Congratulations to Kirsty Peacock who has won the New Researcher Poster Prize at the 2024 Economic History Society Conference for her poster ‘Men must fight, and women must work – and weep’: New opportunities for women clerks in wartime City of London Banks? 1914-1918. Kirsty is based at the University of Oxford and her research project is the result of a partnership between The Baring Archive and Open-Oxford-Cambridge.
In 2021 The Baring Archive and Open-Oxford-Cambridge partnered to offer a Collaborative Doctoral Award to a PhD researcher to work with the Baring Archive’s records to explore the topic of women working in the City of London. Kirsty took up the challenge and is researching ‘Who performed the business of banking? Women’s work in the City of London, 1870-1930.’ Her supervisors are Dr Rowena Olegario and Professor Catherine Schenk.
You can view Kirsty’s poster and a video description on the Economic History Society’s website.
Finance and International Relations in the long 19th century was the title for the second academic workshop organised by the Baring Archive. Held at ING’s Moorgate office on Friday 9 February the gathering built on the theme of networks that had been discussed at the Archive’s initial workshop held in November 2022.
The day began with a presentation from Clara Harrow, Art and Archive Manager, who highlighted key information resources and updated the assembled group on newly available digitised material. There was also the opportunity to show how the Archive can work in partnership with academics with the examples of existing collaborations with Open Oxford Cambridge and the University of Leeds.
The main proceedings of the day were then chaired by Dr Rowena Olegario, Co-Director of the Global History of Capitalism project at the University of Oxford and Trustee of The Baring Archive. Dr Olegario introduced our four speakers, all historians who had used the Baring Archive for their research.
Antony Best, Professor of International History at the London School of Economics
The Baring Archive and International History: An East Asian Case Study, 1897-1941
A recording of Professor Best’s presentation (audio only) is available here.
Dr Mark Hay, Assistant Professor in the Department of History at the Erasmus School of History, Culture and Communication, Netherlands
Baring, Hope, and the Financing of the Louisiana Cession
Dr Hay provided insights from his research on the financing of the Louisiana Purchase. He drew attention to the bankers Pierre César Labouchere and Alexander Baring, both of whom were associated with Barings but were also involved with the Amsterdam firm of Hope and Company.
Dr Paula Vedoveli, Assistant Professor in the School of International Relations at the Getulio Vargas Foundation, Brazil
Brokering Capital: Sovereign Creditworthiness and the Making of Global Finance, 1851-1914
Dr Vedoveli spoke about her research on the role of credibility brokers in the arrangement of finance for sovereign borrowers, contrasting Brazil’s approach with that taken by Argentina. A key observation was the replacement of credibility brokers by financial analysts who provided technical analysis and knowledge of economic indicators to inform participation in transactions.
A copy of Dr Vedoveli’s slides can be viewed here.
Dr Tehreem Husain, Power Fellow in Economic History in affiliation with the Institute of Historical Research and Visiting Fellow at the LSE Department of Economic History
Agents, Brokerage and Argentinian Railways 1880-1905
Dr Hussain’s presentation was on a project that she had begun with Dr Emily Buchnea following the Archive’s inaugural workshop. Dr Husain spoke on the global importance of railway investment in the period 1865 to 1914, and the role of brokerage. She demonstrated that brokerage is a dynamic process and used the example of Barings’ changing relationship with Argentina. Granular observations were provided on the role of three individual agents, and this was illustrated by a network analysis of their relationships.
A recording of Dr Husain’s presentation can viewed here.
Alternatively an audio recording of the presentation is available hereand Dr Husain’s slides can be viewed separately here.
Both morning and afternoon sessions were followed by fruitful discussions where the assembled audience were invited to question the speakers and make observations and comments on their research. Discussions also continued over lunch with lots of opportunities for networking.
The workshop provided an excellent opportunity to hear how the Baring Archive is being used in current historical research. We hope to be able to hold a further workshop in early 2025. Please get in touch if you would like to register your interest.
