Aus:
The Money Market Review, 4. Januar, 1868. S. 3/4.
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The Year 1867 in its Commercial and Financial Aspect.

Most prominent amongst the disasters of 1867: the breakdown of the system of direction of joint stock Cos. Most conspicuous this in railways. First London, Chatham and Dover Co; dann London, Brighton, and South Coast Railway; the embarrassments of that Co. increased gloom and depression in railway market during whole of April. Then followed disclosure of similar breakdown, from the like causes, of North Brit. Co; the open calling in question of the soundness of the Caledonian; the urgent needs and equivocal expedients of the Great Western Co . The cumulative effect of these successive exposures has been most disastrous upon railway property. Total Depreciation of 14 Mill. £ on the ordinary stocks of those railways alone. That enormous sum does not represent 1/2 the total amount of loss sustained by the holders of railway stocks and shares. The whole loss mainly due to the unskilful, injudicious and reckless mismanagement of the resp. boards of directors.

Money market: On 1st Jan. 1867 amount of bullion in Bank o. E. £19,274,859, in Bank o. F. £28,580,000; minimum rate of discount in England 31/2, in France 3%. On 7 February B.o.E. rate reduced von 31/2 to 3%, on 30. May to 21/2, on 25. July to 2%, at which it continued for the remainder of the year. On 18 Sept. bullion in B.o.E. £24,493,447, highest point ever reached, reduced to £21,941,047 on 20 December, whilst £40,600,000 on that day treasure of B. o. France, highest amount that Bank ever held.

With such plethora of money, for which no profitable use to be found in commerce, Foreign Gvt Loans, aber nicht so viel zu erwarten  Kommentar von Marx.
Schließen (dieß erst 1868); nämlich: January 1867, at 811/2 Chilian Loan of 2 Mill. £ in 6% Stock. (17 mill. £ applications for that loan) February: Queensland loan of £550,000 in 6% Debentures at 81, and the Danubian Loan of £1,264,420 at 71. In March loan of £250,000 sought on Debentures of Ceylon Gvt. at 102, but only £90,000 taken, ab 30 November £100,000 subscribed at £108. 13s. 6d. In May Gvt. of New South Wales loan of £832,000, subscribed at 851/2, has since shown profit of about 13% to the subscribers. June: loan of 2 Mill. £ in 5 P.Ct. guaranteed Bonds of the Russian Orel and Vitebsk Railway, few subscriptions. June, ditto, new Chilian loan, at 7%, taken at 891/4, of £1,120,920. In August Russian 4% Railway loan of £12 Mill., very few subscriptions. In November, Egyptian 9% Loan for 2,009,200 at 90; and a New Zealand 6% loan for £470,000, subscribed at 1041/4. Finally, in December, Nova Scotia 6% Bonds for £225,900 subscribed at par; a South Australian Gvt. 6% loan on Bonds for £140,500, at and above £107; and Portugese 3% Loan of 5,500,000£, at 381/2, of which £3,750,000 offered for subscription.

Trade and Manufacturing Industry in a depressed and comparatively profitless state throughout the year.

Revenue Returns show decrease of £800,000 for the quarter (last quarter of 1867)

Aus:
The Money Market Review, 4. Januar 1868. S. 4/5.
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Commercial Morality.

Edward Greenland, set at liberty by Hardy, absconded to Genoa, refused to come and give evidence, to further the ends of justice, in regard to transactions of large amount etc.

Wilkinson, of Joint Stock Discount Co, rightly convicted; released upon extraordinary memorial got up and signed by many of the leading bankers and merchants of the City, countenanced by Times, now asking in dolorous accents: „What is to be done to resuscitate, not commercial credit, but commercial morality?“

Aus:
The Money Market Review, 4. Januar 1868. S. 5.
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B. o. England Rate of Discount.

Aus:
The Money Market Review, 4. Januar 1868. S. 7.
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Stock and Share Market during 1867.

Besonders distinguished durch Panic in railway Stocks und collapse of a false system of accounts wodurch many railway Cos. have long been paying dividends out of capital.|

Dieß nur die closing prices of each year, aber die fluctuations during the year show a much wider range. The actual depreciation on the whole of the lines enumerated £14,391,670 = 101/3 P.Ct. on the aggregate Capital stated, the total amount of which is £139,010,000.

Aus:
The Money Market Review, 4. Januar 1868. S. 8.
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Prices of Foreign and Colonial Loans contracted in 1867.

Aus:
The Money Market Review, 4. Januar 1868. S. 8.
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Joint Stock Banks and their Reserve Funds.

Z.B. London Joint Stock Banks invest their socalled Reserve Funds in current business. Three of the leading joint stock banks of London have leately lately issued fresh capital, and taken the opportunity of adding to the reserve funds by charging a premium for the new shares. These premiums are to be paid in the course of the next 14 months. The reserve funds will then have attained, irrespective of any additions in the mean time for interest, viz: London und Westminster 1 Mill. £, London und County 1/2 Mill. £, London Joint-Stock £417,839 £417,849. If we add hinzu the „rest“ of the National Bank (£461,593) und of the National Provincial Bank of England (£250,386), die total reserve dieser 5 Banks = £2,629,818.

