Money Market. 1866. Von 16 May an. (Bank of England)

Saving Banks Deposits also in the Public Deposits.

State 14 16 May.

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The Money Market Review, 19. Mai 1866. S. 670.
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Circulation Issue Verglichen mit letzter Woche.
Notes Issued: £.26,851,825 Decrease: £442,895
Active Circulation £.26,120,995 Increase: £3,776,600
Reserve in Notes und Cash £.1,202,810 Decrease £4,608,935
Public Deposits: £5,936,219 Increase: £.154,392
Other Deposits: £18,620,672 Increase: £.5,105,135
Gvt. Securities in Banking Dept. £.10,837,056 Decrease: £57,198
Private Securities in Banking Department £.30,943,259 Increase: 10,099,042.
Coin and Bullion (Issue department) (no silver) £11,851,825 Decrease (with coin in Banking department) 832,335
Coin and Bullion In both departments. £12,323,805

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The Money Market Review, 19. Mai 1866. S. 670.
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As a great deal of this borrowing (£.10,099,042 increase in Private Securities) was merely precautionary, £.5,105,135 has been added to the private deposits. The notes withdrawn mostly hoarded by Country Bankers etc. The £832,335 of coin and bullion withdrawn must have been taken away chiefly by provincial, Scotch, and Irish bankers, as a measure of precaution.

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The Money Market Review, 19. Mai 1866. S. 670.
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Bk.o.E. minimum rate of Discount: 10%. B.o.F. 4%.

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The Money Market Review, 19. Mai 1866. S. 672.
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Bankrutte in Liverpool unter cotton merchants und shipowners.



B.o.E. Return. 23 May (Wednesday)

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The Money Market Review, 26. Mai 1866. S. 700.
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Circulation Issue £.26,300,435 Decrease: £557,390
Circulation Active 25,469,570 Decrease: 651,425
Reserve. Notes. 830,865 Increase 100,035
Gold and Silver coin. 557,351 Increase. 85,371
Coin and Bullion in Both Dpts. 11,857,786 Decrease: 466,019
Public Deposits 5,994,761 Increase 58,542
Other Deposits 18,790,917 Increase 170,245
Gvt. securities in Banking Dpt. 10,837,056 No change
Private Securities 31,050,406 Increase: 107,147.
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The Money Market Review, 26. Mai 1866. S. 687.
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B.o.E. Bk o E. B.o.F.
Active Circulation £.25,469,570 £.35,187,000
Loans 31,050,406 28,481,000
Coin and Bullion 11,857,786 21,465,500
Minimum Rate of Discount. 10% 4%.

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The Money Market Review, 26. Mai 1866. S. 700.
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Withdrawal of gold from B.o.E., for exportation to Continent, continue upon large scales; the amount taken yesterday was £178,000, of which £128,000 bars, rest sovereigns.|

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    Aus:
    The Money Market Review, 26. Mai 1866. S. 701.
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    24 May.
  • Stoppage of McCulloch, John et Co, Liverpool. Liabilities nearly 3/4 of million. Result of the estate depends upon the realisation of cotton, the market for which in a very unfavourable State. Principal creditors: the Anglo-Indian banks.
  • Luckie, brothers (Fenchurchstreet) stopped. Liab. about 70,000l.
  • Gellatly, Hankey, Sewell, mercantile and shipping firm.
  • Robinson, Coryton, and Co, private bankers, of Manchester. Their difficulties ascribed to stoppage der European Bank, which acted as their London agents.
  • Kynaston, Sutherland, and Co, colonial brokers, also failed. About £100,000 liab.
  • Principal Liverpool failures of the past week, in addition to that of Messrs. Fernie, comprises Holderness and Chilton (iron and wood shipbuilders), Boult, English, and Brandon, merchants, liabilities in each case large. Duff, Cadell et Co, merchants and shipowners, Giannacopulo und Cochilani, commission merchants, also suspended.
  • Stoppage of „European Bank; Stoppage of the New Zealand Banking Corporation.


Bank o. England. 30 May 1866.

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The Money Market Review, 2. Juni 1866. S. 732.
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Circulation Issue £.26,434,205. Increase. £133,770
Circulation Active 26,018,795 Increase: £549,225
Public Deposits 6,118,512 Increase 193,751
Private Deposits 20,467,080 Increase 1,676,163
Reserve. Notes. 415,410 Zusammen £.859,980
Gold and Silver Coin. 445,570 444,570 Decrease £.528,236
Gvt. Securities in Banking Department 10,864,638 Increase 27,582
Private Securities in Banking Department 33,447,463 Increase 2,397,057
Coin and Bullion in both Departments 11,878,775 Increase 20,989

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The Money Market Review, 2. Juni 1866. S. 732.
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Increase in advances: 2,397,057, aber nur precautionary; daher increase in private Deposits: £1,676,163. Since the date of the present accounts £592,000 in gold sent into the Bank. Great Arrivals of Specie from U. St.

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The Money Market Review, 2. Juni 1866. S. 719.
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Bank o. France.
Increase in coin and bullion £.1,060,000
Increase in loans (bills) £.2,026,000
Minimum rate of discount 4%

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The Money Market Review, 2. Juni 1866. S. 733.
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Failures: Enthoven et Son (General Merchants), chiefly in the Metal Trade (Offices in Moorgate Street, London, und establishment at the lead works, Upper Ordnance Wharf, Rotherhithe str.) liabilities an 270,000l. Losses through Pinto, Perez et Co et Barned’s Bank. 30 May. Boult, English, Brandon, Liverpool, pay 9s. in £. Stoppage of the Consolidated, 27 May. Winding up Petitions für Masse of limited Liabilities Cos.



(verte)|

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B.o.E. 18 July. 1866.

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The Money Market Review, 21. Juli 1866. S. 80.
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Circulation Issue £.27,919,835. Decrease. £.367,680
Active Circulation 25,421,380 Increase 228,550
Gold Coin and Bullion in Issuing department £.12,919,835.
Reserve Notes £.2,498,455 Decrease. 596,230 Zusammen 3,224,595
Gold and Silver Coin 726,140 Decrease 576,045
Public Deposits 2,161,726 Decrease £565,013
Privates Deposits. 19,820,939 Decrease 1,651,546
Gvt. Securities (Banking Department) 10,028,123 Decrease 250,000
Private Securities 27,752,249 Decrease 1,287,285

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The Money Market Review, 21. Juli 1866. S. 81.
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Failures etc[:] Netherton Iron Co. (Birmingham.) liabilities about £20,000. Carleton Brothers, Wholesale Warehousemen (City) their acceptances returned. Stoppage of Birmingham Banking Co (14 July) (Gross mismanagement.[)] Stoppage of Preston Banking Co. (19 July) Liabilities about 1 Mill. l. the difficulties of the undertaking caused by large advances to a few houses, including about £300,000 to a firm of cotton spinners at Blackburn. The Capital is £200,000, in 2000 shares, of £100 each, of which £100,000 is paid up. Reservefund 65,600£, and 8 branches, viz. at Lancaster, Ormskirk, Southport, Blackburn, Garstang, Blackpool, Lytham, Fleetwood. At a recent meeting a dividend and bonus equal to 20% p.a. declared. The bank had no note issue of its own, but issued B.o.E. notes.

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The Money Market Review, 21. Juli 1866. S. 67/68.
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Money Market and Bank Act.

Continental drain des Bullion. Every bill as it falls due to Continental holders is remitted in coin or bullion. The difficulty of the past 2 months has been much aggravated by the distrust on the Continent of English bills of Exchange.

No drain now for East (India and China). Hitherto, during this (German) War, money has been taken from us, and the Continent, contrary to all previous experience, wants, at a time of great disturbance, not only all the money usually deposited here but much more. About this fact there can be no difference of opinion. Continental money in British hands is now being generally withdrawn. In previous periods of Continental disturbance it was not so; nay, it has always increased. Our Bankrate 10%, in France 4 and less; und everywhere on Continent lower than in England. Continental league, though at war, and with money actually comparatively cheap, draws money from peaceful England, where the price of money is 10%! Dieß suits not the Overstone Theory. „A high rate of interest means bad security“ sagte Wellington, und so sagt Continent jezt von England. Speculation here is utterly crushed, and the alarm signal of 10% is still up.

