THE GLOBAL EXPORT OF CAPITAL FROM GREAT BRITAIN,

Transcription

1 THE GLOBAL EXPORT OF CAPITAL FROM GREAT BRITAIN,

2 The Global Export of Capital from Great Britain, A Statistical Survey Irving Stone Professor of Economics and Finance Baruch College City University of New York

3 First published in Great Britain 1999 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representati ves throughout the world A cata1ogue record for this book is avai1ab1e from the British Library. ISBN ISBN (ebook) DOI / First pub1ished in the United States of America 1999 by ST. MARTIN'S PRESS, INC., Scholar1y and Reference Division, 175 Fifth Avenue, New York, N.Y ISBN Library of Congress Cataloging-in-Publication Data Stone, Irving, The global export of capital from Great Britain, : a statistical survey I Irving Stone. p. cm. Includes bibliographical references and index. ISBN (cloth) I. Investments, British-Statistics-History-19th century. 2. Investments, British-Statistics -History-20th century. I. Title. HG4538.S '.042-dc Irving Stone 1999 CIP Softcoverreprint of the bardeover 1st edition All rights reserved. No reproduction, copy or Iransmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or Iransmitted save with wri tten permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources I 00 99

4 To the memory of Daniel Jesse Stone

5 Contents List of Tables viii Preface and Acknowledgements xi I Summary of Findings 1 Pre-1914 British Foreign Investment: Recipients and Composition 3 2 Pre-1914 British Capital Market and British Capital Exports 6 3 Regional Capital Flows in British Foreign Investment 19 4 British Capital Exports: An Overview 28 II Statistical Tables 1 Major Recipients of British Capital Exports, Annual Data, Ranking Tables - Major Recipients of British Capital Exports During Five-year Periods, by Broad Industrial Group, Security Composition of British Capital Exports, By Broad Industrial Group, Special Summaries 404 Appendices A Original Jenks-Simon Sources B Simon's Methodology Select Bibliography vii

6 List of Tables 1 British capital exports, United States, British capital exports, Canada, British capital exports, Argentina, British capital exports, Australia, British capital exports, India, British capital exports, South Africa (total), British capital exports, Brazil, British capital exports, Russia (total), British capital exports, New Zealand, British capital exports, Mexico, British capital exports, Japan, British capital exports, China, British capital exports, Egypt, British capital exports, Chile, British capital exports, France, British capital exports, Rhodesia, British capital exports, Turkey (total), British capital exports, Italy, British capital exports, Austria-Hungary, British capital exports, Peru, British capital exports, Spain, British capital exports, Uruguay, British capital exports, Cuba, British capital exports, Germany, British capital exports, Greece, British capital exports, Europe, British capital exports, North America, British capital exports, South America, British capital exports, Africa, British capital exports, Asia, British capital exports, Latin America, British capital exports, Independent Nations, British capital exports, British Empire, British capital exports, Grand Total, Ranked recipients of British capital exports, by broad industrial group, Government-Total, viii

7 List of Tables IX 36 Ranked recipients of British capital exports, by broad industrial group, Government, Colonial and Provincial, Ranked recipients of British capital exports, by broad industrial group, Government, National, Ranked recipients of British capital exports, by broad industrial group, Railways- Total, Ranked recipients of British capital exports, by broad industrial group, Railways- Foreign, Ranked recipients of British capital exports, by broad industrial group, Public Utilities, Ranked recipients of British capital exports, by broad industrial group, Financial, Ranked recipients of British capital exports, by broad industrial group, Raw Materials, Ranked recipients of British capital exports, by broad industrial group, Industrial and Miscellaneous, Ranked recipients of British capital exports, by broad industrial group, Private, Ranked recipients of British capital exports, by broad industrial group, Grand Total, Security composition of British capital exports, by broad industrial group, Government, Security composition of British capital exports, by broad industrial group, Railways-Total, Security composition of British capital exports, by broad industrial group, Public Utilities, Security composition of British capital exports, by broad industrial group, Financial, Security composition of British capital exports, by broad industrial group, Raw Materials, Security composition of British capital exports, by broad industrial group, Industrial and Miscellaneous, Security composition of British capital exports, by broad industrial group, Shipping, Security composition of British capital exports, by broad industrial group, Private, Security composition of British capital exports, by broad industrial group, Grand Total,

8 X List of Tables 55 Number of countries and colonies participating in the British capital market, by broad industrial group, Composition of British capital exports within each fiveyear period, by broad industrial group, (percentage distribution) Major regions of British mining investment, (percentage distribution) British investment in overseas manufacturing, Distribution of British overseas capital calls, by continent, Industrial composition of British capital calls to each continent, Major recipients of British capital exports, ranked, Industrial composition of British capital exports to the ten major recipients, (percentage distribution) Distribution of capital calls, by type of security, fifteen major recipients, Industrial composition of capital calls by climatic-ethnic region, (percentage distribution) Industrial composition of capital calls within each climatic-ethnic region, (percentage distribution) Distribution of interest rates- debentures, Major recipients of British capital exports within the British Empire,

9 Preface and Acknowledgements The study is based upon original data on British capital exports in the form of capital calls made during the period collected by Leland H. Jenks and Matthew Simon. At a later stage of the research, Simon was assisted by Harvey H. Segal. All three are deceased. Leland H. Jenks is, of course, well known as a pioneer writer on the history of British foreign investment. His scholarship and lucid style were truly distinguished. Matthew Simon, recognized for his work on the United States balance of payments in the nineteenth century, was an expert not only on the balance of payments but had a wide knowledge of the history of British foreign investment. His enormous capacity for work was not diminished by long periods of serious illness. I am deeply indebted to two colleagues at Baruch College for their invaluable assistance. Professor Ashok Vora, whose command of programming for the main frame computer made possible the tabulations necessary for this study. Professor Andrew Lavender has my gratitude for his rigorous editing. I must also express my appreciation to my research assistants for their painstaking assistance: Arlene Sosanie, Mickey W ohl, Alejandra Leon and Albert Murphy. At various stages of the research, the National Science Foundation (award SOC ), the Social Science Research Council, the American Council of Learned Societies and the Research Foundation of the City University of New York provided essential financial support. IRVING STONE xi