The Wogau saga that includes a bonus

In the early 1760s, Catherine II the Great wanted to modernize agriculture and industry in the Russian Empire. Compared with Western Europe the country was lagging behind on economic development. She published declarations in which she invited Europeans to immigrate and become Russian citizens, farmers, entrepreneurs and traders. Many new settlers came from Germany. Catherine was a German princess herself.

Wogau & Co. brings the remarkable story of the Wogau family and its businesses in the Russian Empire. The book's author is Erik Meyer, an expert in Russian scripophily who has written articles in magazines and auction catalogs in this field. 

Wogau & Co., by Erik Meyer 

Portrait of Philipp Maximilian von Wogau (27 May 1807 - 20 Jan 1880) 

In 2017, after many years of research on the German Wogau family, Erik Meyer published the book Wogau & Co.  He sketches out the growth of the Wogau business:

"In 1827, Maximilian von Wogau leaves Frankfurt and sets off for Moscow to seek his fortune. He will rise from office boy to multi-millionaire. His enterprise will become the largest and wealthiest German trading firm and industrial group in Russia.  

Wogau engaged in consumer goods tea and sugar as well as in commodities and semi-finished products such as iron, copper, cement, paper, soda and other  chemical and pharmaceutical products. 

Despite holding shares in a dozen factories, the company’s own capital was strictly kept within the family. Wogau never went public. The shares in capital and profits of individual family members were only kept in a simple notebook, the so-called  “Journal of the Secret Book.“ 

The book's chapters discuss the many aspects of the Wogau saga. An overview :

• Am Anfang stand der Tee (Tea in the beginning)
• Die Dynastie der Associés (Dynasty of associates)
• Friedrich (Fjodor Maximowitsch) von Wogau
• Wilhelm (Wassilij Dmitriewitsch) Luther
• Karl Heinrich (Karl Maximowitsch) von Wogau
• Moritz (Mawrikij Filippowitsch) Marc
• Conrad (Konrad Karlowitsch) Bansa
• Albert Erwin (Erwin Augustowitsch) Schumacher
• Otto (Otto Maximowitsch) von Wogau
• Maximilian Hugo (Hugo Maximowitsch) von Wogau
• Maximilian (Max Karlowitsch) von Wogau
• Georg Konrad (Georgij Dmitriewitsch) Rüchardt
• Rudolf (Rudolf Wassiliewitsch) Hermann
• Hugo (Hugo Mawrikiewitsch) Marc
• Walter Waldemar Schumarcher (Ffennell)
• Der Handel mit "Commodities" (Trading in commodities) 
• Wogau als Privatbankier und Bankengründer (Wogau as a private banker and bank founder) 
• Die industriellen Beteiligungen (The industrial holdings)  
• Wogau in der Eisenhüttenindustrie (Iron and steel) 
• Wogau in der Kupferindustrie (Copper) 
• Wogau in der Baustoffindustrie (Building materials) 
• Wogau in der chemischen Industrie (Chemical) 
• Wogau in der Zuckerindustrie (Sugar) 
• Weitere Industriebeteiligungen (Other industrial participations) 
• Die Geschäftsordnung des Handelshauses (Rules of Order of the trading house) 
• Das Geheimbuch (The Secret Book) 
• Warwarka, die Zentrale des Hauses Wogau & Co. (The headquarters of the Wogau business) 
• Familie und Gesellschaft (Family and company) 
• Weltkrieg, Revolution und Flucht (World war, revolution and flight) 
• BRAMARCO - Wogau im Exil (Successor BRAMARCO - Wogau in exile) 
• Das Schiksal der in Russland Gebliebenen (The fate of those who remained in Russia)  

Société pour la Production de Soude en Russie sous la Firme "Lubimoff, Solvay et Cie" 

1000 Roubles share, 1888, Moscow 

This joint venture between the Russian soda producer Ivan Lubimoff and the Belgian company Solvay came about in 1887 through the initiative and equity participation of Wogau & Co. Already more than 130 years ago, the founding of the company was the result of a joint pan-European project involving the Russian Ivan Lubimoff, the Belgian Armand Solvay, the German Maximilian von Wogau, the Frenchman Auguste Loutreuil and the British citizen and St. Petersburg textile manufacturer William Thornton as the founders. 

courtesy of Erik Meyer 

But things would change for the Wogau family business. Erik Meyer continues :

"Over the years, Wogau managed to grow the company’s capital to nearly unbelievable proportions. By adopting prudent bylaws for the trading firm, Wogau succeeded in keeping together the growing family and its capital for nearly 80 years. The firm’s “Secret Book“, for a long time supposed to have been lost, survived and is presented in this volume for the very first time!  

