23 June. 1866. N. 1191.

Aus:
The Economist, 23. Juni 1866. S. 729.
Schließen
Icon dass Zitate symbolisiert

Ten Per Cent still.

During the week the imports of bullion 1,651,481l., of which B.o.E. only received 369,000l., and the exports 865,233l., while large orders for exportation are understood to be on hand. The drain to the Continent would have been of very painful importance but for the opportune supplies from America.

Aus:
The Economist, 23. Juni 1866. S. 730/731.
Schließen
Icon dass Zitate symbolisiert

The Crisis of 1866.

All panics in a large sense are credit panics. Aber der of 1866 specially so. The fabric of credit may be disturbed: 1) By our transacting too much business, and, as a consequence, engaging in too many undertakings. We may promise more than we can perform. There is only at the annual disposal of every nation a certain fund set free by the annual industry for production. We have only a certain set of commodities und nur by their help we can keep our engagements. So far as they suffice we can do so, but when they cease we must fail. In such a case a panic arises from a scarcity of capital. We have not enough things to do what we have promised. Something of this sort in 1847. We had made so many promises to build railways which were halfmade and were constantly requiring to be finished, that a large number of persons had to break their promises, that the rupture of these engagements caused first diffidence – then distrust – then panic. This could not be helped in 1847, for the error was in 1845 and 1846. A capital panic arises from our having made more promises than we can perform.

2) Bullion Panic: Though the ultimate object of all contracts is to obtain capital and procure commodities, the universal language in which contracts are expressed is money. The debtor undertakes to produce such and such sovereigns; the creditor absolves him from all claims by receipt in full when he does so. We have to keep our promises not only in articles, but in money. Indeed at first sight a person looking only to the terms of the contracts would say that we need money only, and need nothing else. And in law such is the case. But money will not make a railway. You must have land, sleepers, rails and labour. If these are scarce, the more money you have to spend on them, the more their price will rise. But money, though not sufficient, is plainly necessary, and in the last resort actual sovereigns. Banknotes, credits in ledgers, deposit receipts, are only so many different forms of contract to pay sovereigns. Our whole credit system may be described as an engagement to deliver gold and silver when required, and until a good stock of these metals is kept for that purpose, there is no assurance that such contracts will be performed. Without much of those metals many those contracts could not be performed. The public knows this, and as soon as the stock of money in the country runs low, they begin to doubt if contracts to pay money will be performed. In 1847 this happened: bullion was then scarce as well as Capital; a bad harvest had created a sudden demand for bullion to pay for foreign corn, and the B.o.E. did not then know to keep a stock of bullion. In 1857, also, the B.o.E. allowed the stock of bullion to get very low, and a panic came on in consequence.|

74

3) The speciality of 1866: we had nearly enough bullion and capital, and panic as severe as 1847 and more severe than 1857. We have now 14,800,000l. bullion. We have never had less than 11,800,000l. 1847 we had 8,312,000£. und 1857: 6,484,000. As to our capital the test is not so easy. Was die investments angeht,

Capital expended on railways open for traffick £.
1861 342,386,100
1862 355,107,280
1863 373,246,200
1864 391,396,680
1865 412,558,100
The capital paid up in public Cos, including premiums £
1864 24,229,633
1865 21,193,930
1866 17,781,560
63,205,123,

no terrible sum, when any truth in the estimate that our savings about 130 Mill. l. St. annually.

Aber ausser dem physical, moral element of credit. Persons, most largely in credit, and who most largely use credit, may have given occasion to distrust. Now, it has been conspicuously shown that some of our principal borrowers and men of credit have been quite unworthy of confidence. So Overend, Gurney et Co. The old firm was hopelessly insolvent, and could not, even after absorbing the millions owned in private by the partners, have paid depositors in full. But the new Co  Zusatz von Marx.
Schließen
(nämlich durch deliberate fraud upon the public!)
can pay every one. The shareholders will lose, nicht die lenders.  Kommentar von Marx.
Schließen
(Aber ultimately, und dieß ist schon loss, ja ruin für Viele.)
The fact is, the private firms, as Overend, G. et Co, unlimited banking cos, like the Bank of London, limited banking cos, as Agra bank, have all sinned alike. They all took securities not fit for them, they held their money payable at short notice; they invested in securities only to be realised after long time, and sometimes not realisable at all.



Aus:
The Economist, 23. Juni 1866. S. 732/733.
Schließen
Icon dass Zitate symbolisiert

Financial Reforms in the Irish Law Courts.

The Encumbered Estates Court worked its way though misconception and general distrust to appreciation and general confidence und ebenso its successor, the Landed Estates Court. A large portion of Ireland, more than 1/6 of its whole area, has passed under the jurisdiction of the Court. The value of the land thus sold much more than 30 Mill. l. St. A new race of proprietors has been created  Zusatz von Marx.
Schließen
(schöne Kerls!)
, in the main solvent and enterprising men, who occupy the place of the reckless and impoverished squirearchy of former days.



