Ralli Brothers
Encyclopedia
The five Ralli brothers, Zannis a.k.a. John (1785–1859), Augustus (1792–1878),
Pandia a.k.a. Zeus (1793–1865),
Toumazis (1799–1858), and
Eustratios (1800–84) founded Ralli Brothers, one of the most successful expatriate Greek
merchant businesses of the Victorian era
.
Born to a wealthy merchant family of Chios
, their father Stephenos Ralli (1755–1827) had settled in Marseilles, but recognised that the nexus of trading had changed in the aftermath of the Napoleonic wars
, and sent his eldest son John to London
to explore business opportunities.
and Russian grain
in exchange for British textiles
, and fetched his brothers over to help, incorporating as Ralli Brothers in London. Brother Eustratios ran the textile export operations from Manchester
, Toumazis sourced raw materials and grain from Odessa
and Constantinople
, Pandia financed it from the Baltic Exchange
, and Augustus oversaw the Mediterranean operations from Marseilles.
Their move away from Greece was prescient as it preceded the turmoil that was about to befall the Ottoman Empire
that resulted in the Chios massacre
and subsequent Greek diaspora
, and saw their traditional home markets closed.
They were quick to seize new opportunities created by wars, political events, and the opening of new markets, such as corn, cotton, silk, opium
and fruit, rapidly establishing major trading operations across the Mediterranean, Russia, reaching out as far as St Petersburg, Taganrog
, Tabriz
, Alexandria
, Smyrna
, and Syria
.
Although they employed more than 40,000 people at one time, control rested in the hands of the extended family. When Pandia married in 1831, it was to Marietta Scaramanga (1810–60), another merchant from Chios, whose family had significant trading operations in Russia.
From 1851 Ralli Brothers started operations in India
with offices in Calcutta
and Bombay
that specialised in jute, shellac, teelseed, turmeric, ginger, rice, saltpetre, and borax, with 4,000 clerks and 15,000 warehousemen and dockers.
Their American operations ran from New York
and New Orleans, in association with their cousin Alexander Vlasto. They accurately gauged the grain opportunities that arose from the Crimean War
, and were early traders in grain futures.
(1846–1931) who continued the tradition of adroit investment.
They made fortunes by building on the Indian and American businesses, astutely shipping cotton and textiles after the American Civil War
and, from 1882, dealing in opium. From new offices in Pondicherry and Madras
they dealt in 'Khandesh' groundnuts, and when World War I
started Rallis held the exclusive contract with the British War Department for jute sandbags.
The Great Depression
saw the company beset with cashflow problems which forced the Indian operations to close and another Greek trading family, Argenti, stepped in to act as their agents.
In late 1960 Isaac Wolfson
, of Great Universal Stores, and Harry Recanati, of the Israel Discount Bank
, approached the board of Ralli Brothers with an offer to acquire the whole of its share capital at a price that was between 2 to 3 times higher than the prevailing price quoted on the London Stock Exchange. At this time Jack Vlasto was the Company President, having taken over this role from Sir Strati Ralli in 1950. The approach from Isaac Wolfson was not welcomed by the Company Directors but, as Ralli Brothers Ltd. was a merchant bank, the matter was referred to the Governor of the Bank of England. His advice was that the offer must be placed before the shareholders so that they should not be denied the opportunity to sell their shares at a premium. In 1961 the shareholders subsequently voted to accept the offer and Isaac Wolfson took over control of the commercial operations of the firm in a deal worth £5.5m, a substantial sum at that time.
The Israel Discount Bank added the international merchant banks of Ralli Brothers to its portfolio of private banks, although Harry Recanati left when the other directors chose to list the banking group publicly on the Tel Aviv Stock Exchange
in 1970. The Israel Discount Bank became insolvent in 1983 and was controversially nationalised by the Treasury of the Government of Israel. Recanati had retained ownership of the Swiss private bank
of Ralli Brothers (Bankers) S.A. which he later sold to Security Pacific Bank
of California
, using the proceeds to found a number of public museums. These Ralli Museums are free non-profit galleries of contemporary Latin-American art.
