March 17, 1866. N. 1177.
The Economist, 17. März 1866. S. 313.
Schließen
The Fall in the Value of money.
Bankrate reduced to 6%. There is much foreign money in London attracted by high rates of interest, which is sure to go if the market falls to a low rate. The demand to the East might again revive. The number of schemes on the watch of our capital is now so great, that any monetary surplus is instantly drawn away from us.
The Economist, 17. März 1866. S. 315/316.
Schließen
Mr. Thiers on Protection to French Agriculture.
Thiers says: rent has increased of late years, taxation has increased, and the supply of labour has decreased owing to the emigration of 3,500,000 persons into the great cities, until less than 18 fcs per hectolitre will not pay, and less than 20 will not yield a remunerative profit.
Economist says: The English remedy under these circumstances is to throw farms together till they tempt man with capital to try an expensive mode of cultivation, and this remedy we frankly admit cannot be tried in France. The manners and institutions of the country, together with the passion for proprietorship, do not admit of so vast a social revolution. But nothing in these circumstances prevents the combination of groups of little proprietors to work their land in common, and thus securing at once the high cultivation which is the merit of the English system, and the independence and comparative energy of the peasant which is the merit of France. A commune can be cultivated by its owners acting together quite as well as by one owner, a theorem now being demonstrated in Holland.
The Economist, 17. März 1866. S. 319–321.
Schließen
Emile Pereires’ Evidence at Banque Enquête.
(7 Nov. 1865 diese evidence)
Emile Pereire. The crisis of 1863–4 was caused solely by the measures adopted by the Bank o. France. That crisis had no intrinsic, no real cause, having its root in the situation: on the contrary, there was unequalled prosperity. For a long time the country had not had so good a harvest; and yet it was after that harves harvest that the restrictive measures were taken by the Bank. … By the generalisation of commercial relations, by the multiplicity and low price of means of carrying, we succeed every day, and still do so more and more in rendering crisis arising from scarcities much less prejudicial to circulation …
The Bank o. F. has no capital, or rather its capital is entirely immobilised. The following was its situation, according to its balance sheet of 2nd November (1865):|
35f. | c. | |
---|---|---|
Capital | 182,500,000 | 0 |
Profits in addition to capital | 7,034,778 | 2 |
Reserves in securities | 22,105,750 | 14 |
New fixed Reserve | 4,000,000 | 0 |
Total | 215,640,528 | 16 |
f. | c. | |
---|---|---|
Immobilised rente, and advances to the Treasury | 209,430,488 | 0 |
Hotel and Buildings | 8,475,341 | 0 |
Total immobilised | 217,905,829 | 0 |
Thus the B.o.F. has immobilised a sum of 2,265,300f. above its capital and the totality of its reserves. With such a situation, it is impossible on the least derangement for the equilibrium not to be broken … the Bank desires to do all with nothing, for it has no capital. Notes payable at sights cannot be issued against immobilised stock. The first measure to be taken to avoid crisis should be to sell the rents of the Bank, and to constitute a reserve in paper on foreign countries. When one has bills of exchange in one’s portfolio, one has gold, because they can be exchanged at London for gold. But that is not even necessary; it would suffice to prevent the export of gold, if the exchange were unfavourable to exportation for the Bank to negotiate paper on London … I know this objection: „The Bank of England could do the same thing; it could have paper on Paris, and negotiate it at the same time as you do.[“] But the mechanism of exchanges is very simple. Paper on Paris cannot be demanded and rising at London, at the same time that paper on London is demanded and rising at Paris. It is the contrary which takes place; and is the forced consequence of this change of the debit or credit balance. Paper on London rises at Paris, when paper on Paris falls at London, and reciprocically reciprocally. So that it suffices to negotiate paper on London, in order to stop the export of gold from France to England …
On Oct. 5 (1865) the B.o.F. raised their rate suddenly, because they learned, by telegraph, that the B.o.E. had done so. … I only know 2 banks in Europe, that of France, and that of England. These 2 banks are the regulating establishments of commercial and public credit in Europe. They have each, independently of their mutual dependence, a speciality. England, by her old connection with all the world, is the market in which all the gold and silver of the New World and of Australia arrive … This monopoly is assured to England by her innumerable steam vessels. A steamship now leaves New York every day für England. In 1822, at Bordeaux, letters were only received 2 a week from Paris, and Bayonne only got letters 2 a week from Bordeaux. But now every day letters are received at London from New York. It is at London that all the precious metals arrive. … They are in great part spread over the Continent, and are centralised at Paris. It is at Paris that the great trade in the precious metals is carried on. Paris is also the principal exchange market, and that in which is concentrated all the bills of exchange drawn on England. Consequently, generally speaking, the metals destined to pay in Europe the transactions not settled by bills of exchange, return to Paris.
