German direct investment in the UK, 1871-1918

Business History

Volumn 41, Issue 2, 1999, Pages 37-68

  Hagen, Antje ^a  

^a FRIEDRICH SCHILLER UNIVERSITY JENA   (Germany)

Author keywords

[No Author keywords available]

Indexed keywords

FOREIGN DIRECT INVESTMENT; HISTORICAL GEOGRAPHY; INVESTMENT; NINETEENTH CENTURY;

UNITED KINGDOM;

EID: 0032789041     PISSN: 00076791     EISSN: 17437938     Source Type: Journal    
DOI: 10.1080/00076799900000257     Document Type: Article

References (129)

1. This article summarises the main results of my doctoral thesis, published in German as A. Hagen, Deutsche Direktinvestitionen in Großbritannien, 1871-1918 (Stuttgart, 1997). I should like to thank the editors of Business History and two anonymous referees for helpful comments on an earlier draft.
2. P. Kennedy, The Rise of the Anglo-German Antagonism, 1860-1914 (London, 1980), pp.43-4; H.-P. Ullmann, Deutsches Kaiserreich, 1871-1918 (Frankfurt, 1995), pp.41-50.
3. P. Kennedy, The Rise of the Anglo-German Antagonism, 1860-1914 (London, 1980), pp.43-4; H.-P. Ullmann, Deutsches Kaiserreich, 1871-1918 (Frankfurt, 1995), pp.41-50.
4. C.P. Kindleberger, 'Germany's Overtaking of England, 1806-1914, Part II', Weltwirtschaftliches Archiv, Vol.111 (1975), p.485; M. Dintenfass, The Decline of Industrial Britain, 1870-1980 (London, 1992), pp.4-5.
5. C.P. Kindleberger, 'Germany's Overtaking of England, 1806-1914, Part II', Weltwirtschaftliches Archiv, Vol.111 (1975), p.485; M. Dintenfass, The Decline of Industrial Britain, 1870-1980 (London, 1992), pp.4-5.
6. S. Pollard, Britain's Prime and Britain's Decline (London, 1989), chapter 1.
7. League of Nations (ed.), Memorandum on Balances of Payments and Foreign Trade Balances, 1910-1924, Vol.I (Geneva, 1925), pp.112-62.
8. P. Hertner, 'German Multinational Enterprise before 1914: Some Case Studies', in P. Hertner and G. Jones (eds.), Multinationals: Theory and History (Aldershot, 1986), pp.113-34; P. Hertner, 'Financial Strategies and Adaptation to Foreign Markets: The German Electro-Technical Industry and its Multinational Activities: 1890s to 1939', in A. Teichova, M. Lévy-Leboyer and H. Nussbaum (eds.), Multinational Enterprise in Historical Perspective (Cambridge, 1986), pp.145-59; P. Hertner, 'German Banks Abroad', in G. Jones (ed.), Banks as multinationals (London, 1990), pp.99-119; H.G. Schröter, 'Foreign Direct Investment by the German Chemical Industry from 1870 to 1930', German Yearbook on Business History (1993), pp.87-108; R.H. Tilly, 'International Aspects of the Development of German Banking', in R. Cameron and V.I. Bovykin (eds.), International Banking, 1870-1914 (New York/Oxford, 1991), pp.90-112.
9. P. Hertner, 'German Multinational Enterprise before 1914: Some Case Studies', in P. Hertner and G. Jones (eds.), Multinationals: Theory and History (Aldershot, 1986), pp.113-34; P. Hertner, 'Financial Strategies and Adaptation to Foreign Markets: The German Electro-Technical Industry and its Multinational Activities: 1890s to 1939', in A. Teichova, M. Lévy-Leboyer and H. Nussbaum (eds.), Multinational Enterprise in Historical Perspective (Cambridge, 1986), pp.145-59; P. Hertner, 'German Banks Abroad', in G. Jones (ed.), Banks as multinationals (London, 1990), pp.99-119; H.G. Schröter, 'Foreign Direct Investment by the German Chemical Industry from 1870 to 1930', German Yearbook on Business History (1993), pp.87-108; R.H. Tilly, 'International Aspects of the Development of German Banking', in R. Cameron and V.I. Bovykin (eds.), International Banking, 1870-1914 (New York/Oxford, 1991), pp.90-112.
10. P. Hertner, 'German Multinational Enterprise before 1914: Some Case Studies', in P. Hertner and G. Jones (eds.), Multinationals: Theory and History (Aldershot, 1986), pp.113-34; P. Hertner, 'Financial Strategies and Adaptation to Foreign Markets: The German Electro-Technical Industry and its Multinational Activities: 1890s to 1939', in A. Teichova, M. Lévy-Leboyer and H. Nussbaum (eds.), Multinational Enterprise in Historical Perspective (Cambridge, 1986), pp.145-59; P. Hertner, 'German Banks Abroad', in G. Jones (ed.), Banks as multinationals (London, 1990), pp.99-119; H.G. Schröter, 'Foreign Direct Investment by the German Chemical Industry from 1870 to 1930', German Yearbook on Business History (1993), pp.87-108; R.H. Tilly, 'International Aspects of the Development of German Banking', in R. Cameron and V.I. Bovykin (eds.), International Banking, 1870-1914 (New York/Oxford, 1991), pp.90-112.
11. P. Hertner, 'German Multinational Enterprise before 1914: Some Case Studies', in P. Hertner and G. Jones (eds.), Multinationals: Theory and History (Aldershot, 1986), pp.113-34; P. Hertner, 'Financial Strategies and Adaptation to Foreign Markets: The German Electro-Technical Industry and its Multinational Activities: 1890s to 1939', in A. Teichova, M. Lévy-Leboyer and H. Nussbaum (eds.), Multinational Enterprise in Historical Perspective (Cambridge, 1986), pp.145-59; P. Hertner, 'German Banks Abroad', in G. Jones (ed.), Banks as multinationals (London, 1990), pp.99-119; H.G. Schröter, 'Foreign Direct Investment by the German Chemical Industry from 1870 to 1930', German Yearbook on Business History (1993), pp.87-108; R.H. Tilly, 'International Aspects of the Development of German Banking', in R. Cameron and V.I. Bovykin (eds.), International Banking, 1870-1914 (New York/Oxford, 1991), pp.90-112.
12. P. Hertner, 'German Multinational Enterprise before 1914: Some Case Studies', in P. Hertner and G. Jones (eds.), Multinationals: Theory and History (Aldershot, 1986), pp.113-34; P. Hertner, 'Financial Strategies and Adaptation to Foreign Markets: The German Electro-Technical Industry and its Multinational Activities: 1890s to 1939', in A. Teichova, M. Lévy-Leboyer and H. Nussbaum (eds.), Multinational Enterprise in Historical Perspective (Cambridge, 1986), pp.145-59; P. Hertner, 'German Banks Abroad', in G. Jones (ed.), Banks as multinationals (London, 1990), pp.99-119; H.G. Schröter, 'Foreign Direct Investment by the German Chemical Industry from 1870 to 1930', German Yearbook on Business History (1993), pp.87-108; R.H. Tilly, 'International Aspects of the Development of German Banking', in R. Cameron and V.I. Bovykin (eds.), International Banking, 1870-1914 (New York/Oxford, 1991), pp.90-112.
