Paper for presentation at Economic History Society Annual Conference, 28-30 March 2008, University of Nottingham Britain and the end of the first globalization: ‘financial crisis’, contagion and the British financial system authors



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notes:


1931 figures at date closest to inception of Standstill

1939 figures at date closest to outbreak of war


n/a = not available

1 = May 1932

2 = Westminster Foreign Bank exposures were taken over by its parent, Westminster, in 1935 (RBS, WES/1174/187)

3 = August 1938

4 = end-1937 (deposits held with German banks)

5 = combined total of acceptances only for German, Austrian and Hungarian Standstill agreements

6 = figures at ‘Spring 1932’

7 = 1937


8 = frozen deposits of Hamburg office

Table 2: Acceptances of some leading merchant banks (£m)





1920

1925

1930

1932

1938



















Kleinwort, Sons & Co.

15.9

17.6

17.5

10.3

7.8

J. Henry Schroder & Co.

7.8

13.9

11.5

7.8

11.4

Hambros Bank Ltd.

7.7

10.1

10.9

5.5

4.2

Baring Brothers & Co. Ltd.

3.7

10.0

5.5

3.5

2.6

S. Japhet & Co. Ltd.

n/a

4.8

6.4

2.8

4.4

Erlangers Ltd.

n/a

n/a

4.1

2.5

3.2

Morgan Grenfell & Co.

1.6

1.6

3.9

1.3

2.3

source: Roberts, 1992, p. 188, Table 7.2, and p.267, Table 9.3

notes: acceptances outstanding at 31 December, except Hambros: 31 March following year

Table 3: Overall German Standstill debt exposures
Table 3a: Overall British exposure to German Standstill debt, 1931-39


date

total credit lines £m

bank utilisation £m

commercial and industrial utilisation £m













31 July 1931

64.7

n/a

n/a

30 September 1932

59.6

36.3

14

31 December 1932

58.3

35.6

13.4

1 March 1933

54.1

32.9

12.5

15 December 1933

54.0

31.6

12.1

31 December 1934

50.2

31

10.4

31 December 1935

49.2

33.6

10

31 December 1936

45.8

31.7

9.4

1 November 1937

41.8

30.4

8.8

31 August 1938

38.2

28.9

7.4

28 February 1939

36.1

27.3

6.8

source: Forbes, 2000, p.193, Table 7


Table 3b: British and American exposures to German Standstill debt, 1931-39


date

UK

%


USA

%


total Standstill debt (RM million)













15 July 1931

23.9

37.1

4,390

31 March 1932

23.2

44.2

3,841

28 February 1934

28.6

28.3

2,528

30 September 1934

30.8

26.6

2,140

28 February 1935

31.3

26.1

1,961

30 September 1935

36.6

26.3

1,644

28 February 1936

39.0

26.5

1,567

30 September 1936

43.8

25.8

1,330

28 February 1937

48.2

28.6

1,165

28 February 1938

53.4

25.7

970

28 February 1939

57.4

25.2

806

note: columns ‘UK’ and ‘USA’ show percentage of total credit lines under German Standstill agreements provided by UK and US lenders respectively


source: Forbes, 2000, p.193, Table 8
Table 4: British Banks, 1928-39: Support Operations, Significant Losses and Failures





date

amount of support (£000s)

amount of loss (£000s)

support provided/ loss suffered by

source



















Anglo International Bank

1927-43

1,000

1,600

BoE

Jones, 1993, pp. 230-1



















Anglo-South American Bank *

1931-6

5,000-8,500

4,568 total, of which BoE 2,351
800

c. 500


c. 500

BoE and Big Five excluding Lloyds

Westminster

Barclays)

Midland)


Jones, 1993, pp. 240-2;

Sayers, 1976, pp. 263-7


RBS, WES/1177/96

Holmes and Green, 1986, p.186




















Banca Italo-Britannica/British-Italian Corporation

1929-30

5,100
250



3,861 to 5,347

1,080
250




Lloyds, National Provincial, Westminster

Lloyds
BoE




Jones, 1993, pp. 231-4
Winton, 1982, pp. 57-9; Lloyds, Winton research file ‘Investments’

Sayers, 1976, pp. 261-2






















Barings (A): New York loss, collapse of L.C. Gillespie & Sons

1928




300

Barings

Orbell, 1985, p.79



















A.H. Brandt & Co. (A): wound-up

1930










Diaper, 1986, p.73



















British Overseas Bank **

1938

1,000

750


250

300

BoE)

National Provincial)

Union Bank of Scotland)


Jones, 1993, pp. 243-4











c. 400

William’s Deacons

William’s Deacons, 1971, p.161

Cox & Co. †

1929

900 BoE guarantees

267

BoE

Jones, 1993, p.240; Sayers, 1976, p.242

Glyn, Mills +


































Goschens and Cunliffe (A): ‘disappeared’













Roberts, 1992, p.265



















Hambros (A)

1932

100




BoE

Kynaston, 1999, p.359; Sayers, 1976, p.531



















Hatry fraud

1929-38




330

621


289

700


Barclays

Lloyds


Westminster

Kleinwort, Sons & Co.



Tuke and Gillman, 1972, p.37

Winton, 1982, p.59-62

RBS, WES/1177/96

Wake, 1997, p.241





















Higginson & Co. (A)

1932

340




BoE

Kynaston, 1999, p.360; Sayers, 1976, p.531



















F. Huth & Co. (A) **

early 1930s




1,000

BoE

Jones, 1993, pp. 243-4; Sayers, 1976, p.270



















Kleinwort, Sons & Co. (A)

1931
1939

3,250 (repaid by Sept. 1932)

1,000 (repaid 1940)






Westminster
Westminster

Diaper, 1986, p.69
Diaper, 1986, p.71



















Lazard (A): fraud in Brussels office

July 1931

3,500 (repaid over seven years)

6,000


BoE)

Lazard)


Kynaston, 1999, p.228; Sayers, 1976, pp. 530-1

Lazard (A): ‘problems in Paris’

1932

2,000




in equal shares: BoE and National Provincial

Kynaston, 1999, p.360



















Lloyds and National Provincial Foreign Bank

1931-9

1,500 guarantees/ payments to recapitalise




Lloyds, National Provincial

Lloyds, LBI/14, 2072

Jones, 1993, p. 143





















J. Henry Schröder & Co. (A)

1936

1939


1,000 (repaid)

1,000





Westminster)

Westminster)



Roberts, 1992, p.266



















Williams Deacon’s #

1929-38

4,000 max.

3,212

BoE

Sayers, 1976, p.258


















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