This book is an in-depth case study of the Furness Withy and Co Shipping Group, which operated both tramp and liner services and was one of the five major British shipping groups of the early twentieth century. It demonstrates how British shipowners of this period generated success by exploring Christopher Furness’ career in relation to the social, political, and cultural currents during a time of tremendous shipping growth in Britain and the establishment of some of the largest shipping firms in the world. It approaches the study from three angles. The first analyses how the Furness Group expanded its shipping activities and became involved with the industrial sector. The second illustrates the organisational and financial structure of the enterprise. Finally, the Group’s leadership and entrepreneurship is scrutinised and placed within the wider context of twentieth century British business. The case study begins in 1870, with an introduction explaining how Christopher Furness came to join the family company, Thomas Furness and Co. in order develop services, expand, and instigate the changes and mergers that brought the Furness Group into existence. There are thirteen chronologically presented chapters, a bibliography, and seven appendices of data including an ownership timeline, tonnage statistics, acquisitions, a list of maritime associates, and a timeline of Christopher Furness’ life. The book concludes in 1919 with the de-merging of the Furness Group’s shipping and industrial holdings, the resignation of the Furness family from the company’s board, the sale of their shares, and the move into managing the firm’s industrial interests.
Table of Contents:
About the Author / iii
Acknowledgements / v
Figures and Tables / vii
Introduction / 1
Chapter 1: Furness' Shipping Services: Growth by Organic Means in the 1880s / 15
Chapter 2: The 1890s: Furness Withy's Expansion by Acquisition and Promotion / 35
Chapter 3: Diversification into the Industrial Sector, 1895-1901 / 55
Chapter 4: Trouble on the Transatlantic Route: The Formation of IMM and Furness' Response / 85
Chapter 5: The Growth of Shipping Services, 1902-1909 / 107
Chapter 6: Industrial Operations and Performance, 1900-1914 / 143
Chapter 7: The Growth of the Shipping Interests, 1910-1919 / 177
Chapter 8: Structure / 213
Chapter 9: Finance / 249
Chapter 10: Holding Company Investment Activities and Intermediary Operations / 285
Chapter 11: Personnel / 299
Chapter 12: Furness / 321
Chapter 13: Dissolution / 359
Appendix 1: Development of the Combined Fleet, 1900-1919 / 373
Appendix 2a: Patterns of Ownership: The Furness Group, 1919 / 376
Appendix 2b: Reorganizations of Branch Offices and Superintending Departments, 1911-1912 / 377
Appendix 3a: Fluctuations in Freights, Profits, Tonnage Afloat and Merchant Shipping Output / 378
Appendix 3b: Output of Merchant Tonnage (Excluding Warships), 1892-1913 / 379
Appendix 3c: Fluctuations in the Price of a 7500-Ton Cargo Steamer, 1898-1913 / 380
Appendix 4: Development of the Furness Group: Principal Promotions, Acquisitions and Divestments, 1880-1919 / 381
Appendix 5: Northern Allies and Maritime Associates / 384
Appendix 6: Contemporary Accounting Law and Conventions, 1845-1914 / 385
Appendix 7: Lord Furness' Movements, 1899-1912 / 387
Bibliography / 389
Appendix A: A Note on the Shipping Statistics, 1686-1788 / 379
Appendix B: Sources for the History of the Shipping Industry / 391
Index / 397
About the Author :
Gordon H. Boyce is Emeritus Professor at the College of Human and Social Futures (International Business), University of Newcastle, NSW Australia. Formerly Dean of the Business School at the University of Newcastle NSW, Gordon has published ten books along with many articles and reviews, mostly related to maritime history.
