Feller/Odermann, S. 391.
Schließen
Berechnung der Staatspapiere u. Aktien.
Bei den einfachen Kauf- u. Verkaufsgeschäften entscheidet besonders, ob die Papiere Zinsen tragen od. nicht.
Feller/Odermann, S. 391. Nummerierung
und Überschrift von Marx.
Schließen
1) Ein- und Verkauf unverzinslicher
Effecte.
Man hat den Nominalbetrag zu berechnen nach dem gegebnen Kurs, der sich entweder für das Stück versteht, od. in % ausgedrückt ist, so wie man jede andre Waare zu ihrem Preis berechnen würde.
So kosten (März 1859) in Berlin 10 Stück Kurhessische 40 Th. Loose à 411/2 = 415 Th., da sich der Kurs 411/2 Th. per Stück versteht.|
4Andres Beispiel: 10 St. österr. 250f. Loose (v. 1839) in Wien im März (1859) zum Kurs von 126. Jedes Loos lautet auf Nennwerth von 250f., 10 Loose = 2500f. Dazu kommen 26% = 650f. Folglich Verkaufswerth =3150f.
Diese Papier meist nicht verzinslich nach bestimmtem Zinsfuß. Zinsen ersetzt durch die Prämien, die mit der Rückzahlung des Kapitals verbunden sind u. nach einem für ein jedes Anlehn dieser Art (Lotterie-Anlehn) festgestellten Plane gewährt werden. Diese Prämien bleiben bei der Berechnung selbst unberücksichtigt. Ihre Grösse hat jedoch auf den Preis der Papiere Einfluß. Es giebt auch Lotterieanlehn mit Prämien und festen Zinsen.
Feller/Odermann, S. 391/392.
Nummerierung und Überschrift von Marx.
Schließen
2) Ein[-] u.
Verkauf verzinslicher Effekte.
Die Zinsen sind stets vom Nominalwerth des Papiers zu berechnen. Käufer u. Verkäufer theilen sich in die nächstfällige Zinsquote nach Verhältniß der von der laufenden Zeitperiode bereits verflossenen u. der noch davon übrigen Zeit, wobei 1 Monat immer zu 30 Tagen gerechnet wird.
Beispiele.
a) Inländisches Staatspapier.
In Berlin kauft man am 26. März 1859 Th. 2000 in Papieren der freiw. Staatsanleihe à 993/4. (Zinsen am 1 April u. 1 October)
Kurs von 993/4, drückt aus daß man für 100 Th. in diesen Papieren nur 993/4 zahlt; sie stehn also 1/4% unter ihrem Nominalwerth od. unter pari.
Demnach von 2000 abzuziehn 20 × 1/4 = 5 Th. Ihr Verkaufswerth = 2000 ÷ 5 = 1995 Th. (Wäre Kurs 1001/4 so würde der Nominalwerth um 1/4% zu erhöhn sein.) Der Käufer empfängt den pro 1 April fälligen Zinscoupon, erhebt also die Zinsen auf die Zeit von 1 Oct. 1858 – 1 April 1859. Da er aber die Papiere erst am 26 März kauft, so hat er auch erst von diesem Tag Anspruch auf die Zinsen.
Käufer hat zu vergüten an Verkäufer Zinsen von 1 Oct. (58) bis 26 März (59) = 175 Tage (der Tag des Verkaufs ist nicht eingeschlossen). Zinsen à 41/2%. Zinsen = 43 Th. 221/2 Sgr.
Also die Rechnung:
Th. 2000. – freiw. Staatsanleihe à 993/4 | Th. 1995 | |
Zinsen von 1 Oct. bis 26 März, 175 Tage à 41/2% | 43. | 221/2 |
Th. 2038. | 221/2 Sgr. |
Kommt Käufer mit Verkäufer überein letztrem den Anspruch an die nächste Zinszahlung abzutreten, dann dem Käufer die Zinsen auf die noch [von] der Zinsperiode übrige Zeit zu vergüten.
In obigem fehlen von 26 März – 1 April noch 5 Tage – Zinsen dafür 1 Th. 71/2 Sgr u. 1995 Th – 1 Th 71/2 S. = 1993 Th. 221/2 S. , die der Käufer zu zahlen hat.
Zur Berechnung gehört also: 1) Kurs der Papiere selbst; 2) der Zinsfuß; 3) Der Zinstermin od. Verfallzeit der Coupons.
b) Ausländisches Staatspapier.
Etwas zusammengesetzter die Rechnung, sobald diese Papiere in ausländischer Valuta ausgestellt sind. Diese fremde Valuta wird entweder nach einem festen Verhältniß od. nach dem Kurs einer gewissen Wechselsicht in die inländische reducirt.
Bei verzinslichem Papier die Zinsen also wie das Kapital, od. nach einem anderen Verhältnisse berechnet.
Was betragen in Frankfurt a/M am 25 März 1859 20 St. Sardinische 36 Fcs Loose à 431/2?
1) Man rechnet in Frankfurt bei Papieren, die zu frs lauten, 1 Fr. = 28xr.
20 St. à 431/2 (Fcs per Stück) = Fcs.870. |
Zusatz von
Marx. Schließen 28xr × 870 = 406f. (fl. S.W.) |
Th. 5000 Pr. Staatsschuldsch. à 84 | Th. 4200 | |
Ab Zinsen à 31/2% per 31 T. | 15. | 2 |
Th. 4184. | 28 | |
à 105xr | = f. 7323. 38. |
Der Käufer läßt hier den am 1 Jan. 1859 fälligen Coupon freiwillig zurück, od. der Coupon ist bereits von den Papieren weggenommen, so daß er nicht geliefert werden kann. Dafür Zinsen von 30 Nov. – 1 Jan. vergütet. In Frankfurt wird bei Berechnung preussischer Staatspapiere 1 Th. = 105xr fest gerechnet.
f. 2100 – 5% Oestr. Metalliques à 69 | Th. 966 | |
Zinsen seit 1 Januar, 85 Tage, f. 24,79 à 923/4 | 15. | 10 |
Th. 981. | 10 |
Reduction des Kapitals dieser auf Oestr. Währung lautenden Papiere erfolgt pari, d.h. 3f. = 2 Th. Hier aber die Zinsen nach dem Tageskurs des kurzen Wiener, hier (923/4 Th. pro 150f. Oestr. Währung) berechnet.
f. 2000 | Oestr. Nationalanleihe von 1854, à 701/4 | f.1405 | |
Zinsen seit 1 Jan., 84 T. à 5% | 23. | 33 | |
f.1428. | 33 | ||
à 5/6 … | S.W. f. 1714 |
Kapital u. Zinsen östreichischer Papiere Frankfurt a/M nach dem Verhältniß 5f. östr. : 6f. S.W. umgerechnet.
£1110 – . | 5% Russ. Engl. Anleihe à 1091/2 | £1215. | 9s. | 0d. |
Zinsen à 5% seit 1. März, 27 Tage | 4. | 4. | 3 | |
£1219. | 13s. | 3d. | ||
à 63/4 Th. | Th. 8232. 22. |
Bei Berechnung Russischer Staatspapiere nimmt man auf den Unterschied zwischen dem julianischen u. gregorianischen Kalender (von 12 Tagen) keinen Unterschied keine Rücksicht.
c) Renten.
Zusammenfassender Kommentar von
Marx.
