11 August, 1866. N. 323.
The Money Market Review, 11. August 1866. S. 167–169.
Schließen
Count out on Watkin’s Motion for Enquiry.
Pitiful exhibition of this country in the eyes of foreigners.
Merchants and traders who had nothing do with share speculations or
financial shares have been compelled to countermand their orders,
manufacturers obliged to discharge their workmen, trade and commerce
paralysed throughout the country, because money could not be had to meet
engagements and pay wages. Our Foreign minister wrote to our foreign
creditors, telling them that we had been overtrading and speculating,
and were in temporary difficulties. 10% rate cause of the protracted
discredit. The adjourned debate, which should have been resumed by Mr. J. B.
Smith
, on 3 August, was met by a „count out“.
Resolved to shelve all inquiry. Der
Zusatz von Marx.
Schließen würdige
Northcote: „Can you, or ought you, to make money when money is scarce? … There are
those who say that the money that there is in the country represents the capital, the loanable capital, or gold, or this
or that or the other, for there are different theories as to
what money really is … the other school says, that
money is only a form of credit.“ A small amount of wit goes a
long way in the H.o.C. This These empty remarks excited the laughter of the H.o.C. „It is
hopeless for you to investigate practical questions tending to
legislation unless you have made up your mind on which of the 2 theories
you intend to proceed“ (says Northcote)[.] These different argument arguments secundum Northcote „arguments against
inquiry“. Millions of money „labouriously“, Zusatz von
Marx.
Schließen says the Money Market
Review „and honestly Zusatz von Marx.
Schließen (!) acquired by the mercantile and industrious classes, periodically filched from their pockets to enrich the
pockets of the moneylender“[.]
Gladstone
(summus!) added that „whatever the nature of the report, he was
quite sure, that so far as it dealt with principles and causes, it would
not weigh with the H.o.C.“
Fawcett said that the „panic had been produced by the reckless spirit of commercial gambling which had spread itself over the country“. Gladstone (obgleich gegen inquiry) said „that commerce so far as he had observed, had been in a sound and satisfactory state. The charge of excessive speculation and recklessness was not applicable to the manner in which for some years past the general commerce of this country had been carried on.“ Gladstone further says: „we must recognise the great benefits derived from the working of this Act.“ „At any rate the convertibility of the banknote – the first object of currency laws – has been placed beyond the smallest question – not only beyond the absolute reach of dangers, but beyond the slightest taint of danger or suspicion.“ True? The suspension of the Bank Act has preserved the convertibility of the Note. The Banknote was endangered by the Bank Act during each of the 3 panics it has brought upon us, for it brought in view the bankruptcy of the Bank itself. If the doors of the Banking Department were once closed, as they would have been but for the suspension of the Act, how long does Gladstone imagine it would have taken to exhaust the gold in the issue department? When the 10 or 12 mill. of gold withdrawn, there would still be 14 mill. of notes to come in for gold, and there would be no gold to meet them. And the Bankact has preserved the Banknote!
The Money Market Review, 11. August 1866. S. 169/170.
Schließen
Ministerial Opposition to any Change in the Bank
Act.
The banking interest is powerful, and as a body is identified with the
Act of 1844. The Bank has a plethora of gold, which cannot be touched,
and thus it has so long maintained a 10% rate. Zusammenfassung von Marx.
Schließen Throw the 2 departments together! It |209 is
foolish to make the Bank promise to pay in gold, notes issued
upon the Gvt. debt to it only!
The Money Market Review, 11. August 1866. S. 172/173.
Schließen
Clearing Houses for Banking. Zusatz von
Marx.
Schließen (Country Clearing)
A few years back the private bankers of London alone used the Clearing House. Then, joint stock banks admitted, and, sill still more recently, established in London a „country clearing“, but only partial in its operations at present. A country banker having cheques upon another banker in the same place presents them over the counter for payment in notes or coin, and thus, in the settlement of the account between these bankers, notes and coins are required. The London bankers settle their accounts by an interchange of cheques and bills, and this economy of notes belongs alone to the Clearing House.
Sir John
Lubbock
, banker, honorary Secretary to the London Bankers, was
the author of the country clearing, and in June (1866 1865) read Diesen Titel
notierte Marx in „Heft 3. 1868“ der „Hefte zur Agrikultur“
(MEGA² IV/18. S. 728.12). Er exzerpierte darüber in seinen
Auszügen aus R[obert] H[ogarth] Patterson: The Science of
Finance (ebenda. S. 750.36–37 und 755.20–21).
Schließen paper
upon this subject before the Statistical
Society. In
diesem paper Lubbock took an amount of Diese Angabe und die folgende Tabelle
exzerpierte Marx bereits in seinen Auszügen aus R[obert]
H[ogarth] Patterson: The Science of Finance (MEGA² IV/18.
