By Marten Gerbertus Buist

The surroundings for this learn is mirrored within the sub-title 'Merchant bankers and diplomats at paintings. ' the purpose is to persist with the companions of their many and numerous actions: of their dating in the direction of one another, of their contacts with different homes and of their attitudes in the direction of executive of­ ficials. additionally, the writer has tried to teach the explanations for his or her advertisement and fiscal activities, the place those have been discernible. some degree of departure similar to this suggests that the surviving correspondence consti­ tutes the central resource of knowledge. Quantitative info are incorporated, yet inside this framework their position is subsidiary. simply because this ebook is meant for numerous different types of readers, it's been divided into 3 elements. The introductory bankruptcy, which includes an abridged background of wish & Co. as much as 1815, is meant for these whose curiosity within the topic is of a extra common nature. within the similar bankruptcy, a couple of major subject matters similar to the expansion of international loans within the Nether­ lands and the method according to se of issuing loans are mentioned, and at­ tention is dedicated to a couple of the issues of alternate and to the query no matter if desire & Co. will be seen as retailers or as bankers. In end, an impact is given of the half performed by means of Amsterdam as a monetary centre throughout the Napoleonic period and of the very unparalleled po­ sition which desire & Co. occupied at that time.

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And Hope & Co. on the other, and succeeded thus in avoiding overdependence on either. 4 With the French invasion, the flow of capital diminished and interest rates gradually rose. In I802 Portugal succeeded in obtaining a loan at 5 %, but by I805 Spain had to pay 51 %, as she was again obliged to in THE FAMIL Y AND THE FIRM 1807. In that year, the loans for Naples and the Kingdom of Holland were issued at 6 %, although this was purely nominal since the takeover price was of the order of 90. If the issuing house and the entrepreneurs succeeded in selling bonds at a higher price, the profit was theirs-a speculative element which certainly possessed attractions.

Thus, the Company's code of ethics and its business interests compelled it to stand up for the bondholders in all cases where the payment of interest or principal was imperilled. To this end, partners in the firm, or their confidential agents, made repeated visits to Russia and other distant places, primarily in order to defend the interests of bondholders. During the history of the Portuguese loan, no effort was spared to safeguard the interest and principal instalments, while in the case of Spain these payments were financed for as long as possible from the proceeds of the Mexican silver transaction.

2 Henry Hope had continued to hope for a peaceful settlement of the conflict. 'We are at present enjoying a large measure of peace locally, and we console ourselves with the thought that the issues between the provinces will soon be settled, in one way or another, without influencing the safety of the individual or the peace of Europe,' he wrote to his correspondent in Marseilles, Councler, on 30th August. ' The stagnation of trade was an extremely hard blow, particularly as far as the cochineal speculation was concerned, and a Franco-British war could have incalculable consequences.

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