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Miguel A. López-Morell University of Murcia Rothschild investments in Spain, 1856-1930 Foreign Financial Institutions & National Financial Systems 7-8.

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Presentación del tema: "Miguel A. López-Morell University of Murcia Rothschild investments in Spain, 1856-1930 Foreign Financial Institutions & National Financial Systems 7-8."— Transcripción de la presentación:

1 Miguel A. López-Morell University of Murcia Rothschild investments in Spain, Foreign Financial Institutions & National Financial Systems 7-8 June 2013 Warsaw, Poland European Association for Banking and Financial History (EABH) e.V.

2 Empire in decadence Political instability Rothschilds in Spain. A hazardous context: A Global investment project in a risky country 1800: 20.0 Million km : Million km 2

3 Spanish national budget,

4 Empire in decadence Political instability A weak economy Rothschilds in Spain. A hazardous context: A Global investment project in a risky country 1800: 20.0 Million km : Million km 2

5 Foreign Investments in Spain. Debates: Pessimists (Sánchez Albornoz, Nadal, Tortella(1), Comín, Escudero, Muñoz, etc.) Optimists (Prados, Gómez Mendoza, Fraile, Coll, Tortella(2), etc): Railways: compete with industry in capital markets. Mining: colonial island. Indirect compensations to foreign capital. Endogenous versus exogenous explanation of Spains underdevelopment. Foreign direct investments helped to attract capital, compensate trade balance and lack of entrepreneur factor, etc.

6 Source: Carreras (1999) Fixed capital formation in Spain (% of GDP)

7 20 biggest entreprises in Spain (By assets). (Foreign entreprises in red) R Caminos de Hierro del Norte Ferrocarriles de Madrid a Zaragoza y Alicante Red Nacional de los Ferrocarriles Españoles (R.E.N.F.E) 2 Ferrocarriles de Madrid a Zaragoza y Alicante Caminos de Hierro del NorteTelefónica Nacional de España 3Banco de EspañaHispano-americana de Electricidad (CHADE) 4 Rio Tinto Co. Ltd. Barcelona Traction Light &Power Co. Ltd.Ebro Irrigation & Power Co. Ltd. 5Ferrocarriles AndalucesBanco de EspañaHidroeléctrica Ibérica (IBERDUERO) 6General Azucarera de EspañaEbro Irrigation & Power Co. Ltd. Arrendataria del Monopolio de Petróleos (CAMPSA) 7Catalana de Gas y ElectricidadRoyale Asturienne des MinesBanco Hispano Americano 8Ferrocarriles de Madrid a Caceres y Portugal Minera y Metalúrgica Peñarroya Española de Construcción Naval 9Ebro Irrigation & Power Co. Ltd.Telefónica Nacional de EspañaBanco Español de Crédito 10Ferrocarriles de Zafra a Huelva Franco Española del Ferrocarril de Tánger a Fez Banco de Bilbao 11Energía Eléctrica de CataluñaFerrocarriles AndalucesBanco de Vizcaya 12 Minera y Metalúrgica Peñarroya Española de Construcción NavalUnión Eléctrica Madrileña 13 Ferroc. de Medina del Campo a Zamora y de Orense a Vigo. Catalana de Gas y ElectricidadSevillana de Electricidad 14Tharsis Sulphur & Copper Co. Ltd. Rio Tinto Co. Ltd. Banco de España 15Barcelonesa de ElectricidadCía. Arrendataria de TabacosAltos Hornos de Vizcaya 16Metalúrgica Duró- FelgueraTransatlánticaEmpresa Nacional Bazán 17Cía. Arrendataria de Tabacos Arrendataria del Monopolio de Petróleos (CAMPSA) Unión Española de Explosivos 18Española de Construcción NavalFerrocarriles del Oeste de EspañaEmpresa Nacional Calvo Sotelo (ENCASO) 19TransmediterráneaGeneral Azucarera de EspañaTabacalera S.A. 20Banco HispanoamericanoBanco de BilbaoHidroeléctrica Española Source: Carreras y Tafunell (1993) y Tortella, T. (2000).

