Institutional forms of British foreign direct investment in South America

Business History

Volumn 39, Issue 2, 1997, Pages 21-41

  Jones, Charles ^a  

^a UNIVERSITY OF WARWICK   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC HISTORY; FOREIGN DIRECT INVESTMENT; HISTORICAL PERSPECTIVE; HISTORICAL STUDY; INSTITUTIONAL CONTROL; INSTITUTIONAL STRUCTURE; TWENTIETH CENTURY;

SOUTH AMERICA;

EID: 0030706092     PISSN: 00076791     EISSN: 17437938     Source Type: Journal    
DOI: 10.1080/00076799700000049     Document Type: Review

References (79)

1. T.A.B. Corley, 'Britain's Overseas Investments in 1914 Revisited', Business History, Vol.36 (1994), p.76.
2. In this I follow J.-F. Hennart, 'Transaction Cost Theory and the Free-Standing Firm' (unpublished paper presented to the 11th International Economic History Congress, Milan, 1994). This and other papers referred to in this article from the same Milan session on freestanding companies will shortly be more generally available in a volume edited by Mira Wilkins and Harm Schröter and published by Oxford University Press. The origin and definition of some of these terms is summarised in G. Jones, The Evolution of International Business: An Introduction (London, 1996), p.35.
3. In this I follow J.-F. Hennart, 'Transaction Cost Theory and the Free-Standing Firm' (unpublished paper presented to the 11th International Economic History Congress, Milan, 1994). This and other papers referred to in this article from the same Milan session on freestanding companies will shortly be more generally available in a volume edited by Mira Wilkins and Harm Schröter and published by Oxford University Press. The origin and definition of some of these terms is summarised in G. Jones, The Evolution of International Business: An Introduction (London, 1996), p.35.
4. S. Chapman, Merchant Enterprise in Britain from the industrial Revolution to World War I (Cambridge, 1992), pp.308-9 and passim; Corley, 'Britain's Overseas Investments', especially p.87.
5. S. Chapman, Merchant Enterprise in Britain from the industrial Revolution to World War I (Cambridge, 1992), pp.308-9 and passim; Corley, 'Britain's Overseas Investments', especially p.87.
6. I. Stopford, 'The Origins of British-based Multinational Manufacturing Enterprises', Business History Review, Vol.48 (1974), pp.303-35; T. Houston and J.H. Dunning, UK Industry Abroad (1976); I. Stone, 'British Direct and Portfolio Investment in Latin America before 1914', Journal of Economic History, Vol.37 (1977), pp.690-722; P. Svedberg, 'The Portfolio-Direct Composition of Private Foreign Investment in 1914 Revisited', Economic Journal, Vol.88 (1978).
7. I. Stopford, 'The Origins of British-based Multinational Manufacturing Enterprises', Business History Review, Vol.48 (1974), pp.303-35; T. Houston and J.H. Dunning, UK Industry Abroad (1976); I. Stone, 'British Direct and Portfolio Investment in Latin America before 1914', Journal of Economic History, Vol.37 (1977), pp.690-722; P. Svedberg, 'The Portfolio-Direct Composition of Private Foreign Investment in 1914 Revisited', Economic Journal, Vol.88 (1978).
8. I. Stopford, 'The Origins of British-based Multinational Manufacturing Enterprises', Business History Review, Vol.48 (1974), pp.303-35; T. Houston and J.H. Dunning, UK Industry Abroad (1976); I. Stone, 'British Direct and Portfolio Investment in Latin America before 1914', Journal of Economic History, Vol.37 (1977), pp.690-722; P. Svedberg, 'The Portfolio-Direct Composition of Private Foreign Investment in 1914 Revisited', Economic Journal, Vol.88 (1978).
9. I. Stopford, 'The Origins of British-based Multinational Manufacturing Enterprises', Business History Review, Vol.48 (1974), pp.303-35; T. Houston and J.H. Dunning, UK Industry Abroad (1976); I. Stone, 'British Direct and Portfolio Investment in Latin America before 1914', Journal of Economic History, Vol.37 (1977), pp.690-722; P. Svedberg, 'The Portfolio-Direct Composition of Private Foreign Investment in 1914 Revisited', Economic Journal, Vol.88 (1978).