In 1962 Godfrey and Lucas Ralli, who had both been on the board of Ralli Brothers, set up a new venture called G & L Ralli. This was primarily concerned with the management of trust funds, but soon branched out into general private client portfolio management
. The company later became a licensed dealer in securities.
In 1983 Ralli Investment Company Ltd., a wholly owned subsidiary, acquired a licence as a Deposit-Taker from the Bank of England.
In 1997, G & L Ralli merged with Ely Fund Managers.
In 1981 Ralli Brothers was sold to Cargill
Inc. of Minneapolis, a billion dollar company. In 2002 this whole organization became known as Cargill Cotton.
Through their contacts, which included Byron
, they rose to prominence in British business and aristocratic circles, with Pandia becoming a leading representative of the Greek Community in London and British Consul
for the newly-independent country of Greece, and organised the Greek entry in The Great Exhibition
of 1851.
, (co-funded by prominent members of the Greek community in London) and Pandia was instrumental in setting up the Greek Orthodox cemetery within West Norwood Cemetery
in 1842. Antonius commissioned the Doric
chapel to St Stephen there from John Oldrid Scott
, now listed Grade II*. Some of the family also commissioned architects to create their own significant mausoleum
s there, including:
Pandia a.k.a. Zeus (1793–1865),
Toumazis (1799–1858), and
Eustratios (1800–84) founded Ralli Brothers, one of the most successful expatriate Greek
Greeks
The Greeks, also known as the Hellenes , are a nation and ethnic group native to Greece, Cyprus and neighboring regions. They also form a significant diaspora, with Greek communities established around the world....
merchant businesses of the Victorian era
Victorian era
The Victorian era of British history was the period of Queen Victoria's reign from 20 June 1837 until her death on 22 January 1901. It was a long period of peace, prosperity, refined sensibilities and national self-confidence...
.
Born to a wealthy merchant family of Chios
Chios
Chios is the fifth largest of the Greek islands, situated in the Aegean Sea, seven kilometres off the Asia Minor coast. The island is separated from Turkey by the Chios Strait. The island is noted for its strong merchant shipping community, its unique mastic gum and its medieval villages...
, their father Stephenos Ralli (1755–1827) had settled in Marseilles, but recognised that the nexus of trading had changed in the aftermath of the Napoleonic wars
Napoleonic Wars
The Napoleonic Wars were a series of wars declared against Napoleon's French Empire by opposing coalitions that ran from 1803 to 1815. As a continuation of the wars sparked by the French Revolution of 1789, they revolutionised European armies and played out on an unprecedented scale, mainly due to...
, and sent his eldest son John to London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
to explore business opportunities.
Founding of the Ralli Brothers' partnership
John started trading in oriental silkSilk
Silk is a natural protein fiber, some forms of which can be woven into textiles. The best-known type of silk is obtained from the cocoons of the larvae of the mulberry silkworm Bombyx mori reared in captivity...
and Russian grain
GRAIN
GRAIN is a small international non-profit organisation that works to support small farmers and social movements in their struggles for community-controlled and biodiversity-based food systems. Our support takes the form of independent research and analysis, networking at local, regional and...
in exchange for British textiles
Textile manufacture during the Industrial Revolution
The industrial revolution changed the nature of work and society. Opinion varies as to the exact date, but it is estimated that the First Industrial Revolution took place between 1750 and 1850, and the second phase or Second Industrial Revolution between 1860 and 1900. The three key drivers in...
, and fetched his brothers over to help, incorporating as Ralli Brothers in London. Brother Eustratios ran the textile export operations from Manchester
Manchester
Manchester is a city and metropolitan borough in Greater Manchester, England. According to the Office for National Statistics, the 2010 mid-year population estimate for Manchester was 498,800. Manchester lies within one of the UK's largest metropolitan areas, the metropolitan county of Greater...
, Toumazis sourced raw materials and grain from Odessa
Odessa
Odessa or Odesa is the administrative center of the Odessa Oblast located in southern Ukraine. The city is a major seaport located on the northwest shore of the Black Sea and the fourth largest city in Ukraine with a population of 1,029,000 .The predecessor of Odessa, a small Tatar settlement,...
and Constantinople
Constantinople
Constantinople was the capital of the Roman, Eastern Roman, Byzantine, Latin, and Ottoman Empires. Throughout most of the Middle Ages, Constantinople was Europe's largest and wealthiest city.-Names:...
