## 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.|

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Andres 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.

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.|

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2) 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.

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.|

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d) 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:

• , the difference between commercial exports and imports;
• , 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 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 … 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)

The greater we suppose the entire amount of the circulating medium in any country, while the continue the same, of the less value any given portion of it must obviously become. (6 ) (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  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 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 , 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 . 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)|

38

Aber daher folgt nicht , 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 hat gezeigt, bei Gelegenheit der Contraktion der Bank o. E. that, where the demand arose from , 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, 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 . (18)

It is obvious that 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 modecould 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 ). 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. Yet certainly Gt. Britain did not export 500 millions worth of silver to India during that period. (21)

»The motives for foreign nations to carry on such a commerce ⦗ 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 , because that specie has a greater relative value to commodities in India, than in Europe.« (13)

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, ) (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 ; 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 . 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 but living in England, they still give birth to an equal amount of Irish produce, but consume it  … 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 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 . 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. … If a tradesman found that of what he sold 2/3 were regularly paid for, but the remaining third never, he would certainly consider 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)

In den Irish pamphlets und speeches des 18. Jh. immer die Angst, daß Irland in Folge seiner remittances . 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. .“ (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)

. 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)

»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 wouldgive 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. 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 existed.« (33)

But … the loan remitted to England may perhaps exceed the amount of the balance of debt due by Ireland.  … No country can retain a greater quantity of specie than it can employ as the representative of its commerce , 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 , 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)  (34)

(34)

[»]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 , 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)

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 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)

[»]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)

»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 at Cork and Belfast may more than counterbalance; and it appears a confirmation of this theory , when we observe that the same part of Ireland which receives the loan is the place where the imports so much predominate.[«] (38 Note)

, 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)

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)

On average of 5 years, ending March 25, 1794, , 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, , 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, , 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, 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 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. 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)|

42

The amount of specie exported from Ireland since the restriction has been . (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)