%PDF-1.3 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R 14 0 R 16 0 R 18 0 R 20 0 R ] /Count 5 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R >> /XObject << /I1 11 0 R >> >> /MediaBox [0.000 0.000 595.280 841.890] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Creator (DOMPDF) /CreationDate (D:20141126060306+00'00') /ModDate (D:20141126060306+00'00') /Title (The World's Banker: a History of the House of Rothschild) >> endobj 6 0 obj << /Type /Page /Parent 3 0 R /Annots [ 12 0 R ] /Contents 7 0 R >> endobj 7 0 obj << /Length 4480 >> stream q 381.750 0 0 120.000 34.016 687.874 cm /I1 Do Q 0.000 0.000 0.000 rg BT 34.016 676.469 Td /F1 12.0 Tf [(Published on )] TJ ET BT 99.356 676.469 Td /F2 12.0 Tf [(Reviews in History)] TJ ET BT 190.016 676.469 Td /F1 12.0 Tf [( \()] TJ ET 0.000 0.000 0.800 rg BT 197.012 676.469 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 197.012 675.075 m 357.332 675.075 l S 0.000 0.000 0.000 rg BT 357.332 676.469 Td /F1 12.0 Tf [(\))] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 653.743 526.499 1.500 re S BT 34.016 615.321 Td /F3 18.0 Tf [(The World's Banker: a History of the House of Rothschild)] TJ ET BT 34.016 344.603 Td /F1 12.0 Tf [(This is an ambitious book, history on the grand scale: 1,040 pages of text and 200 pages of references, )] TJ ET BT 34.016 330.347 Td /F1 12.0 Tf [(telling the story of the Rothschild family's business over two centuries and on six continents. Most of the )] TJ ET BT 34.016 316.091 Td /F1 12.0 Tf [(book is devoted to the first century of the family's involvement in international finance. It is bedded in )] TJ ET BT 34.016 301.835 Td /F1 12.0 Tf [(nineteenth-century Europe's diplomatic manoeuvrings, wars, and preparations for wars, the prime reasons )] TJ ET BT 34.016 287.579 Td /F1 12.0 Tf [(for government borrowing and the opportunity for financiers to enrich themselves by speculating in )] TJ ET BT 34.016 273.323 Td /F1 12.0 Tf [(government debt and by acting as intermediaries between national treasuries and investors. Niall Ferguson )] TJ ET BT 34.016 259.067 Td /F1 12.0 Tf [(has an easy style, the Rothschild story gives great scope, and, between the style and the raw material, he has )] TJ ET BT 34.016 244.811 Td /F1 12.0 Tf [(written one of the most readable and exciting histories of any banking family we have seen thus far. )] TJ ET BT 34.016 230.555 Td /F1 12.0 Tf [(Moreover, it is not just the history of one business in one city, but of five businesses in five cities - )] TJ ET BT 34.016 216.299 Td /F1 12.0 Tf [(Frankfurt, London, Naples, Paris and Vienna - and how they were related in their commercial affairs, )] TJ ET BT 34.016 202.043 Td /F1 12.0 Tf [(exploited shared intelligence and divided their profits. Beyond the commercial business, Ferguson tells of )] TJ ET BT 34.016 187.787 Td /F1 12.0 Tf [(the family, its inter-marriages, its ostentatious displays of wealth, its attachment to Judaism, and places these )] TJ ET BT 34.016 173.531 Td /F1 12.0 Tf [(in the context of European societies' uneasy relationship with the Jewish minority in their midst.)] TJ ET BT 34.016 147.275 Td /F1 12.0 Tf [()] TJ ET BT 34.016 121.019 Td /F1 12.0 Tf [(In the main, the approach is episodic, the common theme being the family, the getting and spending of great )] TJ ET BT 34.016 106.763 Td /F1 12.0 Tf [(wealth and the political milieux in which the Rothschilds conducted their business of borrowing \(issuing )] TJ ET BT 34.016 92.507 Td /F1 12.0 Tf [(securities\) on behalf of governments. Inasmuch as the book is a familial biography, it follows the Middlemas )] TJ ET BT 34.016 78.251 Td /F1 12.0 Tf [(and Barnes treatment of Baldwin, rather than the Williamson, and Ferguson sometimes allows the )] TJ ET BT 34.016 63.995 Td /F1 12.0 Tf [(background to overwhelm the foreground. However, in his opening pages, Ferguson firmly states the book is )] TJ ET BT 34.016 49.739 Td /F1 12.0 Tf [('primarily.about banking', emphasising that the British Rothschilds were not a bank in the sense that they )] TJ ET BT 34.016 584.699 Td /F3 12.0 Tf [(Review Number:)] TJ ET BT 34.016 570.443 Td /F1 12.0 Tf [(213)] TJ ET BT 34.016 556.187 Td /F3 12.0 Tf [(Publish date:)] TJ ET BT 34.016 541.931 Td /F1 12.0 Tf [(Sunday, 30 September, 2001)] TJ ET BT 34.016 527.675 Td /F3 12.0 Tf [(Author:)] TJ ET BT 34.016 513.419 Td /F1 12.0 Tf [(Niall Ferguson)] TJ ET BT 34.016 499.163 Td /F3 12.0 Tf [(Date of Publication:)] TJ ET BT 34.016 484.907 Td /F1 12.0 Tf [(2000)] TJ ET BT 34.016 470.651 Td /F3 12.0 Tf [(Price:)] TJ ET BT 34.016 456.395 Td /F1 12.0 Tf [(30.00)] TJ ET BT 34.016 442.139 Td /F3 12.0 Tf [(Publisher:)] TJ ET BT 34.016 427.883 Td /F1 12.0 Tf [(Weidenfeld & Nicolson)] TJ ET BT 34.016 413.627 Td /F3 12.0 Tf [(Place of Publication:)] TJ ET BT 34.016 399.371 Td /F1 12.0 Tf [(London)] TJ ET BT 34.016 385.115 Td /F3 12.0 Tf [(Reviewer:)] TJ ET BT 34.016 370.859 Td /F1 12.0 Tf [(Jeremy Wormell)] TJ ET endstream endobj 8 0 obj << /Type /Font /Subtype /Type1 /Name /F1 /BaseFont /Times-Roman /Encoding /WinAnsiEncoding >> endobj 9 0 obj << /Type /Font /Subtype /Type1 /Name /F2 /BaseFont /Times-Italic /Encoding /WinAnsiEncoding >> endobj 10 0 obj << /Type /Font /Subtype /Type1 /Name /F3 /BaseFont /Times-Bold /Encoding /WinAnsiEncoding >> endobj 11 0 obj << /Type /XObject /Subtype /Image /Width 509 /Height 160 /Filter /FlateDecode /DecodeParms << /Predictor 15 /Colors 3 /Columns 509 /BitsPerComponent 8>> /Mask [ 255 255 255 255 255 255 ] /ColorSpace /DeviceRGB /BitsPerComponent 8 /Length 3280>> stream x[EQ㎦fVttҒ +3O{?lGDQԯDrB^.