10 February 1866. N. 1172.
The Economist, 10. Februar 1866. S. 153/154.
Schließen
Money Market.
»The Indian demand and the Brazilian demand having arisen from the same cause – from the cotton payments, have slackened. … Probably, in consequence of the diminished Oriental demand the bullion in the B. o. France has increased 700,000l.«
There is still much new trade with America, but under her altered circumstances, America is now a new customer.
There have during the week been several failures of contractors and others are still rumoured[.] The finance and discount cos which hold the bills of such contractors are necessarily affected … These contractors made railways (mainly on their own account) in positions where they could not pay, and they obtained the capital wanted to make them at great interest in Lombard Street.
»No one cares whether „companies“ stand or fall. Their credit is too recent to affect by its cessation the general public, to cause diffused fear.[«]
On
the whole, therefore, we
Zusatz von Marx.
Schließen (das Orakel)
are not apprehensive as to the state of
credit … we hope that
they
Zusatz von Marx.
Schließen (the Bank of E.)
soon may be strong enough to do so (i.e. reduce the rate of discount.)
Kommentar von Marx.
Schließen Wichtiger dagegen als der Economist selbst
wußte, folgender Passus, der halb ironisch ist:
»These (limited) companies give means to great firms in difficulties
to get out of them, without a collapse that frightens the world. The
„shell“ of a great house once had to stand as long as it could; there
was nothing else for it to do. But now it has a
resource – it can turn itself into a
company. … The prestige of the great house is diminished
easily; it does not fall with a crash. Even if 4 or 5 years afterwards
the limited compagny gets into difficulties, no one cares; it affects no
one Kommentar von Marx.
Schließen (And Overend et
Gurney, wiseacre!) but the company itself. Reid,
Irving et Co. would not have failed nowadays. It would
have become „Reid, Irving, et Co. Limited“, and lasted over, perhaps
succeeded etc.«|
The Economist, 10. Februar 1866. S. 154–156.
Schließen
Cattle Plague.
We cannot feed the country on homegrown cattle. Year by year the amount of meat consumed in the country augments. Following shows how rapidly the trade is augmenting:
1863 | 1864 | 1865 | |
---|---|---|---|
Oxen, bulls and cows: | 89,518 | 141,778 | 196,030 |
Calves | 36,930 | 44,678 | 48,926 |
Sheep and lambs | 380,259 | 412,469 | 763,084 |
Swine and hogs | 24,311 | 68,777 | 117,766. |
The Economist, 10. Februar 1866. S. 157/158.
Schließen
American Protectionism.
The whole argument reduced to essentials amounts simply to this, that free trade is absolutely sound over an entire world, provided that world is governed by Congress. … It is better, f.e., that Louisiana, with its splendid facilities for growing cotton, should grow it and send it to Lowell to be made up than that it should waste a special resource by diverting its supply of labour to the making up.
The Economist, 10. Februar 1866. S. 159/160.
Schließen
Coal Supply.
Mr. Hull, in his useful work, 1861, calculated that if consumption in England were to proceed at the same ratio as that of the preceeding 20 years, our coalfields would be exhausted in 172 years.
Sir W. Armstrong, in his Newcastle address, assuming 23/4 as the average annual increase in the 8 years previous to 1861, exhausted the available supply in 212 years.
Mr. Jevons estimated the average annual increase between 1854 and 1863 at 31/2%, und exhausted in 100 years at that rate of increase.
Mr. Hunt’s Mineral Statistics (1866). Danach die annual production der last 4 years:
1861 | 85,635,214 tons |
1862 | 83,638,338 |
1863 | 88,292,515 |
1864 | 92,787,873. |
1863 exceeded | 1862 by | 4,654,177 tons |
1864 | 1863 by | 4,495,358. |
So ultimate catastrophe still more proximate.|
1863 | 2,397 |
1864 | 3,268. |
Amount (tons) | Duty. | Rate of Increase p.c. of Exports in 10 years | ||
---|---|---|---|---|
s. | d. | |||
1821. | 170,941 | 7 | 6 | |
1831 | 356,419 | 4 | 0 | 109% |
1841 | 1,497,197 | nil | 320 | |
1851 | 3,468,545 | 132 | ||
1861 | 7,855,115 | 126 | ||
1862 | 8,301,852 | |||
1863 | 8,275,212 | |||
1864 | 8,800,000 |
France.
