28 July 1866. N. 321.
The Money Market Review, 28. Juli 1866. S. 99/100.
Schließen
Banking Act of 1844 etc. Zusatz von Marx.
Schließen (No Royal Commission, discussion in
Parliament)
Erst Watkin’s motion postponed from Friday last to Monday, Monday he was again foiled.
Reason for no Royal Commission of Inquiry „that a time of panic is not a fit one for such an investigation“. In fact, on some pretext, the inquiry is to be shirked. B. o. France does not find it necessary … to impose upon commerce 1/3 of the changes in discount as the B.o.E.
Report of the Associated Chambers of Commerce in their annual meeting in London (Febr. last) gegen den Act. Vgl. British Quarterly Review. (July 1866)
Bk. o. Fr. has reduced its interest von 4 to 31/2%. 61/2 und 7% Market Rate of Discount (Bankrate 10%) für best bills in London.|
The Money Market Review, 28. Juli 1866. S. 101.
Schließen
The Drain of Capital for New
Investments.
Nach Table sent von Spackman et Son to times Times:
Cos formed | Capital authorised | Capital Offered. | Deposits. | |
---|---|---|---|---|
Half Year ended June 30. 1865 | 160 | £.56,302,000 | £41,492,000 | £.6,551,870 |
Ditto … 1866 | 32 | 8,220,000 | 6,635,000 | 1,649,000 |
Company making is thus shown to be, for the time, almost extinguished.
The figures of the past 31/2 years are thus given by Spackman:
Cos. | Capital authorised | Capital Offered. | Deposits. | |
---|---|---|---|---|
1863 | 263 | £.100,053,000 | £.78,135,000 | £.8,875,550 |
1864 | 282 | 155,887,500 | 106,523,000 | 12,545,800 |
1865 | 287 | 106,995,000 | 75,578,900 | 12,174,790 |
1866. Half Year. | 32 | 8,220,000 | 6,635,000 | 1,649,000 |
Total. 31/2 year. | 864 | £.371,155,500 | 266,871,900 | £.35,245,140. |
Diese figures stellen nicht allen drain upon the resources of the country
in the shape of new investments dar; for they do not comprise foreign
and colonial loans raised partly or wholly in England, some new issues
of shares created entirely, and some new Companies omitted by Zusatz von Marx.
Schließen the illustrious Spackman.
Also zuzufügen, ohne auf 63’, 64’, 65’ Rücksicht zu nehmen, nur für First Halfyear 1866.
-
Foreign and Colonial Loans advertised
between 1 Jan. und 30 June
1866.
- Argentine £500,000.
- Two Egyptian: £6,321,700.
- Queensland Debentures.
- Cape of Good Hope Debentures.
- Chilian.
- New Zealand etc
-
New Capital created entirely in England,
first Halfyear 1866, omitted by Spackman
- Reuters Telegram Co.
- North Eastern Railway
- Great Northern Railway
- London, Brighton etc Railway
- San Paulo debentures.
- Hercules Insurance Co.
- City Discount.
- London and North Western Railway
- Great Eastern Railway
- London and South Western Railway
- Smyrna et Cassaba Railway Debentures.
-
New Cos advertised in first Halfyear 1866
(omitted ditto by Spackman.)
- London Meat Consumers.
- National Coal.
- London and Suburban Land.
- Staffordshire Wheel and Axle.
- United English and Scottish life.
- South Buckley Coal.
- South Cornwall Mines.
- Buckley Mountain Co.
- Terras Open Workings Co.
- Ehehardt’s Gunpowder, Montpellier Mining.
- North Eastern Waggon.
Putting all this together, the drain upon the investment resources of U. Kingd., nominal or real, nearly as follows:
Capital offered, as rendered by Spackman … | £6,635,000 | |
Other Capital offered, not included by Spackman | 12,400,000. | Summe £19,000,000. |
Deposits, as rendered by Spackman | £.1,649,000 | |
Deposits and calls | 21,500,000 | |
Foreign Loans partly subscribed in England to | £4,000,000 | |
Calls in the same Half year 1866: for Foreign Loans in England nearly | £15,000,000 |
As regards Foreign Loans, a large portion of the proceeds is remitted in arms, ships, munitions of war, machinery, and railway iron; while of the ostensible amount of capital for new Cos only a percentage ever raised and paid upon.|
The Money Market Review, 28. Juli 1866. S. 102/103.
Schließen
American Money Matters. Zusatz von
Marx.
