British Newfoundland Development Corporation
Encyclopedia
The British Newfoundland Development Corporation, or BRINCO was incorporated by a consortium
of British
companies in 1953 which undertook industrial development opportunities in the Canadian
province of Newfoundland and Labrador
. The company was involved in the construction of the Churchill Falls Generating Station
.
The concept for BRINCO was conceived in 1952 of Premier of Newfoundland and Labrador
Joey Smallwood
, who sought to bring industrial development to the province. Premier Smallwood travelled to the United Kingdom
to court private sector companies, offering large tracts of undeveloped resource land in both the Labrador
and Newfoundland areas of the province in exchange for guaranteeing the development of any natural resources which were discovered.
After numerous meetings with some of the political and industrial leaders, including Sir Winston Churchill
and Anthony de Rothschild
, Smallwood was successful in having seven large British corporations form a consortium to explore, investigate, and, where feasible, to develop natural resources in the province.
The seven founding firms are as follows;
They were joined by seventeen other firms before the principal agreement was signed with the Government of Newfoundland in 1953. These additional firms included Bank of Montreal
, Royal Bank of Canada
and Suez Canal Company
.
Consortium
A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
of British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
companies in 1953 which undertook industrial development opportunities in the Canadian
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
province of Newfoundland and Labrador
Newfoundland and Labrador
Newfoundland and Labrador is the easternmost province of Canada. Situated in the country's Atlantic region, it incorporates the island of Newfoundland and mainland Labrador with a combined area of . As of April 2011, the province's estimated population is 508,400...
. The company was involved in the construction of the Churchill Falls Generating Station
Churchill Falls Generating Station
The Churchill Falls Generating Station is a hydroelectric power station located on the Churchill River in Newfoundland and Labrador. The underground power station can generate 5,428 MW, which makes it the second-largest in Canada, after the Robert-Bourassa generating station. The generating station...
.
The concept for BRINCO was conceived in 1952 of Premier of Newfoundland and Labrador
Premier of Newfoundland and Labrador
The Premier of Newfoundland and Labrador is the first minister, head of government and de facto chief executive for the Canadian province of Newfoundland and Labrador. Before 1964, the position's official title was Premier of Newfoundland...
Joey Smallwood
Joey Smallwood
Joseph Roberts "Joey" Smallwood, PC, CC was the main force that brought Newfoundland into the Canadian confederation, and became the first Premier of Newfoundland . As premier, he vigorously promoted economic development, championed the welfare state, and emphasized modernization of education and...
, who sought to bring industrial development to the province. Premier Smallwood travelled to the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
to court private sector companies, offering large tracts of undeveloped resource land in both the Labrador
Labrador
Labrador is the distinct, northerly region of the Canadian province of Newfoundland and Labrador. It comprises the mainland portion of the province, separated from the island of Newfoundland by the Strait of Belle Isle...
and Newfoundland areas of the province in exchange for guaranteeing the development of any natural resources which were discovered.
After numerous meetings with some of the political and industrial leaders, including Sir Winston Churchill
Winston Churchill
Sir Winston Leonard Spencer-Churchill, was a predominantly Conservative British politician and statesman known for his leadership of the United Kingdom during the Second World War. He is widely regarded as one of the greatest wartime leaders of the century and served as Prime Minister twice...
and Anthony de Rothschild
Anthony Gustav de Rothschild
Anthony Gustav de Rothschild was a British banker and member of the Rothschild banking family. Born in London, England, he was the third and youngest of the three sons of Leopold de Rothschild and Marie Perugia...
, Smallwood was successful in having seven large British corporations form a consortium to explore, investigate, and, where feasible, to develop natural resources in the province.
The seven founding firms are as follows;
- N M Rothschild & SonsN M Rothschild & SonsN M Rothschild & Sons is a private investment banking company, belonging to the Rothschild family...
- The Anglo-American Corporation of South America
- Bowater Paper CorporationBowaterBowater was an American pulp and paper company based in Greenville, South Carolina. Bowater had 12 pulp and paper mills in the United States, Canada and South Korea and 13 North American sawmills. It had approximately 10,000 employees...
- English Electric Company LimitedEnglish ElectricEnglish Electric was a British industrial manufacturer. Founded in 1918, it initially specialised in industrial electric motors and transformers...
- Frobisher Limited
- Rio Tinto Company LimitedRio Tinto GroupThe Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. The company was founded in 1873, when a multinational consortium of investors purchased a mine complex on the Rio Tinto river, in Huelva, Spain from the...
- The Anglo-Newfoundland Development Company Limited.
They were joined by seventeen other firms before the principal agreement was signed with the Government of Newfoundland in 1953. These additional firms included Bank of Montreal
Bank of Montreal
The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it...
, Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
and Suez Canal Company
Suez Canal Company
The Universal Suez Ship Canal Company was the Egyptian corporation which was formed by Ferdinand de Lesseps during 1858, constructed the Suez Canal between 1859 and 1869, and owned and operated it for many years thereafter...
.