BIG BUSINESS This page intentionally left blank BIG BUSINESS The European Experience in the Twentieth Century YOUSSEF CASSIS OXFORD UNIVERSITY PRESS This book has been printed digitally and produced in a standard specification in order to ensure its continuing availability OXFORD U N I V E R S I T Y PRESS Great Clarendon Street, Oxford OX2 6DP Oxford University Press is a department of the University of Oxford It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide in Oxford New York Auckland Bangkok Buenos Aires Cape Town Chennai Dar es Salaam Delhi Hong Kong Istanbul Karachi Kolkata Kuala Lumpur Madrid Melbourne Mexico City Mumbai Nairobi Sao Paulo Shanghai Taipei Tokyo Toronto Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries Published in the United States by Oxford University Press Inc., New York © Youssef Cassis 1997 The moral rights of the author have been asserted Database right Oxford University Press (maker) Reprinted 2004 All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, or under terms agreed with the appropriate reprographics rights organization Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above You must not circulate this book in any other binding or cover And you must impose this same condition on any acquirer ISBN 0-19-829606-1 For Charlotte This page intentionally left blank PREFACE TH i s book was originally intended to be a comparative study of business elites in Britain, France, and Germany from the late nineteenth to the midtwentieth century This was a key social and occupational group, which had clearly emerged as the dominant force at the top of European societies I was interested in the specific type of relationships between economic power, social prestige, and political influence prevailing in each of the three countries, and how this had affected their historical development However, I soon felt uncomfortable with the traditional portrayal of British businessmen, especially when compared to their German counterparts From a socio-political point of view, the images of endemic weakness and repeated failures were fundamentally at odds with the general course of British and European history After all, Britain until the 1960s was a larger economy than either France or Germany, with a significantly higher per capita income; she controlled a far larger empire; and she had emerged victorious in two world wars against Germany without having to experience, as in the case of France, the trauma of defeat and occupation British businessmen were thus part of the elites of a far more successful country Could there be such a discrepancy between business history and general history? This led me to investigate more closely the foundations of businessmen's economic power, in other words the large companies, especially their size, sectoral distribution, and performance The findings confirmed my original suspicion: by and large, British business did far better than is usually credited In the process, however, what was originally conceived as a short introductory chapter has grown into five chapters making up half the book (Parts I and II) and reassessing the position and performance of big business in Britain, France, and Germany; while the second half (Parts III and IV) re-examines in this light some of the determinants of business performance The chronological span has also been extended and recent developments briefly considered, as the discrepancy between business and general history no longer applied from the 1960s onwards The result is an attempt at a global analysis of big business in twentiethcentury Europe, encompassing its economic, social, and political dimensions The fact that no such book has been written before, leaving an important gap to be filled, has been a further incentive Such an analysis can only be comparative, and this book is conceived as an essay in comparative history Risks of imbalance or bias are inherent in any wide-ranging comparison They can be limited by combining the use of the existing literature with empirical research based on viii Preface compatible sources for the three countries—in this case a detailed analysis of an original sample of companies and businessmen Big business has been defined in terms of a miminum level of company size (see introduction to Part I) and its development and sectoral distribution have been compared using this criterion For the analysis of performance, a sample of companies representing big business in all economic sectors has been established for the years 1907,1929,1953,1972, and 1989; while the chairmen and managing directors of these companies provide an adequate sample for the analysis of business leadership The basic information concerning the companies and their leaders has been extracted from the usual commercial and biographical yearbooks, almanacs, directories, and so on The huge secondary literature is used to complement this basic information Given that some 250 companies and more than 1,000 businessmen have been included in the study, the use of archival material is only sparing Comparisons will be most effective when dealing with countries presenting on the one hand a relative homogeneity—in size, level of economic development, historical experience, and so on—but on the other enough differences to help identify national specificities Britain, France, and Germany are particularly well suited for such a purpose: though of similar size as well as geographical and cultural proximity, their respective periods of stronger and weaker economic performance have not always synchronized Moreover, each country has at different times been