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The financial history of the Anatolian and Baghdad railways, 1889–1914

Published online by Cambridge University Press:  12 September 2008

B. Barth  and
J. C. Whitehouse
B. Barth
Affiliation:
Charles University, Prague
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Financial History Review , Volume 5 , Issue 2 , October 1998 , pp. 115 - 137
Copyright
Copyright © European Association for Banking and Financial History 1998

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References

1 In the early politically-oriented historiography, see especially Earle, E. M., Turkey, the Great Powers and the Baghdad Railway. A Study in Imperialism (London/New York, 1923)Google Scholar; and Chapman, M., Great Britain and the Baghdad Railway (Northampton, Mass., 1948).Google Scholar For the current position in the diplomatic-historical tradition, see Schöllgen, G., Imperialismus und Gleichgewicht. Deutschland, England und die orientalische Frage 1871–1914 (Munich, 1984).Google Scholar There are, of course, works critical of the exclusively political view and which incorporate the economic aspects: see Mejcher, H., ‘Die Bagdadbahn als Instrument deutschen wirtschaftlichen Einflusses im Osmanischen Reich’, Geschichte und Gesellschaft, 1 (1975)Google Scholar; and Mommsen, W. J., ‘Europäischer Finanzimperialismus vor 1914. Ein Beitrag zu einer pluralistischen Theorie des Imperialismus’, Historische Zeitschrift, 224 (1977).Google Scholar

2 On the Ottoman Public Debt, see primarily Blaisdell, D. C., European Financial Control in the Ottoman Empire (reprinted New York, 1966)Google Scholar; and also Schölch, A., ‘Wirtschaftliche Durchdringung und politische Kontrolle durch die europäischen Mächte im Osmanischen Reich’, Geschichte und Gesellschaft, 1 (1975)Google Scholar; Feis, H., Europe, the World's Banker (reprinted New York, 1965), pp. 332fGoogle Scholar; and Schöllgen, , Imperialismus und Gleichgewicht, p. 38.Google Scholar

3 Politisches Archiv des Auswärtigen Amtes, Bonn [hereafter PA/AA]: Türkei 110, 12, Constantinople Embassy to German Foreign Office, 3 Jul. 1889.

4 Frankfurt-a.-M., Stadtarchiv [hereafter StAF]: Bethmann Archiv [hereafter Beth. Arch.], A, V, 209.Google Scholar

5 See Seidenzahl, F., 100 Jahre Deutsche Bank, 1870–1970 (Frankfurt-am-Main, 1970), pp. 77f.Google Scholar

6 See Ducruet, J., Les capitaux européens au Proche-Orient (Paris, 1964), pp. 108f.Google Scholar; Kössler, A., Aktionsfeld Osmanisches Reich. Die Wirtschaftsinteressen des deutschen Kaiserreiches in der Türkei, 1871–1908, dissertation (Universität Freiburg, 1981), p. 123Google Scholar; Schöllgen, , Imperialismus und Gleichgewicht, p. 46Google Scholar; Morawitz, C., Die Türkei im Spiegel ihrer Finanzen (Berlin, 1903), pp. 4O3fGoogle Scholar See, for example, Lodemann, J. and Pohl, M., Die Bagdadbahn. Geschichte und Gegenwart einer berühmten Eisenbahn (Mainz, 1988), pp. 13f.Google Scholar

7 See ibid., p. 20; and Schöllgen, , Imperialismus und Gleichgewicht, pp. 46f.Google Scholar

8 Bundesarchiv Potsdam [hereafter BAP]: 80 Ba 2, Bd 10028, Neef, note, 20 Oct. 1911.

9 See the data in the otherwise problematic work of Schmiale, B., Zur Tätigkeit der Phillip Holzmann AG im Rahmen der Nahostexpansion der Deutschen Bank, inaugural dissertation MS (Berlin, 1987), pp. 33f.Google Scholar

10 PA/AA: Türkei 152, 6 pr, copy of a letter from Sir Edgar Vincent, 2 Mar. 1893.

11 See the sources in BAP: 80 Ba 2, 10028, Igen, note, 20 Oct. 1911; and 10224 Igen, note, 8 Oct. 1919.

12 See StAF: Beth. Arch., V, 209, minute on Chemins de fer orientaux, 21 Jul. 1890.

13 ibid., Minutes, 4th ordinary general meeting of shareholders, 31 Aug. 1893.

