Aus:
The Money Market Review, 4. August 1866. S. 131/132.
Schließen

Currency and Banking.  Zusatz von Marx.
Schließen (Watkin’s Motion. 31 July)

On Tuesday last (31. July 1866), Watkin (member for Stockport) moved for the issue of a Royal Commission to investigate die causes der late Pressure, the continuance for a long period of minimum Bankrate of 10%, and the loans at present affecting currency and banking in the U. Kingd., and to report what alterations had become expedient thereon. The Gvt. had previously determined not to assent to, and accordingly opposed it. Disraeli hatte der Recent Deputation (von Glasgow) gewissermassen diese commission versprochen. Aber  Zusatz von Marx.
Schließen dull Sir Stafford Northcote (President of the Board of Trade) opposed it. (On the part of gvt.) Obgleich der Act 3 × suspended, „there is no cause for inquiry“. Traders and manufacturers throughout the land are deprived of the ordinary means of transacting their businesses, and their businesses are declining; orders are being curtailed or withdrawn, and their workpeople in considerable number deprived of their employment. The B.o.E., meanwhile, is making a market of the general distress, though every 1000 pounds it makes cost the country a million. Watkins Watkin sagte u.a., daß nicht nur Disraeli und Gladstone (vor ihm) |204 sich gewissermassen pledged for inquiry, sondern: „The Chambers of Commerce throughout the country, including those of Leeds, Manchester, and Birmingham, had associated themselves together, and memorialised the Gvt., and instructed their members to move in the matter … his sympathies were with that great mass of capitalists of the 2nd and 3d class, composed of substantial and respectable men, who, while these things were going on, were brought down to ruin from no fault of their own, and were, in fact, the victims of the laws for which they were in no way accountable.“ A 10% tax, he said, meant a tax of more than double the annual amount upon 300 Mill. £ St. It meant further, Watkins Watkin said, a depreciation in the value of commodities and securities, estimated über 100 Mill. £. St., and although that loss of course did not fall on the large capitalists who could afford to hold their property yet the smaller man, who had to meet his engagements without the power of holding them over, suffered very severely. The loss fell most heavily, not upon those most able to bear it, but upon those least able to bear it. He urged that during all this time when commerce taxes, prices depreciated, large numbers of the working classes entirely thrown out of employment, the profits of the B.o.E. largely augmented. The amount of the Rest on 9. May, 2 days before the panic, £3,237,587; whereas, on 28 July, £3,742,406, increase of no less than £504,819, being a profit of more than 1/2 mill. in 11 weeks. Ferner the advantage, für the B.o.E., shown in the improving value of Bank Stock. In 1844 the price of B.o.E. stock £195, 1847 £180, 1865, after the experience of 2 panics, no less than £250. Comments der Times hierüber on 2 August (sieh p. 189). Watkin said ferner: „during the last 20 years, 3 panics, in 1847, 1857, 1866; and if the House would look at the rates of discount and the times of their continuance at each of those periods … every succeeding panic was of greater severity than its predecessor. 1847, penal rate of discount fixed by the Gvt letter 8%, and endured for 4 weeks. 1857 the penal rate 10%, endured for 6 weeks; 1866 10%, had already endured for 3 months.“ Daher must be some cause or law at work, which, at every recurrence of these crises, aggravated their pressure. Nach Report des Committee des H. o. Lords von 1857 the labouring classes suffer most von der destruction of credit and confidence on which commercial transactions are based.

„What had the Bank done with the authority entrusted to them by Gladstone on May 11th? Our present trade was double its value in 1857.[“] The Bank had not advanced one shilling beyond the fixed amount, während in 1857, they advanced 2 Mill. l. St. the moment they received the Gvt. letter. In order to avoid infringing the Act, they „sent round and borrowed banknotes from their customers“, and were thus enabled to defeat the object of the letter, and cheat the commerce of this country. Motion seconded by Mr. Akroyd; opposed by Northcote , Fawcett , Hubbard , (bk.o.E. director, früher governor of it) und Gladstone. Alle diese fellows admitted the necessity of inquiry.

Northcote’s main objection: that an inquiry now would be premature, would follow to too close upon the panic itself, and »that it would«, if now constituted, »be necessary to examine the partners and investigate the transactions and affairs of the firms which had suffered from but survived the shock«. Flippant remarks of Fawcett , feeble and hacknied arguments of Gladstone . Wegen absence des  Zusatz von Marx.
Schließen graussen G. J. Göschen , Debatte adjourned.  Zusatz von Marx.
Schließen Elendes Argument der Times, daß banknotes merely the representatives of gold, or certificates for so much pounds of gold coined at the mint – and the 15 mill. not based upon gold? |208 Diese legal issue must be expanding and contracting je nach den requirements of the public. Der City Kerl der Times giebt in demselben Artikel zu (30 July) daß „14 mill. £ St. notes not represented by gold.“

Aus:
The Money Market Review, 9. Februar 1867. S. 173/174.
Schließen

The National Freehold Land Society.

Building Societies have become a great institution. The National Freehold Land Society is 17 years old, originated from a desire to extend the electoral franchise. In 1856, in order to meet legal requirements, the property committee of the society was converted into the British Land Co. A separate capital was raised and a separate organisation established. From that period – Sept. 3 13, 1856 – the National Freehold Land Society’s sole business has been to receive deposits and to make advances on real security, and the British Land Co. has been its largest customer. Gute Geschäfte, high dividends, no losses incurred.

Aus:
The Money Market Review, 9. Februar 1867. S. 175.
Schließen

London, Chatham and Dover. (Peto)

Peto made speech in Bristol in October ’66; darin he read a letter from Mr. Morgan, the accountant of the Co, stating that he himself attended before the magistrate with a gentleman from office of Freshfield et Newman to make the necessary deposition. So it was on the oath of the official representative of Co., and of the representative of their legal advisers that the debentures were issued.