8 Finally, consequences and profitability of the process: Description of main investments (chronology, intensity and sectors) Quantifying these investments as a whole during each period. Patterns of behaviour and means used by the Rothschild House to get success. For Rothschild family, as private investor. For the Spanish economy. Rothschild Investments in Spain

9 Stages: 1: Financing Wellington and Liberals in Spain, : From railway investments to mining, : Crisis, restructuration and flight,

10

11 Mercury from the Almadén, chronology: : State monopoly breakdown : 1st Rothschild Monopoly. (Auctions) : 2nd Rothschild Monopoly. (Mercury backed Loans) : Spanish Government recuperate direct sales : 3rd Rothschild Monopoly (Sales on commission)

12 Accumulated capital flows from the House of Rothschild to Spanish public institutions and the relation with the deficit, (millions of pesetas).

13 Toledo Albacete Alicante Cartagena Alcazar de San Juan Manzanares Zaragoza MZA railways lines Legend: Madrid (Agency) S. Sebastián Bayona Bilbao Leon Palencia Burgos Valladolid Alar Zamora Pereire railway lines (Norte) Almadén Mines 2nd: From railway investments to mining,

14 Barcelona Zaragoza Madrid Toledo Alcazar de San Juan Albacete Alicante Cartagena Manzanares Ciudad Real Seville Badajoz Tarragona MZA railways lines Huelva Mérida To Lisbon And Porto Port Bou Valladolid Ariza Peñarroya lead mines Peñarroya railway lines Rio Tinto railway lines Rio Tinto pyrite mines Other Peñarroya chemical plants Peñarroya coal mines Peñarroya lead foundry Peñarroya sulphuric acid plant Rio Tinto sulphuric acid plant Rio tinto Copper foundry Electric plants Puertollano San Quintín Rio Tinto MZA coal mines Peñarroya Peñarroya zinc foundry Megrine (Argelia) Crotona (Italy) Other Rio Tinto chemical plants Plombiéres (Belgium) LEstaque (Marsella) Saint Lary (French Pirienees) Port Talbot (Wales) Descheter (Philadelfia) Wilmington (Delaware) Roanake (Virginia) USA Linares Deutsch et Cie. refineries El Ferrol Badalona Santander Peñarroya pyrite mines Córdoba Reunión Legend: Peñarroya Deutsch et Cie. MZA (2nd) Second Phase of industrial Investments: Rio Tinto

15 1938: expulsion from Austria Loss of network coordination: End of Family agreements (1909). Gradual dismantling of agencies. (1931 Bauer & Cia breakdown) 3: Crisis, restructuration and flight, Economic and political crisis: Worldwide slump of commodities markets (1920 and 1929). Nationalist policy: Fiscal pressure. Nationalizations (1941 RENFE) Anti-Semitisim: Lost of control and relevance 1940: Rothschild Frères confiscation

16 Description of main investments (chronology, intensity and sectors) Quantifying these investments as a whole during each period. Rothschild Investments in Spain

17 Table 2. Private and public investments in Spain as a whole, coming from foreign capital and from operations made by the Rothschild House (Figure in millions of current francs). Origin of the investment Totals National Total (a) 2.282,94.443,55.148,87.374,56.814, , ,3 Foreign (b) 338,9609,9488, ,7737,63.265,2 Rothschild (c) 165,9147,7270,3106,652,6173,1916,2 % (b) about (a) 14,813,79,59,75,64,97,9 % (c) about (b) 50,424,255,414,813,723,528,1 % (c) about (a) 7,33,35,21,40,81,12,2 Sources: Carreras, industrialización, una perspectiva a largo plazo, pp. 42, Broder, Les investtissements étrangers en Espagne pp. 45 y 62, amended by Chastagnaret, LEspagne, puissance minière, p. 754), and Appendix 1.

18 Graph 4. Percentage of participation in Rothschild industries in each subsector in Spain, Sources: Artola (1978), Tortella (1973), Salkied (1987), Carreras (1989), Tomás (1991), Coll and Sudria (1987), Nadal (1975), Pérez de Perceval and Sánchez Picón (2000); MZA and Peñarroya ledgers; Rothschild Archives, Paris, 132AQ139

19 1. Financial competitiveness. FOUNDATIONS OF THE ROTHSCHILDS ACTIVITIES IN SPAIN:

20 Interest rates on Rothschild loans to Spanish public institutions, compared to other reference rates ( ).

21 Flandreau (1995), p. 218 Royal Mint Refinery (London) Source: Rothschild Archive

22 Source: ARP, 132AQ139. Graph 5: Equity and security issue of the companies controlled by the Rothschilds in Spain, (Pounds Sterling).

