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Studentthesis-Michele Blagg 2013 This electronic thesis or dissertation has been downloaded from the King’s Research Portal at https://kclpure.kcl.ac.uk/portal/ The Royal Mint Refinery, a Business Adapting to Change, 1919-1968 Blagg, Michele Awarding institution: King's College London The copyright of this thesis rests with the author and no quotation from it or information derived from it may be published without proper acknowledgement. END USER LICENCE AGREEMENT Unless another licence is stated on the immediately following page this work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International licence. https://creativecommons.org/licenses/by-nc-nd/4.0/ You are free to copy, distribute and transmit the work Under the following conditions: Attribution: You must attribute the work in the manner specified by the author (but not in any way that suggests that they endorse you or your use of the work). Non Commercial: You may not use this work for commercial purposes. No Derivative Works - You may not alter, transform, or build upon this work. Any of these conditions can be waived if you receive permission from the author. Your fair dealings and other rights are in no way affected by the above. Take down policy If you believe that this document breaches copyright please contact [email protected] providing details, and we will remove access to the work immediately and investigate your claim. Download date: 07. Oct. 2021 This electronic theses or dissertation has been downloaded from the King’s Research Portal at https://kclpure.kcl.ac.uk/portal/ The Royal Mint Refinery, a Business Adapting to Change, 1919-1968 Title: Author: Michele Blagg The copyright of this thesis rests with the author and no quotation from it or information derived from it may be published without proper acknowledgement. END USER LICENSE AGREEMENT This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. http://creativecommons.org/licenses/by-nc-nd/3.0/ You are free to: Share: to copy, distribute and transmit the work Under the following conditions: Attribution: You must attribute the work in the manner specified by the author (but not in any way that suggests that they endorse you or your use of the work). Non Commercial: You may not use this work for commercial purposes. No Derivative Works - You may not alter, transform, or build upon this work. Any of these conditions can be waived if you receive permission from the author. Your fair dealings and other rights are in no way affected by the above. Take down policy If you believe that this document breaches copyright please contact [email protected] providing details, and we will remove access to the work immediately and investigate your claim. THE ROYAL MINT REFINERY, A BUSINESS ADAPTING TO CHANGE, 1919-1968 Michele Blagg King’s College London PhD Abstract The thesis charts the business history of the Royal Mint Refinery (RMR), a bullion refinery operated by the London merchant bank, N M Rothschild & Sons, between 1852 and 1968. Through analysis of business records key events that changed the trading direction of the operation are identified: increased international competition, innovations and technological breakthroughs, diversification and expansion into light engineering, evolving administrative systems and management styles, changes in employer and worker relations, and the sale of the enterprise- set against a backdrop of international financial crises, two world wars, decolonisation and Britain’s changed relationship to Empire gold. Gold is a commodity like no other; in the twentieth century gold held a unique position at the heart of international relations and financial flows in monetary systems around the world. Rothschild assumed an administrative monopoly of the London gold market; as agents to the Bank of England, Chair of the London Gold Fixing and the Bank’s varied business portfolio, which included a myriad of international investments. Ownership of RMR complemented and reinforced this position. Rothschild, through its connection to the refinery, gained access to and control over Empire gold, which in 1914 accounted for 70 per cent. of world output; the majority of which was shipped to London and treated at the Rothschild refinery. The ‘RMR’ brand was internationally recognised and accepted by Central Banks and private investors as good delivery. The profitability of the operation reflected the strong global demand for gold by jewellers, industrial sectors and investors; gold was considered a safe haven especially in times of economic crises or war. Post-1945 London’s decline as a financial centre affected the future of RMR and the operation diverted into light engineering. The thesis links past with present; it charts the rise and fall of the operation and Rothschild’s pursuit of profitability. The copyright of this thesis rests with the author and no quotation from it or information derived from it may be published without the prior written consent of the author. 2 Contents Abstract ..................................................................................................................................... 2 Contents ..................................................................................................................................... 3 List of Figures ........................................................................................................................... 4 List of Tables ............................................................................................................................. 5 List of Abbreviations ................................................................................................................. 6 Acknowledgements ................................................................................................................... 7 Chapter 1. Introduction ........................................................................................................ 8 Chapter 2. The early years at Royal Mint Street, 1852-1938. ............................................ 25 Chapter 3. The legacy of World War 1, 1919-1924 ........................................................... 58 Chapter 4. A Dull Period? 1925-1931 ................................................................................ 84 Chapter 5. “Gold Rush”, 1931-1936. ............................................................................... 111 Chapter 6. The Shadow and Impact of World War 2, 1937-1944 ................................... 142 Chapter 7. Work, Food & Houses, 1944-1949 ................................................................. 194 Chapter 8. The End of the Rainbow, 1950-1974 ............................................................. 232 Chapter 9. Conclusion ...................................................................................................... 269 Appendix 1. Rothschild Partners: London House ............................................................. 280 Appendix 2. Managers: Royal Mint Refinery, 1852-1968 ................................................ 282 Appendix 3. Gold Weights ................................................................................................. 283 Appendix 4. Estimated World Gold Production, 1887-1968 ........................................... 284 Bibliography .......................................................................................................................... 285 3 Table of Figures Figure 1. ‘The Royal Mint, London’ .......................................................................... 26 Figure 2. ‘RMR Insurance Plan, 1927’ ...................................................................... 35 Figure 3. ‘RMR, consignment of Indian Gold for treatment, 1933’ .......................... 43 Figure 4. ‘RMR, Gold being cast into bar under a gas flame, 1933’ .......................... 45 Figure 5. ‘RMR Gold Bars ready for sale, 1933’ ....................................................... 45 Figure 6. ‘RMR Refined Gold Bar, 1933’ ................................................................. 49 Figure 7. ‘RMR Loading Gold into van, 1933’ ......................................................... 49 Figure 8. ‘RMR Workforce 1905’ ............................................................................. 54 Figure 9. ‘RMR: Example of Employee declaration, 1935’ .................................... 133 Figure 10. ‘RMR Canteen Kitchen and Bathroom’ .................................................. 147 Figure 11. ‘RMR Workman's flat’ ............................................................................ 164 Figure 12. Bank of England ‘Roof Spotter’s Guide’. ............................................... 166 Figure 13. ‘RMR Canteen and Serving counter, 1937’ ............................................ 173 Figure 14. ‘RMR Canteen Menu, 1944’ ................................................................... 178 Figure 15. ‘RMR British Industries Fair, 1952’ ........................................................ 217 Figure 16. ‘RMR Senior Staff, 1952’ ........................................................................ 233 Figure 17. ‘The Royal Mint Refinery, 1952’ ............................................................ 234 Figure 18. ‘RMR Gold plated wires, 1950s’ ............................................................. 246 Figure 19. ‘RMR Engineering, Ticket Machine’ ...................................................... 251 Figure 20. ‘RMR Engineering Lipstick
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