5 October. 1867. N. 383.

Joint Stock Cos. Management.

The Money Market Review, 5. Oktober 1867. S. 351/352.
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Good et successful management have been exception. We have a natural propensity for blundering, muddling and bungling. Shareholders in general have elected as directors men with „handles to their names“, oder any undertaking men in quite different line of business, merchants and manufacturers as directors for banking, financial, railway Cos und bankers und successful speculators for mercantile und manufacturing undertaking. Such men eagerly sought and solicited by the promoters of Cos. Shareholders thought the more of them the better, obgleich numerous directorates nuisances. The most plausible speaker  Zusammenfassung von Marx in einem eigenen Wort. The Money Market Review: Men who knew that they had been sought for their names only gave their names, but did not feel bound, therefore, to give their time and their talents also, and would consequently content themselves with dropping in regularly to take their fees, and occasionally to take part in the business of the company.
elected chairman, oder noble as head-figure. Shareholders complain that directors who ought to be their servants are their masters. Their own fault. Give absolute power to the directors and absolutely defer to it. Statt 3 oder 4 in most Cos. 6 or 8, or even 11 10 or 12 directors. Efficient management mainly dependent upon efficiency of the manager. He should be more responsible to them, less to the directors. As an instance of numerous directorate City Offices Co. At their last halfyearly meeting shareholders demanded that number und pay der 8 directors should be reduced. Die directors deigned, weil Hon. J. St. Wortley had given demission, not to fill up the vacancy, and reduce remuneration by 1/8, and, in event of further vacancy occurring, not fill it up, until remuneration brought down to 1500£ a year. One shareholder thinks 800£ mit 200£ extra für directors would do. Another shareholder, adverting to the heavy payments of directors, points out that salaries only 900£, also staff insufficient und underpaid. Nach dem neuen liability Amendment Act (1867) können die shareholders insist upon the liability unlimited unlimited liability der directors, or manager, or managing directors.|


The Money Market Review, 5. Oktober 1867. S. 352/353.
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We want the issue of shares to bearer which are not fully paid up. In France shares mostly of smaller amount than in England, and the Cos may issue them to bearer when 2/5 of nominal amount paid. Amount called up in France generally bears much larger proportion to nominal amount. Thus increased facilities for transfer of shares. In true spirit of landocracy our Legislature provided that the stamp duty payment on transfer of shares same as on transfer of land. Shares as many times bought and sold in days as land in years. Dann stampduty levied upon nominal value of shares etc[.] This is the way in which our landlords facilitate the economical transfer of shares issued to bearer. The first person to whom the share warrant are issued will have to pay 3 times the amount of a most exorbitant stampduty, and all the subsequent transferees will go duty free.  Kommentar von Marx.
(Diese Geschichte mit dem warrant wegen des häufigen Wechsels der tranfer transfer of shares.)


  • 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