April 21. 1866. N. 1182.

The Economist, 21. April 1866. S. 469.
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The State of the Money Market.

Drain of silver to the East has almost died away; bar silver at former prices is almost unsaleable etc[.] tendency to expect cheaper money.

Some gold was taken for Paris; it is said in connection with the German Political difficulties, but rather perhaps with the large amount of foreign money now in London, which would leave us when the value of money became much lower than when that money was sent here.

Failure of Barned’s Banking Co: (Liverpool) Banks which have advanced largely on speculative securities, or lent on cotton, at treacherously high prices, and either with no margin or a margin which faded away just when it was wasted, must fail.

The main doctrine for the times is  Zusatz von Marx.
(d.h. die ruling Dummheit im head des Economist)
… that the failures of those who have done bad business will in the present state of credit hurt no one but themselves; that what we now have is a gradual and successive weeding out of unsound speculators, whereas in old times they all failed at once in a mercantile crash and national disaster.  Kommentar von Marx.
Weiser Salomon!

The Economist, 21. April 1866. S. 470/471.
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The National Debt.

Remove a defective quality in the soil, or, by a railway f.i., the distance from a good market, and the farmer remains as he was: the improvement in the land is a benefit not to the hirer of the land but to the owner of the land – it enables him to raise his rent.

It is often said by those who advocate the payment of the debt, that we are squandering, or have squandered the wealth of posterity. But we can only spend what exists. Whether we raise money for a war by taxes or by loans, we equally raise it at once: it comes equally out of the present money of the living nation. Those who succeed are injured, but it is in a manner more refined. The expense of raising the interest, the expense that is of transferring a certain sum from A, B, C, D, E, F, etc, |47 who are the nation, to X, Y, Z, the, in comparison, few creditors of the nation … Posterity is injured by the use of loans by a former generation, and the non-payment of those loans, not in having lost the capital which those loans represent; that capital would have been equally lost if raised by taxes; but in having a constant annual expense in shifting the interest from one man to another, and in being obliged to use all the best taxes in that manner, and having consequently no good taxes (or at any rate fewer) in readiness for a sudden emergency. „Taxing posterity“ means making posterity pay more taxes and worse taxes.

The Economist, 21. April 1866. S. 481/482.
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Share Market.

Railway shares firmer, the doubt and anxiety prevailing with regard to some of the financial and banking cos. leading to investments in stocks. The American securities firmly maintained; advance in the U. St. 5% bonds, close at 70 to 701/4. Colonial securities steady. In India there is a firm market.

Financial shares had recovered in several instances from 5s. to 25d. per share when the news of the suspension of Barned’s Bk. Co. produced fresh gloom. The shares of the General Credit Co firm; of International Financial Society steady. Those of Credit Mobilier and Foncier have slightly relapsed, and the quotation of Imperial Mercantile and Overend, Gurney et Co shares is lower, after operations of considerable amount. In Banking shares, Alliance Bank have fallen to 21/2 to 2 disc. Many of the new associations have suffered in price.

The Economist, 21. April 1866. S. 487/488.
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Liverpool. April 19. Prices Current. Cotton Trade.

Same Period 1865
Descriptions. Ord. Mid. Fair. Good Fair. Good Fine Mid. Fair Good.
Sea Island 28d. 30d. 36d. 44d. 58d. 72d. 37d. 42d. 58d.
Upland 121/2 141/4 16 13 15
Mobile 121/2 141/4 161/4 131/4
New Orleans 121/2 143/4 17 131/2 16
Egyptian 12 15 181/2 113/4 123/4 15
Surat. Broach 71/2 81/2 113/4 121/2 13 61/2 91/2
Dhollerah 71/2 81/2 113/4 121/2 13 61/2 91/2
Bengal 71/2 81/2 9 91/2 101/2 41/2 53/4
China 121/2 13 61/2 73/4

The cotton market was heavy on Friday, and on Saturday a further and decided decline was submitted to, quotations becoming almost nominal. This extreme depression attracted the attention of buyers, particularly for consumption, and a large business was done on Monday and Tuesday, accompanied by a rally in prices. Yesterday upon later advices of full receipts in the American parts the demand again fell off, and prices gave way. This morning the existing want of confidence increased by the announcement of the difficulties of a local bank, and business was checked; as the day advanced there was more steadiness, but the quotations still show a decline of about 11/2d. to 2d. from last week’s rates.

The Economist, 21. April 1866. S. 489.
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Manchester, April 19.

With the exception of Tuesday, when a momentary check to the downfall of prices was felt, every day this week has shown increasing depression, to-day increased by rumours of banking disaster in Liverpool, where nearly a million bales of cotton may be said to be almost in view. Sellers of both yarns and cloth have been eager for offers, but buyers have lost confidence day by day. A considerable amount of orders has been cancelled to spinners and manufacturers who had failed to deliver in stipulated time, and some needful portion of such orders has been re-bought in the market at a lower figure.

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