13. German outward FDI to various countries was treated in H.G. Schröter, 'Continuity and Change: German Multinationals since 1850', in G. Jones and H.G. Schröter (eds.), The Rise of Multinationals in Continental Europe (Aldershot, 1993), pp.28-48, while the following study explicitly dealt with German FDI to Italy, Spain and France, excluding the UK: P. Hertner, 'Exports of Direct Investment: The German Electro-Technical Industry in Italy, Spain and France from the 1890s until the First World War', in H. Pohl (ed.), Transnational Investment from the 19th Century to the Present (Stuttgart, 1994), pp.103-15. The focus was on the UK in the studies by Jones, who analysed inward FDI from the perspective of the UK as recipient country. Jones' studies only supply limited information about German FDI, however, as Germany is one investor nation among many: G. Jones, 'Foreign Multinationals and British Industry before 1945', Economic History Review, 2nd series, Vol.41 (1988), pp.429-53; F. Bostock and G. Jones, 'Foreign Multinationals in British Manufacturing, 1850-1962', in G. Jones (ed.), The Making of Global Enterprise (London, 1994), pp.89-126.
14. German outward FDI to various countries was treated in H.G. Schröter, 'Continuity and Change: German Multinationals since 1850', in G. Jones and H.G. Schröter (eds.), The Rise of Multinationals in Continental Europe (Aldershot, 1993), pp.28-48, while the following study explicitly dealt with German FDI to Italy, Spain and France, excluding the UK: P. Hertner, 'Exports of Direct Investment: The German Electro-Technical Industry in Italy, Spain and France from the 1890s until the First World War', in H. Pohl (ed.), Transnational Investment from the 19th Century to the Present (Stuttgart, 1994), pp.103-15. The focus was on the UK in the studies by Jones, who analysed inward FDI from the perspective of the UK as recipient country. Jones' studies only supply limited information about German FDI, however, as Germany is one investor nation among many: G. Jones, 'Foreign Multinationals and British Industry before 1945', Economic History Review, 2nd series, Vol.41 (1988), pp.429-53; F. Bostock and G. Jones, 'Foreign Multinationals in British Manufacturing, 1850-1962', in G. Jones (ed.), The Making of Global Enterprise (London, 1994), pp.89-126.
15. German outward FDI to various countries was treated in H.G. Schröter, 'Continuity and Change: German Multinationals since 1850', in G. Jones and H.G. Schröter (eds.), The Rise of Multinationals in Continental Europe (Aldershot, 1993), pp.28-48, while the following study explicitly dealt with German FDI to Italy, Spain and France, excluding the UK: P. Hertner, 'Exports of Direct Investment: The German Electro-Technical Industry in Italy, Spain and France from the 1890s until the First World War', in H. Pohl (ed.), Transnational Investment from the 19th Century to the Present (Stuttgart, 1994), pp.103-15. The focus was on the UK in the studies by Jones, who analysed inward FDI from the perspective of the UK as recipient country. Jones' studies only supply limited information about German FDI, however, as Germany is one investor nation among many: G. Jones, 'Foreign Multinationals and British Industry before 1945', Economic History Review, 2nd series, Vol.41 (1988), pp.429-53; F. Bostock and G. Jones, 'Foreign Multinationals in British Manufacturing, 1850-1962', in G. Jones (ed.), The Making of Global Enterprise (London, 1994), pp.89-126.
16. German outward FDI to various countries was treated in H.G. Schröter, 'Continuity and Change: German Multinationals since 1850', in G. Jones and H.G. Schröter (eds.), The Rise of Multinationals in Continental Europe (Aldershot, 1993), pp.28-48, while the following study explicitly dealt with German FDI to Italy, Spain and France, excluding the UK: P. Hertner, 'Exports of Direct Investment: The German Electro-Technical Industry in Italy, Spain and France from the 1890s until the First World War', in H. Pohl (ed.), Transnational Investment from the 19th Century to the Present (Stuttgart, 1994), pp.103-15. The focus was on the UK in the studies by Jones, who analysed inward FDI from the perspective of the UK as recipient country. Jones' studies only supply limited information about German FDI, however, as Germany is one investor nation among many: G. Jones, 'Foreign Multinationals and British Industry before 1945', Economic History Review, 2nd series, Vol.41 (1988), pp.429-53; F. Bostock and G. Jones, 'Foreign Multinationals in British Manufacturing, 1850-1962', in G. Jones (ed.), The Making of Global Enterprise (London, 1994), pp.89-126.
17. See, for example, Bostock and Jones, 'Foreign Multinationals', p.91; H.G. Schröter, 'German Chemical Industry', p.88.
18. See, for example, Bostock and Jones, 'Foreign Multinationals', p.91; H.G. Schröter, 'German Chemical Industry', p.88.
19. Bostock and Jones, 'Foreign Multinationals', p.100, table 3.
20. J.H. Dunning, Multinational Enterprises and the Global Economy (Wokingham, 1993), pp.75-90. In his paradigm, John Dunning distinguishes between three types of advantages which companies need to possess to invest abroad successfully: ownership, locational and internalisation advantages (OLI). While ownership advantages are based on a company's exclusive possession of particular tangible or intangible assets (such as proprietary technology), locational advantages arise from the fact that the company is situated in a particular location as opposed to other possible locations. Internalisation advantages finally derive from including a particular function (such as distribution, production), which has hitherto been performed through arm's length contracts, into the hierarchy of the company. In this research project, the OLI paradigm was employed to single out and group together investment motives.
21. An early phase model was advanced by Raymond Vernon [R. Vernon, 'International Investment and International Trade in the Product Cycle', Quarterly Journal of Economics, Vol.80 (1966), pp.190-207]. As his approach focuses on investments between developed and developing countries, however, it does not fit our case. Mira Wilkins proposed a three-stage model of initial, more complex, and internationally integrated FDI. [M. Wilkins, The Maturing of Multinational Enterprise (Cambridge, 1974), pp.415 ff]. She does not draw clear lines between company functions, however. For example, foreign production is possible during stage one, or two and three. Her model, therefore, does not allow the distinctions sought in our case. Johanson and Vahlne published a phase model which centred on the notion that increased knowledge of a market leads to increased commitment [J. Johanson and J.-E. Vahlne, 'The Internationalization Process of the Firm: A Model of Knowledge Development and Increasing Foreign Market Commitments', Journal of International Business Studies, Vol.8 No.1 (1977), pp.23-32]. As this aspect is only a partial answer to the question of consecutive investment decisions, their model was not used either. By contrast, Kenichi Ohmae's model provides a very clear-cut, yet general, mode to distinguish between different investment phases [K. Ohmae, Beyond National Borders (Homewood, IL, 1987), pp.35-9.]. Ohmae identifies five phases of market-oriented FDI. In phase one, a company starts to sell in a foreign market. As turnover is low to begin with, a foreign sales representative is employed. Due to rising turnover, the company sets up its own sales subsidiary in the foreign country in phase two. Phase three is characterised by the commencement of foreign production activities. In phase four, further value-adding activities like R&D are transferred abroad. In phase five, the company has taken on a truly global nature, the national idiosyncrasies of the parent company increasingly fading away. As Dunning has pointed out, Ohmae's phase model also applies to resource-seeking investments, which, due to their nature, commence FDI in phase three [Dunning, Multinational Enterprises, pp.193-205]. Whereas phases one and two are missing, initial resource-seeking investments may trail behind them further investments which make them enter into phases four and five. It should be stressed that Ohmae's model offers a logical sequence of phases, which are not in any way compulsory, however. A company may halt its internationalisation at any given stage, or it may jump individual phases. At any point in time, further internationalisation is simply one out of a number of different management options, competing with increased production at home, licensing abroad and so on.