Schließen Kapital nicht rückzahlbar. Ihr Besitzer nur Anspruch auf gewisse Summe jährlicher
Renten. Diese Staatspapiere heissen gewöhnlich Inscriptionen, France, Naples, Spain,
Belgien, Russia etc.
α)
Französische Renten. (à 3, 4, u. 41/2%).
1) Wieviel hat man am 24 März 1859 zu zahlen, für I) 2250 Fcs 41/2% Renten à 92,75 u. II) 1500 Fcs 3% Rente à 69,05?
Rente | Rente | Cours. | Rente. | Rente. | Cours | ||
---|---|---|---|---|---|---|---|
I) | 41/2 Fcs | : 2250 Fcs | = 92,75 : x | II) | 3 Fcs | : 1500 Fcs. | = 69,05 : x |
x = 46 375 | x = 34 525 Fcs |
Man sagt: Für 41/2 Fcs Rente zahle ich den Kurs: 92 Fcs 75c., wieviel für 2250 Fcs Rente? etc. Zu den gefundnen Beträgen ist noch 1/8% Courtage zu schlagen, da die Geschäfte in Renten immer durch einen Makler geschlossen werden.|
52) I) Wieviel 41/2% Rente à 92,75 kauft man für 46 375 Fcs, u. II) wieviel 3% Rente à 69,05 für 34 525 Fcs Kapital?
Kapital | Kapital | Rente | Kapital | Kapital | Rente | ||
---|---|---|---|---|---|---|---|
I) | 92.75f. | : 46 375 | = 41/2 Fcs : x | II) | 69.05f | : 34 525f. | = 3f. : x |
x = 2250 Fcs Rente. | x = 1500 Fcs Rente. |
3) Zu welchem Kurse kaufte man: I) für 46,375 Fcs Kapital 2250 Fcs. 41/2% Rente u. II) für 34 525f. Kapital 1500 Fcs 3% Rente?
Rente. | Kapital | Rente | Rente | Rente | Kapital | ||
---|---|---|---|---|---|---|---|
I) | 2250 F. | : 46,375 | = 41/2 f : x | II) | 1500 Fcs. | : 3f. | = 34 525 Fcs : x |
x = 92,75 | x = 69,05. |
4) Wenn man I) 41/2% Rente mit 92,75 u. II) 3% mit 69,05 bezahlt, wie hoch verzinst sich dann das Kapital?
Kapital | Kapital | Zins | |||||
---|---|---|---|---|---|---|---|
I) | 92,75 | : 100 | = 41/2 : x. | II) | 69,05 | : 100 | = 3: x |
x = 4,85% ca. | x = 4,33%. |
β) Englische Fonds.
1) Wieviel betragen £2500 – 3% Consols à 981/2 mit üblicher Courtage?
25 × 981/2 | = £2462. | 10. | |
+ | 3. | 2. | 6 Courtage. 1/8% |
£2465. | 12s. | 6d. |
Die 3% Consols od. Consolidated Annuities sind der Haupttheil der englischen Staatsschuld. Ihre Zinsen zahlbar am 5 Januar u. 5 Juli, sind im Kurse einbegriffen. Die Consols sind in den Büchern der englischen Bank auf die Namen ihrer Besitzer eingetragen. Ihr Verkauf erfordert Uebertragung auf den Namen des Käufers, besorgt durch stockbrokers, die dafür 2s. 6d. or 1/8% Courtage vom Nominalwerth berechnen.
2) Wieviel 3% Consols à 973/4 kauft man für 978£ 15s. Kapital?
(973/4 + 1/8 für Courtage) : 978 3/4£ = 100£ : x |
x = 1000£ 3% Consols. |
3) Wieviel kosten 4 Exchequer Bills à 500£, ausgestellt am 15 Sept. u. gekauft am 28 Oct, à 12s. Prämie?
4 Bills à £500 | = £2000 | ||
Zinsen von 15 Sept. – 28 Oct., 43 Tage, à 21/2d. % u. per Tag | = 8. | 19. | 2 |
Prämie à 12s. | 12. | ||
Courtage à 1s. per 100£ | 1 | ||
x = £2021. | 19. | 2. |
Die Exchequerbills sind Schuldpapiere, welche die Bank o. England im Namen der Regierung ausgiebt, damit letztere die laufenden Ausgaben decken kann, ehe sie über die Einnahmen verfügen kann. Sie werden von Zeit zu Zeit zur Rückzahlung einberufen (advertised). Ihr Zinsfuß variabel, wird mit x pence für Tag pro 100£ Kapital bestimmt, u. ihr Kurs notirt durch eine in Schillingen ausgedrückte Prämie. Courtage: 1s. pro 100£ Nominalkapital.
Feller/Odermann, S. 395/396.
Nummerierung und Überschrift von Marx.
Schließen
3) Ein[-] u.
Verkauf von Aktien. (u. andrer Creditpapiere)
Bei der Berechnung zu untersuchen, ob die Summe, worauf sie lauten, bereits voll eingezahlt ist od. nicht (im letztren Fall heissen die Papiere Interimsaktien, Quittungsbogen, Promessen); u. ob sie, wenn ersteres der Fall feste Zinsen oder nur (variable) Dividenden zahlen.
a) Wieviel betragen am 5 März 1859 in Leipzig 10 Stück Leipz. Dresd. Eisenbahnaktien à 291. (Nominalwerth 100 Th. per Actie; Zinsen à 4% zahlbar 1 April u. 1. Oct.)?
10 Stück Leipz. Dr. E. B. Act. à 291 | Th. 2910. |
Zinsen seit 1 Oct., 155 Tage, à 4% | 17. 7. |
Th. 2927. 7. |
b) Wie groß ist der Ertrag von 10 Stück Magdeburg Leipz. Eisenbahnactien, 1. Emission, am 30. März 1859 in Leipzig à 225 verkauft? (Nominalwerth Einer Actie = 100 Th).
10 St. à 225 | = 2250 Th. |
Zinsen à 4% seit 1 Jan., 90 T. | = 10 Th. |
Th. 2260. |
c) Wie viel betrugen am 10 Jan. 1859 in Leipzig 50 St. Actien der Allgemeinen Credit-Anstalt zu Leipzig (à 100 Th. Nominalwerth mit 90% Einzahlung) à 721/2? Zinsen: 4%.
Th. 5000. Nominalwerth für 50 St. |
Zusatz von Marx. Schließen à 100 Th. p. Actie |
||
à 721/2 | Th. 3125 | ||
Zinsen à 4%: | |||
80% von 5 April 1858 (Schlußtermin der 8. Einzahlung) – 5 Januar. 1859 (Schlußtermin der 9 Einzahlung) | 9 Mt. | Th. 120 | |
90% von 5 Januar 1859 – 10 Jan. 1859 | 6 Tage. | 3 | |
Th. 3248. |
Oder:
Th. 5000 à 721/2 | Th. 3625 |
Zinsen wie oben: | 123 |
Ab noch nicht eingezahlte 10% | 500 |
Th. 3248 |
Oder:
Th. 5000 à 90% | = Th. 4500 | |
Zinsen wie oben. | 123 | Th. 4623 |
Ab Disagio 271/2% von 5000 Th. | 1357 1375 | |
Th. 3248. |
In der
ersten Berechnung ist der Verlust,
das Disagio (von 271/2% mit 271/2 Th. von 90 Th.
Einzahlung abgezogen, wonach der Preis der
Actie = 621/2 Th.
ist u. 50 Actien = 50 × 621/2. Zusatz von Marx.