ϯ%~'0۠/2>0AG_>0j0GCfE67>rB^}@  !&y+r?INp:erc b8f=rQC!~-Wf^^zF[)G 2ޯe7V_Go3Ke GEGOo8rώ#\1ZY~N6^H}yLxS-!:412V+u\-LSO?xVvZ|GjǮT_8EYJF=Tw^ 7GxfN/S:Ʌ~ʟtt?5n÷J'JcF-GVξx{rO~tJd;#a\7}|~y'>}c2C vR}f׈**h.)_&@pfzjsx:5;S\vKhM5j=!Cn+h"u]a EUN]jn=k<,:Ք>sU!ni~6EJ)¦72?G}[y}_vc$t?iSܟ2Zݞ,VN?_`='RFK1A2qv&X_lLRWY'%:I㢖zb_UEx\>&ɆBˏ~K@ \gYØU4}$8Dv!'Q'*+Εj(UCGo[#< 2Ja(sZi9fZKE Rn`u\9r^Zmɯ׹}mstO4uc~#'jEvۼ Dx[z ޏQ4KL5,5u3>i^uÒ-53ba ~,~/pyt1fMU'CVm:qv~=Y'Es"WsφG?l_kN5}],Ow7 uh`xƫ?zMl7ٻv$A(4Dl(wwH} ?=[=S;yC]^BK>㕪9`Z'Wj;E|:bf>kCԘ#RY,iv쵗~}n'"1u" *uO΄/2^Sxr(!/DD\~mJyZ!MmrA!#u[if|99WB WΡpp}w}sh#,\ &:%˳X?D3 %W0cC?o̲^} F3XLVn]Cߖiϧ!7}yZJ#P7]=)7Ρp;>> Ye^xx{Oafw{ ;>4gfLt ʊ:q%#r/)pv!O4wGh|dS ӣݽހ-gVUC'pBxrB^} 7JA^} /'8!`:r?}}],X  }6y!`/~Br?}Q< >k7vx"] ,' .3jn{-i}|~%-};b6#U)7繎kiEw 㤳:E}[޼c"rꬊ7Dc$~"/Y&zSd:tFȌCrʙ`7u .#[-<)j ?TGS(j~oTup(hjU4PlJ=}|it.ҽ@\wʨuXÞZcx18Wo<~ikOg,ވ\^?EneyZcc0[R١z|zv7_m:_n]a?osS3~j^ hD.a_X'KfBX6w wݶ"Oa:,bvhrWH[uCF-Xfc}>x+Rz)2N-B 7y^٨;[/vg? | |2Sve}=o䑰j[vWjF0{굦?VI~}xM(_TlG__+]:#к?S} c>GŸD7 !w{S{B =x7a?oE#)+Gz:o_4Q<;n?\tt7?mGCџQGu4kņOF>F?#} hP&ђߴM#u!.СtL2^#o nIk_i.~7tr@n 1P~3?.[]=S5b߮~Yo^HFH YBi8a4iom>CKgMy*;?zqEӕ` >zB9iFzC?XF?ޟIܰ펉A}{I5ᄊx%ez#Mp@rߎpi]IOVjzuJt\۰f׺u5><,J~PTJp1)}){9N {!`/> endstream endobj 12 0 obj << /Type /Annot /Subtype /Link /A 13 0 R /Border [0 0 0] /H /I /Rect [ 197.0117 675.3895 357.3317 687.2695 ] >> endobj 13 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews) >> endobj 14 0 obj << /Type /Page /Parent 3 0 R /Contents 15 0 R >> endobj 15 0 obj << /Length 7456 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(took deposits payable on demand from a large number of clients. Nathan Rothschild \(1777-1836\), the )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(founder of the British branch of the family, began as a textile exporter, 'technically a merchant who came to )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(specialise in various financial services', who moved on to make a fortune 'by lending to governments - or by )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(speculating in existing government bonds'. 'At the core of this book', we are told, 'is the international bond )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(market which the Rothschilds did so much to develop.' This is an 'authorised' history and the first to be )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(written with 'unrestricted access to all the surviving archives of the five Rothschild branches'. It will be used )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(by students and historians for years to come. It is thus particularly unfortunate that the treatment of the debt )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(markets is so weak.)] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(Conceptually, there was little change in the questions that faced those organising and facilitating the sale of )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(Government debt in public markets in the two hundred years covered by this book, although there were )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(certainly changes in the practitioners' responses. This is fortunate for a historian trying to cover such a long )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(period, as it provides a backbone to hold together the episodes, enabling the similarities and differences )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(between issues \(individual debts\) to be seen, and helping to show how and why change occurred.)] TJ ET BT 34.016 587.141 Td /F1 12.0 Tf [(A security always needed to be priced and designed. This involved selecting an interest rate - what annual )] TJ ET BT 34.016 572.885 Td /F1 12.0 Tf [(return, or 'redemption yield', should the investor be offered? How much of the yield should be derived from )] TJ ET BT 34.016 558.629 Td /F1 12.0 Tf [(income and how much from capital gain or loss? Design involved selecting redemption terms. That is, )] TJ ET BT 34.016 544.373 Td /F1 12.0 Tf [(should borrowers be bound to repay the capital on, between, or not before a specified date, and should )] TJ ET BT 34.016 530.117 Td /F1 12.0 Tf [(lenders have the option to demand repayment on, between, or after a specified date? Should investors be )] TJ ET BT 34.016 515.861 Td /F1 12.0 Tf [(given confidence by continuous repayment by means of a sinking fund? Should the sinking fund operate by )] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(random drawings at par \(thus offering the prospect of a speculative gain or loss to the investor\) or by )] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(purchases in the