seen as embodying a type of capitalism—personal as opposed to managerial for the early century, market-dominated, bank-dominated, and state-dominated for the more recent decades—which could be found elsewhere in Europe or indeed in the world Of course, comparisons with the global leader are not only tempting, but valuable in order to measure the gap separating the followers from assumed best practices There is no lack of comparative studies between each of the three countries and the United States, the world's dominant economy since 1914 However, business development was on an altogether different scale in an economy already two and a half times larger than the British (the largest in Europe until the 1960s) in 1913, almost four times larger in 1929, and almost five times larger in 1960 The same applies, though to a lesser extent and only for the last quarter of the century, to Japan As for comparisons with smaller European countries, they pose an inverse problem: truly large companies emerged only recently in smaller European countries such as Belgium, Holland, Sweden, and Switzerland, and they still remain far less numerous than in their larger neighbours; while the differences resulting from their status as small countries pose major problems in a global analysis integrating the social, political, and international dimensions A comparative analysis needs a starting-point, and Britain has been placed at the centre of this three-country comparison This is explained Preface ix partly by the author's now long-standing association with, and interest in, Britain More importantly, big business is closely connected to Britain's central historiographical debate, which remains the country's relative decline since the late nineteenth century Big business and business elites can be (and have been) seen as carrying a decisive responsibility in this decline: any controversy concerning their role will thus be an integral part of the country's soul-searching The major concern about the legacy of the past is more dramatic in Germany, as it still revolves around the origins, nature, and consequences of the Third Reich Controversies have surrounded the responsibility of big business both in the short term (through its relationship with Nazism) and in the long term (through the belated and timid self-assertion of the bourgeoisie); but in no sense have these been the central issues of German history France is in between The old concern about economic backwardness has been pushed to the sidelines in the wake of the country's sustained economic growth during the Trente Glorieuses, though the French are recurrently worried about their economic and business performance The most passionate discussions remain centred around the war years: the 1940 defeat, the Vichy regime, occupation, and collaboration The role of big business is relevant to both debates, in terms reminiscent of Britain in the former, of Germany in the latter Many of the myths surrounding big business and the rise of Hitler, or the German Sonderweg, or the 'Malthusianism' of the French patronat, have now been destroyed, often by resorting to the comparative method The myth of Britain's 'entrepreneurial failure' remains well entrenched, though there are increasing signs that its turn is coming soon Contributing to the final push was another reason to put Britain at the centre of the comparison The comparative method is at once extremely rewarding and desperately frustrating It is rewarding because, as Marc Bloch reminds us, it can lead historians towards true explanations; more modestly—and more realistically—it can prevent them from addressing the wrong questions.1 But it is also, and mostly, frustrating because of the immensity of the task and thus the necessity of dealing with a limited number of issues; the difficulty of fully understanding the complexities of several countries; the feeling of never knowing as much as the national specialist and of laying oneself open to criticism from every quarter I have therefore been especially appreciative of the help I have received The project has been based in Britain, where I have enjoyed the privilege of a long-standing visiting fellowship at the Business History Unit at the London School of Economics, undoubtedly the best place in Europe to undertake comparative research in business history; my thanks go to its director, Terry Gourvish, for his unfailing support, to Sonia Copeland, M Bloch, 'Pour une histoire comparee des societes europeennes', Revue de synthese historique (Dec 1928), repr in Melanges historiques, vols (Paris, 1963), i 24 Rubber Michelin 6,122 19,633 II Finance Banking Paribas Banque de 1'Indochine Credit Lyonnais Societe Generate Comptoir d'Escompte 2,812 1,750 1,020 765 408 90,411 93,436 442,512 379,958 228,264 4,082 2,551 67,757e 14,224 734 10,487 1,148 13,799 III Services Shipping Messageries Maritimes Chargeurs Reunis Distribution Au Printemps Press and communication Hachette a b c d e 1952 1952 1956 1952 1954 13,000 R Puiseux E Monick E Minost E Escarra P de Mouy G Gaussel G Anduze-Faris F C Fabre 3,000 P Laguionie R Meunier de Houssoy C3 Germany, 1953 I Industry Heavy industry Gelsenkirchener Bergwerks Mannesmann Rheinstahl Klockner-Werke *Dortmund-H6rder Hiittenunion *Phoenix Thyssen *Huttenwerk Oberhausen Ilseder Hiitte Rheinpreussen AG *Rheinische Rohrenwerke Gutehoffnungshutte *Huttenwerk Rheinhausen Gusstahlwerk Bochumer Verein Textile Vereinigte Glanzstoff-Fabriken Christian Dierig Food, drink, tobacco *Margarine-Union Suddeutsche Zucker Workforce Share capital Total assets 31,453 20,513 20,533 17,949 15,726 9,829 