business business of the merchant frm. In 1952 it was registered in . In 1972 it merged with Wallace of the merchant frm. In 1952 it was registered with Wallace in the Bahamas. In 1972 it merged Brothers Sassoon Bank until 1974 when the name was Brothers under the title Wallace dropped Smith Barney. America, and outstripping the original frm. The two houses remained separate and rivals. Elias died in 1880, aged ffty-nine, in Colombo, Ceylon, while visiting tea plantations, and the business passed into the hands of his sons Jacob, Edward (1853–1924), Meyer (1855–1924), and D avid (1866–1938) avid Sassoon & Sons. Taking his eldest but three years later he resigned from D avid Sassoon & Sons. Taking manent deputy, son, Jacob (1844–1916), into partnership, he established a rival frm, E. D . Sassoon & Co., based in Bombay with offces in Shanghai, which carried on identical activities trading with the same centres as D avid Sassoon & Sons Profle 1867 to 1972 On the death of D avid Sassoon in 1864 Elias saw himself as his brother’s, Albert Sassoon’s, per 1818 to Present In 1818 J. Henry Schroder & Co. was established by Johann Heinrich Schröder. the J. HenryIn 1923 a frm Schroder was established in New York, Banking Corporation or In 1926 an investment department was created to develop the investment management activities of In 1962 Schroders & Co., a stock broking acquires frm Helbert, founded in 1823, which Wagg E. D . Sassoon Banking Co. was registered in Hong Kong 1930 to take over the banking interests In 2000 Citigroup acquired Schroders’ investment banking business to form Schroders Salomon It was soon competing signifcantly in opium and Indian yarn, opening offces in Europe, Africa, and Firm E. D. Sassoon & Co. 17 St Helen’s Place, London, EC India House, 73 Whitworth Street, Manchester J. Henry Schroder & Co . 145 Leadenhall Street, London, EC (continued) 392 Appendix (continued) 171 170 172 Founder member of the Accepting Houses Committee in 1914 169 istrar. It ceased business in 1945 istrar. Friedlander, a native of Germany, whose family had been a prominent name in banking a native of Germany, Friedlander, Friedlander himself had been the founder of frst since the middle of previous century. merchant bank to open in South Africa, and he had been named as chairman of the Johannesburg stock exchange. Friedlander’s background gave the young frm a strong boost into the growing London exchange forced to withdraw from the London exchange. Instead, Singer and Friedlander entered the bank - After taking on two new partners, Julius Sterning industry. and Max Ullmann, in 1923, the frm which incorporated in 1933 became the partnership of Singer & Friedlander, before reversing into Gilbert House Investments shortlyand Britannia Arrow, before the October 1987 crash and before regaining its independence Kaupthing Singer & Friedlander. It went into administration in 2008 Kaupthing Singer & Friedlander. affairs ran into trouble in 1925 and he went into receivership, although this was rescinded the He resigned from the frm at that time following year. 1878 to 1945 The frm was established in 1878, but from 1930 its activities were mainly confned of company reg - Profle 1864 to 1957 Established in 1864. 1923 to 2008 Julius Singer founded a stockbroking frm in London 1907. Singer was joined soon after by Ernst was possibly because of its ties with Germany, I disrupted trading, and the company, War World Singer & Friedlander was owned in succession by Bowrings, Marsh MacLennan, European Ferries Acquired by S. G. Warburg & Co. in 1957 Acquired by S. G. Warburg In August 2005 it was acquired bank in Iceland, and was renamed by Kaupthing Bank, the largest EdwardThe partner, Philip Andreae, was the brother of a Kleinworts’ partner His fnancial Sir E. Mackay Edgar joined the frm in 1907. He was former a Canadian stockbroker. Sperling & Co . Basildon House, Street,Moorgate London, EC Firm Seligman Brothers 18 Austin Friars, London, EC Singer & Friedlander 241/258, Salisbury House, London Wall, London, EC2 (continued) Appendix 393 (continued) 179 174 It is likely that he died in 176 He returned to America and the 173 D iscontinued business in 1964. 