15 December. 1866. N. 1216.

The Economist, 15. Dezember 1866. S. 1449–1451.
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What to buy.  Zusatz von Marx.
(Der sich selbst vermehrende Wert, le système du capital.)

In Oriental countries a man puts his money into diamonds or gold and silver ornaments, or perhaps he buries the specie itself. He is content to keep what he has, if he can only keep it. He does not expect, as by invincible association we all now expect, our property to get more of itself. So deep did this conception of the unnaturalness of interest penetrate into early society that the laws against usury were stoutly defended upon a quasi-philosophic tenet that money was inherently „barren[“].

The broker may be paid a larger commission on questionable investments which hang over the markets, and which the holders are anxious to get rid of. Thousands of bad railway bonds have been in the last 2 or 3 years sold to people who could ill bear the loss, because the broker was paid much to dispose of them.

The Economist, 15. Dezember 1866. S. 1456/1457.
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The Recent Strike among the Iron workers in the North of England.

Previous to the 15 July (1866) the iron workers in the North of England – i.e. in the district of Tees, Wear, and Tyne – gave notice to the men employed in the puddling furnaces and rolling mills that on the day name named wages would be reduced 10%, giving as their reasons for the step, 1) that the price of manufactured iron had not risen by any means so rapidly as the wages of the workmen engaged in producing it, 2) that the accumulation of stocks and the scarcity of orders rendered the reduction unavoidable, and that 3) the increasing competition of Germany, Belgium and France, compelled the manufacturers of this country to economise the cost of production. Most of the workmen on the 3 rivers belong to the Northern Ironworkers Union, and with very little hesitation its leaders declared that the 10% reduction could not be accepted. Work therefore ceased almost entirely about the middle of July, and perhaps between 20 20,000, or 30,000 men, skilled and unskilled, became idle. Besides the Northern Union, there is a Southern Union, comprising the districts, represented by Staffordshire. The strike did not extend to the Midland or South Wales districts … At the outset the Union professed to be able to distribute 10s. a week to the skilled men on strike, but not more than 1 or 2 weekly subsidies at this rate were actually provided. The payments fell to 4s., 2s. 6d, 1s., and even 6d., and during several weeks there were no payments of any kind. In October an attempt was made to amalgamate the Northern with the Southern Union, but it led to nothing. The appeals also for assistance to other trades produced only trifling sums.

The protraction of the strike, and the almost entire absence for demand, led the masters to raise further points of controversy. 10% Abschlag on the puddlers’ wages; aber: the mill men, who work in gangs, ought to submit to a larger reduction, especially in work where, by great outlay of capital, rolling machinery of the best and most powerful kind had been provided. The mill men were paid by a given rate on the quantity of iron rolled and furnished, each pair of rollers being manned by a gang or set, working under a sort of sub-contractor, who alone dealt directly mit dem employer. Suppose, therefore, a mill of the latest and best kind, to be capable of rolling 100 tons a day at say 2.s. a ton, the payment to the middleman or subcontractor, for himself and his set, would be 10l. But if the mill were of old and inferior construction, the produce would be only say 50 tons a day, which at 2s. would only yield 5l., or half of the result in the former case – the amount of actual skill and labour being substantially the same. In other words, the owner of the new and mill was made to double the wage of the men in his employment, without receiving any equivalent. On 23 November, after a conflict of 19 weeks, the strike was terminated by the unconditional reentry of the men at the reduction of 10% on the puddlers, and the revised rates offered to the millmen. The men resisted a small reduction in the face of a falling market, a monetary crisis, increasing stock, and such an unanimity of the masters as could only arise from a general absence of orders.|


So far as market price is concerned, labour is as entirely a commodity, and is regulated in exchangeable value in precisely the same way, as coffee or timber.

9 November 1867. N. 1263.

The Economist, 9. November 1867. S. 1265/1266.
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State of Trade.

Aggregate Exports for the 9 months ending 30 Sept.
1866. 1867.
£.141,936,898. £.137,202,497.