9,829 8,888 8,738 8,547 7,863 7,111 5,983 5,897 144,821 93,264 34,024 55,729 64,420 64,526 54,408b 35,032 21,251 21,158 35,194 9,115 36,938° 37,167 7,821 4,017 18,700 8,382 10,840 3,178 8,547 5,128 29,885 13,011 5,503 18,000 22,019 19,764 10,095 6,050 13,519 12,692 18,436 13,042 54,058 11,900 14,361 Chairman* O Springorum W Zangen H Reckmann W Dubusc F Elshoff F A Goergen H G Sohl G Bruns P Mollenberg H Reusch W Geldmacher E H Vits A Flaitz K Blessing C Quensell Chemicals Bayer BASF Hoechst *Chemische Werke Hiils Wintershall Degussa Electrical engineering Siemens & Halske Siemens Schuckertwerke AEG Felten & Guilleaume Carlswerk Accumulatoren-Fabrik Robert Bosch Mechanical engineering Klockner-Humboldt-Deutz Demag MAN Motor car Daimler-Benz Oil *Deutsche Shell *Esso AG Deutsche Erdol 33,137 29,068 24,424 10,256 8,974 6,538 92,891 71,371 59,886 24,192 25,386 17,418 33,168 27,208 14,572 7,745 4,729 6,939 U Haberland C Wurster K Winnacker P Baumann W Zentgraf H Schlosser 20,513 17,094 7,521 6,615 5,994 4,103 63,236 69,872 56,241 14,486 13,245 25,848 96,400d E von Siemens F Bauer F Spenrath J Horatz G Quandt H Waltz 5,556 3,624 3,419 22,410 26,256 35,448 16,853 20,311 H Jakopp H Reuter O Meyer 6,167 29,075 35,000 F Konecke 10,256 10,000 8,547 36,625 38,316 24,501 5,647 — G Geyer E Grages 35,100 4,848 22,884 16,401 C3 Continued Share capital Rubber Continental II Finance Banking *Deutsche Bank *Dresdner Bank *Commerzbank Insurance Allianz Versicherung *Miinchner Riickversicherung III Services Shipping HAPAG Distribution Karstadt a b c d 7,556 Total assets 19,473 Workforce 13,657 Chairman* W Garbe H Abs A Hoelling H Erkelenz 13,675 12,821 8,547 3,009 1,282 32,954 27,843 3,963 20,584 W Traber 5,128 16,372 H Loenen Executive board chairman 1954 1952 Siemens & Halske and Siemens Schuckertwerke 3,547 H Goudefroy A Alzheimer INDEX Aachener Hiitteri-Vereiri lt> ABF (Associated British Food) 84, 85 AEG (Allgemeine Electricitats Gesellschaft) 24, 25, 51, 65, 68, 79, 80, 82, 83, 88, 89,108, 110,112, 116, 145 aeronautics industry, Britain 41, 65, 95, 127 Agache-Willot 96, 110, 148 age of business leaders 154-5, 156 L'Air Liquide 83, 84, 94, 96, 97, 98, 112, 114 Albrecht, K and T 216 Alcatel Alsthom 64 Algemeene Kunstzijde (AKU) 53 Allgemeine Anzeiger 53 Alliance, Sir D 215 Allianz 118 Allied Breweries 84, 97 Allied Lyons 85, 115 Allied Newspapers 45, 81, 111 Alsthom 58, 83, 107, 110, 113 Althoff 53 Amalgamated Press 88, 107, 108 American Tobacco 46 American Viscose Corporation 43-4 Anglo-American Telegraph Company 23 Anglo-Persian Oil (Anglo-Iranian Oil) 41, 57, 82, 110, 112, 149 aristocracy and bourgeoisie 194, 196-206, 216 Armstrong Whitworth 17, 42, 80 Arnault, B 215 Aron, R 217 assets growth 106-15 Associated British Foods 97 Associated Electrical Industries (AEI) 38, 64, 81, 83, 95, 110, 116 Associated Newspapers 23, 111 Associated Press 82 Astra 113 Augustine, D 205 Austin, IT 40, 136, 146, 170, 223 Austin (car company) 91, 93, 110, 112 Australian Mortgage, Land and Finance Company 14 Auto-Union 65 automobile industry see car industry Azaria, P 28, 145 Babcock & Wilcox 91, 110, 112 Bader, T 145 Ballin, A 26 Bank of Australasia 13 banking and finance 10, 11-14 Britain 11-12, 13-14, 35-6, 64, 68, 70, 79, 81, 84, 89, 93, 95, 177, 179-80, 182-4, 186, 205, 213 France 10, 11, 12, 13, 35, 54-5, 64, 68, 79, 81, 89, 96, 103, 114, 178-9, 180-2, 193, 205 Germany 10-11, 12-13, 35, 47-8, 68, 79, 81, 89, 92, 168-9, 177-8, 179, 181, 184-6, 205 and industry 176-86 Banque de France 55 Banque de 1'Indochine 13, 82, 91, 94, 96, 108, 110, 113 Banque de 1'Union Parisienne 80, 88 Banque de Paris et des Pays-Has see Paribas Banque Nationale de Credit 54, 182 Banque Nationale de Paris (BNP) 64 Banque Nationale pour le Commerce et de I'lndustrie 64 Barclays Bank 12, 35, 68, 80, 82, 84, 88, 108, 110, 113, 114, 117 Barings 106 BASF (Badische-Anilin-und Soda-Fabrik) 25, 50, 51, 65, 68, 69, 79, 80, 83, 84, 85, 87, 88, 92, 97, 98, 99, 103, 105, 114, 115, 117, 151 Bass 84, 85, 91, 97, 109, 111, 114, 117, 131 Baumgartner, W, 174 Bayer 25, 50, 51, 68, 69, 79, 80, 83, 84, 85, 87, 88, 94, 95, 97, 98, 99, 103, 105, 112, 115, 117 Beardmore 18 Beau de Lomem'e, E 198 Beckett, E 170 Beecham 37, 84, 85, 97, 98, 112, 114 Beisheim, O 216 Beit, A 23, 146 Bell Brothers 18 Bergisch-Markische Bank 13 Bergmann, S 145 Bergmann Elektrizitats-Werke 25, 51, 145 Berliner, A 127, 170 Berliner Elektrizitats-Werke 25, 88 Berry, W and J 45 Bertelsmann 99 Bethenod, E 170 Bevan, Sir F A 149 Bleachers' Association 92, 109, 111 BMW (Bayerische Motoren-Werke) 67, 85, 96, 97, 99, 114 boards, company 157-64 Bochumer Verein 48, 49, 50, 65, 88, 95, 105 268 Index Bolckow Vaughan 18, 43, 109 Bon Marche 29, 61, 81, 91, 111 Boots 37, 91, 93, 111, 112, 118 Bosch, C 127, 151 Bosch, R 146 Bosch (firm) 51, 68, 84, 85, 93, 97, 99, 110, 112, 114, 118 bourgeoisie and aristocracy 194, 196-206, 216 Bouriez, P 215 Bouygues, F 147, 215 Bowater 115 Brincard, G 125 Bristol Aeroplane 41 Britain 9-10, 17-23, 31, 33-4, 35-46, 63, 66, 104, 106, 107, 108-12, 116, 118 aeronautics industry 41, 65, 95, 127 aristocracy 196, 201, 216-17 banking and finance 11-12, 13-14, 35-6, 64, 68, 70, 79, 81, 84, 89, 93, 95, 177, 179-80, 182-4, 186, 205, 213 car industry 39^0, 64, 67, 68, 93, 95, 96, 112, 118 career patterns of business leaders 149-50, 152, 154 chemicals industry 20-1, 34, 36-8, 68, 69, 79, 81, 83, 92, 93, 95, 98 coal industry 18, 32, 41, 90, 92, 103 colonial companies 23, 87 company boards 157, 158, 160, 161-2 education of business leaders 133, 135, 136-8, 139-40, 142, 199, 217 electrical engineering 21, 36, 38-9, 64, 68, 79, 81, 