A ruinous state of interest scares away both notes (durch die Countrybankers) and gold from the B.o.E.

Bank o. E. 10% Coin and Bullion £13,645,857
B.o.F. 4% Coin and Bullion 26,520,000
Zusammen. £40,165,975.


4

B.o.E. 25. July. 1866.

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The Money Market Review. 28. Juli 1866. S. 112.
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Circulation Issue £27,893,125 Decrease £26,710
Active Circulation 25,263,090 Decrease 158,290
Bullion. £12,893,125 Decrease
Reserve Notes £2,630,035 Increase 131,590 Zusammen 3,453,739
Gold et Silver Coin 823,704 Incr. Increase 229,144
Public Deposits 2,517,449 Increase 355,723
Private Deposits. 18,546,769 Decrease 1,274,170
Gvt. Securities. 9,828,123 Decrease 200,000
Private Securities 26,742,316 Decrease 1,009,933

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The Money Market Review. 28. Juli 1866. S. 113.
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Mercantile Embarrassments: Capt. Bennitt (Bankrupt) Oldbury Furnaces (near Birmingham) Suspension of Pile, Spence et Co (Lim.) shipbuilders, of West Hartlepool. »The Co. was formed about 12 months ago, for the purchase of the extensive iron shipbuilding yards, graving docks etc, of John Pile and Joseph Spence, at West Hartlepool, and for carrying on the line of 7 steamers owned by that firm, and running between West Hartlepool and the various ports of Northern Europe.[«] Nominal Capital der Co £500,000, shares 20£, 10£ paid up, and a further call of £3 p. share was called for a few weeks ago. Chairman of the Co was: James Hartley, M.P., for Sunderland.

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The Money Market Review, 28. Juli 1866. S. 101/102.
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Progress of the London and Westminster Bank since 1862.

Liabilities to the Public. Liabilities to Shareholders Assets.
Half Year Ending Acceptances Deposits payable on demand Total. Of Acceptances und Deposits. Paidup Capital (1 Mill.) and Reservefunds Balance carried over Bills discounted Loans et other Securities Gvt Stock. Exchequer Bills India Bonds Cash on hand and at Bk. o. England.
June 1862 £.14,353,034 £.1,256,250 19,922 £12,054,763 2,492,912 £.1,183,030
Dec. 1862 13,898,736 1,262,656 4,404 11,069,157 2,492,412 1,184,227
June 1863 14,549,276 1,269,223 27,759 12,083,891 idem 1,369,954
Dec. 1863 15,629,095 1,275,953 18,845 13,273,315 idem 1,308,165
June 1864 18,516,084 1,300,000 8,830 16,035,805 idem 1,516,696
Dec. 1864 806,604£ 18,649,216 19,455,820 1,330,000 9,357 16,256,594 idem 1,447,445
June 1865 985,212 19,552,178 20,537,389 1,338,250 22,605 16,936,301 2,489,412 1,617,320
Dec. 1865 1,554,730 19,224,571 20,779,302 1,346,706 16,498 16,600,522 idem 1,677,841
June 1866 1,274,243 21,024,212 22,298,445 1,450,000 23,018 16,578,049 2,594,712 3,464,467

The capital having remained 1 million since 1849, the balance is the amount of the reserve.

In diesem lezten half year (1866) Deposits increased by £1,799,641; aber the Bank cannot prudently extend its assistance to its customs, so long as the distrust exists; consequently the increase in the deposits is almost exactly represented by the increase of £1,786,626 in the cash unemployed.

Half Year ended: June 1862

Dec. 1862

June 1863 Dec. 1863 June 1864 Dec. 1864 June 1865 Dec. 1865 June 1866.
Net Profits p. annum 24.31 22.18 25.98 29.56 46.81 47.68 30.30 36.47 50.16
Dividends to shareholders p. an. 22 25 30 30 28

Net Profits for the Panic Half Year (1866) 250,813l., exceed 1/4 mill. £. St., or more than 50% p. annum. Bankrate Minimum Discount during this whole period, on an average maintained at 8%.


5

Bank o. E. 1 August 1866.

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The Money Market Review, 4. August 1866. S. 146.
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Circulation Issue £.27,932,340 Increase £39,215
Circulation active 25,519,950 Increase £256,860
Bullion £12,992,340
Reserve. Notes £.2,412,490 Decrease 217,645
Gold and Silver Coin 861,000
Public Deposits 3,189,580 Increase 672,131
Private Deposits 17,738,851 Decrease 807,918
Gvt. Securities 10,128,123 Increase 300,000
Private Securities 26,567,368 Decrease 174,948
Coin and Bullion in both departments 13,793,340 Increase 76,511
Total Reserve in Banking Department. 3,273,390 Decrease 180,349

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The Money Market Review, 4. August 1866. S. 146.
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Rate for goodbills 8 to 9%, 1 to 2% below the B.o.E. minimum. Continued demand on Continental account for bills of the very best class at 61/2 to 7%. Diminution in demand for gold for export, no demand for silver for the East.

    Aus:
    The Money Market Review, 4. August 1866. S. 147.
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    Mercantile Embarrassments:
  • Failure of Edward Tiernan, tea broker, (Tower Street), owing to losses in tea and bad debts. Liab. about £30,000
  • Failure of 2 unimportant private banks announced on 31 July: Kennedy et Co (Dublin), G. W. Hall of Congleton, Cheshire. None had note issues.
  • 3 August: Stoppage of David Law (firm of Eddington and Sons, iron founders et engineers, Glasgow. Liab. £232,000. Stoppage caused by suspension of M.’Ewen and Bryson, on whose estate D. Law ranks for £.79,000.


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The Money Market Review, 11. August 1866. S. 167.
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B. o. France and Bank o. E. (8 August)

Last year, when Bank of F. held 131/2 mill., as the B.o.E. now, it reduced its rate from 41/2 to 4%. As to „Reserve“, the B.o.F. scouts the absurd phantom. Minimum Rate of Discount der B.o.F. jezt 31/2%.

Bank o. England. Bk.o.F.
Decrease of coin and bullion: £170,911 Rate Minimum 10%. Increase in coin and Bullion £744,000 Minimum rate 31/2%.
Stock of Coin and Bullion in B. o. England: £13,612,429. In Bk.o.F. 29,019,037. Zusammen both: £42,641,468.

Decrease in loans (Private Securities) £410,813 in Bank o. E. und in B.o.F. £.410,000. Both banks are therefore, losing Business at their respective rates of discount.



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The Money Market Review, 25. August 1866. S. 227.
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Privileges of the B. o. England, and its Reserves.

Tendency of Legislation to make B.o.E. more and more a Gvt Bank; its notes are legal tender, its stock is alone put on the same footing as Gvt. funds with regard to the investment of trust moneys, and, from time to time, it has received assistance from the State when the money in its till insufficient for the wants of the day. Of its „private deposits“ at least 5 Mill. bankers’ balances.

Rate of Discount Public Deposits £. Private Dpts. £. Total. £. Reserve of Notes £.
1846. Aug. 29 31/2 to 3%. 7,142,000 9,161,000 16,303,000 £.9,449,000
1847. Jan. 16 3 to 31/2 5,034,000 10,339,000 15,373,000 6,545,000
1848. Oct. 28 31/2 to 3 2,619,000 10,921,000 13,540,000 8,018,000
1853. June 4. 3 to 31/2 4,635,000 12,902,000 17,537,000 8,367,000
1865. June 17. 31/2 to 3 8,802,000 12,935,000 21,737,000 9,012,000
1865. July 29. 3 to 31/2 4,770,000 15,939,000 20,709,000 6,181,000

In 1846 and 1848 rate not reduced till reserve more than 1/2 the liabilities[,] in 1865 reduced, when reserve considerably below that amount, and kept there till reserve hardly more than 2/7 of liabilities.|

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B.o.E. 8 Aug. 1866.