Production (Metric Quintal) | Consumption. (Metric Quintal) | |
---|---|---|
1855 | 68,270,100 | 108,567,800 |
1863 | 107,079,800 | 165,800,000 |
Increase: | 38,809,700 | 57,232,200. |
From All Countries. (Metric Quintal) | From England (Metric Quintal) | From Belgium (Metric Quintal) | |
---|---|---|---|
1863 | 61,204,500 | 12,966,000 | 37,152,000 |
1864 | 62,232,870 | 13,948,124 | 31,582,551 |
Increase | 1,028,370 | Increase 982,124 | Decrease 5,569,449. |
The English treaty with France has seriously affected the Belgium coal trade, wovon der North of France is becoming comparatively independent. Der Belgian supply finds still a market in the East of France und from Brest to Marseilles. The French Gvt. does the utmost to stimulate national production, even at a pecuniary sacrifice. In the neighbourhood of Marseilles, f.i., where the coalfields are being worked, French navigation is exclusively supplied with French coal, which costs more than English; so, also at Brest, the dockyard is supplied with French coal at 36s., whilst British coal could be supplied at 17s. 6d.|
171860 | 107,300,000f. |
1864 | 121,300,000f. |
Belgium.
The coal-producing district 1/22 of the territory. In 1840, Hainault alone produced more coal than whole of France, and Belgian production is said to have tripled since 25 years, whilst exports quintupled in the same period. English competition will now more and more limit them to their home market.
Germany.
British coal hitherto largely imported into Northern Europe. In Prussia and the interior, cheapness of the indigenous coal and facilities of transport bid fair to drive English coal out of the market.
1852 | 25,788,268 tons |
1862 | 65,394,470 |
1863 | 71,654,478. |
The most important supplies from the Westphalian coalfields, the value of which is greatly increased by the proximity to the metal industry. Production hier 1852: 38,000,000 Quintals, 1864 dagegen: 140,000,000. Westphalian coal is rapidly excluding English from Holland, and it is expected to do as much in Northern Germany by communication via the Elbe.
Austria.
Might be unlimited supply of coal. Production only 4,500,000 tons p.a., half of which of inferior quality. Insufficient and expensive means of communications have limited operations.
Russia.
Grosse coalfields, noch wenig exploitirt. The coal of the Moscow basin is of an inferior quality; the value of the Oural district is increased by proximity to iron, and that of the Don District by its easy access to the Sea of Azoff. Russia [spielt] bis jezt keine Rolle im coalmarket. Nur das country accessible from the Baltic und St. Petersburg, where the imports, chiefly English, have tripled since the Crimean war.
U. States.
In Pennsylvania – the largest producer both of anthracite and bituminous coal – the value of coal mined has increased in 10 years at the rate of 179%, whilst the corresponding increase in all the States is estimated at 186%.
Total produce der U. States | in 1860. | 14,333,922 tons |
in 1864 | 16,472,410 tons. |
1860–61 the ton of coal sold at Philadelphia at 4 dollars, the present price between 11 and 12 dollars. Coal at Boston sells at 17 dollars (3l. 9s. 9d.) per ton, and at Chicago, as high as 22 dollars (4l. 10s. 4d.)|
The Economist, 10. Februar 1866. S. 161.
Schließen
The Banking Question.
Even discount bankers and capitalists, who have been reaping a golden harvest at the expense of the mercantile and industrious classes, should, from recent disclosures, perceive the danger to discount companies from the present monetary system.
The evils suffered from our banking laws have arisen, not from a want of circulation, but from abnormal fluctuations of Bullion – periodical superabundance with speculation in trade, and periodical scarcity with temporary ruin of trade.
