## October 6 1866. N. 1206.

### The Money Market.

Both here and in France the harvest of this year is materially inferior to the harvest of last year. Even up to the present time in England there has been considerable increase in the import of foreign breadstuffs.

1865 (£) 1866 (£)
Wheat 4,190,230l. St. 7,229,238l.
Barley 1,430,463 1,806,910
Oats 1,423,460 1,842,771
Peas 111,897 288,029
Beans 195,128 128,361
Indian corn or maize 801,763 2,363,133
Wheatmeal and flour 1,170,613 2,433,732
9,323,554 16,092,168

We have imported 1866 für £53,569,684 raw cotton ⦗davon für £28,004,469 aus Amerika⦘ statt für 24,534,839 im Jahr 1865. India von den 53,569,684l. für raw cotton lieferte für 13,905,053l. doppelt so viel wie 1865.

### Cotton.

Four years ago our cottonsupply in jeopardy. This year larger than ever before. Already the aggregate importations during the first 9 months of the year exceed the average of the 2 years before the war, and we have still large quantities to receive, much of which is actually at sea. Er rechnet auf about 570,000 bales between 1st Oct. und 31st Dec. und giebt dann folgende comparative receipts from all quarters:

1859 1860 1861 1862 1863 1864 1865 1866
2,829,000 bales 3,367,000 3,036,000 1,445,000 1,932,000 2,587,000 2,755,000 3,785,000 bales.

Under the stimulus of extraordinary prices and profits, between 1861 and 1865, or in little more than 4 years, Egypt and Brazil trebled their production, while the production of the East Indies, or rather their supply to this country (for a good deal was diverted from China increased in a greater ratio even.

Prices have fluctuated even more widely than supplies, as always in articles of general and indispensable consumption. Total Supply in 1862 = 1/2 supply of 1859; but the average prices of 1862 were threefold, and the extreme price fourfold those of 1859. Aber erst 1863 und 1864 prices reached their maximum. In der folgenden Lese the average and the highest price per lb of middling Orleans und fair Surat, the usual standards of comparison are given.

Imports. Bales. Prices Prices
Orleans Surat
Highest. Average Highest. Average.
d. d. d. d.
1859 1860 3,098,000 71/2 63/4 51/2 43/4
1863 1,932,000 29 24 24 19
1864 2,587,000 32 27 24 22

Thus, in fact, a falling off of less than 30% in the supply brought about an advantage of 450% in the price. Quantity of cotton reduced 1/3, cost increased near 5 fold. At the present time the current prices of the 2 qualities are 12d. for Orleans and 9d. for Surat. They have been lower in the course of the year.

The consumption of cotton has nearly recovered its former dimensions. The weekly deliveries in 1860 bales 50,600 und in 1866 bales 49,000 up to the 1st of October. All the factories in full work, wo nicht, cause is not want of cotton, but deficiency of hands. It is a remarkable fact that factory operatives, so fearfully redundant 3 years ago, are almost scarce now, at least in some of the country districts.

## August 24, 1867. N. 1252.

### The Credit Foncier of England.

Rechnungsablage oder „Interior“ dieser (relatively guten) Finance Co.

Die direct liabilities only £127,922 (darunter 43,605l. für deposits)[.] Contingent liabilities of 368,757l. Singular smallness of their debts. Ihr „written up“ Capital = 1,800,000l. Diese Co. neu, formed out of the ruins of the „Credit Foncier and Mobilier of England“. In the assets of the old Co taken over by the new one figurirt: Fully paid shares and stocks, 1,159,000l. valued at £305,466 und in their Report the directors say that „the difference between the sums at which the securities were valued in the Co’s books and their par value is no less than £.1,146,717[“]. Now the whole funds of the Co., whether belonging to themselves or others, only £1,997,000, and when there are losses of this magnitude from the fluctuation in the value of securities, who can be sure of anything about it? The directors tell us they used to value their securities at the price of the day, but now for property like this there is „practically no market“, i.e. the property cannot be sold at all or for anything; and, therefore, the directors are obliged to value it themselves. Of course, we do not know what the Co. gave for these shares; some of them may have been bought in cheap market, others allotted under par by special arrangement. Dennoch the value of the property has fluctuated to that amount, and to somebody’s loss, and the doubt remains whether Cos. which deal in articles of so unstable a value, can be relied on to secure a sure income.