23 1. Financial competitiveness. 2. Control of markets (reluctance to competition). FOUNDATIONS OF THE ROTHSCHILDS ACTIVITIES IN SPAIN:

24 Rio Tinto: Agreements with Tharsis and Mason &Barry: (prices + market sharing) (market sharing) Pirites Association Agreement ( ) European Pyrites Corporation ( ) Copper monopoly (Secretan) ( ) Copper producers oligopoly MZA: Natural Monopoly (no parallel lines in Spain) Agreements with Norte: 1876 agreement (common tariffs) (market sharing in north Spain) Peñarroya: 1909: International lead producers Cartel Lead: agreements with Figueroa Single sales office: Minerais & Metaux ( ss). Superphosphates: agreements with Rio Tinto Agreements to restrict competition in Spain: Zinc: agreements with Asturiana Deutsch et Cie: Cartel of producers ( ): Restriction of competition, prices, Centralization of purchases etc. Collusive agreements of Rothschild firms in Spain

25 1. Financial superiority and self-sufficiency. 2. Control of markets. 3. Flexibility in corporate strategies FOUNDATIONS OF THE ROTHSCHILDS ACTIVITIES IN SPAIN:

26 LEGEND: Major Control Participation Major SupplyParctal Supply Peñarroya Rio Tinto MiningManufacturing Zinc Metallurgy Lead Metallurgy Desplatación Coal Byproducts Electricity Chemical Products Peñarroya Puertollano Cartagena Marsella Bleiberg Linares Sociedad Española de Tejidos Industriales Sociedad de ConstruccionesElectromecánicas Société des Fonderies de Mégrine Sociéte des Produits chimiques du Nord (E. Kulhlmann) Sociedad Franco-Española de Almacenes Generales de Depósitos Distribution Ste. Minerais & Metaux (copper) (electricity) Pyrites Company Ltd. Minas de Río Tinto Pyrites Phosfates Compagnie Argelienne des Phosphates Copper metallurgy Productos Químicos onubenses Port Talbot (Wales) Deschelter (Philadelfia) Wilmington (Delaware) Roanake (Virginia) Río Tinto Electricity Chemical Products Belmez Field Puertollano Field Lead Minery Coal V. del Duque Claudio Santa Bárbara San Quintín La Carolina S. de Cartagena Mazarrón Cie. Internationale Industrielle et Minière Compañía Minera de Badajoz

27 4. Effectiveness of their business network (circulation of information) 1. Financial superiority and self-sufficiency. 2. Control of markets. 3. Flexibility in corporate strategies FOUNDATIONS OF THE ROTHSCHILDS ACTIVITIES IN SPAIN:

28 The Madrid Agency in the Rothschild business in the 19 th century Source: own elaboration from the Paris and London Archives.