10. Corley, 'Britain's Overseas Investments', p.83. Dunning, Studies in International Investment (1970), p.2, used the ratio of 90 per cent portfolio to ten per cent direct, and though he later revised his view this older figure continued to be cited. Estimates of foreign investment continue to be debated.
11. Corley, 'Britain's Overseas Investments', p.83. Dunning, Studies in International Investment (1970), p.2, used the ratio of 90 per cent portfolio to ten per cent direct, and though he later revised his view this older figure continued to be cited. Estimates of foreign investment continue to be debated.
12. S. Pollard, 'Capital Exports, 1870-1914: Harmful or Beneficial?', Economic History Review, 2nd series, Vol.38 (1985) summarises this important domestic debate. For an example of the standard assumption about British pre-1914 overseas investment made by North American writers on modern transnational corporations, see Robert Gilpin, US Power and the Multinational Corporation (London, 1976), pp.10-11, 86-7, 93. 'In the nineteenth century ... management and operating control usually remained in local hands' (p.10), and so on.
13. S. Pollard, 'Capital Exports, 1870-1914: Harmful or Beneficial?', Economic History Review, 2nd series, Vol.38 (1985) summarises this important domestic debate. For an example of the standard assumption about British pre-1914 overseas investment made by North American writers on modern transnational corporations, see Robert Gilpin, US Power and the Multinational Corporation (London, 1976), pp.10-11, 86-7, 93. 'In the nineteenth century ... management and operating control usually remained in local hands' (p.10), and so on.
14. The aggregate figures continue to provoke disagreement which it is no part of the purpose of this article to resolve. Corley, 'Britain's Overseas Investments', especially pp.76-86, provides a useful progress report.
15. Stone, 'British Direct and Portfolio Investment', p.705.
16. Corley, 'Britain's Overseas Investments', p.81. Table 3.
17. There is extensive evidence for the weakness of British control over North American investments. This is discussed in C.A. Jones, International Business in the Nineteenth Century: The Rise and Fall of a Cosmopolitan Bourgeoisie (Brighton, 1987), pp. 173-6.
18. See Table 1, above.
19. Wilkins, 'The Free-Standing Company, 1870-1914: An Important Type of British Foreign Direct Investment', Economic History Review, Vol.41 (1988), p.261.
20. M. Wilkins, The History of Foreign Investment in the United States before 1914 (Cambridge, MA, 1989). Wilkins looked hard and found hardly any exceptions to this rule (private correspondence).
21. G. Jones, Evolution of International Business, Ch. 4, provides an account of the latter class of company.
22. M. Wilkins, The Free-standing Company Revisited' (unpublished paper presented to the 11th International Economic History Congress, Milan, 1994), n.32.
23. Jones writes: The upward revision of FDI estimates for this period rests largely on this reevaluation. Wilkins later coined the term free-standing company to describe these firms, she considered them to be 'the most typical mode of British direct investment before 1914'. Jones, Evolution of International Business, p.34.
24. Wilkins, The Free-Standing Company', p.264.
25. Wilkins, The Free-Standing Company Revisited', p.9, at n.32.
26. Corley, 'Britain's Overseas Investments', p.73, following Lary, suggests the use of 'entrepreneurial investment' to cover all investment falling under the new definition of FDI, and it is only the existence of this category of derelict FDI, where the responsibility clearly rested in Britain but was not discharged, that holds me back from endorsing the suggestion. R. V. Clements, 'British-Controlled Enterprise in the West between 1870 and 1900 and Some Agrarian reactions'. Agricultural History, Vol.27 (1953), pp.132-41 notes the frequent use by British-owned ranching companies of an experienced local manager supervised by a young relative of one of the British directors. This generally failed because the young man was naive, drunk or both.
