28 September, 1867. N. 382.

The Money Market Review, 28. September 1867. S. 324/325.
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Gold mines of Victoria. (Kitto: „The Goldminers of Victoria.“ Lond. ’67)  Von Marx aus Platzgründen neben die Überschrift „28 September, 1867. N. 382.“ geschrieben, bezieht sich aber auf die vorliegenden Exzerpte.
Expropriation of Individual Labour. (Property)

Kitto was 11 years a miner and manager of mines in Victoria, 7 years a Gvt mining surveyor. His conviction: The occupation of the mere digger is drawing to an end, while that of the practised miner is being rapidly developed under large profits already achieved. Goldmining in Australia no longer a fortuitous game, to be played by adventurers possessed of a pick-ax pick-axe and a pan, but a sound business-capital and skilled labour. One third of the gold yielded by Victoria during 1866 was the result of quartz-crushing. Nach Official „Mineral Statistics of Victoria for 1866“ quartz crushed (1866) 861,468 tons, and the average yield of gold per ton: 10 dwt. 16.2 gr. The price paid for treating the quartz von 4s. to £1. 10s. per ton. (Dieß jedoch nur exceptional Minimum und Maximum limits[.]) The average cost of treating the Quartz, which embraces of course much more than the cost of crushing, nach T. Eyre, manager of the Catharine Reef Co.: „For the 6 months ending Febr. 28, 1867, the average cost of raising and crushing, including all charges in the mine, 13s. 3d. per ton, and for the 6 months previously 12s. 11d per ton, or 13s. 1d for the last 12 months.“ This statement coincides with that given by the manager of the Port Phillip and Colonial Gold Mining Co, the best conducted property in the Colony. Says that 13s. p. ton. They crushed 4,654 tons during June 1867 which yielded average of 12 dwts. 5 grs. per ton. The pennyweight of gold in mining arithmetic is equivalent to 4 shillings, so that 31/4 dwts. is the average cost of treating the quartz. Kitto gives an estimate based on an outlay of £25,000 for a mining and quartz-crushing establishment, and that only 7 dwts. or 28 shilling per ton on average are obtained. Allowing £10,900 for contingencies, such as loss of time through accidents to machinery etc, dennoch clear profit of £12,500 or 50% would accrue to the shareholders. As Kitto says: „In a few years individual mining, as it is called, will be no more known; the quartz mines and deep leads will become the property of the capitalist, and will be worked with science and skill; … and once more the social system will be properly regulated.“ Im Anfang glaubte man, daß die alluvial goldfields in which the gold had been deposited, broken off from the mother rock by the operations of nature carried on during countless ages, were the only localities worth the attention of the gold-seeker; and that, once ransacked and made to yield up their spoil, nothing would be left on which to rear a permanent industry. A Commission of the Victorian Gvt., 1856, to report on the state of the mines, declared that mining for gold to great depths in quartz reefs would be unprofitable; useless, they said, to go below 10 miner’s fathoms or 60 feet. Dieß theory false, as proved in California and Australia. A Californian mine is now being worked at a depth of 1,250 feet from the surface, and is producing better ore than ever. Kitto gives a long list of quartz reefs in Victoria varying worked at depths varying from 200 to 600 feet, where result in all cases very profitable. In one instance 105 tons of stone, obtained from depth of 500 feet, yielded average of more than 141/2 oz. gold to the ton. Selwyn, the Government (i.e. Victoria Gvt) geologist, asserts that there is in Victoria an area of 30,348 □ miles, „in any part of which there is a possibility of remunerative gold deposits being found“. Of this vast extent only 870 □ miles, or about 1/33 have been mined upon, and of this 1/33 only 1/6, or about 1/1200 1/200 of the entire auriferous distinct, was occupied at the end of last year (1866). Kitto, from personal knowledge, states that at least 2 × the area in present occupation of miners is quite as valuable for gold as any now claimed and worked. As a Capital, the mining property at the colony now estimated at 22 mill. £.

The Money Market Review, 28. September 1867. S. 327/328.
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Public Debt of Russia. Consul Michell’s Report.

Michell friendly to Russia, partly appointed Consul there by influence of Russian Gvt.

Between 1832 and 1852 annual deficits more than 4 Millions £ a year, von 1852 to 1856, time of Crimean war, annual deficit of nearly 28 Mill. £, represents, says Michell, far less than the additional cost to the Empire of that war. Increase of Revenue during the whole period, total in 1852 being 44% more than in 1832, but in the same interval Rate of Expenditure increased at least 97%. Nach Michell Russia owed in 1866 Public Debt of 1,810 Millions of roubles (£286,604,000), annual charge upon this debt: £10,961,142. Of this total the Foreign Loans, in round numbers, 520 Millions of roubles, and the internal debt to the residue, or nearly 1,300 millions roubles.

