22 December. 1866. N. 1217.

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The Economist, 22. Dezember 1866. S. 1481–1483.
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The Actual State of American Finance.

Report of McCulloch, Secretary of the Treasury. Bericht für dieß last financial year. (1866) dollar berechnet zu 4s.

Customs Land Direct tax Internal Revenue Miscellaneous Summa
Revenue: £.35,809,330 133,066 394,952 61,845,362 13,423,875 111,605,525l.
Civil Service Pensions et Indians War Department Navy Department Interest on Public Debt. Summa:
Expenditure 8,221,392 3,770,481 56,889,940 8,664,827 26,613,540 104,150,180
Balance: 7,456,445.

The most unexampled fact in financial history. That a Gvt. which one year ago had no internal revenue at all, should be able to raise 60 Mill. l. is a miracle. In any other country the bare attempt would have caused a revolution.

Derselbe Account for the quarter ending 30th September last.
Customs. Land. Direct tax Internal revenue Miscellaneous Sources Summa
Revenue: 10,168,755 45,699 68,091 19,833,398 1,596,353 31,712,296
Civil Service Pensions. War Department Navy Interest on Public Debt Summa
Expenditure: 2,378,745 2,357,595 2,766,644 1,575,722 6,733,080 15,811,786

In form, it is true that 40 millions l. St. of American Public debt have been paid off since 31st August 1865, when the debt was at its maximum. But that payment was not made out of revenue, sondern from overloans which had become superfluous nach End des civil war. Die funds für reduction der debt from real excess of revenue over expenditure = 23,000,000l. … The Un. States have still the best possible land, the best mines, the best things above ground, the best things under ground, and an educated Anglo-Saxon race to make use of them all. Such means and materials for production, and such skill in making, the world has never seen together.

Aus:
The Economist, 22. Dezember 1866. S. 1484/1485.
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The Liquidation of the Bank of London.

The creditors have already had 12s. in the £, which has been entirely obtained from the assets of the Bank and without calls upon shares. The Bank deposit on 22. May: £, 2,315,000l.; on the 26: they were reduced to 1,038,000l., and to meet this stiff run there were only 27,510l. of India bonds and other available assets. The facility with which the B. o. London gave their acceptances was injurious to them.

Die bills accepted beim stoppage waren £1,218,088, wovon 599,225£, Hälfte, unbezahlt an die Bank zurückkam. There were no securities to meet them. Die Bank hatte auch „financed“, i.e. taken securities of a possibly good, but certainly difficult character. Die Assets waren 26. May: £.2,383,979. Davon already received: £.1,361,751. Remaining to be received: 1,022,227. Mr. Coleman, the liquidator, only expects to get 584,696 eventually, and irrespective of what may be  The Economist: recovered
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received
from the unsecured balance due by the Atlantic and Great Western Railway, which balance will be represented either by shares in that undertaking or by certificates to fall due in July, 1871. 417,226l. are dependent upon the liquidation of the Ebbw Vale Co., the Imperial Mercantile Credit (Lim.) , the Joint Stock Discount Co (lim.), Barned’s Banking Co. (Lim.), Smith, Knight and Co limited and – Peto and Betts  Zusatz von Marx.
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!
The remaining liabilities are £496,662 to meet which Mr. Coleman estimates £. 229,224l. as likely to be extracted during the next year from the ruins of the specified Cos. The shareholders in the Bk. o. London will lose the capital they had in the concern, but not more.

Aus:
The Economist, 22. Dezember 1866. S. 1489/1490.
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Ownership of Landed Property in England. (Communicated).

An English entail does not last, on an average, more than about 30 years, once in a generation the entail is usually cut off, and the estates resettled. Most deeds of entail contain powers to grant long leases, to sell for special purposes and to exchange. By far the greater part of the land in England including some of the largest estates is not entailed. Estates are |114 constantly sold in England entire, although, if a strong desire existed to obtain small portions of them for cultivation, and a higher price could thus be realised for them, they would infallibly be divided as we see to happen when a demand exists for land for building or accommodation purposes, owing to some peculiarities of situation. On the whole then it appears certain that although the effect of entails in preventing the division of estates is doubtless considerable, yet it is much less than is commonly supposed, and will not account for the phenomena before us. The number of small farmers occupying the land of others for agricultural purposes has diminished as much and as rapidly as that of small freeholders unless in a few districts where market gardening and fruit growing prevail. There a class of tenants holding small portions of land is rapidly increasing.



November 16, 1867. N. 1264.

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The Economist, 16. November 1867. S. 1296/1297.
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The Economic Side of the Workhouse Inquiry.

Quite clear from the evidence already received by the Commission of Enquiry that the report des Lancet upon the Farnham Workhouse was undertoned. It is rare to meet, even in fiction, with anything quite so horrible as the little story of the sick pauper woman, roasted to death from sheer supine neglect. … wretched race of „masters“ selected to keep down masterful beggars.

The main source and reason of all the barbarities now exciting so much just indignation has been the desire to save expense, to keep the rates as far as possible „down“. Das management der workhouses is mean, aber zugleich viel waste, peculation etc. Local boards are not good managers of money, as we all know from the experience of vestries and municipalities, and local boards working through contracts are peculiarly liable to imposition and jobbery. Witnesses seem to doubt whether (in dem Farnham case) supplies paid for ever arrived. At all events it is quite clear the workhouse did not get the full benefit of its position as a great wholesale buyer.

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The Economist, 16. November 1867. S. 1301.
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The Bank of England (Communicated)

A banknote is a promise to pay, a cheque is an order to pay, no analogy between them. A banknote is a transferable promise on the part of a bank to pay to bearer, on demand, a certain amount of coined gold; it circulates side by side with gold in endless succession; it liquidates debts like coin; and men in business are practically bound to accept it when in circulation. A cheque is an order to a banker to pay over a specified sum of money; it requires endorsement on being paid, nor is any one practically bound to accept it when offered to him in payment of a debt etc[.] An order to pay Notes is not the Notes themselves.

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The Economist, 16. November 1867. S. 1301.
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Railways’ Cos’ Act of 1867  Zusatz von Marx.
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(Auditors)

Durch seine clause 30 haben die shareholders control through the auditors und leztre responsibility they had not before. It is a striking fact that the auditors have never discovered, or at any rate disclosed, any one of the numerous cases of forgery of stock, false returns to the Board of Trade, payment of unearned dividends, charging of revenue expenses to capital, or any other of the various forms of „cooking“ accounts by which shareholders have been lured to ruin by their directors.

Aus:
The Economist, 16. November 1867. S. 1301.
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Iron Production in Sweden. (1860–1866)

Production Tons. Export to England. Export to other countries. Total
Export.
1860 134,700 tons. 51,000 44,600 95,700
1861 142,600 32,200 37,100 69,300
1862 126,200 42,700 44,800 87,500
1863 123,000 45,600 45,100 90,700
1864 135,000 45,000 48,300 93,300
1865 146,100 43,400 44,500 87,900
1866 164,200 56,000 57,300 113,300

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