The statutes of Odessa and Kiev exchanges as a source on the history of development of stock exchange matters in Ukraine in the second half of the XIX century

Abstract

У статті розглядаються окремі аспекти розвитку біржової справи в Україні у другій половині ХІХ століття. Наголос робиться на аналізі діяльності двох ключових біржових організацій цього періоду: Одеської та Київської бірж, на яких велися торговельні операції, пов’язані з ключовими галузями українського господарства епохи: цукрової та зернової. В якості головних джерел були використані Статути Одеської та Київської бірж, затверджені в 60-х рр. ХІХ століття. Ці матеріали дозволили висвітлити питання, пов’язані з організацією діяльності біржових інституцій, розглянути їх структурну організацію і правила ведення комерційної діяльності, показати функції та повноваження керівних органів, зокрема Біржових комітетів і Біржових товариств.

The article treats of some aspects of development of stock exchange matters in Ukraine in the second half of the ХІХ century. The emphasis is made on the analysis of the activities of the two key stock exchange organizations of this period, namely, Odessa and Kiev exchanges, where trading operations were carried out related to the key branches of the Ukrainian economy of that era, that is – sugar and grain. The main sources have been the Statutes of Odessa and Kiev stock exchanges, approved in the 60’s of the ХІХ century. These materials allow the author to highlight the issues concerning the organization of the activities of exchange institutions, to consider their structural organization and rules for conducting commercial activities, to show the functions and authorities of the governing bodies, in particular, the stock exchange Committees and exchange organizations. A significant part of the articles of the Statutes highlights the functions, rights and duties of the stock exchange Committees, that is, the governing bodies of financial organizations. According to these documents, this body should act as an intermediary in case of disputes in commercial matters, supervise the exchange house, and ensure proper and legitimate trade at the stock exchange. In addition, the stock exchange Committees entered into relations with representatives of the authorities, including the governor generals of New Russia and Bessarabia, as well as of Kiev. The Statutes regulated the procedure for the provision of various documents to state institutions, in particular, the reports to the foreign trade department, the military governor, the State Commercial Court, which were signed by two committee members. The stock exchange committees of the largest stock exchanges of Ukraine in the period under review consisted of three or four members elected exclusively by local merchants of the first and second guilds, who were engaged in stock exchange matters. One of the members of the committee was elected by its chairman. The composition of the governing body was elected for a period of three years. If the chairman focused on the maintenance of stock exchange documentation and the office, his assistants took on the function of treasurers, carried out economic tasks, and also acted as vice-chairmen in the absence of the chairman. If necessary, the committee authorized the election of two or three deputies to carry out various assignments from the number of permanently active stock traders. Also, the Statutes of Kiev and Odessa stock exchanges established the sources of the institutions’ revenue, which consisted of contributions for visits and dividends from the capital and property owned by the stock exchange company. Extraordinary expenses arising in the process of the institutions’ activities were paid only with the consent of the stock exchange company exercising a general control over the financial activities of the exchange Committees. Every year the committee made a financial report, which was published in local provincial newspapers.