22. An early phase model was advanced by Raymond Vernon [R. Vernon, 'International Investment and International Trade in the Product Cycle', Quarterly Journal of Economics, Vol.80 (1966), pp.190-207]. As his approach focuses on investments between developed and developing countries, however, it does not fit our case. Mira Wilkins proposed a three-stage model of initial, more complex, and internationally integrated FDI. [M. Wilkins, The Maturing of Multinational Enterprise (Cambridge, 1974), pp.415 ff]. She does not draw clear lines between company functions, however. For example, foreign production is possible during stage one, or two and three. Her model, therefore, does not allow the distinctions sought in our case. Johanson and Vahlne published a phase model which centred on the notion that increased knowledge of a market leads to increased commitment [J. Johanson and J.-E. Vahlne, 'The Internationalization Process of the Firm: A Model of Knowledge Development and Increasing Foreign Market Commitments', Journal of International Business Studies, Vol.8 No.1 (1977), pp.23-32]. As this aspect is only a partial answer to the question of consecutive investment decisions, their model was not used either. By contrast, Kenichi Ohmae's model provides a very clear-cut, yet general, mode to distinguish between different investment phases [K. Ohmae, Beyond National Borders (Homewood, IL, 1987), pp.35-9.]. Ohmae identifies five phases of market-oriented FDI. In phase one, a company starts to sell in a foreign market. As turnover is low to begin with, a foreign sales representative is employed. Due to rising turnover, the company sets up its own sales subsidiary in the foreign country in phase two. Phase three is characterised by the commencement of foreign production activities. In phase four, further value-adding activities like R&D are transferred abroad. In phase five, the company has taken on a truly global nature, the national idiosyncrasies of the parent company increasingly fading away. As Dunning has pointed out, Ohmae's phase model also applies to resource-seeking investments, which, due to their nature, commence FDI in phase three [Dunning, Multinational Enterprises, pp.193-205]. Whereas phases one and two are missing, initial resource-seeking investments may trail behind them further investments which make them enter into phases four and five. It should be stressed that Ohmae's model offers a logical sequence of phases, which are not in any way compulsory, however. A company may halt its internationalisation at any given stage, or it may jump individual phases. At any point in time, further internationalisation is simply one out of a number of different management options, competing with increased production at home, licensing abroad and so on.
23. An early phase model was advanced by Raymond Vernon [R. Vernon, 'International Investment and International Trade in the Product Cycle', Quarterly Journal of Economics, Vol.80 (1966), pp.190-207]. As his approach focuses on investments between developed and developing countries, however, it does not fit our case. Mira Wilkins proposed a three-stage model of initial, more complex, and internationally integrated FDI. [M. Wilkins, The Maturing of Multinational Enterprise (Cambridge, 1974), pp.415 ff]. She does not draw clear lines between company functions, however. For example, foreign production is possible during stage one, or two and three. Her model, therefore, does not allow the distinctions sought in our case. Johanson and Vahlne published a phase model which centred on the notion that increased knowledge of a market leads to increased commitment [J. Johanson and J.-E. Vahlne, 'The Internationalization Process of the Firm: A Model of Knowledge Development and Increasing Foreign Market Commitments', Journal of International Business Studies, Vol.8 No.1 (1977), pp.23-32]. As this aspect is only a partial answer to the question of consecutive investment decisions, their model was not used either. By contrast, Kenichi Ohmae's model provides a very clear-cut, yet general, mode to distinguish between different investment phases [K. Ohmae, Beyond National Borders (Homewood, IL, 1987), pp.35-9.]. Ohmae identifies five phases of market-oriented FDI. In phase one, a company starts to sell in a foreign market. As turnover is low to begin with, a foreign sales representative is employed. Due to rising turnover, the company sets up its own sales subsidiary in the foreign country in phase two. Phase three is characterised by the commencement of foreign production activities. In phase four, further value-adding activities like R&D are transferred abroad. In phase five, the company has taken on a truly global nature, the national idiosyncrasies of the parent company increasingly fading away. As Dunning has pointed out, Ohmae's phase model also applies to resource-seeking investments, which, due to their nature, commence FDI in phase three [Dunning, Multinational Enterprises, pp.193-205]. Whereas phases one and two are missing, initial resource-seeking investments may trail behind them further investments which make them enter into phases four and five. It should be stressed that Ohmae's model offers a logical sequence of phases, which are not in any way compulsory, however. A company may halt its internationalisation at any given stage, or it may jump individual phases. At any point in time, further internationalisation is simply one out of a number of different management options, competing with increased production at home, licensing abroad and so on.
24. An early phase model was advanced by Raymond Vernon [R. Vernon, 'International Investment and International Trade in the Product Cycle', Quarterly Journal of Economics, Vol.80 (1966), pp.190-207]. As his approach focuses on investments between developed and developing countries, however, it does not fit our case. Mira Wilkins proposed a three-stage model of initial, more complex, and internationally integrated FDI. [M. Wilkins, The Maturing of Multinational Enterprise (Cambridge, 1974), pp.415 ff]. She does not draw clear lines between company functions, however. For example, foreign production is possible during stage one, or two and three. Her model, therefore, does not allow the distinctions sought in our case. Johanson and Vahlne published a phase model which centred on the notion that increased knowledge of a market leads to increased commitment [J. Johanson and J.-E. Vahlne, 'The Internationalization Process of the Firm: A Model of Knowledge Development and Increasing Foreign Market Commitments', Journal of International Business Studies, Vol.8 No.1 (1977), pp.23-32]. As this aspect is only a partial answer to the question of consecutive investment decisions, their model was not used either. By contrast, Kenichi Ohmae's model provides a very clear-cut, yet general, mode to distinguish between different investment phases [K. Ohmae, Beyond National Borders (Homewood, IL, 1987), pp.35-9.]. Ohmae identifies five phases of market-oriented FDI. In phase one, a company starts to sell in a foreign market. As turnover is low to begin with, a foreign sales representative is employed. Due to rising turnover, the company sets up its own sales subsidiary in the foreign country in phase two. Phase three is characterised by the commencement of foreign production activities. In phase four, further value-adding activities like R&D are transferred abroad. In phase five, the company has taken on a truly global nature, the national idiosyncrasies of the parent company increasingly fading away. As Dunning has pointed out, Ohmae's phase model also applies to resource-seeking investments, which, due to their nature, commence FDI in phase three [Dunning, Multinational Enterprises, pp.193-205]. Whereas phases one and two are missing, initial resource-seeking investments may trail behind them further investments which make them enter into phases four and five. It should be stressed that Ohmae's model offers a logical sequence of phases, which are not in any way compulsory, however. A company may halt its internationalisation at any given stage, or it may jump individual phases. At any point in time, further internationalisation is simply one out of a number of different management options, competing with increased production at home, licensing abroad and so on.
