Early history of banking in Gothenburg discount house operations 1783–1818

Abstract

For many years Sweden lacked a well-developed banking system. Even by the middle of the eighteenth century, there were no established institutions for the effective mobilising and channelling of capital. However, Sweden's economic development during the eighteen century, when commerce and the production of goods were expanding swiftly, increased the need for some institutionalising of capital movements and the establishment of fixed forms, especially for personal credits. During the latter half of the century, the Swedish Rikshankdid deliberately conduct certain types of operation whose effect was to satisfy a growing demand for capital in some sectors, of the economy. This was effected through such bodies as Manufakturdiskontoen(The Manufacturers' Discount Bank), Generalassistans-kontoret(General Assistance Office), Diskontkompaniet(the Discount Company), Generaldiskontkontoret(the General Discounting Office) and Riksgäldskontoret(the National Debt Office). ¹

The order of priorities reflected in the operations of these institutions was further elaborated among the chartered localised private discount houses whose aggregate activities embrace the period 1783-1818: Göteborgs diskontkontor(the Gothenburg Discounting Office) 1783-1795, Göteborgs riksgäldsdiskont(the Gothenburg National Debt Discount Company) 17-97-1804, Göteborgs diskont(the Gothenburg Discount Company) 1802-1818, Malmö diskont(the Malmö Discount Company) 1803-1818, Åbo diskont(the Åbo Discount Bank) 1805-1808 and Göta kanal diskont(Göta Canal Discount Company) 1810-1818. ²

Notes

On this development generally see Fritz, S., Studier i svenskt bänkväsen 1772-1789, Stockholm 1967 and literature referred to therein.

On these activities generally see Brisman, S., Sveriges affärsbanker, Grundläggningstiden. Stockholm 1924. On conditions outside Gothenburg see e.g. Sjövall, B., Malmö diskontverks fall 1817. Malmö fornminnesförenings årsskrift 1940; Asp, T., Die Geschichte des finländischen Bank-und Müntzwesens bis 1865. Strassbourg 1898; Pipping H., Från pappersrubel till guldmark. Finlands bank 1811-1877. Helsinki 1961; Wuorinen, A., Turku kauppakaupunkina Ruotsin wallan loppukautena I. Kaupan edellytykset. Historiallisia tutkimuksia L, 2. Helsinki 1966.