Schließen Nämlich das Papier steht unter Pari zu 721/2. 100 –
721/2 =
271/2 Th. u. 90 – 271/2 = 621/2.
In der zweiten Berechnung der Verlust von 271/2 auf das Nominalcapital berechnet. 271/2 × 50 = 1375; 5000 ÷ 1375 = 3625 Th. Dieser Betrag um die Zinsen zu vermehren, aber um die noch nicht gezahlten 10% zu vermindern.
In der 3 Rechnung wird der Verlust – von dem Unter Pari Stehn der Papiere – erst am Schluß berechnet.
Das, was Papiere dieser Art unter od. über Pari stehn, ist nicht procentweis auf das eingezahlte, sondern auf das einzuzahlende Nominalkapital zu berechnen.|
6d) Wie groß Ertrag von 10 St. fzs. oestr. Staatsbahnactien, à 200f. Conventionsmünze. (20f. Fuß) od. 500 Fcs Nominalwerth an folgenden Plätzen:
9 März 1859, Kurs 234.50 (f. östr. W. per Stück) | |
10 Stück u.s.w. à 234.50 | f.2345 |
Zinsen à 5% seit 1 Jan. 68 Tage, 20f. 18.53xr à 105 |
19, 82 |
O. W. f.2364. 82. |
26 März 1859, Cours 147 Th. per Stück. | |
10 St. à 147 | Th. 1470 |
Zinsen à 5% seit 1 Jan. 85 T. Fcs.59. 02 à 80 |
15, 22 |
Th. 1485. 22. |
8 März 1859, Kurs 530 Fcs p. Stück. | |
10 St. | 5300 F. |
Zinsen à 5% seit 1 Jan. 67 T. | 46, 53 |
Fcs. 5346. 53. | |
à 186 (Fcs p. 100 M.B.): | M.B. 2874. 8. |
e) Wie groß ist der Betrag von 1000 Th. – 4% Leipz. Dresd. Eisenbahnanleihe, am 1 April 1859 in Leipzig à 981/2 gekauft, wenn der pro 1 Juni fällige Coupon fehlt? Zinstermine: 1 Juni, 1 Dec.
Th. 1000. | à 981/2 | = Th. 985 | |
Ab Zinsen von 1 April – 1 Juni, | 59 T., | à 4% | = 6, 17 |
Th. 978, 13. |
Oder:
Th. 1000 à 981/2 | = Th. 985 |
Zinsen von 1 Dec. – 1 April, 121 T., | = 13, 13. |
Th. 998, 13. | |
Ab Betrag der fehlenden Coupons pro 1 Juni 20. | ab 20 |
Th. 978. 13. |
Feller/Odermann, S. 400.
Nummerierung und Überschrift von Marx.
Schließen 4) Arbitrage mit Staatspapieren u. Aktien.
Um zu erfahren, wo gewisse Gattung solcher Papiere einzukaufen u. zu verkaufen?
In Berlin seien 3% spanische Obligationen, (innre Schuld) auf nachverzeichnete Plätze in der Kolumne Briefe notirt:
Amsterdam. | Frankfurt | Hamburg | Paris |
---|---|---|---|
39,3/8 (Silberpiaster für 100 nominell) | 40 (Silberpiast. für 100 nom.) | 371/4 (Silberp. für 100 nom.) | 401/2 (Silberpiaster für 100 nominell) |
Berlin kann die Deckung machen zu folgenden Kursen: | |||
1421/2 | 571/8 | 1517/8 | 80 |
Wo soll es kaufen?
Amsterdam. | Frankfurt. | Hamburg. | Paris. | ||||
---|---|---|---|---|---|---|---|
x Th = 39.83$ | x Th. = 40$ | x Th. = 371/4$ | x Th = 401/2$ | ||||
2 = 5f. fest | 2 = 5f. fest. | 1 = 3 M.B. fest | 1 = 5,4 Fcs fest | ||||
250 = 1421/2 Th. | 100 = 571/8 Th. | 300 = 1517/8 Th. | 300 = 80 Th. | ||||
x = 55,81 Th. | x = 57,125. | x = 56,19 | x = 58,32 Th. |
Hamburg der beste Platz, wenn Spesen an den 4 Plätzen gleich.
Ch. I) General Nature and Effects of the Foster: Balance of Debt
Schließen Balance of Trade.
The balance of trade is generally understood to signify the excess of exports over imports. (3) Aber z.B. Ireland’s remittances for absentees, the interest of her debt paid in London, Great Britain’s remittances for her foreign expenditure, are all operations unconnected with commerce … which influence the wealth of the country, and the rates of their exchanges. (3)
Er nennt:
-
Hervorhebung in der Quelle.
Schließen balance of trade , the difference between commercial exports and imports; -
Hervorhebung in der Quelle.
Schließen balance of debt , the difference of money to be paid, and money to be received. The balance of trade forms a part of the balance of debts. (4)
Exports Hervorhebung in der Quelle.
Schließen may exceed imports … they have actually exceeded them to a great
amount, during the whole of the last century in favour of England; yet … the
balance of Hervorhebung in der Quelle.
Schließen debt
… cannot be permanently favourable or unfavourable to any country on
the whole of its transactions. (4)
1) The balance of debt may continue permanently favourable or unfavourable to any country, between it and any other country, though not between it and the whole world.
2) The balance of debt may be for or against any one country with the whole world, for a limited time: great foreign expenditure, bad harvests, sudden emigrations of the proprietors etc.
3) As the commerce of the country increases, it may demand an additional quantity of precious metals for its circulation, and therefore a part of the surplus brought in by the balance of debt will be retained for that purpose.
In every commercial country there must be a circulating medium proportionate to its demand. (5)
Marx exzerpierte Henry Thorntons „An Enquiry
into the Nature and Effects of the Paper Credit of Great Britain“
(London 1802) 1851 in Londoner Heft VI (MEGA² IV/7. S. 506–527). Das aus Foster notierte Zitat
exzerpierte Marx damals nicht.
Schließen (Thornton sagt in seinem
Essay on Paper Credit,
Note I, p. 178: „The quantity of money necessary for
performing a certain number of exchanges in a given time, may be
considered as nearly in the inverse ratio of its velocity of
circulation.“)
The greater we suppose the entire amount of the circulating medium in any
country, while the Foster: velocity of circulation and the
extent of its commerce
Schließen velocity of its commerce continue the same, of the less value any given
portion of it must
obviously become. (6 Kommentar von Marx.
Schließen Hier der Humesche etc Unsinn) (6) So wenn der Commerce eines Landes 10 Mill. £
fordert, und es wird 1 Mill. Gold zugefügt, so the
11,000,000 represent exactly the same value as the 10,000,000 did before;
each million and each pound must have lost 1/10 of its value, that is, represent 1/10 less than it did
before such increase took place. (7) Besteht aber das circulating
medium aus den precious metals, so: »the precious metals, like
every other commodity, seek a market where they are dear, and retire from
one where they are cheap. The trade of the bullion-merchant for ever
prevents their value becoming permanently less or greater in any one country
than in the rest. (7) (Their intrinsic value is least in those countries
which have the most direct communication with the mines; in all, it
compounded of their value at the mines, and of the expense of their
carriage.« (7 Note)[)] The only mode in which
the (überschüssige) bullion can be exported, is in exchange for commodities.
The exportation of the redundant bullion, and the
importation of the commodities for which it is
ultimately exchanged, are carried on by different hands and distinct
capitals: the latter is however the necessary consequence of the former, as
it is impossible Zusatz von Marx.
