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PALGRAVE STUDIES IN ECONOMIC HISTORY
International Business in
Australia before World War One
Shaping a Multinational Economy
Series Editor
Kent Deng
London School of Economics
London, UK
Palgrave Studies in Economic History is designed to illuminate and enrich
our understanding of economies and economic phenomena of the past.
The series covers a vast range of topics including financial history, labour
history, development economics, commercialisation, urbanisation,
industrialisation, modernisation, globalisation, and changes in world
economic orders.
Simon Ville • David Merrett
International Business
in Australia Before
World War One
Shaping a Multinational Economy
Simon Ville David Merrett
University of Wollongong University of Melbourne
Wollongong, NSW, Australia Parkville, VIC, Australia
© The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer
Nature Singapore Pte Ltd. 2022
This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights of
translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and retrieval,
electronic adaptation, computer software, or by similar or dissimilar methodology now
known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are
exempt from the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information
in this book are believed to be true and accurate at the date of publication. Neither the
publisher nor the authors or the editors give a warranty, expressed or implied, with respect to
the material contained herein or for any errors or omissions that may have been made. The
publisher remains neutral with regard to jurisdictional claims in published maps and
institutional affiliations.
This Palgrave Macmillan imprint is published by the registered company Springer Nature
Singapore Pte Ltd.
The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore
189721, Singapore
Praise for International Business in
Australia Before World War One
“This ambitious study reshapes our understanding of the history and impact of
multinational firms in Australia, and skillfully weaves the local story into a global
framework.”
—Professor Geoff Jones, Harvard Business School
“Simon Ville and David Merrett in this pioneering study show that on the eve of
World War I (1914) a sizable collection of multinational enterprises, principally
from the UK, with the US in second place, from a number of continental European
nations (and in addition from Canada, New Zealand and Japan and other locales)
had an Australian presence, beyond independent agents; the multinationals oper-
ated in many diverse sectors of the Australian economy. The authors survey the
large existing literature on the course of nineteenth and early twentieth century
foreign investment in Australia and conclude that before 1914 the multinational
firms that they identified, counted, and classified had an important impact on
Australian economic development.”
—Professor Mira Wilkins, Florida International University
About the Book
vii
About the Authors
ix
Contents
Preface xv
3 Hidden
from View: The Multinational Enterprise in
Colonial Australia 37
7 The
Developmental and Spatial Impact of Multinational
Enterprise129
9 Global Hosts175
xi
xii Contents
Bibliography205
Company Index235
General Index243
List of Tables
xiii
xiv List of Tables
Table 9.1 British capital flowing to ten top borrowers per capita,
1865–1914178
Table 9.2 MNEs by sector, 1913–1914. Argentina and Australia
compared (%) 186
Table 9.3 Comparative population (size, density, urbanisation) and GDP
(real per capita), 1909–1911 192
Preface
We have been conscious for some time of the lack of an Australian perspec-
tive in the burgeoning historical literature on international business, par-
ticularly the role of firms in globalising the world economy. Little research
had been done in Australia about the number of foreign multinational
enterprises, their interface with the economy or how that may have shifted
over time. The rich Australian economic history literature has had little say
on what is now an important field of research. This is more the pity since
Australia presents a different, and in many ways unique, environment for
multinational enterprise, which is normally studied against the backdrop
of developing natural resource economies or developed manufacturing
nations. Australia has been neither, as a successful resource-based econ-
omy. The project has led us to reappraise the role of foreign firms in shap-
ing Australia’s economic development before 1914.
We began with an article-length piece of research focussed on the pop-
ulation of multinationals in Australia in 1914, relying largely on the work
of R. L. Nash and his directory of firms. The resulting paper was presented
at the annual Asia Pacific Economic and Business History Conference,
then at a session on multinationals in Australia at the World Economic
History Congress in Boston in 2018 and finally as a paper in Business
History Review. Since then we decided a more in-depth study of multina-
tionals in Australia up to 1914 was required.
