June 30. 1866. N. 1192.

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The Economist, 30. Juni 1866. S. 761/762.
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Still Ten Per Cent.

10% and 15 Mill. l. St. in the till Zusatz von Marx.
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!
The foreign exchanges, indeed, take away much of the gold and silver which comes here. This in the main quite as it should be. The bill currency in which international transactions are settled is now disordered, and as we receive more bullion than we used to do, so we ought for the same reason to pay away more. We need not try to augment our bullion beyond the amount which we commonly think about enough. The B.o.E. have till now retained some of the gold which passes through the country, but now they need not do so. A part of the remittances from America are upon German account. The Germans who invested in American securities when very low are now realising and bringing both their principals principal and profits home. Such remittances must go to Germany, and it is preposterous to try to retain them by a high rate of discount. Mit Bezug auf such money, the maintenance of the rate is an ineffectual means towards an undesirable result. Bullion in the Bank of France, increased again more than 800,000l., is now at the astonishing amount of 26,000,000l. It has often of late years been 12 Mill., and once, at least, 8 Mill. A foreign drain of bullion is, of course, infinitely less likely, when the principal continental centre for such matters is overloaded mit bullion and has money at 4% than if money were dear there, and bullion, as at some former times, snatched at by irregular means. Revival of confidence in England prevented by the [10]%. Country people think there must lurch a secret, in the possession of the B.o.E., behind it. The banknotes now wanted to fill the Bank till will never come back, till the signal is given durch lowering the rate of discount.

There is no reason why 10% should be fixed in Gladstone’s (treasury) letter of 11 May any more than a less rate. As money gets cheaper, the growth of auxiliary credit is likely to become more rapid; it will begin to increase when money ceases to be 10%. A letter in which the rate is prescribed requires a series of postscripts.

The protracted continuance of this crisis makes this variation of rate during the period of permitted infraction of more than usual importance. In 1847 and 1857, the panic being mainly mercantile, the cure was quick. quick; as soon as the condition of trade changed, and we regained enough bullion, all was right. But a credit, a banking panic is a |76 is a subtler thing; it attacks confidence not in its adjuncts, but in itself. Nothing will cure it but a reduction of the rate.

The Bank reserve must be less for the next 2 weeks than it is now, and it would be very pernicious that for a fortnight longer a terrifying value of money should be artificially maintained.



Aus:
The Economist, 30. Juni 1866. S. 763/764.
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The Mode of Dealing in Bank Shares.  Zusatz von Marx.
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(„Bearing“)

Mr. Leeman, the member for York, has brought in a Bill to regulate the traffic in Bank or other shares. He proposes in substance that no one shall sell Bank or other shares unless he already possesses them, and as a test of his already possessing them, he requires that they shall be described, if possible, by the number of the shares in the register, and when there is no register, in the next most intelligible manner. The object of course is plain. A great number of persons have acted as „bears“, that is have sold the shares of some particular banks which they never owned, have depressed the price of those shares and have ruined the credit of the bank. Of course, where the bank perished, the speculation was most profitable; the „bear“ sold Agra and Masterman’s share shares at a premium for future delivery, thereby depressed the market price, and bought them afterwards if necessary when they were at a discount. Such operations certainly profitable to those who deal in them, and certainly disastrous to those whose property is so dealt in.

The prohibition, if there is to be one, ought to be a legal prohibition, and not a prohibition by the Committee of the Stock Exchange. The whole jurisdiction of that Committee is an anomaly. Why any particular set of men – in fact a sort of „Trades’ Union“, – should have the power to regulate the traffic in millions’ worth of property is very strange. … Diese bears useful: they have served as detectives of bad cos. Overend’s and the Agra are obvious cases of concerns which might for years have gone [on], and might have got worse and worse if it had not been for this effective and stringent effect check. Kommentar von Marx. „Satte Tugend und zahlungsfähige Moral“ stammt aus dem Gedicht „Anno 1829“ von Heinrich Heine.
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(Sehr charakteristisch! Eine Infamie stets checked by a still worse infamy! Dieß ist satte Tugend und zahlungsfähige Moral.) (Uebrigens, wenn der Economist sagt, daß no good concerns ruined durch die bears, so massenhaft private possessors of good securities frenzied into selling them.)
»Unless there is a true and important nucleus for calumny, it is powerless.« The bears may not have a pleasant trade, but they are useful as scavengers are useful. They remove pernicious and evil matter which taints the air.



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The Economist, 30. Juni 1866. S. 767.
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Deer versus sheep. (Communicated)

The public does not suffer more from this circumstance than from most other unproductive expenditure.

The best result of augmented wealth and civilisation is to increase the desire for expenditure not strictly productive, and also to increase the means of bearing it. Has not one institution, the London and Chatham and Dover railway, wasted more of the national wealth in a few years than could be wasted by all the deer forests of Scotland during many generations?

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The Economist, 30. Juni 1866. S. 767/768.
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Game. Farmers Protest.