25. An early phase model was advanced by Raymond Vernon [R. Vernon, 'International Investment and International Trade in the Product Cycle', Quarterly Journal of Economics, Vol.80 (1966), pp.190-207]. As his approach focuses on investments between developed and developing countries, however, it does not fit our case. Mira Wilkins proposed a three-stage model of initial, more complex, and internationally integrated FDI. [M. Wilkins, The Maturing of Multinational Enterprise (Cambridge, 1974), pp.415 ff]. She does not draw clear lines between company functions, however. For example, foreign production is possible during stage one, or two and three. Her model, therefore, does not allow the distinctions sought in our case. Johanson and Vahlne published a phase model which centred on the notion that increased knowledge of a market leads to increased commitment [J. Johanson and J.-E. Vahlne, 'The Internationalization Process of the Firm: A Model of Knowledge Development and Increasing Foreign Market Commitments', Journal of International Business Studies, Vol.8 No.1 (1977), pp.23-32]. As this aspect is only a partial answer to the question of consecutive investment decisions, their model was not used either. By contrast, Kenichi Ohmae's model provides a very clear-cut, yet general, mode to distinguish between different investment phases [K. Ohmae, Beyond National Borders (Homewood, IL, 1987), pp.35-9.]. Ohmae identifies five phases of market-oriented FDI. In phase one, a company starts to sell in a foreign market. As turnover is low to begin with, a foreign sales representative is employed. Due to rising turnover, the company sets up its own sales subsidiary in the foreign country in phase two. Phase three is characterised by the commencement of foreign production activities. In phase four, further value-adding activities like R&D are transferred abroad. In phase five, the company has taken on a truly global nature, the national idiosyncrasies of the parent company increasingly fading away. As Dunning has pointed out, Ohmae's phase model also applies to resource-seeking investments, which, due to their nature, commence FDI in phase three [Dunning, Multinational Enterprises, pp.193-205]. Whereas phases one and two are missing, initial resource-seeking investments may trail behind them further investments which make them enter into phases four and five. It should be stressed that Ohmae's model offers a logical sequence of phases, which are not in any way compulsory, however. A company may halt its internationalisation at any given stage, or it may jump individual phases. At any point in time, further internationalisation is simply one out of a number of different management options, competing with increased production at home, licensing abroad and so on.
26. This definition is in accordance with Dunning, Multinational Enterprises, p.3, M. Wilkins, 'Hosts to Transnational Investments: A Comparative Analysis', in Pohl (ed.), Transnational Investment, p.27, and G. Jones, The Evolution of International Business: An Introduction (London, 1996), p.4.
27. This definition is in accordance with Dunning, Multinational Enterprises, p.3, M. Wilkins, 'Hosts to Transnational Investments: A Comparative Analysis', in Pohl (ed.), Transnational Investment, p.27, and G. Jones, The Evolution of International Business: An Introduction (London, 1996), p.4.
28. This definition is in accordance with Dunning, Multinational Enterprises, p.3, M. Wilkins, 'Hosts to Transnational Investments: A Comparative Analysis', in Pohl (ed.), Transnational Investment, p.27, and G. Jones, The Evolution of International Business: An Introduction (London, 1996), p.4.
29. PRO, BT 8/135.
30. PRO Information Leaflet number 54; J. Orbell, A Guide to Tracing the History of a Business (Aldershot, 1987), pp.44-8; J. Armstrong, 'An Introduction to Archival Research in Business History', Business History, Vol.33 No.1 (1991), pp.8-13.
31. PRO Information Leaflet number 54; J. Orbell, A Guide to Tracing the History of a Business (Aldershot, 1987), pp.44-8; J. Armstrong, 'An Introduction to Archival Research in Business History', Business History, Vol.33 No.1 (1991), pp.8-13.
32. PRO Information Leaflet number 54; J. Orbell, A Guide to Tracing the History of a Business (Aldershot, 1987), pp.44-8; J. Armstrong, 'An Introduction to Archival Research in Business History', Business History, Vol.33 No.1 (1991), pp.8-13.
33. PRO, BT 31, files of liquidated companies.
34. For a listing of the individual branches, see the table of investments given in the appendix to this article. The set-up of the databank was inspired by the seminal databank of Geoffrey Jones, accessible as: G. Jones et al., Impact of Foreign Multi-National Investment in Britain since 1850 [computer file], Colchester, ESRC Archive 1993. Whereas Jones' databank adopts the host country view (taking into account FDI into Britain from various countries), and employs the narrow definition of regarding manufacturing units (and some banks) only, the present databank is exclusively concerned with FDI emanating from Germany, and treats manufacturing units, sales outlets, and service companies alike.
35. See Jones, 'Foreign Multinationals before 1945', pp.429-53, and Bostock and Jones, 'Foreign Multinationals', p.100.
36. See Jones, 'Foreign Multinationals before 1945', pp.429-53, and Bostock and Jones, 'Foreign Multinationals', p.100.
37. See W.G. Hoffmann, Das Wachstum der deutschen Wirtschaft seit der Mitte des 19. Jahrhunderts (Berlin, 1965), pp.68-9: As a proxy for each industry's significance the employment figures are used. Whereas metal processing, textiles, clothing, food and drinks, and the construction sector each employed more than ten per cent of the German workforce, the chemical industry only accounted for 2.5 per cent of employment in the first decade of the twentieth century.
38. K.E. Born, Wirtschafis- und Sozialgeschichte des Deutschen Kaiserreiches (1867/71-1914) (Stuttgart, 1985), pp.47-50.
39. PRO, BT 31/16057/58971, Hessian Economic Archive, section 119, Memorandum by Wilhelm Merton dated 1 Nov. 1915, p.9.
40. Siemens Company Archive, Li 219; City Archive of Berlin, Rep. 231, O.31; J.D. Scott, Siemens Brothers, 1858-1958 (London, 1958); S.v. Weiher, Die Entwicklung der englischen Siemens-Werke und des Siemens-Überseegeschäftes in der zweiten Hälfte des 19. Jahrhunderts (Freiburg, 1959); W. Feldenkirchen, Werner von Siemens (Berlin/Munich, 1992); Siemens plc (ed.), Sir William Siemens (London 1993); W. Feldenkirchen, Siemens 1918-1945 (Munich/Zürich, 1995), chapter 2 and appendix.
41. Siemens Company Archive, Li 219; City Archive of Berlin, Rep. 231, O.31; J.D. Scott, Siemens Brothers, 1858-1958 (London, 1958); S.v. Weiher, Die Entwicklung der englischen Siemens-Werke und des Siemens-Überseegeschäftes in der zweiten Hälfte des 19. Jahrhunderts (Freiburg, 1959); W. Feldenkirchen, Werner von Siemens (Berlin/Munich, 1992); Siemens plc (ed.), Sir William Siemens (London 1993); W. Feldenkirchen, Siemens 1918-1945 (Munich/Zürich, 1995), chapter 2 and appendix.
42. Siemens Company Archive, Li 219; City Archive of Berlin, Rep. 231, O.31; J.D. Scott, Siemens Brothers, 1858-1958 (London, 1958); S.v. Weiher, Die Entwicklung der englischen Siemens-Werke und des Siemens-Überseegeschäftes in der zweiten Hälfte des 19. Jahrhunderts (Freiburg, 1959); W. Feldenkirchen, Werner von Siemens (Berlin/Munich, 1992); Siemens plc (ed.), Sir William Siemens (London 1993); W. Feldenkirchen, Siemens 1918-1945 (Munich/Zürich, 1995), chapter 2 and appendix.