181 178 180 Other than this mention, there is little information available 177 175 tinental Europe. The outbreak of war gave rise to freeze in his business. Later he and other foreign-born Stock Exchange members were excluded from membership the frm. After the outbreak of war in 1914, he was publicly accused of disloyalty. He bore these the frm. After the outbreak of war in 1914, he was publicly accused disloyalty. insults for nine months, but in May 1915 he decided to act. He resigned his British honours in Herbertan open letter addressed Asquith. In late 1921 Crown to the Prime Minster, proceedings were undertaken against him. He was found guilty and an order issued under the Aliens Act to ensure that he would henceforth cease to be a British national. Frankfurt until the outbreak of war in 1914. Julius Stamm, but it is not known for how long or, indeed, if at all. Julius Stamm, but it is not known for how long or, mentioned in the memoirs of Lionel Fraser as one a number frms active after the war. Sir Albert Stern. 1938 frm Speyer Brothers was dissolved in 1922 c.1920 to 1929 (?) Julius Stamm was a stockbroker specialising in business with con - War, Prior to the First World Profle 1861 to 1922 Gustav Speyer established Brothers in London 1861. His son Edgar Speyer took over 1834 to 1964 The London frm was established in 1834 and worked closely with the family frms in Paris and The partnership with Eugene Bolton was dissolved in 1929 and the business continued solely by Like Singer & Friedlander, J. Stamm & Co. became a merchant bank after the war. The frm was J. Stamm & Co. became a merchant bank after the war. Like Singer & Friedlander, Member of the International Financial Society issuing consortium in 1863. Sir Edward Stern was also a director of Midland Bank and was succeeded in that role by his cousin, Recorded as an Authorised D epositary in 1954. J. Stamm & Co. 38 Throgmorton Street London EC Later at : 20 Copthall Avenue London EC Firm Speyer Brothers 7 Lothbury, London, EC Stern Brothers 6 Angel Court, Bank, London, EC (continued) 394 Appendix (continued) 184 183 182 business of Firth & Co. It later expanded into Burma and formed The Bombay Burmah Trading Corporation Ltd. in 1863 America oil, but later in Russian oil for the Far East. It withdrew from this trade by the end of century Amendment Act, 1916, directing the business of frm to be wound up initially involved in foreign exchange and securities, but later moved into commercial banking services frm lost heavily in the secondary banking crisis in 1973–1975. In 1981 Charterhouse Japhet acquired Keyser Ullmann Brothers Sassoon Bank Ltd. In 1976 the company was acquired by Bank after losses during the secondary banking crisis 1848 to 1976 taking on the & Co. was established in 1848 as an East India merchant based in Bombay, Wallace Brothers had entered into oil transportationIn 1878 Wallace and distribution initially in North 1909 to 1917 with the Enemy made an Order under the Trading On 11 June 1917, the Board of Trade Profle 1932 to 1962 The frm was formed It was in 1932 by Max Ullmann, a former partner in Singer & Friedlander. In 1962 the frm merged A. Keyser & Co. Limited to become Keyser, Ullmann Limited. The new In 1962 the frm A. Keyser & Co. Limited to become Keyser, merged Brothers with E. D . Sassoon Banking Co. Ltd. to form & Co. Ltd. merged Wallace In 1972 Wallace Wallace Brothers & Co. Ltd. Wallace 4 Crosby Square, London, EC E. von der Heydt & Co. 6 Austin Friars, London, EC 2 Firm Ullmann & Company Ltd. Building, 4 London Wall London, EC2 From 1936 : 85 Gracechurch Street London EC (continued) Appendix 395 (continued) 186 191 188 Presumably the losses sustained led to liquidation and Jacob 190 187 The Industrial Guarantee Corporation’s business was motor car hire purchase 189 In 1937 Siegmund Warburg invited In 1937 Siegmund Warburg to become his partner in the recently 185 Co. Star & British D ominions Insurance Co. Ltd. were appointed to a Committee of Inspection with the Offcial Receiver to examine the Industrial Guarantee Corporation, which had been put into liquidation. formed merchant bank. In 1946 the frm was renamed S. G. Warburg & Co. formed merchant bank. In 1946 the frm was renamed S. G. Warburg and was large scale. It had unsuccessfully fought a case against the Corporation of Lloyds arising and was large from a defaulting underwriter. Houses Committee in 1959 foated off in April 1987 1995 it was acquired by the , becoming SBC Warburg name had been dropped D illon Read. By 2002 the Warburg Warburg Wasserman was a creditor Wasserman was voluntarily would-up due to diffculties with its business in Greece Profle 1934 to 1995 & an affliate of Amsterdam-based Warburg Company, Established