14 Helfferich, K., Georg v. Siemens. Ein Lebensbild aus Deutschlands groβer Zeit, 3 (Berlin, 1923), pp. 53f.Google Scholar

15 Cain, P. J. and Hopkins, A. G., British Imperialism, Innovation and Expansion 1688–1914 (London/New York, 1993), p. 406.Google Scholar

16 For details, see Barth, B., Die deutsche Hochfinanz und die Imperialismen. Banken und Auβenpolitik vor 1914 (Stuttgart, 1995), pp. 85f.Google Scholar

17 For family connections, see Helbing, K., Die Bethmanns. Aus der Geschichte eines alten Handelshauses zu Frankfurt am Main (Wiesbaden, 1948), p. 133Google Scholar; and Achterberg, E., Frankfurter Bankherren (Frankfurt-am-Main, 1956), pp. 45f.Google Scholar

18 BAP: 80 Ba 2, unsigned note on the Anatolian Railway Co., 26 Nov. 1908.

19 See Barth, , Hochfinanz, pp. 112f.Google Scholar

20 Lemke, H., ‘Das Scheitern der Verhandlung über die offizielle Beteiligung Frankreichs am Bagdadbahnunternehmen 1903’, Jahrbuch für Geschichte, 29 (1984), p. 40.Google Scholar

21 On the preliminary concession, see Seidenzahl, , 100 Jahre Deutsche Bank, pp. 141f.Google Scholar

22 Russian Central State Archive, St Petersburg, : 626/1, 136Google Scholar, Warburg, to Rothstein, , 4 12 1899.Google Scholar

23 See Bleichröder Archive, Harvard University, Cambridge, Mass.: Box IX, 2, 2, Stemrich, report, 11 Nov. 1901.

24 See BAP: 80 Ba 2, 1026, Gwinner to Schwabach, 6 Feb. 1903.

25 The text of the agreement is in Pohl, M. (ed.), Arthur von Gwinner. Lebenserinnerung (Frankfurt-am-Main, 1975), pp. 137f.Google Scholar See particularly Ducruet, Les capitaux européen, pp. 105f.Google Scholar; Thobie, J., Les intérêts économiques, financiers et politiques français dans la partie asiatique de l'Empire Ottoman de 1895 à 1914, 1 (Lille, 1973), pp. 381f.Google Scholar; and Issawai, C., The Economic History of Turkey 1800–1914 (Chicago, 1980), pp. 361f.Google Scholar

26 For details of the composition of the profits, see Barth, , Hochfinanz, pp. 2O7f.Google Scholar

27 On the numerous attempts to improve Bleichröder's position between 1890 and 1903, see the exchange of correspondence in Geheimes Preußisches Staatsarchiv, Berlin-Dahlem [hereafter GStAD]: Rep 109, 3898 and 5399; and StAF: Beth. Arch., A, V, 292.

28 On the background to, and consequences of, the British press campaign, see Francis, R. M., ‘The British withdrawal from the Baghdad railway project in April 1903’, Historical Journal, 16 (1993)Google Scholar; Morris, A. J., The Scaremongers. The Advocacy of War and Rearmament 1896–1914 (London, 1984), pp. 53fGoogle Scholar; Ducruet, , Les capitaux européens, pp. 2O5f.Google Scholar; and Schöllgen, , Imperialismus und Gleichgewicht, pp. 167f.Google Scholar

29 See PA/AA: Türkei 152, 27, Gwinner to German Foreign Office, 1 May 1902.

30 On the Haidar Pascha Harbour Co., see StAF: Beth. Arch., A, V, 293, Gwinner, to Borgnis, , 8 12 1905.Google Scholar On the creation of the Franco-German entente, see especially Seidenzahl, , 100 Jahre Deutsche Bank, pp. 148f.Google Scholar; and Thobie, , Les intérêts, pp. 618f.Google Scholar

31 See Documents Diplomatiques Français [hereafter DDF]: 2nd series, Bd 10, X, no. 386, Constans to Pichon, 5 01 1907.Google Scholar

32 BAP: 80 Ba 2, 9872, bulk and price table to Article IX of the construction agreement concerning the 1st section of the Baghdad railway.

