The Great Conversion

Marten Gerbertus Buist
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Marten Gerbertus Buist: Rijksuniversiteit te Groningen

Chapter Chapter Six in At Spes non Fracta, 1974, pp 155-185 from Springer

Abstract: Abstract The departure for England of the partners of Hope & Co. in the latter part of October 1794, and of the managers, Pierre César Labouchère and Alexander Baring, on the night of 18th January 1795, heralded a temporary suspension of the Company’s activities on behalf of the Empress of Russia. The invasion by French troops did not come as a surprise to the Company, which some time beforehand had taken steps to ensure that, as far as possible, its assets and property were placed beyond the reach of the French or of any new, revolutionary government in the Republic. Among the consequences of this action was that, for the first time, Hope & Co. were unable to make payments of interest on loans. In response to questions from bondholders, Paulus Taay, Hope’s confidential clerk, who remained behind to look after day-to-day matters in the Republic, was obliged to announce that there was as yet no information regarding the payment of interest on the Russian bonds. However, an advertisement placed by the partners informed the holders that the interest vouchers which matured on 1st February and 1st May were redeemable at the house of Martin Dorner in Hamburg, and that subsequent instalments would also be paid via that house.1 For the Dutch investors, this was a roundabout procedure involving extra expense, but at least it safeguarded the payments by making it impossible for the invaders or the revolutionary government, which by then had taken office, to seize the monies remitted from Russia.

Keywords: Interest Payment; Russian Government; Intimate Friend; Foreign Loan; Great Conversion (search for similar items in EconPapers)
Date: 1974
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DOI: 10.1007/978-94-011-8858-6_6

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