16 November 1867. N. 389.
The Money Market Review, 16. November 1867. S. 503/504.
Schließen
Royal Bank of
Liverpool. „Hushing up of Commercial
Delinquencies.“
Entire loss of capital (paid up) und
Reserves. Ausserdem Estimated Deficiency of £382,470. Interest
und Expenses will make this £100,000 more. Call made of £10
per share. One Lady mit 900 shares will have to
pay 90,000£. Ruin brought about by grossest mismanagement;
besonders manager, submanager und managing
director, und culpable neglect der other directors.
Large sums advanced upon shipping. Much of this
shipping was actually in the hands of the
directors, and they were working it under
agreements mit den owners, to whom they had made
advances upon it. In the case of one of these shipowners, „the
directors had entered into an agreement with him for the working of his
estate und property for 5 years upon certain terms, and that
agreement is still subsisting, and the debtor claims to have it carried
out.“ In addition to such advances upon such securities as these, the Bank have for some time past been gambling in
their own shares, and lost £46,000 upon
those transactions. Original shares to the number of 1280 have been
purchased since May 1860, besides preference shares to the number of
264, which the Bank have acquired by purchase or otherwise since 1858.
These dealings in their own shares rendered legal by a special clause in
the Co’s Deed. But most scandalous transactions of the Bank those with
their own officers und directors. The manager is debtor to the Bank to £6,000, balance due upon 1000
shares which he had been allowed to take up, and for which he had paid
only £2,850, the original debt having been £10,700. Submanager debtor to amount of £500, on account of 50 shares
which he had bought. Of the directors, Bibby and
Rae never indebted to the Bank; Holm indebted to
the Bank for an old account in connection with McCormack, for which they
held securities; Shand, another director,
besides being a holder of 4000 shares, indebted to the Bank on his
business account; Hutchinson, the managing director, besides being holder of 200
shares, considerable debt on business account. By him, Banner said, Bank would sustain heavy loss. Said
ferner: „The agreements before alluded to were executed early in 1860;
did not come before the general board;
Bibby, Holme und Rae heard only of them after the stoppage of the Bank; they were carried out by the
management, did not come upon the minutes of the general board.“ Banner
said: It would be asked, what had become of the money? „He had the full
particulars of the losses, and the names of these through whom they had
been sustained, but it could do no good to publish
them.“ „They could not blow up these debtors without doing an
injury to themselves.“ He recommended, therefore, „the avoidance of all
ill feeling and recrimination … he recommended a voluntary in preference to a compulsory
winding up, because by the former they would
avoid publicity being given to their documents und
affairs.“ Shocking und
Banner one of the most respectable men in Liverpool,
und so his audience too Zusatz von Marx.
Schließen ! Nach dem law it is a criminal offence
to compound a felony. Banner’s arguments have been used, and
with fatal effect, for many years past by many boards of railway directors, and, under cover of it, (thus
to get more out of the debtors) the duped and quiescent shareholders and
debenture holders have been defrauded of millions invested in those
undertakings. The same sort of thing has been practised in most of the recent Bank and other failures, and
under cover of it the delinquent directors, the
causes of those disasters, have escaped without a scratch. The
same disposition „to make things smooth“, to „hush up“ observable
amongst traders in bankruptcy courts,
und still more outside these
courts, where merchants und traders annually mulcted of
millions of money, the loss of which they are content to put up with, in
order to avoid publicity. All this has a most
corrupting und pernicious influence. Bankmanagers und Bankdirectors, und traders who get into the confidence of banks with
view and for the purpose of swindling
them, und
managers und directors of other Jt Stock
Cos, all know und tempted to calculate upon on this disposition of the shareholders, liquidators,
und creditors to hush up. They are
told that the larger their transactions the stronger
will be the disposition to cloak und cover them, to
avoid publicity. Times of 13 Nov. (67) says:
„These unscrupulous operators upon the banks [know] that if they can but get heavily into debt to a
bank, the bank, when a certain stage of peril has been reached, will not
dare to allow them to drop, and that when the final crash comes they may
count upon the strenuous efforts of all the sufferers, not merely to
palliate their proceedings, but to uphold them. Hence, amidst all the
desolation they have caused, they not only escape reproach, but are
usually favoured mit complimentary expressions of confidence,
and not unfrequently the consequence is that when the storm has passed,
they reappear, backed, in some cases, by advantageous family settlements
made in previous times, as influential merchants or directors of new
enterprises.[“]
4) Cotton Trade.
- Sept. 66 (215) Dec. ’66 (236) Jan. ’67 Circulars (246) Past and Present of Cotton Market Jan. ’67 (248–9)
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.