10 November. 1866. N. 336.
The Money Market Review, 10. November 1866. S. 519/520.
Schließen
North British Railway. Zusatz von Marx.
Schließen (Imitated from Hudson)
Report of Committee of Investigation. Dividends systematically paid out of capital, with the connivance of 1 or 2 subordinates, and under the direction of one guiding spirit, who has presided over all the proceedings in Parliament, all the contracting for new lines, all the manipulations of accounts, whereby dividends have been provided;
In April 1849, a Committee of Investigation upon the affairs of the Eastern Counties Railway Co. made the following statement: „It is evident that no accounts of the half year, which did not terminate until 4 January 1846, could have been completed by the 22d Dec. 1845 … when the accounts were made up in accordance with the books, they did not show that any such dividend had been earned; and, in order to justify the foregone conclusion of the Board, the traffick accounts were altered, and the expenses squared to suit the dividend, not the dividend to suit the expenses.“
Again, in April 1849, the assistant accountant of the Eastern Counties Co declared „it was a generally understood thing that capital was to bear what revenue could not.“
Again, there was a traffic manager of the Eastern Counties Co who took the half years’ account ended 4 July, 1848, to Hudson at Albertgate, and who stated to the Committee of Investigation: „Mr. Hudson directed me to tell them at the office to carry £10,000 to the ensuing half-year; that is to say to make the expenditure in the printed report appear to be £10,000 less than was actually incurred.“
Thus 20 years ago, and now the almost ridiculous reproduction of the same thing. Although not earned, dividends of the North British Railway paid for years at the dictation of the chairman Hodgson.|
231In January 1865, July 1865, Jan. 1866, July 1866, the same system of account cooking to bring out the dividend wanted. Mr. Walker, the secretary, wrote to Hodgson on 21. Febr. 1866, that the members of the Finance Committee „charged with the duty of providing the ways and means for the Co.“ ought to be informed of the real state of things. To him, Hodgson, in true Palmerston Style, replies:
„As to the knowledge of the Finance Committee, a little knowledge is a dangerous thing, and in some cases much knowledge would be more dangerous. I think they know quite enough.“ They were thus designedly kept in the dark.
„Keep their eyes bandaged, Martin“, was the memorable trust committed by one chairman of the South Eastern Railway to the deputy chairman when he desired the shareholders should not understand the position of their property, but that hardly comes up to this bandaging of the Finance Committee of the North Brit. Railway .
Other parallel between the administrations of Hudson and Hodgson. They both have had a remarkable propensity for leases, amalgamations, and extensions. In Hudson’s case the personal motive was apparent enough. The Bristol and Birmingham, the Leeds and Bradford, the Great Northern of England, and the NewCastle and Berwick, and the Hull and Selly, were all leased and amalgamated with at, perhaps, 3 or 4 times their value; but, if so, the enhanced value of the lease or amalgamation went to someone. Mr. Hudson himself was found tolerably well charged with the shares in most of these good things before any lease or amalgamation was contemplated, excepting by himself.
The Committee of Investigation remark that the North Brit. Railway in 1844 a mere project for 58 miles of line, with capital of 1 million; it is now a system of 781 miles open for traffic, und 147 miles partly under construction, with an authorised share and loan capital of £22,210,713. The Edinburgh, Perth, and Dundee have been absorbed, ditto Edinburgh and Glasgow, and other lines, and branches in all directions constructed or partly constructed. Contractor influences among the directors. In einem Brief an Hodgson der Secretary insists f.i. that money would be thrown away on the Forth Bridge; that no possible traffic would compensate for the outlay; and yet the outlay was to have been made in the interest of some one, by Hodgson’s command. The directors of the Edinburgh and Glasgow Section of the North Brit. Co. resolved at recent meeting „That the Reports by the Committee of Investigation … discloses a course of systematic and fraudulent deception and deliberate falsification of accounts on the part of the chairman of that Co., by means whereof he induced this board and the shareholders of the Edinburgh and Glasgow Railway Co. to agree to an amalgamation of the two Cos., to the great detriment of the Edinburgh and Glasgow Co. … call the attention of the Lord Avocate to the report etc.“
The Money Market Review, 10. November 1866. S. 520/521.
Schließen
Great Eastern Railway.
Turner, present chairman, one of the Investigation Commissioners that drove out the old directors. Now he wants 41/4 mill. £ in 61/2% preference stocks and debentures, at such a moment of general railway distrust, and of special Great Eastern discredit. Points to conclusion that, in direct antagonism to the interests of shareholders, some one or some clique has a positive interest in promoting Parliamentary Bills, and in the construction of new railways.|
The Money Market Review, 10. November 1866. S. 521/522.
Schließen
Joint-Stock-Discount-Co.
A suit has been instituted by the official liquidator against the directors to hold them personally responsible, as for a breach of trust, for the loss sustained by the Co. by the investment of £30,000 in the shares of Barned’s Banking Co. The bill alleged that the Discount Co. established for carrying on the business of a bill broker and scrivener. Barned’s Bkg. Co. was formed for taking over the business of 2 old banking firms at Liverpool, and the Joint Stock Disc. Co., to aid in bringing it out, agreed to subscribe for 10,000 shares, and had 3000 shares actually allotted to them. On these shares they had paid for deposits and call £10 per share, or £30,000, and by a subsequent arrangement they agreed, in consideration of 500 shares by way of bonus, not to sell any of their shares under a certain premium before July, 1866. These transactions concealed from, and never sanctioned by, the Co. Hence the suit against the directors.
Zugleich der unglückliche Mr.
James F. Wilkinson, the late
managing director of the Co., charged mit misdemeanor. Zusatz
von Marx. Siehe S. 250.
Schließen (Verurtheilt später to penal servitude, später
frei als unschuldig.)
The Money Market Review, 10. November 1866. S. 524.
Schließen
Cardigan and Carmarthen Railway Co.
This week a large amount of Lloyd’s bonds of said Co. are declared to be fraudulent and valueless.
The Money Market Review, 10. November 1866. S. 524.
Schließen
Food Supply.
High price of flesh meat. Now bad prospects of bread supply. In America
no surplus available, wheat being, on the contrary, dearer at the
present moment in New York than in Europe; and the latest reports
represent the spring wheat as fully 2/3 damaged in a greater or less degree. French
have deficiency of 4 Mill. qrs. wheat, are now, with Belgian, Dutch, and
others, competing with us in the Baltic and Black Sea. Cereal harvest
everywhere bad except in Southern Russia. French have had the start of
us, as they have been enabled, by means of the Über die Entstehung einer französischen
Agrarstatistik informierte sich Marx im „Großheft 1865/1866“ der
„Hefte zur Agrikultur“ in seinen Exzerpten aus L[ouis] Mouniers
„De l’agriculture en France, d’après les documents officiel avec
des Remarques par M[aurice] Rubichon“ (Paris 1846) (siehe MEGA²
IV/18. S. 969).
Schließen system of agricultural statistics which they possess, to learn the
probable deficiencies in their crops, and take prompt measures for
obtaining supplies when prices were comparatively low; while we, in
absence of such statistics, in being obliged to pay much higher prices,
the rise in price of grain within the last 3 months 45 to 50%.
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.
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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.
-
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.
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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.
-
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.
-
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.