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Lotnummer: 473
PARIS. Cert. Prov. Nom. de 5 Actions de F500. pink, blue, black. No 213306-10. Light folds. During the early second half of the 19th century, many felt the urgent need to provide finance to the rising industry. This was also the case in France, where Napoleon III wished to stimulate the construction of railways and investments inheavy industry independently of the whims of high finance. This finally resulted into the foundation of the Crédit Mobilier in November 1852, with an initial capital of 20 million Francs which was soon to be increased to 60 million Francs. The initiators and directors of the company were Emile and Isaac Pereire. Among its shareholders were some of the major French bankers: Fould, Mallet, d'Eichtal but also foreign bankers participated, such as Heine (Hamburg) and Oppenheim, Fould's brother-in-law. The Rothschilds were strongly opposed to the new bank, arguing that during an economic downturn, the bank would get into serious liquidity problems (which later on, turned out to be a correct prediction). Crédit Mobilier acted as a realmerchant bank : by means of advances and long-term loans it financed the consolidation of French railroads, mining companies (especially in the Loire area), salt companies and various other industrial operations. By doing so, Crédit Mobilier is regardedas the first merchant bank in France and one of the first in the world (the Société Générale de Belgique had set the example in the 1820s). The Pereire brothers, inspired by the so-called socialist utopian movement around Saint-Simon aimed for a new, more planned, centralised, economic system in which the Crédit Mobilier should be the central (financing) point and around which a number of smaller, regional cooperative banks would operate, linked to the Crédit Mobilier. They saw this on aninternational scale, so co-founded a number of similar banks in other European countries (Darmstädter Bank in Germany, Crédit Mobilier Espagnol, Crédit Mobilier Italien and Banque Ottomane). In the same international mood, Crédit Mobilier started to invest in foreign companies as well (from 1854 onwards), for instance in Austrian, Swiss and Russian railroad companies. The bank could finance itself without loans by simply issuing new shares, far above their face value. Many investors were attractedby the high dividends: 12% in 1854 and 40% in 1855. The extraordinary success of the company led the Pereire brothers to commence the issue of their own obligations, both on the short and long term. These would be guaranteed by shares, as opposed to the loans of banks of the "créditfoncier" type which were guaranteed by property. However, many feared the revival of a bubble as with John Law, and therefore they had to cancel the loan issue. Moreover, the bank had to cope with the strong competition from the Rothschilds who, in 1856, founded (together with a number of French private banks) the "Réunion Financière" to compete the Crédit Mobilier. As the bank was heavily invested in industrial companies, it was also extremely sensitive to economic crises. After the crisis of 1866/67, there was a sharp decline in the value of its holdings, and most of them could not be sold. As a consequence, the company was restructured but, from then on, its activities were limited to the settlementof old business. Finally, in 1902, the company was liquidated. The bank has a small successor, Crédit Mobilier de France, founded 1902, which merged with the "Banque de l'Union Parisienne" in 1932 (today's BNP Paribas). The piece is hand-signed by Emile Pereire and as such it is important to underline the importance of the Pereire brothers in the economic development of France: they obtained the first French railway concession (Paris - St-Germain, 1835), and were key players in the construction and financing of many of the early French railroads (CdF de Rhône et Loire, Cie. du Midi, CdF de l'Est,...), they (co-) founded important companies such as the Cie. Générale Maritime, the Cie. des Omnibus, the Cie. Parisienne d'Eclairage et de Chauffage par le Gaz, the Cie. Générale Transatlantique, built the city of Arcachon from scratch and much, much more. The boulevard Pereire, one of the most important roads in Paris is named in their honour. This is truly a top piece, representing the first and most important French merchant bank and personally signed by Emile Pereire. Small vignettes of commerce, mining, shipping and a train. Several years ago, less than 5 pieces were found.
Datum: 20 March 1866
Kwaliteit: VF-EF
Startprijs: € 3800