33 See ibid., Deutsche Bank circular, 26 Nov. 1903.

34 For details of further conditions of issue, the consortium and purchaser conduct, see Barth, , Hochfinanz, pp. 222f.Google Scholar

35 See StAF: Beth. Arch., A, V, 292, Borgnis, to Gwinner, , 29 10 1903 and subsequent correspondence.Google Scholar

36 For details, see Seidenzahl, , 100 Jahre Deutsche Bank, pp. 158f.Google Scholar; Thobie, , Les intérêts, pp. 656fGoogle Scholar; and BAP: 80 Ba 2, 9868, Crédit Suisse to Deutsche Bank.

37 See the correspondence in BAP: 80 Ba 2, 10099, especially Ottoman Anatolian Railway Co. to Huguenin, 16 Mar. 1903.

38 The concession acquired by the Anatolian Railway Co. was transferred to the Baghdad Railway Co.: see Mejcher, , ‘Bagdadbahn’, pp. 454f.Google Scholar

39 See BAP: 80 Ba 2, 10095, minutes, meeting of the executive committee, Baghdad Railway Co.; and correspondence in 10125.

40 See Barth, , Hochfinanz, pp. 227f.Google Scholar

41 See PA/AA: Türkei, 110, 36, Marschall von Biebersrein to Rosen, 8 Nov. 1902.

42 For this aspect, see van Kampen, , Studien zur deutschen Türkeipolitik, pp. 168f., 193f., 211, 435.Google Scholar

43 In this connection, see Lembe, H., ‘Die Deutsche Bank in der Auseinandersetzung um die Erteilung der Erdölkonzession in Mesopotamien 1911 bis 1914’, Jahrbuch für Geschichtswissenschaft, 34 (1987)Google Scholar; and, with particular regard to problematic valuations, Rathmann, L., Berlin-Bagdad (Berlin, 1962), p. 85Google Scholar; and Schmiale, , Holzmann, AG, p. 87.Google Scholar

44 Die Groβe Politik der Europäischen Mächte [hereafter GP], XXV/I, no. 8633, Marshall to Bülow, 27 05 1906Google Scholar; and Kössler, , Aktionsfeld, pp. 360f.Google Scholar

45 For details of the documents, see Barth, , Hochfinanz, pp. 237f.Google Scholar

46 See GP: XXVII/II, enclosure to no. 9958, Helfferich, to Gwinner, 30 11 1908Google Scholar; and Schöllgen, , Imperialismus und Gleichgewicht, pp. 271f.Google Scholar

47 See Earle, , Turkey, p.219.Google Scholar

48 See sources in PP/AA: Türkei, 152, 45.

49 PA/AA: Türkei, 152, 47, Gwinner, to Helfferich, , 15 05 1909.Google Scholar

50 For this line, see Thobie, , Les intérêts, pp. 643f.Google Scholar; and PA/AA: Türkei, 152, 37, Gwinner, to Huguenin, 21 11 1905.Google Scholar

51 85% of Series II was to be taken up by the Baghdad Railway Co.: see BAP: 80, Ba 2, 9871, Deutsche Bank circular, 27 Nov. 1909.

52 For details, see Barth, , Hochfinanz, pp. 259f.Google Scholar

53 GStAD: Rep 109, 5351, Deutsche Bank to Seehandlung, 25 May 1910.

54 BAP: 80, Ba 2, 9871, proceeds of Baghdad issue, 9 Jul. 1914.

55 Thobie, , Les intérêts, p. 666.Google Scholar

56 See, for example, Helfferich, K., Die deutsche Türkenpolitik (Berlin, 1921), pp. 16f.Google Scholar

57 On the National Bank of Turkey, see Kent, M., ‘Agent of empire? The National Bank of Turkey and British foreign policy’, Historical Journal, 28 (1975).Google Scholar