in 1934 as the New Trading 1924(?) to 1931(?) Included in the Bankers’ Returns for 1926–1931 inclusive A. RüfferIn 1925 representatives of Jacob Wassermann, & Sons, M. Samuel Co. and the Eagle In 1957 Seligman Brothers were acquired. This acquisition resulted in membership of the Accepting It had a very Mercury successful investment management subsidiary, Asset Management, which was & Co. became one of London’s leading merchant banks until the mid-1990s. In S. G. Warburg with U.S. investment bank D illon, Read & Co. to create was merged In 1997, SBC Warburg In 1931 Jacob Wassermann was the Chairman of the Anglo-Aegean Bank Commerce Ltd., which In 1931 Jacob Wassermann Firm & Co. S. G. Warburg 35 King William Street London, EC4 Jacob Wassermann 165–167 Moorgate, London, EC2 (continued) 396 Appendix Walter Walter 193 (continued) 192 Accessed 4 November 2011 Accessed 4 November 2011 . . branch was opened by his partner Edwin Schumacher in 1865. By 1914 the Russian frm had become a wide-ranging investment group with interests in sugar refning, paper milling, metals and chemicals. The London frm was a leading merchant bank with capital of c.£1m Ffennell became a partner in Guinness Mahon & Co. 1923 and the London frm was gradually absorbed by it Profle 1865 to 1923 of Frankfurt, and the London & Co. was founded in Moscow 1839 by M. Wogau Wogau D uring the Russian Revolution, Bolshevists confscated assets of frm. Heirs, Vol. I (1951), p. 67 Hunt, Heirs, Vol. , 23 September 1960 (Aldershot, 2001), p. 63; The Times British Banking: A Guide to Historical Records John Orbell and Alison Turton, Economy, 1830–1996 (Oxford, 1998), p. 229 Company in the World Mira Wilkins The Free-Standing and Harm Schröter, , 18 October 1912 Financial Times , 23 JanuaryThe Times 1923 5 March, and 16 April 1921 , 30 D ecember 1920; 18 January, Financial Times British Banking (2001), pp. 288–290 Orbell and Turton, , 16 September 1963 The Times http://www.s-asian.cam.ac.uk/barlowje.html http://www.s-asian.cam.ac.uk/barlowhs.html Firm & Co. Wogau 4 Eastcheap, London EC , 13 MarchThe Times 1928 . Accessed 16 October 2011 http://www.ntz.info/gen/n01289.html#id03414 London Gazette , 20 February 1914; 27 February 1920; 26 February 1926; 26 February 1932 London Gazette , 1 November 1932 , 9 November 1927 The Times , 1 July 1921 The Times . Accessed 10 October 2009 www.arbuthnotlatham.co.uk/ourhistory.aspx , 10 D ecember 1981 The Times (London, 1951), p. 45 I, 1851–1901 and Company Limited—Volume Williamson The History Adventure: Hunt. Heirs of Great of Balfour, Wallis (continued) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Appendix 397 The Rise of Merchant Banking (Aldershot: 1992), pp. 147–149 Stanley Chapman, The Rise of Merchant , 25–26 July 1919; 21 October 1919 The Times , 19 November 1915 The Times Banking (1992), p. 133 Chapman, Merchant , 6 April 1926 The Times British Banking (2001), p. 103 Orbell and Turton, , 13 April 1914 The Times , 1 November 1928 The Times , 16 July 1932 The Times , 1 October 1932 The Times , 20 FebruaryThe Times 1953 (London, 1961) & Company Limited 1810–1960 Jourdain Blyth, Greene, Augustus Muir. All to the Good (London, 1963), p. 32 Lionel Fraser. W. http://thepeerage.com/p8343.htm . Accessed 8 July 2012 London Gazette , 1 July 1919 Afternoon, 12 May 1921 , p. 147; The Times L. E. Jones, Georgian , 29 August 1923 The Times , 10 October 1924 The Times TNA, BT 31/36065/201577, Companies Registration Offce: Files of D issolved Companies, Company No: 201577, Arthur H. Brandt and Company British Banking (2001), p. 239 Orbell and Turton, , 16 September 165; 1 May 1975. Margaret Reid, The SecondaryThe Times Banking Crisis, 1973–1977: Its Causes and Course (London, 2003), p. 98 British Banking (2001), pp. 128–130 Orbell and Turton, . Accessed 6 January 2012 http://www.scotsconnection.com/clan_crests/Guthrie.htm , 14 May 1928; 5 MarchThe Times 1929; 25 June 1930 Banking (1992), pp. 54, 80 Chapman, Merchant . Accessed 30 October 2011 http://www.closebrothers.co.uk/history.aspx A Brief History of Close Brothers (London, 1995), p. 10 Vaizey, Wendy London Gazette, 29 February 1924 Close Brothers (1995), p. 11 Vaizey, Ranald Michie, The London Stock Exchange: A History (Oxford, 1999), p. 109 , 13 June 1922 The Times . Accessed 15 October 2011 http://www.encyclopedia.com/doc/1G2-2506300065.html . Accessed 15 October 2011 http://www.aim25.ac.uk , 9 D ecember 1932; May 1934; 30 April 1935; 3 June 1936 The Times 