Banks As Multinationals (RLE Banking and Finance) by Jones Geoffrey;

Author:Jones, Geoffrey; [Geoffrey Jones]
Language: eng
Format: epub
ISBN: 1097851
Publisher: Taylor & Francis Group

This concern, in which by the end of the following year the Bank had come to hold 31,155 shares then valued at £109,042-10s-0d, paid huge dividends and proved to be an extremely lucrative investment. Another large investment of 1894 was 21,750 shares in Gold Mines of South Africa, valued at £172,710-10s-0d in the end of year inventory.27 Soon the BIO was buying into a wide range of South African issues and Vincent, whose office in the siege central at Constantinople was at around this time dominated by a huge map of the Rand, went out to the Transvaal in person both in 1894 and again in 1895 to promote both the Bank's and his own affairs.28 Not everyone within the BIO, however, was happy at what was happening.

I was not prepared to hear [wrote Lord Hilhngdon, chairman of the London committee, to the Director General in January 1895], that we had made so much out of South African mines but I do not think they should be taken as an investment by the Ottoman Bank. We have always had a reputation for caution in our investments, and if we were known to be large speculators in these securities I think much harm would be done to our prestige.29

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