October 12, 1867. N. 1259.
The Economist, 12. Oktober 1867. S. 1153/1154.
Schließen
The Money Market here and in France.
Zusatz von
Marx.
Schließen (Credit
Mobilier etc) (Cotton, Wheat
etc)
The Credit Mobilier Co. (in France) was raised up to be a kind of Providence in the moneymarket, and its stoppage, therefore, troubles people. It was raised up, according to its original programme, to „regenerate industry“, and it was known to have the Gvt. aid in so doing. Its original statutes are full of the most patriotic aims … L. Bonaparte patronised the Crédit Mobilier, and we see the result. A pretty full list of the shares it holds has been given, and greater rubbish could not have been collected, worse even than those of our Finance Cos. They, at least, have had no political aspect, but the Crédit Mobilier has. It is the representative of the „Imperial Initiative“, and when it fails, the Empire is damaged.
The state of the Cotton Trade, of Liverpool especially, is gloomy. Cotton has been falling in price rapidly. In Indian cotton, it is probable that many have been obliged to sell to meet bills drawn upon them, and it is not yet at all clear that the price has gone down to the point at which the manufacturers will begin to work. Before the cotton famine we had „Three years’ clothes in advance for the human race“. Beforehand, this great supply was called overproduction; but it had the best effect. It enable enabled us to get through the cotton famine with ease otherwise impossible. But until the whole world is satisfied that cotton has reached its final fall, no similar stock will again be accumulated. The fall in the raw material is ruining many, but no corresponding augmentation of our manufacture occupies our surplus capital or employs our population.
Wheat crop bad (barley und oats good.) Our foreign purchases will have to be large. The largest augmentation (in wheat import) is from Russia; and the Russian exchange almost never rises to the point at which gold goes. Large orders, too, are gone to California.
Slack Employment: The bad state of credit has, undoubtedly, made the employment of the people worse than it has been for a long time. In some departments, f.i. iron trade, the prospects are improving. Still, compared mit late years, employment will be bad, and consumption too. This evil is of a self-intensifying kind. The worse any trade is, the less those engaged in it can spend on other things, and the worse, therefore, the trade in such other things will be also.
The Economist, 5. Oktober 1867. S. 1121.
Schließen
L. Bonaparte’s Cost.
Zusammenfassung von
Marx in eigenen Worten.
Schließen Der Economist sagt in einer
früheren Nummer, daß L. B. Europa, on average, 40 Mill. £. St. gekostet hat in Rüstungen, Armies,
Krieg etc.
The Economist, 12. Oktober 1867. S. 1155.
Schließen
Our Wheat Crop. Zusatz von Marx.
Schließen (Lawes’
Experimental fields)
Mr. Lawes’
experimental fields in Hertfordshire consist of land of fair
quality on a chalk subsoil, which has also been artificially drained,
and for 24 years wheat has been grown, year after year, on one portion
of the land without any manure; on another
portion, with a yearly dressing of farm yard
manure; and on several other portions, with dressings of artificial manures, varying on each portion, but
the dressing on each constituting in fact high farming. In other
respects, |170 each portion is treated like every other.
„As the preparation of the land“ Zusatz von
Marx. Marx exzerpierte John Bennet Lawes’ Artikel in „The Times“
vom 5. Oktober 1867 im Januar/Februar 1868 in „Heft I. 1868“ der
„Hefte zur Agrikultur“ (MEGA² IV/18. S. 360).
Schließen (dieß alles
aus J. B. Lawes, of Rothamsted, Herts, Letter
to Times) „the
quantity of seed sown, the time of sowing, and every other operation is
each year the same for all the plots, the difference
of result between plot and plot in the same year is due to the difference in manuring; and as the
operations are also conducted, as far as possible, in the same way from
year to year, the variation in the produce of one year compared with another
should represent the variation of the climatic
conditions or season.“ Lawes notices that von 1860 to
1863, there was a progressively increasing yield from year to year; the
great crop of 1863 having been the largest grown
during the whole series of 24 years, while
the subsequent 5 crops show a progressively declining yield.
