Aus:
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.«|

Aus:
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:

Aus:
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.

Aus:
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:

So ultimate catastrophe still more proximate.|

Aus:
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.

Aus:
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.|