Schließen (!) for any country to part with bullion, or any other commodities,
without receiving value of some kind in return. The operations of the
bullion merchant therefore augment the quantity of imports in the year
following, and thus restore that equality of the imports to the exports,
which the tendency of the precious metals to preserve every where an
equality of value must necessarily occasion, unless some other mode of their
application is provided. (8)
Von 1700–1800 die respective balances of trade in favour of England zusammen über 348 Mill. £. St.; their real value much greater. ([8,] 9)
Die
Hervorhebung in der Quelle.
Schließen
Foreign Expenditure
of Great Britain … accounts for the application of the bullion
brought in by the balance of trade, and at the same time the cause which
gave rise to that balance. (9) Had it not been for the foreign expenditure,
the balance of trade could not have been in her favour during the century,
to a greater amount than the demand of the country for plate and coin. (9)
However great might have been the excess of exports during any limited time,
proportionate must have been the subsequent increase of imports, which the
trade of the bullion merchant would necessarily have occasioned. (10)
The trade of the bullion merchant for ever prevents the balance of debt being permanently Hervorhebung in der
Quelle.
Schließen in favor of a country, by continually exporting in exchange for
commodities the surplus quantity of the precious metals which a temporary
balance of debt had introduced. (10)
Ferner: When an unfavourable balance of debt has been paid in the precious metals, the demand for the precious metals which will be universally felt, in consequence of the exportation of a part of what was necessary to circulation, immediately enhances the value of that portion which has been left; but the dearness of the precious metals, and the cheapness of the commodities are exactly the same: the want of the precious metals, which will be generally felt, must give birth to an increase of produce and manufactures, by which alone they can be obtained; and the cheapness of these commodities, which necessarily ensues on the demand for the precious metals, attracts the foreign market. (11) »The productions of that country, by their cheapness, compared to the precious metals, will be forced out to foreign countries; as, on the other hand, the dearness of the precious metals will invite them to flow into that country, in exchange for its commodities: – exports therefore increase, until the quantity of the precious metals required for the commerce of the country is restored. The trade of the bullion merchant in this instance, as in the former, regulates the amount of the precious metals within the country. When the balance of debt is in favour of any country, his operations increase its imports; when it is unfavourable, they augment its exports.« ([11,] 12)
The willingness of foreign nations to buy, is increased just as much as the
necessity of those at home to Foster: sell
Schließen buy. The first find their gold cheap, and the commodities to be bought
with it dear; the second find specie dear, and their commodities cheap. (12,
13)|
Aber daher folgt nicht Hervorhebung in der Quelle.
Schließen universally, daß „the greater is the scarcity of
circulating medium, the more effectual is the stimulus applied to industry,
to produce those commodities, by which alone that circulating medium can be
obtained“. (13) Denn Herr
Thornton
hat gezeigt, bei Gelegenheit der Contraktion der
Bank o. E.
Zusatz von Marx.
Schließen (worauf 1797 die Suspension) that, where the demand arose from Hervorhebung in der Quelle.
Schließen
sudden alarm
, which, by impeding the velocity of
circulation, rendered a greater amount of circulating medium
temporarily necessary, to augment that alarm tenfold, and to bring
circulation altogether to a stand, was obviously an aggravation, instead of
a remedy for the evil (14).
[»]If the exports to all the world could be added to the amount of specie exported, they would be found equal to the amount of imports, and of foreign expenditure.« (16) Während der Kriege »der excess of her (Great Britain’s) exports above her imports was precisely that part of her produce for which she received no value in return[«]. (17) It was no loss to the merchants, but it was to the nation; for it was the nation that ultimately paid the merchants … not foreign nations. (17)
The operation appears to have been practically as follows: – a portion of
British Capital was borrowed by the gvt. to defray the expenses
of the nation, and taxes imposed for the payment of the interest; that part
of the money lent, which was destined for foreign expenditure, was
necessarily sent out either in specie or in bills of exchange, but, in each
case,
Hervorhebung in der Quelle.
Schließen necessarily forced the exportation of British produce to that amount, to pay
for these bills of exchange; for the specie which was sent out, was to be recovered by the export of manufactures,
and the bills of exchange for the same reason could be answered only by
exportation to their amount. The bills drawn on government by their agents
abroad, and discounted in countries which were the
theatre of expense, represented the expenditure in the first
instance; but these bills furnished the foreign discounters at once with
means, and with the temptation*), to become the purchasers of British
manufactures, and laid Gt. Britain under the absolute
necessity of increasing her exports to the amount of those bills. (* With
the temptation, as they were necessarily discounted at an
unfavourable exchange. In this instance, the
unfavourable exchange was the cause of the balance of trade, and not the
effect of it. 18 Note) The Hervorhebung in der Quelle.
Schließen
foreign expenditure may therefore be considered
as having been paid for in exports, in
the first instance
. (18) Kommentar von Marx.
Schließen (Seine Meinung ist, daß
specie exported must be bought back to fill the void caused in the
circulating medium by the specie export.
Dieß ist die echte Currency Scheisse!)
It is obvious that Hervorhebung in der Quelle.
Schließen the capital of the British exporters
was replaced not by the capitals of foreign consumers, but by
the capital of the British nation; and the only return the nation received, was the unproductive labour
of her soldiers and sailors, and the still more unproductive labour of the
princes whom she subsidised. … considered in a financial or commercial
light, it operated no otherwise on the wealth of Gr. Britain, than
if, at the expense of the nation, it had been purchased by the gvt., and
thrown into the sea. (19)
For the 8 years of peace, ending 1793, the amount of
the balance of trade in favour of Great Britain was in all 13,685,746l. official value.
For the 8 years of war which succeeded, it was 46,905,169l. official value;
or, if estimated 70% higher, to give its real value, 79,738,787l.
(See: Mr.
Irving’s Evidence before the Secret Committee of the
Lords, appointed to investigate the Affairs of the Bank, 1797
) Thus we find a prodigious increase of foreign
expenditure, accompanied by a prodigious increase of balance of
trade. In no other mode – Kommentar von Marx.
Schließen jezt kommt der Blödsinn! – could the Quantity of specie requisite to
Grt. Britain be kept in circulation than by exporting her produce
to the amount of her foreign expenditure. (15, 16)
The amount of the foreign expenditure … during the first 4 years of the war … £33,510,779£ £33,510,779. (See Report of the Secret Committee of the House of Lords, 1797, p. 253 ). The exports were principally increased to those countries which were the theatre of our expenses. The exports to Germany were more than quadrupled. (Sieh eben citirten Report of the Secret Committee etc, 1797, p. 254). During Peace they were not above 1,900,000l. p. an.; but 1795 and 1796 they were above 8 Mill. £ St. each year. (16)
Lord King has accounted in another
manner for the balance of trade being permanently in favour of England, in
that commerce of which the tables of Exports and Imports take notice.
According to King, the possession of the Indian commerce, which is carried
on by the exchange of European silver for Indian commodities, „involves the necessity of
maintaining a favourable balance with the continent of Europe“;
by which alone that silver can be obtained. (19) Aber, sagt Foster: The
official balance of trade in favour of Gt. Britain with all
countries, except the East Indies, during the 18. century, amounted to 348
millions; the real value was possibly above 500 millions. Kommentar von Marx.
Schließen ⦗Der Esel glaubt daß diese 500 Mill. in precious metals
importirt werden!⦘ Yet certainly Gt. Britain did not export 500 millions worth
of silver to India during that period. (21)
Kommentar von Marx.