Aus:
The Money Market Review, 4. Januar 1868. S. 11/12.
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Indian Exchanges. Past and Present.

Nominal Sterling value of the „Company’s Rupee“ in India fixed at 2sh. If below 2s. in exchange for a rupee on India in favour of England, against India; if above 2s. against England, in favour of India. Less than 2s. st. drawn by India on England against India, in favour of England, above 2s. against England, in favour of India.

The fluctuations in Indian Exchanges, and their wide range, in some respects periodical. During prevalence of the southwest monsoon or the rainy season, when little produce exported, and business of all kinds comparatively at a standstill, oft difficult to work a profitable operation in exchange unless durch some indirect or circuitous channel.

All legitimate exchange transactions founded in something to be exchanged, or passing between one place and another, or one country and another. That something must be goods, produce, money, or securities for money invested. Suppose British manufactures wanted in India. Shipper of them may want his money or part of it, without waiting for returns from India. If the goods sent known to be saleable, and have been indented for or ordered by his correspondent on the spot, and the shipper and the party on whom he draws respectable, it is the business of a bank on this side to give money for bills against such goods, duly hypothecated or made over to it, either to a proportionate extent of the market value of such goods, at the place where they are to be sold, or, in the case of parties of undoubted responsibility as drawer and drawee, to the full amount of invoice, provided nothing is charged therein but actual cost, freight, insurance, and other expenses. Such transaction not speculative. It involves merely a change of ownership in the goods, until the bills drawn against them are paid on the other side. But often foreign markets over supplied by consignments for which there is no immediate demand. In a similar way produce shipped from India to England, and drawn against the banks becoming the purchasers of the bills, under hypothecation of the produce, with this difference, however, that the bulk of the produce is more on consignment for sale, |21 on shippers account, than in execution of orders. Außer China, Un. Kingdom Hauptmarket for India. The excess of exports from India to Un. Kingd. over and above imports gives rise to larger dealings in commercial bills of exchange than take place from England to India, which, allowing even for the difference of usance, are, generally speaking, negotiated on less favourable terms to the exporter than bills drawn from this side.

At particular seasons money is in demand for remittance to India, more especially silver, to enable the banks to avail themselves of exchange purchases. (Not for last 12 months to any extent.) Large exports of silver to India, partly weil its currency almost exclusively silver rupees ⦗a gold currency now recommended by the Indian Currency Commission⦘, partly weil balance of trade, commercially speaking, largely in favour of India. The price per ounce, English standard, at which bar silver is purchased in London, varies according to demand and the supplies received from the West Indies and South America, or that may be obtainable on the Continent. That price seldom falls below 5s. 03/8d. per ounce, or exceeds 5s. 11/2d. Under exceptional circumstances it may reach 5s. 2d. or 5s. 21/2d. per oz., but only under the powerful action of a short supply and great demand, the prevalence of an exchange in India greatly against England, and a scarcity of money in India.

Dieser par 2s. = 1 Rupee selbst illusorisch, aber convenient central or fixed point round which rates of exchange may fluctuate. Two shillings = 1/10£. By cutting off the right hand figure of a sum in rupees, if a cipher, a sum in pounds st. remains. By adding a figure to a sum in pounds st. if a cipher, a sum in rupees is obtained.

The Scotch banks, some few years ago, were in the practice of considering the par of exchange on London 21 days’ date. Their drawing rate is now 10 days’ date.

If in exchange dealings with India exorbitant profits are sometimes obtained, the reaction will assuredly be the greater in a contrary direction, and either the producer, merchant, or consumer will be the sufferer. The banks (though there are few left now) have of course a great deal in their power in rendering exchange transactions favourable or unfavourable for themselves. …  In proof of the uncertainty attending applications for India Council Bills, at the last bidding on the 4. inst. no allotment was made, the Gvt. having unexpectedly decided upon minimum rate of 2% on Calcutta, and 3% on Bombay, in advance of former rates.

Aus:
The Money Market Review, 4. Januar 1868. S. 20.
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Dates. of 1867.

Jan. 7. Resuscitation of Agra Bank. March 25 Strike of Engine drivers on Brighton Railway; terminated on the following day. June 19 Broadhead disclosures. October 2: Panic on Paris Bourse from apprehension of war, Garibaldian movement at Rome, forced liquidation of Credit Mobilier etc. 25 October: News of stoppage of the Commercial Bank of Canada. 21 October Stoppage of Royal Bank of Liverpool mit liabilities for £1,650,000. 8 November: Colliery explosion at Rhondda valley, near Cardiff, 178 lives lost.