27. Corley, 'Britain's Overseas Investments', p.73, following Lary, suggests the use of 'entrepreneurial investment' to cover all investment falling under the new definition of FDI, and it is only the existence of this category of derelict FDI, where the responsibility clearly rested in Britain but was not discharged, that holds me back from endorsing the suggestion. R. V. Clements, 'British-Controlled Enterprise in the West between 1870 and 1900 and Some Agrarian reactions'. Agricultural History, Vol.27 (1953), pp.132-41 notes the frequent use by British-owned ranching companies of an experienced local manager supervised by a young relative of one of the British directors. This generally failed because the young man was naive, drunk or both.
28. Monographs and case studies include D. Joslin, A Century of Banking in Latin America (London, 1963); R.M. Miller, The Grace Contract, the Peruvian Corporation, and Peruvian History', Ibero-Amerikanisches Archiv, Vol.9 (1983) - on the Peruvian Corporation, pp.319-48; H. Blakemore, From the Pacific to La Paz: The Anlofagasta (Chili) and Bolivia Railway Company, 1888-1988 (London, 1990); A.H. Hicks, The Story of the Forestal (London, privately printed, 1956); R.G. Heras, 'Capitales estranjeros, poder político y transporte urbano de pasajeros: la Compaña de Tranvías Anglo-Argentina Ltda de Buenos Aires, Argentina, 1930-1943', Desarollo Económico, Vol.125 (Buenos Aires, 1992); C.M. Lewis, British Railways in Argentina, 1857-1914 (London, 1983); and J.C. Crossley, 'The Location and Development of the Agricultural and Industrial Enterprises of Liebig's Extract of Meat Company in the River Plate Countries, 1865-1932' (unpublished Ph.D. thesis, University of Leicester 1973); and R.J. Míguez, 'British Interest in Argentine Land Development, 1870-1914: A Study of British Investment in Argentina' (unpublished D.Phil, thesis, University of Oxford, 1981), which deals with land companies, some of which would qualify as AOCs.
29. Monographs and case studies include D. Joslin, A Century of Banking in Latin America (London, 1963); R.M. Miller, The Grace Contract, the Peruvian Corporation, and Peruvian History', Ibero-Amerikanisches Archiv, Vol.9 (1983) - on the Peruvian Corporation, pp.319-48; H. Blakemore, From the Pacific to La Paz: The Anlofagasta (Chili) and Bolivia Railway Company, 1888-1988 (London, 1990); A.H. Hicks, The Story of the Forestal (London, privately printed, 1956); R.G. Heras, 'Capitales estranjeros, poder político y transporte urbano de pasajeros: la Compaña de Tranvías Anglo-Argentina Ltda de Buenos Aires, Argentina, 1930-1943', Desarollo Económico, Vol.125 (Buenos Aires, 1992); C.M. Lewis, British Railways in Argentina, 1857-1914 (London, 1983); and J.C. Crossley, 'The Location and Development of the Agricultural and Industrial Enterprises of Liebig's Extract of Meat Company in the River Plate Countries, 1865-1932' (unpublished Ph.D. thesis, University of Leicester 1973); and R.J. Míguez, 'British Interest in Argentine Land Development, 1870-1914: A Study of British Investment in Argentina' (unpublished D.Phil, thesis, University of Oxford, 1981), which deals with land companies, some of which would qualify as AOCs.
30. Monographs and case studies include D. Joslin, A Century of Banking in Latin America (London, 1963); R.M. Miller, The Grace Contract, the Peruvian Corporation, and Peruvian History', Ibero-Amerikanisches Archiv, Vol.9 (1983) - on the Peruvian Corporation, pp.319-48; H. Blakemore, From the Pacific to La Paz: The Anlofagasta (Chili) and Bolivia Railway Company, 1888-1988 (London, 1990); A.H. Hicks, The Story of the Forestal (London, privately printed, 1956); R.G. Heras, 'Capitales estranjeros, poder político y transporte urbano de pasajeros: la Compaña de Tranvías Anglo-Argentina Ltda de Buenos Aires, Argentina, 1930-1943', Desarollo Económico, Vol.125 (Buenos Aires, 1992); C.M. Lewis, British Railways in Argentina, 1857-1914 (London, 1983); and J.C. Crossley, 'The Location and Development of the Agricultural and Industrial Enterprises of Liebig's Extract of Meat Company in the River Plate Countries, 1865-1932' (unpublished Ph.D. thesis, University of Leicester 1973); and R.J. Míguez, 'British Interest in Argentine Land Development, 1870-1914: A Study of British Investment in Argentina' (unpublished D.Phil, thesis, University of Oxford, 1981), which deals with land companies, some of which would qualify as AOCs.
