The Corporate Governances and Strategies of British Joint Stock Banks in the early 20^<th> century

本研究的目的是寻找英国巨型银行如何在英国经济衰退的长期严峻时期幸存下来的答案。特别是，我们关注的是世纪初银行的公司治理和战略<th>。本文通过对未动银行历史记载的研究，发现了三个特征点。首先，英国大银行的董事长及其少数几个选定的公司对银行进行了强有力的管理，并努力使被吸收的银行之间保持和谐，使银行取得良好的业绩。第二，虽然银行的领导人希望扩大其海外业务，但他们的意图没有成功。第一次世界大战前，银行利润的主要来源是国内金融对英国工业的支持。第三，英国的巨型银行并不依赖于英格兰银行（中央银行）。他们与英格兰银行在银行利率、储备和外汇方面的货币政策上进行斗争。因此，英国的银行在没有中央银行的帮助下，寻求自己的独立经营和利益。

The aim of this study is to seek answers how the British Giant Banks survived long harsh eras of the British economic decline. Especially, we focus on the corporate governances and strategies of banks in the early 20^<th> century. Through the research of untouched banks' historical records, we find three characteristic points as answers. First, the chairmen of the British Giant Banks and their few selected companies managed their banks powerfully and exerted for harmonies among absorbed banks and good performances of their banks. Second, though the Banks' leaders desired to extend their foreign businesses, their intentions were not succeeded. The main source of bank's profits was from domestic finances towards UK industries before the First World War. Third, British Giant Banks did not depend on Bank of England (the Central Bank). They struggled with Bank of England for the monetary policies on bank rates, reserves, and foreign exchanges. As a result, British Banks sought for their own independent management and interests to survive without central bank's help.