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The Money Market Review, 11. August 1866. S. 176.
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Circulation Issue. £.27,775,260 Decrease £157,080
Circulation active 25,042,200 Decrease 477,750
Bullion 12,775,260
Reserve Notes 2,733,060 Increase 320,670
Coin 847,169
Public Deposits 3,160,456 Decrease 29,124
Private Deposits 17,660,244 Decrease 78,607
Gvt. Securities 10,078,123 Decrease 50,000
Private Securities 26,156,555 Decrease 410,813
Coin et Bullion in both Departments. 13,622,429 Decrease 170,311
Total Reserve in Banking Department. 3,580,229 Increase 306,839

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The Money Market Review, 11. August 1866. S. 176.
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The actual purchases of gold and withdrawals for exportation were on balance only £50,000 against the Bank, and the further decrease therefore attributable to the absorption of coin for the harvest.

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    The Money Market Review, 11. August 1866. S. 177.
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    Mercantile Embarrassments:
  • Romanjee Framjee Cama et Co, East India merchants. Liab. about £250,000. Cause assigned failure of remittances. Large losses in cotton und share speculations.
  • G. Evans, Evelyn Iron Foundry, New port. Heavy losses und the high rate of discount.


Banks of England and France. (August und Sept. 1866)

Aus:
The Money Market Review, 18. August 1866. S. 191.
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B.o.E. Week ending 18 August. Increase of Coin et Bullion £.528,527. Decrease in Discounts: 932,238. Decrease in Notes with Public: 502,110 Minimum Rate of Discount 8%
Bank o. France: Increase Coin et bullion £213,000 Decrease in Discounts. 1,080,000. Decrease in Notes mit Public 445,000 Minimum Rate o. Discount, 31/2%
Stock of Coin and Bullion. B.o.E. £14,150,956 B.o.F. 29,234,000. Together: £43,384,956
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The Money Market Review, 25. August 1866. S. 219; 1. September 1866. S. 247; 8. September 1866. S. 279.
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Week ending 25. August. Bank of England Bank of France.
1) Coin and Bullion: Increase: £621,264 Increase 613,333
2) Discounts and Loans. Decrease. 336,159 Decrease 682,000
3) Minimum rate of Discount. 7% 31/2%
4) Notes mit Public Decrease 357,975 120,000
5) Stock of Coin and Bullion £.14,772,220 29,847,033 Zusammen: £44,619,253.
Week ending 1 September 1866
1) Coin and Bullion Increase £1,059,800 Incr. £40,000
2) Discounts (Loans) Decrease. 950,674 Increase 768,000
3) Minimum Rate o. Discount. 6% 3%
4) Notes mit Public Decrease 283,605 Increase 533,200
5) Stock of Coin and Bullion £.15,832,020 29,803,000 Zusammen: £45,635,020.
Week ending 8 Sept. 1866
1) Coin and Bullion Increase £363,192 Incr. £72,000
2) Discounts (Loans) Decrease. 711,697 Decr. 1,720,000
3) Minimum Rate o. Discount. 5% 3%
4) Notes mit Public Increase 322,735 920,000
5) Stock of Coin and Bullion £16,195,212 29,876,779 Zusammen £46,071,991.

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The Money Market Review, 25. August 1866. S. 219.
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The decrease in the rate of Discount (B.o.E.) from 10 to 7% (to 8% on 16 Aug. and to 7% on 23 Aug.) accompanied by large import of precious metals, steady Continental exchanges, decrease in the note circulation, large influx of specie and bullion into the B.o.E.|

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The Money Market Review, 18. August 1866. S. 202; 25. August 1866. S. 230.
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B.o.E. 15 Aug. 1866. B.o.E. 22 Aug. 1866.
Circulating Issue £.28,151,595 Increase. £376,335 £.28,690,635 Increase £.539,040
Circulation Active 24,540,090 Decrease 502,110 24,182,115 Decrease 357,975
Bullion. £13,151,595 13,690,635
Reserve Notes £.3,611,505 Increase 878,445 4,508,520 Increase 897,015
Coin 999,361 1,081,585
Total Reserve 4,610,866 Increase 1,030,637. 5,590,105 Increase 979,239
Public Deposits 3,353,525 Increase 193,069 3,411,639 Increase 58,114
Private Deposits 18,125,280 Increase 465,036 18,763,474 Increase 638,194
Public Securities 10,711,723 Increase 633,600 10,711,723 No change.
Private Securities 25,224,317 Decrease 932,238 24,888,158 Decrease 336,159
Coin and Bullion in both Departments. 14,150,956 Increase 528,527. 14,772,220 Increase 621,264.

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The Money Market Review, 18. August 1866. S. 202.
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The amount of the increase in bullion shows that coin arriving back from the country, the actual sum sent in from abroad being £361,000.

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    The Money Market Review, 18. August 1866. S. 203.
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    Mercantile Embarrassments:
  • Failure of W. Hopwood and Son, Spinners and manufacturers of Burnley, liab. about 70,000l.
  • Belfast, stoppage of firm in flaxtrade mit liab. of 40,000.
  • Birmingham failure of W. Bates, ironmaster, of Tunstall, liab. £100,000.; also suspension of Brook mill Co.

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The Money Market Review, 25. August 1866. S. 231
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Mercantile Embarrassments. Younghusband and Co, Australian trade. Ferner: Failure of Walley et Co, cotton manufacturers, of Blackburn.



Banks of England and France. 1866 (Sept. Oct.)

