By Marten Gerbertus Buist
The atmosphere for this research is mirrored within the sub-title 'Merchant bankers and diplomats at paintings. ' the purpose is to stick to the companions of their many and numerous actions: of their courting in the direction of one another, of their contacts with different homes and of their attitudes in the direction of executive of ficials. furthermore, the writer has tried to teach the causes for his or her advertisement and monetary activities, the place those have been discernible. some extent of departure resembling this means that the surviving correspondence consti tutes the relevant resource of knowledge. Quantitative info are integrated, 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 components. The introductory bankruptcy, which incorporates an abridged historical past of wish & Co. as much as 1815, is meant for these whose curiosity within the topic is of a extra normal nature. within the related bankruptcy, a few major subject matters comparable to the expansion of international loans within the Nether lands and the method consistent with se of issuing loans are mentioned, and at tention is dedicated to a few of the issues of alternate and to the query no matter if wish & Co. could be considered 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 extraordinary po sition which wish & Co. occupied at that time.
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Additional resources for At Spes non Fracta: Hope & Co. 1770–1815
This is illustrated by the great Russian conversion of 1798, which embraced a number of loans to the Republic of Poland, its ruler and several Polish magnates, on which neither interest nor principal had been paid for many years. By buying up the bonds prudently and in good time, the partners of Hope & Co. made a huge profit. According to the agent of Prussia, Niebuhr, the partners admitted having made six million guilders, but he believed that the true sum was considerably greater.! The Spanish loan of thirty million guilders floated in 1807 similarly afforded opportunities for speculative profit on the conversion of old, lowpriced Echenique bonds.
In 1789, fear of a financial debacle in France initially produced reticence on the part of the investors, but when the anticipated catastrophe failed to materialize a relative glut of funds existed, because much had remained uninvested.
The role of an issuing house lay in bringing the parties together through the medium of a loan. The task of actually mobilizing capital in Holland, however, did not fall to the issuing house, but to other, usually smaller, houses which were concerned with selling the bonds. A special broker was in turn engaged to induce these houses to subscribe a given portion of the loan sum-a form of underwriting as we now know it in the world of marine insurance. The names of Ten Kate, Volckmar and Berck, who fulfilled this role, appear on numerous occasions in connexion with the loans issued by Hope & Co.
At Spes non Fracta: Hope & Co. 1770–1815 by Marten Gerbertus Buist