December 28, 1867. N. 1270.

The Economist, 28. Dezember 1867. S. 1471/1472.
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Conciliation versus Strike.

Mundella, eminent employer of labour in the Midland counties.

Of any particular trade, it is usual to say that the price of labour ought to be the same as in any other trade, but this, if true, only shifts the difficulty, for what then settles the price of labour in all trades. And, in accurate science, it is not true, for a rise or fall in wages, when legitimate, must begin somewhere, and the trade which takes the lead ought not to be proscribed because it is the first.|


Some say: „Trades’ Unions are not wanted; the men need not be disappointed at not getting an increase of wages now. Capital will flow into the trade, if wages there are lower than in other trades, and the incoming of that capital will at once raise wages.“ Aber, thus it may be said, when masters propose a reduction: „You, too, need not be so anxious about it; if you do not get the reduction now, you will get it soon,“ – that is if you ought to get it. Supposing wages are higher in that trade than in other trades, capital will flow out of the trade, and that which remains will be rewarded better. Of course both these augments are arguments of pure theory; no capitalist ever voluntarily submitted to pay more wages than he could help, because, even if he did so, wages would be gradually reduced by an inevitable diminution of competition; nor will labourers ever, to the end of the world, give up a claim to an augmentation of wages, because their successors, or even themselves in later life, will have an increase by the gradual augmentation of employment. Both capitalist and operative always look to the present, and not to the future market.

Mundella sucht zu settle by friendly bargain. Since 1860, he and others have worked at Nottingham a joint council of operatives and capitalists, who after due argument settle what shall be paid. These he calls courts of conciliation. As to their structure we own we are rather sceptical. We fear the critical question will be: „Is the casting vote to be given to the master or to the workmen?“ As to the decision of any tribunal, we have great doubts. Aber jedenfalls „Before a strike has occurred, it is far easier to reason calmly than after a strike.[“]

Mundella says: „When difficulties mit den workmen – they had the actual samples of the native and foreign manufacture on the table before them, with the prices: they went into the whole question of competition, and showed the delegate (of the workmen) that with the increase demanded, it was impossible to compete with the foreign trade. Experience of 7 years“ zufrieden stellend.

We doubt, says Economist, about the composition of the Nottingham board, but as to the desirability of some such board, and some such discussion, at all places, we have no doubt whatever.

The Economist, 28. Dezember 1867. S. 1476.
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Farmers and Farm leases.

John B. Brandram, of Chapmore End, near Ware, Herts, know known in the district as an enterprising farmer, writes:

„Die farmers verlangen meist keine leases, weil the dislike of the great majority of our landowners to grant leases is so well-known, that most applicants for farms would think it a mere farce and waste of words to ask for one. The competition for farms is so great, owing, in a great measure, to the increase of the population, and the decrease of the number of farms, that when there is a farm to let, there is nearly always a great number of applications for it, and thus the owner can dictate his own terms, which generally are a yearly tenancy, with 6 months’ notice to quit … Rents have risen so much during the last few years, that many farmers are afraid to incur the responsibility of paying the present rent for a term of wages … Besides, a prudent man may well hesitate to bind himself to the payment of a fixed rental for a 14 years’ lease in the face of a probable heavy increase in his labour account.“ Another Tenantfarmer writes: „Suppose the farm to be fairly drained, it must be manured. A good dressing of London dung costs 4l. per acre; and to feed bullocks and make the manure in the yards at the present prices of feedingstuffs, straw, and meat, will cost nearly as much. This manure will directly improve the land through |182 the whole course of the rotation of crops 5 or 6 years, and indirectly, by the increase of green crops for many more years … I maintain that as soon as a yearly tenant goes beyond the old crop and fallow system his investment is not commercially sound … Why is it that so little of the abundant surplus capital of the country is invested in the cultivation of the soil? Simply because there is no security.“

5) Railways.

  • English Railways (33) Making Minor Railways (39, 40) Non Paying Railways (98) London, Chatham, Dover (99) Its history (102, 103) Peto (104) Baxter (110) North British Railway (106–7) Brighton Railway (131) Railways’ Act 1867 (176) Panic in Railways (1867) (p. 180)


  • 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