April 25, 1868.
The Money Market Review, 25. April 1868. S. 469/470.
Schließen
Falsification of Railway Accounts. Working
Expenses.
There falsification under 2 heads, as estimates of future liabilities und statements of actual results. First evil meist in form of underrepresenting future capital outlay, z.B. Estimated cost of Midland approaches to London £2,216,000; kosten bereits £3,450,000 und werden noch viel mehr kosten.
Falsification of actual Results: selten by fictitiously augmenting revenue receipts, meist durch suppression of working charges. Z.B. sagt das Brighton Railway Investigation Committee of 1867, daß zu Revenue ought to have been charged:
Maintenance of way, works, stations | £27,918 |
Locomotive Power | 10,258 |
Carriage and Waggon Department | 28,462 |
Law and Parl. Charges | 44,682 |
Printing, new shares etc | 5,250 |
Commission allowed on issue of stock to contractors | 2,145 |
Interest upon expenditure for works in progress in 1866 | 175,178 |
Additional loss on Channel Island traffick | 1,665 |
Total | £295,558 |
By these means the directors were enabled to pay in ordinary dividends £215,718. Daher non payment of a dividend 1867.
Locomotive Power: Includes all cost of fuel, wages of drivers, cleaners and others (sometimes repairs of engines und tenders, gehört eher zu maintenance of rolling stock) Convenient and vicious deductions may here be made for the conveyance of materials used in construction of new works, such being charged to capital at arbitrary rates.
Maintenance of Way: Hier gross systematic falsifications. To show fictitious profits, the permanent way allowed to lie for years almost uncared for. Endlich all or part of the sum required charged to capital. Or this expenditure may be charged as „additional works“. If a viaduct falls in, the cost of rebuilding may be charged to capital. Improved rails or sleepers, or repairing and enlarging stations, all such items open to colouring which policy may dictate. When works destroyed or removed to make room for others, original cost of the old works, or of their removal, should be sustained by revenue. Schwer zu bestimmen cost of maintenance of way per mile, as it depends entirely on soil, traffic, and nature of the works. Laing, 1849, estimated such repairs and renewals on Brighton line at £265 p. mile p. annum; experience has shown this to be minimum charge.
Maintenance of Rolling Stock: Often charged to capital in small or large proportions; while disabled vehicles stand in the Co’s yards, and only really exist in reports furnished to the shareholders. Thus, on North British last half year deficiency of 2,319 vehicles now written off the stock. Charge for these renewals and repairs should in most cases equal, if not exceed, 9% p.a. on first cost. Nach paper read by Fletcher at Institution of Civil Engineers, annual charge on North Eastern should be 121/2% on cost of locomotives, 12% on cost of carriages, 61/2% on cost of waggons. No certain rule for the mileage, however; speed and burdens carried must influence the result.
„Salaries, office expenses, and directors fees“: generally include not wages to engine drivers and others, falling under head of locomotive power etc Any proportion that is thought fit, transferred to an open capital account as expenses on works in progress; thus the Metropolitan directors have charged 1/2 of office expenses.
„Canal, steamer, and sundry charges.“ (telegraph etc) May or may not include reserves for renewal and depreciation.
„Rents, Debenture and Preference Interest“: davon oft deducted interest on capital expended on works in progress. The more capital is returned as interest, the less will be employed on productive works. Sum thus distributed amongst proprietors, not profit, but return of capital. If capital may be dissolved in interest for one year, why not for 10?
„Loss or Gain on Issue of new shares and debentures“. Premium not to be placed to revenue, as losses are to capital.
The Money Market Review, 25. April 1868. S. 474.
Schließen
Injuries consequent upon the vibration and Smoke of
Trains.
Wenn Railways – (im Gegensatz zu Private Industry) als Use of Property sanctioned by Legislature in particular way – do damage to other Property durch vibration, smoke etc können sie, falls nicht case of negligence, nicht zu Schadenersatz angehalten werden. If every occupier of a house near a railway should have an action for the injury done to his nerves by the vibration and passing of the engines, railway fares would be raised to Public.|
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)