We were fortunate that many of our friends and colleagues, whom we
thank below, encouraged and directed us along this path.
We are very grateful to the comments and suggestions provided by
many scholars on draft work for the book. We are particularly indebted to
xv
xvi PREFACE
Geoff Jones and Mira Wilkins who provided detailed discussant feedback
at the World Economic History Congress (2018), together with commen-
tary on drafts and discussion by email. André Sammartino, Monica Keneley
and Gordon Boyce also offered feedback on drafts. Conference discussion
was gratefully received from participants at the Asia Pacific Economic and
Business History Conference (2017, 2018, 2020), the World Economic
History Congress (2018), the World Business History Congress (2020)
and members of the Colonial and Settler Studies work-in-progress ses-
sions at Wollongong. Aaron Graham, Pierre van der Eng, Gary Pursell,
André Brett, Diego Iturralde (Statistics South Africa), Andrea Lluch and
Norma Lanciotti kindly shared data and/or specialist knowledge with us.
Claire Wright, Lauren Samuelson, Peter Gibson and Henry Reese pro-
vided excellent research assistance.
Introduction
Today, Australia is heavily engaged in the global economy. High levels of
international trade, migration and investment connect Australia directly to
many nations and are major contributors to national development through
production specialisation and the transfer of knowledge, skills and funds.
An important manifestation of internationalisation is the presence of
numerous foreign multinationals on our shores. Arriving from at least 70
nations across the globe, they account for more than a third of our top
2000 firms and own over A$1 trillion of assets in Australia (Commercial
Intelligence Service 2010; DFAT 2016).
1
See also Bayly (2004) and Beerbühl and Vögele (2004).
4 S. VILLE AND D. MERRETT
to the fore. They were the main reasons why natural resources constituted
around 90 per cent of visible exports in the nineteenth century, a figure
only matched among other advanced nations by a few other resource-
based economies including Norway (Ville & Wicken 2013, 1350–2). For
both major resource commodities the main destination was the United
Kingdom, although by the later decades of the nineteenth century,
Continental European nations were taking an increasing share of Australian
wool and mining exports. In the quarter century to World War One, the
share of Australian exports heading to Britain fell from 75 to 44 per cent,
while those destined for Western Europe rose from 9 to 31 per cent
(Dyster & Meredith 2012, 68).
The importance of this staple theory of development (McCarty 1964)
is given greater lustre by the knowledge of the openness of the Australian
economy, which is usually measured as the ratio of exports, or all overseas
trade, to national income. The trade ratio (exports and imports as percent-
age of GDP) rose sharply to around 80 per cent during the pastoral boom
of the 1830s and 1840s and the gold rush of the 1850s. While the ratio
fell back in the second half of the nineteenth century with the diversifica-
tion of economic activity, it remained between about 30 and 50 per cent
in most years (McLean 2013, 101; Butlin, M. et al. 2015, 488).2 Additional
resource products such as wheat, meat and dairy products, aided by inno-
vations in grain types and refrigeration, came to the fore towards the end
of the nineteenth century. Although the terms of trade began to move
against Australia, an immense comparative advantage in resource indus-
tries continued to pay for the imports of manufacturing goods, which
were much less suited to local production. In addition, the import of capi-
tal goods, primarily from the innovation powerhouses of America,
Germany and Britain, provided for technology spillovers to local produc-
ers (Madsen 2007).
Within this picture of openness, there were differences of trade policy
between the colonies by the later nineteenth century as Victoria and most
other colonies introduced protective tariffs but New South Wales remained
largely committed to free trade. The motives for tariffs were varied includ-
ing revenue raising, the fear of population loss to NSW after the gold rush,
and the pressure of interest groups (Wilson & Shanahan 2012).
Conceivably, the welfare effects may have been less beneficial under
2
McLean (2013) and Butlin et al. (2015) come to somewhat different estimates of the
trade ratio, but their results point to the same conclusions.
1 THE INTERNATIONAL ENGAGEMENT OF THE AUSTRALIAN COLONIES 5
protectionist policies than with free trade (Wilson 2015, 332). Federation
brought in its wake free trade among the colonies but higher duties on
imports into Australia.