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The Money Market Review, 15. September 1866. S. 303; 22. September 1866. S. 327; 29. September 1866. S. 351; 6. Oktober 1866. S. 379; 20. Oktober 1866. S. 435.
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Week ending 15 Sept. Week ending 22 Sept. 1866 Week ending 29 Sept. ’66 Week ending Oct. 6 Week ending 20 Oct. ’66.
B.o.E. B.o.F. B.o.E. B.o.F. B.o.E. B.o.F. B.o.E. B. o. France B.o.E. B.o.F.
1) Coin et bullion Decrease £220,435 D. 520,000 Increase 248,739 I. 236,000 I. 505,746 D. 19,271 I. £149,875 D. £953,970 D. 334,143 D. 630,000
2) Discounts (Loans) D. 743,846 I. 920,000 Summa: Other securities: 22,123,554£ D. 358,387 D. 104,000 all loans: 24,220,513. D. 371,600 234,142 Bills etc Summe: 23,769,503 I. 1,189,359 I. 1,015,159 D. 904,564 I. 467,000
3) Minimum Rate o. Discount 5% 3% 5% 3% 41/2 3% 41/2 3% 41/2 3%
4) Notes mit Public. D. 749,190 D. 280,000 155,355 D. 320,000 D. 267,214 267,035 D. 267,214 Notes with Public 29,097,508 I. 1,285,965 I. 1,748,586 I. 113,370 I. 140,000
5) Stock o. Coin und Bullion. 15,974,777 29,356,720. Zusammen 45,331,497. 16,223,516 37,579,450 29,589,720 Zus. £60,896,150 £45,813,236 16,729,262 29,097,508 Zus. £45,521,457 £45,826,767 16,879,137 £28,143,335 Zus. £45,022,672 16,133,363 26,620,500 Zus. 42,753,863
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The Money Market Review, 27. Oktober 1866. S. 463; 13. Oktober 1866. S. 407; 10. November 1866. S. 519; 17. November 1866. S. 558; 24. November 1866. S. 575; 1. Dezember 1866. S. 616.
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Week ending 27 October Week ending October 31 13 Week ending November 10 Week ending Nov. 17. Week ending Nov. 24. Week ending 1 December.
B.o.E. B.o.F. B.o.E. B.o.F. B.o.E. B.o.F. B.o.E. B.o.F. B.o.E. B.o.F. B.o.E. B.o.F.
1) Coin et Bullion. I. £423,995 D. 306,640 D. 411,631 D. 893,000 I. £168,101 D. 148,000 I. 253,001 D. 132,000 I. 608,307 I. 564,000 I. 422,656 I. 712,000
2) Discounts (Loans) D. 691,799 I. 448,000 D. 791,763 I. 150,000 D. 748,467 I. 360,000 D. 269,158 I. 680,000 I. 123,548 D. 1,380,000 I. 1227 I. 893,500
3) Minimum Rate of Discount. 41/2 3% 41/2 3% 4% 3% 4% 3% 4% 3% 4% 3%
4) Notes with Public D. 368,875 D. 666,640 D. 362,465. D. 356,000 D. 249,125 D. 480,000 D. 284,485 I. 320,000 D. 332,530 D. 224,000 D. 457,565 I. 470,000
5) Stock o. Coin and Bullion 16,377,358 26,310,000 Zus. £42,687,500 16,467,506 27,250,535. Zus. £43,718,041 16,891,606 £27,102,535 17,144,607 £25,460,000 17,752,914 26,024,000 18,175,570 26,736,000
Aus:
The Money Market Review, 8. Dezember 1866. S. 635; 15. Dezember 1866. S. 667 u. 680; 22. Dezember 1866. S. 699; 29. Dezember 1866. S. 731.
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Week ending 8. December. Week ending 15 December Week ending 22 December Week ending 29 December 1866.
B.o.E. B.o.F. B.o.E. B.o.F. B.o.E. B.o.F. B.o.E. B.o.F.
1) Coin et Bullion I. 61,474 I. 500,000 I. 314,427 I. 526,000 I. 264,243 I. 707,000 I. 432,145 I. 164,400
2) Discounts (Loans) I. 209,736 D. 1,560,000 I. 240,997 I. 267,000 I. 188,461 I. 316,000 I. 416,054 I. 392,000
3) Min. Rate of Discount. 4% 3% 4% 3% 31/2 3% 31/2 3%
4) Notes with Public. I. 226,425 D. 600,000 D. 619,380 D. 186,500 I. 6,690 D. 200,000 D. 167,120 D. 460,000
5) Stock o. Coin et Bullion. 18,237,044 18,797,044 18,551,471 27,708,895 Zus. £46,255,456 18,815,714 28,411,605 Zus. 47,227,319 £19,247859 28,579,600 Zus. £47,827,459.|
9-10
Aus:
The Money Market Review, 1. September 1866. S. 260; 8. September 1866. S. 288; 15. September 1866. S. 312; 22. September 1866. S. 336; 29. September 1866. S. 362; 6. Oktober 1866. S. 390; 13. Oktober 1866. S. 418; 27. Oktober 1866. S. 474; 20. Oktober 1866. S. 446.
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Bank of England. 1866. (September. October.)
Week ending
29. August
Week ending
5 September.
Week ending
12 September.
Week ending
19 September
Week ending
26 Sept.
Week ending
3 October.
Week ending
10 October.
Week ending
24 October.
Sollte vor der vorigen Rubrik stehn. Week ending
17 Oct.
1) Circulation issued £29,732,115 I. 41,480 30,098,390 I. 366,275 29,893,175 D. 205,215 30,158,035 I. 264,860 30,636,110 I. 478,075 30,905,910 I. 269,800 30,471,740 D. 434,170 30,419,540 I. 288,095 30,131,445 D. 340,295
2) Circulation Active. 23,898,510 Decr. 283,605 24,221,245 I. 322,735 23,472,055 D. 749,190 23,316,700 D. 155,355 23,049,665 D. 267,035 24,335,630 I. 1,285,965 23,973,165 D. 362,465 23,717,660 D. 968,875 368,875 24,086,585 I. 113,370
3) Bullion. 14,732,115 15,098,390 14,893,175 15,158,035 15,636,110 15,905,910 15,471,740 15,419,540 15,131,445
4) Reserve. Notes. 5,833,605 Incr. 1,325,085 5,877,145 I. 43,540 6,421,120 I. 543,975 6,841,335 I. 420,215 7,586,445 I. 745,110 6,570,280 D. 1,016,165 6,498,575 D. 71,705 6,701,880 I. 656,970 6,044,910 D. 453,665
Coin. 1,099,905 1,096,8222 1,096,822 1,081,602 1,065,481 1,093,152 973,227 995,766 957,818 1,001,918
5) Total Reserve. 6,933,510 I. 1,343,415 6,973,967 I. 40,457 7,502,722 I. 528,755 7,906,816 I. 404,094 8,679,597 I. 772,781 7,543,507 D. 1,136,090 7,494,341 D. 49,166 7,659,689 I. 612,870 7,046,828 D. 447,513
6) Public Deposits 4,137,048. I. 725,409 4,778,487 I. 641,439 5,184,758 I. 406,271 5,551,717 I. 366,959 6,389,183 I. 837,466 6,169,451 D. 219,732 6,266,199 I. 96,748 3,218,291 D. 174,691 3,392,982 D. 2,873,217
7) Private Dpts. 18,473,050 D. 290,424 17,462,300 I. 1,010,750 17,308,397 D. 153,903 16,921,755 D. 386,642 17,023,547 I. 101,792 17,209,685 I. 186,138 17,454,673 I. 244,988 18,764,056 D. 14,467 18,778,523 I. 1,323,850
8) Public Securities. 10,711,723 No change. 11,227,023 I. 515,300 11,711,723 I. 489,700 11,711,723 No change. 12,219,428 I. 507,705 12,219,043 D. 385 12,419,043 I. 200,000 12,191,426 D. 100,000 12,291,426 D. 127,617
9) Private Securities. 23,937,484 D. 950,674 23,225,787 D. 711,697 22,481,941 D. 743,846 22,123,554 D. 358,387 21,751,954 D. 371,600 22,941,313 I. 1,189,359 22,149,550 D. 791,763 20,553,187 D. 691,799 21,244,986 D. 904,564
10) Coin et Bullion in both Departments. 15,832,020 I. 1,059,800 16,195,212 I. 963,192 15,974,777 D. 220,435 16,223,516 I. 248,739 16,729,262 I. 505,746 16,879,137 I. 149,875 16,467,506 D. 411,631 16,377,358 I. 243,995 16,133,363 D. 334,143

Moneymarket.

Week ending 1st Sept.

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The Money Market Review, 1. September 1866. S. 247.
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Shipments of Gold to New York continue, and 31 Aug. £150,000 taken from the Bank for remittance to that port, while about the same amount was sent into the Bank. There is at present no demand for bullion for any other quarter.

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The Money Market Review, 1. September 1866. S. 261.
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Failure of a Broker on Stock Exchange, caused by expansive operations for a fall in British Railway Securities. Wolverhampton: J. B. Dickinson, iron masters, offers 10s. in £, paying in instalments from October (1866) bis December (1867).

Week ending 8 Sept:

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The Money Market Review, 8. September 1866. S. 280.
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Yesterday demand for money active, owing to the extent to which bills had been held back in anticipation of reduction of Bankrate. Again £288,000 in gold taken from the Bank in gold for New York; no compensating influx from other quarters.

Week ending 15 Sept.

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The Money Market Review, 15. September 1866. S. 312.
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With diminution in bullion, large diminution in active circulation of the B.o.E., amounting to 3/4 of a million. Daher, daß country bankers, who during the recent crisis crammed their tills with B.o.E. notes, are now sending them back to B.o.E. Dieß besonders heavy notes of £100 and upwards. Bk.o.E. has während der week parted mit £262,000 in gold, sent chiefly to the U. St.; only a small portion of this decline has made up through reflux of coin from the internal circulation.

Week ending 22 September.

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The Money Market Review, 22. September 1866. S. 327.
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On 21 Sept. 50,000£ in gold taken out for New York, but same amount received from Continent, ausser £5000 in bars. Zugleich, trotz des gold drain nach U. St., gold shipped from New York to England etc.

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The Money Market Review, 22. September 1866. S. 336/337.
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Mercantile Embarrassments: Failure of the great native speculator, Premchund Roychund (Bombay where he was director of a bank.) Liabilities 2 or 3 mill. £. St. Failure of the Bank of Upper Canada, established 1822.

Week ending 6 October.

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The Money Market Review, 6. Oktober 1866. S. 390.
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Increase of £1,189,359 in the advances on private securities; this movement usual in the closing week of each quarter. The sudden demand has caused diminution of £1,136,090 in the Reserve; but in corresponding week 1865 it was nearly 2 × as great, and at beginning of Oct. 1864, it was about £1,300,000. Decrease of £219,732 in the Gvt. Deposits consequent to the payment of salaries and other quarterly accounts. As usual at this season, a large amount of coin has been transmitted to the provinces, and, consequently, although £.509,000 newly imported gold sent into the Bank during the week, increase of coin and bullion only £149,875. A very large amount of Indian bills fell due on Saturday last, gave life to the discount market.

