Happy hour followed by hangover: financing the UK brewery industry, 1880-1913

In the last 15 years of the nineteenth century c.300 British brewers incorporated and floated securities on the stock market. Subsequently, in the 1900s, the industry suffered a long-lived hangover. In this paper, we establish the stylised facts of this transformation and estimate the gains enjoyed by brewery investors during the boom as well as the losses suffered by investors during the bust of the 1900s. However, not all brewery equity shares suffered alike. We find that post-1900 performance correlates positively with capital-market discipline and good corporate governance and negatively with family control, but does not correlate with indebtedness.

Bowslaugh Family fonds, 1860-1861, 1868, 1876-1877, 1880-1882, 1886-1890, 1892-1893, 1895, 1898-1899, n.d.

Edward W. Bowslaugh (1843-1923) was the son of Jacob and Anna (Beamer) Bowslaugh. Edward Bowslaugh married Mary Southward, and the couple had six children, Edgar Morley, Edward Freeman, twins Alfred Malcolm and Alice Mary, Annie Olivia, John Jacob and Mabel Florence. Edward W. Bowslaugh was a farmer, contractor and owner of the Grimsby Planing Mills in Grimsby, Ont. and Bowslaugh’s Planing Mill in Kingsville, Ont. The mills manufactured door and sash trim and other wood related products. Some customers contracted the firm to provide wood products for cottages being built at Grimsby Park, the Methodist camp ground. Some time before 1885 Edward Bowslaugh and his family moved to Kingsville, Ont. to open up a new planing mill and door and sash manufactory. He later sold the Grimsby Planing Mills to Daniel Marsh. The diaries and account books include many names of workers as well as friends and family members residing in the Grimsby and Kingsville areas. James M. Bowslaugh (1841-1882) was the son of Jacob and Anna (Beamer) Bowslaugh. James married first Anna Catharine Merritt and after her death in 1875 he married Mary Gee in 1877. James and Anna had three children, Eliza, James Herbert, George Hiram, all died very young. James and Mary Gee had one son, Charles Leopold Kenneth Frederich Bowslaugh, b. 1881. James Bowslaugh was a farmer and lumberman, much like his younger brother Edward. James’ early diaries often note the activities of himself and his brother Edward. Both Edward and James were heavily involved in the Methodist church, teaching or leading Sunday school and attending prayer meetings. Alfred M. Bowslaugh b. 1873 was the son of Edward W. Bowslaugh and his wife Mary Southward. The school notebook is from his days as a student in Kingsville, Ont.

Two Black Gentlemen Photographed by John Cooper, London/St. Thomas, Ont. [n.d.]

An undated cabinet card of two Black men photographed by John Cooper, who operated as a photographer in London, Ont. and St. Thomas, Ont. from 1857 - 1890. The reverse of the photograph features the photographer's stamp in coloured ink. This photograph was in the possession of Iris Sloman Bell, of St. Catharines. The Sloman - Bell family have relatives who include former Black slaves from the United States. John Cooper is listed as a photographer and daguerrean artist in 1857 - 1890 in London, Ont. and in 1874 in St. Thomas, Ont. Source: Phillips, Glen C. The Ontario photographers list (1851-1900). Sarnia: Iron Gate Publishing Co., 1990. "Cabinet card photographs were first introduced in 1866. They were initially employed for landscapes rather than portraitures. Cabinet cards replaced Carte de visite photographs as the popular mode of photography. Cabinet cards became the standard for photographic portraits in 1870. Cabinet cards experienced their peak in popularity in the 1880's. Cabinet cards were still being produced in the United States until the early 1900's and continued to be produced in Europe even longer. The best way to describe a cabinet card is that it is a thin photograph that is mounted on a card that measures 4 1/4″ by 6 1/2″. Cabinet cards frequently have artistic logos and information on the bottom or the reverse of the card which advertised the photographer or the photography studio's services." Source: http://cabinetcardgallery.wordpress.com/category/cabinet-card-history/

Letter from George Cran regarding a Christian mission in India, 1803.

