8 September 1866. N. 327.
The Money Market Review, 8. September 1866. S. 280/281.
Schließen
English Capacity.
English Gvt the most costly in the world, and the worst.
If we look to our legislation and administration, as affecting national defense, national finance, army and navy, Bk.o.E., railways etc, in all we shall see the same lamentable indications of utter incapacity. The „ruling families“ have lost the art of ruling, and the leading political parties the art of legislating and governing.
Besides the great leading parties of Liberal and Conservative, which
manage to impede and obstruct all legislation on general topics, the
House is split up into smaller sections, representing the particular
rights of some private interest, which in general means some special
wrong affecting the public interest. We have the great landed interest,
and the Church party, the Irish party, and the railway interest, and the
banking interest, and the director interest – comprising the directors
of the water, and gas, and other jointstocCos jointstock Cos; and these sections, by occasional combinations for the
protection of each other, can generally manage to defeat any attempt to
protect the public against their wrongdoings. We have a deficient
watersupply in India, and a defective water supply in London; both
urgent evils for years, remain urgent evils, and in consequence we have
at this moment 100dns of 1000ds dying of starvation in India, and of
1000nds either dying or subject to disease
from the foul and pestilent water supplied by unscrupulous water Cos. in
London. We want roads and railroads and canals for transit and for
irrigation in India, and we have been spending millions of money to
obtain them, but we have not obtained them, nevertheless. Our army and
navy the most costly in the world, and yet we have scarcely a ship to
send to sea to impede the passage of an invader. Sir John Pakington, one
of the great mismanagers, startled the H.o.C. by telling us that,
although we have been spending 10 mill. a year for the last 10 years, we
have no naval reserve nor ships sufficient to relieve the vessels coming
home from foreign stations! „There is“, says Mr. Scholefield, „an amount
of incompetence and almost imbecility, of confused accounts and reckless extravagant extravagance to be found in the Navy Department not to be found perhaps
Zusatz von Marx.
Schließen (!) in any other part of the Gvt. Administration.[“]
Blödsinnige Jointstock Cos. Legislation. We cannot have them worked in an honest and business[-]like way when they are formed; nor get them wound up without an enormous amount of trouble and expense when they fail. Promoters can job and manage pretty much as they please until the Co. is fully formed, and the directors can job and mismanage the funds of the shareholders pretty much as they please afterwards, and the shareholders and public are comparatively helpless against both of them. The same remarks apply to our Bankruptcy Laws.
For a man to purchase a seat in the H.o.C. by the most extravagant bribery and corruption is no shame to him or disgrace to the House, but he forthwith becomes an „honourable member“ of that assembly. For merchants, and bankers, and directors, and managers of joint stock Cos to embark in the wildest speculations … with the money of others is no longer morally or commercially wrong, provided only they succeed in making themselves rich by the process. Success covers the „multitude of sins“ which the achievement involved.
The Money Market Review, 8. September 1866. S. 281.
Schließen
U. States Bonds.
5-20 bonds. Their price now 73%, rate of interest 6%, payable in specie in New York, yielding to the buyer more than 8% upon the purchase price guaranteed by the Gvt. of the U. St. The principal too is redeemable at 100 at the option of that Gvt. either in 5 or 20 years from the date of issue, but at the expiration of the 20 years the redemption is |215 compulsory upon the State. Therefore, in addition to the 81/3% interest which the purchase price of 73 yields to the buyer, there remains the difference between 73 and 100, or 27%, to be made good to the buyer within perhaps 15 or 17 years. Altogether 5-10 bonds yield the investor, at present prices, a minimum of 10%.
The Money Market Review, 8. September 1866. S. 282.
Schließen
Agra
and
Masterman’s
Bank.
Cause of its failure a run upon the Indian branches, consequent upon a telegram sent by a clique of speculators in London to India stating that the parent bank in London had stopped payment. Subscribed capital 3 Mill. St, in 60,000 shares. The last price at which business was done, 4£ p. 50£ share, upon which 25l. paid, also still liability of £25 p. share. The 4 last dividends paid 18, 22, 16, and 16% p.a., and, after the last dividend, there was stated to remain a „rest“ or surplus of undivided profits, of £510,254.
The Money Market Review, 8. September 1866. S. 282.
Schließen
Paying amongst new limited Cos.
-
Waggon Cos:
- Gloucester Co, £10 shares, all paid up. Dividend 8 to 12% p.a., market price about 113/4.
- Birmingham Waggon Co. Dividends from 61/2 to 10%, 10£ shares paid up; market value par or fractional premium.
- Scottish Waggon Co. 10 to 121/2% dividend. 10l. share paid up, market price about £14.
- Railway Carriage Co 10 to 20% dividend, of £10 shares 3£ paid, market price about 43/11.
-
Manufacturing Cos (Lim.)
- Hopkins, Gilks and Co (lim.) 10% div., of 15£ share 8l. 10s. paidup, market value £6, 10s.
- John Crossley and Sons (lim.) 15% div., price 18l. für 15l. share, with 10l. paid.
- Avonside Engine Co (lim.) pays 121/2 to 15%, price of £10 share mit £7 paid, 8£. p. share.
- Patent Shaft and Axle Co (Lim.) 15% p.a. from commencement, 10£ share fully paid, market price £16.
- Runcorn Soap et Alcali Co (Limit.) 15% p.a., 25£ share, 20£ paid, market price 171/2.
- Patent Nut and Bolt Co (lim.) 15%, £10 share, fully paid, market price £9.
-
New Marine Insurance Cos:
- British et Foreign Co (lim.) 10 to 15% p.a., 20£ shares, (2£ paid) worth 23/4. Reserve: £207,667.
