the world of private banking

64
THE WORLD OF PRIVAtE BANKING
Figure 4.2 Estimates of Capital Exports 1865–83, £m
of new transport technologies – the railway, the improvement of oceanic shipping
and the spreading global telegraph networks – also comparably affected drawings
of foreign bills, but their use was sustained by the international gold standard’s
workings, which further developed from the early 1870s.
The greater internationalization of the City’s dealings equally arose from
Britain’s mounting exports of capital from the mid-1850s, displayed in figure 4.2.
This shows the 1873 apogee of the first long swing in British overseas investment,
and Organization of English Manufacturing Industry (London/New York, 1980), pp. 200–
202. See also, M. Collins, ‘Long-term Growth of the English Banking Sector and Money
Stock, 1844–80’, in Economic History Review, 2nd ser., vol. 36, 1983, pp. 383–5.
Data drawn from A.M. Imlah, Economic Elements in the Pax Britannica (Cambridge,
Mass., 1958), pp. 72–5; and M. Simon, ‘The Pattern of New British Portfolio Foreign
Investment, 1865–1914’, reprinted in A.R. Hall (ed.), The Export of Capital from Britain
1870–1914 (London, 1968), pp. 38–9.