It's been quite a
while since our last blog. Life happens to include reflection. Let us continue
in our quest for the earlier understanding of how we are not to far removed
from where many things started.
After reading our
trusted historian of the Southeast Asian continent, Hugh Farmer, we come across
this,
"In July 1865
the bank opened an office in London to facilitate foreign exchange services for
clients in China and India to help recruit and train junior bankers.
International
trade has always been at the heart of our business. By 1875, the bank had
expanded into seven countries across Asia, Europe and North America, with
branches in the ports of Yokohama, Calcutta, Saigon and Manila. We financed
exports, including tea and silk from China, cotton and jute from India, and
sugar from the Philippines.
The much respected
Thomas Jackson, was our Chief Manager three times between 1876 and 1902. The
bank prospered under his management and, by the turn of the 20th century, we
operated in 16 countries and territories. We also grew our government finance
business, issuing many loans for infrastructure projects, including China’s
first public loan in 1874."
While many would
focus on the many countries that HSBC operated within, our focus at this time
would be at least for now is Thomas Jackson.
"The legend
of Thomas Jackson began in 1876 when he was appointed Chief Manager of The
Hongkong and Shanghai Banking Corporation. He took the helm three times between
1876 and 1902 and transformed a fledgling bank into Asia’s leading financial
institution. He set an example that won the confidence and loyalty of all
around him and continues to inspire our respect and admiration today."
"Thomas was
born in 1841 in Carrigallen, a small village in County Leitrim, Ireland. His
Presbyterian ancestors had farming roots in Crossmaglen, County Armagh, and
Thomas spent his childhood on the family farm at Urker Lodge. He was educated
at Morgan's School and entered the world of finance when he joined the Bank of
Ireland’s Belfast branch in 1860."
"During a
stay in London at the end of 1924, Gaspard Farrer, the partner at Barings,
said: "It is not only friendship between our firms, but more than that: a
sort of partnership. Besides Kidder, Peabody, you are the nearest to us."
And again we are
right back to one of the founders of HSBC in the form of,
"Joh.
Berenberg, Gossler & Co. ... By virtue of the activities of the bank abroad
it became a founding shareholder of the ... the Hongkong and Shanghai Banking
Corporation HSBC (1865), ... "
And following,
"There are
six foreign banks in Hamburg, including the Hong Kong and Shanghai Banking
Corporation; the Berenbergs were among its founding shareholders back in 1865.”
While there is
currently no direct link to Baring Brothers Co., Limited to the founding of HSBC
with the obvious alliance between Baring Brothers Co., Limited and the Berenberg
Bank, I think that we could conclude that …
Oh, and remember this, of Sir Francis Baring it was said that he was given,
"A directorship of the East India Company, which effectively monopolised British trade in the East, followed in 1779."
Intelligent Publishing on X: ""A directorship of the East India Company, which effectively monopolised British trade in the East, followed in 1779." Page 9. Chapter 2. Baring Brothers & Co., Limited A History to 1939. https://t.co/aEDKpIC3e0" / X"His skills were publicly acknowledged in 1792-93 on his appointment as chairman of the East India Company with the onerous task of re-negotiating the Company's charter, for which he was rewarded with a baronetcy."
Until next time.
Works Cited
Farmer, H. (2025, 4 17). Early history of the
Hongkong and Shanghai Banking Corporation Limited. Retrieved 9 6, 2025,
from The Industrial History of Hong Kong Group:
https://industrialhistoryhk.org/early-history-of-the-hongkong-and-shanghai-banking-corporation-limited/
Founded 1590. The history of one of the oldest banks
in the world. (n.d.). Joh.
Berenberg, Gossler & Co. KG. Retrieved from
https://www.berenberg.de/uploads/web/Publications/Firmengeschichte_2019-04-10_en.pdf
HSBC. (n.d.). Thomas Jackson: Life and Legacy In
this exhibition we trace a remarkable and illustrious career. Retrieved 9
6, 2025, from Thomas Jackson: Life and Legacy:
https://history.hsbc.com/exhibitions/thomas-jackson-life-and-legacy
Orbell, J. (1985). Baring Brothers & Co.,
Limited. A History to 1939. London: Baring Brothers & Co., Limited.
Verlag, C. H. (2015). Change is the only constant:
Berenberg. A history of one of the world's oldest banks. Hamburg, Munich:
Carl Hanser Verlag.
