¹ Conde, Roberto Cortés and Hunt, Shane, The Latin American Economies: Growth and the Export Sector 1880–1930 (New York, 1985).Google Scholar On the limitations of the dependency approach: Bergquist, Charles, Alternative Approaches to the Problem of Development: A Selected and Annotated Bibliography (Durham, 1979)Google Scholar; Weaver, Frederick S., “Neo-Classical Theory, Dependency Theory and the Staple Theory”, Occasional Papers Series No.7 (Amherst, 1977)Google Scholar; Klarén, Peter and Bossert, Thomas, Promise of Development: Theories of Change in Latin America (Boulder, 1986).Google Scholar

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⁴ Topik, Steven, The Political Economy of the Brazilian State (Austin, 1987)Google Scholar; Bergquist, Charles, Labor in Latin America (Stanford, 1986)Google Scholar. A compelling case for the weaknesses and limits of South American primary export capitalism in Albert, Bill, South America and the First World War: The impact of War on Brazil, Argentina, Peru and Chile (Cambridge, 1988).CrossRefGoogle Scholar

⁵ Recent exceptions are Marichal, Carlos, Historia de la deuda externa de América Latina (Madrid, 1988)Google Scholar; and Drake, Paul, The Money Doctor in the Andes: The Kemmerer Missions, 1923–1933 (Durham, 1989)Google Scholar, who argues “control over credit proved as crucial a source of power as control over land,” p. 28.

⁶ Returned value is defined as the share of export receipts accounted for by local inputs and labor. See Thorp, Rosemary and Bertram, Geoffrey, Peru 1890–1977: Growth and Policy in an Open Economy (New York, 1978), pp. 40 CrossRefGoogle Scholar, 153. On coastal agricultural tradition in Peru, see Sutton, C.W. “Agriculture and Irrigation in Peru,” The West Coast Leader (Lima) (hereafter cited as WCL), 15:788 (22 Mar. 1927), 9.Google Scholar

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¹⁴ Michael Grace to A. Leslie, 17 April 1884, W.R. Grace & Co. Papers, Columbia University Library, New York, Box 58, No. 155, p. 292.

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¹⁷ Payán, José La cuestión monetaria en el Perú (Lima, 1892)Google Scholar; Garland, Alejandro Sistema monetario del Perú (Lima, 1908)Google Scholar. On adverse effects of persistent silver currency policy in Mexico, see Zabludowski, Jaime E. “Money, Foreign Indebtedness and Export Performance in Porfirist Mexico” (Ph.D. dissertation, Yale University, 1984).Google Scholar

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¹⁹ Dubois, Luis Aspíllaga, Antero and Gildemeister, Juan Informe en mayoría de la comisión para el estudio de la depreciación en el valor de la moneda nacional de plata (Lima, 1892)Google Scholar; Correa, Pedro y Santiago, and Payan, José Informe en minoría … (Lima, 1892)Google Scholar. Also Banco del Callao, “Actas de reuniones del Directorio,” 30 Sept. 1892, Superintendencia de Banca y Seguros, Archivo del Banco del Perú y Londres en liquidación (hereafter cited as BPLS), vol. 2, no. 610, p. 251.

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²¹ First Law of Insurance Companies, arts. 4 and 5 in El Economista 1:16 (Dec. 1895); Inspección de Seguros, Fiscal de Compañías Memoria del director en 1902 (Lima, 1903), pp. 116–119 Google Scholar. Native insurance companies continued, however, to re-insure with companies abroad.

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²³ A comparison between the Banco del Perú y Londres and the Banco Nacional de México, leading institutions in their respective countries in the 1884-1910 period, yield common characteristics: high concentration of banking activities, foreign participation and state connections. The Mexican bank had more regional linkages and enjoyed note-issue privileges which the Peruvian institution lacked, Ludlow, Leonor and Marichal, Carlos eds., Banca y poder en México, 1800–1925 (Mexico, 1986), p. 258.Google Scholar

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²⁵ BPyL, “Directorio,” 14 Mar. 1912, BPLS, vol. 6, no. 863, pp. 172–174; ibid., 18 Apr. 1912, no. 868, p. 198.