Gegen Lord Denbighs ukase of 19 May durch 120 of the largest occupiers, within a radius of 30 miles of Denbigh’s seat. Represents the views of at least occupiers of 50,000 acres.

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The Economist, 30. Juni 1866. S. 769/770.
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(Correspondence.) Usance of Indian Bills.

 Von Marx zitiert in Manuskript II zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 212.10–22).
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The Brazilian usance remains at 2 and 3 months’ sight, bills from Antwerp are drawn at 3 months’ date, and even Manchester and Bradford draw upon London at 3 months and longer dates. By tacit consent, a fair opportunity is afforded to the merchant of realising the proceeds of his merchandise, not indeed |77 before, but within a reasonable time of, the bills drawn against it fall due. Daher die usance für Indian bills not excessive. Indian produce, for the most part being sold in London, with 3 months’ prompt, and allowing for [loss of] time in effecting sales, cannot be realised much within 5 months, while another period of 5 months will have previously elapsed (on an average) between the time of purchase in India and of delivery in the English warehouse. We have here a period of 10 months, whereas the bill drawn against the goods does not live beyond 7 months.

The question lies between the large and the small capitalist. The extinction of the latter class of traders, and the concentration of the Indian trade in the hands of the large capitalist, … would be a return to the system of monopoly by which this important trade was formerly restricted. A trade of 10 millions, carried on by 1000 traders will be safer than if carried on by 100. It is to the subdivision of credits characteristic of the present system that we owe the comparative fewness of commercial failures during a period without parallel as regards the fluctuations in the prices of produce. The opulent merchant has already an advantage in purchasing his export goods at cash prices; 2) that of saving the bank commission if he buys with funds of his own in the markets of Asia; and 3) he is able to compete with the banks themselves in exchange business, by transmitting bullion from this country to be invested in bills or produce.

Aus:
The Economist, 30. Juni 1866. S. 771–773.
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Money Market Movement.

    Bk.o.E. 27 June.
  • Decrease in: Circulation of £308,566, Priv. Deposits 331,607, and Private Securities 325,352.
  • Increase in: Bullion of 191,279 und Reserve 479,079.

Discount Market: Additional gloom. Bad rumours afloat. The pressure of 10% discount must tell upon ordinary operations.

Railway Shares: Subsequent to the Breaking up of the Bank Court yesterday prices gave way, and have been further to-day depressed in consequence of vague rumours regarding the financial position of some of the cos. and their outstanding engagements.

Financial Shares: Considerable advance had taken place, again declined at the news of the non reduction of Bank rate of discount.

    Failures:
  • Drafts of Messrs Snead et Co, private bankers of Chepstow, have been returned by their London agents.
  • Price, Marryat and Co, private bankers, King William Street, London, stopped payment. Liab. about 250,000.
  • Dadabhai Naoroji et Co, East India merchants, of Great St. Helen, stopped payment, owing to losses in cotton and other produce. Liab. about 300 000l.
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The Economist, 30. Juni 1866. S. 779.
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Manufacturing markets.

Manchester. June 28. Towards the end of last week telegrams of 17. inst. from Culcutta and Bombay were received here, reporting favourably of these markets, in the face of very adverse advices from this side to the 7. inst. This These dispelled the depression previously existing here. Considerable business done, before close of the week recovering of prices to a large extent from their late fall. Later telegrams from Bombay, rumouring the suspension of large Parsee firm, contributed to check further advance. Today business decidedly limited, but the extension of the engagements of producers, since the 21st prevents much quotable decline on the advanced prices, although continuance of 10% is a disappointment tending to favour buyers.

Birmingham. Very dull foreign trade. The best part mit U. States. On account of that quarter a fair quantity of orders in hand.

Sheffield: Steel trade decidedly dull except in railway material. Cutlers fairly employed, owing to improved American and Canada Canadian orders, and arrears of country orders not yet entirely completed.

Wolverhampton: No improvement, works generally at half time.


January 12, 1867. N. 1220.

Aus:
The Economist, 12. Januar 1867. S. 31/32.
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Foreign Trade.

The East India Company , the Russian Company , and the Turkey Company , in old times, divided much of our foreign trade between them. According to the then received doctrines, the scattered ships of unconnected traders had no business in distant foreign seas.|

116

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The Economist, 12. Januar 1867. S. 33–35.
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Master and Servant.

A poor man who is accused of an offence cannot employ the same counsel, cannot have the same facilities of collecting evidence, cannot have his case put before the court as a rich man could. For these very reasons the law ought to favour the poor rather than the rich. It ought not to presume on the necessary disadvantages of a man’s position to impose fresh burdens upon him. It has done this in the case of master and servant. It has widened the gulf between capital and labour by attempting to give capital the command over labour. It has viewed the relation between employer and employed as if the first entered into a light civil contract, while the second bound himself by a penal bond. It has given the first a summary mode of redress, while it has thrown the second on his own resources. Summary punishments are the most effectual. Penalties which must be levied by civil process are comparatively seldom exacted, introduce doubt, delay, technical objections, increase costs and obstructs obstruct justice.