market at the market price \(thus offering no gamble, but support to the price\)? How large )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(should the annual sinking fund be, and how quickly should it extinguish the debt? Should the securities be )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(sold 'partly paid', with only a few pounds or francs per cent paid at once, and the balance in instalments over )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(a period? How long should that period be? During this period, should investors be paid the interest as if all )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(the money had been paid over?)] TJ ET BT 34.016 404.069 Td /F1 12.0 Tf [(Second, a method of sale had to be chosen. This involved a choice about the relationship between the )] TJ ET BT 34.016 389.813 Td /F1 12.0 Tf [(borrower \(in this case, often a national treasury or public body\), the issuing intermediary \(Rothschilds\) and )] TJ ET BT 34.016 375.557 Td /F1 12.0 Tf [(the investor, who would ultimately buy and hold most of the securities. There were many possibilities. An )] TJ ET BT 34.016 361.301 Td /F1 12.0 Tf [(issue might be sold to a single 'contractor' \(Rothschilds\) or a syndicate of contractors \(perhaps led, organised )] TJ ET BT 34.016 347.045 Td /F1 12.0 Tf [(or managed by Rothschilds\), who would buy the issue at a price, before selling it to investors, either at a )] TJ ET BT 34.016 332.789 Td /F1 12.0 Tf [(price known to the borrower beforehand, or agreed with the borrower \(who will thus know what profit )] TJ ET BT 34.016 318.533 Td /F1 12.0 Tf [(Rothschilds could make\), or selected by the contractor in the light of circumstance. The contractor might )] TJ ET BT 34.016 304.277 Td /F1 12.0 Tf [(have agreed with the borrower to sell the issue on immediately, or be given discretion to hold the issue for a )] TJ ET BT 34.016 290.021 Td /F1 12.0 Tf [(rise in price, taking the risk that the rise would actually turn out to be a fall. Another possibility was for the )] TJ ET BT 34.016 275.765 Td /F1 12.0 Tf [(borrower to advertise directly to the public for subscriptions, cutting out the intermediary altogether. )] TJ ET BT 34.016 261.509 Td /F1 12.0 Tf [(Because of the risk that the investors would not apply for all the securities offered, public subscription may )] TJ ET BT 34.016 247.253 Td /F1 12.0 Tf [(have been combined with underwriting, a procedure involving an intermediary \(Rothschilds\) or a syndicate )] TJ ET BT 34.016 232.997 Td /F1 12.0 Tf [(of intermediaries \('sub-underwriters', perhaps managed or organised by Rothschilds\), being paid a )] TJ ET BT 34.016 218.741 Td /F1 12.0 Tf [(commission to take any of the issue not subscribed by the public. In other cases, where the demand was )] TJ ET BT 34.016 204.485 Td /F1 12.0 Tf [(judged to be limited, the securities may have been 'placed' with a handful of investors or, if the issue was )] TJ ET BT 34.016 190.229 Td /F1 12.0 Tf [(large, the risk of failure may have been reduced by 'pre-placing' part, so the market had less to absorb. )] TJ ET BT 34.016 175.973 Td /F1 12.0 Tf [(Whatever; the system evolved, but always depended on circumstances, the attitude of borrowers, and the )] TJ ET BT 34.016 161.717 Td /F1 12.0 Tf [(offers being made by competitors. At all times the method selected had to be combined with price and )] TJ ET BT 34.016 147.461 Td /F1 12.0 Tf [(design to produce an issue which would keep the borrower away from competitors, provide Rothschilds with )] TJ ET BT 34.016 133.205 Td /F1 12.0 Tf [(acceptable risk and profit and, of course, be saleable to the investor.)] TJ ET BT 34.016 106.949 Td /F1 12.0 Tf [(Third, the features incorporated into the pricing and design of the securities had to suit investors, whose )] TJ ET BT 34.016 92.693 Td /F1 12.0 Tf [(needs constantly changed, with some waxing as others waned. Which investors had money available at the )] TJ ET BT 34.016 78.437 Td /F1 12.0 Tf [(time of the issue? Capital-rich individuals? Small savers? Banks, using their depositors' money? Fire and )] TJ ET BT 34.016 64.181 Td /F1 12.0 Tf [(accident insurers? Life insurers? Savings banks? Which of these had an appetite for risk? Were investors risk )] TJ ET BT 34.016 49.925 Td /F1 12.0 Tf [(averse, having recently lost money? Were the investors of a type that could be inveigled by the promise of a )] TJ ET endstream endobj 16 0 obj << /Type /Page /Parent 3 0 R /Contents 17 0 R >> endobj 17 0 obj << /Length 7868 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(quick profit, over-excited newspapers, or commission hungry brokers? Were investors constrained by their )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(liabilities, only able to buy certain redemption dates or securities priced beneath par? Would delaying )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(payment of the full sum due, spreading the part payments over a longer period, increase demand?)] TJ ET BT 34.016 741.701 Td /F1 12.0 Tf [(These were some of the decisions that the Rothschilds and their clients had to make