The Making of the Grace Contract: British Bondholders and the Peruvian Government, 1885–1890

Abstract

For most of the Latin American countries the five years between 1885 and 1890 were a period of rapid economic expansion. European investors sank their money there as the trade of the area increased. To take one example, imports to Britain from Argentina expanded from under a million pounds in 1880 to over four million in 1890, while British exports to Argentina grew from two and a half million to eight and a half million pounds.1Exports of Chilean nitrate rose from 275,000 tons in 1880 to 1,000,000 tons in 1890, as foreign capitalists invested heavily in the newly-conquered northern territories of Chile.2Most Latin American countries borrowed increasing amounts of capital on the London market as their trade grew rapidly, and the boom only came to an end with the Baring crisis of 1890.

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