²⁶ BPyL, “Directorio,” 14 Oct. 1904, BPLS, vol. 3, no. 385, pp. 220–221 ; Yepes, , Peru 1820–1920, 150 Google Scholar, 178; Alzamora, Isaac “Memoria del Presidente de la Empresa Socavonera del Cerro de Pasco,” La Gaceta Comercial (Lima), 6:127 (1906), 1213.Google Scholar

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²⁹ Reaño, Germán and Vásquez, Enrique El Grupo Romero: del algodón a la banca (Lima, 1988)Google Scholar; Suárez, Felipe Portocarrero “El Imperio Prado (1890–1970): orígenes, auge y decadencia de un grupo económico familiar” (M.A. thesis, Universidad Católica, 1986).Google Scholar

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³³ Inspección de Casas de Préstamo, “Relación de las casas de préstamo que actualemente existen en la capital,” Boletín Municipal (Lima), 1st semester 1901, pp. 37, 69; “Parte mensual,” ibid., 1889–1913. Olivares, Presbítero Rubén L. El negocio del dinero y la usura (Lima, 1923).Google Scholar

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³⁶ Mallon, Florencia The Defense of Community in Peru’s Central Highlands: Peasant Struggle and Capitalist Transition, 1860–1940 (Princeton, 1983), p. 273 Google Scholar; Roberts, Bryan “The Social History of a Provincial Town: Huancayo, 1890–1972” in Miller, Rory ed., Social and Economic Change in Modern Peru (Liverpool, 1976), p. 155 Google Scholar; Herrera, José Tamayo Historia social del Cuzco republicano (Lima, 1981), p. 130.Google Scholar

³⁷ French and British shareholders of the BPyL declined from seventy-three percent of total shares in 1913 to thirty-four percent in 1921, “Accionistas,” 1913–1921, BPLS. The agro-industrial complexes of Santa Bárbara, Puente Piedra, Paramonga, and San Nicolás were either taken over or substantially capitalized by natives during 1917–1921, Informaciones Mercantiles, El Perú; Albert, Bill An Essay on the Peruvian Sugar Industry 1880–1930 (Norwich, 1976), 140aGoogle Scholar; Basadre, Jorge Historia de la Republic del Perú, 16 vols. (Lima, 1968), IX, 300.Google Scholar

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³⁹ Monopolies included those on guano, salt, alcohol, match and tobacco, Giesecke, Albert, “Recent Financial Reforms in Peru,” WCL 18:936 (21 Jan. 1930), 7 Google Scholar; Revista Universitaria (April 1928), 582–675.

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⁴² President of the National City Bank to Andrew W. Mellon, 1 June 1921, U.S. Department of the Treasury, Box 162, File No. I, USNA; U.S. Department of State, Papers Relating to the Foreign Relations of the United States, 1921 (Washington, 1936), II, pp. 663–666.

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⁴⁴ Testimony of Lawrence Dennis: U.S. Senate, Finance Committee Hearings, 72nd Congress, 1st Session, Sale of Foreign Bonds or Securities in the United States (Washington, D.C., 1932), I, p. 1587; Gastón, Ramírez Medio siglo, pp. 29–41.Google Scholar

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⁴⁸ de Reserva, Banco, Memoria, 1922–1930.Google Scholar

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⁵¹ “Tribute to President Leguía,” WCL, 17:896 (16 April 1929), 1; Banquete presidencial al Presidente de la República (Lima, 1929).

⁵² “Political Conspiracies,” WCL, 18:950 (29 Aprii 1930), 1; “New Directorate of the National Agrarian Society,” ibid., 954:27 (May 1930); Thorp, and Bertram, , Peru, p. 401 Google Scholar, note 2. Years later Klinge explained that the conflict was unleashed by the 1924 Olmos irrigation project, which had limited the water supply of large sugar planters in Lambayeque, among them Piedra, so as to irrigate lands that had been newly colonized by small landholders, “Política de irrigación,” La Vida Agrícola, 12:137 (1935), 245–269; “Importante problema de colonización en Lambayeque,” ibid., 12:140 (1935), 521–524.

⁵³ “Project of Currency Stabilization,” WCL, 18:939 (11 Feb. 1930), 11; “Sun Life [Assurance Co.] May Suspend New Business,” ibid.; 18:946 (1 April 1930), 1. Nominally 1 U.S. dollar = 3.57 soles. However, the dollar quoted freely over four soles.

⁵⁴ Gubbins, Reginald, “Steps Toward Normalization of Peruvian Finances,” WCL, 18:939 (4 Feb. 1930), xix.Google Scholar

⁵⁵ “Peru’s Credit Position defined by Institute of International Finance – Peru Will Adopt Gold Standard When Free Convertibility of Notes Can Be Maintained,” WCL, 18:954 (27 May 1930), 3.

⁵⁶ WCL, 18:965 (12 Aug. 1930), 1.

⁵⁷ WCL, 18:967 (26 Aug. 1930), 16.