89, 93, 95, 112, 114, 115-16, 118 film companies 45-6 food and drinks industry 28, 44, 69, 89, 93, 95, 183 foreign direct investment 70 heavy industry 11 see a/so coal industry; iron and steel industry; shipbuilding industry iron and steel industry 18-19, 32, 41-3, 64, 68, 92, 95-6, 103, 112, 183, 212 matrimonial alliances 204 mechanical engineering 21 mining companies 23 nationalization 32, 64-5, 103, 106 newspaper industry 23, 45 oil industry 21, 41, 112 political influence of business elite 207-8, 209, 212, 213, 223, 224, 225, 227-9 profits and profitability 77-101, 233 public utility companies 22, 32 railways 9, 32 retail trade 22-3, 44-5, 81, 95, 98, 107 rubber and tyre industry 40-1, 81, 95 service industries 11, 22-3, 42, 44-5, 46, 69-70, 79, 81, 95, 98, 107 shipbuilding industry 17-18, 19, 41-3, 89 shipping industry 22, 42, 46, 79, 81 social origin of business elite 123-32 passim social status of business elite 199, 203, 204, 205, 216-18 textile industry 20, 43-4, 69, 81, 92, 107 tobacco industry 19-20, 44, 46, 65, 93, 95 wealth of business elite 191, 192, 194, 195 British Aerospace 65 British American Tobacco (BAT) 46, 79, 82, 83, 84, 85, 91, 94, 97, 99, 110, 113, 114, 117 British Celanese 44, 92, 111 British Dyestuffs Corporation (BDC) 36 British Employers' Confederation (BEC) 227 British Insulated Callenders Cable Co (BICC) 38, 83, 93, 94, 99, 110,112, 113, 115, 118 British Leyland (BL) 63, 64, 67, 68, 96, 106 British Motor Corporation (BMC) 40, 83, 94, 95, 112 British Oxygen Company (BOC) 37, 85, 97, 99, 114 British Petroleum (BP) 41, 81, 83, 84, 85, 94, 113, 114, 118 British Steel Corporation 64, 68, 85, 96 British Telecom (BT) 64, 70 British Westinghouse 21, 38, 42, 89-90 Brown, John 17, 109 Briining, G von 145 Brunner, J 145, 207-8 Brunner Mond & Co 20, 36, 79, 80, 87, 88 BSN (Boussois, Souchon, Neuvesel) 84, 85, 97 BTR 85, 99 Bucher, H 229 Buckau R Wolf AG Bund Deutscher Industrieller (BDI) 209, 225 Bundesverband der Deutschen Industrie (BDI) 227 Burbach-Kaliwerke 50, 110, 146 Burmah Oil 80, 83, 84, 88, 108, 112, 115, 117 Burnham, Lord 45 Burtons 44, 113, 118 business groups 173^ business schools 138, 139 Byng, G 21 Cable & Wireless 117 Cadbury 19, 99, 113, 114, 118, 131, 167 Calico Printers' Association 20, 88, 109 Index Callenders Cable & Construction Company 38,91 Cammel-Laird 18,42 Candles 173 car industry 31, 114, 146, 233 Britain 39-40, 64, 67, 68, 93, 95, 96, 112, 118 France 32, 55-7, 64, 68, 83, 96, 127 Germany 32, 51-2, 65, 68, 83, 96 career patterns of business leaders 142-56, 235-6 Carnegie, A 123 Carnot, E 155, 224 Carnot group 61 Carrefour 98, 114 Casino 114 Cassel, E 194, 202 CEA-Industrie 99 Central Mining and Investment Corporation 14 Central Verband Deutscher Industrieller (CVDI) 16, 209, 210, 225 Chambre Syndicale de Fabricants et Constructeurs de Materiel de Guerre 211 Chambre Syndicale des Constructeurs de Navires 211 Chambre Syndicale du Materiel de Chemin de Per 211 Champy, L 153 Chandler, A 4, 5, 24, 130, 164-5, 167-8, 231 Chandos, Lord 224 Chargeurs 111, 113, 118 Charle, C 204-5 Chartered Bank of India, Australia and China 13 Chatillon-Commentry & Neuves-Maisons 17, 60, 80, 88, 89, 109 chemicals industry 31, 100 Britain 20-1, 34, 36-8, 68, 69, 79, 81, 83, 92, 93, 95, 98 France 27, 58-60, 64, 68, 69, 95, 96, 98, 114 Germany 25, 32, 34, 36-7, 50-1, 65, 68, 69, 79, 81, 83, 87, 92, 95, 98, 105, 115, 145 Citroen, A 127, 146, 170 Citroen (firm) 55, 56, 57, 64, 68, 83, 96, 104, 113 City of London 13-14, 35-6, 70, 180, 186 civil servants 198-9 Clark, A 39 Clementel, E 225 club membership 202 coal industry Britain 18, 32, 41, 90, 92, 103 France 16-17, 32, 60, 61, 89, 90, 103 Germany 15-16, 32, 65, 92 269 Coats, A 170 Coats, J.& P 20, 43, 79, 80, 81, 82, 88, 91, 92, 109, 111, 113, 117, 160 Coats Patons 69, 84, 97 Coats Viyella 115 co-determination, principle of 162-3 Colbert 145 colonial companies Britain 23, 87 France 29-30, 62, 87 Colvilles 41, 43 Comite des Forges 16, 210-11, 226, 227 Commercial Union 117 Commerz- und Diskonto Bank 13, 47 Commerz- und Privat Bank 47 Commerzbank 48, 68, 91, 114, 118 Compagnie des Phosphates et Chemin de Per de Gafsa 29, 80, 87, 88, 91 Compagnie Franchise de Raffinage 57 Compagnie Frangaise des Petroles (CFP) 57, 83, 84, 94, 96, 97, 110, 112, 113, 114, 118 Compagnie Generate d'Electricite (CGE) 28, 58, 64, 68, 79, 81, 83, 84, 85, 88, 89, 91, 95, 99, 107, 108, 110, 113, 114, 118, 145 Compagnie Generate des Eaux 29, 88, 117 Compagnie Generate Transatlantique 29, 79, 108, 110 Compagnie Nationale de Matieres Colorantes 59 Compagnie Parisienne de Distribution d'Electricite 29, 107, 108 Compagnie pour la Fabrication des Compteurs et du MatCrial des Usines a Gaz 27 company boards 157-64 competence of business leaders 123-56 Comptoir des Textiles Artificiels (CTA) 61 Comptoir National d'Escompte de Paris 12, 54, 64, 80, 82, 91, 94, 96, 109, 110, 178 Confederation of British Industry (CBI) 228 Confederation Generate de la Production Franchise (CGFP) 209, 225, 227 Conseil National du Patronat Frangais (CNPF) 227 Consolidated Gold Fields of South Africa 23, 87, 109 Continental 52, 81, 83, 94, 95, 99, 110, 113, 114, 118 Cooper, F D'Arcy 150, 173 Coty, F 62 County Perfumery 37 Courtauld, S 125 Courtaulds (firm) 43, 69, 81, 82, 83, 84, 92, 95, 97, 99, 111, 113, 115, 118 270 Index Credit Credit Credit Credit Commercial de France 182 duNord 55 Fonder d'Algerie et de Tunisie 13 Lyonnais 12, 13, 54, 79, 80, 81, 82, 94, 96, 109, 110, 112, 114, 117, 178, 181 Credit Mobilier 178 Creusot-Loire 98, 113 Cross, H S 149 Cruddas, W 201 Cunard 22, 46, 81, 109, 110 Cuno, W 54, 223-4 Cuvinot, L -J 128 