ABSTRACT

The 1894/5 Paris boom in South African mining securities set forth the ultimate test of financial resilience for the South African Republic’s mining and financial sectors. The financial crash in Paris that halted the international boom in October 1895 exposed the globalized nature of markets for South African mining securities and their impact on colonial politics in southern Africa. This article reconsiders and qualifies the economic, financial, and political connections between South African gold mining and the Parisian capital market for the period 1887 to 1895. The Paris Bourse and its complimentary coulisse became the new loci of the South African mining market that ultimately crashed after the intervention of Johannesburg’s capital elites. Crucially for the future of the South African Republic, the Paris Krach set out the political circumstances for a direct confrontation between Johannesburg’s mining capital, British imperialism and President Kruger’s republicanism. Exposing new primary material gathered at the Archives Diplomatiques in Paris, the Paribas Group in Paris, the Central Archival Repository in Pretoria and the Johannesburg Stock Exchange in Sandton, this article examines the globalization of South African securities, concluding the investigation with an analysis of the financial and political ramifications of the 1895 Paris Krach.

摘要

1894/5 年巴黎的南非矿业证券繁荣为南非共和国的矿业和金融部门提供了金融弹性的终极考验。1895 年 10 月阻止国际繁荣的巴黎金融危机暴露了南非矿业证券市场的全球化性质及其对南部非洲殖民政治的影响。本文反思，并且限定南非金矿和巴黎的资本市场期间1887年之间1895年巴黎交易所和其互补的经济，金融和政治关系滑槽成为南非矿业市场的新据点，在约翰内斯堡资本精英的干预下最终崩盘。对南非共和国的未来至关重要，巴黎克拉赫为约翰内斯堡的矿业之都、英帝国主义和克鲁格总统的共和主义之间的直接对抗设定了政治环境。本文揭露了在巴黎外交档案馆、巴黎巴黎银行集团、比勒陀利亚中央档案库和桑顿约翰内斯堡证券交易所收集的新主要材料，研究了南非证券的全球化，并通过分析1895 年巴黎克拉赫事件的财政和政治后果。