when issuing a new )] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(security. On the terms depended Rothschilds' profitability, exposure to risk and relationship with the client )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(for whom they were borrowing. The way the decisions were taken and their implications should tell us much )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(about the nature of the nineteenth-century debt markets and how they evolved. Yet the options are scarcely )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(mentioned until Ferguson discusses the organisation of the French indemnity loan of 1871, three-quarters of )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(the way through the book. This may reflect the sources used: Ferguson relies heavily on )] TJ ET BT 459.284 670.421 Td /F2 12.0 Tf [(A century of )] TJ ET BT 34.016 656.165 Td /F2 12.0 Tf [(finance, 1804 to 1904)] TJ ET BT 138.680 656.165 Td /F1 12.0 Tf [( by Jules Ayer \(published in 1905, not 1904\), which lists the bare facts of each issue )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(and displays the weaknesses of its in-house authorship; additional detail might have been found in the )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(prospectuses \(the contracts with the investor\), newspapers and journals \(not one of which is listed in the )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(Bibliography\) and, to a lesser extent, )] TJ ET BT 213.992 613.397 Td /F2 12.0 Tf [(The Stock Exchange Official Year Book)] TJ ET BT 404.300 613.397 Td /F1 12.0 Tf [( \(not listed in the )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(Bibliography\), first published in November 1874.)] TJ ET BT 34.016 572.885 Td /F1 12.0 Tf [(The failure to explore the terms of issues can produce bemusing, or even misleading results. Ignoring the )] TJ ET BT 34.016 558.629 Td /F1 12.0 Tf [(value of the 'hidden discount' that came from issuing partly paid, with interest calculated as if the security )] TJ ET BT 34.016 544.373 Td /F1 12.0 Tf [(was fully paid, means that Ferguson almost invariably overstates the price and understates the yield to )] TJ ET BT 34.016 530.117 Td /F1 12.0 Tf [(borrowers. A specific example of the consequence is to be seen with the first Boer War issue of British 2 )] TJ ET BT 34.016 515.861 Td /F1 12.0 Tf [(per cent Consols in 1901, where the published price was 94.50, but the real price 93.30 after adjustment )] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(for the full interest payments. Conversions, such as those between 1822 and 1824, are incomprehensible )] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(without an understanding of the redemption terms attached to the individual issues which permitted, or did )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(not permit, Treasuries to call \(repay\) their debt. Readers cannot hope to understand the Rothschilds' own )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(finances without understanding that the securities they contracted to buy from borrowers were often part )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(paid, so absorbing little capital. The methods of issue - Rothschilds acting as 'manager', taking an issue 'firm' )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(\(or )] TJ ET BT 51.008 430.325 Td /F2 12.0 Tf [( forfait)] TJ ET BT 90.020 430.325 Td /F1 12.0 Tf [(\), selling 'on commission', 'placing', 'underwriting', 'floating', 'organising' - are too often slipped )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(in without definition and explanation of why the particular form of issue was selected, or the effect on the )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(Rothschild business.)] TJ ET BT 34.016 375.557 Td /F1 12.0 Tf [(Ferguson's handling of the method of selling new issues is fastidious, at least in comparison with the verve )] TJ ET BT 34.016 361.301 Td /F1 12.0 Tf [(with which Jenks treated the subject over seventy years ago in )] TJ ET BT 335.624 361.301 Td /F2 12.0 Tf [(The Migration of British Capital to 1875)] TJ ET BT 531.656 361.301 Td /F1 12.0 Tf [(. If it )] TJ ET BT 34.016 347.045 Td /F1 12.0 Tf [(was underwriting, Rothschilds had a financial interest in ensuring the issue was fully subscribed. If it was an )] TJ ET BT 34.016 332.789 Td /F1 12.0 Tf [(outright purchase as a contractor, they had an interest in the price rising before they began to sell. )] TJ ET BT 34.016 318.533 Td /F1 12.0 Tf [(Unsurprisingly, it is difficult to find records to show how markets were 'groomed' \(rigged\) and the means )] TJ ET BT 34.016 304.277 Td /F1 12.0 Tf [(used to beguile investors into buying out the intermediaries' holdings at satisfactory prices. The historian has )] TJ ET BT 34.016 290.021 Td /F1 12.0 Tf [(no reason to assume that the Rothschilds indulged in the practices recorded in the evidence to the Select )] TJ ET BT 34.016 275.765 Td /F1 12.0 Tf [(Committee on Loans to Foreign States, whose )] TJ ET BT 258.680 275.765 Td /F2 12.0 Tf [(Report)] TJ ET BT 291.344 275.765 Td /F1 12.0 Tf [( \(not listed in the Bibliography\) was published in 1875. )] TJ ET BT 34.016 261.509 Td /F1 12.0 Tf [(But the market was competitive, the Rothschilds were financially successful, and Nat \(1840-1915\), as a )] TJ ET BT 34.016 247.253 Td /F1 12.0 Tf [(Member of Parliament giving evidence to the Committee and advising against controls, gave the impression )] TJ ET BT 34.016 232.997 Td /F1 12.0 Tf [(that his House was familiar with the practices. Curiously, Ferguson refers to the 'applause' Nat's evidence )] TJ ET BT 34.016 218.741 Td /F1 12.0 Tf [(won in the City, but does not mention that Rothschild earned it for defending the issuing business. Surely, )] TJ ET BT 34.016 204.485 Td /F1 12.0 Tf [(even if we give Rothschilds the benefit of some doubt, it would be useful to know which, if any, of the )] TJ ET BT 34.016 190.229 Td /F1 12.0 Tf [(available temptations Rothschilds resisted? In particular, the relationship between the Rothschilds' political )] TJ ET BT 34.016 175.973 Td /F1 12.0 Tf [(and diplomatic influence and the procedure of secretly buying a new issue, holding it until there was )] TJ ET BT 34.016 161.717 Td /F1 12.0 Tf [(favourable news, and then advertising it for sale \(without divulging that it had been issued earlier\) merits )] TJ ET BT 34.016 147.461 Td /F1 12.0 Tf [(exploration.)] TJ ET BT 34.016 121.205 Td /F1 12.0 Tf [(During the second half of the nineteenth century, the establishment and growth of savings banks investing )] TJ ET BT 34.016 106.949 Td /F1 12.0 Tf [(their depositors' money, gave national Treasuries a source of finance independent of markets and issuing )] TJ ET BT 34.016 92.693 Td /F1 12.0 Tf [(houses. In the UK this new investor \(together with other, much smaller, government departments\), owned )] TJ ET BT 34.016 78.437 Td /F1 12.0 Tf [(one-third of the National Debt in 1899. Towards the end of his book \(p. 937\) Ferguson introduces savings )] TJ ET BT 34.016 64.181 Td /F1 12.0 Tf [(banks in the shape of those in Austria and Hungary, 'After 1897, a share of any new issues of rentes had to )] TJ ET BT 34.016 49.925 Td /F1 12.0 Tf [(be allotted to the Postal Savings Banks.The last vestiges of the Rothschild group's monopoly were swept )] TJ ET endstream endobj 18 0 obj << /Type /Page /Parent 3 0 R /Contents 19 0 R >> endobj 19 0 obj << /Length 8121 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(away in January 1910 when a new Austrian issue of rentes was sold exclusively to the Postal Savings )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(Banks.' Yet, much earlier, in Britain, after the Post Office Savings Bank had been established in 1862, )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(Gladstone believed he had provided 'an instrument sufficiently powerful to make him [the Chancellor] )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(independent of the Bank [of England] and City power when he has occasion for sums in seven figures.' By )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(the 1890s the savings banks had grown to embarrass the Treasury, so great being their demand for )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(investments that in the summer of 1896 they drove the price of 2 per cent Consols to 113, an )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(unsustainable level from which they could only fall. The savings banks \(both the Post Office Savings Bank )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(and the Trustee Savings Banks\) also played a central role in ensuring the success of conversions in the )] TJ ET BT 34.016 682.421 Td /F1 12.0 Tf [(second half of the century. Ferguson, following Kynaston's )] TJ ET BT 320.804 682.421 Td /F2 12.0 Tf [(The City of London)] TJ ET BT 413.816 682.421 Td /F1 12.0 Tf [(, points to Goschen's great )] TJ ET BT 34.016 668.165 Td /F1 12.0 Tf [(conversion as testimony 'to the continuing dominance of N.M. Rothschild & Sons in the London bond )] TJ ET BT 34.016 653.909 Td /F1 12.0 Tf [(market.' Over a century ago the )] TJ ET BT 187.796 653.909 Td /F2 12.0 Tf [(Report by the Secretary and Comptroller General of the Proceedings of the )] TJ ET BT 34.016 639.653 Td /F2 12.0 Tf [(Commissioners for the Reduction of the National Debt )] TJ ET BT 298.688 639.653 Td /F1 12.0 Tf [(and Hamilton's dry, but indispensable, )] TJ ET BT 485.840 639.653 Td /F2 12.0 Tf [(Conversion & )] TJ ET BT 34.016 625.397 Td /F2 12.0 Tf [(Redemption)] TJ ET BT 91.340 625.397 Td /F1 12.0 Tf [( \(neither listed in the Bibliography\), showed that a trickle of Treasury Bills and Exchequer )] TJ ET BT 34.016 611.141 Td /F1 12.0 Tf [(Bonds sufficed to satisfy the Treasury's needs when it came to redemption, mainly because the savings )] TJ ET BT 34.016 596.885 Td /F1 12.0 Tf [(banks' were available to mop up non-assented stock and provide the Treasury with cash. The Rothschild )] TJ ET BT 34.016 582.629 Td /F1 12.0 Tf [(advance to the British government in 1875 to buy the Khedive's shares in the Suez Canal is a well-known )] TJ ET BT 34.016 568.373 Td /F1 12.0 Tf [(story; less well known is that the sale of the Exchequer Bonds that provided the permanent finance were not )] TJ ET BT 34.016 554.117 Td /F1 12.0 Tf [(sold to the Rothschilds, but to the savings banks.)] