October 27. 1866.

Aus:
The Economist 27. Oktober 1866. S. 1250.
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The State of the Money Market.  Zusatz von Marx.
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(Selling of Securities after a Crisis)

The continued low price of securities still excites remark … During every crisis, and still more, before every crisis, loans are contracted which cannot be repaid till it is passed away. The securities upon which these loans were effected cannot be realised till the agony of the panic is passed; but when the panic is over, the lenders begin to require them to be realised. They call in their loans and at any price the securities must be realised. Such especially the case now, because the class most hit is the class possessing securities … . A large number of excellent shares have been pledged during the last few months to pay up calls in failed and futile Cos.

Aus:
The Economist 27. Oktober 1866. S. 1250/1251.
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Peto again.

Half the directors in disorganised railways do not know what is being done, and others wish to do what is illegal. … It now appears that the debentured debentures pawned by Peto at Lombardstreet are not fully filed filled up or not adequately registered and so are questionable. It is, indeed, certain that they were at the time treated both by the Co. and Peto as debentures. The Committee of Investigation state expressly: „Cheques were drawn from time to time on the joint account and delivered to Messrs Peto and Co. to the amount, in the whole, of 303,900l. and they gave written acknowledgements of having received such cheques on account of City Lines Debentures.“ The Lombardstreet lenders must have believed they held „debentures“, when both the Co. and Peto treated them as debentures. Now Peto says they are not. Dieß kommt hinzu zu dem case of the „Eastern Section“, wo debentures issued by the Co. when no real capital whatever was subscribed, sondern nur die fictitious receipts exchanged between the Co. and Peto. Some „Justice of the Peace“ must have certified the reality of the capital, and he could not have comprehended that there was none.

„If such things can be done by Sir Morton Peto, ruft Economist aus, „what will not others do?[“]


21 Sept. 1867. N. 1256.

Aus:
The Economist, 21. September 1867. S. 1068/1069.
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Waste of Educational Revenues. (in England)

Oxford und Cambridge have almost fabulous income. They don’t know what to do with their money. Prof. Rogers hat vieles brought out. Mr. Forster tried to get at the facts (as member in the Committee on Mr. Ewart’s University Bill), but was outvoted. Nach Rogers die revenues of Oxford reported von 2 200,000 to 800,000£ St. Nach Roundell’s exact numbers für the different items, revenue of 500,000l. Dafür educated about 1,400 undergraduates, chiefly of the upper class, members of the Established Church. Und diese 1400 pay for their own |165 education into the bargain, z.B. 20,000l. a year for tutors’ fees. The fixed charges of every college for tuition, chamber rent, food, and attendance, at least 60l. a year for each undergraduate. At Cambridge, average annual cost to a parent 300l., though some young men live on 150l. But the academical year consists of only 24 weeks. During the rest of the year, the young men have to be maintained at home etc. On what, then, are these endowment endowments spent? On Prizes. The University of Oxford alone, independent of the colleges, is not more than 27 27,000 or 30,000l. Von den incomes der colleges (13,000 für Merton College, 30,000 St. John’s College, Cambridge) nur 200 or 300l. a year is directly spent on instruction. Das actual money für die Professors lecturing in den colleges fast nur von den fees paid by the undergraduates. The revenues go to the Fellows and the scholars. These fellowships may be retained for life if their holders do not want to marry, and have no objection to taking orders. Some who hold them for life do nothing in return for the income. A man gains a fellowship at 24 years, and vegetates then on his 300l. a year. He does not live in Oxford or Cambridge. Because he was first in a competitive examination, when young, he is maintained for the rest of his life at the expense of all future competitors.



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