The par of the sovereign sterling at London is in the trade 25f. 16c. and at the Bank of England 25.20. The cost of displacing being estimated at about 7c., it results that gold may be imported from England when bills on London are from 25.10 to 25.121/2, whilst it is only possible to export at 25.371/2 or 25.40 on account of the loss sustained by the melting down of French gold pieces.
The American dollar sold at par is 5f. 16c. The expenses are 1%. The quotation must therefore be below 5.11 to render importation into France possible, and above 5.21 for exportation.
The gold napoleon is worth in Ejypt 776/40 piastres; which, with the cost of carriage, puts the rate at nearly 5.27 per Spanish piaster. (Spanish piaster = 5f. 17c.) To export gold coin from France to Ejypt, the rate must be superior to that price; to import into France it must be below 5.23.|
36All these calculations are made in estimating gold at par. If these were a premium, the parity would be changed.
If now we apply these different operations to the quotations of 4. Nov. 1865, we see that the quotation on London being 25.20 to 25.221/2, and the premium on gold 3%, the price of London is reduced to from 25.13 to 25.151/2. Therefore, we can at the present moment (7 Nov. 1865) neither import English gold into France, nor export gold to England.
The rate at New York against gold is 5.16. At that rate, which represents par, no operation of importation or exportation can be made without losing the cost of carriage.
On the 5. of October, when the B. o. France raised its discount, the rate of exchange rendered gold export absolutely impossible. The rate of bills on London was 25.25, on the 9. October London paper was worth 25.28. In beiden cases export et import equally impossible.
2 February 1867. N. 1223.
The Economist, 2. Februar 1867. S. 117.
Schließen
A Curious Effect of the Paper Currency in
America. (From the New York Chronicle,
financial paper.)
Numbers. | Liabilities in all the States. Dollars. | Failures in Northern States only[.] Numbers. | Dollars. Liabilities in Northern states only. | |
---|---|---|---|---|
1857 | 4,932 | 291,750,000$ | 4,257 | 265,818,000 |
1858 | 4,225 | 95,749,000 | 3,113 | 73,608,747 |
1859 | 3,913 | 64,394,000 | 2,959 | 51,314,000 |
1860 | 3,676 | 79,807,000 | 2,733 | 61,739,000 |
1861 | 6,993 | 207,510,000 | 5,935 | 188,632,000 |
1862 | 1,652 | 23,049,000 | ||
1863 | 495 | 7,899,900 | ||
1864 | 520 | 8,569,000 | ||
1865 | 530 | 17,625,000 | ||
1866 | 1505 | 53,783,000 | 632 | 47,333,000 |
Das Papiergeld durch seine depreciation takes from the creditor and gives to the debtor. During the war, the failures in the Southern States were not known; but taking the Northern States only, the lubricating influence of the deteriorating currency is wonderfully exemplified in the small amounts of failures in 1862, 63, 64 and 65.|
The Economist, 2. Februar 1867. S. 117/118.
Schließen
Proposed Trades Unions’ Commission.
It would scarcely be possible for any inquiry to show how often the mere existence of Unions have caused masters to raise wages without a strike, or even a quarrel; how often the same fact has prevented them from lowering wages where they would otherwise have been glad of the opportunity; and it is in their silent exercises of influence that trade combinations have no doubt effected their greatest benefit. You could discover by investigation, how often overexercise has caused illness; but not practicable to make out, by an investigation, how often moderate exercise has prevented it. Unions, which put the labourers to some extent in the condition of a capitalist, must improve the terms they obtain from capitalists. This power is so great as often to be abused, and to lead the men into wasteful strikes. But the power itself is an obvious and great good. Poverty and inability to resist disadvantageous offers can never be an advantage to either labourer or capitalist; for if to either, then to both; and it is, of course, absurd to assert that a poor capitalist who cannot afford to wait for his market, is not in a very much inferior position to a rich capitalist who can.
The Economist, 2. Februar 1867. S. 120.
Schließen
Aneline.
