15 August. 1868.

The Money Market Review, 8. August 1868. S. 167/168.
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The Exports of Gold and Operation of Bank Act.

Decrease in coin and bullion £571,260. Decrease in reserve of notes and coin: £141,140. Coin and Bullion in B.o.E. £20,800,729. Reserve: £11,267,469.

During last few weeks there has arisen a moderate but continuous demand for gold for exportation, followed by an increased but still inconsiderable demand for it on account of the new French loan, and the customary demand at this season for our harvest operations. The demand for harvest purposes have been earlier than usual, heavier than usual, and more universal and less gradual than usual, because such has been the nature and character of the harvest itself. But all these demands put together small compared with total amount of bullion in hand. Yet effect on Money market considerable. Consols depressed to nearly 1%, other home securities in proportion, while many foreign securities have fallen 2 or 3%. Why all this? Rational cause there is none. But for years public mind accustomed to associate drain of gold, whether external or internal, with a rise in value of money, and a fall in the prices of all ordinary investments. Stupid investors, whenever what is called a drain of gold occurs, it is to them, a sign of ill omen. They rush to sell in anticipation of the fall, and thus actually produce it, as in this case. Dieser Blödsinn legitimate offspring of the Bank Act of 1844, and the policy of the Bank directors under its provisions.

The Money Market Review, 8. August 1868. S. 168.
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The New Act on amending the Law relating to Railways.

Der Akt enthält nicht Compulsory official Audit.

The Money Market Review, 15. August 1868. S. 169.
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Indian Railways in their most recent Financial Aspect.

Mr. Juland Danvers has lately issued his annual report. During year ended 31. March 1868, 349 miles of new railway opened for traffic, including the Jubbulpore branch of the East Indian, consisting of 225 miles; 29 miles of the Grt. Indian Peninsula to Nagpore; 27 miles of the Delhi line between Ghazeeabad and Meerut; another section of the Delhi line of about the same length between the western terminus of Umritsur and the river Beas; and the remaining 41 miles of the Great Southern to Errode, where it forms a junction with the Madras Railway. Drawback: the works on the Great Peninsula are proved to be defective, especially on the Bhore Ghât incline. The „through“ communication between Bombay and Calcutta, which would have been completed this year but for this mishap, now postponed. Engineers’ estimates have been exceeded in every instance, while the contract has not in all cases been observed.

The principle of the guarantee system by the Gvt. must not be abandoned.

Capital required according to the last Estimate, 31 March 1868 £93,916,000
Authorised by Gvt. to be raised do. do. 84,386,000
Total raised do do 76,579,016
Withdrawn for expenditure do. do. 75,071,656
The amount of capital raised during year ended 31 March 1868 £9,102,540
Expenditure during same year 7,024,960
Estimated Expenditure during year ending 31 March 1869 £6,077,000
Stands on balance to the Credit of the various Cos 1,682,000
Leaves, according to Estimate, to be raised during 1868–69 5,574,000
Revenue Receipts in gross for year ended June 30, 1867 £4,875,112
Revenue expenses 2,537,812
Net Profit 2,337,300

The Revenue for the Indian Railway System during year ended 30 Jun. 1867 nur £32,337 in excess of previous year, but year ended 30 June 1866 there was increase of £962,984 over that ended 30 June 1865, and thus in 2 years the addition to the revenue upwards of a mill. £.

For the years ended
June 30. 1866 June 30. 1867.
Net Revenue £2,304,534 2,336,871
Guaranteed interest 2,936,672 3,179,095
Advanced by the State 632,138 842,224

If there was trifling increase in the net revenue of 1866–67 over that of 1865–66, the expenditure of capital advanced much more rapidly, and consequently the payment of interest by the State become far more onerous upon the state than in the previous year. The Revenue of 1865–66 exceptionally increased by the traffic in cotton from the interior to the coast under the stimulus of the high prices in U. Kingd. and the attendant mania in India. This stimulus removed, the traffic of the railways relapsed into its normal condition. The wonder is that the traffic was so well supported in the latter year.


  • 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.