, Pandia financed it from the Baltic Exchange
Baltic Exchange
The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts...
, and Augustus oversaw the Mediterranean operations from Marseilles.
Their move away from Greece was prescient as it preceded the turmoil that was about to befall the Ottoman Empire
Ottoman Empire
The Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...
that resulted in the Chios massacre
Chios Massacre
The Chios Massacre refers to the slaughter of tens of thousands of Greeks on the island of Chios by Ottoman troops during the Greek War of Independence in 1822. Greeks from neighbouring islands arrived on Chios and encouraged the Chians to join the struggle for independence. In response, Ottoman...
and subsequent Greek diaspora
Greek diaspora
The Greek diaspora, also known as Hellenic Diaspora or Diaspora of Hellenism, is a term used to refer to the communities of Greek people living outside the traditional Greek homelands, but more commonly in southeast Europe and Asia Minor...
, and saw their traditional home markets closed.
They were quick to seize new opportunities created by wars, political events, and the opening of new markets, such as corn, cotton, silk, opium
Opium
Opium is the dried latex obtained from the opium poppy . Opium contains up to 12% morphine, an alkaloid, which is frequently processed chemically to produce heroin for the illegal drug trade. The latex also includes codeine and non-narcotic alkaloids such as papaverine, thebaine and noscapine...
and fruit, rapidly establishing major trading operations across the Mediterranean, Russia, reaching out as far as St Petersburg, Taganrog
Taganrog
Taganrog is a seaport city in Rostov Oblast, Russia, located on the north shore of Taganrog Bay , several kilometers west of the mouth of the Don River. Population: -History of Taganrog:...
, Tabriz
Tabriz
Tabriz is the fourth largest city and one of the historical capitals of Iran and the capital of East Azerbaijan Province. Situated at an altitude of 1,350 meters at the junction of the Quri River and Aji River, it was the second largest city in Iran until the late 1960s, one of its former...
, Alexandria
Alexandria
Alexandria is the second-largest city of Egypt, with a population of 4.1 million, extending about along the coast of the Mediterranean Sea in the north central part of the country; it is also the largest city lying directly on the Mediterranean coast. It is Egypt's largest seaport, serving...
, Smyrna
Smyrna
Smyrna was an ancient city located at a central and strategic point on the Aegean coast of Anatolia. Thanks to its advantageous port conditions, its ease of defence and its good inland connections, Smyrna rose to prominence. The ancient city is located at two sites within modern İzmir, Turkey...
, and Syria
Syria
Syria , officially the Syrian Arab Republic , is a country in Western Asia, bordering Lebanon and the Mediterranean Sea to the West, Turkey to the north, Iraq to the east, Jordan to the south, and Israel to the southwest....
.
Although they employed more than 40,000 people at one time, control rested in the hands of the extended family. When Pandia married in 1831, it was to Marietta Scaramanga (1810–60), another merchant from Chios, whose family had significant trading operations in Russia.
From 1851 Ralli Brothers started operations in India
British Raj
British Raj was the British rule in the Indian subcontinent between 1858 and 1947; The term can also refer to the period of dominion...
with offices in Calcutta
Kolkata
Kolkata , formerly known as Calcutta, is the capital of the Indian state of West Bengal. Located on the east bank of the Hooghly River, it was the commercial capital of East India...
and Bombay
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
that specialised in jute, shellac, teelseed, turmeric, ginger, rice, saltpetre, and borax, with 4,000 clerks and 15,000 warehousemen and dockers.
Their American operations ran from New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
and New Orleans, in association with their cousin Alexander Vlasto. They accurately gauged the grain opportunities that arose from the Crimean War
Crimean War
The Crimean War was a conflict fought between the Russian Empire and an alliance of the French Empire, the British Empire, the Ottoman Empire, and the Kingdom of Sardinia. The war was part of a long-running contest between the major European powers for influence over territories of the declining...
, and were early traders in grain futures.