This month the theme of travel continues with a letter from a wealthy American client that provides insights on international travel and tourism at the turn of the 20th century and demonstrates the interaction between business and social networks.
Mary Clark Thompson (1835-1923) was a noted American philanthropist and the widow of the banker Frederick Ferris Thompson (1836-1899), a founder of First National Bank of the City of New York, a predecessor of Citibank. Mrs Thompson lived in New York City and spent summers at Sonnenberg, her estate in Canandaigua, New York State.
In 1903 Mrs Thompson was travelling in Europe and she wrote to John Baring, 2nd Lord Revelstoke (1863-1920). Revelstoke was senior partner at Barings and in her letter Mrs Thompson asked if he could provide a letter of introduction to his friends and correspondents who might be able to assist her as she continued her travels in Asia.
Mrs Thompson wrote that she planned to travel to St Petersburg, Moscow and then onwards on the Trans-Siberian Railway. On reaching China she hoped to visit Peking (Beijing) and then to proceed to Port Arthur (Lüshunkou District) and Dalney (Dailian). She also requested introductions to any bank correspondents located in Japan and India.
Mrs Thompson’s travel companions were to be General and Mrs Winslow of New York, fellow Americans who were long term residents at Paris. Edward Francis Winslow (1837-1914) had served in the American Civil War and was also a railroad executive. The Winslows were close family friends of Mrs Thompson, in fact General Winslow died at Sonnenberg in 1914 and is buried at Canandaigua.
Lord Revelstoke was happy to be of assistance to Mrs Thompson. Surviving in the Baring Archive is a draft of his letter of introduction. He described Mrs Thompson as a very valued client. A note that suggests that he was able to provide her with contacts in Russia, China and Japan.
Mrs Thompson’s travels inspired her to create beautiful landscaped gardens at her summer estate. She even included a classic Japanese garden complete with a tea house. Her gardens at Sonnenberg can still be visited today, a lasting legacy of her trip.
A set of letters in the Baring Archive sheds some light on how one of Barings’ Victorian partners spent his holidays.
Joshua Bates (1788-1864) first visited the English holiday resort of Scarborough in June 1856. He had been recommended to visit in order to improve his health. From the very first day he was delighted with this Yorkshire coastal town. He wrote to his fellow partner Charles Baring Young:
I like the place very much there is no company here and the Great “Crown” Hotel has only an old woman to cook. There are no chickens and I am denied Beef, we are confined to mutton and lamb. I think however with long walks and short commons I shall get my strength rapidly for it is really a charming place compared with Brighton.
Bates stayed at the Crown Hotel (now the Crown Spa Hotel) overlooking Scarborough’s South Bay. Built in 1844 it was Scarborough’s first purpose-built hotel. Scarborough Spa had been a popular resort since the 17th century and the town is reputed to be England’s oldest seaside resort. In 1841 a new rail link between York and Scarborough had seen visitor numbers increase further.
In another letter dated 24 June 1856 Bates described how his walks with his wife Lucretia were testing his legs:
These Hills try my legs and one has given out but in other respects I am quite well. My local complaint does not trouble me in the least but my cough is pretty bad. Mrs Bates is very vigorous and walks enough to tire me and says she feels no fatigue. People begin to arrive here, 20 to our Hotel Yesterday – I think a fortnight will do for me between here and Towlow.
The mention of Towlow is a reference to the Weardale Iron & Coal Company, a company with which Barings had a long association. While on holiday Bates visited the owner of the company Charles Attwood and reported that all was well with the business.
Bates’s letters also reveal that he kept up to date with business and current affairs while on holiday. Topics covered in his letters range from financial matters in France, Argentina and Russia as well as the American Civil War. In one of his letters dated 27 June 1856 he reveals his source of news as the local bookseller reporting that “we get on well together, he has all the news from London by Telegraph at 12 o’clock.” (HC1.020.08.44).
