21 September, 1867. N. 381.

The Money Market Review, 21. September 1867. S. 301/302.
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Overend, Gurney et Co. (lim.)  Zusatz von Marx.
(English Legislation gegen grosse Schwindler)

By Statute 24 und 25 Vict. cap. 96, section 89, enacted daß directors, managers or public officers of any corporate body or public Co. die circulate, publish, or concur drin „any written statement or account which he shall know to be false in any material particular, with intent to deceive or defraud any member, shareholder, or creditor of such body corporate or Public Co., or with intent to induce any person to become a shareholder, or partner therein, or to intrust or advance any property to such body corporate or public Co., or to enter into any security for the benefit thereof, shall be liable etc to penal servitude for 7 years.“ Danach also die Overends etc faßbar. Aber nach Sect. 85 desselben Act „no person shall be liable to be convicted of any of the misdemeanours in any of the said sections mentioned, by any evidence whatever of any act done by him (vor irgend einem Gericht), if he shall at any time previously to his being charged with such offence have first disclosed such act on oath, in consequence of any compulsory process of any Court of law or equity, in any action, suit, or proceeding which shall have been bona fide instituted by any party aggrieved; or if he shall have first disclosed the same in any compulsory examination or deposition before any Court upon the hearing of any matter in bankruptcy or insolvency“. The Legislature  Zusatz von Marx. Siehe S. 263 des vorliegenden Exzerpthefts.
(composed of swindlers)
appears to have considered it of far greater importance to obtain full disclosures of such transactions than to prosecute and punish the actors in them. It, therefore, denies them the privilege of pleading that they are not bound to answer because their answers may tend to criminate themselves, and, at the same time, tempts them to a full confession by the offer of a plenary pardon. This law is a standing incitation to even the most culpable of mercantile delinquents to come and confess and be absolved without the infliction of any penalties. Dieß rettet Overend et Co Directors, puts them out of criminal proceedings. Aber law absolves sie nicht of their civil liabilities. Sie sind liable to each shareholder for all the money they have paid, and all the damage sustained in consequence of the fraud. Some of the directors are said to be ruined|273 but it is certain that this is not the case with all of them. It is now pretty certain that these latter parties realised very large sums in the shape of the premiums on the shares which were allotted to them and their nominees, and these large sums they still retain. It certainly seems to be a hard case and a shameful thing that, whilst so many of the unfortunate shareholders reduced to absolute beggary and destitution to liquidate the debts thus fraudulently imposed upon them, the parties by whom they have been defrauded should still be permitted to retain unchallenged the profits they made by the scheme.

Down to the present moment the shareholders, the members of the Co., have never been permitted to know who their creditors are, or in what right, or what their respective claims amount to.

The Money Market Review, 21. September 1867. S. 305.
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Credit Mobilier Co. of Paris.

In its difficulty, B.o.F. appealed for for 3 Mill. £ St., but B.o.F. giebt nur Hälfte, und has exacted all the security that was offered in the first instance. Immediate Cause of Breakdown des Credit Mobilier arises from its large advances to Compagnie Immobilière, one of the many affiliations sprung up from the original present establishment. The Co’s funds locked up in „inconvertible securities“ or „inoperative accounts“. This was always the weak point in the constitution of the concern.

Credit Mobilier und Credit Foncier were the 2 grand financial „idées Napoleoniennes“, and they were coeval mit dem Empire itself. Decree of authorisation für Credit Mobilier: Nov. 18, 1852; Credit Foncier, of same date. One of the projects rejected by the Council of State, the other seriously opposed in same quarter, Emperor put down all objection. Credit Foncier had an even and profitable career.

Credit Mobilier a grand experiment in the St. Simonian school of finance, the principles of which have been given by a friendly hand as „in contradistinction to those of the old school, not to extort money from governments and individuals, but, whilst enriching the authors, to augment to an incalculable degree the public and private fortunes. Their object is to lower as much as possible the interest on capital, and to place credit within the reach of all industrious men“. With such a programme the Credit Mobilier started at a time when it was the custom of the country to hoard money, and transact all kinds of business in a petty and peddling fashion. British capital and labour had already been imported to make the first great network of railways that was constructed. The new school of financiers,  The Money Market Review: the Emperor
amongst the number, conceived that these enterprises were quite within the power of the French people themselves, and Credit Mobilier founded to propagate »this doctrine« Zusatz von Marx.
This revolution now complete. Paris has become a financial centre, competing often successfully with the wealth and prestige of London itself. Frankfort and Amsterdam have, to a certain extent, given way, and the influence of French finance is coextensive with the Continent; indeed, it has spread to Egypt and beyond the Indies. Paris capitalists are now amongst the boldest operators of the world. The commercial classes of France have vastly increased in wealth and numbers; people develop previously unknown activity of trade and industry. The Credit Mobilier was the prime mover in this great change. Its capital £2,400,000 in shares and an equal amount in bonds. Its deposits generally figured of late years for about £4,000,000.|


  • 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