ABSTRACT

In the late nineteenth century a tourist might view the size of the Crystal Palace or the height of Tower Bridge as evidence of Britain's develop­ ment . If that tourist was a businessman from the American Midwest or the German Ruhr he was likely to equate power and development with sparks from the forges of Cleveland or the sound of riveting from the shipyards of the Clyde . It was , however, the City that drew the attention of the foreign 'men of money' , be they J .P . Morgan , the American financier, or Gustav von Meuissen , the president of the Darmstadt Bank . Christened by contemporaries the Eighth Wonder of the modern world, the City provided the l ink that bound the vast accumulations of Victorian savings to investments in locations as disparate as the Midlands , the Midwest , and the Mid-Pacific . It was to the City that Andrew Carnegie had turned to finance his first steel enterprise and it was there , too , that the Nizam of Hyderabad had gone for funds to finance his railway in the hills of South Central India. Nor was the market limited to overseas investment ; it also continued to fuel the engines of domestic industrial growth . Vickers , for example , drew extensively on the City to finance its growth from a small special steel producer on the River Don to the armament giant of the early twentieth century .