Daimler-Benz 52, 63, 65, 66, 67, 68, 83, 84, 85, 96, 97, 98, 99, 110, 112, 114, 116, 118, 159 Daimler-Moteren Dalgety 99, 114, 117 Danat-Bank 47-8, 82, 91, 105 Darcy, H 160, 226 Darmstadter Bank 47, 108, 178 Dassault, M 97, 147 Daumard, A 193 death of business leaders 155, 156 De Beers Consolidated Mines 23, 79, 80, 82, 87, 88, 91, 109, 146 Debenture Corporation 14 decision-making 157-86 Degussa 94, 97, 99, 114 de Haviland 41, 95 Deist, H 225 Dejardin, E 172 Demag 113 Desmarais Freres 28 Demolins, E 140 Denain-Anzin 60, 61 Descamps, A 153, 200, 203 Deutsch, A 28 Deutsch, F 136 Deutsch-Luxemburg 15, 48, 49, 80, 105, 185 Deutsche Babcock 97, 115 Deutsche Bank 12-13, 26, 35, 47, 48, 68, 79, 80, 81, 82, 88, 91, 108, 114, 117, 159, 168, 185 Deutsche Erdol 26, 52, 83, 94, 110 Deutsche National Bank 47 Deutsche Petroleum 26 Deutsche Shell 52, 115 Deutsche Solvay-Werke 50 Deutsche-Uberseeische ElektricitatsGesellschaft 80 Deutscher Kaiser 15-16 de Wendel, F 125, 200, 206-7, 223, 229 de Wendel (firm) 16-17, 34, 60, 61, 64 diamond mining 23, 87 Dierig, C 110 directorships, multiple 168-76 Disconto-Gesellschaft 12, 26, 47, 79, 80, 82 Distillers 44, 82, 83, 84, 91, 94, 95, 97, 110, 112, 113 dock companies, Britain 22 Docker, D 21,42,225 Dollfuss-Mieg 91, 110 Donnersmarck, Prince H von 197 Dorman Long 18, 43, 81, 88, 92, 94, 95, 108, 111 Dortmunder Union 15, 65 Dresdner Bank 12, 13, 47, 48, 68, 79, 80, 82, 91, 108, 114, 117 Dreux, A 132, 155, 160 Dreyfus, H 44, 146 drinks industry Britain 19, 44, 69, 89, 93, 95, 183 France 28 Germany 26, 53, 92 Duchemin, R 226 Du Cros, Sir A 40, 155, 208 Du Cros, W H 145 Duisberg, C 145, 170, 226 Duisberg, P 158 Dunlop 40, 41, 81, 82, 83, 88, 91, 95, 106, 107, 108, 110, 112, 113, 145 Eastern Telegraph Company 23, 117 Ecole des Hautes Commerciales (HEC) 139 Ecole des Roches 140 Ecole Nationale d'Administration (ENA) 138, 139 Ecole Polytechnique 134, 141 ecoles d'applications 134 economic power 189 economic rationalization 31-2 economy 66, 234 education and training of business elite 132-42, 199-200, 217, 235 Elder Dempster Lines 46, 111 electrical engineering 31, 100 Britain 21, 36, 38-9, 64, 68, 79, 81, 89, 93, 95, 112, 114, 115-16, 118 France 27-8, 58, 68, 79, 81, 83, 89, 107 Germany 24-5, 34, 51, 65, 68, 79, 81, 83, 89, 116 Electrical and Musical Instruments (EMI) 38, 111 electricty generation and supply France 58 Germany 25 Elf 84, 85 Ellerman,] 192 Ellerman Lines 22 Energie Electrique du Littoral Mediterraneen (EELM) 58, 108 Engineering Employers' Federation 212 English Calico 69 English Electric 39, 64 Index English Steel Corporation 42 Enka-Glanzstoff 113 Essener Creditanstalt 13 Esso AG 52, 115 Esso Standard 57, 83, 96, 113 family firms, persistence of 130-2 Federation of British Industries (FBI) 209, 225, 227-8 Federation of Master Cotton Spinners' Association (FMCSA) 212 Felten & Guilleaume-Lahmeyer 25, 94, 109 Fenaille et Despaux 28 Ferranti 38 film companies Britain 45-6 Germany 53 Finaly, H 127 Fine Cotton Spinners & Doublers' Association 20, 92, 109, 111 Fisons 37 Fives-Lille 91, 110, 112 Flannery, F 149 Flick, F 148, 159 food industry Britain 19, 44, 69, 93, 95 France 28 Germany 92, 107 Ford Motor Company 39, 40 foreign direct investment 70 Forges et Acieres de la Marine 17 Forte, Lord 215 Forwood, W 149, 155 Fouchier, J de 170 founders of businesses 127, 144-7 Fournier, J 215 France 10, 27-30, 31, 33, 34-5, 54-62, 63, 104-5, 107, 108-11, 112, 114, 116 aristocracy 197-8 banking and finance 10, 11, 12, 13, 35, 54_5, 64, 68, 79, 81, 89, 96, 103, 114, 178-9, 180-2, 193, 205 car industry 32, 55-7, 64, 68, 83, 96, 127 career patterns of business leaders 151, 152, 153-4 chemicals industry 27, 58-60, 64, 68, 69, 95, 96, 98, 114 coal industry 16-17, 32, 60, 61, 89, 90, 103 colonial companies 29-30, 62, 87 company boards 157, 158, 160-1, 163 economy 66, 234 education of business leaders 132, 133, 134, 135, 138-9, 140, 142, 200 electrical engineering 27-8, 58, 68, 79, 81, 83, 89, 107 food and drinks industry 28 foreign direct investment 70 heavy industry 10, 11 271 see also coal industry; iron and steel industry iron and steel industry 16-17, 60-1, 64, 68, 89, 96, 210-12, 226-7 matrimonial alliances 204-5 mechanical engineering 28 nationalization 32, 55, 103, 104-5 newspaper industry 29, 61-2 oil industry 28, 57, 96 political influence of business elite 207, 208, 209, 210-11, 213, 223, 224, 225, 227, 228, 229 profits and profitability 77-101 public utility companies 28-9, 58 retail trade 29, 61, 81, 98 rubber and tyre industry 57, 81, 95 service industries 11, 29, 61-2, 70, 79, 81, 98 shipping industry 29, 62, 79 social origin of business elite 123-32 passim social status of business elite 200, 203, 204-5, 218-20 textiles industry 28, 61 wealth of business elite 191, 192-3, 194, 195 Frankfurter Allgemeine Versicherung 105 Fraser, W M 149 Fremery, M 146 Fry 19, 131 Furness Withy 22 Furstenberg, C 169, 175 Galeries Lafayette 61, 81, 88, 91, 107, 108, 111, 117, 145 Gandois, J 174 Gas, Light & Coke Company 22 Gaumont 46, 110 Geddes, Sir E 40, 155, 223 Gelsenkirchener Bergwerks Aktiengesellschaft (GBAG) 15, 48, 49, 50, 79, 80, 83 General Electric Company of America 27-8, 38, 58 General Electric Company (GEC) 21, 38, 63, 64, 68, 79, 81, 84, 85, 88, 89, 95, 97, 99, 107, 108,110, 112, 114, 115, 115-16, 118, 145 General Motors 52, 148-9 Gerard, A 155, 170 Germain, H 125, 178 Germany 4, 9, 10, 24-7, 31, 33, 34, 46-54, 63, 66-7, 104,105, 107, 108-11, 112-13, 114, 116, 201-2 aristocracy 196-7, 205-6 banking and finance 10-11, 12-13, 35, 47-8, 68, 79, 81, 89, 92, 168-9, 177-8, 179, 181, 184-6, 205 272 Index Germany (cont.): car