Economic expansion in nineteenth-century Australia drew heavily upon
overseas investment and the know-how embodied within it, particularly in
mining, rural land development and urban infrastructure. Most of this
investment originated from Britain, some of it in the form of companies
funded on the London Stock Exchange, but particularly through the rais-
ing of loan stock to fund public infrastructure in network sectors such as
transport and utilities. The following chapter will be devoted to this topic
to reveal the rate and direction of overseas investment into Australia,
which will link to the broader themes of the book in terms of human
agency and the geographic diversity of international connections.
The least tangible elements of overseas influences are those institutional
legacies inherited from Britain. Commercial law and forms of enterprise in
Australia drew heavily upon British experience as the most economically
advanced nation in the early nineteenth century. Informal institutions
such as social capital and individualism were also important influences
(Ville 2007). Greene (2001), for example, has argued that British migrants
took with them large stocks of social capital to North America. The man-
ner in which colonial power was exercised, particularly the balancing of
different interests prior to mid-century self-government in the Australian
colonies, ensured that no one group, particularly the elite squatter class,
dominated politics, society and the economy. The success of these policies,
particularly in relation to land ownership, has been contrasted to the
shortcomings of the ‘Argentine road’ (McLean 2013, 69–79).
to nearly 12 per cent in the three decades from 1861 (Butlin 1964, 22).
The range of industries at the forefront of this expansion included cloth-
ing, textiles, food, drink, tobacco, metals, machinery and engineering
equipment. Impressive though this might appear, most establishments
were small-scale workshops rather than factories and employed limited
fixed capital (Butlin 1964, 207). This constrained their ability to drive
productivity improvements through plant scale economies and techno-
logical adoption.
Butlin’s account is firmly grounded in the role of the public sector,
which he sees as formative from the earliest stages of settlement as pro-
ducer, investor, policy maker, law enforcer and social services provider
(Boot 1998; Butlin 1994, 143–4). Public sector production and distribu-
tion dominated the early colonial period, particularly through the
Commissariat, which provided food and other goods to the colonists. As
the economy diversified from the mid-nineteenth century, government
gradually shifted its role to an emphasis on policy and infrastructural
investment, which he described as ‘colonial socialism’ (Butlin 1959).
Colonial governments dominated network industries, particularly urban
transit, telecommunications, water and sewerage, and power supply (Ergas
& Pincus 2015). Their most significant role, however, was in the owner-
ship and operation of the colonial rail systems. The New South Wales
Government Railways (1855) and Victorian Railways (1859) took respon-
sibility for railway building and operation, with other colonies following
suit. By Federation, nearly half of public investment had been expended in
constructing over 20,000 km of railways, a figure that doubled in the fol-
lowing three decades (Ergas & Pincus 2015, 228). The colonial rail com-
panies were organisations on a far larger scale than private sector firms.
Like their American corporate counterparts, they pioneered organisational
responses to the challenges and opportunities of scale including the devel-
opment of internal labour markets (Seltzer & Sammartino 2009).
However, Butlin did not unequivocally support the railway’s develop-
ment role. He was writing at the same time Fogel (1964) and Fishlow
(1965) produced influential works that used a counterfactual social sav-
ings methodology to revise downwards the railway’s contribution to the
American economy. Butlin eschewed their method, arguing instead that
poor planning meant railways provided few external economies in
Australia—the absence of local branch networks to complement trunk
lines, and competing state policies that led to duplicated and dubious
investments. More broadly, he concluded, ‘the long run stimulus to
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Language: French
LES
RUBIS DU CALICE
PARIS
1924
Librairie A. MESSEIN, 19, Quai Saint-Michel, PARIS
DU MÊME AUTEUR
ŒUVRES CATHOLIQUES
No
TABLE DES MATIÈRES
Au lecteur 15
Chapitres I. Au bas de la montagne 25
— II. Images du Confiteor 35
— III. Sur une épître de saint Paul 43
— IV. Un souvenir 55
— V. En marge de l’Évangile 61
— VI. Le Credo est une étoile 73
— VII. Solidarité sainte 95
— VIII. A la veille de souffrir 127
— IX. Abel, le Patriarche et l’Ange 135
— X. Avec les morts 147
— XI. Pater noster 163
— XII. Le royaume de la Paix 177
— XIII. Miserere nobis 185
AU LECTEUR
Verlaine : Sagesse.