Schließen (Specie Drain)
A New York Bankers’ Circular d.d. July 6 says: „The heavy specie shipments to Europe, which were going on at the date of our last circular, June 6, suddenly ceased at the close of the succeeding week, and have since been not only moderate in amount but less than the current receipts of gold and silver bullion from Australia.“ In other words, the specie drain from the U. St. to Europe has been checked by the changes in the price on gold, which on 5 June was 146, and on 5 July 153%. A fluctuation of 7% apparently separates the two periods – one of efflux, the other of stagnation – with no contraction of notes, no action on prices, and no parliamentary or other generalship to balk the enemy. The recent specie movement from the U. St. dates from 1st May. On that date, it may be fairly assumed, the first notes of alarm were sounded in private letters from England. But the U. States Treasury was then well stocked with specie, so that 35 Mill. dollars were thrown on the market, in response to the demand. Parting with that sum, the U. States Treasury withdrew from the „Gold-room“ and left the continuing wants of commerce to be provided on the usual terms of demand and supply. From 1251/2, at the opening of the „Gold-room“ on May 1st, the price was carried to 1681/2 on June 18, to recede, however, as stated, to 153 on 6. July. Thus the precious Metals were acted on in the U. St. as mere articles of commerce. Prohibitory Acts, 1st passed by State of New York (Feb. 18, 1863) prohibited loans on gold coin or bullion, 2nd , passed by Congress, (March 3, 1863) restricted the sale and price of gold; the 3d , passed by Congress (June 17, 1864) absolutely prohibited in certain cases the sale of gold. It so defeated its intended object, that formally repeated on 2nd July, 1864, 15 days only after its enactment.) At no period whatever have banknotes and coin in the U. St. stood in anything like the relation maintained in this country. So, obviously, the exchanges control themselves in the U. St. The banking in New York has been deliberately accepted by the Congress as the model for the national banking system.
The Money Market Review, 28. Juli 1866. S. 105/106.
Schließen
Coal Export from Port of Newcastle von
1854 to 1864. (in Tons)
Coastwise. Tons. | Intercolonial and Foreign. | Total. | Increase over previous Year. (Tons) | Decrease over Previous Year (Tons) | |
---|---|---|---|---|---|
1854 | 49,880 | 44,751 | 94,631 | ― | ― |
1855 | 65,870 | 47,101 | 112,971 | 18,340 | |
1856 | 61,364 | 70,786 | 131,150 | 19,179 | |
1857 | 60,998 | 84,553 | 145,551 | 13,401 | |
1858 | 70,385 | 69,553 | 139,938 | 5,613 | |
1859 | 91,201 | 150,125 | 241,326 | 101,388 | |
1860 | 104,383 | 179,453 | 283,836 | 42,510 | |
1861 | 85,060 | 170,880 | 255,940 | 27,896 | |
1862 | 127,613 | 229,810 | 357,423 | 101,483 | |
1863 | 140,387 | 229,856 | 370,243 | 12,820 | |
1864 | 160,710 | 229,150 | 459,860 | 89,617 | |
1865 | 159,640 | 302,362 | 462,002 | 2,142 | |
Total. | 1,177,491 | 1,878,380 | 3,055,871 |
Nur in 1858 und 1861 decrease, diese years periods of strife between masters and men in regard to wages. 1864 rendered memorable in the coal trade of Australia Colonies as the year of the great „lock out“, when the whole of the mines were laid off for a period of 8 weeks.|
The Money Market Review, 28. Juli 1866. S. 106/107.
Schließen
Demand for Money and Demand for
Capital.