Bates would continue to return to Scarborough until 1862. He must therefore have visited the newly constructed Spa building where concerts were held, bands played and visitors promenaded and shopped. On occasion he bemoaned the crowds but his overall opinion remained positive and was stated in a letter dated 29 July 1862:
This place is now charming, the very place to be idle in.
A file in the Baring Archive provides a snapshot of the British ship building industry in the late 1860s. Entitled “Specifications, tenders and drawings for sea-going vessels”the file contains papers relating to ships commissioned from various shipyards around Britain.
Plan of a screw lighter for the China coastal trade built by Hall, Russell & Co of Aberdeen (ref: HC18.04.04.d)
In the 1860s and 1870s Barings managed the building of ships for their clients. This was a new area of expertise for Barings and presumably followed their merger with Finlay Hodgson and Co in 1867. The ships were built in Britain for overseas clients based mainly in the Asia-Pacific region. Orders were often placed by Barings in its own name, and the firm supervised the building and paid the builders their instalments when due.
Detail showing company logo of Henderson Coulborn and Co of Renfrew (ref: HC18.04.04.g)
The commissions reflect the transition from sail to steam. The ships commissioned were mainly steamships – screw steamers and paddle steamers. However there is one specification for a sailing ship, a clipper schooner, written up by the Poole shipyard.
Detail of voucher of supplies purchased for the paddle steamer Moning Ref: HC18.04.10
This one file is part of a larger series of papers that relates more widely to this aspect of Barings’ business: Ships Built Under Supervision for Overseas Owners. The papers relate to the design and fitting out of the ships. For example, a file relating to a paddle steamer contains documents relating to the purchase of machinery and to the finer details such as the procurement of furniture, crockery and cutlery for use on board. Crew lists and wage slips also feature as Barings were responsible for the recruitment of the crew that would eventually deliver the finished vessel from the shipyard to its final owner.
Together with the plans of the ships these documents bring to life the role Barings played in linking British shipyards with shipowners around the world.
Many documents relating to railways can be found in the Baring Archive and can be accessed via our Digitised Collections.
Prospectuses
Prospectuses relating to railway issues can be accessed via the Baring Archive’s prospectus database. A search for “rail” retrieves prospectuses for issues of securities for railways in the UK, USA, Canada, France, India, Argentina, Georgia and Russia dating from 1868 to 1939.
Many of the prospectuses contain maps such as that for the 1881 issue by the Bengal Central Railway. The Bengal Central Railway prospectus also sought to highlight some of the potential benefits of the new line including the opening up of numerous important trade centres that up until then had been difficult to reach.
Another interesting map can be found in the prospectus for the 1930 issue for the London Electric Railway Company Ltd. The funds were to be used to extend the Piccadilly Line and carry out several other improvements to stations and interchanges and the prospectus map shows the proposed changes extending the Piccadilly Line northwards from Finsbury Park to Cockfosters, and westwards from Hammersmith to Northfields.
Maps and Plans
Many of the railway maps and plans in other parts of the archive have been digitised and are accessible via our Digitised Collections.
One example is a plan of the Southern Mahratta Railway relating to an issue made in 1886. Barings participated in this issue of 1.2 million 4% bonds guaranteed by the Secretary of State for India.
Also digitised is a map of the Seoul-Pusan Railway printed in around 1900. At this time the Seoul-Pusan Railway was reviewing its financial situation and the map was produced for the information of potential financial partners. Barings gathered a range of information via their agent Colonel Sir William Bisset as they considered the proposals.
Barings were also closely involved in the financial affairs of the Iron Mountain Railroad, which ran south from St Louis in Missouri. The maps shows a stop called Baring Cross, which can be found just north of Little Rock.
Security certificates
Banks often held share certificates for safe keeping on behalf of clients. An example of a certificate relating to railways is this 1894 certificate for 960 shares in the Ecuador National Railway. This railway was begun in 1861 and was devised to connect the Andean highlands of Ecuador with its Pacific coast.
