The beginning of comercial banking in Puerto Rico: The Commercial Credit Company Ltd, 1877-1888

Authors

  • Joaquim Cuevas Casaña
  • Ángel Pascual Martínez Soto

Keywords:

Banking history, Latin American and Caribbean-Puerto Rico, business history, financial history

Abstract

This paper analyses the delayed development of banking and finances on the island of Puerto Rico during its last years as a colony under Spanish dominion. Financial backwardness was reflected in the problems involving currency and in the lack of an issuing bank. The reasons that are defended here are the inefficient administration of the colony and the economic interests of the Spanish trading elite on the island. The change in circumstances that came about in the 1870s –namely, the abolition of slavery and the international economic crisis– led to a change of attitude among the stakeholders and to the founding of the first commercial bank, the Sociedad Anónima de Crédito Mercantil (Commercial Credit Company Ltd.), in 1877. This study examines its early years of operation as a significant case.

Downloads

Download data is not yet available.

Downloads

Published

2018-01-30

How to Cite

Cuevas Casaña, Joaquim, and Ángel Pascual Martínez Soto. 2018. “The Beginning of Comercial Banking in Puerto Rico: The Commercial Credit Company Ltd, 1877-1888”. Revista De Historia Industrial — Industrial History Review 25 (62):13-46. https://revistes.ub.edu/index.php/HistoriaIndustrial/article/view/21336.

Issue

Vol. 25 No. 62 (2016)

Section

Articles

License

The author assigns all rights to the publisher. Creative Commons

The author who publishes in this journal agrees to the following terms:

  1. The author assigns all intellectual property rights exclusively to the publisher for the entire duration of the applicable intellectual property rights.
  2. The publisher will distribute the texts under the  Creative Commons Attribution License, which allows others to share the work, provided that they acknowledge the authorship, its initial publication in this journal, and the conditions of the license.