Foreign Capital in the Upper Silesian Zinc Industry in the Period 1921-1939

Abstract

Foreign capital in the Polish interwar economy has been increasingly studied since 1945, but determining its national composition and structure remains difficult. For the Upper Silesian zinc industry in particular, a detailed study systematically analyzing the various national capital groups - German, French, Belgian, and American - and examining the leading companies and their interconnections has been lacking.
This article analyzes foreign capital in the Upper Silesian zinc industry in the years 1921-1939, examining the development of the capital structure of the main companies (Giesche A.G., Schlesische Bergwerke und Zinkhütten, Hohenlohe-Werke), the inflow of foreign capital, the legislation supporting the zinc industry, and the parliamentary debates around the Harriman contract.
The study draws on archival materials from the State Archive of the Voivodeship of Katowice (Giesche Aktiengesellschaft), the State Archive of Gliwice district (Schlesische Bergwerke und Zinkhütten), Sejm stenographic records, press sources (Robotnik, Metalowiec), and earlier research by Popkiewicz, Ryszka, Landau, and Tomaszewski.
The analysis shows that foreign capital in the Upper Silesian zinc industry appeared in several forms: as direct shareholding capital, as loans to the state, and as credits. In the pre-war period, German, French, and Belgian capital dominated - particularly the Banque de l'Union Parisienne and the Societe Generale de Belgique. After 1921, American capital entered: the Harriman group acquired 51% of shares in Giesche A.G., provoking heated debates in the Sejm. The 1926 law supporting the zinc industry created favorable conditions for this capital inflow and was repealed immediately after the Harriman contract was signed, while the acquired privileges remained in force. The study demonstrates how international finance capital came to dominate raw material extraction in Upper Silesia after 1921.