Schließen Wie sich alle facts verdrehn, im Kopf der currency
principle Besessnen, zeigt Foster’s Erklärung über den
Commerce der
East India Co. mit
East India. Wenn seine Theorie richtig, so müßte
das fortwährende Häufen von Silber in Indien
dort das Geld (Silber) depreciirt und den
Preis der indischen Waaren so furchtbar erhöht haben, so
daß der Export indischer Waaren durch die
Depreciation der Currency checked and Import of foreign
commodities excited. Foster’s Bullion merchant in India must at once
have „forced“ by the export of Silver to Europe the Import of
European Commodities into India. Statt dessen:
»The motives for foreign nations to carry on such a commerce ⦗ Zusatz von Marx. Marx exzerpiert hier erneut
einen Satz, den er schon oben auf S. 37 des vorliegenden Hefts notiert hat. Da er den Satz
auf S. 37 mit einem kleinen Fehler (buy statt sell) abschreibt, ist
der vorliegende Satz wahrscheinlich erneut aus dem Buch, und nicht
aus dem früheren Exzerpt abgeschrieben.
Schließen nämlich grade vorher geht der Satz: The
willingness of foreign nations to buy, is increased just as much as the
necessity of those at home to sell. The first find their gold cheap, and the
commodities to be bought with it dear; the second find specie dear, and
their commodities cheap. p. 12, 13⦘, will be similar to that which induce
our East India Co.
constantly to export specie to India, in exchange
for its commodities, and not Hervorhebung in der Quelle.
Schließen
vice versa
, because that specie has a greater relative value to commodities in
India, than in Europe.« (13)
Kommentar von Marx.
Schließen Also obgleich beständig (constantly)
silver poured into India from Europe for 100 years, the whole
18. century, trotz des beständigen Wachsens der
Quantität von Silber in India,
bleibt der relative Werth of silver verglichen mit Waaren –
d.h. dem
Preis der Waaren in Indien,
[–]
wohlfeiler als niedriger in Europa. Und
dieß führt Foster dafür als |39 Beweis, daß mit
der increase of the quantity of the precious metals
their value must sink and that of commodities rise!
Kommentar von Marx.
Schließen Indien macht d. currency pri war
von vornherein der Stein des
Anstosses für die currency principle men. Aber
während Foster einfach vergißt, daß er grade mit Indien das
Gegentheil von dem zeigt, was er zeigen will,
erklärt sich Vanderlind
die Sache daraus, daß die Inder das
Silber vergraben, und es daher nicht als currency wirkt. Er giebt also zu – was ebenfalls
sein Princip aufhebt – daß Geld noch andre Functionen
hat als die of currency.
Ireland: The foreign expenditure of Ireland besteht
aus 2 articles, the remittances to absentees
(2 Mill. £. St. p. an. stated in the Evidence,
p. 2, before quoted, but probably far less) and the interest of her debt payable in London (1,275,000£. p.a., to which
about 250,000l. will be added by the expenses of
this year, Zusatz von Marx.
Schließen viz. 1804) (p. 22)
Supposing no loans to be raised in England, the first and immediate effect which their (the absentee’s) residence abroad produces is to force an excess of Irish exports above imports, to the same value as the remittances which are to be made to them. (23)
Suppose the case of a single absentee proprietor, who has an estate in Ireland of the value
of 20,000£. p.a. His rents must be remitted to him either in gold, or in
bills of exchange. If they are remitted in gold, an increase of Irish produce must be sent out to recover specie to an
equal amount, as indespendable to the circulation of Ireland
Kommentar von Marx.
Schließen (Hier guckt der Eselsfuß wieder heraus.); and therefore may be considered as having been sent out, in the
first instance, in discharge of that remittance. (23, 24)
But the fact is, that the remittances to the absentees seldom or never are
made in specie. This was
fully
admitted in the
evidence taken by the Select Committee. Even
in the North of Ireland, were where the rents are paid in gold, the gold does not leave the country.
The remittances are made in bills at a course of exchange
not sufficiently high to tempt the gold out of the country
Kommentar von Marx.
Schließen (also wirkt der Herr Bulliontrader unter Botmässigkeit
des Wechselkurs. Strömt Gold in ein Land ein, so
der Wechselkurs für es, und, all circumstances
remaining the same, der bullion trader can send out no
gold). But when the remittances are made in bills of exchange … the bill of exchange is either drawn in Ireland upon
London, and bought by the agent in Ireland to be remitted to the
proprietor. Dann it has necessarily been drawn in consequence of a demand
which the Irish exporting merchant has upon England. If, on the other hand,
the bill be drawn by the absentee in London, on
his agent or banker in Dublin, it cannot be sold on the Exchange in London,
unless to some merchant who has imported, or is going to import, commodities
from Ireland. Or if, for want of a purchaser in London, the bill is remitted
to Ireland in the first instance for payment, and specie is in consequence
exported, still that must occasion an exportation of
produce to recover
specie to an equal amount. (24, 25)
Had they (the absentees) continued in Ireland, they would have given birth to a quantity of
produce equal in value to their rents, and Hervorhebung in der Quelle.
Schließen
consumed it in Ireland; but living in England, they still give birth to an equal amount of
Irish produce, but consume it Foster: in England
Schließen in Ireland
… The quantities produced and consumed in both cases the same in value … but different
in the nature of the items of which they are composed. The Irish
produce … consumed in Ireland … would have been such as his (the
Proprietor’s) taste and pleasure should have dictated; but on his emigration
they become such as the foreign market shall
demand. The consumers also are different;
for it is not to be supposed that the absentee spends his income in the
purchase of Irish commodities; on the contrary, he spends his Irish rents in the encouragement of English industry; but then
he is the cause that others become the consumers of Irish
produce of another description, and to an equal amount. The Irish producers are also different. Had the
proprietor remained at home, he would have called forth industry, probably
on his own estate, and in its immediate neighbourhood; but when settled in
England, the proprietor of an estate in Munster, may perhaps, to a much
greater degree, encourage the industry of Ulster. lt is he, indeed, that
gives birth to the quantity of produce; but the quality
must be decided by the demand of the foreign market. (25, 26)
Of the few who have been aware that the effect of the
absentees was to force an increase of exports to the amount of
their
remittances, some have fallen into an extraordinary
error, and concluded, that the absentees Hervorhebung und Ausrufezeichen in der
Quelle.
Schließen
were therefore so far beneficial! But the supporters of so strange a paradox might have observed a
distinction between the exports that are exchanged
for
imports, and those which are to
discharge the foreign expenditure of the country – a Hervorhebung in der Quelle.
Schließen
distinction no less important than that the
former are paid for, but the latter not
. The exporting merchants, indeed, are paid
alike for all that they export; but it is Ireland, and not another nation,
that pays for that portion which is sent in discharge of her foreign
expenditure. The capital of the Irish merchant, who exports the produce
which is to answer for the remittances to absentees, has
his capital replaced, not by British capital, but by the rents of the
absentees. It is Ireland paid by Ireland to work
for England. It is the part of England to enjoy, and of Ireland to
labour. The only value that Ireland receives in
return, is the permission to keep at home her
circulating medium. Kommentar von Marx.
Schließen (Eselsfuß!) … If a tradesman found that of what he sold 2/3 were regularly paid for, but the
remaining third never, he would certainly consider
Hervorhebung in der Quelle.