43. Siemens Company Archive, Li 219; City Archive of Berlin, Rep. 231, O.31; J.D. Scott, Siemens Brothers, 1858-1958 (London, 1958); S.v. Weiher, Die Entwicklung der englischen Siemens-Werke und des Siemens-Überseegeschäftes in der zweiten Hälfte des 19. Jahrhunderts (Freiburg, 1959); W. Feldenkirchen, Werner von Siemens (Berlin/Munich, 1992); Siemens plc (ed.), Sir William Siemens (London 1993); W. Feldenkirchen, Siemens 1918-1945 (Munich/Zürich, 1995), chapter 2 and appendix.
44. Siemens Company Archive, Li 219; City Archive of Berlin, Rep. 231, O.31; J.D. Scott, Siemens Brothers, 1858-1958 (London, 1958); S.v. Weiher, Die Entwicklung der englischen Siemens-Werke und des Siemens-Überseegeschäftes in der zweiten Hälfte des 19. Jahrhunderts (Freiburg, 1959); W. Feldenkirchen, Werner von Siemens (Berlin/Munich, 1992); Siemens plc (ed.), Sir William Siemens (London 1993); W. Feldenkirchen, Siemens 1918-1945 (Munich/Zürich, 1995), chapter 2 and appendix.
45. Siemens Company Archive, 11 Charubin, Lg 575, Report on the Development in Landore 1870-1899; R. Bungeroth, 50 Jahre Mannesmannröhren (Berlin, 1934); H. Koch, 75 Jahre Mannesmann (Düsseldorf, 1965); H. Wessel, Kontinuität im Wandel (Gütersloh, 1990).
46. Siemens Company Archive, 11 Charubin, Lg 575, Report on the Development in Landore 1870-1899; R. Bungeroth, 50 Jahre Mannesmannröhren (Berlin, 1934); H. Koch, 75 Jahre Mannesmann (Düsseldorf, 1965); H. Wessel, Kontinuität im Wandel (Gütersloh, 1990).
47. Siemens Company Archive, 11 Charubin, Lg 575, Report on the Development in Landore 1870-1899; R. Bungeroth, 50 Jahre Mannesmannröhren (Berlin, 1934); H. Koch, 75 Jahre Mannesmann (Düsseldorf, 1965); H. Wessel, Kontinuität im Wandel (Gütersloh, 1990).
48. Siemens Company Archive, 11 Charubin, Lg 575, Report on the Development in Landore 1870-1899; R. Bungeroth, 50 Jahre Mannesmannröhren (Berlin, 1934); H. Koch, 75 Jahre Mannesmann (Düsseldorf, 1965); H. Wessel, Kontinuität im Wandel (Gütersloh, 1990).
49. PRO, BT 31/34707/75538; BP Benzin- und Petroleum Gesellschaft mbH (ed.), BP -Geschichte einer Ölgesettschaft 1904-1954 (Hamburg, 1954); F. Förster, Geschichte der Deutschen BP, 1904-1979 (Hamburg, 1979); G. Jones, The State and the Emergence of the British Oil Industry (London, 1981).
50. PRO, BT 31/34707/75538; BP Benzin- und Petroleum Gesellschaft mbH (ed.), BP - Geschichte einer Ölgesettschaft 1904-1954 (Hamburg, 1954); F. Förster, Geschichte der Deutschen BP, 1904-1979 (Hamburg, 1979); G. Jones, The State and the Emergence of the British Oil Industry (London, 1981).
51. PRO, BT 31/34707/75538; BP Benzin- und Petroleum Gesellschaft mbH (ed.), BP - Geschichte einer Ölgesettschaft 1904-1954 (Hamburg, 1954); F. Förster, Geschichte der Deutschen BP, 1904-1979 (Hamburg, 1979); G. Jones, The State and the Emergence of the British Oil Industry (London, 1981).
52. For a detailed analysis of the major German investor in the British optical industry, see A. Hagen, 'Export versus Direct Investment in the German Optical Industry: Carl Zeiss, Jena and Glaswerk Schott & Gen. in the UK, from their Beginnings to 1933', Business History, Vol.38 No.4 (1996), pp.1-20.
53. PRO, BT 31/17183/80023; Anglo-German Publishing Co. (ed.), Die deutsche Kolonie in England (London, 1913), p.106; B. Kuske, 700 Jahre Stollwerck-Geschichte (Cologne, 1939), pp.102-4; and F. Blaich, 'Protektionismus und unternehmerische Wirtschaft (bis 1945)', in H. Pohl and W. Treue (eds.), Protektionismus. Fortschritt oder Rückschritt? (Stuttgart, 1985), p.16; A.D. Chandler, Jr., Scale and Scope (Cambridge, MA, 1990), pp.399-401.
54. PRO, BT 31/17183/80023; Anglo-German Publishing Co. (ed.), Die deutsche Kolonie in England (London, 1913), p.106; B. Kuske, 700 Jahre Stollwerck-Geschichte (Cologne, 1939), pp.102-4; and F. Blaich, 'Protektionismus und unternehmerische Wirtschaft (bis 1945)', in H. Pohl and W. Treue (eds.), Protektionismus. Fortschritt oder Rückschritt? (Stuttgart, 1985), p.16; A.D. Chandler, Jr., Scale and Scope (Cambridge, MA, 1990), pp.399-401.
55. PRO, BT 31/17183/80023; Anglo-German Publishing Co. (ed.), Die deutsche Kolonie in England (London, 1913), p.106; B. Kuske, 700 Jahre Stollwerck-Geschichte (Cologne, 1939), pp.102-4; and F. Blaich, 'Protektionismus und unternehmerische Wirtschaft (bis 1945)', in H. Pohl and W. Treue (eds.), Protektionismus. Fortschritt oder Rückschritt? (Stuttgart, 1985), p.16; A.D. Chandler, Jr., Scale and Scope (Cambridge, MA, 1990), pp.399-401.
56. PRO, BT 31/17183/80023; Anglo-German Publishing Co. (ed.), Die deutsche Kolonie in England (London, 1913), p.106; B. Kuske, 700 Jahre Stollwerck-Geschichte (Cologne, 1939), pp.102-4; and F. Blaich, 'Protektionismus und unternehmerische Wirtschaft (bis 1945)', in H. Pohl and W. Treue (eds.), Protektionismus. Fortschritt oder Rückschritt? (Stuttgart, 1985), p.16; A.D. Chandler, Jr., Scale and Scope (Cambridge, MA, 1990), pp.399-401.
57. Especially wine from the Moselle area and 'Hock', white wine from the Rhine valley, became increasingly popular in the UK. Deinhard achieved between 34 and 42 per cent of its total turnover in Britain. See W. Treue, Deinhard - Erbe und Auftrag (Munich, 1969), pp.1-188.
58. PRO, BT 31/14898/25618; Company Archive of Beck & Co., document number 372, Die deutschen Brauereien, dated 30 Sept. 1906; Guildhall Library, Annual reports of companies quoted on the London Stock Exchange, 1910/11.
