Aus:
The Money Market Review, 12. Januar 1867. S. 35/36.
Schließen

Proposed Expansive Clause in the Bank Act of 1844.

Economist,  Zusatz von Marx.
Schließen under J. Wilson , antagonist des Bank Act. Then, it „ratted“, became its supporter. Latterly, again backsliding. Globe, after supporting the Act for more than 20 years, has turned against it, demands its repeal. Economist, less courageous, demands expansive clause (so daß minister Chancellor of Exchequer by law ihn suspendiren können). Wants, therefore, partial abrogation of the Act. J. Mills (Manchester) (at meeting of Social Science Congress und Fowler „The Crisis of 1866“ verlangen dasselbe. Beide Kerls affirm, that there would be nothing inconsistent with the Act in the existence of a permanent power to abrogate it! in a specific provision for the violation of its principle! Economist says „that power is not contrary to principle unless the suspensions of the Act are so“. A suspension of the law by Ministers is a violation of the law by sufferance, which the Economist himself elsewhere designated as a misdemeanour, although an excusable one. The Bankact has only one essential principle – the limitation of the bankissues to 14 (now 15) millions, except against gold. The „crisis clause“ would abrogate this „sound“ |248 principle in the only case where it can come into play. Ausserdem: The power (known to exist on 11 May 1866, and not preventing the panic) would never be exercised except at the last moment, just to prevent the worst effects of a panic. Nach J. St. Mill die theory und practical arrangements des Bank Act adapted  Zusatz von Marx.
Schließen nur to the case where drain of gold originates in a rise of prices produced by an undue expansion of the currency or credit, but in no other case.

Aus:
The Money Market Review, 12. Januar 1867. S. 38/39.
Schließen

Evidence of John Henry Gurney and Mr. Robert Birnbeck Birkbeck before Vice-Chancellor Malins.

 Zusatz von Marx.
Schließen Dieser meek und pious swindler, J. H. Gurney, admitted vor Gericht, in his evidence the damning fact, viz: that during the whole period von 1861 to the time of transfer no profits whatever were made by the old firm, but, on the contrary, large losses. Practice, nach dieser evidence, of the firm für years, in making up their annual accounts, to add interests upon all debts owing to the firm, bad as well as good good debts. After 1863 this practice discontinued. Balance sheet for 1864 exhibits dead loss of £348,000. This ratio of loss increased in 1865 down to the moment of transfer to the new Co. In 7 months von January to July 1865 (inclusive), balance of losses £295,000, being at the rate of £506,000 p. annum. In this period of 19 months, therefore, the firm was receiving and wasting or sinking irrecoverably the money of their depositors to £643,000. All this elicited during the examination of John Henry Gurney. And 500,000£ goodwill paid by the new firm for this business Zusatz von Marx.
Schließen !

Aus:
The Money Market Review, 12. Januar 1867. S. 39/40.
Schließen

Cotton Market. Past and Present.

Import value of cotton landed last year at Liverpool estimated at more than 80 Mill. £, larger than in any previous year; quantity of cotton manufactured (1866) larger than in any previous year, auch its export. With an import value of more than 80 Mill. £, there were fluctuations in the market price, in the course of a few months, von 40 to 50%, und prices at close of 1866, though firm for the moment, 20 25 to 30% lower than at beginning of 1866. Hence, during that year, prodigious losses und gains of cotton sellers Zusatz von Marx.
Schließen !

Mssrs. Leech, Harrison, and Forwood’s Review of cotton trade in 1866 shows that that year commenced with stock of raw cotton at Liverpool of 402,630 bales, which declined, on 16 March, to 340,250 bales, the minimum of the year, then rose, on 25 May, to 1,205,330 bls, the maximum of the year, and closed at 516,770 bales on 28 Dec. 1866. The course of market values thus described in outline:

Quantity of Cotton imported in U. Kingd. in 1866: bales 3,749,041, or 1,556,952,589 lbs, against 2,755,321 bls. in 1865. The increase in 1866 thus about 32%. Of this imported quantity supplied, at a cost to this country, as under:

Home consumption, or quantity of raw cotton delivered from the port of Liverpool to consumers, i.e. manufacturers, in 1866 was 2,436,444 2,436,344 bales, or 46,853 bales per week, against 39,129 in 1865, and 30,822 bales in 1864.

Contrasted, quantities of cotton imported and used for home consumption during the last 7 years (but that of 1864 is omitted, for reasons not given,) stands thus: |249

One prominent feature in this year: the large export of raw cotton to the Continent. In 1866: 1,136,565 bales, or a weekly average of 21,850 bales, against 890,830 bls in 1865, or 17,100 bls per week on the average.

Exports of manufactured cotton goods from the Un. Kingd. during first 11 months of last 3 years nach den Board of Trade Returns.

Most of our spinners have adopted their machinery to the use of Indian cotton, and not altered it, will not alter it, until the supply of American cotton is proved certain and abundant.

Increasing consumption of raw cotton on Continent. Owing to the low wages there current, continental manufactures enabled to compete successfully with ours, it is said, in many of the coarser classes of cotton goods. Introduce also English machinery on extensive scale into their manufactories, so that feared as competitors in all classes of cotton goods unless „a great change takes place in our labour market“.

The tendency in this country is, and will be, towards dearer labour. The Prices of food, house rent, and indeed of all the necessaries of life increase in this country year by year, and must continue to increase so long as the present rate of production of the precious metals goes on, and so long also as we possess such vast colonial dependencies which, together with the U. St., are bidding treble or double the value for labour which in this country we can afford to pay.

Aus:
The Money Market Review, 12. Januar 1867. S. 40/41.
Schließen

Thomson Hankey: (formerly Governor of B.o.E.)  Titel von Marx notiert in einem Exzerptheft 1878 (IISG, Marx-Engels-Nachlass, Sign. B 148).
Schließen „The Principles of Banking, its Utility and Economy; with Remarks on the the Working and Management of the Bank of England[“]. Lond. 1867.

 Kommentar von Marx.
Schließen Nichts brauchbar hierin als die explanation and description der organisation der different offices der B.o.E.  Zusammenfassender Kommentar von Marx.
Schließen Im Uebrigen Peel man. He considers Act of ’44 as „perfectly successful“.

Bill and mortgage, sagt Money Market Review, both promises to pay at fixed dates, and both are transferable, though by different modes of transfer. In the one case the debt always attaches to the property or commodity mortgaged, and need not necessarily to be paid at the time fixed; whilst, in case of bill of exchange, the debt is transferred from person to person, though each still remains liable to pay it, at the fixed date.

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