31. Monographs and case studies include D. Joslin, A Century of Banking in Latin America (London, 1963); R.M. Miller, The Grace Contract, the Peruvian Corporation, and Peruvian History', Ibero-Amerikanisches Archiv, Vol.9 (1983) - on the Peruvian Corporation, pp.319-48; H. Blakemore, From the Pacific to La Paz: The Anlofagasta (Chili) and Bolivia Railway Company, 1888-1988 (London, 1990); A.H. Hicks, The Story of the Forestal (London, privately printed, 1956); R.G. Heras, 'Capitales estranjeros, poder político y transporte urbano de pasajeros: la Compaña de Tranvías Anglo-Argentina Ltda de Buenos Aires, Argentina, 1930-1943', Desarollo Económico, Vol.125 (Buenos Aires, 1992); C.M. Lewis, British Railways in Argentina, 1857-1914 (London, 1983); and J.C. Crossley, 'The Location and Development of the Agricultural and Industrial Enterprises of Liebig's Extract of Meat Company in the River Plate Countries, 1865-1932' (unpublished Ph.D. thesis, University of Leicester 1973); and R.J. Míguez, 'British Interest in Argentine Land Development, 1870-1914: A Study of British Investment in Argentina' (unpublished D.Phil, thesis, University of Oxford, 1981), which deals with land companies, some of which would qualify as AOCs.
32. Monographs and case studies include D. Joslin, A Century of Banking in Latin America (London, 1963); R.M. Miller, The Grace Contract, the Peruvian Corporation, and Peruvian History', Ibero-Amerikanisches Archiv, Vol.9 (1983) - on the Peruvian Corporation, pp.319-48; H. Blakemore, From the Pacific to La Paz: The Anlofagasta (Chili) and Bolivia Railway Company, 1888-1988 (London, 1990); A.H. Hicks, The Story of the Forestal (London, privately printed, 1956); R.G. Heras, 'Capitales estranjeros, poder político y transporte urbano de pasajeros: la Compaña de Tranvías Anglo-Argentina Ltda de Buenos Aires, Argentina, 1930-1943', Desarollo Económico, Vol.125 (Buenos Aires, 1992); C.M. Lewis, British Railways in Argentina, 1857-1914 (London, 1983); and J.C. Crossley, 'The Location and Development of the Agricultural and Industrial Enterprises of Liebig's Extract of Meat Company in the River Plate Countries, 1865-1932' (unpublished Ph.D. thesis, University of Leicester 1973); and R.J. Míguez, 'British Interest in Argentine Land Development, 1870-1914: A Study of British Investment in Argentina' (unpublished D.Phil, thesis, University of Oxford, 1981), which deals with land companies, some of which would qualify as AOCs.
33. Monographs and case studies include D. Joslin, A Century of Banking in Latin America (London, 1963); R.M. Miller, The Grace Contract, the Peruvian Corporation, and Peruvian History', Ibero-Amerikanisches Archiv, Vol.9 (1983) - on the Peruvian Corporation, pp.319-48; H. Blakemore, From the Pacific to La Paz: The Anlofagasta (Chili) and Bolivia Railway Company, 1888-1988 (London, 1990); A.H. Hicks, The Story of the Forestal (London, privately printed, 1956); R.G. Heras, 'Capitales estranjeros, poder político y transporte urbano de pasajeros: la Compaña de Tranvías Anglo-Argentina Ltda de Buenos Aires, Argentina, 1930-1943', Desarollo Económico, Vol.125 (Buenos Aires, 1992); C.M. Lewis, British Railways in Argentina, 1857-1914 (London, 1983); and J.C. Crossley, 'The Location and Development of the Agricultural and Industrial Enterprises of Liebig's Extract of Meat Company in the River Plate Countries, 1865-1932' (unpublished Ph.D. thesis, University of Leicester 1973); and R.J. Míguez, 'British Interest in Argentine Land Development, 1870-1914: A Study of British Investment in Argentina' (unpublished D.Phil, thesis, University of Oxford, 1981), which deals with land companies, some of which would qualify as AOCs.
