22. August. 1868.

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The Money Market Review, 22. August 1868. S. 191/192.
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The General Estates Co. (lim.)

Nach Report von Fagg and James, the official liquidators, the Co. formed in June, 1865. Projector: James Clifford Hodges. Objects proposed: acquisition of leasehold and real property in City and elsewhere for the purpose of making a profit by them, but not clear in what way the profit was to be made. The immediate and real object of its formation was the purchase and taking over of several heavily mortgaged properties belonging to Hodges and which Hodges did not know how to dispose of advantageously. Shares, allotted in July; only 5,925 taken up; total amount, therefore, of paidup capital with which the Co. commenced operations, only £11,850; but that was of no consequence. If they had not paid up capital they had unpaid capital, for which the shareholders would be liable, and they had besides the credit of a corporate company which they could utilise by the creation and issue of debentures and bills. No sooner was the Co. constituted than |42 the directors contracted with Hodges for the purchase of his properties, – certain houses in the City, and some building land at Clapham and Balham, for £65,712 paid to him – after deduction of £27,800, for which they were in mortgage – partly in cash and partly in debentures and acceptances. In a few months, and still having no more than their original amount of capital, they contracted mit Sir M. Peto for the purchase of an estate known as the Spread Eagle property, in Gracechurch street, for £100,000. They had no money to pay even the deposit, but had convenient bankers, who lent them £10,000 for the purpose. Purchase not completed, because they were unable to find the remaining £90,000; contract ultimately cancelled, the Co. forfeiting £6,120 of the deposit, besides paying the law expenses. Nevertheless, early in 1866, they agreed to purchase an estate at Holloway, but were unable to complete the contract, it ended in forfeiture of £100. In March, 1866, they took a lease of some ground in Philpot-lane, at a rental of £750 a year, and agreed in expending £5000 in building thereon. Put up building, for which builder now claims £8000, and for which he holds possession of the premises, said not likely to realise £.5000.

One of the properties purchased from Hodges a building lease of a house in Limestreet, to which was attached a condition in favour of an existing tenant. Premises were rebuilt without any regard to rights of this tenant; consequence action of trespass and action of ejectment, compromised by agreement to pay £1,100 as compensation. But the £1100 never paid, constitute a claim against the Co. which awaits the decision of the court. But the reckless improvidence of these directors did not end here. On portions of the Balham estates they granted building leases, engaging to make advances to the builder as the works progressed. Thus they advanced £5000 to one builder, which amount they borrowed from the first mortgage of the property for the purpose, giving him, as further security, the building agreements. Of another portion of their property, for which they had paid £16,000, they did not make a single shilling of rent or profit during the whole of the 14 months’ of the Co’s existence. Yet were borrowing large sums, thousands of £, all this time to take up their acceptances; at the rate of 21% p.a.! Some of these bills entrusted to Hodges to get discounted, and of the produce of them nearly £1000 still unaccounted for. Since the commencement of the liquidation Hodges has become bankrupt, little chance of the amount ever being repaid. Two of these acceptances for £1000 each were handed for discount to a firm in whose hands there was an overdue promissory note for £1,500 of the Hill Pottery Co., some of the directors of which Co. were also directors of the General Estates Co. The acceptances and promissory notes respectively bore the endorsement of the several persons who were directors of both cos., and on this ground the discounters claimed the right to deduct the £1,500, the amount of the overdue note, von den £2,000, the amount of the acceptances, and sent a cheque for the balance only. Liquidators hope to compel these persons to restore the £1,500, with interest. That question stands for decision of the Court next term.

Two of the original directors retired soon after the formation of the Co; 4 others have since retired and become bankrupts; the projector is a bankrupt, and the managing director has compounded with his creditors; the bankers have obtained judgement against the Co. for £10,000; the mortgagees are in possession of the various properties; debts and liab. about £100,000; assets, whether anything or nothing, problematical. Main asset seems to be the uncalled capital, the whole of which the Master of the Rolls has ordered to be called up, and the value of that may be judged by fact that call of £2 p. share in 1866 realised the sum of £110 only. Much litigation has been, will be more in the affairs of the Co. Most of solvent shareholders sold out when they saw what Co. they were in. But they were caught. Most of the shares they sold were bought by Hodges, the projector, to keep up the price of the shares in the market. When the winding up order came, discovered that, though Hodges had bought the shares and had them duly transferred to him, he had never registered the transfers. The names of the former holders therefore still upon the register of shareholders, daher transferred to the official list of contributories. Have their remedy against Hodges, but Hodges bankrupt. Such things impossible, if shares fully paid up and issued „to bearer“.

Aus:
The Money Market Review, 22. August 1868. S. 205.
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Annual Average Minimum Discountrates of B.o.E. since 1856.

1856: £5. 19s. 6d. 1857: £6. 13s. 5d. 1858: £3. 4s. 3d. 1859: £2. s.14 d.10. 1860: £4. 3s. 10d. 1861: 5l. 4s. 10d. 1862: £2. 10s. 7d. 1863 £4. 8s. 5d. 1864: £7. 7s. 0. 1865 £4. 15s. 5d. 1866: £6. 16s. 8d. 1867: £2. 10s. 9d.

Aus:
The Money Market Review, 22. August 1868. S. 205.
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National Debt. (1868)

On 31. March 1868: funded debt £741,190,328 und unfunded debt £7,911,100. Endlich die terminable annuities, by which the nation is paying off principal as well as interest. The £26,425,000, the present annual charge for the debt other than unfunded, consists to the extent now of about £4,000,000 a year of these terminable annuities. On 31 March, 1868, annuities expiring in 1885 amounted to £2,883,990; the life annuities sold by the Gvt. and still payable amounted to £973,548, and the annuities for terms of years £53,795; the Red Sea Telegraph Co’s annuity, expiring in 1908, is £36,000; and there are tontine and other life annuities amounting to £28,552. The total is £3,975,885 a year, equal if capitalised to nearly £48,000,000 of debt. This makes the capital of the debt £797,000,000.

Aus:
The Money Market Review, 22. August 1868. S. 209.
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U. Kingd. Bullion movement 1867.

Total Value of gold and silver bullion and specie imported into U. Kingdom, 1867: £23,821,047, wovon £15,800,159 gold und £8,020,888 silver.

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.