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The Money Market Review, 6. Oktober 1866. S. 391.
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Failure of Asiatic Banking Co (announced durch telegrams on 28 Sept.) Agencies and branches at Bombay, Calcutta, Madras, Kandy, Colombo, Penang, Shanghai, Singapore, Hong Kong, and Melbourne; headoffice at London; liabilities expected to 31/2 Mill. £. St. Einer der Hauptshareholders und sehr connected mit der bank since its foundation der oben sub 22 Sept. für 2 or 3 mill. fallirte Roychund. On the establishment at Bombay of the Back Bay Reclamation Co., of which Roychund was the chief promoter, 500 shares offered to Gvt., but refused by them. These shares subsequently sold by auction and realised in the mania the almost incredible sum of 1 Mill. £ profit, lent to the Asiatic Banking Corporation by the Reclamation Co., to be repaid on July next. The position of the bank weeks weak for months past, owing to a constant run upon its resources at Bombay, promoted by the suspension of Roychund. Connection of this individual with all sharespeculations of Bombay well known.  Eine Quelle für diesen Satz konnte nicht ermittelt werden.
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Fall in cotton and in the value of „Back Bay Shares“ had great effect.

Week ending 20 October:

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The Money Market Review, 20. Oktober 1866. S. 446.
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The payment of the Dividends began on Saturday. The draught on the Gvt. Deposits largely made up to the Bank by the influence of private deposits, and the diminution in the advances on private securities; yet decrease in Reserve of £447,513. The coin and bullion present likewise a decrease of £334,143, chiefly caused by withdrawals of coin by the receivers of the dividends, since the import and export transactions of the week, resulted, on balance, in a withdrawal of only £60,000 from the Bank. Gold withdrawn for Alexandria to pay cotton. An unusually large proportion of the funds (paid in dividends by the Bank) is on the market seeking temporary employment, in consequence of the quarterly advances from the Bank during the last 2 or 3 weeks, and now repayable to that establishment, having been much below the average.

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The Money Market Review, 20. Oktober 1866. S. 447.
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Failures announced from Melbourne.

Week ending 27 Oct.

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The Money Market Review, 27. Oktober 1866. S. 475.
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Failures: Preston: Wilding and Strachan, spinners and manufacturers. Birmingham. G. Pell, Heyford Ironworks, liab. £.160,00 £.160,000.|

11

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The Money Market Review, 8. September 1866. S. 279/280.
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Bankminimum, Prices of Wheat and Cotton. Prices of 1847, 1856 und 1866.

Bk. Minimum Dsct. Rate. Average Price of Wheat per qr. Average Price of cotton per lb.
1844 21/2 50s. Normal
Prices
troughout
1845 21/2 to 31/2 50
1846 31/2 … 3 54
1847 – Panic 3 … 8 68s.
1848 5 … 3 50
1849 3 … 21/2 43
1850 21/2 … 3 40
1851 3 38
1852 3 … 2 40
1853 2 … 5 54
1854 5 … 51/2 72
1855 31/2 … 6 74
1856 41/2 … 7 68
1857 – Panic 51/2 … 10 56 6d to 7d.
1858 10 … 21/2 43 6
1859 21/2 … 41/2 42 61/2
1860 21/2 … 6 53 6
1861 8 … 3 56 71/2
1862 3 … 2 56 1s. 2d.
1863 3 … 8 44 1s. 8d.
1864 6 … 9 37 1s. 10d.
1865 3 … 7 39 1s. 4d.
1866 – Panic 10% (3 months, reduced to 5% in a month.)
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The Money Market Review, 8. September 1866. S. 282/283.
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Profits of B. o. England. for 22 years.

Hubbard’s Reply to Watkin that „while borrowers have suffered, that lenders had gained, and that as both are citizens of this country, the gain, as well as the loss, would be felt throughout the empire“ would also justify the practice of the usurer who trades on the weakness and folly of profligates by discounting their acceptances at 50 and 60%. The real question, whether it is proper that those who, as directors of the B.o.E., manifestly make large profits out of a time of panic, should be left to |12 regulate matters the decision of which affects so materially the duration and even the creation of panics.

Profits and Dividends of the B.o.E. since the passing of the Bank Act of 1844.
Half Year ending. Amount of Rest or Surplus Profits. Dividends paid.

Rate Discount Minimum

Number of Changes Addition made to Rest in the last week of each half year
Amount. Rate p. annum.
1) 2) 3) 4) 5) 6) 7)
Saturday £ £ P.Ct. PCt. Number of Changes £
Sept. 7, 1844 3,564,729 509,355 7 21/2 1
March 1, 1845 3,575,172 509,355 7 322,891
August 30, 1845 3,588,888 509,355 7 239,606
Feb. 28, 1846 3,689,430 509,355 7 3, 31/2 2 212,414
Sept. 5, 1846 3,864,479 509,355 7 3 1 330,109
Feb. 27, 1847 3,899,220 654,885 9 31/2, 4 2 236,088
Sept. 4, 1847 3,986,593 654,885 9 5, 51/2 2 302,390
March 4, 1848 3,980,840 654,885 9 8, 7, 6, 5, 4 4 241,451
Sept. 2, 1848 3,826,382 509,355 7 31/2 1 269,696
March 3, 1849 3,855,368 800,415 11 3 1 340,803
Sept. 1, 1849 3,574,361 509,355 7 284,809
March 2, 1850 3,592,934 582,120 8 21/2 1 332,789
August 31, 1850 3,536,662 509,355 7 300,101
March 1, 1851 3,610,954 582,120 8 3 1 337,082
Aug. 30, 1851 3,566,965 509,355 7 278,505
Feb. 28, 1852 3,604,186 582,120 8 21/2 1 323,316
Sept. 4, 1852 3,549,003 509,355 7 2 1 323,239
March 5, 1853 3,617,702 582,120 8 21/2, 3 2 370,366
Sept. 3, 1853 3,634,523 582,120 8 31/2, 4 2 343,083
March 4, 1854 3,713,915 654,885 9 41/2, 5 2 330,666
Sept. 2, 1854 3,689,563 654,885 9 51/2, 5 2 294,353
March 3, 1855 3,634,524 582,120 8 331,283
Sept. 1, 1855 3,628,723 582,120 8 41/2, 31/2 2 301,374
March 1, 1856 3,779,752 727,650 10 4, 41/2, 5, 51/2, 6-7 5 309,706
August 30, 1856 3,688,406 654,885 9 6, 5, 41/2 3 272,083
Feb. 28, 1857 3,719,854 654,885 9 5, 6-7, 7, 61/2, 6 5 198,468
Sept. 5, 1857 3,895,251 800,415 11 61/2, 6, 51/2 3 308,241
Wednesday
March 3, 1858 3,883,852 500,415 11 6, 7, 8, 9, 10, 8, 6, 5, 4, 31/2, 3 11 198,149
Sept. 1, 1858 3,689,972 654,885 9 314,237
March 2, 1859 3,647,589 582,120 8 21/2 1 345,365
August 31, 1859 3,689,021 654,885 9 31/2, 41/2, 31/2, 3, 21/2 5 245,231
Feb. 29, 1860 3,680,876 654,885 9 3, 4 2 235,814
Sept. 5, 1860 3,777,723 727,690 10 41/2, 5, 41/2, 4 4 295,813
March 6, 1861 3,803,199 727,650 10 41/2, 5, 6, 5, 6, 7, 8 7 366,984
Sept. 4, 1861 3,783,761 727,650 10 7, 6, 5, 6, 5, 41/2, 4 7 307,490
March 5, 1862 3,656,299 618,502 81/2 31/2, 3, 21/2 3 321,578
Sept. 3, 1862 3,639,646 618,502 81/2 3, 21/2, 2 3 308,431
March 4, 1863 3,659,178 618,502 81/2 3, 4, 5, 4 4 342,642
Sept. 2, 1863 3,674,187 654,885 9 31/2, 3, 31/2, 4 4 262,111
March 2, 1864 3,778,873 764,032 101/2 5, 6, 7, 8, 7, 8, 7, 6 8 242,779
August 31, 1864 3,859,557 836,797 111/2 7, 8, 9, 8, 7, 6, 7, 8 8 216,030
March 1, 1864 3,831,656 800,415 11 9, 8, 7, 6, 51/2, 5 6 229,159
Sept. 6, 1865 3,739,107 727,650 10 41/2, 4, 41/2, 4, 31/2, 3, 31/2, 4 8 231,070
Feb. 28, 1866 3,775,794 764,032 101/2 41/2, 5, 6, 7, 6, 7, 8, 7 8 183,707
Sept. 5, 1866 3,987,417 6, 7, 8, 9, 10, 8, 7, 6 8 171,724

(verte)|

13

The dates given in the first column (1) are those of the Bank’s returns which include the last days in the months of Febr. and August in each year, the practice being to strike the half yearly profit balances of the B.o.E. on the last day of those months.