34. Monographs and case studies include D. Joslin, A Century of Banking in Latin America (London, 1963); R.M. Miller, The Grace Contract, the Peruvian Corporation, and Peruvian History', Ibero-Amerikanisches Archiv, Vol.9 (1983) - on the Peruvian Corporation, pp.319-48; H. Blakemore, From the Pacific to La Paz: The Anlofagasta (Chili) and Bolivia Railway Company, 1888-1988 (London, 1990); A.H. Hicks, The Story of the Forestal (London, privately printed, 1956); R.G. Heras, 'Capitales estranjeros, poder político y transporte urbano de pasajeros: la Compaña de Tranvías Anglo-Argentina Ltda de Buenos Aires, Argentina, 1930-1943', Desarollo Económico, Vol.125 (Buenos Aires, 1992); C.M. Lewis, British Railways in Argentina, 1857-1914 (London, 1983); and J.C. Crossley, 'The Location and Development of the Agricultural and Industrial Enterprises of Liebig's Extract of Meat Company in the River Plate Countries, 1865-1932' (unpublished Ph.D. thesis, University of Leicester 1973); and R.J. Míguez, 'British Interest in Argentine Land Development, 1870-1914: A Study of British Investment in Argentina' (unpublished D.Phil, thesis, University of Oxford, 1981), which deals with land companies, some of which would qualify as AOCs.
35. Monographs and case studies include D. Joslin, A Century of Banking in Latin America (London, 1963); R.M. Miller, The Grace Contract, the Peruvian Corporation, and Peruvian History', Ibero-Amerikanisches Archiv, Vol.9 (1983) - on the Peruvian Corporation, pp.319-48; H. Blakemore, From the Pacific to La Paz: The Anlofagasta (Chili) and Bolivia Railway Company, 1888-1988 (London, 1990); A.H. Hicks, The Story of the Forestal (London, privately printed, 1956); R.G. Heras, 'Capitales estranjeros, poder político y transporte urbano de pasajeros: la Compaña de Tranvías Anglo-Argentina Ltda de Buenos Aires, Argentina, 1930-1943', Desarollo Económico, Vol.125 (Buenos Aires, 1992); C.M. Lewis, British Railways in Argentina, 1857-1914 (London, 1983); and J.C. Crossley, 'The Location and Development of the Agricultural and Industrial Enterprises of Liebig's Extract of Meat Company in the River Plate Countries, 1865-1932' (unpublished Ph.D. thesis, University of Leicester 1973); and R.J. Míguez, 'British Interest in Argentine Land Development, 1870-1914: A Study of British Investment in Argentina' (unpublished D.Phil, thesis, University of Oxford, 1981), which deals with land companies, some of which would qualify as AOCs.
36. There are numerous examples of pre-1862 friction between principal and agent in the literature. See B.W. Clapp, John Owens, Manchester Merchant (Manchester, 1965), pp.26-33; R.G. Wilson, 'The Fortunes of a Leeds Merchant House, 1780-1820', Business History, Vol.9 (1967), pp.70-86; R. Gatty, Portrait of a Merchant Prince: James Morrison, 1789-1857 (Northallerton, privately printed, 1976), pp.155-68; J. Mayo, 'Before the Nitrate Era: British Commission Houses and the Chilean Economy, 1851-80', Journal of Latin American Studies, Vol.11 (1979), pp.283-302, describes contractual devices resorted to by West Coast partnerships to try to regulate the troubled relationship.
37. There are numerous examples of pre-1862 friction between principal and agent in the literature. See B.W. Clapp, John Owens, Manchester Merchant (Manchester, 1965), pp.26-33; R.G. Wilson, 'The Fortunes of a Leeds Merchant House, 1780-1820', Business History, Vol.9 (1967), pp.70-86; R. Gatty, Portrait of a Merchant Prince: James Morrison, 1789-1857 (Northallerton, privately printed, 1976), pp.155-68; J. Mayo, 'Before the Nitrate Era: British Commission Houses and the Chilean Economy, 1851-80', Journal of Latin American Studies, Vol.11 (1979), pp.283-302, describes contractual devices resorted to by West Coast partnerships to try to regulate the troubled relationship.
