12 January 1867. N. 345.
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.
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 !
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:
Range of Prices in 1866 | Middling Orleans, per lb. | Fair Dhollerah. Per lb. |
---|---|---|
Highest, Jan. 5, the first prices of the year | 21d. to 211/8d. | 183/4d to 187/8d. |
Lowest, May 25, when the stock at maximum | 131/2d to 135/8 | 91/2d to 95/8d. |
Last, Dec. 28 | 161/4 to 163/8d. | 131/2d to 135/8d. |
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:
United States: Bales: 1,156,130 | British India. Bls: 1,847,739 | Egypt bls: 167,451 | Brazil. bls: 407,646 | Smyrna bls. 32,770. | Peru, Mexico, Westindies 111,820 |
Un. States: Cost: £35 35 Mill. £ St. | India Cost: 33 Mill. £ St. | Egypt et Levant. Cost 6,600,000£. | Brazil. Cost: 5 Mill. £ St. | Westindies etc 21/2 Mill. £ St. | |
Total Cost: | £82,100,000 |
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
Imported lbs. | Consumed at home lbs | |
---|---|---|
Marx verwendete die Angaben
über die importierte Rohbaumwolle der Jahre 1860 und
1861 in Manuskript II zum zweiten Buch des „Kapital“
(MEGA² II/11. S. 67.38–39) als Indikator für die
These, dass „[d]as Jahr 1860 und Theil
des Jahrs 1861 [...] bekanntlich die
Zenithjahre der englischen Baumwollindustrie
[waren]“ (ebenda. S. 67.30–32). Schließen 1860 |
1,429,697,450 | 1,068,727,600 |
Marx verwendete die Angaben
über die importierte Rohbaumwolle der Jahre 1860 und
1861 in Manuskript II zum zweiten Buch des „Kapital“
(MEGA² II/11. S. 67.38–39) als Indikator für die
These, dass „[d]as Jahr 1860 und Theil
des Jahrs 1861 [...] bekanntlich die
Zenithjahre der englischen Baumwollindustrie
[waren]“ (ebenda. S. 67.30–32). Schließen 1861 |
1,359,823,120 | 988,051,900 |
1862 | 533,223,819 | 414,905,150 |
1863 | 703,306,968 | 467,183,800 |
1865 | 965,727,070 | 718,428,470 |
1866 | 1,356,952,389 | 915,748,679 |
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.
1866 | 2,341,747,710 Yards Piece Goods | 126,000,000 Yarns. Lbs. |
1865 | 1,805,814,998 | 94,000,000 |
1864 | 1,617,050,947 | 69,000,000 |
1860. | 1861 | 1862 | 1863 | 1865 | 1866 |
---|---|---|---|---|---|
594,400 bls | 699,300 | 433,900 | 327,500 | 405,488 | 581,570. |
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.
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.
2) Crisis of 1866.
Schließen
- A) Bank o. England und
Act of
44.
- Reserve of B.o.E. (187) Act Suspension (187, 188) Panic and its Remedy (188) B.o.E. und London Bankers in the Panic (191–2) Times on the Panic (189) Clarendon on the Panic (192)
- Reduction Bankrate to 8% (Aug. 66) (210–11) to 41/2%. (27 Sept. ’66) (217) Watkin’s Motion, 31 July 66. (203–208) Count out (208) Ministerial Opposition (208–9)
-
B.) Theory of Panic.
- p. 195, 196, 236, 238–40, 266–7, 267, 278. Glasgow Chamber of Commerce on Banking (Aug. ’66) (p. 210.) Manchester Chamber of Commerce Dec. ’66 (p. 243) Rouen und Liverpool Chambers of Commerce (p. 276, 277)
- C) Securities (Investments) und Panic:
- Losses. (193) Pressure and Securities (197)
- Investor Losses from „Bear“ Frights (190) Bears (197, 198, 199) Bears: Leeman’s Bill (254) Stockexchange 256, 263.
- Stockmarkets: Week ending May 19, ’66 (190) Week ending 26. May ’66 (193) Losses week ending 29 Sept. ’66 (218, 219)
- Shares and Dividends (1867) (282) Panic about calls (’67 April.) (263)
- Foreign Loans and Panic (229) Russian Loan. Nov. ’66 (234–5) Colonial Loans (251)
- D) Joint Stock Banking und other Cos. Schwindel
seit 1865 etc. (respective seit 62).
- Prospectus und Articles: „Russian Iron Works[“] (lim.) (197) Promoting und Financing. Bernard Salomon Bernard (199, 200) „Humber Iron Works“ (E. Watkin) (126 261–63) City Offices Co. (264) Smith, Knight et Co (lim.) [(]p. 277) Misrepresentation (211) Estates Investments Co (234) Great Yarmouth Railway Hotel Co. (283, 4)
- Bankrupt Private Concerns converted into Limited Liability Cos. Losses by Shares in Liquidation (217, 218) Directors (194, 195) (Fees 233–4) 254. Railway Dilemma Directors (261) Directors in H. o. Commons (263) Directors und Gellivara Co. (265) Venial Offences und Scapegoats (252)| 286
- Joint Stock Financing (253)
- Ditto Management (275, 276) Shares paid to Vendor (276)
- Increase and Employment of Capital (212)
- Limited Liability Cos formed since 1865 (275) since May 1866 – about May 67 (284)
- Drain of Capital for new investments (July ’66). (201)
- Credit Mobilier of Paris (270 273) Credit Foncier of England (273 270)
- Joint Stock Banks Transfer of Bank of London to Consolidated Bank (192) Failure of Consolidated Bk. (196)
- Asiatic Bk. Co et. (lim.) (191)
- English Joint Stock Bk. (lim) Disclosures (219, 220); ditto Scandals (226, 227)
- Agra and Masterman (215) Joint Stock Discount Co. 232. (Wilkinson) (250–51)
- Overend et
Gurney (224, 225, 229, 233. (Commercial Morality)
235, 237–38, 242, 243–4) Evidence of J. H. Gurney (248) 250, 251, 253, 254,
255, 258, 259, 260. Directors dieses
swindling Concern
Schließen (263) Commercial Morality, 263. H. o. Lords 270, 271, 272–3 - Barned’s Bank (245–46, 265–6, 267.)
- Leeds Banking Co. Conviction of Greenland (253–54) His pardon (267–9)
- Royal Bank of Liverpool (277, 279)
- London et Mediterranean Bank (280)
- European Bk. (281, 282)
- E.) Railways.
- Dont pay. (191) Debentures (211, 212) North British (Hudson) (230, 231) (261) Great Eastern (231) Cardigan et Carmarthen (232) Difficulties (232) Lloyd’s Bonds (241) Act of 1866 (244) Consolidation (251–2) London Chatham und Dover (253, 255) Zusammensetzung des Investigation Cosmittees Committees (255)
- South Eastern Directors (257) Years’ (June ’67) Fall of Railway Property (265)|
- F) Plethora of Money.
- How to be Employed? (230) Plethora. (255)
- G.) Limited Liability Act. of 1862
- (p. 190, 191)
- Gerichtssporteln. Parliamentary Committee of Inquiry (255, 256) Liquidators (263) New Act (Amending) of 1867 (270, 270–1, 272) Winding up in Chancery Courts (283)
- Large uncalled capital in limited liability Cos (232, 254, 263)
- English Capacity und Blundering (214)
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.