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 398 Appendix = News&fle article&sid = 115 November%202012.pdf ; http://www.grayshott-archive.org.uk/modules.php?name oxforddnb.com/view/article/32793 . Accessed 11 November 2012 , 7 JanuaryThe Times 1937 , 15 MarchThe Times 1958 , 5 May 1923 The Times , 25 October 1923 The Times London Gazette , 2 January 1903 , 1 JanuaryThe Times 1909 StoryThe Gateways: H. L. Slater, Laporte,of 1888–1988. Available at: http://www.catalyst.org.uk/download/Historical/Laporte%20History%20 DictionaryJohn Orbell, ‘Stein, Sir Edward Adolphe Sinauer de (1887–1965)’, Oxford of National Biography (Oxford, 2004). Available at: http://www. , 15 MarchThe Times 1958; 10 February 1960; 4 November 1965 Banking (1992), p. 133 Chapman, Merchant , 14 Mar 1907; 6 October 1908 The Times 30, No. 2 (1988), pp. 195–218 Ranald Michie, ‘ D unn, Fischer & Co. in the , 1906–1914’, Business History , Vol. , 12 JanuaryThe Times 1965 , 20 JanuaryThe Times 1932 London Gazette , 21 September 1934 , 7 JanuaryThe Times 1944 AJR Information , June 1968 Banking (1992), p. 59 Chapman, Merchant , 30 JanuaryThe Times 1970 Banking (1992), p. 133 Chapman, Merchant , 9 April 1980 The Times http://gilliat1.50megs.com/custom.html . Accessed 13 June 2011 . Accessed 10 October 2009 www.arbuthnotlatham.co.uk/ourhistory.aspx https://grace.com/en-us/history/Pages/grace-history.aspx Bank: A ShortIvy Frances Jones, The Rise of a Merchant History of Guinness Mahon ( D ublin, 1974), p. 38 London Gazette , 27 April 1923; BoE, C48/26, D iscount Offce Files, Guinness Mahon, Letter from H. S. Guinness to M. Norman, 20 April 1923 , 28 April 1923 The Times , 8 D ecember 1972 The Times London Gazette , 8 March 1867 1 , p. 547 A Monetary HistoryForrest …, Volume Capie, Alan Webber, of the , 1870–1982: Data Sources , 14 D ecember 1934 The Times Fraser (1963), p. 77 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 Appendix 399 . Accessed 2 June 2015 D eichmann in 1894 Genealogical Pub. Co., 1994) = 16837&inst_id 118&nv1 browse&nv2 = sub . Accessed 8 October 2011 http://www.aim25.ac.uk/cgi-bin/vcdf/detail?coll_id , 15 MarchThe Times 1875 , 3 D ecember 1912; 5 1913; 1 April 1915 The Times , 25 April 1919 The Times , 22 June 1923 The Times , 6 May 1924 The Times London Gazette , 21 February 1925 , 31 D ecember 1925 The Times London Gazette , 5 October 1962 Banking (1992), p. 60 Chapman, Merchant British Banking (2001), p. 464 Orbell and Turton, , 1 July 1890 The Times Ullmann Limited , 17 September 1962, ProspectusThe Times of Keyser, . Accessed 22 October 2011 http://www.businesshistory.com/ws_merch_banks.php , 25 JanuaryThe Times 1910 , 7 April 1917 The Times London Gazette , 22 March 1929 , 11 JanuaryThe Times 1971 Merchant Banking (1992), p. 60 Chapman, Merchant http://www.schroders.com/global/about-schroders/schroders-overview , 9 June 1950 The Times , 12 JanuaryThe Times 1965 , 12 JanuaryThe Times 1965 . Accessed 24 March 2013 http://archiver.rootsweb.ancestry.com/th/read/BRITISH-JEWRY/2005-10/1129417352 Banking (1992), p. 51 Chapman, Merchant , 29 June 1923; 15 September 1932 The Times , 19 August 1924; 5 FebruaryThe Times 1929 , 25 September 1931. BrunoD eichmann & Co. was established in 1858, but suspended payments 1931. See: The Times Schröder married Emma (Baltimore: For details of the de Bunsen family see: Marquis of Ravigny and Raineval, The Plantagenet Roll the Royal Blood: Mortimer-Percy Volume , 15 November 1929 Times The New York Banking (1992), p. 133 Chapman, Merchant Bank of England, NA 12 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 109 109 110 111 112 113 114 115 116 117 400 Appendix Oxford Dictionary - Oxford Biography (Oxford,National of 2004) http://www.oxforddnb.com/view/arti , Pursuant to S. Res. 84 and S. Res. 56 and S. Res. 97, Res. S. and 56 Res. S. and 84 Res. S. to Pursuant , [the US Senate] Committee on Banking and Currency Hearings Before operations of .’ D ate of Release: 18 July 2005. Available at: http://www.bankofengland.co.uk/publications/foi/disc050718.htm 1932–1941 (Pecora Committee) cle/48090 . Accessed 2 March 2013 Margaret Reid, The Secondary Banking Crisis, 1973–1975: Its Causes and Course (London, 1982), p. 167 . Accessed 6 November 2011 http://www.thisismoney.co.uk/money/news/article-1514498/Bermuda-bank-buys-Leopold-Joseph.html Bank of England, D S/UK/51 . Accessed 15 March 2014 http://www.lazard.com/about-lazard/history/ 8 May 1944 Brand Papers, File 199, Memorandum to Chancellor of the Exchequer, Bodleian Library, Bank of England, Freedom of Information D isclosures:of Treasury ‘Committee Minutes of 17, 18 and 21 July 1931 which refer to the Bank’s support Banking (1992), pp. 144–146 Chapman, Merchant Power: Barings, 1762–1929 (London, 1988), p. 272 The Sixth Great Philip Ziegler, British Banking (2001), pp. 125, 319 Orbell and Turton, , 1 April 1927 The Times Practices, Exchange Stock British Banking (2001), pp. 354–355 Orbell and Turton, , 14 MarchThe Times 1921; 8 April 27 July 1921 Banking (1992), p. 47 Chapman, Merchant Banking (1992), p. 205 Chapman, Merchant Cassis, City Bankers 1890–1914 (Cambridge, 1994), pp. 40–41 Youssef London Gazette , 17 April 1917; 30 September 1921 1890–1914 (London, 1995), p. 337 II: Golden Years D avid Kynaston, The City of London: Volume Mira Wilkins, The History Investment in the United States to 1914 (Cambridge, MA, 1989), p. 477 of Foreign London Gazette 12 November 1937 Isidore (1889–1975)’, ‘Ostrer, Robert Murphy, London Gazette , 15 November 1927 Hilton Brown, Parry’s of Madras: A Story of British Enterprise in India (Madras, 1954), p. 212 . Accessed 8 October 2011 http://www.parrymurray.co.uk/ TNA, T160/998, Advances on pre-Moratorium Bills, Arrangements after 31 August 1922, Letter from 23 July 1924 Harvey to Treasury, , 10 April 1926 The Times 1828–1948 (London, 1948), p. 86 Kavanagh, The History of Knowles & Foster, Ted Banking (1992), p. 47 Chapman, Merchant Banking (1992), p. 60 Chapman, Merchant Stanley D . Chapman, Raphael Bicentenary 1787–1987 (London, 1987), p. 46 . Accessed 6 June 2015 http://www.rathbones.com/ 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 Appendix 401 . Accessed 2 June 2015 Oxford Dictionary Oxford National Biography (Oxford,of 2004). Available at: http://www.oxforddnb.com/ Dictionary Oxford National Biography (Oxford,of 2004). Available at: http://www.oxforddnb.com/ pp. 49–53 view/article/58221 . Accessed 10 March 2013 view/article/58221 . Accessed 10 March 2013 , 10 October 1960 The Times , 9 JanuaryThe Times 1912 , 7 August 1925 The Times , 23 July 1938 The Times BoE, D S/UK/32 . Accessed 27 June 2011 http://www.meiji-portraits.de/meiji_frms_s.html London Gazette , 18 February 1907 , 1 October 1915; 29 June 1943 The Times , 29 September 1965 The Times , 23 JanuaryThe Times 1920 London Gazette , 5 May 1933 Company, 1853–1927 (London, 1960), Bearsted and Founder of the ‘Shell’ Transport and Trading Robert Samuel , First Viscount Henriques, Marcus Samuel (1960), p. 495 Henriques, Marcus 3 October 1987 The Guardian, c. 1830–1961)’, ‘Sassoon Family ( per. Serena Kelly, 30 August 1983 The Times, c. 1830–1961)’, ‘Sassoon Family ( per. Serena Kelly, Geoffrey Jones, British Multinational Banking 1830–1990 (Oxford, 1993), p. 412 http://www.schroders.com/global/about-schroders/schroders-overview 19 January Times, 2000 New York 1964), p. 49 Seligman & Co. 1864–1964 (New York, …: The Story of J. & W. Ross L. Muir and Carl J. White, Over the Long Term 5 April 1957 The Times, 23 August 2004 The Financial Times, 18 October 1945 The Times, Scapegoat, Spy? (London, 2013), loc. 2105 Traitor, Anthony Lentin, Banker, Michie, London Stock Exchange (1999), pp. 156–159 All to the Good (London, 1963), pp. 68–69 Fraser, Lionel W. London Gazette, 12 February 1929 20 D ecember 1938 The Times, 3 JanuaryThe Times, 1966 Banking (1992), p. 133 Chapman, Merchant 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 402 Appendix 27 JanuaryThe Times, 1934 London Gazette, 21 D ecember 1954 Ullmann Limited 17 September 1962, ProspectusThe Times, of Keyser, Brothers (1974), pp. 26–28 Pointon, Wallace 8 D ecember 1976 The Times, (London, 2010), p. 90 of Siegmund Warburg High Financier: The Lives and Time Niall Ferguson, The Independent, 12 June 1999 5 April 1957; 12 June 1959 The Times, , November 13, 2002 The Daily Telegraph London Gazette, 7 April 1925 1 May 1924 The Times, London Gazette, 20 November 1931 I (Cambridge, 1992), pp. 244–245 War Enterprise in Britain: From the to World Stanley Chapman, Merchant 22 October 1926 The Times, 180 181 182 183 184 185 186 187 188 189 190 191 192 193 Index

