Levels of National Income (Net National Product) and of Capital Formation in the British economy, 1870 - 1914 Period Net National Product in Millions Net Domestic Capital Formation NNP Millions N.D.C.F. as % of NNP Net Foreign Invest- NNP Millions N.F.I. as % of Total Investment as % of NNP £ £ £ 1870-4 1,020.6 26.6 2.6% 78.4 7.7% 10.3% 1875-9 1,036.8 48.6 4.7% 30.4 2.9% 7.6% 1880-4 1,080.8 32.4 3.0% 54.6 5.1% 8.0% 1885-9 1,153.4 14.2 1.2% 80.4 7.0% 8.2% 1890-4 1,307.4 29.0 2.2% 69.8 5.3% 7.5% 1895-9 1,503.8 66.8 4.4% 44.4 3.0% 7.4% 1900-4 1,671.6 109.2 6.5% 34.4 2.1% 8.6% 1905-9 1,833.0 57.4 3.1% 132.6 7.2% 10.4% 1910-4 2,107.4 36.0 1.7% 190.0 9.0% 10.7%
1811-20 101.30 41.60 49.80 -8.20 1821-30 89.20 36.60 47.05 -10.45 12.40 4.40 6.35 104.50 1831-40 110.00 45.15 63.70 -18.55 16.35 6.70 4.50 149.50 1841-50 140.00 57.45 79.35 -21.90 18.70 8.50 5.30 197.00 1851-60 259.60 106.55 137.20 -30.65 33.60 14.10 17.05 314.50 1861-70 404.60 166.10 223.60 -57.50 62.50 26.30 31.30 591.00 1871-80 537.00 220.45 313.85 -93.40 89.90 53.15 49.65 1,127.00
1880-9 11.1% 10.9% 8.1% 1890-9 13.6% 10.1% 7.5% 1900-9 14.4% 11.7% 9.5% Table 5: Capital Formation Ratios in the UK and Germany, 1865 - 1904 in current nominal values and in constant 1913 values Years UK: NDCF/ NDP current values UK: NDCF/ NDP constant values UK: current values UK: NNCF/ NNP constant values current NNCF/ NNP current NNCF/ NNP constant 7.20 8.60 10.00 11.50 8.50 9.70 10.60
Beveridge Pigou Date Construction Textiles Other All Unemploy- Unemploy- Industries Industries ment Rate ment Rate 1851-55 3.98 1856-60 98.06 106.08 102.08 101.56 3.86 5.66 1861-65 105.20 79.16 100.84 97.06 3.64 4.88 1866-70 96.28 95.44 102.90 98.12 5.08 5.84 1871-75 107.70 109.00 107.02 107.84 1.51 1.56 1876-80 96.74 99.58 104.18 100.14 6.00 6.42 1881-85 105.76 101.00 104.06 103.74 4.84 5.16 1886-90 96.16 102.28 98.04 98.62 5.00 5.38 1891-95 93.80 100.88 94.10 95.30 6.10 6.00
1896-00 104.70 101.36 97.20 101.16 2.85 2.78 1901-05 101.20 94.00 96.24 97.34 4.84 4.60 1906-10 96.54 99.16 100.90 98.80 6.02 5.50 1911-15 103.73 105.73 101.80 103.70 2.51 2.52 1916-20 1.36 1921-25 102.20 101.94 100.70 100.24 13.08 Source: William Beveridge, Full Employment in a Free Society, 2nd edn (London, 1960), Appendix A: ‘Trade Union Unemployment Rate, ’ pp. 312-13; Arthur Pigou, Industrial Fluctuations (London, 1927), pp. 353-54.
Source: Nicholas Crafts, ‘Gross National Product in Europe, 1870 - 1910: Some New Estimates,’ Explorations in Economic History, 20 (October 1983), 387-401. Table 13: International Acceptance Banking by British and Continental Banks in 1900 and 1913 in Millions of Pounds Sterling Name of the Bank Date Founded 1900: Acceptances in £ millions 1913: Acceptances in £ millions London Merchant Banks: * German origin + Dutch origin ++ U.S. origin Kleinwort, Sons & Co.* 1796 8.2 13.6 J. Henry Schröder & Co.* 1815 5.9 11.6 Baring Bros & Co. Ltd.+ 1763 3.9 6.6 Brown, Shipley & Co.++ 1805 n.d. 5.1 W. Brandt's Sons & Co.* 1805 1.2 3.3 N.M. Rothschild & Sons * 1798 1.5 3.2 C.J. Hambro & Son* 1800 1.9 3.0 British Joint Stock Banks
Henry S. King & Co. * 0.45 0.4% Jay & Co. * 0.10 0.1% TOTAL of 19 merchant banks 120.86 100.0% * Branch of a U.S. banking house ** U.S. origins Source: Stanley Chapman, The Rise of Merchant Banking (1984), p. 97. Table 15. Bankin0g Structures in England & Wales and the United Kingdom EW: England and Wales UK: United Kingdom (England, Wales, Scotland, and Ireland) PB: private partnership banks JSB: joint-stock banks
Year EW: Private Banks EW: PB Offices/ Branches EW: Banks EW: JSB Offices/ Branches UK: Total Banks UK: Total Offices/ Branches UK: Average No. of Branches 1850 327 518 99 576 459 1,685 3.67 1875 236 595 122 1,364 381 3,320 8.71 1900 81 358 83 4,212 184 6,269 34.07 1913 29 147 41 6,426 88 8,610 97.84 Table 16: English Commercial Banking Asset Ratios (percentages) Years Private Sector Loans Advances Bills Investments Cash 1860 69.4 46.7 30.7 16.2 13.1 1870 75.9 49.0 33.6 13.3 13.8