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Call of Duty

Semper Fi(永远忠诚)——美国海军陆战队





2010-07-23 14:25:48|  分类: 诠释成功:普华( |  标签: |举报 |字号 订阅

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The PW decision to establish an American office would not have taken place had it not been for the increase of British capital investment in the United States. British investment in its former colonies had a long and deep history. However aside from relatively small industrial ventures and the activities of British land companies, the first major spurts of investment occurred in the 1830s and early 1840s, when states governments sought funds for internal improvements, most notably for canals and railroads. Investment activity picked up again in the late 1840s until 1857, with increasing attention paid to railroads.


The prodigious growth of British capital exports to the United States after the Civil War was the result of attractive American opportunities and also, more important, of the growth of an investment surplus in Britain. The English middle class began to bring more capital into the market by mid-century, thus initiating an era of expansion that lasted until the beginning of World War I. Much of this increased capital went to the United States. The level of all foreign investment in the United States, which had been about $380 million in 1853, grew to approximately $1.5 billion by 1869. (As a point of comparison, it was not until the 1880s that Congress authorized a peacetime budget in excess of $1 million.)


Throughout the final decades of the 19th century, railroad securities attracted many British investors, as they had before the Civil War, with the peak of interest in railroads occurring in the 1890s and 1900s. Overseas investors were also interested in a wide range of other opportunities, many of which involved the exploitation of natural resources. Foreign-owned enterprises included dealings in land, mortgages, cattle, and oil, as well as with banking and insurance companies and various mining operations. Large-scale industry, protected by limited liabilty, also attracted investors.


Meanwhile, in Britain, flotations and consolidations of British breweries – Guinness and Ind Coope in 1886, and , later, Watney with Combe & Reids – produced companies whose profitability increased significantly as a result of economies of scale in distribution. British promoters sought out comparable opportunities in the United States. In 1889 alone, more than 100 existing American breweries were consolidated into 23 British-owned breweries and liquor companies, involving $75 million in capital. These and other flotations in the United States, which often mirrored changing patterns in British industry, came to occupy PW’s early practice in America.


Although British investment in the United States was continuous, it was also variable, fluctuating in response to economic circumstances in both countries. The flow of British capital surged after the Panic of 1873 and crested in 1890, when Baring Brothers, which had been heavily involved in American investment for years, collapsed. British capital exports declined precipitously thereafter, worsening during the Panic of 1893, until about 1897, when they again turned upward, reaching a peak about ten years later. This volatile change of fortunes had a dramatic impact on PW’s American agency.

虽然英国对美国的投资持续不断,但受两国经济环境的影响,它的规模有起有伏,受两国经济发展的影响而上下波动。英国资本在1873年美国经济震荡后汹涌流入,在1890年达到顶峰。当时,多年来深入参与对美投资业务的Baring Brothers崩溃清盘。随后,流入美国的英资大幅减少,而降幅在1893年美国经济再次陷入危机时更为剧烈,[这样的局面]一直持续到1897年恢复增长为止(10年后又达到了顶峰)。这种反复不定的资本变化对普华(PW)的美国代理处有着很深刻的影响。

The growth of British capital exports also led to an increase in the numbers and kinds of financial intermediaries in the London money market specializing in foreign securities. Though the larger houses such as Rothschild, Baring, and Hambro were well placed to handle the loans for foreign governments and corporations, the aggregate monetary value and the market share of issues they undertook eroded after 1870. In their place came a wide range of issuing houses such as special-purpose syndicates, small companies with stock exchange connections, and joint-stock banks.


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