The Economist, 10. Februar 1866. S. 162.
Schließen
Game and Bankruptcy.
Manche kleine farmers (i.e. small capitalists) gehn dadurch kaput. his little capital is exhausted in providing food for the game, and has been literally drained off into the poulterer’s shop, whereto the game killed in the 3 or 4 grand battues of each season has been consigned by the landlord.
So case vor dem London Court of Bankruptcy, of James Harvey, late of Church Farm, in the parish of Eversley, in the county of Southampton. His creditors consisted of tradesmen and others living in neighbouring towns. The landlord was protected from all loss by his power of distress. His Debt 1355l., his effects small, deficiency of l.1162. Er stated in crossexamination:
„Never been bankrupt or insolvent before. … farming all his life … Began mit 3500l., had lost all that money. Five years ago he was worth 5000l., had lost the whole of that through the over-preservation of game on his farm. In 1862 he had 80 acres of wheat from which he did not get more than 6 bushels, in consequence of the destruction caused by hares, rabbits and other game.[“]
Mr. Read (his attorney): Then, instead of your land producing corn, it produced game for the London markets?
Bankrupt: Yes, Sir, and my landlord would not allow me to give up the farm unless I found another tenant.
Der tenant not unfrequently tempted by the apparent moderation of the rental, and then he is rather pleased to find that with his comparatively small capital so large and good a farm should be open to his acceptance. He knows not or heeds not the fact that the more wealthy and enterprising farmers of the district shun the farm as they would a pestilence. Having entered, he is rather surprised at the small returns of his first crops, and a little annoyed at the restrictions he is under for the sake of the game, and at the insolent interference of the game keeper.|
Inhalt:
- 17 February 1866.
N. 1173. (Fortsetzung)
-
24 February 1866. N. 1174.
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March 3. 1866. N. 1175.
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10th March, 1866. N. 1176.
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March 17, 1866. N. 1177.
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24. March 1866. N. 1178.
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31 March 1866. N. 1179.
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April 7. 1866. N. 1180.
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April 14. 1866. N. 1181
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April 21. 1866. N. 1182.
- April 28, 1866. N. 1183.
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5 May. 1866. N. 1189.
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12 May. 1866. N. 1185.
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May 19, 1866. N. 1186.
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26 May 1866. N. 1187.
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June 2. 1866. N. 1188.
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June 9. 1866. N. 1189.
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June 16. 1866. N. 1190.
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23 June. 1866. N. 1191.
- June 30. 1866. N. 1192.
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Saturday, 7 July 1866. N. 1193.
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July 14, 1866. N. 1194.
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July 21. 1866. N. 1195.
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July 28, 1866. N. 1196.
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4 August 1866. N. 1197.
- August 11. 1866. N. 1198.
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August 18, 1866. N. 1199.
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August 25, 1866. N. 1200.
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Saturday September 1, 1866.
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8 September 1866. N. 1202.
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September 15. 1866. N. 1203.
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September 22, 1866. N. 1204.
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September 29. 1866. N. 1205.
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October 6 1866. N. 1206.
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October 13. 1866. N. 1207.
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Saturday. October 20. 1866. N. 1208.
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October 27. 1866.
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November 3. 1866. N. 1210.
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November 10. 1866. N. 1211.
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November 17. 1866. N. 1212.
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24 November 1866. N. 1213
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1. December 1866. N. 1214.
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December 8. 1866. N. 1215.
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15 December. 1866. N. 1216.
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22 December. 1866. N. 1217.
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29 December 1866. N. 1218.
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January 5, 1867. N. 1219.
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January 12, 1867. N. 1220.
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19 January, 1867. N. 1221.
- January 26, 1867. N. 1222.
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2 February 1867. N. 1223.
- 9 February, 1867. N. 1224.
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16 February. 1867. N. 1225.
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23 February 1867. N. 1226.
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2 March 1867. N. 1227.