Trop souvent j’ai oublié qu’une seule chose est nécessaire. Jésus
était là qui m’invitait à le contempler, à me tenir à ses pieds, simple
comme un enfant, uniquement occupé de sa Sainte Face, attentif au
regard dont Il m’illuminait l’âme. Mais moi, croyant le mieux servir si
je m’agitais autour de lui, j’ai substitué ma volonté à la sienne. Je
me suis affairé, çà et là, dans l’assemblée des fidèles ; j’ai prétendu
me distinguer parmi les autres ; j’ai multiplié mes empressements
comme pour Lui faire valoir mon zèle.
Alors, sous l’apparence d’une activité sanctifiée, mon âme se
ternit comme un miroir où s’étale la bave du Vieux Serpent. Ce
n’était plus le Maître que je regardais, c’était moi-même avec mon
sale orgueil.
Quand mon âme, infatuée, dénombrant, avec complaisance, ses
sollicitudes présentes et à venir, toute trépidante de pensées
vaniteuses, est revenue s’agenouiller devant Jésus — voici qu’Il
s’était en allé…
Effaré, plein de désarroi, je l’ai cherché aux profondeurs de mon
être. Écartant les formes et les images du monde, j’ai voulu
retrouver cette flamme secrète qu’il m’avait donnée comme un reflet
de l’étoile rédemptrice qui brille dans ses yeux. Elle s’était éclipsée.
Quoi m’écriai-je, n’a-t-il pas dit : — Si quelqu’un m’aime, je
viendrai en lui et je ferai en lui ma demeure ? Je n’ai donc pas su
l’aimer de la façon dont il le demande ?
Sa voix me répondit, très lointaine : — Le feu était ardent mais il
ne s’élevait pas sans fumée.
Puis j’entendis l’écho de ses pas s’affaiblir et se perdre dans la
distance. Et je connus cette angoisse : la nuit de l’esprit par
l’absence de Jésus.
Parmi les ombres froides de cette nuit désolée, je fus dans un
désert où il n’y avait plus de chemins ni de poteaux indicateurs. Mon
seul Guide étant parti, j’errais, horriblement solitaire, comme au
hasard. J’essayais de prier, mais toutes mes prières, en vain dardées
vers le ciel, retombaient autour de moi, comme une poignée de
sable sur une terre à jamais aride : elles se dispersaient au souffle
des vents âpres qui balaient cette noire étendue. Si je faisais effort
pour les renouveler, je ne parvenais à les articuler qu’avec ennui et
dégoût. Je tentais de me réfugier dans l’Évangile, verger miraculeux
où, naguère, Jésus m’avait permis de récolter les fruits
suprasubstantiels de son enseignement. Mais il me sembla que
c’était un enclos où ne végétaient que des arbres stériles. Bientôt il
me devint impossible de prier ou de concevoir une fin à cet
abandon. Le désert intérieur reculait ses limites à l’infini ; les
ténèbres devenaient de plus en plus épaisses. Elles pesaient si fort
que mon âme fléchit. Gisante sur le sol, ne pouvant même pas
pleurer, suant une sueur sanglante, elle demeurait inerte dans le
silence affreux que déchirait parfois le rire funèbre de celui qui se
nomme : le père de la désespérance éternelle.