industry 32, 51-2, 65, 68, 83, 96 career patterns of business leaders 150-1,152, 153, 154 chemicals industry 25, 32, 34, 36-7, 50-1, 65, 68, 69, 79, 81, 83, 87, 92, 95, 98, 105, 115, 145 coal industry 15-16, 32, 65, 92 company boards 157, 158-60, 161, 162-3 economy 66, 234 education of business leaders 133, 134, 135, 136, 138, 140-1, 142 electrical engineering 24-5, 34, 65, 68, 79, 81, 83, 89, 116 film companies 53 food and drinks industry 26, 53, 92, 107 foreign direct investment 70 heavy industry 10, 11 see also coal industry; iron and steel industry; shipbuilding industry iron and steel industry 14-16, 32, 34, 48-50, 65, 67, 68, 69, 79, 81, 92, 93, 95, 105, 114, 184, 185, 209-10, 211-12, 225-6 matrimonial alliances 205 mechanical engineering 26, 49 newspaper industry 26-7, 53 oil industry 26, 52 organizational structures 165-7 political influence of business elite 208-10, 212, 213, 223-5, 225-6, 227, 228, 229 profits and profitability 77-101 public utility companies 26 publishing 53 retail trade 53, 81, 92, 98 rubber and tyre industry 52, 81, 95 service industries 11, 26-7, 53, 54, 70, 79, 81, 92, 98 shipbuilding industry 32 shipping industry 26, 54, 79 social origin of business elite 123-32 passim social status of business elite 201-2, 203-4, 205-6, 220-2 textiles industry 26, 52-3, 107 wealth of business elite 191, 192, 193^, 195 Gervais-Danone 97 Gibb,A 150 Gibbs, W 149 Gillet group 61 Givet-Izieux 61 Glaxo 69, 84, 85, 97, 98, 99 Godber, F 128 gold mining 23, 87 Goldschmidt, J 169, 175 Goldschmidt-Rothschild, M von 192 Gomez, A 170 Goodenough, F 125, 127 Gramophone Company 81, 82, 91, 93 Grand Metropolitan 85, 99 grandes ecoles 134 Great Universal Stores 95 Gretton, J 223 growth of assets 106-15 Guest, Keen & Nettlefolds 18, 42-3, 92 GKN 68, 81, 83, 84,109, 110, 113, 115,117 Guillain, F 207 Guinness, E C 170 Guinness, R 125, 223 Guinness (firm) 19, 44, 80, 82, 85, 88, 91, 94, 95, 99, 109, 111, 113, 117, 131, 150 Gulf Oil Corporation 41 GUS (Great Universal Stores) 83,94,113,115 Gutehoffnungshutte (GHH) 16, 49, 60, 68, 69, 88, 94, 95, 109, 110, 151 Gutman, E 127 Gwinner, A 136 Haarman, A 131 Haberland, U 156 Hachette 29, 62, 91, 94, 97, 99, 110, 113, 114, 117 Hagen, L 169 Hall, A 174 Halley, P -L 215 Hamburg-Amerika Packetfahrt AG (HAPAG) 26, 54, 79, 80, 109, 110 Hanbury-Williams, Sir J 44 Haniel, K 131 Haniel family 16 Hanson, Lord 147-8, 170, 215 Hanson Trust 65, 85, 98, 99 Harland & Wolff 18, 41-2, 92, 111 Harmsworth, A 23, 45, 145 Harpener Bergbau 16, 92, 109 Harrods 88, 107, 108 Hartmann, G 150 Haub, E 216 Havas 91 Hawker Siddeley 41, 83, 84, 94, 95, 97, 113, 115 Hearle, F 127 heavy industry 10, 11, 14-19, 100 Britain 17-19, 41-3, 90, 92 France 10, 16-17, 60-1, 89, 90, 92, 210-12, 226-7 Germany 10, 11, 14-16, 32, 48-50, 67, 69, 79, 81, 89, 90, 92, 93, 95, 162-3, 209-10, 225-6 see also coal industry; iron and steel industry; shipbuilding industry Hely d'Oissel, Baron 153 Henckel 84, 97, 99 Henkel, K 156 Index Henle, G 224 Herrhausen, A 156 Herz, W 150, 155 Heyworth, G 127 Hilferding, R 179, 184 Hilger, W 170 Hill, P 37 Hillsdown Holdings 85, 99 Hirst, H 21, 38, 145 Hobsbawm, E 31 Hoechst 25, 50, 51, 68, 69, 79, 80, 83, 84, 85, 87, 88, 92, 94, 95, 97, 98, 99, 103, 105, 112, 114, 115, 117 Hoesch 49, 50, 65, 69, 92, 98, 110, 113, 117 Hohenlohe Werke 16, 88, 105 Holder,, E 206, 208 Holmes, P 170 Home & Colonial Stores 22, 45, 81, 88, 91, 107, 108, 110 Hongkong and Shanghai Banking Corporation 13, 117 Hooley, E T 40 Horder Verein 16 Home, R 223 Horten 115 Hottinguer, R 189 Houldsworth, W 172, 201 Howard & Bullough 88 Huggenberg, A 53 Hiils 99 Chemische Werke Hiils 51 Hunter, E 150 Huntley & Palmers 131 ICI (Imperial Chemical Industries) 34, 36-7, 63, 68, 79, 82, 83, 84, 85, 92, 95, 97, 98, 99, 108, 111, 113, 115, 117 IG Farben 34, 36-7, 50-1, 81, 82, 91, 92, 103, 105, 107, 108, 112, 159 Ilseder Hiitte 110 Imperial Tobacco 19, 44, 46, 65, 79, 80, 82, 83, 84, 88, 91, 94, 95, 97, 108, 111, 113, 131, 160 Inchcape 114 Indosuez 180 inheritors of businesses 125, 126, 130-2 interest groups 209-13, 225-9 international trade and commerce 22 investment companies 14 iron and steel industry 100, 102 Britain 18-19, 32, 41-3, 64, 68, 92, 95-6, 103, 112, 183, 212 France 16-17, 60-1, 64, 68, 89, 96, 210-12, 226-7 Germany 14-16, 32, 34, 48-50, 65, 67, 68, 69, 79, 81, 92, 93, 95, 105, 114,184, 185, 209-12, 225-6 273 Jeumont 110, 112, 113 Johnson Mathey 97 Joly, H 222 Jouven, P 170 Kali-Industrie 50 Kamp, H 151 Karstadt, R 53, 81, 82, 91, 92, 94, 110, 112, 115, 118 Kastl, L 229 Kattowitzer 16, 88, 105 Kaufhof 115 Kay, J 76, 168 KHD (Klockner-Humboldt-Deutz) 112, 115 Kirdorf, E 15, 136, 155, 158, 184 Klockner, P 148 Klockner (firm) 49, 50, 69, 92, 95, 98, 110, 113, 115, 118, 159 Knupe, C 208 Kocka, J 165, 166 Kokswerke & Chemische Fabrike 50 Korte, G 146 Krupp,A 222 Krupp, F A 151 Krupp, B von Bohlen und Halbach 192, 193 Krupp, G von Bohlen und Halbach 125, 131, 151, 226 Krupp (firm) 9, 13, 15, 19, 49, 50, 65, 68, 69, 79, 80, 81, 88, 92, 107, 109, 115, 117 Kuhlmann 27, 59, 60, 64, 83, 95, 110 Kuskel, K and F 127 Lafarge-Coppee 85, 99 Lagardere, J -L 215-16 Lahusen, K 155 Langnamverein (Long Name Association) 209, 226 Laurahiitte 109 Laurent, C 153 Lazonick, W 130 Lesieur 113 Lever Brothers 21, 36, 37, 79, 80, 82, 107, 108, 145, 150 see also Unilever Leverhulme, Lord 136, 145 Levy, L 153, 200 Levy-Lang, A 127 Levy-Leboyer, M 4, 128 Lipton, T 145, 202 Lipton's 22-3, 45 Lloyds Bank 12, 13, 35, 68, 79, 80, 82, 88, 91, 108, 111, 113, 114, 117 Lloyd's of London 14 Lomenie, E Beau de 198 London and India Docks 22 London and River Plate Bank 13 Longwy 