Customer Reviews

City Bankers, 1890-1914 (Msh)

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Though first published over 25 years ago, this is still a seminal work on the late Victorian and Edwardian "City of London" banking community and how it functioned in its financial, investment social and political environment - this tight network of specialized bankers functioning in the greatest financial center of the pre-1914 universe. From 1815 to 1914, Great Britain was the chief banker, lender, shipper and insurer to the entire world and the specialized roles functions and interaction of the Bank of England and the private investment banks, joint stock banks and overseas banks are given an insightfull, detailed and lucid review. The private banking houses, the banks that made the foreign loans / overseas investments - Rothschild, J.P Morgan, Baring, Schroders and Hambros are given their due but authors narrative also shows how the joint stock banks - Barclays, London and Westminster, Lloyds, London and Midland etc. became much more powerfull/influencial due to amalagamation and enormous resources gained from deposit banking that dwarfed the capital of the private investment banks. The oversea's banks - many partially funded by consortiums of various banking groups were a relatively new phenonmenon that the author shows were enormously profitable. These overseas banks appear to have the most diffuse social range of top management since going to Iraq, Hong Kong or Argentina for 20 + years away from home was not considered a desirable situation if one could work in "the city" !! The family connections, education, sporting and social obligations of this banking elite - and make no mistake about it, they were an elite almost on a par with the British Aristocracy. Mr. Cassis shows that "City Bankers" with their family ties, inter-marriages, education mores and political connections had turned the top tiers of "city banking" into a "Caste" that was increasingly difficult anyone but "insiders" to penetrate. Other chapters highlight political connections, profitablity, financial interests and committments and the various aspects of the banking profession also show that despite an increased professionalism for the top ownership / management of banking houses - this was still an elite that guarded the ramparts of it's caste diligently. Books that I suggest might be read in conjunction with this one include "The House of Rothschild,{Volume 2} The Worlds Banker" by Nial Ferguson, "The House of Morgan, 1830 -1913" by Vincent Carosso {see my April 2010 review}, "The Sixth Great Power, Baring's, 1762 -1929" by Phillip Ziegler, "The International Gold Standard, Money and Empire 1870-1914" by Marcello de Cecco and espisically "The City of London, Golden Years, 1890-1914" by David Kynaston. Mr. Kynaston's book puts an anecdotal and more intimate face on the "City during this time frame whose narrative meshs well with Mr.Cassis more economic and historical perspective. The book includes 65 tables of information / listings and an extensive bibliography of 16 pages. This is an outstanding book - lucid and well researched and I give it a strong 5 star rating.