There is little doubt that these cycles of advancing
and declining crops are due to season, and that the same
results will be found to have occurred in the ordinary farm crops during
the same seasons.
On the plot unmanured crop of 1866 bushels 121/8 of dressed corn per acre, in 1867 only 87/8 bushels, decline of nearly 1/3. Average produce of the unmanured land for 15 years, 1852–1866 was 151/4 bushels per acre; that of 1863, the largest, was 171/4 bushels. On the plot manured with 14 tons of farm yard manure to the acre, produce in 1866 was 325/8 bush., in 1867 bush. 271/2. On the plot dressed with artificial manure, the highest farmed and most productive, 1866 321/2, in 1867 291/8 bush. p. acre – the average crops for 15 years on the 2 last plots being 355/8 und 361/8 per acre respectively – falling off in this year, compared mit last year, but the proportion of deficiency is nothing like so great on the „unmanured“, i.e., ill-farmed land. The produce of 1867 is not only less than that of any of the 4 preceding years, but also „very inferior to the average of the preceding 15 years“. The produce without manure is unusually low, „indicating that the season was specially unfavourable for the crop on lands out of condition“. The quality of the grain, as show shown by the weight, per bushel, is above the average in every case, except where there was no manure employed. On the unmanured land, the wheat this year was 56-1 lbs per bushel, against an average for 15 years 75-5 lbs p. bush. Here again, we see the greatest loss from season falls on the poor farmer. Lawes estimated the crop of 1866 at 10% below the average, fears the present will be 20% less than the average.
The Economist, 12. Oktober 1867. S. 1155/1156.
Schließen
Money and Trades
Unions.
If the Trades’ Unions can, as they say, „raise the
price of all things“, where do they get the money to pay that
augmented price? Under a metallic circulation, as a rule, higher prices
require more of the precious metals. The operations of the Trades’ Union
have no tendency to improve Banking. The „consumer“, as he existed before the rise of prices, cannot
find the money. He is very commonly a person mit fixed income.
If he buys less of one thing, he must buy more of another. The new money
must be found, either by making the miner work harder and so bring fresh
gold into the world, or by changing the distribution of gold, and
diverting to the country affected by the Trades’ Unions a part of the
gold which used to go elsewhere. Beides unmöglich. Wenn the Trades
Unions can cause a general rise of price, how
will they get more gold for the same things?
Kommentar von Marx.
Schließen (Der Esel hätte sagen sollen: How they get more
things for more gold.)
The Economist, 12. Oktober 1867. S. 1159/1160.
Schließen
The State and the Currency.
(Communicated)
Mr. Patterson in Fortnightly [Review] (July, 1867) proposes: „That the State should secure the substantial value of the note circulation, by requiring that every bank of issue shall deposit with a Gvt. office an amount of Consols fully equal to its note issue, at the same time allowing each bank to security secure the convertibility of its own notes, by keeping in |171 inhand hand so much gold as experience shows in each case to be requisite.“
What we (the State Currency men gegen Patterson)
propose is, that all banknotes above a certain amount
to be fixed by the H.o.C. should be issued by Gvt. in exchange
for properly assayed gold, 22 carats fine, at the rate of 77s. 101/2d. p. ounce,
exactly as sovereigns are now issued by the Mint in exchange for the
same kind of gold at the same rate. Giving banknotes in exchange for
bullion at the exact value of this last per standard ounce, and which is
to lie idle in a vault as long as the amount of banknotes which
represents it is in circulation, is a very different thing from being a
dealer in bullion, nor does it involve any transactions in either home
or foreign securities. The H.o.C. must determine
what amount of banknotes may be issued against
securities other than gold coin or bullion
Kommentar von Marx.
Schließen (Blödsinn!), and this amount banknotes should be unalterable without their
consent. The duty of the Gvt. would be simply to take care that any one
who wanted banknotes for bullion or gold coin should be able to get
them, or vice versa. This could be arranged by 3
issuing establishments at London, Edinburgh, and Dublin, where stores of
bullion, gold coin, and banknotes should be kept for the purpose of
being exchanged one for the other according to the wants of the public.
