25. January 1868.
The Money Market Review, 25. Januar 1868. S. 94.
Schließen
The Stock and Share Markets during 1867.
Amount paid. | Prices Dec. 31. 1866 | Prices Dec. 31. 1867 | Rise in ’67 | Fall in ’67 | Amount of increased Value. | Amount of Depreciation | |
---|---|---|---|---|---|---|---|
Alliance (lim.) | £25 | £19 | 14 | ― | 5 | ― | £200,000 |
B. o. England. | Stock | 249 | 239 | ― | 10 | ― | 1,445,300 |
City. | 10 | 15 | 12 | ― | 3 | ― | 150,000 |
Consolidated (Lim.) | 4 | 43/4 | 41/4 | ― | 1/2 | ― | 75,000 |
Do. (New) | 2 | 3/4 dsct | 1/4 pm. | 1/2 | ― | 25,000 | ― |
East London. (lim.) | 5 | 3 | 3 | ― | ― | ― | ― |
Imperial (lim.[)] | 20 | 26 | 18 | ― | 8 | ― | 160,000 |
London and County. | 20 | 64 | 59 | ― | 5 | ― | 187,500 |
London Joint Stock. | 15 | 44 | 36 | ― | 8 | ― | 576,000 |
London and Westminster | 20 | 97 | 97 | ― | ― | ― | ― |
National Provincial | 42 | 137 | 135 | ― | 2 | ― | 20,000 |
Do. (2nd et 3d issues) | 12 | 39 | 381/2 | ― | 1/2 | ― | 27,500 |
National | 30 | 68 | 62 | ― | 6 | ― | 240,000 |
Union of London | 15 | 45 | 361/2 | ― | 81/2 | ― | 680,000 |
Totals | £25,000 | £3,771,300 |
The reductions for the year, calculated on the prices of Dec. 31, 1866, are as follows: Imperial Bank 303/4 P.Ct., Alliance 26 P.Ct., City 20 P.C. Union, 19 p.ct., London Joint Stock, 18 P.Ct. National 83/4 PCt. London and County 73/4%.
Amount paid. | Prices 31. Dec. 1866 | Prices 31. Dec. 1867 | Rise during 1866 1867 | Fall during 1867 | Amount of increased value | Amount of Depreciation | |
---|---|---|---|---|---|---|---|
Anglo-American (Lim.) | £10 | £153/4 | £191/2 | £33/4 | ― | £225,000 | £ ― |
Atlantic Telegraph | Stock | 341/2 | 521/2 | 18 | ― | 108,000 | ― |
- - 8 P.C. | Stock | 721/2 | 941/2 | 22 | ― | 132,000 | ― |
Credit Foncier of Engl. (Lim.) | 10 | 5 | 31/4 | ― | 13/4 | ― | 350,000 |
General Credit et Discount (Lim.) | 71/2 | 5 | 51/8 | 1/8 | ― | 25,000 | ― |
Hudson’s Bay. | 20 | 163/8 | 143/4 | ― | 15/8 | ― | 162,500 |
Internat. Financ. Soc. (lim.) | 5 | 3 | 23/4 | ― | 1/4 | ― | 37,500 |
London Financ. Assurance (lim.) | 30 | 141/2 | 71/2 | ― | 7 | ― | 280,000 |
London and Provincial Marine (lim.) | 2 | 2 | 11/2 | ― | 1/2 | ― | 32,250 |
National Discount CO. (Lim.) | 5 | 143/4 | 11 | ― | 33/4 | ― | 600,000 |
Ocean Marine Insurance Co. | 5 | 201/2 | 201/2 | ― | ― | ― | ― |
Peninsular and Oriental Steam | 50 | 63 | 55 | ― | 8 | ― | 320,000 |
Thames and Mersey Marine (lim.) | 2 | 53/4 | 43/4 | ― | 1 | ― | 100,000 |
Universal Marine | 5 | 2 | 41/2 | 21/2 | ― | 125,000 | ― |
Royal Mail Steam | 60 | 961/2 | 62 | ― | 341/2 | ― | 517,500 |
Totals | £615,000 | £2,399,750 |
Home Funds | improved in the year | £17,004,391 | |
Indian Gvt Securities | dtto | 2,490,008 | |
Colonial Bonds etc | dtto | 2,887,659 | |
Foreign and Colonial Banks | dtto | 202,148 | |
Total improvement | £22,584,206 | ||
Less depreciation in | Engl. Railw. (Ordinary Stock.) | £14,391,670 | |
London banks | 3,746,300 | ||
Miscellan. Cos. | 1,784,750 | ||
Total Depreciation | £19,922,720 | ||
Net Improvement | £2,661,468. £2,661,486. |
(Rechnet man Depreciation auf Railways 30 Mill. (andre als ordinary stock included), so bleibt grosse Depreciation, selbst von all other not enumerated concerns abgesehn.)
