18 April 1868.

The Money Market Review, 18. April 1868. S. 443/444.
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International Contract Co. (lim.) und Accidental Marine et Insurance Corporation. (lim.)

2 circulars recently issued by the Liquidators of these 2 bankrupt Cos.

The Internat. Contract Co. started mit nominal capital of 4 Mill. £. St., in 80,000 shares, small proportion paid up auf die 50£ share, so leaving enormous contingent liability. This practically unlimited liability of the shareholders seemed to afford ample security to credulous creditors; and, if all the shares had been applied for and allotted to bona fide shareholders, it might have been so. We see now the true value of this enormous nominal Capital and unlimited liability. Co. was only a few months in operation before it collapsed, and claims already sent it in to the official liquidator nearly 2 Mill. £. St. Of these claims only a portion as yet adjudicated upon, result that upwards of £165,000 will rank as proofs, leaving a sum of upwards of £1,761,000 still to be litigated and proved. Director claims to a large amount by the Peruvian Railways Co., now in liquidation; the London Wharves and Wharehouse Co., now also in liquidation; und claim of more than 1/2 Mill. £ St. by Edward Pickering (who, it seems, likes to pick), the managing director of the Co! These latter claims, the liquidators state, arise upon „certain fictitious operations“ in connection with the Peruvian Railway Co. and others. Besides these claims the Co. Defendants in 5 Chancery suits, instituted by the Peruvian Railway Co. and others, under which there are certain alleged liabilities for indemnity and otherwise. The whole sum at present collected under the winding up accounts no more than £10,000. The list of contributories has been settled, and 229 persons, holding 38,663 shares, representing £1,540,000 capital, have been fixed as liable. But the liquidators say that, „having regard to the number of contributories who are but the nominees of certain of the directors or promoters of the Co., and to the fact that many of the remaining contributories are not in a position to meet their liabilities, they cannot hope that more than £70,000 or £80,000 will be raised by calling up the whole of the remaining capital.“ A list of persons liable as past members about to be filed, aber bevor dieß settled, liquidators consider it impossible to form any estimate of the amount realisable from calls upon this class of contributories.

In the case of the „Accidental Marine and Insurance Corporation“, the liability of past members the question embarrassing both liquidators and creditors. Creditors can only expect very moderate dividend, in addition to that already declared. Amount of unpaid capital upon the shares transferred during the 12 months prior to the commencement of the winding up is £80,250. Of this £16,340 is considered good, £24,090 doubtful, und £39,620 wholly bad. Liquidators therefore estimate value of the list of past members von £15 to 25,000£, whilst the claims actually admitted £197,077, and those still pending will amount to £50,000 more. Schwierigkeiten mit past members. Ihre liability confined (von jedem derselben) to the debts which had actually accrued at the time they ceased to be members. Ferner: At whose expense these proceedings necessary to establish the liability of past members to be conducted. Many of the creditors (deren Forderung von später datirt) no interest in enforcing the liability of past members. Endlich past members only liable to contribute to the extent of the amount remaining unpaid upon the shares they had held after proof that the present holders und any intermediate holders have been exhausted, and are absolutely unable to pay more. Daher cost of litigation würde alles auffressen. Die Liquidators bemerken: „There has not hitherto been a single instance of this past liability having been actually enforced, in the winding up of a Co. under the Act of 1862, and in most, if not in all the cases where an attempt to do so is now being made, there exists considerable difficulty in assessing and enforcing such liability, whilst it is certain that in this as in every other case the attempt to enforce it will involve the liquidation in very considerable expense and litigation.“

The Money Market Review, 18. April 1868. S. 447/448.
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The Market Value of Finance Co. Shares.

Market Prices
March 1866 March 1868
Credit Foncier of England 2 prem. 7 disc.
Discount Corporation 11 disc. 21/4 disc.
General Credit 1/4 prem. 21/2 disc.
International Financial 1/2 disc. 13/4 disc.
London Financial 51/2 disc. 25 disct.

Credit Foncier of England, hieß 2 years ago the Credit Foncier and Mobilier of England, paid at the outset fabulous dividends. Adverse Rumours then, shares fell continuously. In July, 1866, 20£ share reduced to £10, with £9 paid up instead of £5, £2 p. share being taken from the reserve fund, and £1 being paid up in cash. Subsequently £1 paid. Thus no further liability. The necessity of the last call explained at meeting of 25 Feb. 68 when shown that capital of Co. locked up in undermentioned investment:

In Millwall Docks about £150,000
Irrigation Co. of France 320,000
Imper. Land Co of Marseilles 270,000
London, Chatham and Dover Railw. 302,000
Varna and Rustchuck Railw. 196,500
Paris Streets Impt. Co 300,000
City of Milan Improvements Co 244,000
Belgian Public Works Co 107,000
Total £1,889,000

Shareholders have paid £8 p. share on 200,000 shares, zusammen £1,600,000, against invested in legitimate Joint Stock undertakings £1,889,000, aber diese investments not realisable at anything approaching the original cost, owing to the glut of shares and universal distrust in market. The 10£ share now fallen to 3£.|


General Credit Co. advanced £160,000 to Lond. Chath. and Dover und diese sagen, sie sollen das Geld bei Peto suchen. Loan on Portuguese railway securities of £151,000 scheint fairly settled. Kapital der Co. £2,000,000, in 200,000 shares of £10 each, wovon £7. 10s. paid up. Market price only £5. The discount of £2. 10s. on 200,000 shares total depreciation of 1/2 Mill. £. St.

The Money Market Review, 18. April 1868. S. 451.
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Australian Trade

Value of British Exports January 1868 £736,950 gegen £557,062 in Jan. 1867 und £918,673 in 1866. Each of the 3 chief Australian colonies – South Australia, Victoria und New South Wales – has done with us more business of late. Exports to South Australia in Jan. ’68 £140,714 gegen £52,995 in Jan. 1867; those of to Victoria £316,846 gegen £260,347 in 1867; und von to Neu South Wales £176,427 gegen £67,847 in Jan. ’67. Dagegen we sent in Jan. 1868 less goods and produce to Western Australia, Queensland, Tasmania und New Zealand.


  • 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.