The dyers of Lyons and St. Etienne have addressed a petition to the minister of commerce, for a modification in the duties on alcohol, so far as concerns the dyeing trade. The preparation of the colours derived from aneline, „which“, they say, „tends to nothing less than to dethrone vegetable colours“, necessitates the employment of alcohol; but the Gvt requires the alcohol so used to be „denaturalised“ by the addition of 20% of coal tar, so as to prevent it from being turned to other purposes. This denaturalisation spoils its quality, hence Swiss dyers, able to use pure alcohols, are beating the French in the quality of their dyes. The French Alcohol too, though spoiled by the said addition, is taxed heavily, where that of the Swiss pays nothing; consequently, in price also, the Swiss defeat them. Whilst in France a kilogramme of light blue costs 445f., it only costs in Switzerland 205f. Nearly one half of the silks of Lyons and St. Etienne are now dyed by aneline.
The Economist, 2. Februar 1867. S. 121.
Schließen
Manufacture of Beetroot sugar.
In the German States which formed the Zollverein:
1851–2 | 1859–60 | 1864–5 | 1865–66 |
---|---|---|---|
1,261,372 cwts | 2,915,196 | 3,413,214 | 3,698,825 cwts. |
Owing to the employment of improved processes, and a better cultivation of the root, the quantity of sugar obtained from the beet is gradually increasing. In 1863–4 it was 71/2%; in 1864–5: 8.20, in 1865–6: 8.55.
In Belgium: | 1863–4: | 400,620 cwts; | in 1864–5: 437,896, | und in 1865–6: 831,037. |
Sweden | 217,517; | 230,000; | 300,000 | |
Holland | 50,000 | 50,000 | 70,000 | |
Dagegen decreasing in Russia | 1,413,263 | 1,534,505 | 1,000,000 | |
Austria | 1,169,057 | 1,691,280 | 1,350,000. |
The Economist, 2. Februar 1867. S. 121.
Schließen
Tableau General du Commerce de la France. (issued for
1865.)
Total imports francs. | Taken for consumption. francs | ||
---|---|---|---|
1860 | 2,657,300,000 | 1,897,300,000 | |
1861 | 3,085,400,000 | 2,442,300,000 | |
1862 | 2,899,200,000 | 2,198,600,000 | |
1863 | 3,236,400,000 | 2,426,400,000 | |
1864 | 3,407,400,000 | 2,528,200,000 | |
1865 | 3,527,400,000 | 2,641,800,000 | |
Total exports. francs | French part thereof. | ||
1860 | 3,145,500,000 | 2,277,100,000 | |
1861 | 2,660,200,000 | 1,926,300,000 | |
1862 | 3,049,900,000 | 2,242,700,000 | |
1863 | 3,526,400,000 | 2,642,600,000 | |
1864 | 3,921,200,000 | 2,924,200,000 | |
1865 | 4,086,500,000 | 3,088,400,000 | | |
The Economist, 2. Februar 1867. S. 131.
Schließen
Manufacturing Districts.
Manchester. Jan. 31. Large business done in yarns und goods for China und India. Doch producers still complain of prices not paying; consequently, many continued to consign largely, preferring that risk to selling in this market at a positive loss.
Inhalt:
- 17 February 1866.
N. 1173. (Fortsetzung)
-
24 February 1866. N. 1174.
-
March 3. 1866. N. 1175.
-
10th March, 1866. N. 1176.
-
March 17, 1866. N. 1177.
-
24. March 1866. N. 1178.
-
31 March 1866. N. 1179.
-
April 7. 1866. N. 1180.
-
April 14. 1866. N. 1181
-
April 21. 1866. N. 1182.
- April 28, 1866. N. 1183.
-
5 May. 1866. N. 1189.
-
12 May. 1866. N. 1185.
-
May 19, 1866. N. 1186.
-
26 May 1866. N. 1187.
-
June 2. 1866. N. 1188.
-
June 9. 1866. N. 1189.
-
June 16. 1866. N. 1190.
-
23 June. 1866. N. 1191.
- June 30. 1866. N. 1192.
-
Saturday, 7 July 1866. N. 1193.
-
July 14, 1866. N. 1194.
-
July 21. 1866. N. 1195.
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July 28, 1866. N. 1196.
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4 August 1866. N. 1197.
- August 11. 1866. N. 1198.
-
August 18, 1866. N. 1199.
-
August 25, 1866. N. 1200.
-
Saturday September 1, 1866.
-
8 September 1866. N. 1202.
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September 15. 1866. N. 1203.
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September 22, 1866. N. 1204.