Schließen his balance of trade
as the only part of it that did not enrich him. The case of the nation
is the same as that of the individual. (26, 27)
Bemerkung von Marx.
Schließen
Notabene: Hier zeigt sich wieder
die bonne foi des Herrn McCullochs! Er kopirt
von Foster den incitement of industry durch
die absentees, aber vergißt Foster’s ausdrückliche
Bemerkungen über die Schädlichkeit dieses excitement
für Irland zu kopiren! Lumpenhund!
In den Irish pamphlets und speeches des 18. Jh. immer
die Angst, daß Irland in Folge seiner remittances Foster: that their gold was
about to leave them
Schließen des Baaren entblößt werden
würde. Prophezeiung nie erfüllt „leave
poor Ireland without money“. »A prediction annually made, never fulfilled,
yet still repeated.[«] (28) Selbst Swift schrieb in diesem Sinn.
(l.c.) In einem Pamphlet
(anonymous) von
1729 heißt es: (Es ist a treatise „on the state of Ireland“): „It appears plainly from this list of
absentees, and the estimate of the quantity of species they may be supposed
to draw out of the kingdom, that no other country labours under so wastful a
drain of its treasure as Ireland does at present by an annual remittance of
above 600,000l. to our gentlemen abroad. lt is
believed by many who understand our money affairs, that there is less
species now in the kingdom than there was at any one time since the
Revolution, if not since the Restoration. The most sanguine do not reckon
that we have £400,000 now remaining; if so, ’tis impossible to subsist much
longer under such a train drain … and a constant course of exchange against us, … it evidently
follows, that all our remaining species will in a little time be carried
off. … It is to be feared this misfortune will fall upon us much sooner than
could be thought of, since we are credibly informed that Miss Edwards’s
estate in this kingdom, said to be worth 150,000l.
is immediately to be sold, and the purchase money sent away; that a noble
lord of the greatest fortune here is to have 80,000l. remitted, and that several others are selling or mortgaging
their lands for large sums. Hervorhebungen in der Quelle.
Schließen
If all these designs should take place, they
will be sufficient to carry off all the
circulating cash of |40
kingdom in a very short time
.“ (29, 30)
After the revolution of near 80 years, we may now observe, that notwithstanding Ireland possessed only 400,000l. in specie, and had an annual subtraction of 600,000l. according to the author from that sum; notwithstanding the constant course of exchange complained of; and notwithstanding the sale of Miss Edwards’s estate; Ireland never was exhausted of its specie until the measure of the restriction rendered it superfluous; on the contrary, though the absentees have greatly increased since 1729, and though estates, greatly superior to Miss Edwards’s, have since been disposed of, Ireland has increased her stock of specie from 400,000£., in 1729, to 5 millons, at which it was estimated in 1797. (31) (Evidence Committee p. 97 und 129)
Ireland, compelled to export the value of above 3,000,000l. … the effect of such a balance of debt not being to cause an exportation of specie, but an exportation of produce without return, was zwingt Ireland to labour severely, and to little purpose, to save a great portion of her annual produce, not for the purpose of accumulating a capital for herself, but of sending it to increase both the revenue and the capital of another country. (31, 32)
Zusammenfassung von Marx.
Foster: It certainly is possible that an artificial system may
counteract the operation of the balance [...]
Schließen Dieser Prozeß kann aber durch falsche Maßregeln gestört
werden. Dazu
rechnet er »the expedient of raising the loans in
England for the service of Ireland« (p. 32)
1) It enables Ireland to discharge the balance of debt in another manner than by the exportation of her own produce and manufactures. (p. 33)
Kommentar von Marx.
Schließen Das was nun folgt ist eine der schönsten
Exemplificationen der currency principle delusions of
International Commerce, die man sich denken kann:
»By the unnatural supply of circulating medium which it
occasions in Ireland, it entirely counteracts
that demand for circulating medium which the balance of debt would
otherwise
occasion, and the scarcity of
which would … give existence to such an increase
of produce. Preventing the scarcity of
circulating medium, it necessarily prevents the existence of all
that increased produce which the scarcity of circulating
medium would otherwise have occasioned. Kommentar von Marx.
Schließen (Warum, in dieser Lausetheorie, sollte die scarcity of
the circulating medium, statt an increase, not rather cause a decrease of production? The produce being
decreased to a certain point, the relative
scarcity of the circulating medium would be converted into
sufficiency or even abundance.) At the
moment when it is most for the interest of Ireland that the circulating
medium should be as dear as possible, it renders it cheap.« (33) [»]As far as the balance of
debt goes, the loan discharges it, and
immediately returns to England in payment of that amount; which balance, had
it not been for the remittance of the loan to Ireland, would have been paid
for in produce, which
Hervorhebung in der Quelle.
Schließen would have
existed.« (33) Kommentar von Marx, zum Großteil wieder von
ihm gestrichen.
Schließen ⦗dear, dear! Gesetzt erstens, die
Irländer haben die Sauenglische Regierung in Irland aus
eigner Tasche zu zahlen (ohne loan dafür in London)
(der loan auch in London ist natürlich auf
die Steuern in Irland berechnet, und ist
nur advance, sort of Exchequer Bill upon
Irish Taxes, wofür Irland die Zinsen zu zahlen hat) u.
ausserdem Geld nach England zu remittiren für
die absentees.⦘
But … the loan remitted to England may perhaps exceed the amount of
the balance of debt due by Ireland. Kommentar von Marx.
Schließen (Und warum soll Irland den Engländern mehr zahlen als es
ihnen schuldet?) … No country can retain a greater quantity of
specie than it can employ as the representative of its commerce
Zusatz von Marx.
Schließen (er meint als currency), at the same value as specie is employed by the
adjoining nations. Now in whatever manner the loan is remitted to
Ireland, the medium in which it is remitted must be a
representative of value also in England; and not
finding in Ireland any value to represent Zusatz von Marx.
Schließen (!), it can no more continue in Ireland, than if it
were so much specie: it therefore instantly leaves Ireland and
returns to England; but after having discharged the demand of England
against Ireland, it can return to England only in exchange for
commodities. (34) Kommentar von Marx. Alternative
Entzifferung: müßte.
Schließen (Selbst innerhalb der bornirten Vorstellungen
des Kerls mu(?)ßte er
für seine Zeit something wissen von
placing capital at interest in foreign countries). (34)
Hervorhebung in der Quelle.
Schließen
[»]The English loan therefore
diminishes the exports of Ireland by the amount of the balance
of debt, and increases the imports of Ireland by the excess of
loan above the balance of debt.«
(34) Kommentar von Marx.
Schließen ⦗Die Angst des Kerls ist sehr überflüssig. So
weit the English loan to Ireland = balance of debt due for
remittances to Irish absentees in England, so wird nichts on this
account von Irland nach England an Produce, nor of money
from England to Ireland geschickt. In diesem Fall hielte also Irland
sein Surplusproduce, statt es in Zahlung von Rent umsonst nach England zu schicken. Die
Creation dieses surplusproduce ist erzwungen
durch die Existenz der Rente, due to the
landlords. Sie ist nicht erzwungen, kein Geschöpf
des absenteeism dieser landlords.
Das produce will exist, ganz
unabhängig von der balance of indebtedness
zwischen England und Irland. Der farmer muß nach
wie vor a surplus produce = rent produciren. Entweder ist es nun
möglich dieß surplusproduce im Inland zu verkaufen. Tant mieux. Oder
es wird nach England geschickt, aber jezt nicht umsonst, sondern
gegen Equivalent. Irish linnen etc, welches statt Korn etc nach
England gehn mag, findet Absatz in England nicht weil es
die Form ist, worin die Rente, national
betrachtet, bezahlt, sondern weil es in England demanded wird.