The State banknotes legal tender everywhere but
at the issuing establishments; here they would be simple certificates on
gold. They should go as low as one sovereign; dadurch holders of
banknotes kept away from the issuing establishments until they required
gold for exportation, and the tedious process of changing 5£ St notes
into sovereigns, and back again into 5£ notes, would be thereby avoided.
Any one who lived in Scotland or Ireland, will admit the 1l. notes’ convenience of carriage and
superiority to sovereigns, often light, and to be weighed. The legitimate business of a banker to lend and
borrow money already in existence. To each of the 3 issuing
departments, there should be a Gvt Clearing House
Department, open to all bankers on payment of an annual fee;
they should be permitted to settle with each other by drafts on the reserves they have previously lodged at the Clearing
House Department, such drafts to be payable
to Clearing bankers only.
4) India.
English Railways. Money Market (1867)
- Savings and Trade (130) Causes of Depression (131, 132, 133, 140) What Bankers should do with their money (157, 169 (Trade), 174, 175 174, 178, 179) Why money dearer in Autumn than Spring (178, 179 179, 180)
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.
-
October 6 1866. N. 1206.
-
October 13. 1866. N. 1207.
-
Saturday. October 20. 1866. N. 1208.
-
October 27. 1866.
-
November 3. 1866. N. 1210.
-
November 10. 1866. N. 1211.
-
November 17. 1866. N. 1212.
-
24 November 1866. N. 1213
-
1. December 1866. N. 1214.
-
December 8. 1866. N. 1215.
-
15 December. 1866. N. 1216.
-
22 December. 1866. N. 1217.
-
29 December 1866. N. 1218.
-
January 5, 1867. N. 1219.
-
January 12, 1867. N. 1220.
-
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.
-
23 February 1867. N. 1226.
-
2 March 1867. N. 1227.
-
9 March, 1867. N. 1228.
-
16 March 1867. N. 1229.
- March 23, 1867. N. 1230.
-
March 30. 1867. N. 1231.
-
April 6. 1867. N. 1232.
-
13 April. 1867. N. 1233.
-
20 April. 1867. N. 1234.
-
27 April. 1867. N. 1235.
-
May 4, 1867. N. 1236.
-
March
May
11; 1867. N. 1237.
-
May 18. 1867. N. 1238.
-
25 May, 1867. N. 1239.
-
June 1. 1867. N. 1240.
-
June 8. 1867. N. 1241.
-
June 15. 1867. N. 1242.
-
22 June 1867. N. 1243.
-
June 29. 1867. N. 1244.
-
July 6. 1867. N. 1245.
-
July 13, 1867. N. 1246
-
20 July 1867. N. 1247.
-
July 27. 1867. N. 1248.
-
3 August 1867. N. 1249.
-
10 August, 1867. N. 1250.
-
17 August, 1867. N. 1251.
-
August 24, 1867. N. 1252.
-
31 August. 1867 N. 1253.
-
September 14, 1867. N. 1255.
- 21 Sept. 1867. N. 1256.
-
September 28, 1867. N. 1257.
-
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.
-
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.
-
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.
-
March 16, 1867. N. 354.
-
23 March. 1867. N. 355.
-
30 March 1867. N. 356.
-
April 6. 1867. N. 357.
-
13 April 1867. N. 358.
-
April 20, 1867. N. 359.
-
April 27, 1867. N. 360.
-
May 4, 1867. N. 361.
-
11 May 1867. N. 362.
-
25 May. 1867. N. 364.
-
June 8, 1867. N. 366.
-
15 June. 1867. N. 367.
-
22 June 1867. N. 368.
-
29 June. 1867. N. 369.
-
July 6. 1867. N. 370.
-
July 13. 1867. N. 371.
-
July 20, 1867. N. 372.
-
July 27. 1867. N. 373.
August 3. 1867. N. 374.
-
August 10. 1867. N. 375.
-
August 17, 1867. N. 376.
-
August 31, 1867. N. 378.
-
14 September. 1867. N. 380.
-
21 September, 1867. N. 381.
-
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.
-
21 Dec. 1867. N. 394.
-
28 December 1867. N. 395.