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September 29. 1866. N. 1205.
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October 6 1866. N. 1206.
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October 13. 1866. N. 1207.
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Saturday. October 20. 1866. N. 1208.
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October 27. 1866.
-
November 3. 1866. N. 1210.
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November 10. 1866. N. 1211.
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November 17. 1866. N. 1212.
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24 November 1866. N. 1213
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1. December 1866. N. 1214.
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December 8. 1866. N. 1215.
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15 December. 1866. N. 1216.
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22 December. 1866. N. 1217.
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29 December 1866. N. 1218.
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January 5, 1867. N. 1219.
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January 12, 1867. N. 1220.
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19 January, 1867. N. 1221.
- January 26, 1867. N. 1222.
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2 February 1867. N. 1223.
- 9 February, 1867. N. 1224.
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16 February. 1867. N. 1225.
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23 February 1867. N. 1226.
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2 March 1867. N. 1227.
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9 March, 1867. N. 1228.
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16 March 1867. N. 1229.
- March 23, 1867. N. 1230.
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March 30. 1867. N. 1231.
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April 6. 1867. N. 1232.
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13 April. 1867. N. 1233.
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20 April. 1867. N. 1234.
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27 April. 1867. N. 1235.
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May 4, 1867. N. 1236.
-
March
May
11; 1867. N. 1237.
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May 18. 1867. N. 1238.
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25 May, 1867. N. 1239.
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June 1. 1867. N. 1240.
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June 8. 1867. N. 1241.
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June 15. 1867. N. 1242.
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22 June 1867. N. 1243.
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June 29. 1867. N. 1244.
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July 6. 1867. N. 1245.
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July 13, 1867. N. 1246
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20 July 1867. N. 1247.
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July 27. 1867. N. 1248.
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3 August 1867. N. 1249.
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10 August, 1867. N. 1250.
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17 August, 1867. N. 1251.
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August 24, 1867. N. 1252.
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31 August. 1867 N. 1253.
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September 14, 1867. N. 1255.
- 21 Sept. 1867. N. 1256.
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September 28, 1867. N. 1257.
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October 5, 1867. N. 1258.
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October 12, 1867. N. 1259.
- October 19, 1867. N. 1260.
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October 26, 1867. N. 1261.
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November 2. 1867. N. 1262.
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9 November 1867. N. 1263.
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November 16, 1867. N. 1264.
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Nov. 23. 1867. N. 1265.
- 30 November, 1867. N. 1266.
- 7 December 1867. N. 1267.
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December 21, 1867. N. 1269.
- December 28, 1867. N. 1270.
- Saturday. May 19. 1866. N. 311. Panic.
Bank o. E.
- Money Market. (Reserve of B.o.E.)
- The Recent Panic and Bank Act Suspension.
- The Panic and its Remedy.
- What to do with the Act of 1844?
- The Times and the
Panic.
- Investors Losses from „Bear“ Frights.
- The Stock Markets of the Week.
- The Limited Liability Act of 1862.
- Railways. (don’t pay)
- The Reports of the Asiatic Banking Co., and the Bank of Hindostan, China
and Japan (Limited.)
- The Economy of B.o.E. Notes. 1000£ Notes.
- Money Market. (Reserve of B.o.E.)
- May 26, 1866. N. 312.
- The Bank of England and the London Bankers in the
Panic.
-
Lord Clarendon on
the Panic.
- Transfer of Business of the Bank of London to the Consolidated Bk.
- Loss in Investments since beginning of 1866 – May
26.
- The Stock Markets of the Week.
- What is a Five-Twenty Bond? (Neue Art Convertibility for paper
currency)
- The Annual Circular of the American
Commercial Agency. (Vehmgericht)
- Act of 1844 and Bank of England.
- A Pluralist Director.
- The Directors of failed
Cos.
- The Bank of England and the London Bankers in the
Panic.
- June 2, 1866. N. 313.
- John
C.
G.
Hubbard, M.P. On the Bank Act and the
Currency. (Letter to the Times on 14 May.)
- The Theory of Panic etc.
- Board of Trade Returns.
- The Consolidated Bank
(limited)
- American Exchanges and Grain Trade.
- Pressure and securities.
- Variations between Prospectus and Articles. The
Russian Iron Works Co. (lim.)
- America. U. St. (Trade)
- Bearing.
- John
C.
G.
Hubbard, M.P. On the Bank Act and the
Currency. (Letter to the Times on 14 May.)