A work on Budget of 1866, attributed to Senator Hagemeister, states increase of expenditure zwischen 1845 and 1866 as follows:

1) Army. Increase: 70%. 2) Navy: 70%. 3) Home Office: 100%. 4) Public Instruction 150%. 5) Foreign Office 10%. 6) Justice 100%. 7) Church 90%. 8) Pensions 130% 9) Grants of Land. 10%

During this same interval, 1845–1866, liabilities of the Russian Treasury increased 172% und mit dem second lottery loan, 193%. The issue of paper money, now practically inconvertible, during the same period, 300%. In the same 20 years Increase of Population 11%, and of Ordinary Revenue 75% (from 197 to 345 Millions Roubles). In the same 20 years „the foreign trade of the country almost remained stationary“. The Budgets of the Russian Finance Ministers invariably anticipate a deficit, but fall always short of its amount. In the 5 years von 1862–1866 (incl.), the deficits, were estimated at nearly 141 millions roubles, turned out about 501 Millions, as indicated by the „Extraordinary Resources“ or loans raised to meet the deficiency in revenue for the requirements of the Gvt.|

The Foreign Debt of the Russian Empire is thus condensed:
Original Amount. Annual Interest in 1866. Annual Repayment of Principal in 1866. Capital Outstanding Jan. 1, 1866
In £ St. £35,937,800 £1,499,432 334,950 33,792,800
Florins 140,533,000 3,752,275 1,981,000 75,535,000
Roubles 290,000,000 10,568,282 6,711,889 208,661,660

To this to be added the Internal Debt of 1,290,490,321 Roubles. Total: 1,810,132,823 Roubles (£286,604,363, nämlich 519,642,502 Roubles Foreign Debt und Roubles 1,290,490,321 Internal Debt.) Rates of interest on Foreign Debt von 3 to 5 %, und the annual sinking funds from 1 to 21/2%; on Internal Debt from 4 to 6%, and the annual sinking funds from 1/2 to 5% p.a.

The Money Market Review, 28. September 1867. S. 328.
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 Titel von Marx notiert in „Heft 3. 1868“ der „Hefte zur Agrikultur“ (MEGA² IV/18. S. 729.7–8), einem Exzerptheft 1878 (IISG, Marx-Engels-Nachlass, Sign. B 148) und im Notizbuch 1878/1879 (IISG, Marx-Engels-Nachlass, Sign. B 152).
Robert Knight: Letter to the Right. Right Honourable Sir Stafford Northcote on the Present Condition of Bombay. Lond. 1867.

Collapse (Commercial) at Bombay. Scarcely anticipated the degree of prostration in this „city of millionaires“.

India cotton Exports etc in Folge des American Civil War. Bombay was the centre and outlet of the cotton growing districts of Western India, the chief port from which England drew its supply. Darauf based huge speculation. Raw cotton, which in Interior of Bombay presidency had been worth 80 rupees per candy before the American war, rose to 600 rupees afterwards. For a time gains to producers and middlemen – i.e. merchants and brokers of Bombay – prodigious. This sudden accession of wealth produced insatiable desire for more; Result wie gewöhnlich Time Bargains. Finance Cos., oder, wie sie in Bombay heissen „joint-stockery“, in every form. Some for useful projects; but the common ruin enveloped legitimate enterprise mit bubble Cos. Bombay built upon island too small for its population and commerce. Harbour magnificent, by position and other natural advantages, greatest port for Ocean communication between India and Europe. Large tract of land around the city covered only by a few feet of water, leicht to reclaim, Joint Stock Co, während des Schwindels, formed to this purpose. Large portion of the work has been done; but, up to the present time, obgleich millions sunk upon these works, not a shilling of the outlay has yet been rendered available. Not a single house or warehouse can be erected upon the halffinished work, except that small portion whereon stands the terminus of the Great Indian Peninsula Railway. The Gvt. of India, by its contract with that Co., had to provide a terminus 50 acres in extent for goods traffick. Bombay Island alone could not supply the land wanted, hence „Elphinstone Co“ formed to effect the object in view. Performed substantial work, for which it paid hard cash. It required reclaimed the whole site required for the terminus, and also a large area of land on the harbour shore. In Bombay a perfect glut of shares, some quite valueless on demerits, the aggregate amount far beyond the capacity of the place for legitimate business. Hence Elphinstone Co. Shares find no buyers oder at ruinous prices for the holders. No bank in India will advance a farthing on them. No capitalists want them, because, mit 400 rupees paid on them, there is a further liability of 600 rupees upon each share. Several Cos were (während dem Schwindel) formed for reclamation of land around the island of Bombay, but majority have failed, nur 2 have spent much money – the „Elphinstone“ und die „United Victoria“.

The Money Market Review, 28. September 1867. S. 329/330.
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Limited Liability Cos formed since 1865.

Part of them to establish new businesses, and the other to prosecute old businesses with greater means and wider connections.


  • 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