59. PRO, BT 31/14898/25618; Company Archive of Beck & Co., document number 372, Die deutschen Brauereien, dated 30 Sept. 1906; Guildhall Library, Annual reports of companies quoted on the London Stock Exchange, 1910/11.
60. The lower figure for German investment in the US is calculated from T. Kabisch, Deutsches Kapital in den USA (Stuttgart, 1982), pp.331-52, appendix 1 , while the higher figure is taken from M. Wilkins, The History of Foreign Investment in the United States to 1914 (Cambridge, 1989), p.169. table 5.14. The figure cited for Russia relates to the year 1915. See J. Mai, 'Deutscher Kapitalexport nach Rußland 1898 bis 1907', in H. Lemke and B. Widera (eds.), Russisch-deutsche Beziehungen von der Kiever Rus' bis zur Oktoberrevolution (Berlin, 1976), p.227. The figure cited for Italy originates from P. Hertner, 'Das Auslandskapital in der italienischen Wirtschaft, 1883-1914. Probleme seiner Quantifizierung und Auswertung', in H. Kellenbenz (ed.), Weltwirtschaftliche und währungspolitische Probleme seit dem Ausgang des Mittelalters (Stuttgart, 1981), p.111, table 2.
61. The lower figure for German investment in the US is calculated from T. Kabisch, Deutsches Kapital in den USA (Stuttgart, 1982), pp.331-52, appendix 1 , while the higher figure is taken from M. Wilkins, The History of Foreign Investment in the United States to 1914 (Cambridge, 1989), p.169. table 5.14. The figure cited for Russia relates to the year 1915. See J. Mai, 'Deutscher Kapitalexport nach Rußland 1898 bis 1907', in H. Lemke and B. Widera (eds.), Russisch-deutsche Beziehungen von der Kiever Rus' bis zur Oktoberrevolution (Berlin, 1976), p.227. The figure cited for Italy originates from P. Hertner, 'Das Auslandskapital in der italienischen Wirtschaft, 1883-1914. Probleme seiner Quantifizierung und Auswertung', in H. Kellenbenz (ed.), Weltwirtschaftliche und währungspolitische Probleme seit dem Ausgang des Mittelalters (Stuttgart, 1981), p.111, table 2.
62. The lower figure for German investment in the US is calculated from T. Kabisch, Deutsches Kapital in den USA (Stuttgart, 1982), pp.331-52, appendix 1 , while the higher figure is taken from M. Wilkins, The History of Foreign Investment in the United States to 1914 (Cambridge, 1989), p.169. table 5.14. The figure cited for Russia relates to the year 1915. See J. Mai, 'Deutscher Kapitalexport nach Rußland 1898 bis 1907', in H. Lemke and B. Widera (eds.), Russisch-deutsche Beziehungen von der Kiever Rus' bis zur Oktoberrevolution (Berlin, 1976), p.227. The figure cited for Italy originates from P. Hertner, 'Das Auslandskapital in der italienischen Wirtschaft, 1883-1914. Probleme seiner Quantifizierung und Auswertung', in H. Kellenbenz (ed.), Weltwirtschaftliche und währungspolitische Probleme seit dem Ausgang des Mittelalters (Stuttgart, 1981), p.111, table 2.
63. The lower figure for German investment in the US is calculated from T. Kabisch, Deutsches Kapital in den USA (Stuttgart, 1982), pp.331-52, appendix 1 , while the higher figure is taken from M. Wilkins, The History of Foreign Investment in the United States to 1914 (Cambridge, 1989), p.169. table 5.14. The figure cited for Russia relates to the year 1915. See J. Mai, 'Deutscher Kapitalexport nach Rußland 1898 bis 1907', in H. Lemke and B. Widera (eds.), Russisch-deutsche Beziehungen von der Kiever Rus' bis zur Oktoberrevolution (Berlin, 1976), p.227. The figure cited for Italy originates from P. Hertner, 'Das Auslandskapital in der italienischen Wirtschaft, 1883-1914. Probleme seiner Quantifizierung und Auswertung', in H. Kellenbenz (ed.), Weltwirtschaftliche und währungspolitische Probleme seit dem Ausgang des Mittelalters (Stuttgart, 1981), p.111, table 2.
64. Feldenkirchen, Werner von Siemens, p.79.
65. PRO, BT 31/4675/30766; Company Archive of Bayer AG, 19/A. 177.2, schedules 1-4; W. J. Reader, ICI: A History, Vol.I (London, 1970), pp.261-3: in return for a fixed share of profits on British sales the German companies provided the exclusive use of patents for certain dyestuffs to I. Levinstein & Co. Ltd. They also transferred capital to the UK. Ivan Levinstein hoped for considerable technology transfer. He coaxed the German chemical companies into signing the joint venture by warning that an alteration in the British patent law was imminent, which was going to require the working of foreign patents in the UK. By 1895 no such legislation had been passed. As a consequence, the German chemical companies saw no need to continue their co-operation with Levinstein. Levinstein himself was not satisfied with the technology transfer achieved. Also, he resented the loss of control over the company which had formally been his sole property. Consequently, both sides were willing to end co-operation in 1895.
66. The chemical company Boehringer, Mannheim, closed its sales subsidiary in 1910, after it had failed to establish the London outlet as an intermediate trading post for quinine, its malaria cure, which was destined for the British colonies. Boehringer was henceforth represented by Domeier & Co., London, an agent for various chemical and pharmaceutical companies in the UK [Letter of information by Boehringer, Mannheim, dated 9 June 1995]. Vereinigte Rheinisch-Westfälische Pulverfabriken, which had acquired a controlling interest in the Chilworth Gunpowder Co. Ltd, gradually sold these stocks to the British company Vickers Ltd from 1901 onwards, because it did not succeed in establishing its explosives next to the products of the leading Nobel's Explosives Ltd. [See PRO, BT 31/114793/20935.]
67. PRO, BT 31/12400/98124; Chandler, Scale and Scope, p.432.
68. Major public limited companies were St. Pauli Breweries Co. Ltd (PRO, BT 31/14898/ 25618), British Glanzstoff Manufacturing Co. Ltd (PRO, BT 31/18500/98979), and Osram Lamp Works Ltd (PRO, BT 31/34863/95312).
69. PRO, BT 31/14883/25071; Economic Archive of Baden-Württemberg, B 46, Bü 1/100, B1. 60, Bü 467, Bü 470, Bü 476; M. Plehn, Verbandstoff Geschichte (Stuttgart, 1990), p.56.
70. Company Archive of Mercedes Benz, F. Schildberger, 'Die Entstehung der Automobilindustrie in Deutschland' (unpublished manuscript, Stuttgart, 1973), p.28.
71. A. Nieme, Geschichte und Entwicklung der Farbenfabriken vorm. Friedr. Bayer & Co. Elberfeld (Munich, 1918), p.352.
72. E.g. Continental Tyre and Rubber Co. (Great Britain) Ltd See PRO, BT 31/17422/ 84073; Anglo-German Publishing Co. (ed.), Deutsche Kolonie, pp.102-4; no author, Das Buch der alten Firmen der Stadt Hannover 1954 (Hannover, 1954), p.58; P. Erker, Wachsen im Wettbewerb (Düsseldorf, 1996), p.22.
