The Berthelot Brothers and the Foundation of the "Banque Industrielle de Chine" : A Study of the French Imperialism in China

Abstract

If the "Classical Image" of French imperialism as defined by LENIN requires re-examination and if it also reflects characteristics of French capitalism, then studies of the foreign policy of France toward China and the great undertaking of the Banque Industrielle de Chine realized by the BERTHELOT brothers are, in this respect, signifieant and suggestive. The serious tentatives of Chinese modernization begun in 1895, gave the world Powers a golden opportunity to penetrate with their political, financial and economic power. Compared with its rivals, France who, since the end of the 1850's, pursued an expansionist policy in Asia, hardly possessed favorable factors. Her financial force, the accumulation of capital, considered as the only arm(as the last resort) had to be exploited to make up for her weaknesses. Philippe BERTHELOT, director of the Asian section of the Foreign Office, hit on the idea of creating an "ldeal" bank -a Franco-Chinese bank-, and asked the "Banque de l'Indochine", a quasi-national bank, to realize his plan. However this bank, which had been under the control of five big banks in Paris strongly objected. It was Andre BERTHELOT, ex-deputy and agent of Baron EMPAIN, that in 1913, carried out his brother's plan. Should we call such a policy which crystallised into the Banque Industrielle de Chine "Bank Imperialism" or "Financial Imperialism"?