Also in the archive are many examples of bonds issued for railway companies such as the bond for the PLM Railway Company issued in 1922.
Correspondence
Of course these issues for railway companies generated a lot of correspondence. Detailed descriptions of these letters can be found in the archive’s House Correspondence and outgoing correspondence can be found in the Letterbook series. The Archive’s correspondence relating to Latin America has been digitised and is available online and we are currently working to make our North American papers accessible online.
Papers relating to Barings’ Shipping Department have recently been digitised and are now accessible on the Baring Archive’s Digitisation portal. The papers date from the 1860s and 1870s and relate mainly to three ships owned by Barings – the Chaa Sze, the Black Prince and the Norman Court.
Barings re-entered the ship management business in 1867 following their amalgamation with the firm Finlay Hodgson and Company. Finlay Hodgson owned two sailing vessels: the Chaa Sze or “Tea Taster” and the Black Prince, named after Edward, the heir apparent of King Edward III of England. Barings soon disposed of the Chaa Sze and Barings then commissioned a new ship. This new ship was initially to be named after the Black Prince’s younger brother John of Gaunt. In the end the ship was named after Thomas Baring’s Hampshire estate Norman Court.
Barings’ ships were tea clippers (just like the Cutty Sark) and were famous for their speed as they sought to sail as quickly as possible between Britain, the Far East and Australia. The ships took out British manufactured goods, iron, and some coal and returned with tea and other produce. Constructed with a wooden hull shaped around an iron frame they were fully rigged ships with three masts. In the archives are specifications for the design of the ships and documents relating to their seaworthiness. The archive also has a builders model of the Norman Court that is on display in our reading room.
The ships papers also include extensive paperwork kept by the Captains of each ship relating to the management of the crew, payment of wages, sourcing of provisions, pilotage and towage and all the practicalities of the ships’ voyages as well as documentation of the ship’s freight.
By the late 1870s the competition of steam proved too strong for these sailing ships. Captain William Inglis wrote “Ships are simply no use at all now and it is no use trying to fight against steam as people will not employ sail when they can get steam.” The Black Prince was sold in 1880 and the Norman Court the following year. In March 1883 the Norman Court struck rocks and sank in Cymyran Bay, Anglesey. A bolt from the wreck was given to the archive in 1996 by a diver who had visited the wreck.
In 2021 The Baring Archive began a partnership with Open-Oxford-Cambridge to offer a Collaborative Doctoral Award to a PhD researcher. The researcher would work with the archive’s records to research the topic of Women and Work in the City of London from 1870 onwards. As a result of the partnership Kirsty Peacock, a history graduate with a MSt in Women’s Studies is now undertaking her DPhil at the University of Oxford on the topic of ‘Who performed the business of banking? Women’s work in the City of London, 1870-1930.’ Kirsty’s supervisors are Dr Rowena Olegario and Professor Catherine Schenk.
The Coupon Department at Barings around 1920
Kirsty began her research in the Baring Archive in Autumn 2021. She looked at records such as an attendance book that shows how on Wednesday 3 September 1873 six women signed in to work in the Coupon Department. JE Maryman, Laura Windus, Eliza Windus, Ellen Galer, E Campbell and MA Bentley were the first women to work at Barings. A salary book from 1877 also survives showing that the superintendent Miss Maryman was paid £1 10s per week. A further document records the length of service of each of these six women. Reasons for leaving were stated and included ill health, retirement, marriage, and the Baring Crisis of 1890. Miss M A Bentley would remain working in the Coupon Department until her retirement in 1920. She had joined Barings aged 15.
