第一次大戦前におけるイギリス株式銀行の産業融資 : ロイズ銀行の『支店長誌簿』(Private & Memoranda)を素材として

抄録

It is alleged that major British Banks became increasingly conservative in the 1890s when the amalgamation movement accelerated. In particular, many researchers contend that general managers in head offices in that period decided to put an end to what they considered to be over-commitments (a close linkage between local bankers and industrialists), so that branch managers were submitted to a close supervision and strict conditions were imposed on their lending by their head offices. However, there is little empirical research to substantiate such a conclusion. The aim of this article is to rethink this picture by empirically researching industrial lending by branches of Lloyds Bank. For this study we use contemporary, confidential bank records, "Private Memoranda" written by branch managers of Lloyds Bank. This documents provide us with rich information on operating accounts. We analyse two cases of lending to small firms from the bankers' records. In these cases, Lloyds Bank extended their limits of overdrafts and made long term accommodations through the rolling-over of short period loans against debentures issued by borrowers. (The bankers' goal with such securities is mainly to obtain a floating charge upon borrower's assets.) The results of the case studies of branches confirms a previous research by Capie and Collins of the lending industry, that aralyses the reasons for negative decisions made by Lloyds Bank and Midland Bank. Therefore, it seems the flexible attitude of bankers towards industries was not exceptional, and the establishment of the head office-branch system did not affect industrial lending to a large degree. Further, the bankers' flexible attitudes toward industrial customers are comfirmed from an another point of view. This is because the major banks made inroads into industrial districts and competed to gain industrial customers. There are ample reasons to believe that branch managers were anxious to help their customers. In sum, our study challenges the view that British banks became conservative from the 1890s onward.