Finance and Empire: Sir Charles Addis, 1861–1945 PDF
Preview Finance and Empire: Sir Charles Addis, 1861–1945
FINANCE AND EMPIRE By the same author BANKERS AND DIPLOMATS IN CHINA, 1917-1925 Finance and Empire Sir Charles Addis, 1861-1945 Roberta AUbert Dayer M MACMILLAN PRESS © Roberta A. Dayer 1988 Softcover reprint of the hardcover 1 st edition 1988 978-0-333-44464-1 The author and publishers would like to thank Athlone for permission to use extracts from R. Dayer, 'The Y oung Charles S. Addis: Poet or BankerT, in Frank H. H. King (ed.), Eastern Banking: Essays in the History ofthe Hongkong and Shanghai Banking Corporation (London, 1983). All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright Act 1956 (as amended), or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 33-4 Alfred Place, London WClE 7DP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1988 Published by THE MACMILLAN PRESS L TD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world Typeset by Wessex Typesetters (Division of The Eastern Press Ltd) Frome, Somerset British Library Cataloguing in Publication Data Dayer, Roberta Allbert Finance and empire: Sir Charles Addis, 1861-1945. 1. Addis, Sir Charles 2. Capitalists and financiers-Great Britain Biography I. Tide 332' .042'0924 HG 172.A3 ISBN 978-1-349-19594-7 ISBN 978-1-349-19592-3 (eBook) DOI 10.1007/978-1-349-19592-3 For my husband, Dr Roger S. Dayer, whose faith and love sustained me Contents List of Maps x List of Plates xi Preface and Acknowledgements xii List of Abbreviations xvii Introduction xviii PART I THE DEVELOPMENT OF A MAN AND IDS CAREER 1 The Young Charles Addis, 1861-95 3 Childhood and education, 1861-80 3 The British, China and the Hongkong and Shanghai Banking Corporation 8 Singapore and Hong Kong, 1883--6 10 Peking, 1886-8 15 Tientsin, Peking, Shanghai, 1888-91 23 Calcutta and Rangoon, 1891-3 29 Courtship, marriage and return to Shanghai 32 2 Widening Horizons, 1895-1904 35 Indemnity loans, 1895-8 35 Hankow, Korea, Calcutta, 1896-8 39 Shanghai, 1898-9 43 Home leave, 1900, Edinburgh and New York 47 The Boxer aftermath, 1901-4 48 3 From Eastern Banker to Financial Diplomat, 1904-14: 'Playing the Game' in China 52 The London Office, 1904-5 52 Railway loans, 1905-9 55 The China Consortium 61 The Republican Revolution of 1911 and the Reorganisation Loan 64 Family, friends and intellectual milieu 71 4 Becoming a Central Banker, 1914-19 78 War finance 79 The China Consortium 84 vii Vlll Contents Defending free trade, 1916-17 87 The Bank of England and monetary policy 91 The Chinese Eastern Railway and Russian gold, 1918 95 The Second China Consortium, 1918-19 98 The German indemnity 102 PART II ATTEMPTS AT ANGLO-AMERICAN COOPERATION Overview: British Postwar Strategy 109 5 Competition vs Cooperation, 1919-22 118 Wooing the Americans, 1919-20 118 The Consortium, 1919-20 123 War debts, reparations and Far Eastern questions 128 The trip to China and Japan, 1921-2 135 6 Monetary Policy and European Reconstruction, 1920-8 146 Monetary policy and Central Bank cooperation, 1920-2 147 The Genoa Conference 151 Funding the War Debt to America, 1923 153 The Montagu Mission to Brazil 161 The Dawes settlement, 1924 162 Britain's return to gold, 1923-5 165 The Addis-Norman relationship and the Bank of England 172 The Reichsbank, monetary policy and European politics, 1925-8 176 7 An End to Reparations and the Gold Standard, 1929-31 186 The Reparations Conference, 1929 187 The Young Plan and the Bank for International Settlements, 1929-30 197 Baden-Baden and the Second Hague Conference 203 Monetary policy, 1930: The Treasury vs Norman 209 One last attempt in America 217 The Bank Crisis of 1931: 'Playing the game at all costs' 222 Contents IX PART III A RETURN TO STERLING Overview: A Sterling Strategy 233 8 Towards a Sterling Bloc, 1931-4 237 Managing currency and retirement from the Bank of England, 1931-2 237 Reparations, war debts and the World Economic Conference, 1932-3 242 The Royal Banking Commission for Canada 248 International monetary policy, 1933-4 249 9 Addis and British China Policy, 1923-9: The Resumption of Anglo-American Competition 253 The Consortium and the Peking government, 1923-4 254 Peking vs Canton, 1925--6 259 Boxer Indemnity funds and Britain's new China policy, 1925-7 263 Reconciliation with the Nationalists, 1927-9 266 Maintaining control of the Customs, 1927-9 269 10 Japan vs China, 1929-34 274 Coping with Japan, 1929-32 274 Removal from the London Committee, HSBC 281 T. V. Soong's Mission, 1933 284 China and the silver crisis, 1934 288 11 A New British Initiative in China, 1935-41 292 The Leith-Ross mission, 1935--6 292 Financing the KMT 296 Appeasement or war? 1938-41 303 Conclusion 307 Final years 307 An assessment 312 Appendix: The Speeches and Writings of Sir Charles Addis 321 Notes 324 Bibliography 392 Index 411 List of Maps 1 The world about 1900 xxii 2 Europe in 1914 xxiv x
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