The Russian Revolution of 1917 put a stop to the remarkable rise of the trading firm of Wogau & Co. The family had to flee the Bolsheviks. Their hard-earned wealth of over 50 million gold rubles was lost in one fell swoop."

Erik Meyer has written an intriguing work about a German immigrant family in Tsarist Russia. The book includes black and white photographs from the 19th and early 20th century, and of course several rare Russian bond and share cerificates in full color. 

Further details

• Title: Wogau & Co. - Das grösste deutsche Handelshaus im russischen Zarenreich, in English : Wogau & Co. - The largest German trading house in the Russian Empire
• Author : Erik Meyer
• ID : hardcover 978-3-86460-618-2, softcover 978-3-86460-619-9, published 2017 by Pro BUSINESS GmbH
• Languages : German
• Number of pages : 210
• Images : 70 images, including about 20 bonds and shares 

The book, which fits in your laptop case, is available on Amazon here. Google provides an online preview, there.

Oh, and at the end of the book, there is a Buchbonus, a QR code, that gives you access to more online resources including huge family trees, some more scripophily and the like.
Top !

F.L.

Incorporated in Southern Rhodesia

Who knows about a country called Southern Rhodesia? The name appears on two revenue stamps that were put on top of a share in the Rhodesia Tea Estates Limited.

It was Cecil Rhodes (1853–1902), founder of the De Beers diamond mining company, who gave his name to Rhodesia, an area equal to modern Zimbabwe and Zambia. Rhodes' British South Africa Company began exploitation of the Rhodesian territory in the 1890s with the help of paramilitary forces. In 1923 the southern part became the Colony of Southern Rhodesia, now Zimbabwe. The northern part became in the following year the Protectorate of Northern Rhodesia, Zambia today.

Southern Rhodesia revenue stamps with the colony's coat of arms (detail from the share below) 

The shield of Southern Rhodesia features a lion and two thistles, taken from the family arms of Cecil Rhodes who gave his name to Rhodesia. Click the image to enlarge it, the Rhodes' lion is located above the mining pick, somewhat hidden under the ink stamp. 

It was in 1924 that tea was first planted commercially in the country. At that time Arthur Ward and Grafton Philips decided to start a tea plantation in the Chipinge district of Zimbabwe's Eastern Highlands. Mrs Florence Philips had brought tea seeds from Assam. None of them had an idea how much rain fell in the area. Meteorological records were unexisting. 

The next year it became clear that the rainfall was much below the required 1270 mm per year. Ward and Phillips decided to experiment with irrigating their plantation with water from the Tanganda River which flowed through their estate. The experiment was successful and marked the beginning of Tanganda tea production. Ward and Phillips (Pty) Ltd was established in 1930 and cultivated 3.5 hectares of tea. The Meikles family, owners of the Meikles Hotel in Harare, also got involved with the business which expanded into the Rhodesia Tea Estates Limited.

The Rhodesia Tea Estates Limited with registered office in Umtali (Mutare), is known today as the Tanganda Tea Company, a subsidiary of Meikles Ltd

In 1953 Great Britain united Northern and Southern Rhodesia with Nyasaland into the Federation of Rhodesia and Nyasaland, much against the will of the people in the three territories. A few hundred thousands Europeans, mainly living in Southern Rhodesia and owning most of the land, ruled now over millions of Africans who wanted universal suffrage, land ownership and better wages. The federation lasted for 10 years. 

In 1964 Northern Rhodesia and Nyasaland became independent under the names Zambia and Malawi. Southern Rhodesia unilaterally declared independence as the state of Rhodesia in 1965. Yet, its white minority still refused to bring in majority rule. Opposing nationalist groups started a guerilla war and were supported by foreign countries. The war lasted till the end of 1979. The next year, the country became the Republic of Zimbabwe in 1980 and was governed by a black African majority.

The Rhodesia Tea Estates share was issued only a few months before the Federation of Rhodesia and Nyasaland fell apart at the end of 1963.  