- London and Provincial Marine Co (Lim.) 10 to 15%, 20£ shares, 2£ paid, worth 21/4. Reserve £125,000.
- Thames and Mersey: 10 to 20%, 20£ share, 2£ paid, with 71/4, Reserve: £527,394, or more than double the capital paid up.
The Money Market Review, 8. September 1866. S. 285.
Schließen
Cotton Trade. (Prices)
Price of middling Orleans cotton at the close of August (1866) by contrast with 12 months past, now lb 14d., then 253/4d. Decline of nearly 1sh. a lb in one month. Before the American war price was 5d. or 6d. a lb … The quantity of cotton consumed by our own mills have averaged 45,610 bales per week throughout the first 8 months of this year, by contrast with 36,227 bales p. week in the same months last year, and thus far we may assume that the demand for cotton fabrics has been unusually large. Spinners bought cautiously upon a declining market, from „hand to mouth“. Questionable whether this scale of consumption will continue. Fact deserving notice, the decline in the prices of manufactured cotton goods, in which there is little or no speculation, has exceeded that in raw cotton during the last month.
March 16, 1867. N. 354.
The Money Market Review, 16. März 1867. S. 331/332.
Schließen
South Eastern
Railway Dividend
An increase in the capital during the last 5 years from 121/2 to 18 mill., nearly the whole of which has been raised in some form of priority overriding the dividend, and at rates of interest exceeding the average rate of net earning upon the entire capital spent. The dividend has fallen nominally from 5% p.a. to 3; but the actual decline is more than this, and having regard to the altered method of accounts, questionable whether the dividend of 1867 is not almost a myth.|
Commercial Morality. (Overends)
Aus:
The Money Market Review, 9. März 1867.
S. 306/307.
Schließen
Meeting of English and American Bank on 5 March,
London Tavern, Chairman William Scholefield, M.P. (perhaps 100
leading commercial men present). He (Scholefield) said took the chair, because their chairman Gordon
Zusatz von
Marx.
Schließen (one of the Overend
Swindlers) became suddenly ill. „Mr. Gordon was
extremely anxious to be present to-day, to state what he had done in
reference to his connexion with this and other Cos.“ Der
Zusatz von Marx.
Schließen grosse Gordon „has, with the frankness and sincerity of purpose which
always marked
Zusatz von Marx.
Schließen (!) him, placed himself entirely in the hands of the directors, to do
what they please with respect to his resignation“. Sie werden aber take
no steps „especially as our confidence in Mr. Gordon’s integrity is untouched in the
slightest degree. I should mention to you, as a matter of some
importance, that Mr. Gordon has taken the same course
with other Cos with which he is connected that he has taken
with regard to this, and in every instance the
determination which has been come to by the directors interested has
been that it is no part of their duty to take any steps whatever
with reference to his resignation or the dissolution of his
connexion with the Cos. (Cheers)“. Zusammenfassung von Marx
aus: The Money Market Review, 16. März 1867.
S. 335.
Schließen (Gordon had not given his resignation, but only declared
his willingness to withdraw, if his
co-directors etc should declare that he ought to do
so.)
Zusatz von
Marx. „1915“ ist das Pseudonym eines Verfassers einer Reihe von
Leserbriefen an die „Money Market Review“.
Schließen Ueber diese Farce bemerkt 1915 u.a:
The Money Market Review, 16. März 1867. S. 335/336.
Schließen
Vice Chancellor’s Malins charge of „fraud“ against the Directors in general of Overend, Gurney et. Co. (Lim.) involves this same Gordon. In the face of such a judgment, the „unabated and unbounded confidence“ – a very strong generality certainly under the special circumstances – can only rank as an illustrative certificate of character. Scholefield sagte that Gordon, but for „sudden and severe illness“ „was extremely anxious to be present to-day to answer any questions“, aber Scholefield afterwards added, that „Gordon’s official advisers have most strongly forbidden any action as matters at present stand“. How is the anxiety to speak to be reconciled with the prohibition of speaking? If Gordon, barring „sudden and severe illness“, be really eager to answer questions, he will enjoy the chance at the annual April meeting of the Oriental Bank Corporation. … Scholefield says that Gordon „has had no opportunity of saying a word in his own defence“.
On the 11 June (1866), when the only formal
assemblage of the limited Co. took place, I Zusatz von Marx. „1915“ ist das
Pseudonym eines Verfassers einer Reihe von Leserbriefen an
die „Money Market Review“.
Schließen (1915) asked the new directors, Barclay, Gibb, Gordon, and Rennie to explain their doings with respect to
the transfer. Trotz 4 × Wiederholung der Frage no answer.
Gordon, not only silent, but changed his seat. 6 Months afterwards,
11 December (1866) Justitia’s Letter in
Times. Gordon might have endeavoured to
refute the writing, or prosecuted the writer. He adopted neither
alternative. He penned to Times a most „lame
and impotent“ promise to purge by oath. Gegen Ende des
above said meeting, Robinson, a shareholder,
would save Gordon by representing him not as a decoy but as a dupe.
This Gordon, however, was a party to the
2 documents – the delusive
prospectus and the secret deed.
Nay, as to the former, he was more deeply concerned than any one
else having drafted it in a form too bold even for the consciences
of his accomplices in the business. According to the
crossexamination of John Henry Gurney this
Gordon did all this with his eyes open. His rough sketch had
referred to „profits so long earned“. Now
there had been only loss; and Gurney said as witness Gordon must
have had in mind the perior period anterior to 1861.
The assets (des Overend Concern) have been reduced since 10. May last by 21/4 mill. How, when, and where has this sum disappeared?
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.