73. E.g. Continental Tyre and Rubber Co. (Great Britain) Ltd See PRO, BT 31/17422/ 84073; Anglo-German Publishing Co. (ed.), Deutsche Kolonie, pp.102-4; no author, Das Buch der alten Firmen der Stadt Hannover 1954 (Hannover, 1954), p.58; P. Erker, Wachsen im Wettbewerb (Düsseldorf, 1996), p.22.
74. E.g. Continental Tyre and Rubber Co. (Great Britain) Ltd See PRO, BT 31/17422/ 84073; Anglo-German Publishing Co. (ed.), Deutsche Kolonie, pp.102-4; no author, Das Buch der alten Firmen der Stadt Hannover 1954 (Hannover, 1954), p.58; P. Erker, Wachsen im Wettbewerb (Düsseldorf, 1996), p.22.
75. PRO, BT 31/21598/130099; G. Raphael, Hugo Stinnes (Berlin, 1925), p.87; A. Kirchrath, Krieg dem deutschen Handel [Translation of: S. Whitman, The War on German Trade] (Leipzig, 1915), pp.27, 44.
76. PRO, BT 31/21598/130099; G. Raphael, Hugo Stinnes (Berlin, 1925), p.87; A. Kirchrath, Krieg dem deutschen Handel [Translation of: S. Whitman, The War on German Trade] (Leipzig, 1915), pp.27, 44.
77. PRO, BT 31/14549/10348; S.M. Auerbach, 'Jews in the German Metal Trade', Year Book X of the Leo Baeck Institute (London, 1965), pp.190-91.
78. Company Archive of Hoechst AG, CUK-UG, Annual reports of Chemische Werke vorm. H. & E. Albert, 1909-1933, Heinrich Albert, Mein Leben; Chemische Werke Albert (ed.), 80 Jahre Chemische Werke Albert (Wiesbaden, 1938), pp.1-18; Hoechst AG (ed.), 125 Jahre Albert Chemie in Biebrich am Rhein (Wiesbaden, 1983), pp.28-33, 50-65.
79. Company Archive of Hoechst AG, CUK-UG, Annual reports of Chemische Werke vorm. H. & E. Albert, 1909-1933, Heinrich Albert, Mein Leben; Chemische Werke Albert (ed.), 80 Jahre Chemische Werke Albert (Wiesbaden, 1938), pp.1-18; Hoechst AG (ed.), 125 Jahre Albert Chemie in Biebrich am Rhein (Wiesbaden, 1983), pp.28-33, 50-65.
80. Company Archive of Hoechst AG, CUK-UG, Annual reports of Chemische Werke vorm. H. & E. Albert, 1909-1933, Heinrich Albert, Mein Leben; Chemische Werke Albert (ed.), 80 Jahre Chemische Werke Albert (Wiesbaden, 1938), pp.1-18; Hoechst AG (ed.), 125 Jahre Albert Chemie in Biebrich am Rhein (Wiesbaden, 1983), pp.28-33, 50-65.
81. PRO, BT 31/15913/55975; State Archive of Bremen, 7, 2100, annual reports of Deutsche Dampfschiffahrtsgesellschaft 'Hansa'; In 1897 'Hansa' bought one third of the shares of Harris Deepwater Wharf Co. Ltd, situated in Middlesbrough. The rationale underlying this investment was not to build ships, but to establish a basis for loading and unloading ships in Middlesbrough harbour. As a result, 'Hansa' managed to increase considerably the amount of cargo it shipped to India.
82. PRO, BT 31/20111/116667; State Archive of Bremen, 4, 75/5, D 70 II, Amtsgericht Bremen, Registry of Companies, documents concerning Dampfschiffahrtsgesellschaft 'Argo', annual reports of Dampfschiffahrtsgesellschaft 'Argo'; R. Thiel, Argo-Reederei und Atlas Levante-Linie (Bremen, 1994): The 'Argo' began serving Anglo-German shipping routes in 1897 from its Bremen base. When the management realised that especially return cargoes from the UK were unsatisfactory, it decided to set up offices in the UK to enhance the acquisition of both goods and passengers. Gradually, business could be improved. In 1911 the British subsidiary was transformed from a unit that was dependent on the parent company into a subsidiary of its own right, the Hanseatic Maritime Agency Ltd.
83. PRO, BT 8/135; Company Archive of Carl Zeiss, Jena, BACZ 17911.
84. PRO, BT 31/19158/106703; City Archive of Nuremberg, AV 5096.4, E9/NW 94 1.
85. Nieme, Farbenfabriken, p.354.
86. Anglo-German Publishing Co. (ed.), Deutsche Kolonie, pp.102-4.
87. Company Archive of Carl Zeiss Jena, BACZ 9691.
88. Robert Bosch AG (ed.), 50 Jahre Bosch (Stuttgart, 1936), pp.24-5; Th. Heuss, Robert Bosch (Munich, 2nd edn. 1981), pp.118-19.
89. Robert Bosch AG (ed.), 50 Jahre Bosch (Stuttgart, 1936), pp.24-5; Th. Heuss, Robert Bosch (Munich, 2nd edn. 1981), pp.118-19.
90. Company Archive of Carl Zeiss, BACZ 23021; Hagen, 'Export versus Direct Investment in the German Optical Industry', p.6.
91. Company Archive of Mercedes Benz, Schildberger, Automobilindustrie, p.127; I. Sievers, Auto Cars (Frankfurt, 1995), pp.231-6.
92. Company Archive of Mercedes Benz, Schildberger, Automobilindustrie, p.127; I. Sievers, Auto Cars (Frankfurt, 1995), pp.231-6.
93. Accumulatoren-Fabrik AG (ed.), 50 Jahre Accumulatoren-Fabrik AG (Berlin, 1938); Chandler, Scale and Scope, p.404.
94. Accumulatoren-Fabrik AG (ed.), 50 Jahre Accumulatoren-Fabrik AG (Berlin, 1938); Chandler, Scale and Scope, p.404.
95. PRO, BT 31/11361/87058; Chandler, Scale and Scope, pp.450-51; Jones et al., Impact [computer file]; E. Koch, Ein Unternehmen im Wandel der Zeiten - Messer Griesheim (Frankfurt, 1993), p.39.
96. PRO, BT 31/11361/87058; Chandler, Scale and Scope, pp.450-51; Jones et al., Impact [computer file]; E. Koch, Ein Unternehmen im Wandel der Zeiten - Messer Griesheim (Frankfurt, 1993), p.39.
97. PRO, BT 31/11361/87058; Chandler, Scale and Scope, pp.450-51; Jones et al., Impact [computer file]; E. Koch, Ein Unternehmen im Wandel der Zeiten - Messer Griesheim (Frankfurt, 1993), p.39.
98. The concept of oligopolistic reaction was advanced by Frederick T. Knickerbocker [F.T. Knickerbocker, Oligopolistic Reaction and Multinational Enterprise (Boston, 1973)].
99. For a detailed report on the Siemens light bulb factory in Dalston see City Archive of Berlin, Rep. 231, O.31, Feuerlein's report dated 15 Oct. 1914: Siemens felt compelled to invest in the Dalston bulb factory to comply with 'Buy British' tendencies, because its competitors had done so beforehand.