The Tanganda Tea Company, formerly the Rhodesia Tea Estates Limited, established the Avontuur/Petronella tea estate in 1990. The last previous estate, Jersey and Zona, dated from 1944. The company's production has risen to about 10,000 tons of tea per year, about 50% of Zimbabwe's tea output. Major company brands include, Tanganda, Stella, Silver, Joko, Tanganda Special Blend, Tanganda Tips, Fresh Leaves, Tanganda Healthi Green, Nella Rooibos bags and Natra Fresh Rooibos. 

F.L.


Related links

• Tanganda Tea Company, official site 
• Southern Rhodesia, Wikipedia 

Saved at the last minute

Do you think that shares certificates have a life of their own ?  Yes, I think so. Shares are born, find a companion and even get a career. And they retire, and some of them face a horrible end.

Share certificates are born in a split second the moment they are printed. Some of them can be quite large, others are small. Many shares look rather plain, and believe me, there are some real uglies out there. But there also a lot of beauties you can't keep your eyes off. Pretty soon they get their serial number and the signatures of the company officers they represent.

A real knockout, this Tôt-Lam tea share from 1912 sold for €800 in Mario Boone's Apr 2018 auction. 

courtesy Mario Boone 

Already from birth, share certificates speak their mother tongue. Some can speak two languages, and a few of them are real polyglots. In fact, they need to talk, some can be really mouthy, in order to attract a companion, a human companion. People are fond of shares, because of their looks and their gossip, and especially because shares support the ambitions of people. You can find out more about that in this short introduction later.

This share from the Société Financière d'Égypte was issued in 1863. The construction of the Suez Canal, which was still in progress, made Egypt, then part of the Ottoman Empire, commercially and strategically important to foreign powers. The share is a true "polyglot" and speaks French, English, Arabic and Italian. 

A share starts its career as soon as it is issued. Then it has been purchased by its companion, the owner of the share. The latter's name is often written on the front. The share keeps talking on and on. 

"Please keep me, I'm still in a top shape"
"Hey, can't you give me a nice coupon cut ?"
"Sorry, I'm not feeling well this quarter"
"Did you see that? That bully stamped me on the forehead !"

The certificate is whining all the time, but as lang as things go well, share and owner stay together.

Some share certificates are born under a lucky star. They are issued to or signed by a pioneering entrepreneur, a Nobel Prize winner, a President of a nation, or even a rockstar. In that case, these shares can see the world, experience adventures or witness important events. Of course, they brag about it. Can you imagine the jealousy that is between them ?

Sumati S. Morarjee signed this share in the Scindia Steam Navigation Company (SSNC). Sumati Morarjee was married to Shanti Kumar, son of Narottam Morarjee, the founder of the SSNC. A close friend of Mahatma Gandhi, she took care of Gandhi at her home while he was recovering from appendicitis (1924) and after his release from prison in Poona (1944). Sumati became in full charge of the SSNC by 1946. She was the first female ship magnate and the first woman in the world to head an organisation of ship owners - the Indian National Steamship Owners Association. 

During their career shares incur creases, tear and receive ink stamps. They can look weary, but all that is an illusion. These physical characteristics point to hardened veterans that have been on a mission all the time. Make no mistake. The ink stamps received are service ribbons awarded for heroic action in stressful financial operations such as capital increases, currency conversions and par value reductions.

When share certificates retire they are appointed Commander in the Order of the Grand Cancellation and proudly wear the ultimate medal : a String of Cancellation Holes, a Cancelling Pen Stroke, a Cancellation Stamp or any of those combinations.

The London and North Eastern Railway Company (LNER) was one of the "Big Four" in the Interwar Period. The company also operated several ships. Many of these were lost in World War II. The SS Archangel was bomded and sunk off the East coast of Scotland (1941). The SS Malines was torpedoed off Port Said (1942), and the SS Amsterdam struck a mine off Normandy, France (1944). This LNER share started its career in 1927 and wears now with great satisfaction its medal, the String of Cancellation Holes.

And they lived happily ever after! Well, only a few do. The other day I saw this McLeod and Company share. McLeod built and owned several railways in and around Calcutta. 

McLeod's railways, managed by McLeod Light Railways, were organized as separate companies, e.g. Kalighat Falta Railway, Ahmedpur-Katwa Light Railway, Burdwan-Katwa Light Railway and Bankura Damodar Railway. McLeod also operated textile mills in India. 