60, 61, 80, 88, 89, 91, 108, 110 274 Index Lonhro 97, 114 Lorraine-Escaut 61 Lucas, J 38, 91, 93, 110, 112, 115, 118 LVMH 85, 99 Lyons, J 44, 111, 112 Lysaght & Co 42 Lyttleton, O 224 McFisheries 173 McGowan, H 128 McKenna, R 223 Macleans 37 MAN (Maschinenfabrik Augsburg Niirenberg) 26, 49, 113 Mannesmann 49, 50, 65, 68, 69, 82, 83, 84, 97, 110, 114, 117, 185 Mar-Mich-Pont 60, 61 Margarine Unie 37 Margarine-Union 53 Marine-Homecourt 17, 60, 61, 80, 88, 89, 108 Marks & Spencer 45, 83, 91, 94, 95, 98, 107, 110, 112, 114, 118 Martin, R 141-2, 193 Matra 99 matrimonial alliances 204-5 mechanical engineering Britain 21 France 28 Germany 26, 49 Meister, Lucius & Briining (Hoechst) 25 Melchett, Lord (Mond, A.) 125, 223 merchant banks 14, 36, 179 Mercier, E 58, 173 Mercier, L 200, 203 mergers 31, 35, 64-5, 103, 106, 151 Messageries Maritimes 109, 113 Compagnie des Messageries Maritimes 29 Metal Box 94, 97, 113 Metallgesellschaft 68, 114, 118 Metropolitan Amalgamated Railway Carriage & Wagon Company 21, 88 Metropolitan Carriage Wagon & Finance Co (MCWF) 42 Metrovick 38 Meyer, W and G 131 Michelin, E 145 Michelin (firm) 57, 81, 82, 83, 85, 91, 95, 97, 106, 111, 113, 114, 118 Micheville 60, 61 Midland Bank 12, 35, 68, 79, 80, 81, 82, 91, 108, 110, 113, 114, 117 Mines d'Aniches 60, 90, 91 Mines d'Anzin 16, 60, 82, 90, 91 Mines de Lens 16, 60, 82 Mines de Maries 90, 91 Mining Association 209 Mitteldeutsche-Privat Bank 47 Mokta-El-Hadid 29 Mond, A (Lord Melchett) 125, 223 Mond, L 145 Monoprix 61 Montgolfier, A de 200, 208 Morris, W 146, 170 Morris (car company) 39-40, 82, 91, 93, 110, 112 Morrison, C 192 mortgage companies 14 Mosse, R 26, 27 Mulliez, G 215 Nash, P 155 National Coal Board 41 National Confederation of Employers' Organizations (NCEO) 227, 229 National Provincial Bank 12, 35, 64, 80, 82, 88, 108, 111, 113, 117 National Westminster Bank 64, 68, 113, 114, 117 nationalization 32, 55, 64-5, 103, 104-5, 106 Nederlandsche Kunstzidje 53 Nelson, G 39 Neuflize, J de 153 newspaper industry Britain 23, 45 France 29, 61-2 Germany 26-7, 53 Niger Company 37, 173 Nobel Dynamite Trust Company 20-1 Nobel Industries 36 Nollenburg, R 26 Nord-Est 61, 88, 94 Norddeutscher Lloyd 26, 54, 79, 80, 82, 108 Nordwolle 26, 52, 105, 107, 108 Northcliffe, Lord see Harmsworth, A the notable 174, 175, 176 Nouvelles Galeries 115 Nugent, R 229 Oberhausen 65 Oberschlesische Eisen-Industrie 105 Oberschlesische Eisenbahnbedarf 16, 109 oil industry Britain 21, 41, 112 France 28, 57, 96 Germany 26, 52 Opel, F von 170 Opel (firm) 52, 118 Oppenheim, A von 150, 203 Oppenheim, E von 203 Oppenheim bank 159 L'Oreal 97, 98, 99 Orenstein & Koppel 26 organizational structures 164-8 Orkem 85, 99 Index 275 Ostwerke 91, 92 Otto, Michael 216 Otto Versand 98 publishing see newspaper industry PUK (Pechiney-Ugine-Kuhlmann) 64,69,84 P & O (Peninsular & Oriental Steamship Company) 22, 46, 79, 81, 83, 107, 108, 110, 113, 114 paid-up capital Palmers Shipbuilding 89 Paribas (Banque de Paris et des Pays-Bas) 13, 55, 80, 82, 86, 91, 94, 96, 108, 111, 112, 114, 117, 163,178, 180, 182 Paul-Cavallier, M 156 Pease, J W B 149, 170 Pechiney 59, 60, 64, 82, 83, 85, 91, 99, 110, 113, 114, 115, 118 Penarroya 91 Pereire, E and I 178 Perrier 97 Petsche, A 173 Peugeot, R 125 Peugeot (firm) 39, 55-6, 57, 64, 67, 68, 84, 85, 91, 97, 98, 99, 110, 112, 114, 118 Pferdmenges, R 224 Philippi, O E 160 Philipps, O Cosby (Lord Kylsant) 42, 223 Phoenix 16, 49, 50, 65, 79, 80, 88, 151, 159, 184 Pilkington 99, 117 Pinot, R 211, 228, 229 Pirrie, Lord 41, 174 Platt Bros 110 Plessey 39, 84 Poensgen, E 131, 151, 156, 170 political elite 198 political influence of business elites 189-90, 206-13, 222-30 Pont-a-Mousson 60, 61, 64, 113 Ponto, J 156 Porsche, F 52 Poulenc Freres 59 Powell Duffryn 43, 90, 92 press sec newspaper industry Preston, W 223 Preussag 114 Le Printemps 61, 112, 114, 118 Prisunic 61 Produits Chimiques et Electrometalluriques d'Alais, Froges et Camargue (see also Pechiney) 59 profits and profitability 77-101, 233 Prouvost, J 62 Prudential Insurance 117 public utility companies Britain 22, 32, 103 France 28-9, 58, 103 Germany 26 Quandt, G 148 Racal 85, 99 Railing, H 173 railways 9, 32 Rank Organization 45-6 Rath, W vom 208 Rathenau, E 24, 145, 158 Rathenau, W 168 Raty, J 132 Reckitt & Colman 97, 99, 113, 115, 117 Reckitt & Sons 37 Reckitt,] 155 Reed International 84, 85, 99, 115 Reichsverband der Deutschen Industrie (RDI) 225, 226, 227 Reichswerke Hermann Goering 49 Renault, L 127, 146, 170 Renault (firm) 32, 39, 55, 56, 57, 67, 68, 83, 85, 94, 96, 112, 114, 118 resignation of business leaders 155-6 retail trade Britain 22-3, 44-5, 81, 95, 98, 107 France 29, 61, 81, 98 Germany 53, 81, 92, 98 Reusch, P 151, 158, 170, 229 Revelstoke, Lord 189 Rheinelbe Union 48, 105 Rheinisch-Westfalisches Elektrizitatswerk (RWE) 51, 115, 118 Rheinische Stahlwerke 49, 50 Rheinstahl 65, 68, 83, 94, 113 Rhenish-Westphalian Coal Syndicate 15 RHM (Ranks Hovis & McDougall) 115 Rhodes, C 23, 146 Rhodiaceta 61 Rhone-Poulenc 59-60, 61, 64, 68, 69, 83, 84, 85, 94, 96, 98, 99, 112, 114, 115, 174 Riesser, J 223 Rio Tinto Company 23, 80, 82, 87, 91, 109 see also RTZ RMC 99 Rodewald, H 155 Rolland, G 132 Rolls-Royce 41, 94, 95, 99, 106 Rombacher 88 Rothermere, Lord 45 Rothschild, A de 189, 192 Rothschild, G de 192 Rothschild, Lord 189, 202 Rothschilds 9, 28 Roux, A 127 Rover 67 Rowntree 19 276 Royal Dutch Shell 21, 41 Royal Insurance 117 Royal Mail group 22, 42, 46 Royden, T 223 RTZ 68, 84, 85, 88, 99, 115, 117 rubber and tyre industry Britain 40-1, 81, 95 France 57, 81, 95 Germany 52, 81, 95 Rubinstein, W 191, 193 Ruhrlade 229-30 Riitgerswerke 