August 18. 1868. N. 324.

Aus:
The Money Market Review, 18. August 1866. S. 191/192.
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Reduction of Bankrate of Discount to 8% (16 August)

The Times said: that „as to the rate of discount, the circumstance of its being so high showed that a high rate of profit was being realised, and that again showed that both capital and labour were meeting with a bountiful reward.“ Herr Hubbard in der bisher erwähnten Debatte (gegen Watkin) in H.o.C.: „If the borrowers have suffered, the lenders have gained, and he begged the House to remember that, as both were citizens of the same country, the gain as well as the loss would be felt throughout the empire.“ Er läugnet, daß high rate of interest could impede large mercantile transactions and arrest the employment of labour. Schön, da: the avowed purpose and object of the currency school, by the high interest, consequent upon the operations of the Bank Act, to contract mercantile operations and diminish the employment of labour, and to force the sale of the stocks of commodities on hand at reduced prices. „throughout the past quarter (sagt Times of 17 August) trade has been working, so to speak, half time.“ |211 „Everyone“, sagt die Times ib., „– bankers, merchants, manufacturers – gave as little credit, kept as small a stock, and did as limited a trade as possible.“

Aus:
The Money Market Review, 18. August 1866. S. 193/194.
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Misrepresentation in Prospectus of Joint Stock Cos.

Action brought by the Glamorganshire Coal and Iron Co. against Mr. Irvine, shareholder, to recover amount of call made upon him. The defendant pleaded that he had been induced to become a shareholder by the fraud and misrepresentations of the plaintiff … The Co. formed in June last for the working of a coal and iron mine. In [»]prospectus stated that the estimated quantity of coal in the mine was 7,000,000 tons, that the value of the mine was £48,000, that the probable annual produce of coal would be 93,000 tons; the annual profit upon the coal £14,000 and upon the iron £12,700; minimum dividend 10%, payable halfyearly.« These representations false and fraudulent. According to the report of a committee of inquiry, quantity of coal only 1,500,000 tons; the coal not worth the cost of raising, or at best inconsiderable profit; no profit to be made upon the iron, consequently impossible these could be any dividend payable to the shareholders. The defendant called evidence on those points, also showed that £10,000 had been paid to the attorneys for getting up the Co; that the whole concern was enormously in debt, and in fact insolvent; the only parties who had derived any benefit from the Co. were the attorneys and their friends, the directors; that „dummy“ shareholders had been got up to a large amount; and that by such means the shares had been worked up to a fictitious value when in fact and reality they were worth nothing whatever. Of course verdict for defendant against the Co. Letztre, durch ihren Secretair, gab zu, daß die £10,000 paid to the attorneys – for getting up the Co. A Mr. Baylis, who had been managing director, had got £1000 a year. Another director (auch evidence für die Co) was compelled to admit that he had also received £200 from somebody, though „he declared he had no idea where it came from“.

Aus:
The Money Market Review, 18. August 1866. S. 196/197.
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Royal Insurance Co. Incendiarism.

The Royal represents an unexampled rate of increase in the life department. The sums ensured in the last 5 quinquennial periods were respectively £272,796, £.733,408, £1,655,678 und £3,439,215. At this rate the business effected in the present quinquennial period will be more than ever on record in insurance office in this country. … Incendiarism is on the increase, and amongst the potent incentives to the crime the directors of the Royal very properly enumerate in their report the „irrational competition for business among new and unskilled officers“. … The average ratio of loss which fell in 1865 on several leading fire offices was no less than 87% of the premiums received; in many offices all the profits were swallowed up, and the reserve funds seriously encroached upon. The loss of the Royal, a prominent sufferer, was 77% of the premiums received, yet gain on the years’ transactions of nearly £10000. The actual outlay made by the Royal in the payment of claims amounted to £318,946. After declaring a dividend of 171/2% on the original capital, the credit balance of the profit and loss account is found to amount to £62,076, in addition to the reserve fund of nearly 2 × that amount.



23 February 1867. N. 351.

Aus:
The Money Market Review, 23. Februar 1867. S. 231/232.
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The Overends etc.  „1915“ ist das Pseudonym eines Verfassers einer Reihe von Leserbriefen an die „Money Market Review“.
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(1915)

Mr. Harry George Gordon, despite of motion of some shareholders, and City articles in Daily News remains Chairman of the Oriental Bank Corporation. (Obgleich on 9 Feb. Malins ihn cum aliis guilty of fraud erklärt.) He originally moulded the prospectus.



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