Movement of the Money Market.

Aus:
The Economist, 23. Juni 1866. S. 736.
Schließen
Icon dass Zitate symbolisiert
Bank o. E. 20 June. Circulation: Decrease £886,572 und Private Securities Decrease of 61,115. Increase: Private Deposits 1,044,010. Bullion: 369,225. Reserve: 1,228,780.

Aus:
The Economist, 23. Juni 1866. S. 736/737.
Schließen
Icon dass Zitate symbolisiert
Discount Market: As the note circulation rapidly increased and distrust, so its subsidence marks the mending of matters after the panic. The stoppage of commerce and trade in Germany durch war, will even more rapidly turn to the augmentation of the amount of the precious metals in this country. Money market easier; a better tone prevails, |75 and satisfactory advices received to-day from Bombay. The marketrate for ordinary bills 1/2 below the Bank minimum; and for first class six months’ Bank bills the rate is 7 to 63/4%, with very few offerings.

Aus:
The Economist, 23. Juni 1866. S. 737.
Schließen
Icon dass Zitate symbolisiert
Bankrate p.c. Paris 4, Vienna 5, Berlin 9, Frankfort 6, Amsterdam 61/2, Turin 9, Brussels 6, Madrid 9, Hamburg (open market) 9, St. Petersburg 51/2 . The accumulation of gold in the Bank o. France continues.

Aus:
The Economist, 23. Juni 1866. S. 738.
Schließen
Icon dass Zitate symbolisiert
Railway shares: Depression. Operations on behalf of investors not numerous, hence speculative sales had full effect upon a sensitive market.

Aus:
The Economist, 23. Juni 1866. S. 738.
Schließen
Icon dass Zitate symbolisiert
Bankshares: Improvement on all the quotations compared with previous week.

Aus:
The Economist, 23. Juni 1866. S. 738.
Schließen
Icon dass Zitate symbolisiert
Financial Shares: Fresh efforts made 2 days ago to depreciate the value of the shares of the few remaining financial cos. Reports and rumours  The Economist: industriously
Schließen
industrially
circulated, set forth that further losses had been sustained by one or the other of these, and that additional calls had become necessary. Special attempt against the International Finance whose shares forced down nearly 1l. under the pressure of sales on a depressed market. All the rumours set afloat false, and bears will have some difficulty in providing the shares they have oversold.

    Aus:
    The Economist, 23. Juni 1866. S. 738/739.
    Schließen
    Icon dass Zitate symbolisiert
    Failures:
  • Suspension of George Furness, railway contractor.
  • Acceptances of W. Rattray et Co, of Roodlane, Westindia merchants, returned unpaid. Liab. probably not over 70,000l.
  • Failure of Th. Rose, of the Millfield Iron Works, Birmingham. Liab. about 40,000l.

Aus:
The Economist, 23. Juni 1866. S. 744
Schließen
Icon dass Zitate symbolisiert
Manchester, June 21: Depression, almost entire absence of business in Folge des German war in apprehension of commercial disasters in Eastern markets.

Aus:
The Economist, 23. Juni 1866. S. 745.
Schließen
Icon dass Zitate symbolisiert
Bradford. transactions confined to the small purchases of spinners who have exhausted their stock, and require to keep some portion of their machinery at work. Continued depression in yarns. Neither for home or foreign account more than the most trifling transactions. A few insignificant transactions in piece goods for America. Unemployed machinery is on the increase.



March May 11; 1867. N. 1237.

Aus:
The Economist, 11. Mai 1867. S. 521/522.
Schließen
Icon dass Zitate symbolisiert

Brighton Railway.

In case of 3 lines (Surrey and Sussex, Chichester and Midhurst, und West Sussex Junction Railway Co.), of which the directors of the London and Brighton or their nominees were themselves directors, they have incurred, on behalf of the Co., liabilities never explained to the proprietors, and which, if explained, would have been repudiated. Ferner: False Accounts, speciell Verheimlichung von temporary liabilities.

Aus:
The Economist, 11. Mai 1867. S. 523/524.
Schließen
Icon dass Zitate symbolisiert

Letter of Sir John Lubbock. d.d. May 9, 1867. Clearing House.

Er giebt, to be continued weekly, the Returns of the Clearing House, each day in the week. These returns will be published the same day as those of the H.o.C. B.o.E.

1839 Exports were £53,233,580 und The average clearing of 1839: £18,400,000.
1866 £188,827,785 und The Clearing for Week commencing Thursday 2 May und ending Wednesday, 8 May: 57,024,000.

The amount of clearing for 1 May, 1866 was 8,006,000l. The largest amount which passed through the Clearing House in any one day in 1839 was 6,209,900l. und the smallest was 1,529,700l.



Inhalt:

  • 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