Rest now (Sept. 5, 1866) £3,987,417, allows declaration of 13% p.a., which would absorb £945,945. This is the largest amount earned and available since 1844, and a balance of about £3,041,000 would remain to be carried forward.

The actual increase in the amount of „rest“ during the period of 14 weeks when minimum rate discount 10%, was £583,605, and in the remaining portion of the half year, or 12 weeks, excluding the present week’s return (nämlich that of Sept. 5, ’66), it was £220,327, i.e., less than 1/2, although there was not a very great difference in the average Bankrate of the 2 periods. If we apportion the increase in the last or balance week, between the 14 and the 12 weeks, the result is as follows, there being 27 weeks included in our figures:

14 weeks of 10% rates give Profits £627,648
13 weeks average of 61/2 P.Ct. rate £303,007
£975,655.

In other words, during the 14 weeks of pressure or period of distress in the commercial world the B.o.E. earned at the rate of 17.16 P.Ct. p. annum, and in the remaining period only 8.32 P.Ct. p.a.



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The Money Market Review, 13. Oktober 1866. S. 412/413.
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The B.o.E. Rates of Discount for 22 years.

The only periods during which anything like a steady rate prevails is when value of money is extremely low, or when trade is stagnant, or has become paralysed from the effects of a crisis. A continuous increase in the rate of discount to a high point is invariably followed by a severe reaction to the other extreme. Thus, after 4 weeks of 8% in 1847, the rate successively declined without interruption to 21/2%. After 6 weeks of 10% in 1857, the rate again, without a break, fell to 21/2%. Early in 1861 there were fears that a crisis would occur; numerous failures were taking place among the Greek Houses engaged in the Levant trade, Bankrate placed at 8% for 6 weeks, after which another fall to 21/2% repeated. In the 2 last months of 1863 and during all 1864 Bankrate high, between 6 and 9%. It was generally thought that the rate of money was had permanently risen, owing chiefly to the numerous new lending and borrowing Cos. established; but the revolution in the cotton trade accounted for the increased value or demand for money. The new cotton-producing countries required payment in specie, and not in manufactures, for the raw material they sent us. After the exaction of 9% for 9 weeks, towards the close of 1864, a reaction followed, |14 ultimately carrying the rate to 3%. Lately 10% for 14 weeks, and the reaction has already made rapid progress.

After the crisis of 1847 we had 6 years of very cheap money, and during more than 4 of these years the rates oscillated between only 2 and 3%. After the crisis of 1857 we had nearly 3 years of very low rates, 21/2 and 3% prevailing for 97 weeks during that period.

Rates of Discount before and after the Gold discoveries.

1st Period, ending Dec. 31, 1851, before the new gold arrived in quantity. 2 Period ends with 4 May 1859. Whatever may have been the immediate effect of the actual receipt of the gold on the rates of discount, it must have been shown or felt in that period. Third Period 7 years and 4 months the ending with the present week. On the 2 occasions when there were the 2 rates of 6 and 7% at the same time, both occurring in the 2nd period, average of 61/2% is taken in the following analysis:

Analysis of the Bank Rates of Discount for 22 years.
Minimum Bankrate. 1 Period. 2nd Period. Third Period. Whole 22 years
7 Sept. 44 to 10 Oct. 1866
Sept. 7, 1844 to 31 Dec. 1851. Jan. 1 1852 to 4 May, 1859. 5. May 1859 to 10 Oct. ’66.
Weeks. Days. Weeks. Days. Weeks. Days. Weeks. Days.
2 37 14 51
21/2 115 38 48 201
3 131 62 42 235
31/2 63 27 12 5 102 5
4 31 10 83 5 124 5
41/2 21 6 20 2 42 1
5 22 74 5 27 6 124 4
51/2 11 4 26 2 39 4
6 3 21 4 49 73 4
61/2 49 3 49 3
7 1 3 4 35 4 41
8 4 4 3 28 36 3
9 4 11 11 4
10 6 3 13 6 20 2
382 383 388 1,153

In the 1st Period of 382 weeks only 20 weeks during which rates over 5% prevailed; nearly 5 years of 21/2% and of 3%, or more than 2 years of each. 21/2% the lowest, 8% the highest.

In 2nd Period low rates of shorter and the high rates of longer duration than in the first period. 5% prevailed longer than any other rate, lasting for nearly 11/2 years. Lowest rate 2, and highest 10%.

In 3d Period: Further reduction in the duration of the lower rates, and another very considerable increase in that of the highest rates of 7, 8, 9 and 10%. 2% again the lowest and 10% the highest rate. Rate most prevalent in this 3d period 4%, lasted more than 18 months.

Aus der lezten column (die whole 22 years) folgt, daß 41/2 years of 3% rates, nearly 4 years of 21/2%, 1 year of 2%, and about 2 years each of 31/2, 41/2, and 5%. (verte)|

15

There were 17 alterations in the rate in the 1st period, 24 in the 2nd , and 86 in the third, or over 5 × the number of the first. The total number of alterations is 145.

The average Bank Rate for the whole Period has been £4. 4s. p.C.; in the 1st period it was £3, 5s. 11d., in the 2nd Period £4, 8s. 2d., and in the 3d Period it was £4, 17s. 11d. The 2nd period is 33% and the 3d is 50% higher than the average rate of the 1st period; so that – against the general expectation – the great discoveries of gold have not reduced the Rate of Interest.

Aus:
The Money Market Review, 20. Oktober 1866. S. 442.
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Gold and Silver Production in U. St. (1866)

Estimated at from $82 Mill. to $106 Mill. Davon figures California for 25 Mill. $, Montana for 18 Mill. $, Idaho for 17, Nevada 16, Colorado 17, Oregon 8 Mill. $.

Gold in New Zealand for quarter ended 30 June 1866, and year ended 30 June 1866.
Produce of Goldfields of the Province Export during quarter ended 30 June 1866. Export during year ended 30 June 1866. Total exported from New Zealand to 30 June 1866
Quantity. (oz.) Value (£) Quantity. (oz.) Value. (£) Quantity (oz.) Value. (£)
Auckland 2,070 oz. 7,251£ 5,410 oz. 17,197£ 17,864 oz. 55,763£
Marlborough 34 132 2,418 9,373 32,932 126,597
Nelson 32,654 126,532 135,277 524,202 221,323 857,720
Canterbury 103,982 403,026 390,237 1,512,263 455,895 1,772,282
Otago 45,008 174,405 203,850 789,918 1,983,845 7,687,400
Southland 1,603 6,211 1625 6,296 1625 6,296
Totals 185,351 717,557 738,817 2,859,249 2,713,484 10,506,058|

16

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The Money Market Review, 27. Oktober 1866. S. 466/467.
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Evils of two distinct departments in the B.o.E. shown by her weekly Returns.

Banking Department. Issue Department.
1866. Liabilities to Public. Reserve. Proportion P.Ct. Active Circulation or Liabil. to Public Issue Reserve. Proportion P.Ct.
May 9 £.19,760,000 £5,812,000 29%, about 5s. 10d. in £ 22,344,000 7,344,000 33% or 6s. 8d. in £
16 25,087,000 1,203,000 43/4, under 1s. 0d. 26,121,000 11,121,000 43 or 8s. 7d.
30 27,199,000 860,000 31/4 under 0s. 8d. 26,019,000 11,019,000 42 or 8s. 5d.

