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British Marketing Enterprise: The Changing Roles of Merchants, Manufacturers, and Financiers, 1700–1860

Published online by Cambridge University Press:  11 June 2012

Stanley D. Chapman
Stanley D. Chapman
Affiliation:
Pasold Reader in Textile History, University of Nottingham
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Abstract

The Industrial Revolution, the Napoleonic Wars, the American Revolution, and our emergence as an independent trading nation all worked profound changes upon the British marketing enterprise, but it is an oversimplification, according to Dr. Chapman, to conclude that manufacturers quickly or entirely replaced traditional British merchant banking houses even down to World War I. He develops three phases of a long-drawn-out process of change that served Britain's needs poorly throughout the nineteenth century.

Type
Research Article
Information
Business History Review , Volume 53 , Issue 2: Featured: Early Commercial Aviaton , Summer 1979 , pp. 205 - 234
Copyright
Copyright © The President and Fellows of Harvard College 1979

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References

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20 John Scholes, “Foreign Merchants in Manchester, 1780–1870,” MS Manchester P.L.; Wilson, R. G., Gentlemen Merchants (1971), 19–23Google Scholar, for earlier settlements.

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22 Gilpin, vol. 4 (Liverpool). B. H. Tolley, American Trade, 67–68, 72–73. Scofield, M. M., “The Virginia Trade of the Firm of Sparling & Bolden of Liverpool, 1788–99,” Trans. Hist. Soc. Lanes, & Chesh., CXVI (1964).Google ScholarHeywood, B.A., Observations … on the Banking System (1812) 36–37.Google Scholar

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26 S. C. on Manufacturers, P.P., 1833, VI, p. 23 (ev. of L. Loyd, banker). R. G. Wilson, Gentlemen Merchants, Ch. 6.

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29 D. S. Landes, Bankers and Pashas (1958) Ch. 1 for a lively sketch and good bibliography of Continental finance houses. R. Hidy, House of Baring, Ch. 1. Perkins, E. J., The House of Brown (Harvard, 1975)Google Scholar Ch. 1. Chapman, S. D., “Foundation of the English Rothschilds,” Textile History, VIII (1977).Google ScholarDietz, A., Frankfurter Handelsgeschichte (Frankfurt, 1925), IV (1), 331 ff.Google ScholarS.C. on Manufacturers, 1833, ev. of Timothy Wiggin, p. 119, of Gabriel Shaw of Thos. Wilson & Co., p. 94, of Wiggin, pp. 119–120, and Ewart, pp. 251–252. Bank of England Committee of Treasury Minute Books, XXII (1837–8), ev. of Joshua Bates of Barings. MC letters, F. J. Oliver, March 12, 1836, McAuby November 9, 1836, etc.

30 Bank of England Birmingham letters, January 29, 1835. This important source is subsequently cited as B. of E., followed by initials for the town series, as Lp (Liverpool), M (Manchester), Le (Leeds).

MC letters, C. J. Weber (Bourdeaux) May 15, 1836. Gille, B., La Maison Rothschild (Geneva, 1965), I, 403.Google Scholar

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31 S. C. on Manufacturers, 1833, pp. 314, 317, 319. MC letters, Andrew Tennant, December 14, 1836. B. of E. M Ltr Bks, V (1845), 143.

32 V. Nolte, Fifty Years in Both Hemispheres; or Reminiscences of a Merchant's Life (1854). Quotations from pp. 86–90, 282–283, 264–265. See also M. G. Buist, At Spes non Fracta, Ch. 1.

33 Montgomery, J., Theory and Practice of Cotton Spinning (Glasgow, 1836), 254.Google Scholar

34 [Evans, D. M.] The City; or the Physiology of London Business (1845), esp. 102–103, 173–174.Google Scholar For the north, see e.g. John Gladstone sponsored Gillanders, Ogilvy & Co. in 1824 (S. G. Checkland, The Gladstones, 181–182), while the Peels sponsored Peel, Bellairs & Co. (B. of E. M Ltr Bks V [1845], 163). Brandt Circulars, Nottingham University Library (bound volumes of printed circulars sent to Wm. Brandt & Sons, 1829–1914). MC letters, G. D. Blackie of Philadelphia, August 2, 1836. See appendix for ten examples of this practice.

35 Hodgson & Robinson letter books, Rylands Library, Manchester (unlisted). The letter quoted is dated October 30, 1840. B. of E. Lp Ltr Bks, I (1840), 55. See below for Fieldens. Gibbs, J. A., The History of Antony & Dorothea Gibbs (1922), esp. 384, 451.Google Scholar Gibbs Mss., 1823–5 ledger, Guildhall Library Ms 11,053/3a.

