25 May. 1867. N. 364.

Aus:
The Money Market Review, 25. Mai 1867. S. 607/608.
Schließen
Icon dass Zitate symbolisiert

Excessive Liability of Limited Liability Cos Shares  Zusatz von Marx.
Schließen
(Overstone) (Watkin)
.

Milner Gibson, as President of Board Trade, pressed and passed a Bill through H.o.C. to enable Cos, without diminishing their capitals, to divide those capitals into a greater number of shares. The Bill thrown out by Lord Overstone und Earl Grey (mit  The Money Market Review: 16 noble
Schließen
14 dummy
Lords als followers.) E. Watkin proposed the Limited Liability Co.’s Committee.

Aus:
The Money Market Review, 25. Mai 1867. S. 609/610.
Schließen
Icon dass Zitate symbolisiert

Statistics of the London Clearing House.  Zusatz von Marx.
Schließen
(Inland Bills.)

The Committee of Bankers decided to issue weekly Returns, simultaneously mit B.o.E., on the transactions of the Clearing House. This due to Sir John Lubbock. 4th each month – the principal day of settlement for Inland Bills – will give an indication of the relative activity of our inland trade. The 4th of month may also be occasionally a |264 „heavy day“ for foreign and colonial as well as for inland bills. Cheques are often multiplied even for one and the same transaction. F.e., the import and export trade of London is almost entirely done through agents or brokers, and as a consequence, each sale or purchase, when settled, necessitates 2 cheques; therefore the operation is represented by double the amount of money in cheques at the Clearing House. Again, the transactions in discounts and loans, such as are negotiated through brokers, always require at least 2 cheques, while a purchase on the Stock Exchange, through a broker, invariably involves the drawing of cheques by 3 separate parties, and sometimes 4, owing to the intervention of the jobber between the buying and the selling brokers. Thus a single transaction may be represented at the Clearing House by a quadruple amount in cheques. F.i. the buyer of stock pays a crossed cheque to the his broker, the broker a second cheque to the jobber, the latter a third cheque to the selling broker, who then hands a fourth cheque to the original seller.

The institution founded on very exclusive principles in 1775, by a committee of private bankers; joint stock bankers only admitted 1854; erst in 1864 the B.o.E. jointed the association.

Until 1854, when the joint-stock banks joined the Clearing House, the balances or differences were settled in banknotes; and in 1839, the only year for which statistics are given – the total cheques and bills passing through the house amounted to £954,401,600, to settle which banknotes to the extent of £66,275,600, or not quite 7% of the total amount wanted.

Since 1854 the differences settled by cheques on B.o.E., so that banknotes still further economised, and the bulk of the vast transactions of the metropolis settled by transfer of balances standing in the books of the B.o.E. to the credit of the clearing bankers. Average daily clearance in 1839: £3,066,700 und in May 1867: £9,803,790, progress of 220%.

In 1839 total Exports of English und Irish products: £52,701,509, in 1866: £188,827,785, increase of 258%; i.e. each 100£ of exports in 1839 has become £358 in 1866. Imports of 1839: £60,346,066, of 1866: £238,714,094, advance of 296%. Aggregate imports and exports of U. Kingd. 1839: £113,047,575 und 1866: £427,541,879; showing the growth of commerce, between the 2 periods, 278% or 58% more than increase in the Clearing House amounts.

Total balances held by London et Westminster, London Joint Stock, London et County, Union Bank of London at the close of 1839: £3,030,963 und on 31 Dec. 1866: £71,788,555 – increase of 2,268% since 1839.

The total amount of clearances does not embrace all the transactions in London. A few bankers do not clear; large settlements are made with notes and coin; and numerous payments are made between persons keeping accounts at the same bank, which are settled by a mere transfer of balances. On the other hand, a large amount of country cheques and drafts pass through the Clearing House.

Aus:
The Money Market Review, 25. Mai 1867. S. 614.
Schließen
Icon dass Zitate symbolisiert

The City Offices Co. (Lim.)  Zusatz von Marx.
Schließen
(Directors)

Wieder call von 5£ über die 20£ paid. Only one dividend, 5s. per share last year; harassed with calls; quotable value of shares reduced to vanishing point, while our directors have been in hot haste to commit us to a wholesale and simultaneous expenditure of money, and been revelling in the pay and patronage of their position. They and their friends hold most of the stock of the Co. I wonder how much of it is at par, and should like to know the average at which it stands them in.


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)|
    287
  • 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:

  • 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