38. There are numerous examples of pre-1862 friction between principal and agent in the literature. See B.W. Clapp, John Owens, Manchester Merchant (Manchester, 1965), pp.26-33; R.G. Wilson, 'The Fortunes of a Leeds Merchant House, 1780-1820', Business History, Vol.9 (1967), pp.70-86; R. Gatty, Portrait of a Merchant Prince: James Morrison, 1789-1857 (Northallerton, privately printed, 1976), pp.155-68; J. Mayo, 'Before the Nitrate Era: British Commission Houses and the Chilean Economy, 1851-80', Journal of Latin American Studies, Vol.11 (1979), pp.283-302, describes contractual devices resorted to by West Coast partnerships to try to regulate the troubled relationship.
39. There are numerous examples of pre-1862 friction between principal and agent in the literature. See B.W. Clapp, John Owens, Manchester Merchant (Manchester, 1965), pp.26-33; R.G. Wilson, 'The Fortunes of a Leeds Merchant House, 1780-1820', Business History, Vol.9 (1967), pp.70-86; R. Gatty, Portrait of a Merchant Prince: James Morrison, 1789-1857 (Northallerton, privately printed, 1976), pp.155-68; J. Mayo, 'Before the Nitrate Era: British Commission Houses and the Chilean Economy, 1851-80', Journal of Latin American Studies, Vol.11 (1979), pp.283-302, describes contractual devices resorted to by West Coast partnerships to try to regulate the troubled relationship.
40. Jones, British Multinational Banking, 1830-1990 (Oxford, 1993), pp.40-53.
41. R. Clarke, 'Conglomerate Finns', in R. Clarke and T. McGuinness (eds.), The Economics of the Firm (Oxford, 1987), p. 110.
42. For indigenous merchant houses in Latin America this was indeed the ideal strategy. A particularly good example is the diversification of the Argentine firm of Tornquist after 1885 out of trade and into sugar production for a protected domestic market, a move facilitated by the significant role of the proprietor in the dominant Autonomista party as adviser to Julio Roca. See D.J. Guy, Argentine Sugar Politics: Tucuman and the Generation of Eighty (Tempe, AR, 1980).
43. Hennart, 'Transaction Cost Theory' (1994), p.6.
44. Ibid., p.24.
45. C.A. Jones, 'Who Invested in Argentina and Uruguay?', Business Archives, Vol.48 (1982), pp.3-5.
46. C.A. Jones, International Business in the Nineteenth Century, pp. 176-9, and especially n.87.
47. This seems to have been the story behind the drift of many Anglo-North American companies, including Pillsbury Washburn, into dereliction or local control. See R.V. Clements, 'The Farmer's Attitude toward British Direct Investment in American Industry', Journal of Economic History, Vol.20 (1955), pp.151-9.
48. Several unsuccessful bids (and one or two successful ones) by peripheral entrepreneurs to get access to British capital without sacrificing managerial control over going concerns are cited, and a general argument for the spatial concentration of control over the physical and financial infrastructure of the world trading system toward the end of the nineteenth century advanced, in Jones, International Business (1987). See especially pp.109-40.
49. John Morris, chairman of the River Plate Trust Loan & Agency Company, was connected with the British & American Mortgage Company in the 1870s and claimed that 'it was through my connection with that company that I was led to entertain favorably the taking of an active part in the business of the Trust Company'. (Records of Mandatos y Agencias del Rio de la Plata, seen in Buenos Aires, 1971, but since destroyed, Morris to Boutell, 23 Oct. 1988.) In doing so, Morris acted as executive for the wealthy Morrison family, whose overseas investments were concentrated in the United States up to the onset of recession in 1873, when they began to switch to depressed River Plate securities.
50. S. Chapman, 'British-based Investment Groups before 1914', Economic History Review, 2nd series, Vol.38 (1985), pp.230-51.
