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 Aus dieser Ausgabe zitierte Marx zwei Stellen im Brief an Collet Dobson Collet vom 19. November 1868, die sich nicht vollständig in den vorliegenden Exzerpten befinden.
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24 November, 1866. N. 338
.

Aus:
The Money Market Review, 24. November 1866. S. 575/576.
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The Overends. (Their Guarantee Account)

The suspense and guarantee account amounts to £4,213,896. 16s. 4d. Darunter parties, wie Atlantic Royal Mail Steam Packet Co (for £839,344), Millwall Iron Works Co. and C. J. Mare (£422,565)[,] East India and London Shipping Co (£397,653) Thomas Howard (£331,765) „Greek and Oriental Steam Navigation“ Co (144,144), David Leopold Lewis (£341,559), Nelson, Tritton and Co (291,391), J. E. C. Koch (railway accounts, actually belonging to the firm but under the care of Koch) (243,069), Lawrence and Fry (148,543)[,] T. and G. Garraway (190,977), Charles Joyce and Co (78,728) Halliday, Fox et Co (34,628) und Z. C. Pearson (35,693) – firms that had failed previous to the transfer of the business, and whose estates were then being, or had been, wound up, either in bankruptcy or arrangement. Besides these bad debts thus transferred to the new Co. as assets, the old firm were under liabilities on bills rediscounted, bills payable, credits granted, and guarantees, to the extent of £8,808,699, 8s. 3d. for which no provision was made in the arrangement. Many of these liabilities were on account of parties who had at that time failed, and upon which, therefore, it must have been well known that an ultimate loss would arise, and in respect to these the new Co. has been called upon to pay a large amount, for which no provision had been made.

Aus:
The Money Market Review, 24. November 1866. S. 576/577.
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Railway Debentures.

Debentures outstanding.
At end of 1865 At Midsummer 1866
Great Northern £1,063,500 £1,258,062
Lancashire and Yorkshire 4,870,242 5,067,523
London and North Western 10,365,508 10,862,188
Great Western 12,959,633 13,181,938
London, Brighton etc 2,156,285 2,500,590
Total £31,415,168 £32,870,301.

Increase in debentures outstanding during half year = £1,455,133, more than 41/2%. These 5 Cos. – specimen of their class – have enormous floating debts, the principal of which is continuously falling due. The collective debts of the 5 Cos nearly 33 mill., – that is, each Co of the five has on the average an unfunded debt nearly equal to the unfunded debt of Great Britain now outstanding in Exchequer bills … The total unfunded debt der Railways perhaps 150 to 200 millions, 20 × or 25 × the unfunded debt of Gr. Britain.

Aus:
The Money Market Review, 24. November 1866. S. 577/578.
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Directors’ Fees.

Many Cos. only brought out for the benefit of promoters and directors. The General Credit and Finance Co fairly illustrates this. Directors davon, by the articles of association, entitled to 1/10 of the net profits. Under this clause they took £15,000 for 1864, and £20,000 for 1866 for themselves. In May last, when panic, their management unequal to the occasion, and soon after call, the shares being quoted at 5 to 7sh. each. Now the directors invite the shareholders into the new Co., and ask them, by proxy (indirectly) to bind themselves to new articles of association. In diesen, N. 67 makes beyond the 1/10 of the net |234 profits, nämlich a provision for the directors „of all travelling expenses, and other actual outlay, a fixed salary of 3000l. p.a. and 1/10 of the ultimate surplus profits“.

The Russian Anglo-Dutch 5% Loan for £6,000,000.

Aus:
The Money Market Review, 24. November 1866. S. 578.
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 Von Marx zitiert im Brief an Collet Dobson Collet vom 19. November 1868. Marx ergänzte dort einen weiteren Satz aus der Quelle, den er nicht exzerpiert hat: „It is said that English applications alone for this loan amount to between 20 and 30 millions ... there is no doubt that a very large amount of British Capital has been offered for this investment.“
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It is said that the English applications alone for this loan amount to between 20 and 30 millions.
Where then is Disraeli[’]s want of capital? There cannot surely be a want of capital or money upon such evidence.

Aus:
The Money Market Review, 24. November 1866. S. 584.
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 Zusatz von Marx.
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Ein Foreign Bondholder schreibt über dasselbe Thema in diese Nummer:
No sooner have we an easy money market, and no sooner do dividend paying foreign stocks, from their  Money Market Review: absurdly
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absolutely
low prices, begin to attract the attention of people who are seeking investments, than forward come intimations of fresh foreign loans – as if enough of British Capital had not already been lent to foreign States. We thus help to depreciate the Foreign Securities we hold.

The Russian Gvt. now seek a new Five P.Ct. Loan of 6 Mill. £, at the nominal price of £86. Now Russian Five P.Ct. of the 1822 Loan were once as high as 115. Why have they fallen to 88£, their present price? There has never been any doubt as to a dividend; on the contrary, to the everlasting Credit of the Russians, the dividends were punctually paid even during the Crimean war. The reason is this, that from 1850 Russia has been continually borrowing, and instead of the one Five P.Ct. Loan of 1822, we have now no less than 5 other Russian stocks quoted on the London Stock Exchange! The same may be said of the Brazilian, Ejyptian, Peruvian, and Turkish bonds.

If this Russian Loan be floated at 86, what security is there that another will not be introduced next year at 80? And so from time to time are existing interests deteriorated. An attempt was made not long ago by Mssrs. Barings to introduce a Six p.Ct. Loan for the Argentine Republic at 75, when Buenos Ayres Six P.Ct. were at about 88. What was the consequence? Down went the price of the latter stock, because there was a rush to sell by subscribers to the new loan; but, after all, it proved to be a failure, and but a small portion of it could be floated. … It is not the thing for any State to come to us for new Loans whilst their old debts are below the prices at which they were issued, and it is too bad to seek to borrow on terms below the market value of bonds of former loans, as is the case now with Russia.



June 8, 1867. N. 366.

Aus:
The Money Market Review, 8. Juni 1867. S. 665.
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London and Westminster Bank.  Zusatz von Marx.
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(Liability and Security)
(Communicated)

Issues new shares. In der That diese most successful Bank, has only become so by incurring £22,672,559 of liability, whilst the share capital and reserve fund were together less than 11/2 millions. Is this not enormous overtrading such as has not been afforded hitherto by any Bank in the Kingdom? The system of creating new shares at a premium, so readily adopted by joint-stock banks, in order avowedly to raise a factitious reserve fund – for reserve funds are not such unless created out of profits – is becoming so general as to suggest an unpleasant comparison of the position of jointstockbanks with that of railway Cos., which latter have gone on creating new shares and borrowing money etc … So long as the deposits continue to increase in amount, and new shares can be issued at a premium, dividends may be declared of 10 to 100% p.a. All goes well as long as the joint-stock banks can increase their indebtedness to the public.



Inhalt:

  • 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