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Barcelona Traction, Light and Power Co., Ltd - Spanish Railway Stock Certificate

Inv# FS1106   Stock
Country: Spain
Years: 1900's-30's
Color: Brown

Share Warrant to bearer for 1 Share of $100 in Gold. Printer-Waterlow & Sons Ltd., London. Many coupons at right. Very attractive!!! Great for framing!!!

Barcelona Traction, Light and Power Company (BTLP) (locally known as La canadiense in Spanish and La canadenca in Catalan, "The Canadian") was a Canadian utility company that operated light and power utilities in Catalonia, Spain. It was incorporated on September 12, 1911 in Toronto, Ontario, Canada by Frederick Stark Pearson. The company was developed by Belgian-American engineer Dannie Heineman.

It operated in Spain but was owned mostly by the Belgian holding companies SOFINA and SIDRO and became the subject of the important International Court of Justice case, Belgium v. Spain (1970).

In 1919, a conflict between a BTLP subsidiary, Riegos y fuerzas del Ebro, and eight office workers escalated into a 44-days general strike called by the Anarcho-Syndicalist National Confederation of Labour halting Barcelona and 70% of the Catalan industry. A labour success, the strike ended with a law establishing an 8-hours workday for all Spain, the liberation of imprisoned workers without a pending process, wage rises for La Canadiense workers and half wage for the month spent striking.

Juan March was a Spaniard from Mallorca in the Balearic Islands who had begun his career as a smuggler and had become an industrialist and banker. March was widely known for involvement in lucrative illegal activities, for bribery and political influence, and for bending the law whenever he saw a benefit. This was exemplified in his 1948 takeover of the Barcelona Traction, Light, and Power Company (BTLP) for a small fraction of its real worth.

BTLP was a utility company which provided power and streetcar services in Barcelona; originally incorporated in Canada, it was mostly owned by Belgian investors. BTLP had come through the Spanish Civil War largely undamaged, and was quite profitable. Its assets were about £10,000,000 (about $500,000,000 in 2010). However, for the convenience of some of its foreign investors, BTLP had issued some bonds denominated in pounds, and the interest on these bonds was payable in pounds. The Spanish government had imposed currency restrictions: BTLP was unable to exchange its Spanish pesetas for pounds, and so could not pay the interest.

This was not viewed with any great alarm by the bond-holders; BTLP had plenty of pesetas and would pay the interest arrears whenever the currency restrictions were relaxed.

However, March scented an opportunity. Agents secretly acting for him quietly bought up the bonds (about £500,000). Then in February 1948, they appeared in a Spanish court, asserted that BTLP was in default on the bonds, and demanded immediate relief. The judge agreed and awarded ownership of all BTLP's assets to them (in fact to March). BTLP's foreign investors appealed, but got no relief from Spanish courts. The Belgian government appealed to the International Court of Justice but to no avail: the final resolution coming in 1970, eight years after March's death.

The government of Spain under Franco in the 1960s placed restrictions on foreigners doing business in Spain. The Belgian stockholders in Barcelona Traction lost money and wanted to sue in the International Court of Justice, but in the court Judge Fornier ruled on the side of Spain, holding that only the state in which the corporation was incorporated (Canada) can sue. The decision in Belgium v. Spain is important in public international law because it demonstrates the importance of protections of corporate nationality in nominal ("paper") terms over effective nationality (siège social) where the ownership effectively resides. Unless a principle of law permits a country to espouse a national's claim in the ICJ, there cannot be an espousal.

The case is also important as it demonstrates how the concept of diplomatic protection under international law can apply equally to corporations as to individuals. It also expanded the notion of obligations owed erga omnes (in relation to everyone) in the international community.


  • Tranvías de Barcelona (1912)
  • Ferrocarriles de Barcelona (1911-1913)
  • Compañía Barcelonesa de Electricidad (1912)
  • Saltos del Segre (1912)
  • Energía Eléctrica de Cataluña (1923)
  • Sociedad Española Hidráulica del Freser (1923)
  • Compañía General de Electricidad SA
  • Electricista Catalana SA
  • Saltos del Ebro SA (1930)
  • Hidroeléctrica del Segre (1933)
  • Saltos de Cataluña SA (1935)
  • Sociedad Productora de Fuerzas Motrices (1941)

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Condition: Good

A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.

Item ordered may not be exact piece shown. All original and authentic.
Price: $106.00