Qu’il voyait juste l’éprouvé qui a dit : « Passer par cette nuit, c’est
ressentir l’avant-goût de la damnation !… »
Je croyais que Jésus était parti pour toujours. Et pourtant, sans
que j’en eusse la moindre conscience, sa grâce latente persistait
puisqu’il me fit sentir, d’une façon tout instinctive, qu’il ne fallait
abandonner ni la messe, ni les Sacrements, ni l’oraison — malgré la
répugnance que mon imagination m’inspirait à l’égard de ces
pratiques salutaires.
Un jour enfin, après des mois vécus dans cette ombre rigide, le
sentiment me vint que cette peine m’était infligée à cause de mon
trop d’attache au monde. Oui, trop de préoccupations humaines
s’étaient mêlées à ma bonne volonté d’aimer Jésus. Par amour-
propre, je m’étais miré dans mes œuvres à son service. D’où, mille
ferments mauvais m’avaient empoisonné l’âme. Pour la purifier, pour
y allumer une flamme sans fumée, il m’avait plongé dans cette nuit
dont on ne peut sortir que l’orgueil brisé par l’agonie d’une nouvelle
conversion.
Cette intuition bénie me fut donnée un matin où, avant la messe,
je regardais le tabernacle : — Humble pour nous instruire, me dis-je,
Il se cache là sous le voile des Saintes-Espèces. Et moi, je n’ai pas
encore appris à recevoir cette leçon avec humilité !…
Ce fut un trait de lumière qui me fit comprendre ma pénurie
d’amour véritable et mon indignité. La messe commença. Je me vis
alors au pied d’une montagne dont il me fallait gravir la pente ardue
pour gagner le sommet où je sentais que la Face de Jésus allait
bientôt rayonner comme un soleil aux splendeurs immuables.
Alors, pour la première fois depuis si longtemps, je pus prier d’un
cœur inondé d’une énergie renouvelée. Mon oraison ne se formulait
point verbalement. Elle chantait en moi selon le sens profond et le
rythme du texte liturgique tandis que de belles images se
succédaient devant les yeux de mon âme.
Voici, approximativement traduite — car les mots dont nous
sommes obligés de nous servir sont si peu aptes à rendre les
merveilles de Jésus intérieur ! — voici quelle fut cette oraison :
Seigneur Jésus, fontaine de vie, vous jaillissez à la cime de la
sainte montagne, du Carmel qu’il me faut maintenant gravir pour
m’abreuver de l’eau qui doit rendre à mon âme, vieillie dans le
péché, la jeunesse éternelle. Faites que je me réjouisse de souffrir
pour mériter d’éteindre en vous la soif de vous dont je brûle.
J’étais dans la vallée à jamais obscure où la Malice règne sur un
peuple d’illusions décevantes. Vous m’en avez tiré tout-à-l’heure.
Mais le Père du mensonge marche sur mes traces et voudrait me
ressaisir. Chassez cette troupe de démons qu’il mit à ma poursuite ;
séparez ma cause de la sienne.
Parce que vous êtes ma force et mon Tout, parce que, si faible
d’avoir été si seul, je veux ne croire qu’en vous, n’espérer qu’en
vous, n’aimer que vous, ne permettez pas que l’Ennemi me séduise.
Écartez ses prestiges. Dispersez cette horde d’esprits malveillants qui
me traque.
Vous me désignez si nettement le chemin qui monte à vous !
Envoyez votre vérité qui est lumière pour qu’elle me conduise et que
j’avance malgré ces ronces tenaces : mes vices, dont les griffes
tâchent de me retenir chaque fois que je perds de vue le sommet
radieux d’où elle émane…
Voici que, par la charité du bon Maître, j’ai franchi les roches
aiguës qui encombraient le bas de la montagne. Mes pieds sont
déchirés : je souffre — mais je chante… Et c’est toi, mon Jésus, qui
m’infuses cette allégresse !
Puisque tu m’accueilles en ta voie douloureuse, pourquoi serais-
je triste ? Pourquoi mon âme me troublerait-elle ?
Mon secours, c’est la croix que porte, pour l’amour de moi, Celui
qui créa le ciel et la terre. Il me demande de l’aider à la soulever.
Courons-y !…
II
Images du Confiteor