Andrerseits, wenn der English loan to Ireland > balance
of debt due for remittances to Irish absentees in England, so
braucht nach dem Princip des Kerls selbst nicht
nach England zurückzukehrn(?). Da nämlich Theil des surplusproduce
wenigstens in Irland bleibt unter den vorausgesetzten
Umständen, so ist more value to represent und daher more
Geld als currency absorbirbar, nach dem Princip
des Kerls selbst.⦘ ⦗Im angegebnen Fall zahlt England
die Rente aus. Andrerseits wird Irland Schuldner
für die Zinsen des loan.⦘
[»]The operation is practically this: When the
loan is to be remitted, the Treasury in Dublin draws bills on their agent in
London, and sell them to persons wanting to remit in Dublin: but the
purchaser of their bills in Dublin has but two possible modes of applying
them, either in liquidation of a demand against him in
England, or, as is probably more frequently the case, in purchase
of commodities in England to be sold at a profit in Ireland. If he applies
the note for the first purpose, it obviously discharges the same office
which exports to the amount must otherwise have performed; but if applied
for the second … it is so positive an increase of imports etc. In the first
case the Treasury draught allows the holder to spare the
circulating medium of Ireland
Kommentar von Marx.
Schließen (Rindvieh!), and thereby prevents the exports that must either
have gone in its place, or to recover it, if actually sent. In the
second instance, the Treasury draught allows the holder to have a demand
upon London, which the quantity of the circulating medium
in Ireland could not otherwise have permitted.« (34, 35)
Kommentar von Marx.
Schließen ⦗If the English loan to Ireland = the Irish Debt to England,
Ireland and England are placed upon the foot of countries between
which there exists a par of exchange. Voilà tout. The surplusproduce
= rent due to the Irish absentees will be eaten up by the English
officials and debtholders in Ireland etc.
Or the English loan to Ireland It
is then the same thing as if the Irish absentees consumed it
themselves in Ireland. Or if the English loan to Ireland > than
Irish debt to England, let this overplus of loan over debt be = x£.
Those x£ are a simple loan by England to Ireland, not in discharge
of any former debt incurred by Ireland to England, but a loan pur et
simple. That loan may be transmitted to Ireland in bullion or in
commodities, or in both. But for our purpose it suffices to suppose
the two extreme cases, bullion only or commodities only. If the
latter, the commodities may be either of a description which makes
them enter into dangerous overwhelming competition with certain
branches of Irish industry. So far production may be checked by
their import, viz. this form of the
English loan. Or the import may take the shape
of commodities to be productively consumed in Ireland. Then this form of the English loan will
develop Irish production. Both cases are true for
all foreign loans (we do not consider here the question of
interest, and of loans for unproductive expenditure. Even in the
latter case better for Ireland if England pays the capital of her
own government expenditure in Ireland and Ireland the interest only
than if Ireland had to invest her capital in that unproductive
expenditure.) They have nothing at all to do with the state of the circulating medium, its expansion or
contraction. On the other hand, if England discharges her loan in the shape of bullion, this is nothing
less or more than the general case; not
anything particular to Ireland, of a nation borrowing from another
capital in the shape of bullion. If |41 it be said, that, the circulating medium being full,
the occasion of that bullion must depreciate it to the same amount,
this is then true for every nation that contracts a foreign loan, to
be remitted in bullion. And this ought to be the doctrine of the
currency school. But, then, they ought to go farther, and assert
that no new demand springing up – no new effective demand = monied
demand, [–] can increase production,
hence capital, but can only depreciate the existing currency. And
this ought to be the doctrine of the consistent currency men. But
Foster’s nonsense consists prima facie in this that he treats this
not from this general point of view, but as something peculiar to
the relations of England and Ireland.⦘
Thus instead of increasing the capital of Ireland … the loan increases
nothing but her expenditure. By swelling her list of imports, it … compels
her to consume foreign articles, which she could not otherwise have
purchased; at the same time by diminishing her list of exports, it prevents
the existence of those articles, the productions of her industry, which,
were it not for the loan, the balance of debt would have occasioned. (35,
36) Hence … those Hervorhebung in der Quelle.
Schließen
daily lists
of imports and exports of the port of Dublin, whose formidable
balance of imports excites at once the astonishment and despair of Irish
merchants. (37) Kommentar von Marx.
Schließen (Der Esel vergißt, daß durch die
Union die Engländer sich
den irischen Markt geöffnet hatten und ihn
unter allen Umständen, loan oder nicht, überschwemmt haben
werden.)
[»]Even on the supposition that these loans are so much addition to the capital of Ireland, still the amount of money, in which they are sent over, could not continue in the country, since the quantity of circulating medium, which any capital demands, is probably not 1/100 part of that capital. The capital of Grt. Britain has been estimated at 4000 Millions: the circulating medium of Gt. Britain is probably not 1/100 of that sum; therefore, if a loan of 2 mill. is remitted to Ireland, supposing that circulating medium bears the same ratio to capital in Ireland as in England, they who imagine it possible for the money to continue in Ireland, must contend that it has operated an increase, not of 2 mill., but of 200 mill. of capital.« (36 Note)
Kommentar von Marx.
Schließen Der Kerl sagt in einer andern Note, die seinen
ganzen Dreck über den Haufen wirft:
»As there is reason to presume that the balance of
trade, notwithstanding the loan, was last year in favour of Ireland, it may appear inconsistent to talk of the
excess of imports; but it is the commerce of Dublin that
is under consideration. The
Foster: excess of exports
Schließen exports at Cork and Belfast may more than counterbalance; and it appears a confirmation of this theory Zusatz von Marx.
Schließen (!), when we observe that the same part of Ireland which receives the
loan is the place where the imports so much predominate.[«] (38 Note)
Sir John Sinclair , in his History of the Revenue of Great Britain, has collected 21 passages from respectable writers, all men of authority in their day, tending to prove that England was actually undone in 1680, and has been in a progressive state of deterioration ever since. (40, Note).
On year ending 5. Jan. 1803 current value of imports into Ireland: £7,654,113, of Exports £8,571,412, leaving a balance of 917,299£ in favour of Ireland. (41)
On year ending 5 Jan. 1803 Exports + loans etc = 10,031,002l.; Imports + Remittances for absentees = 9,654,113; leaving 376,889 in favour of Ireland. (43)
The interest paid by Ireland for that debt payable in London … is retained in London out of the loan made for Ireland. (43 Note)
Zusatz von Marx.
Schließen Der Esel glaubt, daß es für
seine Theorie spreche: 1) daß previous
to the practice of Ireland borrowing from England, her exports exceeded her
imports, nearly to the amount of her remittances to absentees; 2) that when
the practice of borrowing commenced, the excess of her exports were reduced;
3) that as the loans increased, the reduction of that excess of exports …
still greater; or perhaps, that it was entirely destroyed, and a balance of
imports substituted in its place. (44, 45) Kommentar von Marx.
Schließen All this has nothing to do with his „theory“, but proves only that an excess of exports, merely paid as a tribute without any
immediate equivalent or prospective return, will disappear in the
same degree that this tribute disappears,
whether from one cause or the other.
Kommentar von Marx.