58 PA/AA:Türkei, 152, 50, Gwinner, note, 27 Mar. 1910; and 55, Deutsche Bank to Gemian Foreign Office, 14 Jun. 1911. With regard to Chester, see Kent, M., Oil and Empire. British Policy and Mesopotamian Oil 1900–1920 (London, 1976), pp. 26f.Google Scholar; and Lemke, H., ‘Die Interessen der Deutschen Bank in Mesopotamien in den Jahren 1903 bis 1911’, Jahrbuch für Geschichte, 24 (1981).Google Scholar See also Aninos, E. G., Der wirtschaftliche Einfluß Deutschlands auf die Petroleum-Industrie Rumäniens und ihre Bedeutung für die internationale Wirtschaft, dissertation (Gießen, 1926), pp. 115f.Google Scholar

59 See PA/AA: Türkei, 152, 57, Anatolian Railway Co. Berlin to Anatolian Railway Co. Constantinople, 4 Aug. 1911.

60 For the customs issue, see Barth, , Hochfinanz, pp. 267f.Google Scholar

61 See figures in BAP: 80 Ba, 11010.

62 PA/AA: Weitz papers, 4, Helfferich, to Weitz, 12 10 1910.Google Scholar

63 GP: XXXVII/I, no. 14728, Lichnowsky to Bethmann Hollweg, 3 Apr. 1913.

64 See ibid., no. 14741, Jagow, to Kühlmann, 17 05 1913Google Scholar; no. 14742, Kühlman, to Bethmann Hollweg, 20 05 1913Google Scholar; and particularly no. 14792, Zimmermann, to Kühlmann, 12 11 1913, which reproduces almost verbatim a note from Deutsche Bank to the German Foreign Office, 11 Nov. 1913 [PA/AA: Türkei, 152, 66].Google Scholar

65 In this connection, see Barth, B., ‘Deutsche Banken und Österreich-Ungarn. Eine wirtschaftliche und politische Partnerschaft?’, in Rumpler, H. and Niederkorn, I. P. (eds), Der ‘Zweibund’ 1879. Das deutsch-österreichische Bündnis und die europäische Diplomatie (Vienna, 1996).Google Scholar

66 Pönicke, H., Die Hedschas-und Bagdadbahn, erbaut von August Meiβner Pascha (Düsseldorf, 1958), pp. 16, 25f.Google Scholar

67 See BAP: 80 Ba 2, 9988, Helfferich, to Braunfels, 15 03 1912.Google Scholar

68 See BAP: 80, Ba 2, 10005, Neef, , note, 15 10 1912Google Scholar; Helfferich, to Anatolian Railway Co., 11 12 1912Google Scholar; Neef, note, 28 Oct. 1913; and Neef, note on the effectiveness of the Baghdad/Anatolia operating agreement for Anatolia, 28 May 1915.

69 PA/AA: Türkei, 152, vol. 59, Deutsche Bank to German Foreign Office, 7 Sep. 1912.

70 ibid., Deutsche Bank to Anatolian Railway Co., 15 Oct. 1912.

71 See Barth, , ‘Deutsche Banken und Österreich-Ungarn’, pp. 296f.Google Scholar

72 With regard to this agreement, see Ducruet, , Les capitaux européens, pp. 219f.Google Scholar; Seidenzahl, , 100 Jahre Deutsche Bank, p. 235Google Scholar; and Thobie, , Les intérêts, p. 594.Google Scholar

73 See PA/AA: Türkei, 152, 75, Deutsche Bank to German Foreign Office, 16 May 1914.

74 PA/AA: Türkei 152, 70, Deutsche Bank to German Foreign Office, 19 Feb. 1914; and see also GP: XXXVII/I, no 14825, Lichnowsky, to Bethmann-Hollweg, 13 02 1914.Google Scholar

75 In this connection, see especially Kent, , Oil and Empire, pp. 34, 38f.Google Scholar; Lemke, , ‘Deutsche Bank und Erdölkonzession’, pp. 228f., 238f.Google Scholar; Seidenzahl, , 100 Jahre Deutsche Bank, pp. 224f.Google Scholar; Cohen, S. A., British Policy in Mesopotamia 1903–1914 (London, 1976), pp. 254f.Google Scholar; and Earle, E. M., ‘The Turkish Petroleum Company. A study in oleaginous diplomacy’, Political Science Quarterly, 39 (1924), p. 269.CrossRefGoogle Scholar

76 PA/AA: Türkei, 152, 77, Helfferich, , manuscript note, 20 07 1914.Google Scholar