⁵⁸ “Arrival of Kemmerer Mission,” WCL, 19:987 (13 Jan. 1931), 1; “Kemmerer Mission Completes Work,” ibid., 19:1001 (21 April 1931), 1; Amis, Oscar La estabilización de nuestra moneda (Lima, 1931)Google Scholar; Drake, , Money Doctor, p. 34.Google Scholar

⁵⁹ WCL, 19:1002 (28 April 1931), ii. The gold value of the Peruvian sol was lowered; instead of being equivalent to US$ 0.40 it was nominally fixed at USS 0.28 (0.421254 fine gold gram). However, the sol was quoted freely below that limit until it stabilized at 6.50 soles = US$ I.

⁶⁰ “Extension of credit accompanied by a prudent increase of existing circulation would be an effective means of solving the present economic crisis of Peru,” statement in Arequipa by A. Martinelli, Minister of Finance under President David Samanez, WCL, 20:1045 (16 Feb 1932), 7. Internal loans started in May 1931, when sugar planter Rafael Larco Herrera was Minister of Finance and Manuel Olaechea President of the Banco Central de Reserva: WCL, 19:1006 (26 May 1931), 1; “Customs vales,” ibid., 19:1053 (9 April 1932), 1.

⁶¹ de Reserva del Perú, Banco, Legislación (Lima, 1944), 5, p. 7.Google Scholar Drake finds this a common trait in Kemmerer’s advisory services to Andean governments, Money Doctor, pp. 28, 42–43.

⁶² “Law Creating Superintendence of Banks,” WCL, 19:993 (24 Feb. 1931), 1; “Liquidation of the Banco del Perú y Londres,” ibid., 19. In May 1931 the Caja Nacional de Ahorros, created by Leguía in 1929, was also liquidated. See also Superintendencia de Bancos, Memoria, (1931) and Banco del Perú y Londres en liquidación: memoria anual (Lima, 1931).

⁶³ Complaints about the lost opportunities for “economic progress” after the liquidation of the Perú y Londres bank in Urquiaga, Carlos Algunas notas sobre las concentraciones bancarias y el proyecto para la formación del Banco del Estado (Lima, 1933), p. 4.Google Scholar

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⁶⁵ “Proposed Moratorium on Mortgage Loans,” WCL, 20:1051 (5 April 1932), 2. “Obligations Contracted in Foreign Money. Lima Chamber of Commerce Voices its Protest Against Recent Legislation,” WCL, 20:1071 (23 Aug. 1932), 4.

⁶⁶ “Peruvian National Loans: Service Suspended by Supreme Decree,” WCL, 19:997 (24 March 1931), 1.

⁶⁷ “El cambio,” La Vida Agrícola, 13:146 (Jan. 1936), 21–24.

⁶⁸ WCL, 19:1018 (18 Aug. 1931), 1; ibid., 19:1027 (20 Oct. 1931), 1. An important agriculturist on the board of the new Banco Central de Reserva was Vice President Pedro G. Beltrán; Banco Central de Reserva, Boletín mensual, 1:1 (Sept. 1931).

⁶⁹ “Farmer’s Bank of Peru,” WCL, 21:1092 (17 Jan. 1933), 25: “El Banco Agrícola y la Superintendencia de Bancos,” La Vida Agrícola, 12:139 (1935), 439–441 and 12:144 (1935), 915–918.

⁷⁰ Small farmers received as much as 12.8% in 1944. No credit was granted to them between 1931 and 1933, Marie, Saint Perú en cifras, pp. 104–111 Google Scholar; “Crédito agrícola: crédito para el pequeño agricultor,” La Vida Agrícola, 12:138 (1935), 343–346; “Memoria del Banco Agrícola del Perú,” ibid., 14:170 (1938), 95–100.

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⁷⁵ Werlich, David Peru: A Short History (Carbondale, 1978), pp. 158 Google Scholar, 213; Gerbi, Antonello El Perú en marcha: ensayo de geografía econòmica (Lima, 1941).Google Scholar

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⁷⁸ “Memoria del Banco Industrial del Perú correspondiente al año 1944” in Memoria del Ministro de Hacienda, (Lima, 1945), II.

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⁸⁶ Marie, Saint Perú en cifras, pp. 112–120 Google Scholar, 258–259. The Amazonas Corporation exploited rubber during World War II. The Santa Corporation was a hydroelectric and iron industrial complex in the province of Ancash, , “Memoria de la Corporación Peruana del Santa,” Revista de Hacienda, 26 (1946), 451.Google Scholar

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