51. Bunge & Co. and Dreyfus & Co., included by Chapman in his listing of British-based investment groups operating in Latin America, are excluded here, as are some expatriate groups of British origin, such as H.L. Boulton & Co. of Caracas, on the ground that strategic control was no longer (if it ever had been) exerted over them from Britain. Anglo-Latin American shipping lines and banks that were not clearly the creatures of investment groups with operations in other sectors are also excluded. An example would be ship owners H. & W. Nelson, linked by family, interlocking directorships, and long-term contracts to River Plate meat processors, James Nelson Sons. They may have constituted a integrated group with integrated management, but positive archival evidence is lacking.
52. Joslin, Century of Banking (1963); C. A. Jones, 'British Financial Institutions in Argentina, 1860-1914' (unpublished Ph.D. thesis, University of Cambridge, 1973).
53. Joslin, Century of Banking (1963); C. A. Jones, 'British Financial Institutions in Argentina, 1860-1914' (unpublished Ph.D. thesis, University of Cambridge, 1973).
54. C.A. Jones, 'Great Capitalists and the Direction of British Overseas Investment in the Late Nineteenth Century: The Case of Argentina', Business History, Vol.22 (1980), pp.152-69.
55. Chapman, Merchant Enterprise (1992), p.234, repeats the criticism originally made in the 1985 article (see note 33).
56. L. Gutiérrez and J.C. Korol, 'Historia de empresas y crecimiento industrial en la Argentina: el caso de la Fábrica Argentina de Alpargatas', Desarollo Económico, Vol.28 (1988), pp.401-24.
57. R. Graham, Britain and the Onset of Modernization in Brazil, 1850-1914 (Cambridge, 1972), p.141.
58. Chapman, Merchant Enterprise (1992), p.225.
59. R. Graham, 'A British Industry in Brazil: Rio Flour Mills, 1886-1920', Business History, Vol.8 (1966).
60. A.H. John, A Liverpool Merchant House, being a History of Alfred Booth and Company, 1863-1958 (London, 1959).
61. R. Greenhill, 'Investment Group, Multinational, or Free-Standing Company: Brazilian Warrant, 1909-1952', Business History, Vol.37 (1993).
62. Sun Insurance Archives, Foreign Notebooks, Buenos Aires I, p. 134, H.S. Whiting to head office, 3 April 1914 and p.180, diary entry for 13 July 1918.
63. E.J. Míguez, 'British Interests in Argentine Land', p.33.
64. R.G. Greenhill and R.M. Miller, forthcoming, 'Merchants, Industrialists and the Origins of British Multinational Enterprise in Latin America, 1870-1950', in C.M. Lewis and R.M. Miller (eds.), British Business in Latin America, 1850-1950.
65. H. Barty-King, A Short History of the River Plate & General Investment Trust plc (London, 1988).
66. Hicks, Forestal; M. Cowen, 'Capital, Nation, and Commodities: The Case of Forestal Land, Timber, and Railway Company in Argentina and Africa, 1900-1945', in J.-J. van Helfen and Y. Cassis (eds.), Capitalism in a Mature Economy (London, 1990); G. Gori, La Forestal: la tragedia del quebracho Colorado (Buenos Aires, 1988).
67. Hicks, Forestal; M. Cowen, 'Capital, Nation, and Commodities: The Case of Forestal Land, Timber, and Railway Company in Argentina and Africa, 1900-1945', in J.-J. van Helfen and Y. Cassis (eds.), Capitalism in a Mature Economy (London, 1990); G. Gori, La Forestal: la tragedia del quebracho Colorado (Buenos Aires, 1988).
68. Hicks, Forestal; M. Cowen, 'Capital, Nation, and Commodities: The Case of Forestal Land, Timber, and Railway Company in Argentina and Africa, 1900-1945', in J.-J. van Helfen and Y. Cassis (eds.), Capitalism in a Mature Economy (London, 1990); G. Gori, La Forestal: la tragedia del quebracho Colorado (Buenos Aires, 1988).
69. B. Albert, An Essay on the Peruvian Sugar Industry, 1880-1920 (Norwich, 1976); R.C. Lockett, Memoirs of the Family of Lockett (privately printed, 1939).
