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Sold between 1822 and 1917, the bonds were used mainly to finance railway construction.
To finance railway construction, Escher in 1856 founded one of Switzerland's largest and most successful banks, the Kreditanstalt (now Credit Suisse).
In 1881, the bank arrived in Russia, financing railways commissioned by Alexander III.
Harriman turned from financing railways to dabbling in finance more generally.The tech barons are following a similar arc.
What do you mean, sort of?"Empire-building is as important to investment banks today as it was to their forebears more than a century ago, when Citibank had offices from Mexico City to Manila and Deutsche Bank financed railways from the Wild West to Baghdad.
Local banks grew up to raise capital for the small companies created in Britain's industrial revolution; joint-stock companies thrived when businessmen needed to finance the railways in the 19th century; industrial banks backed new continental European industries; consumer finance helped Americans buy cars and fridges in the early 20th century.
Kenya will soon join the dozen or so African countries that have sold blocks of dollar-denominated bonds to rich-world investors to finance roads, railways and power stations.Not long ago African countries had to be relieved of the burden of past borrowing.
The broad proposals include expanding a tax on natural resources, taking gradual steps to allow market forces to determine bank interest rates and developing policies to "promote the effective entry of private capital into finance, energy, railways, telecommunications and other spheres," according to a directive issued on the government's Web site.
As such, it's shifting the burden of financing the railways away from general taxation and on to the individual ticketholder.
Its application fields cover areas of vehicles, motorcycles, electronics, electrical appliances, tobacco, chemicals, food, finance, medicine, railway, tunnel, printing and publishing fields.
Because it had failed to meet its construction obligations, Sifton introduced legislation to confiscate the proceeds of the sale of government-guaranteed bonds sold to finance the railway's construction.
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