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Research ArticleArticle

Cocoa, Credit, and Agro-Capitalism

John Holt & Co. in Spanish Fernando Po, ca. 1890s–1914

Deborah J. Neill and Kyle Prochnow
African Economic History, May 2022, 50 (2) 87-113; DOI: https://doi.org/10.3368/aeh.50.2.87
Deborah J. Neill
Deborah Neill ([email protected]) is Associate Professor of History at York University.
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Kyle Prochnow
Kyle Prochnow ([email protected]) is a PhD candidate in History at York University.
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Abstract

This article explores the merchant capitalist firm John Holt & Co. and its diverse business interests on the Spanish-controlled island of Fernando Po in the early twentieth century. We show that this well-capitalized firm struggled to make money in cocoa production due to market and labor volatility, but used its position to undercut competitors, exploit small farmers by offering financial services like high-interest credit and mortgages, and develop new profit lines such as providing packaging, shipping, and retail services to other planters. Holt & Co. enjoyed advantages over smaller competitors through its regional network and connections in Spain and Britain, which allowed it to more readily attract laborers and grow its influence and power. This case study provides new insights on how expatriate firms squeezed smaller partners and rivals during a tumultuous period in post-partition west-central Africa, and shows how this impacted Fernando Po’s workers and its economic development.

KEYWORDS:
  • John Holt
  • Fernando Po
  • agro-capitalism
  • cocoa
  • banking
  • credit
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African Economic History: 50 (2)
African Economic History
Vol. 50, Issue 2
20 May 2022
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Cocoa, Credit, and Agro-Capitalism
Deborah J. Neill, Kyle Prochnow
African Economic History May 2022, 50 (2) 87-113; DOI: 10.3368/aeh.50.2.87

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Cocoa, Credit, and Agro-Capitalism
Deborah J. Neill, Kyle Prochnow
African Economic History May 2022, 50 (2) 87-113; DOI: 10.3368/aeh.50.2.87
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  • Article
    • Abstract
    • Introduction
    • John Holt & Co. on Fernando Po
    • The Challenges of Cocoa Farming
    • Interdependent Worlds
    • Networks of Influence
    • Conclusion
    • Acknowledgement
    • Footnotes
  • Info & Metrics
  • References
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Keywords

  • John Holt
  • Fernando Po
  • agro-capitalism
  • cocoa
  • banking
  • credit
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