August 24, 1867. N. 1252.
The Economist, 24. August 1867. S. 955/956.
Schließen
The Credit Foncier of England.
Rechnungsablage oder „Interior“ dieser (relatively guten) Finance Co.
Die direct liabilities only £127,922 (darunter 43,605l. für deposits)[.] Contingent liabilities of 368,757l. Singular smallness of their debts. Ihr „written up“ Capital = 1,800,000l. Diese Co. neu, formed out of the ruins of the „Credit Foncier and Mobilier of England“. In the assets of the old Co taken over by the new one figurirt: Fully paid shares and stocks, 1,159,000l. valued at £305,466 und in their Report the directors say that „the difference between the sums at which the securities were valued in the Co’s books and their par value is no less than £.1,146,717[“]. Now the whole funds of the Co., whether belonging to themselves or others, only £1,997,000, and when there are losses of this magnitude from the fluctuation in the value of securities, who can be sure of anything about it? The directors tell us they used to value their securities at the price of the day, but now for property like this there is „practically no market“, i.e. the property cannot be sold at all or for anything; and, therefore, the directors are obliged to value it themselves. Of course, we do not know what the Co. gave for these shares; some of them may have been bought in cheap market, others allotted under par by special arrangement. Dennoch the value of the property has fluctuated to that amount, and to somebody’s loss, and the doubt remains whether Cos. which deal in articles of so unstable a value, can be relied on to secure a sure income.
The directors say that they have at stake in the following Cos., or in properties connected with them, the following sums:
City of Milan’s Improvement Co. | £.243,615 |
Varna and Rutschuk Railway | 196,467 |
Belgian Public Work Co. | 107,279 |
Irrigation Co of France | 282,740 |
Imperial Land Co. of Marseilles | 325,666 |
Millwalls Docks Co. | 145,526 |
1,301,293 |
besides a large stake both in the London, Chatham, and Dover Railway und Paris Streets Improvements Co. |159 Added die leztern, probably all this these investments = Capital of the Co. Profit on some of those investments may make up for loss in others. And as respects the income to be derived from these securities, such is of course the case. A person who bought all these things to hold would have some income from some of them; there is no common cause why they should all cease to earn. But a finance Co. buys to sell; the great profit such Cos. hope to make, and once apparently did make, did not arise from the earnings of a railway Co. or a dock Co., but from the changes in the share market. And the fatal fact, that securities of this kind all high in good, all low at once in bad times. This does not indicate a secure source of profit on which investors might rely for an increase, but rather a system of sharedealing, which will yield great sums in very sanguine times, at the cost of being left with a property for „which there is no market“ in depressed times.
The Economist, 24. August 1867. S. 956/957.
Schließen
Subways. Zusatz von
Marx.
Schließen (Gas Cos.
etc)
Nämlich for Gas und Waterworks (Repairs) (statt daß sie jezt
beständig die Strasse aufbrechen.[)] In 5 years there were 5,332 openings of the street in
Gray’s inn Road and Holborn. Although the gas and water Cos. were informed
whenever paying was to be done, they invariably waited till afterwards,
in order to get over the ground again. The result: permanent deterioration of the roadways. Nach Mr. Bazalgette ganz verdorben die new
street of Southwark, „one of the most perfect pieces of paving“, by the
Cos. cutting their trenches, breaking up the concrete, disturbing the
arch of stone paving. All this would be obviated by the use of subways. The Gas Cos. say that as
Parliament has once allowed them to do as they like, it has
no right to make them consult the convenience of the public Zusatz von Marx.
Schließen ! The safety of the subway system is merely a question of
ventilation, and a downcast and an upcast shaft for every 3 miles would
be sufficient. (Nämlich die gas pipes to be laid in subways). (One explosion in such a Paris
subway, aber 15 explosion explosions in the Paris sewers from
leakage through the earth.)
The Economist, 24. August 1867. S. 958.
Schließen
United States. Finances. (Official Report of
McCulloch 7 August 1867)
Total debt 1 August, 1867: $2,686,685,896. Increase since 7 months of January by $11,623,391. Since January decrease of about 11 Mill. $ greenbacks afloat, their issue on 1 August being $369,164,844.
1867 imported at New York $53,431,860 worth of Foreign Dry Goods, während 7 months, 1866 während same period $80,442,325. Decrease of $ 27 Mill., about 1/3 of import of 1866.