While the Banking Department was so much weakened, the Issue Department was actually strengthened, despite increasing liabilities.

Both Departments together.
Total Liabilities to Public. Total Coin and Bullion. Proportion P.Ct.
May 9 £42,104,000 £.13,156,000 31% or 6s. 3d. in the pound
16 51,208,000 12,324,000 24 … 4s. 10d.
30 53,218,000 11,879,000 22 … 4s. 5d.

From 3% of July 1865 to 10% of May 1866 (15 months). Principle: on every occasion of an increase in the rate of discount a decrease in the comparative strength of the Banking Department is shown in the returns; and again, each reduction in the rate has been preceded by an increase of strength. But one main evil is that these frequent alterations, so detrimental to the commerce of the country, very often occur irrespective of the General Position of the Bank. Z.B. The serious and unexpected advance von 41/2 to 7% 12 months ago, caused by sudden reduction from 33 to 24% in the strength of the Banking Department, whereas, at the same time, the position of the Bank in its entirety was but slightly affected.

Important and long continued decline in the private securities, which commenced with June, after the first 3 weeks infliction of the 10%. The demand for loans and discounts was reduced considerably through an uninterrupted settlement of outstanding engagements, while comparatively few fresh ones were entered into.

Date of Return. 1866. Amount of other Securities. Amount of Weekly Reduction. Increase.
June 6 £.31,772,000 £.1,675,000
13 31,270,000 502,000
20 31,209,000 61,000
27 30,844,000 325,000
July 4 30,750,000 134,000
11 29,040,000 1,710,000
18 27,752,000 1,228,000
25 26,742,000 1,010,000
Aug. 1 26,567,000 175,000
8 26,157,000 410,000
15 25,224,000 933,000
22 24,888,000 336,000
29 23,937,000 951,000
Sept. 5 23,226,000 711,000
12 22,482,000 744,000
19 22,124,000 358,000
26 21,752,000 372,000
Oct. 3 22,941,000 0 £.1,189,359
10 22,150,000 791,000
17 21,245,000 905,000
24 20,553,000 692,000

Total Net Reduction on the above 21 weeks: £12,894,276

At the close of each quarter the advances on other securities invariably augment by 2 or 3 mill. Daher on Oktober 3  Unleserlich wegen Tintenfleck.
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xxx
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Bank of England (1866 November and December.)

Aus:
The Money Market Review, 10. November 1866. S. 530; 17. November 1866. S. 558; 24. November 1866. S. 586; 1. Dezember 1866. S. 616; 8. Dezember 1866. S. 648; 15. Dezember 1866. S. 680; 22. Dezember 1866. S. 712; 29. Dezember 1866. S. 740.
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Week ending Nov. 7 Week ending 14 Nov. Week ending 21 November Week ending 28 Nov. Week ending 5 December Week end. 12 December Week ended 19 December Week ended 26 Dec.
1) Circulation Issued 30,937,245 I. 174,360 31,084,720 I. 147,475 31,744,190 I. 659,470 32,141,275 I. 398,085 32,226,360 I. 84,085 32,497,700 I. 271,340 32,699,545 I. 201,845 33,307,880 I. 608,335
2) Circulation Active 23,561,330 D. 249,125 23,276,845 D. 284,485 22,944,315 D. 332,530 22,486,750 D. 457,565 22,713,175 I. 226,425 22,093,795 D. 619,380 22,100,485 I. 6690 21,933,365 D. 167,120
3) Bullion 15,937,245 16,084,720 16,744,190 17,142,275 17,226,360 17,497,700 17,699,545 18,307,880
4) Reserve Notes 7,375,915 I. 423,485 7,807,875 I. 431,960 8,799,875 I. 992,000 9,655,525 I. 855,650 9,513,185 D. 142,340 10,403,905 I. 890,720 10,599,060 I. 195,155 11,374,515 I. 775,455
Coin 954,361 1,059,887 1,008,724 1,033,295 1,010,684 1,053,771 1,116,169 939,979
5) Total Reserve 8,330,276 I. 417,135 8,867,762 I. 537,486 9,808,599 I. 940,837 10,688,420 I. 880,221 10,523,869 D. 164,951 11,457,676 I. 933,807 11,715,229 I. 257,553 12,314,494 I. 599,265
6) Public Deposits. 4,375,714 I. 454,561 5,145,772 I. 770,058 5,830,843 I. 685,071 6,161,157 I. 330,314 6,837,783 I. 676,626 7,388,241 I. 550,458 8,070,235 I. 681,994 8,706,361 I. 636,126
7) Private Deposits. 17,150,191 D. 709,280 16,687,127 D. 463,064 17,435,349 I. 748,222 18,252,795 I. 817,440 17,740,867 D. 511,928 18,425,551 I. 684,684 18,181,096 D. 224,455 18,592,224 I. 411,128
8) Public Securities. 12,299,812 I. 105,953 12,304,391 I. 4,579 12,670,738 I. 366,347 12,846,363 I. 175,625 12,956,269 I. 109,906 13,011,222 I. 54,953 No change No change
9) Private Securities. 19,330,391 D. 748,467 19,061,233 D. 269,158 19,184,781 I. 123,548 19,186,008 I. 1227 19,395,744 I. 209,736 19,636,741 I. 240,997 19,825,202 I. 188,461 20,241,256 I. 416,054
10) Coin et Bullion in both Departments. 16,891,606 I. 168,010 17,144,607 I. 253,001 17,752,914 I. 608,307 18,175,570 I. 422,656 18,237,044 I. 61,474 18,551,471 I. 314,427 18,815,714 I. 264,243 19,247,859 I. 432,145

Week ending 10 November.

Aus:
The Money Market Review, 10. November 1866. S. 530.
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Rapid decline in the Bank’s Discount has chiefly prompted the reduction to 4% on 8 Nov. Owing to the extent to which bills had been held back, in anticipation of reduction in the Bankrate, increased demand for discounts on 8 und 9 Nov. Moderate Remittances to the East (Alexandria, Madras, Calcutta, Singapore and Hong Kong, all silver except £20,175 gold für Alexandria. The whole: £38,046)

Aus:
The Money Market Review, 10. November 1866. S. 531.
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Mercantile Embarrassments: Dent et Co (influential China Merchants), their drafts refused acceptance by their London agents, Dent, Palmer et Co. House has agents at Hong Kong, Shanghai, Foo-chow-foo. Liab. 2 to 3 Mill. £. St. Bradford, failure of spinner mit £25,000. Burnley, suspension of Uttley et Lee, manufacturers, Liab. about £20,000. Wednesbury: James Russell et Sons, Crown Tube Works, liab. about £40,000. Russell was director of New Zealand Banking Co , which suspended during recent panic.

Week ending 17 November.

Aus:
The Money Market Review, 17. November 1866. S. 558.
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Increase of Reserve owing to diminution of Discounts (Loans) and influx of Gvt. Deposits. Amount of gold gained to Bank by Import und Export transactions only £57,000 und daher die Increase of 253,001 indicates reflux of coin from the provinces.

Aus:
The Money Market Review, 17. November 1866. S. 559.
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Mercantile Embarrassments: Adelaide (South Australia) Suspension of Philip Levi et Co, merchants, liab. over £300,000. Largest mercantile failure ever known in the colony. Sidney: Love et Sons, wholesale grocers (liab. £46,000) und Drynan et Co, warehousemen, liab. £42,000. Gillespie, Churchill et Co, most extensive merchants, failed on 23 April, deficiency now shown of £489,490, which has resulted from 4 years trading, £263,831 by bad debts, £212,863 lost on ships, produce etc. Creditors will have 8d. in £.

Week ending 24 November.

Aus:
The Money Market Review, 24. November 1866. S. 587.
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Increase of Reserve durch influx of public und private deposits. Mercantile Embarrassments: Will. Dargan, Extensive Irish contractor.

Week ending 1 December.