100. Public General Acts, 7 Edw. VII, Chapter 50, Companies Act, 1907. This was the only context in which the tax issue played a role in investment decisions. Differences in the levels of corporate income tax, which induce foreign investments today, did not exist in any significant scale. E. Schremmer, Steuern und Staatsfinanzen während der Industrialisierung Europas (Berlin, 1994), p.213.
101. Treue, Deinhard, pp.75-101: Carl Deinhard settled in London during the first half of the nineteenth century. After his death in 1850, Johann Jakob Haßlacher and Julius Wegeler, directors of Deinhard in Koblenz were sent to London to continue the business. Of the two Haßlacher settled in the British capital permanently. In 1860 he adopted British nationality. In 1883 he was succeeded by his son, Charles Haßlacher.
102. Economic Archive of Baden-Württemberg, B11 Bü 16, p.10-11.
103. Feldenkirchen, Werner von Siemens, p.79.
104. Company Archive of Merck AG, H1, 9 (a), H1, 9 (b).
105. See note 40.
106. Red Book of Commerce 1913; Jones et al., Impact [computer file].
107. Economic Archive of Baden-Württemberg, B 11, Bü 16, Bü 333, Bü 342, Bü 345, Bü 346.
108. PRO, BT 31/21043/125381; State Archive of Saxony at Leipzig, files on Bleichert, Transportanlagenbau GmbH, Leipzig, 34, 49, 352.
109. PRO, BT 8/135; no author, Historische biographische Blätter, Sachsen, fifth edition, no year.
110. H. Pieper, 'Über die Entwicklung der Büssing-Lastkraftwagen und -Omnibusse bis etwa 1914', Automobiltechnische Zeitschrift, Vol.63 No.1 (1961), pp.6-7; H.C. Graf v. Seherr-Thoss, Die deutsche Automobilindustrie (Stuttgart, 1974), p.21; MAN Nutzfahrzeuge GmbH (ed.), H. Büssing - Mensch, Werk, Erbe (Munich, 1989), pp.12-4, 262-4; Sievers, Auto Cars, pp.76-7.
111. H. Pieper, 'Über die Entwicklung der Büssing-Lastkraftwagen und -Omnibusse bis etwa 1914', Automobiltechnische Zeitschrift, Vol.63 No.1 (1961), pp.6-7; H.C. Graf v. Seherr-Thoss, Die deutsche Automobilindustrie (Stuttgart, 1974), p.21; MAN Nutzfahrzeuge GmbH (ed.), H. Büssing - Mensch, Werk, Erbe (Munich, 1989), pp.12-4, 262-4; Sievers, Auto Cars, pp.76-7.
112. H. Pieper, 'Über die Entwicklung der Büssing-Lastkraftwagen und -Omnibusse bis etwa 1914', Automobiltechnische Zeitschrift, Vol.63 No.1 (1961), pp.6-7; H.C. Graf v. Seherr-Thoss, Die deutsche Automobilindustrie (Stuttgart, 1974), p.21; MAN Nutzfahrzeuge GmbH (ed.), H. Büssing - Mensch, Werk, Erbe (Munich, 1989), pp.12-4, 262-4; Sievers, Auto Cars, pp.76-7.
113. H. Pieper, 'Über die Entwicklung der Büssing-Lastkraftwagen und -Omnibusse bis etwa 1914', Automobiltechnische Zeitschrift, Vol.63 No.1 (1961), pp.6-7; H.C. Graf v. Seherr-Thoss, Die deutsche Automobilindustrie (Stuttgart, 1974), p.21; MAN Nutzfahrzeuge GmbH (ed.), H. Büssing - Mensch, Werk, Erbe (Munich, 1989), pp.12-4, 262-4; Sievers, Auto Cars, pp.76-7.
114. PRO, BT 31/17000/76972; PRO, BT 31/17251/81209; PRO, BT 31/16886/74810; Company Archive of Th. Goldschmidt, 'Inoffizielle Firmengeschichte', pp.51-5, A Short Account of the Development of Th. Goldschmidt, Chemical and Tin Smelting Works, Essen-Ruhr 1847-1903.
115. H. Kleine-Natrop, England und die Freihandelsidee (Freiburg, 1937), p.34,
116. Hertner, 'Financial Strategies', p.150: Canada introduced unilateral preferential treatment in 1897. South Africa and New Zealand followed suit in 1903, Australia in 1906.
117. Kuske, Stollwerck, pp.102-4.
118. The Fair Trade League, led by Arthur Balfour, argued that British import duties could be used as a means of retaliation against the import duties British suppliers faced in Germany, France and the USA, giving British representatives a much needed means of pressure in negotiations for a restoration of free trade with these countries. Although Balfour and his group did not succeed in bringing about British import duties, in 1887 the Merchandise Marks Act was passed which ruled that non-British products had to be labelled with a mark of origin.
119. This 'Buy British' campaign was sparked off by the publication of E.E. Williams' book Made in Germany (London, 1896), which painted a picture of widespread diffusion of German products in the British economy at the cost of British producers.
120. The Tariff Reform Movement, led by Joseph Chamberlain in the election campaigns of 1906 and 1910, endorsed import duties to protect the British industry against foreign competition. However, Chamberlain was defeated in both elections. The free traders under Lloyd George carried the day, but the election campaigns had nonetheless been accompanied by powerful 'Buy British' movements.
121. PRO, BT 31/19065/105708; Company Archive of Carl Zeiss, Jena, BACZ 11514, 11704, 16039.
122. O. Debatin, Sie haben mitgeholfen (Stuttgart, 1963), pp.32-3.
123. Public General Acts, 7 Edw. VII, Patent and Designs Act, 1907; P.A. Zimmermann, Patentwesen in der Chemie (Ludwigshafen, 1965), pp.72-95. The patent law of 1907 eventually required what the British chemical producer I. Levinstein had been lobbying for since the 1880s. See note 30.
124. H. Holländer, Geschichte der Schering AG (Berlin, 1955), p.37; Chandler, Scale and Scope, p.482; Jones et al., Impact [computer file].
125. H. Holländer, Geschichte der Schering AG (Berlin, 1955), p.37; Chandler, Scale and Scope, p.482; Jones et al., Impact [computer file].
126. H. Holländer, Geschichte der Schering AG (Berlin, 1955), p.37; Chandler, Scale and Scope, p.482; Jones et al., Impact [computer file].
127. PRO, BT 31/18500/98979; Chandler, Scale and Scope, p.443.
128. E.g. Imperial Lamp Works (Brimsdown) Ltd, founded by Julius Pintsch AG of Berlin (see PRO, BT 31/18696/101306), Selas Lighting Co. Ltd, Manchester, established by two Berlin companies of the same name (see PRO, BT 31/18773/102188), and British Graetzin Light Co. Ltd, founded by Enrich & Graetz in 1912 (PRO, BT 31/21040/125353; City Archive of Berlin, Rep. 250-01-05 [Ehrich & Graetz]: 6/002; 1-0033, p.4; 1-0086; 1-0110). Producers of electrical, gas, oil, and petroleum lamps are dealt with in the electrical industry, as these lamps constituted close substitutes, and producers of one type of lamp often diversified into manufacturing other types.
129. PRO, BT 31/18490/98804; M. Löffler, 50 Jahre Fortuna Werke 1903-1953 (Stuttgart, 1955), pp.65-6.