36 B. of E. B'ham Ltrs, January 22, 1827.

37 B. of E. B'ham Ltrs, January 29, 1827.

38 B. of E. B'ham Ltrs, February 7, 1827 and Brandt Circulars, 1835 for Chances. B. of E. B'ham Ltrs, February 19 and March 18, 1827; This appears to be the same family of Walkers as that noted above (Note 21) trading in Leghorn in the 1790s. B. of E. B'ham Ltrs, January 1, March 30, and October 1, 1827, B. of E. Le Ltrs, March 28, 1832.

39 Addis, J. P., The Crawshay Dynasty (Cardiff, 1957), 98–99.Google ScholarElsas, M., ed., Iron in the Making: Dowlais Iron Co. Letters (Glamorgan, 1960), 120–128.Google ScholarJohn, A. H., The Industrial Development of South Wales (Cardiff, 1950), 125.Google Scholar

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41 Chapman, S. D., “The International Houses,” Journal of European Economic History, VI (1977).Google Scholar

42 A. Tripathi, Bengal Presidency, 230–238. M. Greenberg, British Trade and … China, 37–38. S. C. on Commercial Distress, P. P., 1848, p. 118. Preston Bank “Character Book,” entries for “Indian houses,” Lanes. R.O. B. of E. Lp Ltr Bks V (1844), 6, VIII (1847), 58. Twenty houses were listed in 1844, twenty-six in 1847.

43 Williams, D., “Liverpool Merchants and the Cotton Trade, 1820–50,” in Harris, J. R., ed., Liverpool and Merseyside (1969).Google Scholar B. of E. Lp Ltrs, November 24, 1827, October 20, 1829, for further details on U.S. connections of leading firms. [C. Brogan] Finlay & Co., p. xvii. S. G. Checkland, Gladstones, 30–31. Evid. of Joshua Bates of Barings, B. of E. Committee of Treasury Books, XXII (1836–7), 112–121. In the clothing districts of the West Riding, U.S. and German agents bought directly from small manufacturers in the cloth halls, B. of E. Leeds Ltrs September 16, 1832. Bigger W. R. manufacturers might deal directly with correspondents of, commission agents in Liverpool.

44 For Holfords see B. of E. M Ltrs, August 5, 1829, November 20, 1830, February 11, 1832, and G. A. Brown's Ms. Diary, L'pool P. L. The firm had a capital of £200,000 in 1830. For De Jersey & Co. see B. of E. M Ltrs May 3, 1828 and Ltr Bks VI (1847), 147. B. of E. M Ltr Bks III (1842), 319, VI (1847) 165.

45 “Statement and Calculation relating to the Works,” Finlay MSS., Glasgow University. Ledgers in Birley MSS., Rylands Library, Manchester. [Anon.,] Fortunes made in Business, I (1887). B. of E. Lp Ltr Bks I (1840), 55, M Ltrs December 10–12, 1839.

46 Records of Horrocks, Miller & Co., trade letters 1818–48, Lanes. R.O. DDHs 78–80. MC letters, Box 2H. Thompson & Chippendall ledgers Lanes. R.O. CYC 3/46. B. of E. Lp Ltr Bks IV (1843), 71. Sigsworth, E. M., Black Dyke Mills (Liverpool, 1958), 290 ff. MC letters, January 25, 1836, Haynes & Cook. B. of E. M Ltr Bks.Google Scholar

47 M. G. Buist, At Spes non Fracta, 39. V. Nolte, Reminiscences, 276–277 and 308–309. B. of E. Lp Ltrs November 24 and 30, 1827, Jeremiah Thompson went bankrupt in 1827.

48 Chapman, S. J., The Lancashire Cotton Industry (Manchester, 1904), 135–140.Google ScholarAllen, G. C., The Industrial Development of Birmingham and the Black Country (1929), 344–354.Google ScholarThe Times, January 17, 1906 (Horrockses). Pigott, S., Hollins, , A Study of Industry (Nottingham, 1949), 103–109.Google ScholarBritish Trade Journal, June, July 1887 (Tootals). Sel. Comm. on Trade Marks Bill, Parl. Papers, 1862, XII, passim. Records of T. M. M. Ltd., details from Terence Rath.

49 See, Collins, M., The Bank of England and the L'pool Money Market, (Ph.D. thesis, London, 1972)Google Scholar, for a fuller treatment.

50 Palmerston's Survey, 1848–50, P.R.O. FO 83/111, 115. Details assembled in S. D. Chapman, “The International Houses.”

51 Worthington Reports, P. P., 1889, XCVI. Wallace, D. Mackenzie, Russia (1877), I, 277.Google Scholar