May 16. 1866 1868.

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The Money Market Review, 16. Mai 1868. S. 537.
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The European Bank. Maladministration of Joint Stock Cos.

Highest degree of incapacity, culpability, and commercial immorality. This Co. compounded of the English, Belgian, and Netherlands Bank, the Union Bank o. England and France, and several other new banks with which it amalgamated. Commenced business in 1864, stopped payment on 19. May 1866, is now in course of liquidation, the liquidators being Sir Robert Walter Carden , who was one of the directors of the concern, and Mr. George Brown and Mr. Frederick Whinney. At meeting of 9 Nov. ’67 shareholders nominated investigation Committee. Now before us Report of the Liquidators, issued on 9 April ’68, und Report of the Committee of shareholders, issued on 22. April ’68. Liquidators’ statement shows estimated loss of capital of about £600,000 (exclusive of interest and costs of liquidation) or 6/7 of the whole capital, within the short period of 21/2 years. Shareholders committee found great difficulty in their inquiry. Amongst these difficulty „the very irregular mode of bookkeeping, the extraordinary multiplicity of books, absence of some books of the head office, and of all the  The Money Market Review: branch bank books
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branch books
, and the alleged non-existence of other books indispensable to a proper recording of the transactions of a great establishment.“ Die directors thun alles to make them not find the clue to their malversations: „The various amalgamations to which this bank has been a party are still involved in a cloud of mystery discreditable to those connected with the details.“ The paid up capital set forth in the various balance sheets, and vouched by the auditors, was, in fact, never so paid up. Of the £80,000 to be contributed by the Birmingham and South Staffordshire Bk., a very small proportion was ever received, and other serious deficiencies exist. The circumstances attending the transfer of a large number of shares, transactions in which the funds of the bank have been misapplied and dissipated, open to grave reprehension. The last call remains unpaid on shares now standing in the names of nominees of the bank and of directors and officers of the bank as so called „trustees“. Some of the directors have |36 hitherto failed to pay the last call even on the shares which qualified them for seats at the board. Debts are still owing to the bank for advances made to Cos. in which the directors were personally interested, „made in the most reckless manner, and upon next to nominal securities“. The committee advert to the „fatal and enormous advances made to the different French Cos. … apparent follies  Zusatz von Marx.
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(real Gaunerei)
of these operations“. As to the conduct of the directors, and their personal liability in subscribing for the shares of other Cos., no difference of opinion possible. Irrespective of the serious loss sustained by these shares at the date of the suspension, a very large sum has been actually diverted from the purpose of the liquidation to meet liabilities attaching to these transactions. Committee glaubt die directors können personally been made liable for the losses. Sir R. W. Carden, sagt Money Market Review, ought not to be one of the liquidators.  Marx’ Worte.
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Er war grade Hauptschwindler als director.

Aus:
The Money Market Review, 16. Mai 1868. S. 538/539.
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Bank of Bombay.  Zusatz von Marx.
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(Govt. Schwindler.)

Schwindel und Betrug, obgleich Government trustee der Bank und 3 of its members were nominees or directors. Die Public placed 2 Mill. £. St. in the Bank. Die Schwindelei bewiesen durch des Gvt eignes Blue Book. Erklärte aber (The English Secretary for India in Council) that no grant could be made from the public revenue in India for the purpose of making good the losses. Darauf verlangte das India office (nachdem sie durch ihr Blue Book die Schweinerei selbst bewiesen) die shareholders to prove those same charges before a commission just sent to Bombay to inquire into the affair. The Gvt. pleaded guilty, and then demanded a trial.



Aus:
The Economist, 18. Januar 1868. S. 60.
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January 18. 1868.
Mr. Fawcett on „Freetrade in Land.“

All free trade would do for him (the wealthy buyer of land) would be indefinitely to increase the security of his investment, by removing all difficulties about title; by enabling him to grant any kind of lease he pleased, whether wasteful or not; and by facilitating sale whenever he wanted his money, or part of his money, back again. … Land might be raised in price, doubtless would be, but the richest would get, just as in open market they get everything else. The poor might as well compete with them for coals. Even with perfect freetrade, the dealer always prefers „a large order“, and a visibly solvent customer … It is conceivable, that if the labourers desired the land energetically, a class of land pawnbrokers would spring up as in India and Southern France, who would buy for the labourers, and exact, in the form of interest on mortgages, an excessive rental from the cultivator … In Yorkshire agricultural labourers are greatly in advance of wages in the South, owing to the competition of other modes of livelihood.



Inhalt:

  • 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.