1852 London - reserve

By 1914, British foreign investment total was 4 billion pounds, one-third of Britain's total wealth, the highest of any country, held in the form of bonds and securities rather than direct ownership. Britain not only exported huge amounts of capital, but also manufactured goods, ships, railroads, weapons, and even people, as 2.4 million emigrated from Britain 1900-1914, creating kinship bonds around the globe. Britain had led Europe in adopting the gold standard, and its banks were the clearinghouse for currencies worldwide. The City of London had become the "Square Mile" that was the world's center for banking, finance, stocks, insurance, shipping, and commodity trading.    




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