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(In places the lack of precision in the use of terms and concepts makes the book impenetrable. It took a )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(banker with decades of experience in the credit markets to explain to this reviewer the account of how )] TJ ET BT 34.016 499.349 Td /F1 12.0 Tf [(Nathan made money from buying and exporting Lancashire cotton goods. Irritatingly, Ferguson uses 'bonds' )] TJ ET BT 34.016 485.093 Td /F1 12.0 Tf [(and 'bond markets' as a generic term to describe nineteenth-century traded debt and debt markets. Indeed, at )] TJ ET BT 34.016 470.837 Td /F1 12.0 Tf [(the outset, he defines debt securities as 'tradeable, fixed-interest bearer \(that is, transferable\) bonds', as if )] TJ ET BT 34.016 456.581 Td /F1 12.0 Tf [(other forms of debt were not transferable. This is not helpful when the ownership and transfer of the largest )] TJ ET BT 34.016 442.325 Td /F1 12.0 Tf [(categories of European security - Consols and Rentes - were evidenced by 'inscription' \(written entries\) in )] TJ ET BT 34.016 428.069 Td /F1 12.0 Tf [(books. Thus the 1883 edition of )] TJ ET BT 189.680 428.069 Td /F2 12.0 Tf [(Fenn on the English & Foreign Funds &c)] TJ ET BT 391.340 428.069 Td /F1 12.0 Tf [( \(his references show that )] TJ ET BT 34.016 413.813 Td /F1 12.0 Tf [(Ferguson uses Fenn, but it is not listed in the Bibliography\) divides the Russian debt into 'Redeemable )] TJ ET BT 34.016 399.557 Td /F1 12.0 Tf [(Inscribed Debt', 'Perpetual Inscribed Debt' and 'Debt not Inscribed'. There were, indeed, 'Certificates of )] TJ ET BT 34.016 385.301 Td /F1 12.0 Tf [(Inscription', but they had no value and they were not required when ownership was transferred. The nearest )] TJ ET BT 34.016 371.045 Td /F1 12.0 Tf [(Consols came to being bearer bonds were 'stock certificates to bearer'. Only in 1853 did Gladstone introduce )] TJ ET BT 34.016 356.789 Td /F1 12.0 Tf [(Exchequer Bonds, and their issue was never large until 1915. Short-term government debt in the UK, )] TJ ET BT 34.016 342.533 Td /F1 12.0 Tf [(Exchequer Bills \(until they were extinguished in 1896-7\) and Treasury Bills \(up to the present day\) )] TJ ET BT 34.016 328.277 Td /F1 12.0 Tf [(continued to be called 'Bills'.)] TJ ET BT 34.016 302.021 Td /F1 12.0 Tf [(So long a book, with so large a scope, might well contain many errors: it does. Treasury Bills were )] TJ ET BT 34.016 287.765 Td /F1 12.0 Tf [(introduced with the Treasury and Exchequer Bills Act, 1877, and could not have helped finance the Crimea )] TJ ET BT 34.016 273.509 Td /F1 12.0 Tf [(War twenty years earlier \(Ferguson means Exchequer Bonds\). At one point \(p. 289\) we are told that 250m. )] TJ ET BT 34.016 259.253 Td /F1 12.0 Tf [(represented 'very roughly a tenth of total British overseas assets in the 1850s' and at another point \(p. 812\) )] TJ ET BT 34.016 244.997 Td /F1 12.0 Tf [(that 'by the 1850s, British overseas investments totalled in the region of 200 million'. The discrepancy is )] TJ ET BT 34.016 230.741 Td /F1 12.0 Tf [(partly explained by different sources \(Kindleberger's )] TJ ET BT 290.108 230.741 Td /F2 12.0 Tf [(A Financial History of Western Europe)] TJ ET BT 479.096 230.741 Td /F1 12.0 Tf [( and Morgan )] TJ ET BT 34.016 216.485 Td /F1 12.0 Tf [(and Thomas's )] TJ ET BT 102.836 216.485 Td /F2 12.0 Tf [(The Stock Exchange)] TJ ET BT 200.144 216.485 Td /F1 12.0 Tf [(\) and partly by a confusion of currencies; Kindleberger refers to British )] TJ ET BT 34.016 202.229 Td /F1 12.0 Tf [(assets of US$2,300m., and not 2,300m. The title of Table 25c, 'Loans issued by N.M. Rothschild & Sons, )] TJ ET BT 34.016 187.973 Td /F1 12.0 Tf [(1852-1914', implying that the whole of the issues included came from Rothschilds, means something very )] TJ ET BT 34.016 173.717 Td /F1 12.0 Tf [(different from the title given in the source \(Ayer\), 'Loans contracted for or participated in by the London )] TJ ET BT 34.016 159.461 Td /F1 12.0 Tf [(House of Rothschild'. Both here, and elsewhere, the failure to specify whether the data are for nominal or )] TJ ET BT 34.016 145.205 Td /F1 12.0 Tf [(money values is of particular importance in an age when borrowers were prone to issue at prices deeply )] TJ ET BT 34.016 130.949 Td /F1 12.0 Tf [(beneath par. Goschen's conversion of 1888 \(not 1889\), involved 592.6m. \(not 500m.