January 4, 1868.
The Money Market Review, 4. Januar, 1868. S. 3/4.
Schließen
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.
Exports for first 11. months: | 1865: | £150,832,344. | 1866: | 173,913,222. | 1867: | 167,931,378. | Decr. nearly 6 mill. as compared mit 1866. |
Imports for first 10 months: | £160,506,818 | 193,699,380 | 181,370,314, | falling off of about 12 mill. compared mit 1866. |
Revenue Returns show decrease of £800,000 for the quarter (last quarter of 1867)
The Money Market Review, 4. Januar 1868. S. 4/5.
Schließen
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?“
The Money Market Review, 4. Januar 1868. S. 5.
Schließen
B. o. England Rate of Discount.
6 months ending June 30. | 1867: | £3, 0, 3 | against 1866: | £7. 17. 2 |
〃 〃 Dec. 31 | 2. 1. 31/2 | 5. 16. 5 | ||
For the year: | 2. 10. 81/2 | 6. 16. 71/2 |
The Money Market Review, 4. Januar 1868. S. 7.
Schließen
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.|
20Stock. | Amount outstanding March 31, 1867. | Price 31. Dec. 1866 | Price 31. Dec. 1867 | Rise. | Increase in Value in Amount of Stock. |
---|---|---|---|---|---|
3% Consols. | 397,896,594£. | £901/8 | 921/8 | 2 | £7,957,931 |
3% Reduced. | 106,857,504 | 891/4 | 92 | 23/4 | 2,938,581 |
New 3%. | 222,104,705 | 891/4 | 92 | 23/4 | 6,107,879 |
Total Increase in value. | 17,004,391 |
Railways. | Amount of Ordinary Stock. | Prices, Dec. 31. 1866. | Prices 31 Dec. 1867. | Rise in 1867. | Fall in 1867. | Amount of Depreciation in 1867. | |
---|---|---|---|---|---|---|---|
Bristol and Exeter | £2,022,000 | £88 | £84 | ― | £4 | £80,880 | |
Caledonian | 4,734,000 | 124 | 713/4 | ― | 521/4 | 2,473,500 | |
Glasgow and Southwestern | 3,132,000 | 118 | 97 | ― | 21 | 657,720 | |
Great Eastern | 8,336,000 | 29 | 311/2 | 21/2 | ― | a) | |
Great Northern. Ordinary | 4,468,000 | 120 | 109 | ― | 11 | 491,480 | |
Dto. A. | 1,159,000 | 1281/2 | 1091/2 | ― | 19 | 220,210 | |
Dto. B. | 1,159,000 | 129 | 125 | ― | 4 | 46,360 | |
Great Western | 8,181,000 | 543/4 | 441/4 | ― | 101/2 | 859,005 | |
Lancashire and Yorkshire | 12,694,000 | 1291/4 | 1231/2 | ― | 53/4 | 729,905 | |
London, Brighton, and Southcoast | 5,373,000 | 87 | 481/2 | ― | 381/2 | 2,068,605 | |
London, Chatham and Dover | 3,000,000 | 161/2 | 181/4 | 13/4 | ― | b) | |
London and North Western | 29,830,000 | 121 | 1141/2 | ― | 61/2 | 1,938,950 | |
London and South Western | 7,734,000 | 84 | 77 | ― | 7 | 541,380 | |
Manchester, Sheffield et Lincoln | 4,393,000 | 53 | 451/2 | ― | 71/2 | 314,475 319,475 | |
Metropolitan | 1,800,000 | 127 | 1161/2 | ― | 101/2 | 189,000 | |
Do. Extention | 1,900,000 | 1071/2 | 1031/2 | ― | 4 | 76,000 | |
Midland | 11,356,000 | 1231/2 | 104 | ― | 191/2 | 2,214,420 | |
North British | 2,759,000 | 38 | 341/2 | ― | 31/2 | 96,565 | |
North Eastern. Berwick | 7,973,000 | 1081/2 | 99 | ― | 91/2 | 757,435 | |
Do. Leeds. | 1,394,000 | 67 | 61 | ― | 6 | 83,640 | |
Do. York | 3,220,000 | 101 | 93 | ― | 81/2 | 273,700 | |
North London | 1,525,000 | 120 | 115 | ― | 5 | 76,250 | |
North Staffordshire | 3,230,000 | 74 | 61 | ― | 13 | 419,900 | |
South Eastern. | 7,688,000 | 671/2 | 67 | ― | 1/2 | 38,190 | |
Total Depreciation. | £14,652,570 | ||||||
Less total increase in value of Grt. Eastern |
a) |
less 208,400 |
zusammen less 260,900 |
||||
Less Total Incr. in Value of Lond. Chath. Dover. |
b) |
less 52,500 | |||||
Resultat: | £14,391,670 |
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.
