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2018 | OriginalPaper | Buchkapitel

Relationship-Based Finance in Changing European Banking Scenarios: The Case of Parent Schaken et Compagnie (1835–66)

verfasst von : Maria Carmela Schisani, Francesca Caiazzo

Erschienen in: Financing in Europe

Verlag: Springer International Publishing

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Abstract

At a time when formal (impersonal) markets for credit were at an embryonic stage, the role of social relationships in raising funds for new ventures was crucial. ‘Investment tended to be a cumulative social process’ where trust and reputation played a role. Strong kinship and business ties linking partnership members were therefore critical in facilitating the flow of capital into new ventures. The way the diversified and broad-ranging businesses (railways, mines and public utilities) undertaken by the Paris-based partnership Parent Schaken et C.ie (P&S) were funded illustrates an important point about this topic. By making use of the basic tools of the Social Network Analysis, the authors show the P&S network of interpersonal relationships evolved and just how it mattered in facing the changing European financial scenarios, when long-term investment developed and impersonal money markets took shape.

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Vorheriges Kapitel Challenging the Institutional Revolution of Credit Markets in the Nineteenth Century

Nächstes Kapitel Formalising Credit Markets? The Entrance of English Joint-Stock Banks

Economic actors: qualitative data—individual actors (public loans contractors, subcontractors, notaries and so on; enterprises promoters, founders, shareholders, borrowers, directors and chairmen); collective actors (firm constitution, duration, legal office, administrative head office, if any, and so on); quantitative data (public bonds nominal value, underwriting price, interest, current yield and so on; capital stocks, shares—number and nominal value—, bonds—number and nominal value—, balance-sheets and stock exchange quotations). Political/social actors: composition of political and administrative bodies of the State at different levels; composition of economic and financial institutions (boards of directors, ownership/co-ownership, management and so on); composition of institutions with social and economic importance (Chamber of Commerce, clubs, parties and so on); composition of family groups (kinship ties).

Each extracted record includes the following fields: actor-to-firm relation → firm name, legal type of firm, firm purpose, name of actor bound to firm, actor’s role, headquarters/offices where actor performs his role, date of role.

AP/D31U3. Information about the activities of this firm and its links with other Italian and foreign companies are scattered in a large bibliography (e.g. Gille 1968; Dumoulin 1990; Cameron 1961; Crouzet 2000: 299–334; Bonin 2006; Stoskopf 2009).

Journal des Chemins de Fer (JCF) 15 Apr. 1843, p. 481; JCF, 16 Sept. and 7 Oct. 1843, pp. 681 and 708.

JCF 8 Mar. 1845, p. 133.

[…] la grande opération de la maison Rothschild (Bouvier 1967: 131).

JCF, 13 June 1846, p. 530; 7 Nov. 1846, p. 877.

AP/D31U3/14, document no. 2220, registered on 10 Dec. 1847.

AP/D31U3/163, documents no. 235, 354 and 355.

Paris-Strasbourg Company—Board meetings reports, 30 Apr. 1849 (JCF, 5 May 1849, p. 301).

Ibid.

BNF, Convention (Signé Parent Schaken et C.ie), Imprimerie de P. Dupont, Paris (1853).

Basile Parent’s speech in: A messieurs les président et juges composant le Tribunal de commerce de la Seine. Chemin de fer de Séville à Cordoue. Simple exposé pour José J. Figueras et C.ie et Édouard Manby, de Madrid, contre MM. Parent, Talabot, Schaken […], Impr. A. Guyot et Scribe, Paris 1854.

Basile Parent was the CIC’s third majority shareholder.

The partners of Parent, Schaken et C.ie (1859) were: Parent Basile (Belgian constructor); Schaken Pierre (Belgian constructor); Blin Eugène (French owner); Lavaurs François Louis (French constructor); Borguet Henri (Belgian constructor) who, from the 1840s onwards, was Parent and Schaken’s business partner (CARAN, Paris, Minutier Central; AP, Paris).

Together with a Belgian group and the Italian bankers Vincenzo Bolmida (Turin) and Oscar Meuricoffre (Naples), in 1862 (1 Sept.), P&S promoted the Turin-based banking company Società Generale Immobiliare per lavori di utilità pubblica e agricola (SOGENE) aimed at property lending. The Italian government did not authorize the foreign head office (ACS, MAIC, f. 227).

The founders of the CNG were: B. Parent on behalf of Parent Schaken et C.ie, Auguste Dassier, Vincent Dubochet with the Compagnie Lyonnaise du Gaz de Naples (CNG, Compagnie Napolitaine d’éclairage et de chauffage par le gaz, Statuts, Paris, Imprimerie Centrale des Chemins de Fer de Napoléon Chaix et C.ie, 1863, art. 7).

CAEF, F B0031233/2.

IFESMez database—ASN, Tribunale di Commercio and Tribunale Civile.

Ibid.

Société des Chemin de fer Romains, Rapport à l’Assemblée Générale ordinaire et extraordinaire du 20 juillet 1865, Imprimerie Centrale des Chemins de fer, Paris 1865.

P&S was also entrusted with the construction of the Italian railways Calabro-Sicule on behalf of the company Vittorio Emanuele (Mémoire ampliatif pour 1° M. Philippe Vitali […] 2° les administrateurs de la Société anonyme d’Entreprise générale de chemins de fer et de travaux publics, Paris 1878, p. 4).

The central actor is Basile Parent who has kinship ties with all the other nodes. Parent is indeed the key actor for P&S’ businesses and for the entire actor by actor network as confirmed by the betweenness and degree centrality measures.

IFESMez database—ASN, Tribunale di Commercio and Tribunale Civile.

Paribas established solid ownership and credit ties with some of the companies and partnerships of the dissolved P&S business group, through Parent’s heirs—particularly via Lebeuf de Montgermont (Parent’s son-in-law)—and Gustave Delahante’s related actors (Schisani and Caiazzo 2016: 223).

ACS (State Central Archives), Rome: Ministero Agricoltura, Industria e Commercio (MAIC), Direzione Generale Credito e Previdenza, Industrie, banche e società.

AP (Archives de Paris), Paris: Greffe du tribunal de commerce, D32U3 (Registres d’enregistrement) and D31U3 (liasses d’actes de société).

ASN (Naples State Archives), Naples: Tribunale di Commercio and Tribunale Civile (1862–1919).

BNF (Bibliothèque Nationale de France).

CAEF (Centre des Archives Économiques et Financiers), Savigny-le-Temple: Direction du mouvement général des fonds, FB0031233.

CARAN (Archives Nationales de France), Paris: Minutier Central, Étude XLII, f. 1056 and 1111.

CNG Private Archive, Naples.

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Titel: Relationship-Based Finance in Changing European Banking Scenarios: The Case of Parent Schaken et Compagnie (1835–66)
verfasst von: Maria Carmela Schisani
Francesca Caiazzo
Verlag: Springer International Publishing
Buch: Financing in Europe
Print ISBN: 978-3-319-58492-8

Electronic ISBN: 978-3-319-58493-5

Copyright-Jahr: 2018
DOI: https://doi.org/10.1007/978-3-319-58493-5_12