«The Beginning of Glorious Deeds…»: Excerpts from the History of Verhneudinsk and Kyakhta Agencies of the Russian-Chinese Bank from 1898 to 1900

Abstract

The article considers the history of establishment and initial phase of the activity at Verhneudinsk and Kyakhta Agencies of the Russian-Chinese Bank. After succeeding in reaching economic growth of the Russian Empire in the 1890s the state authorities intensified the efforts in the Asian-Pacific region to find new markets for national industrial products. Strengthening the influence in the countries of Inner Asia the autocracy could also solve another important problem of creating conditions for integration of remote Asian areas into the single economic space of the country. The territory of Western Trans-Baikal region became one of these areas. The Trans-Siberian Railway and branches of biggest Russian banks were used as the main tools for reaching the goal. The Russian-Chinese Bank, founded in 1895 and sponsored by the Russian Imperial Government, played a significant role in this process. The bank’s agencies in Verhneudinsk and Kyakhta, opened in 1898, became the first active credit and finance institutions in the region. In spite of some limitations in their legal status, the institutions managed to conduct successful activity on lending for local commerce and industry. The operation of Verhneudinsk and Kyakhta Agencies of the Russian-Chinese Bank laid the basis for its future leadership in the local financial market.