A Arthur H. Brandt, 16, 17, 28, 91, Accepting Houses Committee, 5, 90, 118, 130, 131, 300, 303, 304, 91, 111, 151, 196, 292, 336, 321, 365 392. See also AHC A. Rüffer & Sons, 17, 121, 122, 388. Addis, Charles, 141 See also Rüffers AHC, 5, 16, 17, 90, 97, 102, 111, ASAB, 146, 209, 211, 214, 289–291, 117, 118, 128, 158, 196, 216, 294 218, 292, 295, 296, 303, 307, 320, 336–339, 342, 343, 345 Aitken, Max. See Beaverbrook, Lord B A. Keyser & Co., 333, 334, 379 Baldwin, Stanley, 124 Anglo-American, 2, 7, 10, 22, 69, 81, Balfour of Burleigh Committee, 152, 87, 164, 176, 180, 181, 215, 159 262, 292, 318, 355 Balfour of Burleigh, Lord, 50, 52 Anglo-Persian Oil Company. See Balfour Committee, 254, 271, 274 APOC Balfour, Williamson & Company, 5, Anglo-South American Bank, 146, 264, 285, 287, 311–313, 315, 209, 214, 289, 357. See also 331, 344, 362 ASAB Balogh, Thomas, 65, 207, 234, 270 Antony Gibbs & Son, 5, 373. See also Bankers Industrial Development Gibbs Company. See BIDC APOC, 293, 319 Bank of England, 3, 25, 42, 70, 73, Arbuthnot, Latham & Co., 14, 96, 97, 82, 84, 101, 102, 110, 125, 212, 285–287, 307, 312, 313, 132, 134, 139–142, 156, 157, 315, 316, 332, 339, 354, 362 170, 189, 195, 203, 205, 206,

© The Editor(s) (if applicable) and The Author(s), 403 under exclusive licence to Springer Nature Switzerland AG 2018 B. O’Sullivan, From Crisis to Crisis, Palgrave Studies in the History of Finance, https://doi.org/10.1007/978-3-319-96698-4 404 Index

215–219, 231, 243–246, 253, 278, 291, 294, 297, 299, 300, 275, 291, 318, 321, 329, 354, 303, 319–321, 329, 334, 335, 356, 363, 388, 399, 400. See also 338, 343, 346, 356–358 BoE BOLSA, 144, 209, 291, 314 Bank of London and South America, Bombay Burmah Trading 144, 209, 331. See also BOLSA Corporation, 296, 394. See also Bank of Montreal, 56, 59 BBTC Bank, 23, 63, 143–145, 156, Bonn & Co., 95, 97, 365 237, 255, 339 Boulton Brothers, 16, 28, 50, 72, 96, Baring Brothers, 22, 45, 97, 103, 157, 97, 103, 365 215, 363, 384. See also Barings Brand, Robert H., 82, 191, 192, 256 Barings, 1–4, 10, 11, 15, 18, 22, 24, Britannia Arrow, 338, 339, 342 42–44, 48–51, 53, 55, 57, 62, British Airways, 263 68–70, 84, 95, 128, 145, 149, British Bank for Foreign Trade, 50, 157, 175, 180, 183, 189, 192, 152. See also BBFT 193, 195, 197, 198, 209, 216, British, Foreign and Colonial 229, 234, 238, 252, 313, 329, Corporation, 128, 261 333, 340, 342–345, 348, 400 British Italian Corporation. See BIC Barnato, Barney, 291 British Merchant Banking and Barnato Brothers, 5, 292, 364 Securities Houses Association, BBFT, 152 339 BBTC, 297, 298 British Overseas Bank, 7, 14, 17, 145, Beaverbrook, Lord, 47 191, 211, 287–291, 302, 315, Beecham Trust, 262, 275 359, 378, 382. See also BOB Benson, Robert, 53, 151 British Shareholders’ Trust Ltd., The, BFCC, 261, 262 261. See also BST BIC, 151, 152 British Thomson-Houston. See BTH BIDC, 236, 237, 244, 245 British Trade Corporation, 150. See Big Bang, 59, 341, 342, 345 also BTC Birch Crisp, Charles, 50, 52, 71, 72 Brown Shipley, 4, 52, 56, 87, 171, Blyth, Greene, Jourdain & Co., 285, 175, 308–312, 322, 323, 354, 331, 332, 365 366 BOB, 145, 146, 152, 154, 211, 213 BST, 261 BoE, 3, 7, 12, 16, 17, 19, 29, 42, 43, BTC, 150–152, 154 48, 56, 57, 59, 64, 67, 69, 72, BTH, 266 82, 84, 90, 92, 93, 97, 110–116, 118–121, 123–134, 140, 141, 143–148, 150–155, 157, 159, C 170, 174–177, 183, 191, Canadian Agency, 48, 71 192, 194–196, 199, 202–214, CEB, 265 216–218, 231–234, 236, 240, Central Electricity Board, 233, 265. 241, 243–246, 253, 257, 269, See also CEB Index 405

Chalmers, Guthrie & Co., 16, 263, Dawes Plan, 176, 177, 183 264, 272, 300, 304, 367, 372 Dawnay Day & Co., 6, 263, 270, 272, Chamberlain, Austen, 50 329, 333–335, 369 Chaplin, Milne, Grenfell & Co., 48, 367 De Havilland Aircraft Company, 263 Charterhouse, 128, 268, 278, 337, 338 Dent Palmer & Co., 119, 126, 370 Charterhouse Japhet, 335, 337, 379, de Pury, Gautschi & Co., 17, 370 394 Deregulation of UK fnancial markets City Revolution. See Big Bang in 1986. See Big Bang Clearing banks, 3, 9, 12, 16, 19, 62, Derenburg & Co., 86 68, 127, 139–147, 149–151, , 148, 157, 158, 165, 153–155, 163, 174, 202, 293, 343 209, 212, 225–227, 232–238, Docker, Dudley, 27, 149, 158, 274, 240–242, 252, 254–256, 288, 275 291, 335, 339, 345, 356–359. See Dunlop, 260, 262 also Joint-stock banks Dunn, Fischer & Co., 48, 371 C.J. Hambro & Son, 153. See also Dunn, Sir James, 48 Hambros Close Brothers, 5, 24, 263, 272, 276, 354, 368, 397 E Colwyn Committee, 142 EAC, 239, 244, 246, 278 Committee on Commercial and Economic Advisory Council. See EAC Industrial Policy after the War, Edgar, E. Mackay, 48 1918. See Balfour of Burleigh E.D. Sassoon & Co., 52, 285, 336, Committee 391 Committee on Industry and Trade, Edward de Stein & Co., 128, 233, 1929. See