Later generations, Ralli Brothers Ltd
The partnership was dissolved on Pandia's death, but his nephew Stephen Augustus Ralli (1829–1902) passed the Russian business to the Scaramanga family, and re-constituted Ralli Brothers on the British, American and Indian operations. On his death it passed in turn to his nephew Sir Lucas RalliRalli Baronets
The Ralli Baronetcy, of Park Street in the City of Westminster, is a title in the Baronetage of the United Kingdom. It was created on 8 February 1912 for Lucas Ralli, head of the firm of Ralli Brothers, financiers, shippers, cotton and grain merchants....
(1846–1931) who continued the tradition of adroit investment.
They made fortunes by building on the Indian and American businesses, astutely shipping cotton and textiles after the American Civil War
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
and, from 1882, dealing in opium. From new offices in Pondicherry and Madras
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
they dealt in 'Khandesh' groundnuts, and when World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
started Rallis held the exclusive contract with the British War Department for jute sandbags.
The Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
saw the company beset with cashflow problems which forced the Indian operations to close and another Greek trading family, Argenti, stepped in to act as their agents.
In late 1960 Isaac Wolfson
Isaac Wolfson
Sir Isaac Wolfson, 1st Baronet FRS was a businessman and philanthropist. He was managing director of Great Universal Stores 1932-1947 and chairman 1947-1987. He established the Wolfson Foundation to distribute most of his fortune to good causes. Great Universal Stores was a mail order business...
, of Great Universal Stores, and Harry Recanati, of the Israel Discount Bank
Israel Discount Bank
Israel Discount Bank Ltd. , I.D.B., is one of Israel's three largest banks, with 260 branches, and assets of 171 billion NIS .-History:...
, approached the board of Ralli Brothers with an offer to acquire the whole of its share capital at a price that was between 2 to 3 times higher than the prevailing price quoted on the London Stock Exchange. At this time Jack Vlasto was the Company President, having taken over this role from Sir Strati Ralli in 1950. The approach from Isaac Wolfson was not welcomed by the Company Directors but, as Ralli Brothers Ltd. was a merchant bank, the matter was referred to the Governor of the Bank of England. His advice was that the offer must be placed before the shareholders so that they should not be denied the opportunity to sell their shares at a premium. In 1961 the shareholders subsequently voted to accept the offer and Isaac Wolfson took over control of the commercial operations of the firm in a deal worth £5.5m, a substantial sum at that time.
The Israel Discount Bank added the international merchant banks of Ralli Brothers to its portfolio of private banks, although Harry Recanati left when the other directors chose to list the banking group publicly on the Tel Aviv Stock Exchange
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange in Tel Aviv is Israel's only stock exchange.The TASE is the only public market for trading securities in Israel. It plays a major role in the Israeli economy....
in 1970. The Israel Discount Bank became insolvent in 1983 and was controversially nationalised by the Treasury of the Government of Israel. Recanati had retained ownership of the Swiss private bank
Private bank
Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...
of Ralli Brothers (Bankers) S.A. which he later sold to Security Pacific Bank
Security Pacific Bank
Security Pacific National Bank was a large US bank headquartered in Los Angeles, California. In 1992 Bank of America acquired SPNB.-History:...
of California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, using the proceeds to found a number of public museums. These Ralli Museums are free non-profit galleries of contemporary Latin-American art.
In 1962 Godfrey and Lucas Ralli, who had both been on the board of Ralli Brothers, set up a new venture called G & L Ralli. This was primarily concerned with the management of trust funds, but soon branched out into general private client portfolio management
Investment management
Investment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...
. The company later became a licensed dealer in securities.
In 1983 Ralli Investment Company Ltd., a wholly owned subsidiary, acquired a licence as a Deposit-Taker from the Bank of England.
In 1997, G & L Ralli merged with Ely Fund Managers.
In 1981 Ralli Brothers was sold to Cargill
Cargill
Cargill, Incorporated is a privately held, multinational corporation based in Minnetonka, Minnesota. Founded in 1865, it is now the largest privately held corporation in the United States in terms of revenue. If it were a public company, it would rank, as of 2011, number 13 on the Fortune 500,...
Inc. of Minneapolis, a billion dollar company. In 2002 this whole organization became known as Cargill Cotton.