An increase of the monetary requirements of the country is by no means synonymous with an increased demand for capital. The former does often coexist with a decrease in the demand for capital. Notably during every commercial crisis. (sc. panic.) When large failures or suspensions take place, demand für capital diminishes, demand for currency increases. These events diminish the amount of business, hence for the use of capital on loan. The suspended firms cease business, the distrust occasioned induces other forms to contract their operations. Hence demand for capital lessened. But the monetary requirements of the commercial classes increase. Bills, by means of which trade is carried on, become temporarily distrusted. The bills of all merchants connected in business mit den suspended firms are looked upon with distrust both by the banks and by the public. The parties dealing with such firms refuse to accept bills from them and require payment in banknotes. Hence increased supply of banknotes required, although the ordinary amount of business is diminished. But such increase of banknotes only to be obtained from the B.o.E. But when increased demand for its notes, Bank raises the rate of discount. Legal limit of notes, decrease of reserves points to the approximation to that limit. Hence raising of rate of discount. The Bank says not: „we cannot lend so much capital“; it say: says: „we have not enough of notes wherewith to transfer the capital“ to make the loans. Thus rate of interest rises contemporaneously with a diminished demand for capital throughout the country. Every rise in the rate of discount depresses the markets, at once depreciating the value of goods of all kinds, and still further contracting credit. Hence failures and suspensions multiply, and, with every new failure, bills become more distrusted, and banknotes are more called for in payment. Another diminution in the Bank reserve of notes, up again goes the rate of discount. Thus a momentary commercial difficulty aggravated into a serious crisis, mercantile firms go down in scores, the trade of the country is immensely diminished, 10 of 1000nds of the working class thrown out of employment. The legal limitation of Banknotes has totally upset the natural course of things, and made the rate of interest to depend, not so much upon the supply of capital, and the demand for it, as upon the artificially made fluctuations in the amount of the medium (banknotes) by which capital is transferred.
February 2, 1867. N. 348.
The Money Market Review, 2. Februar 1867. S. 136/137.
Schließen
Venial Offences and Convenient Scapegoats.
There is always something very curious to be observed in the Zusatz von Marx.
Schließen (so zu sagen criminal Revelation) pages of commercial panic in the remarkable cleverness and
facility with which some of the chief delinquents manage to escape, and
the fatality with which some one or more of their comparatively innocent
colleagues or instruments are made to „stand committed“. Directors
misapply or otherwise squander the funds of the shareholders and destroy
their property, and the unlucky manager or somebody else is put in the
pillory, and the chief offenders are tarred and feathered by deputy. The
scapegoat has carried away their sins, perhaps to bury them in the
desert sands of a penal settlement, and „the law is satisfied“ and
„justice is appeased“. Wilkinson is convicted of fraudulently misappropriating
a cheque, but the director who signed the cheque, escapes unhurt …
Peto auch scapegoat
für die directors, solicitors, auditors,
der
Chatham etc railway Co.
Bei der falschen Transaction der Co., bei dem
issue der debentures (um zu prove that part of their
sharecapital subscribed paid up). As none of that capital had been
really subscribed, it was necessary that a sham subscription list should
be made up, and sworn to before a magistrate, and this was done by an
exchange of receipts between Peto et
Betts and the Co, the Co. acknowledging the receipt of so
much on account of so many shares, and Peto and Betts acknowledging the
receipt of so much on account of their contracts. Thereupon two
gentlemen, one from the office of Freshfield et Newman (solicitors), and the other from the
office of Peto and Betts, appear before a magistrate, and depose to the
bona fide subscription of a certain
proportion of the capital. Gross Fraud upon the
Legislature. But it is alleged that railway Cos. and their
solicitors, however respectable, never regard this as an obligation to
be strictly performed, and that for many years past
almost every subscription list got up in compliance with it has been
more or less a sham. Hence it seems to have been imagined that
no great crime was committed by anyone in the transaction. But the
committee of investigation bring this up as charge against the
contractors, but not against the solicitors, one
of whom must not only have had knowledge of it, but must have sanctioned
and advised it. Zusatz von Marx.
Schließen O Freshfield, Freshfield! Trotz dem verlogenen Brief Zusatz von Marx.
Schließen (in
Times oder so), statement
of 3 or 4 persons shows daß Dein partner Newman advised and sanctioned
the transaction.|
The Money Market Review, 2. Februar 1867. S. 137/138.
Schließen
Joint Stock Financing.
The „International Financial Society“, pioneer of the modern finance associations, first imitator of the Paris model, paid first 25% dividends, gradually less, is compelled at length to admit that there is nothing wherewith to pay any dividend. The accounts for 1866 are duly audited. All the securities valued at the lowest market price. There was a profit last Midsummer „brought forward“ which has been „absorbed“, and a loss of £23,934 incurred, which has been written off against the Reserve Fund reducing it to £4,846. At this time last year (1866) it was 10 × the amount, and at one time was more than that. Aber the severe financial pressure was met without a call upon the shareholders. Its capital seems intact. (of 3/4 of mill. £) It seems chiefly the possibility of calls that renders the 3/4 Mill. £ paid by the shareholders worth in the market only 10s. per £. The greater portion of the securities on which advances have been made by the London Financial Association represent railway property, u.a. on more than 20 completed British railways.
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.