Aus:
The Money Market Review, 1. Dezember 1866. S. 616.
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Increase of Reserve: Owing to influx of Deposits, including lodgments in the Bank by the liquidators of failed Cos. Notwithstanding some little absorption of sovereigns in Ireland, there is, on balance, a steady reflux of coin to the Bank from the provincial circulation.

Aus:
The Money Market Review, 1. Dezember 1866. S. 617.
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Mercantile Embarrassments: Liverpool failure of firm of wine brokers, owing to transactions in China trade. Scott et Co, extensive shipbuilders of St. Nazaire, declared bankrupt. They built 5 of the extensive steamers of the Transatlantic Co., employed large number of people.

Week ending 8. December:

Aus:
The Money Market Review, 8. Dezember 1866. S. 648.
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Increase in Gvt. und diminution [in] private deposits, usual at this season. Mercantile Embarrassments: Manchester, Abraham Troost et Sons, old mercantile house. Stirling: Suspension of G. Shand et Co, Petroleum trade. Liab. about £100,000. Acceptances of Ramsay, Elder, et Co, Barbadoes, of J. et A. Elder (Antigua) und Elder, Stevens et Co, Bushlane (City) returned. Liab. of H. A. Holden, contractor for public works, about £800,000.

Week ending 15 Dec:

Aus:
The Money Market Review, 15. Dezember 1866. S. 681.
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Mercantile Embarrassments: Great Towerstreet (City), failure of Mitchell and Aspinal, teabrokers, liab. considerable. Wm. Alphonse, of Newgate Street, importer of foreign goods. Liab. over £10,000. Liverpool et Singapore: Grant, Murdoch et Co, Indian and African Merchants, liabilities about 300,000. Glasgow: Liddell, M’Gillivray et Co, spinners et manufacturers. Glasgow: Scott et Co, of Cartsdyke, extensive shipbuilders. Owing to this stoppage and that of Scott et Co., of St. Nazaire, the Greenock Foundry Co. compelled to suspend payment.

Aus:
The Money Market Review, 15. Dezember 1866. S. 681.
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The advises from Australia by present mail show general revulsions in trade, accompanied by numerous large failures at Sydney, where the pressure for money and consequent sudden contraction of credit by the banks has brought down about 13 establishments mit aggregate liabilities of mindest £800,000. The most important failures were Threlkeld et Co, auctioneers (£400,000), Wilkinson brothers, merchants (£100,000) Joubert et Boucher, merchants, J. et E. Row, wholesale druggists and chemists, Church Brothers.

Week ending 22 Dec.

Aus:
The Money Market Review, 22. Dezember 1866. S. 712/713.
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Addition to Stock of Bullion et Coin almost exclusively from return of coin from provincial circulation. Mercantile Embarrassments: J. Schofield et Sons, cotton spinners, Oldham. James Barber et Co, East India Merchants. This due to debt of £36,000 owing by the Calcutta agent of the firm (i.e. Gordon, Stuart et Co. who caused the stoppage.)

Week ending 29. December.

Aus:
The Money Market Review, 29. Dezember 1866. S. 740.
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Increase of Reserve, owing to continued influx of deposits. Augmentation of coin et bullion £432,145, about £120,000 less than amount sent to the Bank during the week from abroad. Difference due to withdrawal of coin by bankers et others to meet Christmas and New Years payments.


Eingeklebter Zeitungsausschnitt
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(FROM OUR OWN CORRESPONDENT.)

NEW YORK, Nov. 21.

The great “Erie Railway war” has been renewed. The present contest is even more remarkable than that of last year. On Tuesday Mr. August Belmont, the well known banker, and E. B. Lucke, brought suit against the Erie Railway Company and about 20 other defendants, who have been engaged in speculation in Erie shares, to restrain them from buying or selling certain shares of the common stock, said to have been fraudulently issued by the directors. The complaint is supposed to have been made in the interest of English capitalists, holders of Erie, who have become thoroughly alarmed by the manner in which the value of their property has been diminished. The complaint sets forth, in substance, that by law the directors are commanded to issue no more than $16,500,000 of common stock; but that, in violation of this command, they have issued, first 58,000 shares of common stock, and subsequently shares to the amount of $36,000,000; that the amount of common stock has been fraudulently increased to more than $60,000,000; that the directors have cleared more than $40,000,000 by these operations; that they now hold some $16,000,000; that last year, finding that Daniel Drew, treasurer of the company, had in vast speculations lost a large amount of the company’s money, they induced him to resign, and that he was permitted to settle all claims by payment of $1,000,000; that, desiring to secure the resignation of the president, Mr. Eldridge, they bought, at his request, $5,000,000 of the bonds of the Boston, Hartford, and Erie Railway (owned by Eldridge’s friends), paying in two instalments $4,000,000, toward the purchase; that they have secreted the $16,000,000 held by them; that they have used this sum to “lock up” money, and thereby create a stringency of the money market; that they have made large purchases of real estate and other property, among the transactions of this nature, specified being the purchase of Pike’s Opera House for the sum of $850,000, property in New Jersey for $300,000, another piece of property in that state also for $1,500,000, nine houses in Twenty-third-street, steam boats on Lake Erie $300,000, real estate in Buffalo $300,000, and other large purchases, taking the titles to the property, or some of it, in the names of Fisk and Gould; that they have made contracts for leases of other railroads, these three directors being interested in purchases, and receiving bonuses in stock and money to the amount of $1,500,000 for their individual use; and finally, that they have altered and falsified the books of the company, in order to cover up their transactions. These allegations are sustained, or supposed to be sustained, by affidavits of Daniel Drew and others. The statement of Mr. Drew is remarkable for its frankness. He admits that while treasurer of the company he used the stock in his hands to increase or depress the price of Erie and otherwise affect the money market; that for permitting two of the directors (Fisk and Gould) to take from the company’s office 50,000 shares, and for agreeing to sell to Fisk, at a figure below the market price, $5,000,000 of the company’s bonds, he received a cheque from Fisk for $375,000. Drew proceeds to give the history of the “Erie war” of last summer. He alleges that Eldridge, former president of the company, received $1,000,000 in cash for resigning. He says that the earnings of the Erie Company are from $14,000,000 to $15,000,000 a year. He confesses that he used the company’s money to “lock up”* the money market, and so produce tightness and panic. Upon hearing the complaint and affidavits, Judge Sutherland, of the Supreme Court, made an order forbidding the directors to issue any more stock, or to remove or conceal any of the books, papers, or funds of the company, and commanding them to pay into some solvent bank the money in their hands, retaining only a sufficient amount to meet the legitimate debts and expenses of the company.

Two sides to every question may be naturally looked for. In the Supreme Courts on Wednesday morning Mr. C. M’Intosh, who says that he owned 200 shares of stock, appeared as plaintiff in a suit in which all the parties to the suit of “Belmont von the Erie Railway Company,” are named as defendants. He asked that investigation be made to show whether or not the issue of Erie common stock is limited by law; further, that all parties be forbidden to commence the prosecution of actions founded on alleged fraudulent issues of stock; and finally, that a receiver be appointed to take, hold, and disburse the earnings of the company. An affidavit of James Fisk accompanies this prayer; it recites confessions by Mr. Drew, who is by this instrument placed in even a more contemptible position than by his admissions. Judge Barnard issued the order of injunction, stopping all suits on either side; the same order appointed Jay Gould, president of the company, receiver.

*“Lock up.” This is a new and remarkably successful invention of the Wall-street swindlers. A few speculators combine and borrow all the paper currency that can be obtained from the banks; depositing gold and stocks as “collateral” security. When merchants, dealers in produce, &c., go into the street to buy currency, they find themselves compelled to pay exorbitant prices (sometimes 2 and 3 per cent. a day); the conspirators, of course, make great profits not only on loans of greenbacks, but by operations in stocks. This is a trick that can be repeated indefinitely, and there seems to be no means to prevent it.|

Inhalt:

  • Termin und Wohnadresse
  • 1868.
  • Chemie.
  • Auszüge aus The Money Market Review, 19. Mai 1866 bis 28. Dezember 1867
  • Standard 4 December 1868
  • Register.