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9 March, 1867. N. 1228.
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16 March 1867. N. 1229.
- March 23, 1867. N. 1230.
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March 30. 1867. N. 1231.
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April 6. 1867. N. 1232.
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13 April. 1867. N. 1233.
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20 April. 1867. N. 1234.
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27 April. 1867. N. 1235.
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May 4, 1867. N. 1236.
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March
May
11; 1867. N. 1237.
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May 18. 1867. N. 1238.
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25 May, 1867. N. 1239.
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June 1. 1867. N. 1240.
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June 8. 1867. N. 1241.
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June 15. 1867. N. 1242.
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22 June 1867. N. 1243.
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June 29. 1867. N. 1244.
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July 6. 1867. N. 1245.
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July 13, 1867. N. 1246
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20 July 1867. N. 1247.
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July 27. 1867. N. 1248.
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3 August 1867. N. 1249.
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10 August, 1867. N. 1250.
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17 August, 1867. N. 1251.
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August 24, 1867. N. 1252.
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31 August. 1867 N. 1253.
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September 14, 1867. N. 1255.
- 21 Sept. 1867. N. 1256.
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September 28, 1867. N. 1257.
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October 5, 1867. N. 1258.
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October 12, 1867. N. 1259.
- October 19, 1867. N. 1260.
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October 26, 1867. N. 1261.
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November 2. 1867. N. 1262.
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9 November 1867. N. 1263.
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November 16, 1867. N. 1264.
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Nov. 23. 1867. N. 1265.
- 30 November, 1867. N. 1266.
- 7 December 1867. N. 1267.
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December 21, 1867. N. 1269.
- December 28, 1867. N. 1270.
- Saturday. May 19. 1866. N. 311. Panic.
Bank o. E.
- Money Market. (Reserve of B.o.E.)
- The Recent Panic and Bank Act Suspension.
- The Panic and its Remedy.
- What to do with the Act of 1844?
- The Times and the
Panic.
- Investors Losses from „Bear“ Frights.
- The Stock Markets of the Week.
- The Limited Liability Act of 1862.
- Railways. (don’t pay)
- The Reports of the Asiatic Banking Co., and the Bank of Hindostan, China
and Japan (Limited.)
- The Economy of B.o.E. Notes. 1000£ Notes.
- Money Market. (Reserve of B.o.E.)
- May 26, 1866. N. 312.
- The Bank of England and the London Bankers in the
Panic.
-
Lord Clarendon on
the Panic.
- Transfer of Business of the Bank of London to the Consolidated Bk.
- Loss in Investments since beginning of 1866 – May
26.
- The Stock Markets of the Week.
- What is a Five-Twenty Bond? (Neue Art Convertibility for paper
currency)
- The Annual Circular of the American
Commercial Agency. (Vehmgericht)
- Act of 1844 and Bank of England.
- A Pluralist Director.
- The Directors of failed
Cos.
- The Bank of England and the London Bankers in the
Panic.
- June 2, 1866. N. 313.
- John
C.
G.
Hubbard, M.P. On the Bank Act and the
Currency. (Letter to the Times on 14 May.)
- The Theory of Panic etc.
- Board of Trade Returns.
- The Consolidated Bank
(limited)
- American Exchanges and Grain Trade.
- Pressure and securities.
- Variations between Prospectus and Articles. The
Russian Iron Works Co. (lim.)
- America. U. St. (Trade)
- Bearing.
- John
C.
G.
Hubbard, M.P. On the Bank Act and the
Currency. (Letter to the Times on 14 May.)
- July 21, 1866. N. 320.
- 28 July 1866. N. 321.
- August 4. 1866. N. 322.
- 11 August, 1866. N. 323.
- August 18. 1868. N. 324.
- 25 August, 1866. N. 325.
- 1 Sept. 1866. N. 326.
- 8 September 1866. N. 327.
- Sept. 15, 1866. N. 328.
- 22 September, 1866 N. 329.
- 29 September 1866. N. 330.
