January 12, 1867. N. 1220.

The Economist, 12. Januar 1867. S. 31/32.
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Foreign Trade.

The East India Company , the Russian Company , and the Turkey Company , in old times, divided much of our foreign trade between them. According to the then received doctrines, the scattered ships of unconnected traders had no business in distant foreign seas.|


The Economist, 12. Januar 1867. S. 33–35.
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Master and Servant.

A poor man who is accused of an offence cannot employ the same counsel, cannot have the same facilities of collecting evidence, cannot have his case put before the court as a rich man could. For these very reasons the law ought to favour the poor rather than the rich. It ought not to presume on the necessary disadvantages of a man’s position to impose fresh burdens upon him. It has done this in the case of master and servant. It has widened the gulf between capital and labour by attempting to give capital the command over labour. It has viewed the relation between employer and employed as if the first entered into a light civil contract, while the second bound himself by a penal bond. It has given the first a summary mode of redress, while it has thrown the second on his own resources. Summary punishments are the most effectual. Penalties which must be levied by civil process are comparatively seldom exacted, introduce doubt, delay, technical objections, increase costs and obstructs obstruct justice.

Many instances of the injustice, caused by this inequal legislation, may be found in a recent blue book bearing the same title as the article. Firstly, the servant who refuses to work is taken, mostly in handcuffs, before the magistrate. By the English system of criminal procedure, he cannot be heard in his own defence. The magistrate who tries him is generally a master. The law gives, besides, the magistrate no option. If the master presses for a conviction he is entitled to have it, and we read of a case in Scotland where a master refused to take a man back but insisted on his being imprisoned. The man pretended that the master had virtually broken the contract by putting him to work which he was not legally bound to do. This case does not stand alone. In the blue book … an instance of men being refused their wages on the usual pay-day, and yet being compelled to work by criminal proceedings. We have a peculiar case of men being discharged for refusing to work night and day, being then apprehended under a warrant, and, on an acquittal, being unable to recover damages either for their discharge or their false imprisonment. In some trades the master may discharge on a month’s notice, but the servant who leaves on a month’s notice, notice may be sent to prison. At certain steel works, „when a man is engaged, he is supplied with a code of rules, the notice to leave being 7 or 14 days’ notice.“ But the manager, instead of giving this notice to the men, „posts a notice on the wall to say that all those who belong to Unions are to leave at a certain date. The men want the same notice as he would require.“ In the Wolverhampton district it is the custom to enter into contract for a year, and the contract stipulates that the master may discharge his workmen at a month’s notice, but that the workmen must give 6 months’ notice. „A workman binds himself for 12 months to his employer“, says a witness from the Potteries, „and the employer undertakes to find him work for that period; but when the workmen sought to force from the employer the full amount of work, he never could obtain it, and the master could force from the workmen his 12 months’ employment.“ When the men know that there are some 10 000 prosecutors annually under the Master and the Servant Act, when they think that the magistrates before whom those cases are tried are mostly employers, when they see the justice of peace and the employer conferring in an ale house together before the trial, and returning to the ale house together after the trial, they may be excused for combining against their masters and the law which supports their masters.

The committee recommends that all cases should be publicly tried before two or more magistrates, or a stipendiary magistrate, the procedure to be by summons instead of warrant, the punishment fine instead of imprisonment.

The Economist, 12. Januar 1867. S. 35.
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A territorial Magnate.

Aus recently published number of the Royal Agricultural Society’s Journal, nämlich Prize Essay on the „Farming of Leicestershire“. Der essayist says: „That to the native excellence rather than to any pains bestowed on their (the pastures) improvement, is Leicestershire indebted for her surpassing fertility, and for the high rental – probably the highest of any county in the kingdom – received by her landowners.“ The Duke of Rutland’s estates extends to 1/16 of the whole county. The estate comprises 39,000 acres, of which about 1/2 is strong loam and clay (the pastures of surpassing natural fertility), of which the Vale of Belvoir, on the lias, forms the chief part, about 5000 acres beyond Leicester being composed of strong marl and gravel. The remaining half being about equally between white and red „creach“ (soil) upon the colite and marlstone formations. The farms vary from 50 to 750 acres; the more general size is from 200 to 400, the portions in grass and arable being about equal. All the ducal tenantry hold their farms from year to year. They have no formal agreement, but a sort of a ukase or „memorandum is printed on the backs of the rental receipts given when rent payments are made.“ This memorandum commences as follows: „Take notice – that the following are the conditions upon which you rent or hold the land in your occupation under His Grace the Duke of Rutland.“ Unter diesen provisions: „5) no trees growing on the premises will be permitted to be lopped or |117 in any wise injured. 6) On your quitting the premises all the manure will be considered as belonging thereto, and will not be suffered to be removed therefrom or allowed for. 7) the game and right of sporting on such lands is (common English would be ‚are‘) reserved to His Grace.“ It is also said the tenants „are further! protected by a liberal schedule of allowances, as tenant-right for purchased manure“, though how such a schedule can co-exist with the 6th condition, would puzzle the acumen of legal interpreters of the contract should any litigation arise thereupon. Kömmt hinzu the political influence such a territorial magnate can wield, by the agency of a subservient tenantry.

The Economist, 12. Januar 1867. S. 37.
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The National Debt.

Returns of the Revenue for year ending Sept. 30, 1866 was 68,460,142l., wovon 41,876,000£., almost 2/3 of the entire revenue, raised by Customs and Excise, fallen fast ganz auf beer, chicory, cocoa, coffee, corn, malt, sago, spirits, sugar, tapioca, tea, tobacco and wines. Those taxes act as a property tax of 15 to 20% on all that a poor workman has; 9,356,000l. stamps, affect especially all traders, from small shopkeeper to the merchant who draws bills, also bankrupts and litigants; 3,422,000l Assessed Taxes, not 1/12 of customs and excise, fall besonders auf die wealthy classes; 5,595,000l Property tax. The land pays hiervon ridiculously little; 4,365,000l. Postoffice; und 3,846,142l. von den Crownlands.

2) Crisis of 1866.

  • Figures on it (57, 58) Grounds for Confidence (61, 62)
  • Crisis of 1866 p. 73, 74, 82–84, 98.
  • Ten P.C. p. 73, 75, 76, 78, 82, 81, 88. (Profit et Interest)
  • Agra and Masterman’s Bank Failure (69, 70) Its Reaction on India (89)
  • Overend et Gurney (71, 72, 95, 100, 108, 109.)
  • Protection for Bankshares (70) Dealing in them (Bears) (76) Bulling and Bearing (81, 82) Bill for regulation sale in them (123) Low prices of Bankshares (171, 172)
  • Northcote and Gladstone on the Panic (90, 91)
  • Circulation of Banknotes since Panic (98)
  • Credit Mobilier and Finance Cos. (11, 12, 13, 14) (24, 25)
  • Finance Paper and Rate of Discount (48, 49)
  • First Interior of a Finance Co (107) Financing Details (177, 178)
  • Credit Foncier of England (158, 159)
  • Account of Joint Stock Banks (92–93) How a shareholder should watch its Co. (84)
  • Liquidation of Bank of London (113)
  • What to buy? (G – Gʹ Sich selbst verwerthender Werth) (112)
  • Failures (1866) 60, 61, 82, 107, 108. 1867 (p. 153)|


  • 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