- July 21, 1866. N. 320.
- 28 July 1866. N. 321.
- August 4. 1866. N. 322.
- 11 August, 1866. N. 323.
- August 18. 1868. N. 324.
- 25 August, 1866. N. 325.
- 1 Sept. 1866. N. 326.
- 8 September 1866. N. 327.
- Sept. 15, 1866. N. 328.
- 22 September, 1866 N. 329.
- 29 September 1866. N. 330.
- October 6, 1866. N. 331.
- 13 October. 1866. N. 332.
- 20 October, 1866. N. 333.
- 27 October 1866. N. 334.
- 10 November. 1866. N. 336.
- 17 November 1866. N. 337.
- 24 November, 1866.
N. 338.
- December 1. 1866. N. 339.
- 8 December 1866.
N. 340.
- December 15, 1866. N. 341.
- 22 December, 1866. N. 342.
- 29 December 1866. N. 343.
-
5 January, 1867. N. 344.
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12 January 1867. N. 345.
-
Proposed Expansive Clause in the Bank Act of
1844.
-
Evidence of John Henry Gurney
and Mr. Robert
Birnbeck
Birkbeck
before Vice-Chancellor Malins.
-
Cotton Market. Past and Present.
-
Thomson
Hankey: (formerly Governor of B.o.E.) „The Principles of Banking, its Utility
and Economy; with Remarks on
the
the Working and Management of the Bank of
England“. Lond.
1867.
-
Proposed Expansive Clause in the Bank Act of
1844.
-
19 January, 1867. N. 346.
-
26 Jan. 1867. N. 347.
-
February 2, 1867. N. 348.
-
9 February, 1867. N. 349.
-
16 February
1866
1867
. N. 350.
-
23 February 1867. N. 351.
-
2 March 1867. N. 352.
-
The Joint Stock Co’s Directory for 1867. London.
Charles Barker et Sons. 8, Birchin-lane.
-
Overends. Report of Liquidators and Report of Defence
Committee.
-
Leeman’s Bill respecting
Dealings in Bank Shares.
-
Limited Liability. High Nominal Shares.
-
London, Chatham and Dover
Railway Co.
(faux frais)
-
Plethora of money.
-
1915
on Overends.
(David Barclay
Chapman)
-
London, Chatham et
Dover
(Zusammensetzung des
Investigation Committee) (Solicitors)
(Scapegoats)
-
The Joint Stock Co’s Directory for 1867. London.
Charles Barker et Sons. 8, Birchin-lane.
-
9 March, 1867. N. 353.
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March 16, 1867. N. 354.
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23 March. 1867. N. 355.
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30 March 1867. N. 356.
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April 6. 1867. N. 357.
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13 April 1867. N. 358.
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April 20, 1867. N. 359.
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April 27, 1867. N. 360.
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May 4, 1867. N. 361.
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11 May 1867. N. 362.
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25 May. 1867. N. 364.
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June 8, 1867. N. 366.
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15 June. 1867. N. 367.
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22 June 1867. N. 368.
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29 June. 1867. N. 369.
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July 6. 1867. N. 370.
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July 13. 1867. N. 371.
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July 20, 1867. N. 372.
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July 27. 1867. N. 373.
August 3. 1867. N. 374.
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August 10. 1867. N. 375.
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August 17, 1867. N. 376.
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August 31, 1867. N. 378.
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14 September. 1867. N. 380.
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21 September, 1867. N. 381.
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28 September, 1867. N. 382.
-
Gold mines of Victoria. (Kitto: „The
Goldminers of Victoria.“ Lond. ’67)
Expropriation of Individual
Labour. (Property)
-
Public Debt of Russia. Consul
Michell’s
Report.
- Robert Knight: Letter to the
Right.
Right
Honourable Sir Stafford Northcote on
the Present Condition of Bombay. Lond.
1867.
-
Limited Liability Cos formed since
1865.
-
Gold mines of Victoria. (Kitto: „The
Goldminers of Victoria.“ Lond. ’67)
Expropriation of Individual
Labour. (Property)
-
5 October. 1867. N. 383.
-
Money Market Review. 12 Oct. 1867.
- 19 October 1867. N. 385.
-
October
27
26
, 1867. N. 386
-
9 November, 1867. N. 388
-
16 November 1867. N. 389.
- 23 November 1867. N. 390
-
7 December 1867. N. 392.
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21 Dec. 1867. N. 394.
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28 December 1867. N. 395.