[17 February 1866. N. 1173. (Fortsetzung)]

The Economist, 10. Februar 1866. S. 191/192.
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James Rothschild on Banks and Currency  Zusatz von Marx.
(als Zeuge vor dem französischen Bank Enquête Committee)

„As to the order of making the B. o. France invest money in foreign securities … the gravest fault it could commit. Such a measure a constant menace to foreign banks, and a cause of serious disquietude and distrust. If, f.i., the B.o.F. had in its portfolio 3 Mill. St., it might at a given moment throw them on the market, and produce a great perturbation in commerce. In presence of that eventuality, if the rarity of money were felt by the B. o. England, and it were forced to raise its rate of discount, it would have to raise it higher and more rapidly than if that circumstance had not existed.“

Financial shares: The apprehension felt and expressed concerning some of the financial cos, has been in part dispelled by the former appearance of the money market. Speculators had entered too ready into operations for the fall. The very considerable decline that has taken place followed by a reaction influenced by the re-purchases of some holders: indisposed to transfer their holdings, and by the efforts of bears to cover their outstanding sales of shares. … Diffusion of the shares of the various cos. over a larger area … one of the results.|

January 5, 1867. N. 1219.

The Economist, 5. Januar 1867. S. 4/5.
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Proposals Made for sharing profits between Masters and Workmen

Notice issued by Fox, Head, et Co, of Newport Rolling Mills, Middlesborough-on-Tees (Oct. 1866), with a view to prevent further disputes with their workpeople. Diese works employ about 120 men, when in full activity. The principles:

1) To pay to all the men the full ordinary wages of the district for the several kinds of work, and for the number of hours usual in the district. 2) To prohibit any workman from belonging to any Trades Unions Union, and so long as he is employed at Newport. 3) the firm to have a first lien on the net profits of each year to the extent of 10% p.a. as compensation for interest and risk of capital. 4) The surplus of net profits (if any) beyond 10% per annum to be divided equally between the firm and the workmen – the payment to the workmen being calculated as an uniform percentage on the amount of actual earnings of each during the year, in order that the bonus to each man may be determined by his own skill etc. The bonus to be paid to workmen who may have worked for the firm even for part only of the year. 5) Arrangements to be made under the Amended Partnership Act of 1865 for enabling the men to invest their savings in the business at rates of interest depending on profits. 6) The full and absolute control of the business to remain with the firm; and the certificate of a public accountant to be final, and without appeal, as regards the profits and distributions of each year.

Many kinds of trade, and notably the iron trade, have cycles of good and bad years. For long periods a large concern has to be kept in motion at rates which just pay expenses and leave no profit at all. Then comes a spurt of demand, and large profits are made in a short time.

The Economist, 5. Januar 1867. S. 6/7.
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Ownership of Landed Property in England.

The selling price of land is too light high to tempt the small capitalist, unless under special circumstances. In his view land does not pay. If he is to let it to a farmer, he cannot expect a return at the best of more than 3%, and if he is to cultivate it himself, he will have to furnish additional money, with great chance of getting no return at all. Under this persuasion he puts his savings in funds, railway shares, bonds, or mortgages etc[.] Daher is so little competition for moderate quantities of land, farms of 100 to 200 acres, only fit for cultivation. Wenn for building purposes etc, the small capitalist becomes an eager purchaser. Daher auch constant diminution of proprietors holding small quantities of land for purposes of cultivation. The price offered for them is too tempting to be declined. The free holder of 20 acres, who has supported himself and family in a state of great penury, by farming it himself, is offered for it 1000 to 1200l. which, if employed in trade, when added to what may be considered his salary, will double or triple his income. Again take the freeholder of a higher class, who, f.i., owns a farm of 100 acres, and has a capital besides of, say £1000 employed in its cultivation. His total income can hardly exceed 300l. p. annum, 150l. for rent, and 150l. for profit of capital. Bettered his position if he sells his farm for from 4,500 to 5000l., and withdraws the floating capital. He will then possess in money from 5,500 to 6000l., and, if experienced in agriculture, take a larger farm from a neighbouring estate, certainly double, and perhaps, his income. … The break between the labourer and the large farmer or his bailiff in where what are called improved districts, the South of Scotland f.i., is far too great.


  • London. 1868.
  • 1866 „The Economist“ (Jahrgang 1866) vol. XXIV.
  • The Social Economist, 1. Oktober 1868
  • „The Economist“ (Jahrgang 1866) (Fortsetzung)
  • Jahrgang 1867.
  • Register der obigen Auszüge aus dem Economist für 1866 und 1867.
  • The „Money Market Review“. Jahrgang 1866.
  • The Money Market Review. Jahrgang 1867.
  • Register Money Market Review Jahrgänge 1866 und 1867