\) nominal of )] TJ ET BT 34.016 116.693 Td /F1 12.0 Tf [(securities, equal to 84 per cent of the national debt \(not 'nearly half'\), and the new security was 2 per cent )] TJ ET BT 34.016 102.437 Td /F1 12.0 Tf [(Consols \(they became 2 per cent in 1903 and were known as 2 per cent until then\). Contemporary )] TJ ET BT 34.016 88.181 Td /F1 12.0 Tf [(practice, Harley's article 'Goschen's Conversion of the National Debt and the Yield on Consols' \(1976\) and )] TJ ET BT 34.016 73.925 Td /F1 12.0 Tf [(Ferguson's own endnote describing the sale of Consols for the Crimea War show that prices for Consols )] TJ ET BT 34.016 59.669 Td /F1 12.0 Tf [(after 1903 cannot be derived for comparative purposes by recalculating them using a 2 per cent nominal )] TJ ET endstream endobj 20 0 obj << /Type /Page /Parent 3 0 R /Annots [ 22 0 R 24 0 R 26 0 R 28 0 R 30 0 R 32 0 R ] /Contents 21 0 R >> endobj 21 0 obj << /Length 7485 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(interest rate. The sources cited by Ferguson suggest to this reviewer that the financial significance of the )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(British purchase of shares in the Constantinople Quay Company in 1906 was not that they were 'brokered' by )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(Rothschilds \(a mechanical function, albeit one, in this case requiring unusual discretion\), but that Ministers )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(were deliberately circumventing the statutory restrictions imposed by the Bank of England Act, 1819, on )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(lending to the Treasury by the Bank. The Bank of England, a private company until it was nationalised after )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(the Second World War, should not be equated with the British government: Sir Otto Niemeyer left the )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(Treasury for the Bank of England in 1927 and could not have been sent to Brazil by the Treasury in 1931. )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(As Sayers shows in )] TJ ET BT 130.676 696.677 Td /F2 12.0 Tf [(The Bank of England 1891-1944,)] TJ ET BT 290.336 696.677 Td /F1 12.0 Tf [( he was sent by Montagu Norman. For a banker, the )] TJ ET BT 34.016 682.421 Td /F1 12.0 Tf [(distinction between lending to a private syndicate to stockpile coffee and lending to the sovereign Brazilian )] TJ ET BT 34.016 668.165 Td /F1 12.0 Tf [(State, so that it could stockpile coffee, is fundamental, not 'somewhat Jesuitical'. A more forgivable error is )] TJ ET BT 34.016 653.909 Td /F1 12.0 Tf [(the understatement of the reduction in the British National Debt between 1887 and 1913. This is given by )] TJ ET BT 34.016 639.653 Td /F1 12.0 Tf [(Ferguson as 5 per cent \(Table 29c\), when it was a doubly more virtuous 11 per cent. This mistake comes )] TJ ET BT 34.016 625.397 Td /F1 12.0 Tf [(from an uncritical use of Mitchell and Deane, )] TJ ET BT 255.632 625.397 Td /F2 12.0 Tf [(Abstract of British Historical Statistics)] TJ ET BT 442.328 625.397 Td /F1 12.0 Tf [(, whose data on the )] TJ ET BT 34.016 611.141 Td /F1 12.0 Tf [(National Debt need treating with caution. 'Aggregate Gross Liabilities of the State' in Table 5 in their )] TJ ET BT 34.016 596.885 Td /F1 12.0 Tf [(Chapter on 'Public Finance', is correct, but the sub-heading \(used by Fergu son\) of Funded p)] TJ ET BT 476.612 596.885 Td /F2 12.0 Tf [(lus)] TJ ET BT 490.616 596.885 Td /F1 12.0 Tf [( Unfunded )] TJ ET BT 34.016 582.629 Td /F1 12.0 Tf [(debt \(a proxy for deadweight debt\) should include a third category - Terminable Annuities. Because it does )] TJ ET BT 34.016 568.373 Td /F1 12.0 Tf [(not, the Funded Debt )] TJ ET BT 138.344 568.373 Td /F2 12.0 Tf [(plus)] TJ ET BT 158.348 568.373 Td /F1 12.0 Tf [( Unfunded Debt moves erratically as Terminable Annuities are set up and other )] TJ ET BT 34.016 554.117 Td /F1 12.0 Tf [(debt cancelled and Mitchell and Deane's columns do not, and cannot, sum. To keep us on our toes, on the )] TJ ET BT 34.016 539.861 Td /F1 12.0 Tf [(same page Ferguson tells us that 'the Boer War drove up government borrowing - by 132 million in total - )] TJ ET BT 34.016 525.605 Td /F1 12.0 Tf [(in the years between 1900 and 1903.' This is not the rise in the Funded debt )] TJ ET BT 399.140 525.605 Td /F2 12.0 Tf [(plus)] TJ ET BT 419.144 525.605 Td /F1 12.0 Tf [( Unfunded debt \(146.5m.\), )] TJ ET BT 34.016 511.349 Td /F1 12.0 Tf [(nor is it the rise in the Funded Debt )] TJ ET BT 207.008 511.349 Td /F2 12.0 Tf [(plus)] TJ ET BT 227.012 511.349 Td /F1 12.0 Tf [( Unfunded Debt )] TJ ET BT 307.328 511.349 Td /F2 12.0 Tf [(plus)] TJ ET BT 327.332 511.349 Td /F1 12.0 Tf [( Terminable Annuities \(141.8m.\), nor is it the )] TJ ET BT 34.016 497.093 Td /F1 12.0 Tf [(rise in the 'Aggregate Gross Liabilities of the State' \(159.4m.