The Money Market Review, 4. Januar 1868. S. 8.
Schließen
Prices of Foreign and Colonial Loans contracted in
1867.
Foreign Loans: | Nominal Amount | £:26,894,540. | Contract Value: | £17,406,068. | Difference zw. Nomin. Amount und Contract Prices: | £9,488,000 = 35% issued below par. |
Colonial Loans: | £2,267,500 | £2,139,880. | Difference | £127,620 or equal to 5% below par. |
The Money Market Review, 4. Januar 1868. S. 8.
Schließen
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.
The Money Market Review, 4. Januar 1868. S. 11/12.
Schließen
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.
The Money Market Review, 4. Januar 1868. S. 20.
Schließen
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.
The Economist, 11. Januar 1868. S. 33.
Schließen
Fires and Incendiarism. Economist.
11 January. 1868.
The evidence given before the Select Committee on Fire Protection startling. After carefully weighing the evidence presented to it, the committee reports that apparently 1/3 of the fires which occur in England are intentional. … There is such a competition for business among the various offices, that it is better worth their while to pay fraudulent claims than to alienate new insurers. „The sympathy of the jury, and of the Court, is always against the office“, says the Imperial Fire Assurance Office. – Insurance office which prosecute are supposed to do so with an eye to personal advantage – and that the verdict of guilty for which they strive, is in reality a verdict for the amount of the policy. … The assessor to the County Fire Office gives as a list of the classes with whom fires are most frequent: „small shopkeepers on the verge of bankruptcy; foreigners principally of the Hebrew Persuasion, Germans or Poles; the stock of these persons consists principally of dummies or imitation goods made of plaster of Paris; cheesemongers and chandler-shop keepers have half-tubs of butter, sides of bacon, bladders of lard, cheeses; grocers have loaves of sugar, chests of tea, and reams of paper; tobacconists have cigars in bundles; tailors and linendrapers, rolls of cloth made of straw, and parcels filled with sawdust; publicans, wine merchants, and perfumers, the contents of bottles are coloured water.“
The insurance offices remark that whenever one branch of trade is depressed, fires are sure to happen among their votaries.
Inhalt:
- January 4, 1868.
- January 11, 1868.
- Railways und State Control.
-
Caledonian Railway.
(Report of Committ. of
Investigation)
- Contract
Corporation (Lim.)
(Chancery in)
- Insurance Cos. Their Getting up and
Winding up (Workingmen
beschissen).
- Silk in 1867. (Annual Circular of Durant et
Co.)
- Agricultural Implements. 1867. (Annual
Circular of Burgess and Key.)
- Railways und State Control.
- January 18, ’68.
- 25. January 1868.
- The Stock and Share Markets during 1867.
- Italian Deficits.
-
Midland Railway.
(Börsenmogelei und
Directors.)
-
Caledonian
Railway. (Ersatz des
Verschleisses.)
- Banks and Railway Cos.
- Overend,
Gurney et Co. (lim.) Report of the
Liquidators.
- Capital of Railways in U. Kingd. Board of Trade
Return. (für 1866)
- Lawyers and railways
- Railway Trains (1866)
- Causes of Commercial Depression. (Eingesandt
von
G.
Townend. Mincing Lane.)
- The Stock and Share Markets during 1867.
- 1 February, 1868.
- 8 February 1868.
- 15 February, 1868.
- 22 February 1868.
- 29. February 1868.
- 7. March. 1868.
- March 14, 1868.
- March 21, 1868.
- March 28, 1868.
- April 4. 1868.
- April 11. 1868.
- 18 April 1868.
- April 25, 1868.
- May 2, 1868.
- May 9, 1868.
- May 16.
1866
1868
.
- 23. May 1868.
- May 30, 1868.
- June 13, 1868.