- October 6, 1866. N. 331.
- 13 October. 1866. N. 332.
- 20 October, 1866. N. 333.
- 27 October 1866. N. 334.
- 10 November. 1866. N. 336.
- 17 November 1866. N. 337.
- 24 November, 1866.
N. 338.
- December 1. 1866. N. 339.
- 8 December 1866.
N. 340.
- December 15, 1866. N. 341.
- 22 December, 1866. N. 342.
- 29 December 1866. N. 343.
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5 January, 1867. N. 344.
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12 January 1867. N. 345.
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Proposed Expansive Clause in the Bank Act of
1844.
-
Evidence of John Henry Gurney
and Mr. Robert
Birnbeck
Birkbeck
before Vice-Chancellor Malins.
-
Cotton Market. Past and Present.
-
Thomson
Hankey: (formerly Governor of B.o.E.) „The Principles of Banking, its Utility
and Economy; with Remarks on
the
the Working and Management of the Bank of
England“. Lond.
1867.
-
Proposed Expansive Clause in the Bank Act of
1844.
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19 January, 1867. N. 346.
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26 Jan. 1867. N. 347.
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February 2, 1867. N. 348.
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9 February, 1867. N. 349.
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16 February
1866
1867
. N. 350.
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23 February 1867. N. 351.
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2 March 1867. N. 352.
-
The Joint Stock Co’s Directory for 1867. London.
Charles Barker et Sons. 8, Birchin-lane.
-
Overends. Report of Liquidators and Report of Defence
Committee.
-
Leeman’s Bill respecting
Dealings in Bank Shares.
-
Limited Liability. High Nominal Shares.
-
London, Chatham and Dover
Railway Co.
(faux frais)
-
Plethora of money.
-
1915
on Overends.
(David Barclay
Chapman)
-
London, Chatham et
Dover
(Zusammensetzung des
Investigation Committee) (Solicitors)
(Scapegoats)
-
The Joint Stock Co’s Directory for 1867. London.
Charles Barker et Sons. 8, Birchin-lane.
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9 March, 1867. N. 353.
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March 16, 1867. N. 354.
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23 March. 1867. N. 355.
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30 March 1867. N. 356.
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April 6. 1867. N. 357.
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13 April 1867. N. 358.
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April 20, 1867. N. 359.
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April 27, 1867. N. 360.
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May 4, 1867. N. 361.
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11 May 1867. N. 362.
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25 May. 1867. N. 364.
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June 8, 1867. N. 366.
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15 June. 1867. N. 367.
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22 June 1867. N. 368.
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29 June. 1867. N. 369.
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July 6. 1867. N. 370.
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July 13. 1867. N. 371.
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July 20, 1867. N. 372.
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July 27. 1867. N. 373.
August 3. 1867. N. 374.
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August 10. 1867. N. 375.
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August 17, 1867. N. 376.
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August 31, 1867. N. 378.
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14 September. 1867. N. 380.
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21 September, 1867. N. 381.
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28 September, 1867. N. 382.
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Gold mines of Victoria. (Kitto: „The
Goldminers of Victoria.“ Lond. ’67)
Expropriation of Individual
Labour. (Property)
-
Public Debt of Russia. Consul
Michell’s
Report.
- Robert Knight: Letter to the
Right.
Right
Honourable Sir Stafford Northcote on
the Present Condition of Bombay. Lond.
1867.
-
Limited Liability Cos formed since
1865.
-
Gold mines of Victoria. (Kitto: „The
Goldminers of Victoria.“ Lond. ’67)
Expropriation of Individual
Labour. (Property)
-
5 October. 1867. N. 383.
-
Money Market Review. 12 Oct. 1867.
- 19 October 1867. N. 385.
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October
27
26
, 1867. N. 386
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9 November, 1867. N. 388
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16 November 1867. N. 389.
- 23 November 1867. N. 390
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7 December 1867. N. 392.
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21 Dec. 1867. N. 394.
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28 December 1867. N. 395.