Die Imports much less than last year. 1866: £.155,812,883 und 1867: £141,448,055 für die 8 months ended 31st August. Aber die 2 capital items have curiously changed

Cotton. Corn.
1866: £58,204,544. 1867. £39,752,424. 1866: £:8,192,693. 1867: 14,680,483

Corn. Wheat.
From: 1866 1866. (in £) 1867. (in £)
Russia £.2,263,829 £.5,334,125
Denmark 182,637 233,112
Prussia 1,755,805 3,437,432
Schleswig Holstein et Lauenburg 72,284 63,093
Mecklenburg 326,064 427,081
Hanse Towns 337,494 341,815
France 1,676,745 361,220
Turkey, Wallachia, Moldavia 150,432 1,030,200
Ejypt 5,565 254,344
U. States 180,658 1,285,863
British North America 4,156 2,273
Other Countries 1,237,024 1,909,880
Total 8,192,693 14,680,438.

Die imports of other sorts of corn, and of wheat, meal, and flour, not in the aggregate very different from last year.

Import of Cotton. Raw.
From 1866. 1867.
Unit. States £.29,349,669 22,606,517
Bahamas und Bermudas 46,816 56,437
Mexico 28,591 121
Brazil 3,973,456 2,716,300
Turkey 515,714 273,333
Ejypt 6,626,740 6,674,842
Brit. India 16,139,879 6,942,842
China 78,000 20,965
Other Countries 1,445,679 1,061,067
Total. 58,204,544 39,752,424

Prussia and Russia the largest creditors on the Continent; take as a rule not much bullion; great falling off of the Indian debt for cotton, which has of late absorbed so much für bullion.|


The Economist, 9. November 1867. S. 1266/1267.
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Trades Unions and Friendly Societies.

Mr. Pitt, in 1793, passed the first law relating to Friendly Societies, followed by a whole crowd of successors. Ihr aim: to exempt from the general prohibition of combination certain particular associations so as to encourage and protect „by voluntary subscriptions of the member thereof, separate funds for the mutual relief and maintenance of the members in sickness, age, infirmity“. Viele „friendly societies“ solvent, many insolvent. Und insolvency often very gross, selbst in sehr respectable societies. Thus „The Preston Branch of the Manchester Union“ had a deficiency of 23,880. The favours given to the Friendly Societies:

1) The right of suing, and being sued at law, especially, what was vital, the right of suing their own members for arrears, and their own officers for defalcation. The right was, indeed, given in an absurd way. In the case of Joint Stock banks, those constituted under the original Act, cannot sue for themselves, a public officer must sue for them. Friendly societies are under the same disability; they cannot sue on their own account as a Railway Co. does; a trustee has to sue for them.

2) Exemption of the transfer of interests in them from certain stamp duties, though only to a certain amount.

Wegen dieser privileges der Friendly Societies, all other associations of workmen tried to be Friendly Societies whatever else they were, and so to gain the right of suing their defaulting members and officers. Und dieß um so easier als, by a series of enactments, it had become very difficult to say what a Friendly Society was or was not. No blame can be attached to the founders of the Trades Unions for coupling together 2 antagonistic aims, for the law encouraged them in it, and gave them no chance of gaining that for which they most cared, unless they attempted the other also. The attempt was, however, vain. Aber Judges decided that Strike Societies were illegal as in restraint of trade; and, therefore, that although they were benefit societies also, they could not sue for payments in arrears by members, or for sums in the custody of defaulting and resisting officers. So die Trades Unions are now wholly unable either to sue or be sued. No legal defect can be more absurd or fatal. We cannot understand those who wish that these societies should be half legal and half illegal. That they be permitted to combine, but not allowed to provide the funds which alone make that combination effectual. Abolish all notion of wages-combinations being in restraint of trade; we professed to legalise these combinations years ago, and now it would be impossible to destroy them by a sidewind, and pernicious to attempt it.

The Economist, 9. November 1867. S. 1272.
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Occupation of land in England.

The tenant farmer would make a great sacrifice in purchasing land; he would be employing his money at 3%, instead of 15. In fact, he borrows the largest amount of the capital at a rate which does not exceed 3%.

Upon similar grounds the yeoman sells his freehold. He will not hold a property which yields him 3%, when he can get for the money which he obtains for it, perhaps 5% on a perfectly secure mortgage, 7% by building or buying cottages, or 10 to 15% in some industrial enterprise. Land, hier, at the market price, of 30 years’ purchase, lower than in France, Holland, Belgium. Some of the largest properties in Europe are to be found in Belgium.


  • 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