70. B. Albert, An Essay on the Peruvian Sugar Industry, 1880-1920 (Norwich, 1976); R.C. Lockett, Memoirs of the Family of Lockett (privately printed, 1939).
71. R.M. Miller, 'Small Business in the Peruvian Oil Industry: Lobitos Oilfields Limited before 1934', Business History Review, Vol.56 (1982), pp.400-423: W. Hunt, Heirs of Great Adventure: The History of Balfour Williamson & Company Limited (London, 1951, 1960); Balfour Williamson & Company and Allied Firms: Memoirs of a Merchant House (London, 1929); R. Greenhill, 'Merchants and the Latin American Trades: An Introduction', in D.C.M. Platt (ed.), Business Imperialism, 1840-1930: An Inquiry Based on British Experience in Latin America (Oxford, 1977), pp.159-97. The activities of Locketts and Balfour Williamson are summarised in C.A. Jones, International Business (1987), pp.147-8.
72. R.M. Miller, 'Small Business in the Peruvian Oil Industry: Lobitos Oilfields Limited before 1934', Business History Review, Vol.56 (1982), pp.400-423: W. Hunt, Heirs of Great Adventure: The History of Balfour Williamson & Company Limited (London, 1951, 1960); Balfour Williamson & Company and Allied Firms: Memoirs of a Merchant House (London, 1929); R. Greenhill, 'Merchants and the Latin American Trades: An Introduction', in D.C.M. Platt (ed.), Business Imperialism, 1840-1930: An Inquiry Based on British Experience in Latin America (Oxford, 1977), pp.159-97. The activities of Locketts and Balfour Williamson are summarised in C.A. Jones, International Business (1987), pp.147-8.
73. R.M. Miller, 'Small Business in the Peruvian Oil Industry: Lobitos Oilfields Limited before 1934', Business History Review, Vol.56 (1982), pp.400-423: W. Hunt, Heirs of Great Adventure: The History of Balfour Williamson & Company Limited (London, 1951, 1960); Balfour Williamson & Company and Allied Firms: Memoirs of a Merchant House (London, 1929); R. Greenhill, 'Merchants and the Latin American Trades: An Introduction', in D.C.M. Platt (ed.), Business Imperialism, 1840-1930: An Inquiry Based on British Experience in Latin America (Oxford, 1977), pp.159-97. The activities of Locketts and Balfour Williamson are summarised in C.A. Jones, International Business (1987), pp.147-8.
74. R.M. Miller, 'Small Business in the Peruvian Oil Industry: Lobitos Oilfields Limited before 1934', Business History Review, Vol.56 (1982), pp.400-423: W. Hunt, Heirs of Great Adventure: The History of Balfour Williamson & Company Limited (London, 1951, 1960); Balfour Williamson & Company and Allied Firms: Memoirs of a Merchant House (London, 1929); R. Greenhill, 'Merchants and the Latin American Trades: An Introduction', in D.C.M. Platt (ed.), Business Imperialism, 1840-1930: An Inquiry Based on British Experience in Latin America (Oxford, 1977), pp.159-97. The activities of Locketts and Balfour Williamson are summarised in C.A. Jones, International Business (1987), pp.147-8.
75. R.M. Miller, 'Small Business in the Peruvian Oil Industry: Lobitos Oilfields Limited before 1934', Business History Review, Vol.56 (1982), pp.400-423: W. Hunt, Heirs of Great Adventure: The History of Balfour Williamson & Company Limited (London, 1951, 1960); Balfour Williamson & Company and Allied Firms: Memoirs of a Merchant House (London, 1929); R. Greenhill, 'Merchants and the Latin American Trades: An Introduction', in D.C.M. Platt (ed.), Business Imperialism, 1840-1930: An Inquiry Based on British Experience in Latin America (Oxford, 1977), pp.159-97. The activities of Locketts and Balfour Williamson are summarised in C.A. Jones, International Business (1987), pp.147-8.
76. Lewis, British Railways, pp. 146-91.
77. Joslin, Century of Banking, p.236.
78. Miguez, 'Argentine Land Development', p.80.
79. D.C.M. Platt, Latin America and British Trade, 1806-1914 (London, 1972).