Cultural influence
The Rallis used their establishment in London and elsewhere to help the influx of Greek merchants that emigrated to set up in business and settle into their new countries. Although they maintained their Greek culture and religion, they mostly became assimilated and naturalised subjects in their adopted lands. Pandia had a reputation for fair dealing and avoided questionable deals and finances, and forced his standards on the other Greek émigrés with whom they did business, earning him the nickname of 'Zeus'.Through their contacts, which included Byron
George Gordon Byron, 6th Baron Byron
George Gordon Byron, 6th Baron Byron, later George Gordon Noel, 6th Baron Byron, FRS , commonly known simply as Lord Byron, was a British poet and a leading figure in the Romantic movement...
, they rose to prominence in British business and aristocratic circles, with Pandia becoming a leading representative of the Greek Community in London and British Consul
Consul
Consul was the highest elected office of the Roman Republic and an appointive office under the Empire. The title was also used in other city states and also revived in modern states, notably in the First French Republic...
for the newly-independent country of Greece, and organised the Greek entry in The Great Exhibition
The Great Exhibition
The Great Exhibition of the Works of Industry of all Nations or The Great Exhibition, sometimes referred to as the Crystal Palace Exhibition in reference to the temporary structure in which it was held, was an international exhibition that took place in Hyde Park, London, from 1 May to 15 October...
of 1851.
Legacy
Perhaps influenced by their families' own experience, they and their descendants were frequent donors to medical charities operating in Eastern Europe and the Balkan wars. The family initiated the construction of Saint Sophia CathedralSaint Sophia (London)
Saint Sophia Cathedral is a Greek Orthodox church on Moscow Road in the Bayswater area of London.It was consecrated as the Church of St Sophia on 5 February 1882 by Antonios, Archbishop of Corfu, as a focus for the prosperous Greek community that had settled in London, particularly around...
, (co-funded by prominent members of the Greek community in London) and Pandia was instrumental in setting up the Greek Orthodox cemetery within West Norwood Cemetery
West Norwood Cemetery
West Norwood Cemetery is a cemetery in West Norwood in London, England. It was also known as the South Metropolitan Cemetery.One of the first private landscaped cemeteries in London, it is one of the Magnificent Seven cemeteries of London, and is a site of major historical, architectural and...
in 1842. Antonius commissioned the Doric
Doric order
The Doric order was one of the three orders or organizational systems of ancient Greek or classical architecture; the other two canonical orders were the Ionic and the Corinthian.-History:...
chapel to St Stephen there from John Oldrid Scott
John Oldrid Scott
John Oldrid Scott was an English architect.He was the son of Sir George Gilbert Scott and Caroline née Oldrid. His brother George Gilbert Scott Junior and nephew Sir Giles Gilbert Scott, were also prominent architects. He married Mary Ann Stevens in 1868, eldest daughter of the Reverend Thomas...
, now listed Grade II*. Some of the family also commissioned architects to create their own significant mausoleum
Mausoleum
A mausoleum is an external free-standing building constructed as a monument enclosing the interment space or burial chamber of a deceased person or persons. A monument without the interment is a cenotaph. A mausoleum may be considered a type of tomb or the tomb may be considered to be within the...
s there, including:
- Eustratios Ralli, a DoricDoric orderThe Doric order was one of the three orders or organizational systems of ancient Greek or classical architecture; the other two canonical orders were the Ionic and the Corinthian.-History:...
temple by Edward Middleton BarryEdward Middleton BarryEdward Middleton Barry was an English architect of the 19th century.-Biography:Edward Barry was the third son of Sir Charles Barry, born in his father's house, 27 Foley Place, London. In infancy he was delicate, and was placed under the care of a confidential servant at Blackheath...
(Grade II) - Antonios Ralli, a Roman-style temple mausoleum (Grade II)
- John Peter Ralli, a two-storey polychromatic mausoleum by George Edmund StreetGeorge Edmund StreetGeorge Edmund Street was an English architect, born at Woodford in Essex.- Life :Street was the third son of Thomas Street, solicitor, by his second wife, Mary Anne Millington. George went to school at Mitcham in about 1830, and later to the Camberwell collegiate school, which he left in 1839...
in his streaky bacon style (Grade II*)