August 4. 1866. N. 322.
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withdrawn, and their workpeople in considerable number deprived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.“
9 February, 1867. N. 349.
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.
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.
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.