Balfour Committee 263, 266, 272, 333, 369, 371 Compagnia Italo-Britannica, 151 Erlangers, 56, 59, 200, 229, 263, 271, Compania de Salitre de Chile. See 290, 333, 372, 376 COSACH E. von der Heydt & Co., 93, 394 Company Law Amendment Committee, 1918, 257, 274 COSACH, 294 F Courtaulds, 260, 261 Falk, Oswald Toynbee, 304, 372 Creditanstalt, 147, 201, 210 Faringdon Committee, 148, 149 Crown Agents, 56, 336 Farrer, Gaspard, 53, 145, 149, 157 Cull & Co., 6, 15, 17, 368 FBI, 151 Cunliffe Brothers, 97, 302, 369, 373 Federation of British Industries. See Cunliffe, Lord, 97, 141, 142 FBI First World War, 1, 2, 9–11, 15, 26, 41, 65, 67, 69, 81, 82, 89, 93, D 97, 99, 101, 109, 110, 129, 141, Danatbank, 201 147, 154, 163, 164, 167, 169, David Sassoon & Co., 285, 390 170, 182, 215, 266, 286, 289, 406 Index

292, 293, 296–298, 305, 317, H 320, 330, 355–357 Hambro, Everard, 84, 98, 153 F.G. Sale & Sons, 306 Hambro, Olaf, 197 Forres, Lord, 264, 265, 311, 314 Hambros, 2, 24, 49, 65, 98, 103, 198, Fraser, Lionel, 29, 95, 393, 397 210, 211, 218, 229, 329, 334, Frater Taylor, James, 240, 246 340, 341, 345, 346 FRBNY, 29, 156, 182 Harrisons & Crosfeld, 287, 317 Fred. Huth & Co. See Huths Hatry, Clarence, 201, 235 Fredk. Huth & Co. See Huths Helbert Wagg, 5, 15, 47, 97, 263, Freedom of Information, 16, 218, 266, 268, 272, 276, 333, 375 318, 400 Higginson, Lee, 201 Frühling & Goschen, 15, 91, 92, 97, Higginsons, 56, 59, 158, 237, 262, 373 263, 266, 268, 271, 272, 276, FSA, 69 376 Hill Samuel, 6, 128, 333, 334, 338, 342, 345, 372, 376, 390 G Hire purchase, 231–233, 335 Gibbs, 14, 15, 24, 83, 285–287, 291, HofC, 72, 73 293–295, 308, 312, 319, 322, Holden, Edward, 140, 141 332, 339 Horstman & Co., 17, 91, 112, 117, Global Bang, 342 118, 377 Globalisation, 7, 9, 21, 25, 26, 28, 41, House of Morgan. See J.P. Morgan & 70, 73, 82, 183, 219, 320 Co.; Morgan Grenfell Glyn Mills, 5, 53, 146, 235, 252 HSBC, 23, 51, 52, 289, 339 Goldman Sachs, 47 Hudson’s Bay Company, 17, 305, 321 Goschen, Kenneth Huen, 145 Huth Jackson, Frederick, 64, 65, 67, Goschens & Cunliffe, 129, 145, 195, 73, 74, 92, 125, 148, 191 212, 213, 230, 239, 287, 289, Huths, 64, 90, 96–98, 119, 123–126, 300, 302–304, 315, 321, 369, 146, 148, 155, 175, 176, 191, 373 195, 212, 300, 302, 304, 313, Goschen, William Henry Neville, 145 315, 378 Grace Brothers, 310, 374 Grenfell, Arthur, 48, 71, 96 Grenfell, Edward, 94, 153, 170, 191, I 292 ICI, 260, 261 Grenfell, Riversdale, 29, 48, 71, 103 Imperial Chemical Industries. See ICI Gresham Trust, 268 Imperial & Foreign Corporation, 50 Grindlays Bank, 336 Guggenheim Brothers, 294 Guinness Mahon, 15, 24, 97, 98, 123, J 129, 296, 302, 320, 321, 329, Japhets, 12, 47, 53, 198, 200, 208, 332, 342, 346, 374, 398 212, 269, 337 Index 407

Japhet, Samuel, 93, 208 L Jardine Matheson. See Mathesons Ladenburgs, 114–118, 126, 378, 381 Jarvie, J. Gibson, 231 Lazard Brothers, 218, 333. See also J.C. im Thurn & Sons, 17, 115, 116, Lazards 130, 229, 377, 378. See also Lazard Frères, 209 Thurns Lazards, 16, 55, 67, 82, 97, 153, 164, J. Henry Schroder Banking 174, 191, 195, 199, 209, 218, Corporation. See Schrobanco 256, 261, 263, 266, 341, 345, Joint-stock banks, 2, 7, 9, 10, 18, 42, 357, 382, 400 43, 49, 57, 59, 62–66, 68, 87, LCC, 236 139, 207, 208, 288, 355, 360 LCMB, 49, 63 J.P. Morgan & Co., 10, 169, 182, LCWB, 52, 55, 57, 59, 63, 66, 113, 294, 348 114, 119, 143, 149, 151 Leopold Joseph & Sons, 6, 329, 336, 381 K LETB, 152 Keith, Sir Kenneth, 334, 338 Lever Brothers, 260, 261, 275 Keynes, John Maynard, 84, 86, 87, LFBC, 118 100, 140, 156, 203 L. Hirsch & Co., 5, 376 Keyser Ullmann, 333–335 Lindenberg, Paul, 208, 217 Kidder Peabody, 10, 192, 193, 209, Lloyd George, David, 82, 92, 100– 216 102, 111, 129, 214 Kidder-Peabody Acceptance , 11, 23, 49, 52, 55, 57, Corporation, 175 63, 143, 144, 149–151, 156, Kindersley, Robert, 67, 89, 153, 164, 235, 244, 256, 274, 291, 331, 174, 175, 191, 196, 197, 216, 339 218 LMB, 121–123, 195, 198–200, 208, Kleinwort Benson Limited, 333, 364, 218 380 London Underground, 252 Kleinworts, 7, 12, 47, 91–93, 98, 113, 129, 165–167, 180, 195, 199, 202, 207, 209, 211, 212, 228, M 232, 238, 243, 269, 286, 340, Macmillan Committee, 23, 67, 74, 343, 345, 353, 364, 380 89, 102, 164, 174, 181, 183, Knowles & Foster, 300, 318, 321, 196, 197, 203, 204, 216, 217, 332, 380, 386, 400 227–229, 231, 239, 242, 243, König Brothers, 91, 124, 378, 381. 245, 255, 267, 274, 278 See also Königs Mathesons, 289, 296–298, 315, 383 Königs, 124–126 Mercantile Credit, 233, 243, 244 Kuhn Loeb, 51, 59, 94, 169, 170 Metal Box Company, 260–262 408 Index