50 Rylands 109 Index Siegrist, H 165 Siemens 24-5, 34, 51, 63, 64, 66, 68, 80, 81, 82, 83, 84, 85, 88, 89, 91, 92, 94, 95, 97, 108, 110, 112, 114, 117 Siemens, C F von 125, 131, 223 Siemens-Rheinelbe-Schuckert-Union 48 Silverberg, P 131, 155 Sloan, A 148-9, 232 Smith, A 228-9 Smith, W F D (Lord Hambleden) 223 Smith, W H 23, 45, 117 Smithkline Beecham 69 SNECMA 83, 113, 114 social origins of business elite 123-32, 198-9 social status of business elite 189-90, 194, 195-206, 216-22, 233-4 Societe Alsacienne de Constructions Mecaniques (SACM) 28, 58, 110 Societe Anonyme de Credit al'Industrie Francaise 182 Societe Chimiques des Usines du Rhone 59 Societe du Petit Journal 29 Societe du Petit Parisien 29, 62 Societe Generale 12, 35, 54, 80, 82, 94, 96, 109, 110, 112, 114, 117, 178, 182 Societe Generale des Huiles de Petrole 57, 110, 113 Societe Lorraine des Acieries de Rombas 60 Societe Metallurgique de Knutange 60 Solmssen, G 156 Solvay group 27 Sopwith, T 127 Sprigorum, F 131 Standard Oil 41 Standard Telephone and Cable (STC) 38-9, 99 state intervention 32 Steel Company of Wales 83, 94, 95 Steinthal, M 151, 176 Stewarts & Lloyds 5, 18, 83, 88, 92, 94, 95, 109, 110, 112 Stinnes, H 15, 48, 114, 148, 151, 159, 185 Stock Exchange (London) 14, 183-4 Stoehr 93 Stollwerck 91, 92, 109, 167 subsidiaries, directorships of 172-3 Suddeutsche Zucker 53, 91, 92, 94, 110, 113 survival of businesses 102-18 Sykes, A 223 Saatchi, C and M 147, 215 Sacilor 64, 69 Sainsbury 114 Saint-Freres 61, 111 Saint-Gobain 13, 27, 59, 60, 64, 80, 82, 83, 85, 87, 99, 108, 110, 113, 114, 117, 145 Salmon, I 223 Samuel, W (Lord Bearsted) 125 Sankey & Sons 43 Sarre et Moselle 91 Say 28, 83, 91, 94, 109, 110, 113 Schaafhausenscher Bankverein 13 Schalker Gruben und Hiitten-Verein 15 Schering 97, 114 Scherl GmbH 27, 53 Schneider, C 170,207 Schneider, E 125 Schneider (firm) 16-17, 60, 88, 108, 111, 114, 117 Schuckert & Co 24 Schultheiss 53, 88, 91, 92, 107, 108 Schumpeter, J 144 SCOA (Societe Commerciale de 1'Onest Africain) 91, 110, 114 service industries 11, 147 Britain 11, 22-3, 42, 44-5, 46, 69-70, 79, 81, 95, 98, 107 France 11, 29, 61-2, 70, 79, 81, 98 Germany 11, 26-7, 53, 54, 70, 79, 81, 92, 98 see also newspaper industry; retail trade; shipping industry SGPM (Saint-Gobain-Pont-a-Mousson) 84 Shell 21, 41, 52, 79, 80, 82, 83, 84, 85, 88, 91, 97, 107, 108, 111, 112,115, 145 Shell Franchise 57 shipbuilding industry Britain 17-18, 19, 41-3, 89 Germany 32 takeover bids 147-8 shipping industry Tate & Lyle 91, 99, 111, 113, 115, 118 Britain 22, 42, 46, 79, 81 teclmisdie Hochschulen 140-1 France 29, 62, 79 telegraph companies 23 Germany 26, 54, 79 Tesco 98, 114 Sidelor 61, 64 Texas Company 41 Index textiles industry 102 Britain 20, 43-4, 69, 81, 92, 107 France 28, 61 Germany 26, 52-3, 107 Thomson-Houston (British) 38 Thomson-Houston Franchise (THF) 27, 28, 58, 68, 81, 97, 107, 109, 110, 112, 114, 117 Thorn Electrical Industries 68, 84,97,99,114 Thorn, J 147, 156 Thyssen, A 127 Thyssen, F 125, 131, 156 Thyssen (firm) 15, 49, 50, 65, 68, 69, 84, 85, 93, 95, 98, 99, 105, 112, 114, 117 titles, as mark of social status 203-4, 217-18 tobacco industry, Britain 19-20, 44, 46, 65, 93,95 Trefileries Havre 83 Trotter,} 149 Tube Investments 113 Tuke, A 170 Turkish Petroleum Company 57 Ugine 64, 83 Ullstein Verlag 53 Unigate 99, 115 Unilever 34, 37, 45, 64, 83, 84, 85, 93, 94, 97, 99, 111, 113, 114, 117, 145,173 Union AG 105 Union d'Electricite 58 Union des Industries Metallurgiques et Minieres (UIMM) 211, 226 Uniprix 61 United Alkali 20, 36 United Colleries 109 United Dairies 110 United States 3, 4, 31, 123 United Steel Companies 43, 81, 83, 92, 110, 112 Universum Film AG 53 Useem, M 175 Usinor 61, 64, 68, 69, 84, 98, 113 Valeo 99 Vallourec 113 Varta 97 VEBA 114 Vera Verlaganstalt 53 Verein Deutschen Eisen und Stahl Industrieller (VDESI) 209, 210, 226 277 Verein Deutscher Maschinenbau Anstalten (VDMA) 210 Vereinigte Glanzstoff-Fabriken (VGF) 52-3, 83, 94, 95, 110, 146 Vereinigte Stahlwerke (Vestag) 34, 49, 81, 82, 92, 105, 108, 112, 114, 185 Vereinigte Stahlwerke van der Zypen 49 Vereinigung der Deutschen Arbeitgeberverbande (VDA) 225, 227 Vickers, T E 170 Vickers (firm) 17, 38, 42, 80, 81, 88, 92, 106, 109, 110, 112, 113 Vogler, A 151, 223 Volkswagen (VW) 52, 63, 64, 65, 66, 67, 68, 84, 85, 96, 114 Walters, P 174 Warburg & Co 105 Wardington, Lord 149 Watney, Combe, Reid 19, 44, 82, 89, 91, 109, 111 wealth, accumulation of 191-4, 195, 214-16 Weinstock, Lord 215 Wellcome 69 Wendel see de Wendel Wendel-Sidelor 68, 96 Wernher, J 146, 192, 202 Weser 110 Westfalische Union 151 Westinghouse 39 see also British Westinghouse Westminster Bank 12, 35, 64, 79, 80, 82, 88, 91, 108, 111 see also National Westminster Bank Whitbread 19 White Star 46 Whitley 109 Willot brothers 148 Wills, G A H 223 Wills, W D & H O 19-20 Wills, W H 149, 172, 207 Wintershall 50, 51, 65, 82, 83, 91, 110 Wolff, O 148 Wolseley 42 Woodroofe, E 170 Woolworths 45, 83, 94, 95, 113, 115, 118 workforce, size of 6-7, 63-4 Workman Clark 18 Zapf, A 223 ... PART i: BIG BUSINESS The World of Big Business before 1914 Banking and finance Heavy industry The diversity of British big business The new industries in Germany Big business in France From the 1920s... spread of large industrial companies in Britain below the level of the giant firm Big business was also much more diversified in Britain In the early twentieth century, big business was almost... been taken of these differences in interpreting global results Big Business the century This will enable us to compare the size and composition of the world of big business in Britain, France,