(7 months) During the 7 months of 1867, | the total Customs receipts at New York | $71,260,915 | |
decrease over 10 Mill. $ of 1866 | 81,309,466. |
Vom Jan. 1 to Aug. 3 1867, | the New York Specie export | $38,427,856. |
Same 7 months of 1866 | 51,824,771. |
Nearly all the export of 1867 made in the last 3 months, wahrscheinlich for maturing of bills drawn by American pleasure travellers in Europe (Paris Exposition).
Specie Production in 1867, von California und Nevada mines, Increase gegen 1866, besonders in den Nevada mines. Bulk of the bullion from those mines seeks outlet |160 through San Francisco.
During first 1/2 of 1867 | amount sent to that city | $22,193,291, |
same time of 1866 | $21,137,763. |
The following table shows (Average Rate of Taxation almost tripled everywhere, since 1860) the ratio for each inhabitant of the total taxation in 1860 and 1866, and also for 1866 the proportion levied by the City, the State, and the Federal (U. St.) Tax.
Cities. | 1860 | 1866 | |||
---|---|---|---|---|---|
Total Tax. $. c. |
City Tax $. c. |
State Tax $. c. |
Federal Tax. $. c. |
Total Tax. $. c. |
|
New York | 12. 12 | 17. 34 | 1. 84 | 13. 95 | 33. 13 |
Philadelphia | 6. 68 | 8. 17 | 1. 27 | 13. 95 | 23. 39 |
Boston | 15. 32 | 21. 98 | 2. 49 | 13. 95 | 38. 42 |
Cincinnati | 11. 25 | 10. 39 | 1. 50 | 13. 95 | 25. 84 |
Chicago | 6. 18 | 8. 57. | 1. 17 | 13. 95 | 23. 69 |
San Francisco | 18. 71 | 18. 71 | 4. 96 | 13. 95 | 37. 62. |
The Economist, 24. August 1867. S. 961/962.
Schließen
Improvement of Land. Zusatz von Marx.
Schließen (Les
nouveaux propriétaires)
Nothing is more common than to see a man, who has made a large fortune in trade or manufactures by most intelligent activity, when he becomes a landed proprietor, to be remarkable chiefly for his exaggerations of the semi-feudal abuses in the management of his estate. He becomes, as it were, assimilated to the territorial class. His preservation of game is more monstrous than that of the old aristocracy; and his restrictive control of his tenants is not less stringent and mischievous than theirs.
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.
-
July 28, 1866. N. 1196.
-
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.
-
September 15. 1866. N. 1203.
-
September 22, 1866. N. 1204.
-
September 29. 1866. N. 1205.
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October 6 1866. N. 1206.
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October 13. 1866. N. 1207.
-
Saturday. October 20. 1866. N. 1208.
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October 27. 1866.
-
November 3. 1866. N. 1210.
-
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.
-
2 February 1867. N. 1223.
- 9 February, 1867. N. 1224.
-
16 February. 1867. N. 1225.
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23 February 1867. N. 1226.
-
2 March 1867. N. 1227.
-
9 March, 1867. N. 1228.
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16 March 1867. N. 1229.
- March 23, 1867. N. 1230.
-
March 30. 1867. N. 1231.
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April 6. 1867. N. 1232.
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13 April. 1867. N. 1233.
-
20 April. 1867. N. 1234.
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27 April. 1867. N. 1235.
-
May 4, 1867. N. 1236.
-
March
May
11; 1867. N. 1237.
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May 18. 1867. N. 1238.
-
25 May, 1867. N. 1239.
-
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.
-
October 12, 1867. N. 1259.
- October 19, 1867. N. 1260.
-
October 26, 1867. N. 1261.
-
November 2. 1867. N. 1262.
-
9 November 1867. N. 1263.
-
November 16, 1867. N. 1264.
-
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.
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5 January, 1867. N. 344.
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12 January 1867. N. 345.
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Proposed Expansive Clause in the Bank Act of
1844.
-
Evidence of John Henry Gurney
and Mr. Robert
Birnbeck
Birkbeck
before Vice-Chancellor Malins.
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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.
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26 Jan. 1867. N. 347.
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February 2, 1867. N. 348.
-
9 February, 1867. N. 349.
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16 February
1866
1867
. N. 350.
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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.
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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.
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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
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7 December 1867. N. 392.
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21 Dec. 1867. N. 394.
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28 December 1867. N. 395.