Kirsty has been working to set the story of the first women at Barings in its historical context. She has researched the expansion of the workforce at Barings and the impact of the 1890 Baring Crisis that led to redundancies. She has looked at records in other banks to study the recruitment of female staff and the policies and rules used to regulate conduct in the office and ensure the segregation of male and female staff. Kirsty has been able to set the employment of women in the wider context of the emergence of London as a global hub, the amalgamation movement to create larger banks, drives to increase efficiency, demographic change and changes in attitudes to women’s rights to vote and own property. She argues that it was the work of these first women in banking and the response of their employers that laid the foundations for the massive growth of women’s banking work that occurred during and after the first world war.
Kirsty’s research is ongoing, and we look forward to sharing more about her discoveries as her research progresses.
View the signaturesof the first women to work at Barings
View the weekly salariesof the women working in the Coupon Department
The Baring Archive is a rich resource of correspondence on 19th century finance but sometimes it requires a bit of creative thinking to track down the documents relevant to a research topic. The US Government Loan of January 1873 is a case in point and correspondence relating to the deal can be found in the various sections of the House Correspondence series.
Prospectus collection
The first port of call for evidence relating to this deal is the prospectus collection. The printed prospectus outlines the details of the deal and gives the names of the firms working on it. Barings were part of the European Syndicate that issued this bond for the US Government as they sought to refinance the US national debt following the American Civil War.
The prospectus for the US Government Loan of 1873
House Correspondence North America (HC5)
Of course the obvious place to find papers relating to this deal is the House Correspondence for North America. For example, one letter outlines the early negotiations and shows that on 20 December 1872 John Rose of Morton, Rose & Co met with James Stewart Hodgson, a senior partner at Barings. Rose asked if Barings would be disposed to cooperate in a proposed new issue by the United States Government on a second instalment of the five per cents. That afternoon on his return to his office Rose set out the details of the loan in a letter to Hodgson.
House Correspondence Netherlands (HC8)
The marketing of the deal in Europe also means that Barings corresponded with their European partners – they usually worked with Hope & Co in the Amsterdam market. In fact the Netherlands catalogue reveals correspondence that shows that Hopes declined to participate in this deal and reveals their reasoning – they would only participate as sole agent in the Amsterdam market and did not want to share business with Rothschild’s agent.
House Correspondence English (HC3)
Correspondence with Barings’ London partners in the syndicate is preserved in Barings’ English Correspondence and a search of this catalogue reveals correspondence with Morton, Rose & Co. For example, a pressed copy of a letter sent by Morton Rose & Co to NM Rothschild & Sons outlines the division of the profits.
As this one deal demonstrates a search in the archives is not straightforward and requires the checking of multiple catalogues. If you are searching for documentation we strongly recommend that you contact us so we can guide you through the relevant sources in the Archive. We can also let you know which parts of the collection can be accessed online. We look forward to hearing from you!
This past week The Baring Archive has been taking part in the Archive and Records Association’s Explore Your Archive Focus week. Explore Your Archive is a national campaign that gives archivists the opportunity to post objects within their collections and to celebrate archives and share what they hold.
We’ve shared content on the various focus week themes via Twitter:
It’s been a great way for our team to explore our collections from a different perspective.
Here are some of the images of the items we’ve shared. If an item has been digitised a link has been included so that the items and their descriptions can be explored further. We encourage you to take a closer look!
Map of the Argentine Railways 1908 (300600) #EYAMapsPlansRegulations for Women Clerks (HC1.14.1.15) #EYATimeThomas Baring by TA Houston (PT33) #EYABeards1st Lord Northbrook by Thomas Lawrence (DR5) #EYAThrowbackPoster for entertainment at Stratton Park (DEP.195.2) #EYAPartyEvening Standard bill poster (DEP.196) #EYANews3rd Lord Northbrook (PR104) #EYAHumourBearer bond for City of Constantinople Municipal Loan of 1909 (300332) #EYALanguages
And of course we recommend the Guide to the Archive accessible on our website as a top-level overview of the collection with links to more detailed catalogues and digitised content where available.