29 Isaac Gabriel Landauer Julie Hamel-Goldscmidt Katarina Landauer Gabriel Landauer Theresa Landauer Josef Landauer Rosalie Bauer Gustave Landauer Louisa Landauer Henrietta Landauer Emile Landauer Fanny Landauer Moriz Bauer Salomon BauerCecile Bauer Ignaz Bauer Nina Bauer Lisette Bauer Emmanuel Bauer Teodore Bauer Pauline Bauer Ignacio Salomón Bauer Hermine Bauer Bernard Bauer ¿¿ Hermione Landauer Charlotte Landauer Adolf Landauer Maria Landauer Sigmund Landauer Ignaz Landauer EdouardLandauer Vinzenze Landauer Moritz Landauer Virginia Morpurgo Pauline Landauer ¿Emilio Morpurgo Salomon Morpurgo Joseph Baron Morpurgo Elio Morpurgo Lisa Perugia Aquille Perugia Lisa Parente Louisa Morpurgo Ida Morpurgo Emilio Morpurgo Emile Landauer Gustavo Bauer María de la Concepción Bauer (1869-) Manuel Bauer Irene Landauer Rosa Landauer Eduardo Bauer (?-1939) Ignacio Bauer ( ) Alfredo Bauer ( ) ¿ Louis Cahen dAnvers Nina Landauer Freidrich Schey Otros 5 hijos Ellen H. Worms Paul Schey Evelina Landauer tros 3 hijos Gisela von Ephrussi Otros 2 hijos Philipp Schey ? Emy Schey Victor von Ephrussi Otros, 3 hijos Lili von Goldsmih-RothschildMinka Schey Alix Schey Guy de Rothschild David de Rothschild Moriz Baron Schey Ignaz Leopold Weil Henrietta Landauer Maurice Weil Alfred J. Weil Otros 3 hijos Maria Perugia Fritz Perugia Henrietta Perugia Leopold Rothschild ¿1 Jules Morpurgo Pauline Morpurgo Giacchino Morpurgo Mariano Ruiz de Arana Duque de Baena Concepción García Rendueles Olga de Gunzburg María López ChicheriFamilia Goldsmih Fernando Bauer Calman David Weisweiller Blümle Töplitz Kinel Busweiler (Pirmasens) David Weisweiller Güttle Goldschmidt Daniel Weisweiller Leopold Weisweiller hijos Adeline Helbert Adela Weisweiller Jifine Weisweiller Isald Weisweiller Guillermo Ettling Sorle (Rothschild)David Weisweiller ¿ Moses Amschel Rothschild Adeleid RothschildJacobD. Goldsmidt Leopold-Jacob Golsmidt Amschel GoldsmidtJetschen Goldsmidt Nannette Landauer Moses Goldschmidt Alexander Goldschmidt Otros 5 hijos Mayer Amschel Rothschild Otros 3 hijos Amschel Moses Moses Meier (Rothschild o Bauer) SalmanEsther Rudolfine Weisweiller Auguste Leopoldine Weisweiller Mathilde Betty Weisweiller ( ) Henriette Weisweiller Kalman ¿ ¿ ¿ David Weisweiller ¿ 1 2 LydiaLevy Barent Cohen Otros 6 hijosHannah Cohen Nathan Mayer Rothschild Adeline Cohen John Helbert = Marriages AlvaroGonzaloMariano José María Concepción Source: Rothschild archive, London Thedore Porges ( ) Family links between Rothschild agencies in South Europe

30 The Madrid Agency in the Rothschild business in the 19 th century Source: own elaboration from the Paris and London Archives.

31 Members of the MZA Executive Commitee, Archive FFE

32 Finally, consequences and profitability of the process: Description of main investments (intensity and the sectors) Quantifying these investments as a whole during each period. Patterns of behaviour and means used by the Rothschild House to achieve success. The Rothschild family, as private investor. The Spanish economy. Rothschild Investments in Spain

33 L/T loans S/T credits Almadén Bullion sales Sovereign loans MZAPeñarroyaRío TintoDeutsch Totals %1.72%4.28%10.40%2.21%0.62%5.92%5.42%65.55%3.87% Estimate of the net profits that can be accounted from the Rothschilds activities in Spain, (Accumulated figures in millions of pesetas, 1913).

34 Graph 6. Estimation of yearly profits accountable accrued from the investments made by Spain in the Rothschild House. ( ). (1913 prices). MZAPeñarroyaRio TintoDeutsch Totals (Pounds) %7,33%6,68%81,20%4,79% Source: Appendix. Prices from Reher and Ballesteros (1993) and Ballesteros (1997

35 Capital entries from abroad through investments generated by the Rothschilds and their remuneration, (millions of current pesetas). Annual capital flows from abroad to Spanish public institutions through Rothschild operations and the financial cost, (millions of current pesetas).

36 Graph 7: Development of the stock operations by the Rothschild House in London with Rio Tinto shares, (Sterling Pounds) Source: ARL, Stock Ledgers, 1/12/0-22.

37 CONCLUSIONS Invigorated monopolies and oligopolistic structures. Promoted administrative corruption. Compensated the insufficient national saving. Mobilized idle resources. Provided technology. Increased human capital stock. From the Spanish point of view: From Rothschilds point of view : Long run investment (not speculative) and diversify. Success in strategy and profitability. Key role in industrial and financial growth Consolidated a model of interaction (collusion) between State and financial sector

38 Miguel A. López-Morell University of Murcia Rothschild investments in Spain, Foreign Financial Institutions & National Financial Systems 7-8 June 2013 Warsaw, Poland European Association for Banking and Financial History (EABH) e.V.


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