\). In fact, this reviewer cannot reconcile the )] TJ ET BT 34.016 482.837 Td /F1 12.0 Tf [(figure at all. In any case, even if we assume, as we must, that Ferguson is referring to the periods ending 31 )] TJ ET BT 34.016 468.581 Td /F1 12.0 Tf [(March, the borrowing would exclude that in the first six months of the war, which broke out in October )] TJ ET BT 34.016 454.325 Td /F1 12.0 Tf [(1899. For the record, the cost of the Boer War and the Boxer Rebellion \(they cannot be separated for the )] TJ ET BT 34.016 440.069 Td /F1 12.0 Tf [(purpose of calculating expenditure and borrowing\) was 217.2m., with the period of the war seeing )] TJ ET BT 34.016 425.813 Td /F1 12.0 Tf [(152.4m. in cash borrowed by the issue of 159m. nominal of securities.)] TJ ET BT 34.016 399.557 Td /F1 12.0 Tf [(Despite the book's other virtues, errors such as these mean that it is unsafe to use it as a source for the debt )] TJ ET BT 34.016 385.301 Td /F1 12.0 Tf [(markets.)] TJ ET BT 34.016 359.045 Td /F3 12.0 Tf [(Other reviews:)] TJ ET BT 34.016 344.789 Td /F1 12.0 Tf [(The New York Times)] TJ ET 0.000 0.000 0.800 rg BT 34.016 330.533 Td /F1 12.0 Tf [(http://www.nytimes.com/books/00/01/23/reviews/000123.23nasart.html)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 34.016 329.139 m 380.024 329.139 l S 0.000 0.000 0.000 rg BT 383.024 330.533 Td /F1 12.0 Tf [([2])] TJ ET BT 34.016 316.277 Td /F1 12.0 Tf [(Google Books)] TJ ET 0.000 0.000 0.800 rg BT 34.016 302.021 Td /F1 12.0 Tf [(http://books.google.co.uk/books)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 300.627 m 188.360 300.627 l S 0.000 0.000 0.000 rg BT 191.360 302.021 Td /F1 12.0 Tf [([3])] TJ ET BT 34.016 287.765 Td /F1 12.0 Tf [(Good Reads)] TJ ET 0.000 0.000 0.800 rg BT 34.016 273.509 Td /F1 12.0 Tf [(http://www.goodreads.com/book/show/173746.The_House_of_Rothschild)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 272.115 m 392.336 272.115 l S 0.000 0.000 0.000 rg BT 395.336 273.509 Td /F1 12.0 Tf [([4])] TJ ET BT 34.016 259.253 Td /F1 12.0 Tf [(Foreign Affairs)] TJ ET 0.000 0.000 0.800 rg BT 34.016 244.997 Td /F1 12.0 Tf [(http://www.foreignaffairs.com/articles/55698/richard-n-cooper/the-house-of-rothschild-the-worlds-banker-)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 243.603 m 547.892 243.603 l S BT 34.016 230.741 Td /F1 12.0 Tf [(1849-1999)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 229.347 m 86.012 229.347 l S 0.000 0.000 0.000 rg BT 89.012 230.741 Td /F1 12.0 Tf [([5])] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 226.015 526.499 1.500 re S BT 34.016 208.235 Td /F3 12.0 Tf [(Source URL:)] TJ ET 0.000 0.000 0.800 rg BT 104.672 208.235 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews/review/213)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 104.672 206.841 m 322.316 206.841 l S 0.000 0.000 0.000 rg BT 34.016 181.864 Td /F3 12.0 Tf [(Links:)] TJ ET BT 34.016 167.464 Td /F1 12.0 Tf [([1] http://www.history.ac.uk/reviews/item/1232)] TJ ET BT 34.016 153.064 Td /F1 12.0 Tf [([2] http://www.nytimes.com/books/00/01/23/reviews/000123.23nasart.html)] TJ ET BT 34.016 138.664 Td /F1 12.0 Tf [([3] http://books.google.co.uk/books?id=orSqdFRW158C&sitesec=reviews)] TJ ET BT 34.016 124.264 Td /F1 12.0 Tf [([4] http://www.goodreads.com/book/show/173746.The_House_of_Rothschild#other_reviews)] TJ ET BT 34.016 109.979 Td /F1 12.0 Tf [([5] http://www.foreignaffairs.com/articles/55698/richard-n-cooper/the-house-of-rothschild-the-worlds-)] TJ ET BT 34.016 95.608 Td /F1 12.0 Tf [(banker-1849-1999)] TJ ET endstream endobj 22 0 obj << /Type /Annot /Subtype /Link /A 23 0 R /Border [0 0 0] /H /I /Rect [ 34.0157 329.4535 380.0237 341.3335 ] >> endobj 23 0 obj << /Type /Action /S /URI /URI (http://www.nytimes.com/books/00/01/23/reviews/000123.23nasart.html) >> endobj 24 0 obj << /Type /Annot /Subtype /Link /A 25 0 R /Border [0 0 0] /H /I /Rect [ 34.0157 300.9415 188.3597 312.8215 ] >> endobj 25 0 obj << /Type /Action /S /URI /URI (http://books.google.co.uk/books?id=orSqdFRW158C&sitesec=reviews) >> endobj 26 0 obj << /Type /Annot /Subtype /Link /A 27 0 R /Border [0 0 0] /H /I /Rect [ 34.0157 272.4295 392.3357 284.3095 ] >> endobj 27 0 obj << /Type /Action /S /URI /URI (http://www.goodreads.com/book/show/173746.The_House_of_Rothschild#other_reviews) >> endobj 28 0 obj << /Type /Annot /Subtype /Link /A 29 0 R /Border [0 0 0] /H /I /Rect [ 34.0157 243.9175 547.8917 255.7975 ] >> endobj 29 0 obj << /Type /Action /S /URI /URI (http://www.foreignaffairs.com/articles/55698/richard-n-cooper/the-house-of-rothschild-the-worlds-banker-1849-1999) >> endobj 30 0 obj << /Type /Annot /Subtype /Link /A 31 0 R /Border [0 0 0] /H /I /Rect [ 34.0157 229.6615 86.0117 241.5415 ] >> endobj 31 0 obj << /Type /Action /S /URI /URI (http://www.foreignaffairs.com/articles/55698/richard-n-cooper/the-house-of-rothschild-the-worlds-banker-1849-1999) >> endobj 32 0 obj << /Type /Annot /Subtype /Link /A 33 0 R /Border [0 0 0] /H /I /Rect [ 104.6717 207.1555 322.3157 219.0355 ] >> endobj 33 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews/review/213) >> endobj xref 0 34 0000000000 65535 f 0000000008 00000 n 0000000073 00000 n 0000000119 00000 n 0000000349 00000 n 0000000386 00000 n 0000000566 00000 n 0000000648 00000 n 0000005180 00000 n 0000005289 00000 n 0000005399 00000 n 0000005508 00000 n 0000009069 00000 n 0000009197 00000 n 0000009281 00000 n 0000009346 00000 n 0000016855 00000 n 0000016920 00000 n 0000024841 00000 n 0000024906 00000 n 0000033080 00000 n 0000033199 00000 n 0000040737 00000 n 0000040864 00000 n 0000040982 00000 n 0000041109 00000 n 0000041224 00000 n 0000041351 00000 n 0000041482 00000 n 0000041609 00000 n 0000041774 00000 n 0000041900 00000 n 0000042065 00000 n 0000042193 00000 n trailer << /Size 34 /Root 1 0 R /Info 5 0 R >> startxref 42288 %%EOF