April 11. 1868.

The Money Market Review, 11. April 1868. S. 419/420.
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Commercial Credit and Morality.

Liverpool Chamber of Commerce 1867 appointed a subcommittee to consider Sir John Rolt’s (late Attorney General) Bill on Bankruptcy law, and „other laws bearing upon commercial morality“. On 6. April ’68 the Chamber met to discuss the report of the latter Committee.

The Money Market Review, 11. April 1868. S. 431.
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Worn Coin.

£15,000 will again be proposed this session to cover the deficiency in the wear of silver coin withdrawn from circulation in the course of the year, the coin being received at the Mint at its nominal value. There will also vote of £500 to pay premium at 2% on old copper coin sent into the Mint, and the carriage of bronze money remitted in exchange.|


The Money Market Review, 11. April 1868. S. 423/424.
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Lately „spurt“ in the cotton market. „Middling Uplands“ worth at the end of February 91/8d. per lb, and at the end of March 115/8d. „Fair Pernambuco“ rose from 10d. to 114/8d., Fair Ejyptian from 81/8d. to 101/8d. Fair Dhollera von 81/8d. to 101/8d., Fair Madras von 73/4 to 93/4d. und Fair Bengal from 71/8d. to 83/4d. The causes of this advance in market attributed to reduced cotton receipts at shipping ports of U. St. und increased demand at Manchester for manufacture. Nach dem circular von Ellison und Haywood the broad facts stand thus:

Home Consumption in Bales.
1868 1867.
In 121/2 weeks – total 765,280 468,820
In 121/2 weeks – average p. week 61,222 36,063

The inference evidently, that a consumption of 61,000 bls every week cannot continue.

Computed Stocks in Bales. End of March
1868 1867
In Liverpool and London 461,341 689,608
370,723 523,926
832,064 1,213,534

Should rate of consumption continue at £61,000 61,000 bales a week, in hand a stock which would supply the demand for 14 weeks. If the consumption should relapse, sufficient stock for proportionately longer period.

Exports of Goods and Yarns. Two Months
1868 1867 1866
Piece Goods. Yards 483,219 411,880 373,004
Piece Goods. Value £7,754,000 £8,504,000 £9,273,000
Yarn. Pounds. 33,983,000 20,937,000 20,923,000
Yarn. Value £2,737,700 £1,904,000 £2,258,000

These figures show present quantity of manufactured cotton at maximum, while the value obtained from the foreigner for the largely increased product is much smaller than it was 2 years ago … The rapid decline in prices here, consequent upon an excessive supply, has produced diminution of arrivals. Manchester is buying more than she can sell at a fair profit, and Liverpool is cutting its own throat by raising the price against Manchester by rampant speculation.

The Money Market Review, 11. April 1868. S. 432.
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The London Flour Co. (lim).

Resolution passed in October 1867, to wind up the Co. voluntarily, but certain shareholders, suspecting that the accounts had been tampered with, discovering that the above resolution was informal and invalid, filed petition to have the Co. wound up by the Court. Alleged that Directors had systematically paid dividends out of capital, recklessly carried on the business etc[.] Admitted by directors that they had put directors’ fees and managers’ salary to capital account and not to revenue, and also that the liquidators, professedly appointed under the resolution of October ’67, one of whom was the chairman of the board of directors and brother in law of the managing director, were proceeding to sell the property without reserve. Petition filed early in December 1867; pressure of business on the Court caused delay. Adroitly seizing this interval of grace, directors, before Court opens again after Christmas, issue a notice, this time proper, convene meeting on 8 Jan. ’68, in order to pass a resolution to wind up the Co. voluntarily; and their notice is accompanied by stamped proxy papers directed to the directors and with postage stamps duly annexed for their return. At this meeting directors obtain bare majority of 3/4; but the petitioners stated on the hearing that proxies were improperly used on behalf of the directors, and thus the resolution was passed. By the time the petition came on for hearing, 15 Feb. ’68, the shareholders, having become alive to their interests, reverse their last decision of 8. Jan., and support the petition in such numbers that the directors then have but slight majority on their side. Vice Chancellor Stuart expressed himself strongly against directors, made order for winding up the Co. by the Court. Directors appeal. Independent shareholders show majority to oppose appeal. Lord Justices declare shareholders bound by the resolution passed at a meeting held after the petition had been presented, and which, from taking place almost in holiday time, was in the nature of a surprise upon the shareholders, who in fact alleged that several of them accidentally prevented from opposing the directors’ plan.

The more culpable directors, the greater the difficulty under which shareholders labour at meetings under directors’ influence. Generally imposible impossible to obtain justice, attempt is a farce except in case of some colossal undertaking whose magnitude has invested it with such publicity that the shareholders can have matters somewhat their own way by the publicity of the proceedings. In the general run of Cos., shareholders who complain are cried down, improperly called to order, their resolutions put to the meeting in such way that the shareholders do not understand question before them, majority is often unfairly arrived at, and proxies rejected on most flimsy pretexts. After the decision of the Lord Justice in this case, it is open to the directors of the most mismanaged Co, when they find their game is up, to call a meeting. meeting, shuffle through resolutions to wind-up voluntarily, and appoint their own nominees as liquidators.

The Money Market Review, 11. April 1868. S. 432/433.
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The City Offices Co. (limited)

Last half yearly meeting very badly reported. For the last 5 years 1/2 Mill. £. St. invested in property yielding no return and which, at present price of shares, stands at something like £100,000 only. Shares mit £25 paid. Directors, mit hohen Gehaltern Gehältern who, after 5 years’ trial, have entailed nothing but loss and disappointment on their shareholders, managed both to carry their report and get a vote of unabated confidence.|


  • Inhaltsverzeichnis von Friedrich Engels
  • 1869 I Heft
  • Money Market. 1868.
  • Money Market Review. Jahrgang 1868.
  • The Economist. Jahrgang 1868. Nachträge
    • The Economist. Jahrgang 1868.
    • Inhaltsregister für 1868 Jahrgang. („Money Market Review“ und „Economist“.)
    • Kommentar zu George Joachim Goschen
      • George J. Goschen: The Theory of the Foreign Exchange. 7th edit. London 1866.
      • Friedrich Ernst Feller, Carl Gustav Odermann: Das Ganze der kaufmännischen Arithmetik
      • Inhalt.