Born with serial number 3829, the McLeod share started its career in 1948. McLeod-3829 was decorated with tax stamps and pen stroke cancellations. All of a sudden I felt disturbed because of a conspicuous ink stamp that was put upside down on the document. I turned the paper for a better look.

My goodness ! SURRENDERED FOR DEMATERIALISATION. Just like banknotes, at the end of their life cycle, share certificates are shredded and sent to the incinerator. I knew that, but still, I was shocked. 

Then I saw the smile on McLeod-3829 that told me that a kind person had saved it from the worst. Phew. I winked at it, "You are safe with me now", and I gave the poor share a big hug. Oops !  

F.L.



NB: Thank you for signing the Guest book

Antwerp puts treasures from Egypt on the block

The 60th auction of Mario Boone takes place on 14 April with an exceptional large range of high quality collectibles from all over the world. The sale offers about 8,900 antique stocks and bonds spread over 1,939 various sized lots. The items to be sold represent nearly 100 countries and span 800 years of financial history (13th -21th century). 

Before getting into more details on the numerous rarities and remarkable certificates, I have to talk first about the unprecedented, top-notch scripophily from Egypt that is at stake in this auction. Boone's sale includes 1,171 bond and shares certificate from Egyptian companies and governments. Collectors and investors interested in such an unparalleled variety of Egyptian scripophily have several auction sections to look into.

Chemin de Fer Keneh-Assouan 

3.5% bond of £20, Cairo, 1925 

part of the "Pharaonic Collection" lot 1877

click image to enlarge

The regular Egypt section, lots 248 through 261, contains a Canal Maritime de Suez, starting at a modest €200, and a Ciments d'Egypte Massarah (Caire) share, €500, equally rare and stunning. 

Another series of Egyptian rarities can be found in the Simar Empain collection which also comes under the hammer. For many decades the late Jacques Simar built up a scripophily collection related to Baron Edouard Empain. Simar published a book on the subject, see here. Edouard Empain, Belgian captain of industry, is known for building the Paris Métro and the district of Heliopolis in Cairo. You can find the Empain Egypt items in lot range 549-576 which includes several sought-after certificates like specimen bonds from the Tramways du Caire, from €200, and the Heliopolis Palace Hotel du Caire, starting at €100.

The sale of Egyptian scripophily peaks with the most complete collection ever brought together. The "Pharaonic" collection includes 1,096 bonds and shares representing Egypt's financial history from the 19th and 20th century. Included are numerous interesting, decorative and historic securities, to name a few : Soufrière d'Égypte, Egyptian Guaranteed 3% Loan, Canal Maritime de Suez, City of Alexandria, Bank of Abyssinia, Banque Egyptienne de Commerce, Marconi Radio Telegraph Co of Egypt, Kodak (Egypt), Investment Bank of Egypt, Nationalization-Loan of the United Arabic Republic and many more. The collection is offered as one lot (1877) and may be acquired from €79,000.

Another, much smaller collection, to be sold in a single lot consists of 134 classic Egyptian certificates. Bids for this lot (1892) are invited from €1,400.

Apart from all those pyramids, sphinxes, scarabs, cobras and hieroglyphs, the sale offers more than 7,500 bonds and shares from other countries as well. And as is the case with Egypt, countries are presented either by their own regular section, as a part of the Simar Empain collection, or may be found as a collection or group lot. Let me discuss some of the highlights.

Banque Hypothécaire Franco-Egyptienne 

F500 shares, Paris, 1910 

 part of the "Pharaonic Collection" lot 1877

As you can expect from a Boone auction, the Belgian section is substantial (lot range 328-456) and opens with a medieval loan on vellum from 1469. Written in Latin, the document, lot 328, is one of the oldest financial documents related to the region of Kortrijk and is expected to fetch at least €2,000. A rare and decorative highlight will certainly interest collectors of zoo scripophily. The share in Société d'Histoire Naturelle à Gand, dated 1852, illustrated with vignettes of a lion, tiger, ostrich, peacocks, crocodiles and many more animals, can be obtained from €2,000.

More remarkable Belgium scripophily can be found in the Empain collection, lot range 457-511. Here, Banque Industrielle Belge (Ancienne Banque E.-L.-J. Empain) is historical to Belgium's financial history. The bank was Edouard Empain's major investment vehicle. The number 1 certificate offered in the sale, represents 76% of all shares, is issued to Empain and starts at €500.