The directors say that they have at stake in the following Cos., or in properties connected with them, the following sums:

 City of Milan’s Improvement Co. £.243,615 Varna and Rutschuk Railway 196,467 Belgian Public Work Co. 107,279 Irrigation Co of France 282,740 Imperial Land Co. of Marseilles 325,666 Millwalls Docks Co. 145,526 1,301,293

besides a large stake both in the und Paris Streets Improvements Co. |159 Added die leztern, probably all this these investments = Capital of the Co. Profit on some of those investments may make up for loss in others. And as respects the income to be derived from these securities, such is of course the case. A person who bought all these things to hold would have some income from some of them; there is no common cause why they should all cease to earn. But a finance Co. buys to sell; the great profit such Cos. hope to make, and once apparently did make, did not arise from the earnings of a railway Co. or a dock Co., but from the changes in the share market. And the fatal fact, that securities of this kind all high in good, all low at once in bad times. This does not indicate a secure source of profit on which investors might rely for an increase, but rather a system of sharedealing, which will yield great sums in very sanguine times, at the cost of being left with a property for „which there is no market“ in depressed times.

### Subways.  Zusatz von Marx. Schließen (Gas Cos. etc)

Nämlich for Gas und Waterworks (Repairs) (statt daß sie jezt beständig die Strasse aufbrechen.[)] In 5 years there were 5,332 openings of the street in Gray’s inn Road and Holborn. Although the gas and water Cos. were informed whenever paying was to be done, they invariably waited till afterwards, in order to get over the ground again. The result: permanent deterioration of the roadways. Nach Mr. Bazalgette ganz verdorben die new street of Southwark, „one of the most perfect pieces of paving“, by the Cos. cutting their trenches, breaking up the concrete, disturbing the arch of stone paving. All this would be obviated by the use of subways. The Gas Cos. say that as Parliament has once allowed them to do as they like, it has no right to make them consult the convenience of the public The safety of the subway system is merely a question of ventilation, and a downcast and an upcast shaft for every 3 miles would be sufficient. (Nämlich die gas pipes to be laid in subways). (One explosion in such a Paris subway, aber 15 explosion explosions in the Paris sewers from leakage through the earth.)

### United States. Finances. (Official Report of McCulloch 7 August 1867)

Total debt 1 August, 1867: $2,686,685,896. Increase since 7 months of January by$11,623,391. Since January decrease of about 11 Mill. $greenbacks afloat, their issue on 1 August being$369,164,844.

1867 imported at New York $53,431,860 worth of Foreign Dry Goods, während 7 months, 1866 während same period$80,442,325. Decrease of $27 Mill., about 1/3 of import of 1866.  (7 months) During the 7 months of 1867, the total Customs receipts at New York$71,260,915 decrease over 10 Mill. $of 1866 81,309,466.  Vom Jan. 1 to Aug. 3 1867, the New York Specie export$38,427,856. Same 7 months of 1866 51,824,771.

Nearly all the export of 1867 made in the last 3 months, wahrscheinlich for maturing of bills drawn by American pleasure travellers in Europe (Paris Exposition).

Specie Production in 1867, von California und Nevada mines, Increase gegen 1866, besonders in den Nevada mines. Bulk of the bullion from those mines seeks outlet |160 through San Francisco.

 During first 1/2 of 1867 amount sent to that city $22,193,291, same time of 1866$21,137,763.

The following table shows (Average Rate of Taxation almost tripled everywhere, since 1860) the ratio for each inhabitant of the total taxation in 1860 and 1866, and also for 1866 the proportion levied by the City, the State, and the Federal (U. St.) Tax.

Cities. 1860 1866

Total Tax.

$. c. City Tax$.  c.

State Tax

$. c. Federal Tax.$.  c.

Total Tax.

\$.  c.

New York 12. 12 17. 34 1. 84 13. 95 33. 13
Philadelphia 6. 68 8. 17 1. 27 13. 95 23. 39
Boston 15. 32 21. 98 2. 49 13. 95 38. 42
Cincinnati 11. 25 10. 39 1. 50 13. 95 25. 84
Chicago 6. 18 8. 57. 1. 17 13. 95 23. 69
San Francisco 18. 71 18. 71 4. 96 13. 95 37. 62.

### Improvement of Land.  Zusatz von Marx. Schließen (Les nouveaux propriétaires)

Nothing is more common than to see a man, who has made a large fortune in trade or manufactures by most intelligent activity, when he becomes a landed proprietor, to be remarkable chiefly for his exaggerations of the semi-feudal abuses in the management of his estate. He becomes, as it were, assimilated to the territorial class. His preservation of game is more monstrous than that of the old aristocracy; and his restrictive control of his tenants is not less stringent and mischievous than theirs.