Many instances of the injustice, caused by this inequal legislation, may be found in a recent blue book bearing the same title as the article. Firstly, the servant who refuses to work is taken, mostly in handcuffs, before the magistrate. By the English system of criminal procedure, he cannot be heard in his own defence. The magistrate who tries him is generally a master. The law gives, besides, the magistrate no option. If the master presses for a conviction he is entitled to have it, and we read of a case in Scotland where a master refused to take a man back but insisted on his being imprisoned. The man pretended that the master had virtually broken the contract by putting him to work which he was not legally bound to do. This case does not stand alone. In the blue book … an instance of men being refused their wages on the usual pay-day, and yet being compelled to work by criminal proceedings. We have a peculiar case of men being discharged for refusing to work night and day, being then apprehended under a warrant, and, on an acquittal, being unable to recover damages either for their discharge or their false imprisonment. In some trades the master may discharge on a month’s notice, but the servant who leaves on a month’s notice, notice may be sent to prison. At certain steel works, „when a man is engaged, he is supplied with a code of rules, the notice to leave being 7 or 14 days’ notice.“ But the manager, instead of giving this notice to the men, „posts a notice on the wall to say that all those who belong to Unions are to leave at a certain date. The men want the same notice as he would require.“ In the Wolverhampton district it is the custom to enter into contract for a year, and the contract stipulates that the master may discharge his workmen at a month’s notice, but that the workmen must give 6 months’ notice. „A workman binds himself for 12 months to his employer“, says a witness from the Potteries, „and the employer undertakes to find him work for that period; but when the workmen sought to force from the employer the full amount of work, he never could obtain it, and the master could force from the workmen his 12 months’ employment.“ When the men know that there are some 10 000 prosecutors annually under the Master and the Servant Act, when they think that the magistrates before whom those cases are tried are mostly employers, when they see the justice of peace and the employer conferring in an ale house together before the trial, and returning to the ale house together after the trial, they may be excused for combining against their masters and the law which supports their masters.

The committee recommends that all cases should be publicly tried before two or more magistrates, or a stipendiary magistrate, the procedure to be by summons instead of warrant, the punishment fine instead of imprisonment.

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The Economist, 12. Januar 1867. S. 35.
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A territorial Magnate.

Aus recently published number of the Royal Agricultural Society’s Journal, nämlich Prize Essay on the „Farming of Leicestershire“. Der essayist says: „That to the native excellence rather than to any pains bestowed on their (the pastures) improvement, is Leicestershire indebted for her surpassing fertility, and for the high rental – probably the highest of any county in the kingdom – received by her landowners.“ The Duke of Rutland’s estates extends to 1/16 of the whole county. The estate comprises 39,000 acres, of which about 1/2 is strong loam and clay (the pastures of surpassing natural fertility), of which the Vale of Belvoir, on the lias, forms the chief part, about 5000 acres beyond Leicester being composed of strong marl and gravel. The remaining half being about equally between white and red „creach“ (soil) upon the colite and marlstone formations. The farms vary from 50 to 750 acres; the more general size is from 200 to 400, the portions in grass and arable being about equal. All the ducal tenantry hold their farms from year to year. They have no formal agreement, but a sort of a ukase or „memorandum is printed on the backs of the rental receipts given when rent payments are made.“ This memorandum commences as follows: „Take notice – that the following are the conditions upon which you rent or hold the land in your occupation under His Grace the Duke of Rutland.“ Unter diesen provisions: „5) no trees growing on the premises will be permitted to be lopped or |117 in any wise injured. 6) On your quitting the premises all the manure will be considered as belonging thereto, and will not be suffered to be removed therefrom or allowed for. 7) the game and right of sporting on such lands is (common English would be ‚are‘) reserved to His Grace.“ It is also said the tenants „are further! protected by a liberal schedule of allowances, as tenant-right for purchased manure“, though how such a schedule can co-exist with the 6th condition, would puzzle the acumen of legal interpreters of the contract should any litigation arise thereupon. Kömmt hinzu the political influence such a territorial magnate can wield, by the agency of a subservient tenantry.

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The Economist, 12. Januar 1867. S. 37.
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The National Debt.

Returns of the Revenue for year ending Sept. 30, 1866 was 68,460,142l., wovon 41,876,000£., almost 2/3 of the entire revenue, raised by Customs and Excise, fallen fast ganz auf beer, chicory, cocoa, coffee, corn, malt, sago, spirits, sugar, tapioca, tea, tobacco and wines. Those taxes act as a property tax of 15 to 20% on all that a poor workman has; 9,356,000l. stamps, affect especially all traders, from small shopkeeper to the merchant who draws bills, also bankrupts and litigants; 3,422,000l Assessed Taxes, not 1/12 of customs and excise, fall besonders auf die wealthy classes; 5,595,000l Property tax. The land pays hiervon ridiculously little; 4,365,000l. Postoffice; und 3,846,142l. von den Crownlands.



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