S. 750.36–37).
Schließen £23,095,000, which passed through his bank in a
few days, and found that it was made up as follows:
Clearing | £.16,346,000 |
Cheques et bills which did not pass through the clearing | 5,394,000 |
Banknotes | 1,137,000 |
Coin | 139,000 |
Country Notes | 79 000 |
£.23,095,000 |
These figures taken at the close of 1864, approximately represented the general average of the transactions of all clearing banks, and, upon that assumption: 70% of the whole (£700,000 in each million £) passes through the clearing house. Of the second 5,394,000 – £3,603,000 included transfers made from the account of one customer to another, and the remainder, or £1,791,000, represented cheques and bills on banks which did not clear. Also: 70% of the whole passed through the Clearing House; 94% of the whole was done without the aid of what is usually termed money – notes and coin. 6% was done in notes and coins, in the following proportions:
B.o.E. notes | 84% |
Country notes | 6 |
Coin | 10 |
100. |
These figures show the proportion of the transactions of bankers which passes through the Clearing House. Subsequently, he shows the proportions made in banknotes or coin by the public in London, and the following are the figures he supplies of payments by his customers into his bank:
Cheques and bills | £18,395,000 | or 97% |
Banknotes | £408,000 | |
Countrynotes | 79,000 | |
Coin | 118,000 | 3% |
£.19,000,000 | = 100 |
Estimated by both tests, at least 9/10 of that large portion of English commerce, settled by London bankers is performed by methods of currency other than banknotes and coin. The country clearing, established by Lubbock, |210 belongs only to a particular class of country bankers. To use Lubbock’s words: „the country banker, A, receiving a cheque drawn on another country Banker, B, sent the cheque by post direct to B. B then requested C, his banker in London, to pay the amount to D, the London correspondent of A.“ In 1858 Lubbock thought that the complication of this system might be avoided by the establishment of a central office in London, for the special purpose of clearing country cheques, established in November (1858) the Country Clearing House at London. But this economy does not yet attach to a very large proportion of provincial business. Liverpool should have its own Clearing House, for cheques and bills between Liverpool bankers, so should Manchester, Glasgow etc. The requirements of banknotes whereby commerce is expressed has been gradually reduced, relatively to the magnitude of our commerce, by the banking facilities we have described. If our commerce depended, in fact, at this moment, upon banknotes as much as in 1844, when Peel’s Act passed, it would be simply extinguished.
The Money Market Review, 11. August 1866. S. 174.
Schließen
Glasgow Chamber of Commerce on Banking.
That the Bankact of 1708, limiting all banking cos., except B.o.E., to 6 partners, produced numerous weak banks, subject to failure in all times of difficulty;
the exclusive privilege of issuing banknotes in London obliges the B.o.E. – and this impracticable – to hold a stock of bullion not only for its own transactions, but for those of all other banks and financial cos;
It has led to the establishment of Great Joint Stock lending Cos., who issue credit, in all other forms, except banknotes, without obligation of holding stocks of bullion corresponding to their credit;
that, by abolishing monopoly, all banks would be on an equal footing etc.
In Scotland, proved by long experience, that the keener the competition among banks, the smaller has been the amount of banknote issues.
It is only issues of credits for 2, 3, or 6 months which, by exciting speculation, derange prices and the foreign exchanges.
16 February 1866 1867
. N. 350.
The Money Market Review, 16. Februar 1867. S. 203/204.
Schließen
Overend,
Gurney et Co. Further Disclosures. Zusatz von Marx.
Schließen (Judgment of Malins.)
Sir Richard Malins, Vice chancellor, on 9 Feb. refused die motions of Oakes und Peck to have their names removed from the list of contributories. 7 directors in the Co und one gentleman who signed the articles of association for 600 shares, but did not become a director. Bei der formation der new Co., Barclay, Gibbs Gibb, Gordon and Rennie consented to become directors; the fullest disclosure was made to them of the actual state of the concern. They were told that the firm insolvent to 2–3 Mill. £. St. J. H. Gurney told them that from 1860 the total result of all the operations of the firm was a loss. There was a positive deficiency of at least £3,117,000. Malins declared that the conduct der 4 new directors „was a fraud“. Nebst all dem andern, den Lügen des Prospectus etc, they told the shareholders [„]that they could inspect the memorandum and articles of association and the deed of covenant, whereas there were really two deeds, only one of which was offered for inspection.“ The 9 members of the old firm conspired of course mit den 4 new directors in the false representations made to the public.
Debts: £5,250,000 (nach den liquidators) Uncalled capital of Shares 3,500,000. £.
The Money Market Review, 16. Februar 1867. S. 206/207.
Schließen
Conviction of Greenland, late manager of the
Leeds Bkg. Co.
Disastrous failure dieser Co in autumn of 1864; in Folge von
frauds und forgeries, carried on for long time by Greenland (auch Frommer(?)), the manager, who made ciphers of the
directors, and engrossed to himself the entire control of the business
of the bank. Up to the time of its failure, the Bank paid 25%
dividend p. an. The first call – nach stoppage – for 70l. p. share, the 2nd
for 40. Widespread misery. In many cases sudden deaths from suicide or
broken hearts. Einzige Cause: Greenland, and the knaves and forgers with
whom he had associated himself. The forgers had escaped. A poor half witted clerk to one of them (Marsden) was prosecuted for forging an acceptance,
and though it was proved that he did it by direction of his employer,
and that both Greenland and the bankclerks knew that it was a forgery at
the time when it was received, he [was]
sentenced to 15 years’ penal servitude. At length, the |254
Leeds Chamber of Commerce, failing to obtain
evidence of his many other crimes, discovered that Greenland had been in
the habit of making false returns to the Gvt. in regard to the note
issues of the Bank. Indicted and tried at the Central Criminal Court,
the Leeds chamber of commerce being the prosecutors. He now sentenced to
15 months imprisonment with hard labour. Es geht um das Alter von Greenland: Er
ist beinahe 70 Jahre alt.
Schließen Das Vieh ist verging upon 70.
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.