Midland Bank, 49, 140, 149, 156, P 174, 227, 235, 255, 256, 258, Panmure Gordon, 51 267, 339 Parr’s Bank, 49, 51, 150, 156, 158, Mildred, Goyeneche & Co., 2, 118, 217 126, 132, 384 Parsons Committee, 276, 277 M.M. Warburg, 169, 182 Peacock, Edward R., 48, 234, 237, Montagu, Samuel. See Swaythling, 240 Lord Pearsons, 209 Morgan Grenfell, 10, 13, 15, 24, Philip Hill, Higginson, Erlangers Ltd., 26, 27, 103, 104, 159, 170, 333, 372, 376 175, 191, 192, 195, 209, 210, Philip Hill & Partners, 6, 329, 376 215, 218, 232, 238, 240, 246, Pilkington Brothers, 260 266, 272, 278, 292, 294, 295, Pinto Leite & Nephews, 17, 118, 131, 310–312, 318, 319, 323, 340, 299, 380, 386. See also Pintos 343, 345, 348, 384 Pintos, 118, 299, 300, 304, 315 Morgan, J.P., 15, 94, 141, 153, 169, 170, 182, 192, 309, 311, 348 M. Samuel & Co., 51, 59, 158, 195, R 197, 229, 230, 292, 293, 312, 390 Radcliffe Committee, 23 Ralli Brothers, 5, 15, 285, 298, 299, 307, 320, 330, 331, 334, 346 N Raphaels, 5, 24, 53, 72, 266, 400 National Provincial Bank, 11, 145, Revelstoke, Lord, 50, 69, 71, 84, 193, 149, 150, 156, 239 238 Neumann Luebeck & Co., 5, 292, Ridpath, Guy, 238, 245 385 Robert Benson Lonsdale & Co. Ltd, N.M. Rothschild & Sons. See 5, 71, 266, 269, 272, 333, 364, Rothschilds 380 Nordwolle, 201 Robert Fleming & Co., 6, 246, 269, Norman, Montagu, 18, 83, 87, 337, 341, 345, 372 110, 114, 119–121, 123, 125, Rothschild, Nathan Meyer, 64 145, 146, 150, 176, 177, 191, Rothschilds, 2, 10, 11, 15, 18, 42–44, 201–203, 208, 212, 218, 231, 53, 54, 56, 57, 65, 83, 147, 157, 232, 234–236, 238–240, 268, 176, 192, 193, 195, 210, 213, 269, 294, 299–301, 304, 329, 240, 269, 287, 292, 293, 313, 333, 398 318, 329, 333, 340, 342, 353, Nugent, Christopher, 90, 142, 143, 156 354, 388 R. Raphael & Sons, 5, 53. See also Raphaels O Rüffers, 122, 123 Ostrer Brothers, 263, 264, 272, 385 Index 409

S Speyers Sale, Charles V., 305 . See also 95 Sale & Co., 17, 18, 51, 285, 287, Standard Chartered Bank, 317, 320, 305–307, 332, 389 336 Samuel Dobrée & Sons, 2, 126, 371 Standstill, 206, 210–213, 218 Samuel, Marcus, 51, 72, 293, 319, Stock Exchange, 53, 67, 85, 86, 94, 401 103, 140, 238, 254, 275, 277, Samuel Montagu & Co., 12, 95, 334, 397, 400, 401 339, 384 Strong, Benjamin, 16, 90, 102, 140, 169 SCB, 320, 321 Swaythling, Lord, 334, 379 Schrobanco, 10, 15, 175, 199, 213 Szarvasy, F.A., 128, 262, 276 Schroders, 2, 10–13, 15, 24, 26–28, 47, 48, 52, 55, 57, 71, 91–93, 98, 103, 119, 120, 130, 132, T 155, 157, 165, 166, 175, 176, T.H. Allan & Co., 308, 362 181, 183, 192, 193, 195, 197– Thomas Barlow & Brother, 96, 313, 200, 207, 209, 212, 216–219, 314, 316, 331, 363 232, 240, 243, 266, 269, 278, Thurns, 116–118, 130 295, 319, 329, 333, 340, 341, TNA, 15–17, 19, 28, 29, 72, 74, 344–346, 353, 354, 391 101–103, 112, 113, 129–134, Schuster, Felix, 140, 170 156–158, 181, 183, 215, 217, Secondary banking crisis, 317, 331, 218, 242, 244, 246, 274, 277, 335–338 278, 306, 320, 321 Second World War, 1, 21, 123, 287, Trade Facilities Act, 1921, 153, 192, 297, 298, 329–331, 340, 344, 265 345, 358 Turner Review, The, 25, 69 Seligman Brothers, 12, 191, 338, 392 S.G. Warburg, 6, 329, 338, 392, 395 Shell Transport & Trading Co., 51, U 72, 293, 319, 401 UDT, 231–233, 243 Singer & Friedlander, 5, 94, 339, 342, 347, 392 S. Japhet & Co., 5, 379. See also V Japhets Vassar-Smith Committee, 271, 274 Slater, Jim, 338 Slater Walker, 331, 338, 339 S. Pearson & Sons. See Pearsons W Sperling & Co. See Sperlings Wallace Brothers, 14, 28, 210, 218, Sperling Combine, 24, 238, 242, 245 285, 287, 289, 292, 296, 297, Sperlings, 238, 266, 392 299, 302, 315, 317–321, 336, Speyer Brothers, 54, 94, 383, 393. See 391, 394, 402 also Speyers Wallace Brothers Sassoon Bank, 317, Speyer, Edgar, 54, 94, 103, 252 336, 391, 394 410 Index

Wall Street, 9, 25, 100, 194, 200, 354 Wm. Brandts, 48, 65, 92, 336, 338, Warburg, Paul, 169 339 Warburg, Siegmund, 13, 28, 402 Wm. Brandt’s Sons, 4, 15, 48, 49, Weir Committee, 265, 277 195, 336, 366. See also Wm. Wernher Beit & Co., 291, 376 Brandts , 11, 22, 52, 66, Wogau & Co., 97, 295, 296, 298, 101, 113, 143, 156, 158, 202, 299, 320, 321, 374, 396 207, 217, 275, 304 Wood, Charles Frederick, 145 Wheeler, Arthur, 128, 268, 269 Williamson, Archibald. See Forres, Lord Y Williamson Committee, 264, 277 Young Plan, 194, 216 W. Ladenburg & Co. See Ladenburgs Yule Catto, 15, 312, 323