Schließen One of it its ways of disappearing is of course a continuous loan, by
the nation which receives the tribute, to that which pays it. (the
interest, however, being always paid for the tribute, remitted or
cancelled by the loan)
Kommentar von Marx.
Schließen Also alle facts des Kerls haben nichts mit
seiner Theorie zu thun.
On average of 5 years, ending
March 25, 1794, Hervorhebung in der Quelle.
Schließen before the practice of raising the loans in England had
commenced
, the exports exceeded the imports 1,195,810l.
5s. 9d. p. annum, official value. (45) On an average of the 5 succeeding
years, ending
March 25, 1799, Hervorhebung in der Quelle.
Schließen after the practice of making the loans in England had
commenced
, the excess of exports over imports no longer 1,195,810l., but only 466,466l.
12.s. 12s. (45) On an average of the 5 succeeding years, ending
Jan. 5, 1804, Hervorhebung in der Quelle.
Schließen when the loan had become much greater
, the excess of exports over imports was not only annihilated, but the
imports came to exceed the exports by 1,071,428l. p.a. Dieses leztre statement aber nur
according to official value; for, if stated according to the real, there is
reason to believe, that the balance of trade would, even during the latter
5 years, appear in favour of Ireland, … aber der official value
must suffice for the comparison of one year with another. (45, 46)
The Bank Restriction, ferner, has allowed, if not compelled, a considerable proportion of the specie of the country to be applied to the liquidation of the demands against her. (47)
The foreign expenditure of Gt. Britain forced a balance of trade in her
favour, to the amount of that foreign expenditure, Hervorhebung in der Quelle.
Schließen minus
the quantity of specie which was exported, and which the country was
able to dispense with. The greater the quantity of specie that could be
dispensed with, the less therefore was the balance of trade in favour of
Gt. Britain; that is, the less the productions of
British industry. The Bank restriction, by enabling the nation
to dispense with a very great proportion of the specie, diminished therefore
the balance of trade to that amount. ([47,
]48)
Every system of banking displaces a certain proportion of the precious metals
as Hervorhebung in der Quelle.
Schließen
unnecessary; and the Bank restriction tends to displace them entirely. (51)
Hume dachte Banknotes addition to the circulating medium of the country;
and on this is founded his attack on the banking system. A. Smith zeigte daß banknotes
sind not addition, but »substitution« für
the precious metals. Zusatz von Marx.
Schließen Darauf bemerkt Foster klugscheissend: Even supposing the banking system acts only by substituting, and not
by adding, still it is attended with a loss to a certain degree; f.i., if …
the banking system in England has displaced 20 Mill. of gold, still these
20 mill. must be applied, in some manner, in other countries; but as,
wherever it is applied, it must depreciate in value,
and as the value of the precious metals becomes
finally equal in neighbouring countries, the gold that has remained in
England will also be depreciated: yet Gt. Britain is a gainer by the
operation; for the loss has been divided with all the world, but the gain
has been exclusively to her. But if … all countries should adopt the banking
system in proportion to their commerce, they none of them would have
substituted the cheap in place of the expensive medium, but have made a mere
addition to their circulating media, and depreciated them nearly in the same
proportion. (51 Note)|
The amount of specie exported from Ireland since the restriction has been Thomas Thorpe
Frank berichtete über den Goldexport 1804: „3,000,000 guineas have
been sent out of Ireland.“ (Siehe Report from the Committee 1804.
In: House of Lords. The Sessional Papers 1801–1833. Vol. 10.
1803–1804). S. 128–132.)
Schließen estimated by
Mr. Franks so
low as 3 Millions. (53 52)
Plain linen, staple manufacture of Ireland. In the years ending 25 March
1791 | Exported | 39,718,706 yds |
1796 | 46,705,313 | |
1797 year of the restriction | 36,559,746 | |
1804 | 37,432,365. |
Doch »that diminution may be attributed to other causes«. (p. 54 Note)
That mischievous operation would have … caused to be exported a much greater quantity of specie, had it not been counteracted in the North of Ireland by the steady resolution of the linenmanufactures and merchants to refuse Banknotes, and make all their payments in gold, followed by the practice of several absentee landlords, who required payment of their rents in specie. A considerable quantity of specie has thus been retained in the North of Ireland as its medium of circulation, which, had it not been for this custom, would infallibly have been exported by the Bank restriction. (55)
A nation which confined itself to domestic commerce, might adopt for its circulating medium any substance and form, which it found most convenient; but if it is to support commercial relations with the rest of the world, it must have recourse for a certain extent to the precious metals, as affording the only circulating medium common to them all. (56 6)
Inhalt:
-
Wechselrechnung (Contin.)
-
Berechnung der Staatspapiere u. Aktien.
-
Gold- und
Silberrechnung.
-
I)
-
II)
-
III) Münzrechnung.
- 1) Uebersicht der Münzen in Bezug auf
ihr Gewicht.
-
2) Feingehalt der
Münzen nach ihrer gesetzlichen Ausprägungin
Tausendtheilen.
-
3) Uebersicht
der Münzfüsse.
-
4) Berechnung der
Ausmünzungsverhältnisse.
-
5) Berechnung
des Werths der Münzen.
-
I) Münzkursnotirungen nach Procenten u.
Stücken.
-
II) Münzkursnotirung al
marco.
-
IV) Silberscheidemünzen
Kupfermünzen.
- 1) Uebersicht der Münzen in Bezug auf
ihr Gewicht.
-
I)
-
IV) Berechnung des
Gold- u. Silberverhältnisses.
-
Merkantilische Berechnung der
Maaße und Gewichte.
-
Waarenrechnung.
-
Berechnung der Seeschäden oder
Havarien.
-
Preface.
-
Ch. I) General Nature and Effects of the
Balance of Trade
.
-
Ch. II. Operation of the Balance of Debt upon
Exchanges.
-
Ch. III) Causes unconnected with the Balance of Debt
Regulating the Nominal Rates of Exchanges.
-
Chapter IV. Causes and Effects of the Exchange between
Grt. Britain and Ireland.
-
V Chapter. General Remedy for unfavourable
Exchanges.
-
VI Chapter. Application of the Remedy in Ireland.
-
Appendix. N. VII. p. 208.
-
1) Vertheilung des Grundbesitzes.
-
2) Verhältniß der Zahl der
Grundbesitzer zum Flächenraum.
-
3) Schuldbelastung des
Grundbesitzes.
-
4) Agricole Bevölkerung.
-
5) Verhältniß der industriellen Bevölkrung zur
Agricolenbevölkerung.
-
6) Verhältniß der Industriellen Bevölkerung zur
Totalbevölkerung.
-
A. Landwirthschaft.
- B) Bodenerzeugnisse.
-
a) Getreide.
-
b) Reis (blos aus 3 Staaten Angaben)
-
c) Hülsenfrüchte. Hectoliter.
-
d) Kartoffeln.
- e) Runkelrüben.
-
f) Stoppel- u. Futterrüben.
-
g) Kopfkohl (Kraut.)
-
h) Wein.
- i) Rosinen (Cibeben u. Korinthen)
- k) Oel.
- l) Flachs.
- m) Hanf.
-
n) Baumwolle.
-
o) Hopfen.
-
p) Tuback.
-
q) Heu. (Angaben aus 8 Staaten)
-
r) Holz.
-
a) Getreide.
-
C) Thierproduktion.
-
Bodenwerth. (Angaben aus 15 Staaten)
-
Bergbau
-
Recapitulation der Urproduction. Jh. Gesammtwerth
derselb.
-
3) Industrie.