- June 20. 1868.
- June 27. 1868.
- July 11. 1868.
- Alderman
Dakin.
- H. E.
Bird, public Accountant, Estimate of Railway (nach
den official accounts der Directors
(!))
- Labor of Superintendence. Venezuelan Loan.
(„Venezuela: Its Government and its People, and the History of
the Loan of 1864. By E. B. Eastwick, C. B. F.R.S., late
Secretary of legation at the Court of Persia; and
Commissioner for the Venezuelan Loan for 1864.“ (London.
1868.))
- Income Tax. Ireland.
- Australian Gold. Imports in U. Kingd.
for 10 J. end. 1867 (inclusive).
- Alderman
Dakin.
- July 18. 1868.
- July 25. 1868.
- August 1. 1868.
- August 8. 1868.
- 15 August. 1868.
- 22. August. 1868.
- August 29. 1868.
- 5 September. 1868.
- 12. September 1868.
- September 19. 1868.
- 26. September. 1868.
- October 3. 1868.
- October 10, 1868.
- October 17. 1868.
- October 24. 1868.
- October 31. 1868.
- November 7. 1868.
- November 14. 1868.
- November 21. 1868.
- 28 November 1868.
- 5 December 1868.
- 12 December 1868.
- 19 December 1868.
- Nachtrag zu November 14. 1868.
- 26 December 1868.
- January 4, 1868.
- 11 January 1868.
- 25 January. 1868.
- 1 February, 1868.
- February 8, 1868.
- February 15, 1868.
- February 22. 1868.
- 29 February. 1868.
- March 7, 1868.
- March 14. 1868.
- 21 March. 1868.
- 28 March 1868.
- April 4. 1868.
- April 11. 1868.
- April 18. 1868.
- April 25. 1868.
- May 2, 1868.
- May 16, 1868.
- May 23. 1868.
- May 30. 1868.
- June 6. 1868.
- July 4, 1868.
- June 13, 1868.
- June 27, 1868.
- July 11, 1868.
- Contract Price per Cwt. for Bread.
(figures just issued by the Board of Guardians of
Whitechapel).
- Sir Morton
Peto and the London,
Chatham, and Dover Co.
- Finance versus Finance. (Lewis. Hauptschwindler)
- From: Annual Report (1868) of the Irish Poor Law
Commissioners.
- Amount of gold, silver, and copper monies coined in
each year 1853–67.
- Contract Price per Cwt. for Bread.
(figures just issued by the Board of Guardians of
Whitechapel).
- July 18. 1868.
- August 1, 1868.
- August 8, 1868.
- August 15, 1868.
- August 22, 1868.
- October 10. 1868.
- November. 21. 1868.
- December 5, 1868.
- December 12, 1868.
- December 26, 1868.
- Ch. I Definition:
- Ch. II. International Indebtedness
- Ch. III. Various Classes of Foreign Bills in which
International Indebtedness is ultimately embodied.
- Ch. IV. Fluctuations in the price of foreign
bills.
- Ch. V. Interpretation of the Foreign
Exchanges.
- Ch. VI. Socalled Correctives of the Foreign
Exchanges.
- I)
Wechselrechnung etc.
-
Intermezzo. (Kettenregel, und Prozentrechnung)
- Alligationsrechnung.
-
Procentrechnung.
- Zinsrechnung.
- A) Einfache Zinsen.
A) Einfache Zinsen.
- I)
Aufsuchung der Zinsen eines Kapitals.
- II)
Aufsuchung des Kapitals.
- III)
Aufsuchung des Zinsfusses.
- IV)
Aufsuchung der Zeit.
- V)
Aufsuchung eines um die Zinsen vermehrten
Kapitals.
- VI)
Aufsuchung der Zinsen oder des Kapitals,
welche in einem, Kapital u. Zinsen darstellenden,
Werth enthalten sind.
- VII)
Aufsuchung eines mittleren Zinsfusses für
mehrere Kapitalien.
- I)
Aufsuchung der Zinsen eines Kapitals.
- B)
Berechnung Zusammengesezter Zinsen.
- A) Einfache Zinsen.
A) Einfache Zinsen.
-
Discontrechnung.
-
Terminrechnung. (Reductionsrechnung, Zeitrechnung)
-
Wechselrechnung (cont. von
p. 118)