110

1. December 1866. N. 1214.

Aus:
The Economist, 1. Dezember 1866. S. 1389/1390.
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State of the Money Market.

Reserve jezt 10,688,000, dennoch its proportion to the banking deposits nicht remarkably great. These liabilities are:

Public Deposits Private Deposits Seven day and other bills Total
£.6,161,157 18,252,795 516,459 24,930,411.

The reason is that the deposits are so much greater as sonst.

Private Deposits at Corresponding Date with the Present.
1865 1864 1863 1862 1856
£.12,475,521 13,272,161 12,924,545 11,012,432 9,230,817.

Am Tag von Overend’s failure die private deposits were 13,515,000l., and they are now in round numbers 4 mill. and 3/4 more. The B.o.E. has therefore clearly gained business by the panic, and probably many accounts removed from other banks, because they had failed, or were distrusted, have been taken thither.

Aus:
The Economist, 1. Dezember 1866. S. 1391/1392.
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 Titel von Marx notiert in „Heft 1. 1868“ und „Heft 3. 1868“ der „Hefte zur Agrikultur“ (MEGA² IV/18. S. 373.11–12, 588.1–2), in einem Exzerptheft 1878 (IISG, Marx-Engels-Nachlass, Sign. B 148) und im Notizbuch 1878/1879 (IISG, Marx-Engels-Nachlass, Sign. B 152).
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Baxter über „Railways“ Paper read to the Statistical Society.

 Kommentar von Marx.
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Es scheint, der eigentliche Zweck dieses paper war, in any way den Eisenbahnen – häklich gestellt und damals sehr in Verlegenheit ihre debentures etc zu zahlen – durch den Staat zu helfen.

Aus:
The Economist, 1. Dezember 1866. S. 1393/1394.
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Short Weights and Measures.  Zusatz von Marx.
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(Urgent case for interference).

The scandal of short weights and measures and adulterated articles is rapidly becoming so huge and intolerable as to amount to a national disgrace and grievance. At the Surrey Sessions several hundreds, we may say thousands, of retail dealers are fined every year for false weights and measures; and the worst part of the case is that the same people are fined over and over again, showing pretty plainly that cheating of this kind does not carry with it any heavy stigma among the class they belong to, and also that the fines are so insufficient as to afford no protection to the public. The same disgraceful state of things prevails more or less all over the country. The robberies committed by this sort of retail fraud are of fabulous amount, if they could be expressed in aggregate figures; and the hardship falls chiefly on the artisan and poor classes …

A trading community, which has gone so far to the bad that its public opinion rather chuckles over than condemns, the thievish astuteness of the persevering maintainer of a false balance or a short measure … The remedy is very plain, and has been already tried in France mit den best results. For the first offence, if not very aggravated, the fine should be substantial – if aggravated, the offender should be fined, and compelled to exhibit in his shop window for a few days a conspicuous placard, prepared by the Court, setting forth his offence and its penalty. The police to be charged und supervision of this part of the sentence. For the 2nd offence, the fine should be doubled, and the period of exhibition doubled; and, for the 3d offence, the punishment should be hard labour without the option of any fine, and a longer exhibition of the placard etc[.] The offence of adulteration is more difficult to reach.

Aus:
The Economist, 1. Dezember 1866. S. 1395/1396.
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Demand and Supply (Letter of T. E. C. Leslie)

Grade(?) durch d.d. das Gefasel von der supply und demand „political economy itself becomes practically little better than the logic of established abuses“. … there is really more divergence of opinion among political economists than is ever made known to the public … the very fact of the absolute limitation of the supply may render it physically impossible to supply the whole demand at any price whatever.

Aus:
The Economist, 1. Dezember 1866. S. 1400/1401.
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Bank of England.

Das hoarding der Banknotes at an end. The average circulation is still exceeded by fully 2 Mill. l. St. at the date of the return of this week; but the total more than 31/2 millions l. St. less than during the panic of May.|

111

Railway Shares. Grosse Thätigkeit der bears, prices remain without any perceptible recovery.



October 26, 1867. N. 1261.

Aus:
The Economist 26. Oktober 1867. S. 1209/1210.
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Liverpool Bank Scandal  Bemerkung von Marx.
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(In Money Market Review zu sehn[)].

Aus:
The Economist 26. Oktober 1867. S. 1211–1213.
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The Finance of Trade Unions.

The most remarkable point elicited by the London Commissioners, that they are all insolvent, even the Amalgamated Carpenters und Amalgamated Engineers. The Unions join together the most dissimilar things in the world – the cost of supporting men in sickness and old age, and the cost, or alleged cost, of getting them good wages; benefit societies – and strike societies, strikes are an incalculable element; no one can tell how often they may happen, how long they may last, and what their cost may be. You might as well endeavour to settle a priori the cost of a continental war. This matter was referred to an Actuary by the Commissioners. The rules of the Amalgamated Carpenters Society provide that in consideration of a contribution of 1sh. weekly, each member shall be entitled to 12s. a week when sick, to from 5 to 8s. a week when old, according to the duration of his membership, and to a funeral benefit of 12l. These die objects of ordinary friendly societies, but, in addition to these, the society gives help to members „out of work from causes other than sickness“, i.e. in the disputes with masters, and aids in emigration, as well as upon the loss of trade tools. Mr. Tucker, the Actuary, stated he could form no estimate of the liabilities from such sources; as they depend upon human passions. When a Trades’ Union will quarrel with an employer, or pay members to leave the district, cannot be determined by statistics. If a merchant were asked to pay his life insurance premiums, either to defray the costs of „lock-outs“, or to provide for his family after his death, he would think the proposer mad … It may be said a member |173 of a Trades’ Union might make himself tolerably safe by paying a considerable weekly payment in addition to that required by benefit societies, by paying a large strike premium over and above his common benefit premium. But he does precisely the reverse. The actuary who reported upon the 2 model societies (Engineers und Carpenters) reported that, even as benefit societies, and not including the wages-augmenting element, they were completely insolvent. The subscriptions utterly inadequate even for an ordinary benefit society. „If“, says Tucker, the actuary, „the society continues to be conducted upon its present footed footing, although a continued influx of new members may defer the period, the Amalgamated Carpenters und Joiners Society must ultimately become bankrupt.“ A society which has such future liabilities as a superannuation, may easily have large funds in hand, and yet be wholly unsound; more especially when it has been very many years in existence, and only admits young members. In the first years of a superannuation office, as in the first years of a life insurance, the incomings are present, but the outgoings are postponed. Members are attracted by the „strike element“ to join bad benefit societies. The Central Committee of the Union are sure to have immense funds in hand from the „benefit payments“. Out of the monies subscribed for sickness and old age they can, if they like, fight the employers. If they had to deal with a strike fund alone, they would have in comparison but an empty treasury. The constant hopes and the continual payments of a benefit society keep the strike society together; but if the strike society cannot hold together of itself, it ought to fall. One of the first and most necessary reforms is the separation of the 2 elements of the provident fund from the „contentious fund“.



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