George Cran was the son of a farmer in the parish of Forgue in Aberdeen Shire, Scotland. He became a member of the church at Huntley, Scotland where his devotion to God inspired him to become a Sunday school teacher. He subsequently became a member of the London Missionary Society. In 1801 he was sent to study at the seminary in Gosport, England where he spent two to three years. His desire was to preach Christ to the “heathens”. Messrs. Ringeltaube, Des Granges and Cran were designated to work in India. No ships for the East India Company would grant passage to missionaries due to the open hostility of the government therefore they set sail from Copenhagen on April 20, 1804 and reached Tranquebar on December 5th, 1805. Cran and Des Granges were designated to supervise the churches in Tinnevelly and they were to begin a mission among the northern Circars. This would have meant that they would have to work in two different places which would have separated them by over 500 miles. The society didn’t seem to be aware of the vast hindrances that the missionaries had to face. Cran and Des Granges decided instead to work in Vizagapatam where they were welcomed by many of the European residents. They conducted English services for which they were paid a monthly salary by the governor. They also conducted services for the natives and opened a school for native children. By November of 1806 a mission house had been built and a “charity” school for Eurasian children was opened. Cran and Des Granges were also diligently studying the native language and they began to translate the Bible into Telugu (spoken by the Hindus who live along the lower basins of the Kistna and Godaveri Rivers). In November of 1808 Cran was almost killed by a fever which left him severely weakened. He was only partially recovered, but accepted an invitation by the general who commanded the local district to accompany him on a journey around the province. The journey proved to be too much for Cran and he died on January 6th, 1809. He is buried at Chicacole, India. He is remembered for his successful work at Vizagapatam and his translation of the Bible. The fact that it was 27 years after the arrival of Cran before a single native was converted attests to the fact that this was a very difficult undertaking. The London Missionary Society was formed in 1795 in England by evangelical Anglicans and nonconformists. It is a non-denominational society and now forms part of the Council for World Mission. with information from The Voice of God to the Churches a Sermon on the Death of George Cran, Augustus Des Granges and Jonathan Brain by David Bogue and The History of the London Missionary Society 1795-1895 by Richard Lovett

Letter to John F. Day from [S.D. Woodruff]

Letter (1 ½ handwritten pages) to John F. Day from [S.D. Woodruff] in regard to Mr. Woodruff’s sale of timber in berths 192 and 198. He asks Mr. Day to see if the wood is still uncut, July 9, 1880.

Letter to S.D. Woodruff from John F. Day

Letter to S.D. Woodruff from John F. Day stating that his son will not be home until Saturday evening but he will lay his favour before him and reply by the first mail. This is accompanied by an envelope postmarked Bruce Mines, July 15, 1880.

Letter to S.D. Woodruff from John F. Day

Letter to S.D. Woodruff from John F. Day saying that his son will be done his work in the first week of September if he can be of any service to you in further examination of your limits, July 20, 1880.

Letter to S.D. Woodruff from John Whistle

Letter (1 double sided, handwritten) to S.D. Woodruff from John Whistle saying that he has heard that Mr. Woodruff offered $2,500.00 to anyone who would cut the timber for him. He claims that he knows where there is plenty of timber which will stand culling. Postmarks Toronto, July 25, 1880 and St. Catharines, July 27, 1880 are on the accompanying envelope, July 24, 1880.

Letter to S.D. Woodruff from John F. Day

Letter to S.D. Woodruff from John F. Day stating that it is impossible for him to go into the woods regarding the pine in dispute. He says that Mr. Woodruff appears to ignore (or forget) that the inspection could be made by Mr. Day’s son and that proposition was agreeable to Mr. Woodruff. He says that he will (with Burton and Bro.’s consent) appoint someone who is unknown to both Mr. Woodruff and Burton and Bro. This is a 1 page handwritten letter written on a letter which was previously sent by S.D. Woodruff on May 8. This is accompanied by an envelope, July 26, 1880.

Letter to John F. Day from S.D. Woodruff

Letter to John F. Day from S.D. Woodruff in which he states that he would not think of having Burton perform a service for him again, Aug. 23, 1880.

Letter to John I. Mackenzie regarding the accounts. The letter is unsigned

Letter to John I. Mackenzie regarding the accounts. The letter is unsigned, June 5, 1880.

La pensée navale et le débat sur la torpille en Angleterre au cours de la décennie 1880

L’évolution du débat sur la pensée navale en Angleterre de la décennie 1880, suivant la fin d’une période d’intenses changements technologiques dans les marines de guerre est marquée par le déclin d’un mode de réflexion matériel et l’ascension, à partir des années 1885 et 1886, de l’école historique de John Knox Laughton. Selon la méthode matérielle, populaire au cours de la période de transformation technique, la guerre sur mer est entièrement tributaire du Progrès, tandis que, pour les tenants de la méthode historique, des principes et des leçons immuables la régissent. À travers l’évolution de ce débat, on constate l’introduction, par la Jeune École française, d’une perspective matérialiste et de la stratégie navale comme objet de réflexion, et son exploitation par l’école historique anglaise. L’émergence de la stratégie comme sujet de débat coïncide donc avec le triomphe de l’école historique. Croyant que la torpille allait démocratiser la puissance navale en empêchant le belligérant le plus puissant d’user de sa maîtrise des mers, la Jeune École connut un succès fulgurant qui déborda des côtes françaises et atteint l’Angleterre. Néanmoins, les matérialistes anglais, demeurant beaucoup plus modérés que les français, furent finalement marginalisés par une école historique utilisant les exagérations de la Jeune École, dont les insuffisances sont apparues lors des manœuvres de l’été 1886, pour disqualifier entièrement la méthode matérielle. Étudiant les débats du Royal United Service Institution Journal, ce mémoire démontre l’existence, en Angleterre, au cours de la décennie 1880, d’un débat polarisé au contraire d’une historiographie ne montrant que l’ascension des précurseurs de Mahan et de l’école historique.