In the Austro-Hungarian Empire section, an extremely rare Thiergarten-Gesellschaft in Wien from 1862 can be fetched from €800. The Grandhotel Pupp, a location for movies Last Holiday (Queen Latifah) and Casino Royale (James Bond Daniel Craig), can be acquired from €50. Hey, movie locations, wouldn't that be an interesting theme to collect.

Denmark scripophily is not often seen. The sale includes 11 certificates (lots 692-702) including a Kjobenhavns Sommer-Tivoli share from 1918. The Tivoli amusement park opened its doors in 1843. Start price €500.

Thé Tôt-Lam 

F100 share, 1912, Indochina

lot 134 in the auction, start price €600

The Compagnie Royale de l'Assiente, one of the earliest French companies, was active in slave trading. Only one other share is known, bids are welcome from €10,000 (lot 709) for its 3000 Livres share, issued 1704. France has left us so many decorative bond and share certificates and this occasion is not an exception to that. Great work of art can be admired on a share from the L'Union des Mines, start price €60. Further, you should check out how Bacchus is having the time of his life on Cave des Affaires, €200.

Probably the most fascinating, lot 1433, is a Spanish financial loan document from the year 1279! Latin script on parchment, this notary act of a bank deposit of 500 solds to a Catalonian banker is the earliest known privately owned banking document.  €15,000 start price.

Viet Nam Ngan Hang - Banque du Vietnam

first bank in Vietnam founded and managed by Vietnamese 

share of 15.000$, Saigon, 1973

lot 177 in the auction, start price €1,400

Some highlights from the big scripophily countries China, Russia, USA and Germany :

• A $1000 Republic of China 6% Secured Gold Loan Treasure Note from 1919, with pagoda vignette, should have been redeemed by a 1937 bond issue. A rarity like this starts at €1,000.  
• The Bukharan People's Soviet Republic was a short-lived city state from 1920 to 1925 located in today's Uzbekistan. The sale includes a rare, Bukharan bond from 1923 and can be obtained from  €200.
• In the US section, you can't miss a Proprietors of the New Theatre share. Issued 1791, with a huge vignette of the Philadelphia theatre to be constructed, this is the oldest theatre scripophily seen yet. Bids are invited from €5,000. You can find out more about the American railway section here on the Coxrail blog.
• The German section starts with two bonds, dated 1808, from Napoleon's Kingdom of Westphalia. Bids can start at €400 and €300.

There is lots more to discover from other countries and all kinds of collecting themes in this sale. Dig through the auction catalogue, 263 pages, and/or use the indexes on countries, themes, Belgian provinces, autographs, artists & engravers and printer companies to find your treasures.

The day after the sale, Mario Boone organizes his regular scripophily bourse internationally attended by dealers and visitors.

Auction details

• Location : Antwerpen, Belgium
• Date : auction 14 April 2018, bourse 15 April 2018
• Further info : online catalogue  here, and PDF version there 
• The "Pharaonic Collection" can be viewed in detail here 

F.L.

Enjoy tea from India

The origins of tea dates from more than 3000 years ago and are to be found in the northern part of Burma and the Yunnan and Sichuan provinces of China. From here the plant was introduced to other countries in the world. In India, tea has been cultivated for consumption and medicinal purposes. In our recent history, tea had been imported for a long time from China.

In 1826, the British East India Company took control of the region from the Burmese King who was defeated in the 1st Anglo-Burmese War. In the 1830s the company had lost its monopoly on trading tea from China. Even though the British had already (re)discovered tea plants in Sadiya in 1823, it took the East India Company several years to be convinced that these plants were genuine. After some years of experimental tea cultivation, the Assam Tea Company was formed in 1840.

 

Tea planting became popular. From the 1850s the tea industry rapidly expanded and several seed gardens were established. 1856, the Alubari tea garden was opened by the Kurseong and Darjeeling Tea Company. Another four gardens, at Ging, Ambutia, Takdah and Phubsering were established by the Darjeeling Tea Company between 1860 and 1864, and the gardens at Takvar and Badamtam by the Lebong Tea Company. Darjeeling, grown exclusively in India is one of the most renown teas in the world and often termed as “the Champagne of teas”.