February 2, 1867. N. 348.

The Money Market Review, 2. Februar 1867. S. 136/137.
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Venial Offences and Convenient Scapegoats.

There is always something very curious to be observed in the  Zusatz von Marx.
(so zu sagen criminal Revelation)
pages of commercial panic in the remarkable cleverness and facility with which some of the chief delinquents manage to escape, and the fatality with which some one or more of their comparatively innocent colleagues or instruments are made to „stand committed“. Directors misapply or otherwise squander the funds of the shareholders and destroy their property, and the unlucky manager or somebody else is put in the pillory, and the chief offenders are tarred and feathered by deputy. The scapegoat has carried away their sins, perhaps to bury them in the desert sands of a penal settlement, and „the law is satisfied“ and „justice is appeased“. Wilkinson is convicted of fraudulently misappropriating a cheque, but the director who signed the cheque, escapes unhurt … Peto auch scapegoat für die directors, solicitors, auditors, der Chatham etc railway Co. Bei der falschen Transaction der Co., bei dem issue der debentures (um zu prove that part of their sharecapital subscribed paid up). As none of that capital had been really subscribed, it was necessary that a sham subscription list should be made up, and sworn to before a magistrate, and this was done by an exchange of receipts between Peto et Betts and the Co, the Co. acknowledging the receipt of so much on account of so many shares, and Peto and Betts acknowledging the receipt of so much on account of their contracts. Thereupon two gentlemen, one from the office of Freshfield et Newman (solicitors), and the other from the office of Peto and Betts, appear before a magistrate, and depose to the bona fide subscription of a certain proportion of the capital. Gross Fraud upon the Legislature. But it is alleged that railway Cos. and their solicitors, however respectable, never regard this as an obligation to be strictly performed, and that for many years past almost every subscription list got up in compliance with it has been more or less a sham. Hence it seems to have been imagined that no great crime was committed by anyone in the transaction. But the committee of investigation bring this up as charge against the contractors, but not against the solicitors, one of whom must not only have had knowledge of it, but must have sanctioned and advised it.  Zusatz von Marx.
O Freshfield, Freshfield!
Trotz dem verlogenen Brief  Zusatz von Marx.
(in Times oder so)
, statement of 3 or 4 persons shows daß Dein partner Newman advised and sanctioned the transaction.|


The Money Market Review, 2. Februar 1867. S. 137/138.
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Joint Stock Financing.

The International Financial Society, pioneer of the modern finance associations, first imitator of the Paris model, paid first 25% dividends, gradually less, is compelled at length to admit that there is nothing wherewith to pay any dividend. The accounts for 1866 are duly audited. All the securities valued at the lowest market price. There was a profit last Midsummer „brought forward“ which has been „absorbed“, and a loss of £23,934 incurred, which has been written off against the Reserve Fund reducing it to £4,846. At this time last year (1866) it was 10 × the amount, and at one time was more than that. Aber the severe financial pressure was met without a call upon the shareholders. Its capital seems intact. (of 3/4 of mill. £) It seems chiefly the possibility of calls that renders the 3/4 Mill. £ paid by the shareholders worth in the market only 10s. per £. The greater portion of the securities on which advances have been made by the London Financial Association represent railway property, u.a. on more than 20 completed British railways.

5) India.

  • Indian Banks and Banking (221–24) Gain to India by Cotton Famine (227–28)


  • 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