The Money Market Review, 25. Januar 1868. S. 92.
Schließen
Italian Deficits.
Deficit | in 1864 | £12,640,000 |
in 1865 (Estimate) | 8,280,000 | |
in 1866 (Estimate) | 4,000,000 | |
At the beginning of 1867 total debt about (estimate) | 240,000,000 | |
Add deficit of 1866–67 (ascertained) | 32,800,000 | |
Add deficit of 1867–68 (not ascertained) | 52,200,000 25,200,000 | |
Summa | £298,000,000 or about 300 Mill. £. St. at close of 1867. |
Hereupon Victor Emmanuel lays violent hands upon the property of the Church, and decrees that the priest shall pay for the soldier.|
The Money Market Review, 25. Januar 1868. S. 88.
Schließen
Midland Railway.
Zusatz von
Marx.
Schließen (Börsenmogelei und
Directors.)
Special meeting last week. Nämlich in December (’67) hatten die directors circular erlassen, worin proposed to raise 5 Mill. St. for completing works etc[.] Darauf fiel value of stock sehre. But, apart from this, there were circumstances connected with the issue of the circular convening the meeting of last week which aroused grave suspicions of unfairness. The circular was dated 14. December, and did not reach its destination until 3 days after, during which interval heavy sales of stock were made, and the decline in market price was singularly rapid. Hence reasonably inferred that these sales, pressed at that particular moment, indicated that priority of information used by some persons behind the scenes.
The Money Market Review, 25. Januar 1868. S. 89/90.
Schließen
Caledonian
Railway. Zusatz von
Marx.
Schließen (Ersatz des
Verschleisses.)
Von Marx übernommen und mit eigenen
Angaben ergänzt in Manuskript II zum zweiten Buch des „Kapital“
(MEGA² II/11. S. 107.21–28 und
S. 121. 39–122.2).
Schließen Committee of Investigation … Captain Fitzmaurice, auditor of the Grt. Northern and
Brighton
says: „Revenue should be charged for maintenance of way at the rate of £300 for quadruple,
£200 for double, and £150 for single line half yearly. A fixed charge of not
less than 121/2 P.Ct. on locomotive engines and tenders,
and 9 P.Ct. on carriages and waggons, calculated on their original
cost as they stand in the Co’s books, should be made annually
for depreciation, renewals, and repairs.“ Dagegen Caledonian Account keeping: In the last 3 half-years not
one penny has been charged to revenue for replacement of 524 engines
belonging to the Co. In the last 2 half-years nothing has been charged
to revenue for replacement of carriages; but, on the contrary, all that
had been so charged to revenue for 4 half-years previously, about
£8,000, was written back to the credit of revenue and charged to
capital, so that for 6 half-years nothing
whatever is charged to revenue for replacement of carriages. For the
last 2 half-years nothing whatever is charged to revenue for renewal of
waggons. Meantime, for the 2 years under review, £450,000 is charged to
capital for new rolling stock, although the traffic of the line now
considerably lower than 2 years ago. The engineer employed to inspect
the rolling stock shows that a large number of the engines are nearly
done, and that no less than 100 must be replaced out of revenue in the
next 5 years. … Besides neglecting replacement,
the Caledonian kept down even the repairs by
employing a large proportion of new stock, and throwing the old on easy
work … Von Marx mit Auslassungen übernommen in
Manuskript II zum zweiten Buch des „Kapital“ (MEGA2 II/11. S. 107.28–108.4 und
122.2–13).
Schließen From the experience of the Caledonian and
Scottish
North-Eastern it is clear that none of its stock
lasts even 20 years. Mr. Clark thinks that with very good upholding and
an excellence and suitability in the stock of engines which
those of the Caledonian do not possess, a maximum of 25 years
may be reached. Full allowance, average of 221/2 years.
Estimate the old materials at 1/5 of the new cost. The total cost of
the Caledonian rolling stock stands in its books at 2,600,000£,
of which about £1,400,000 value of 524 engines, and £1,200,000
as cost of carriages and waggons. Taking, then, 1/5 from
£2,600,000, we have £2,080,000 divided by 221/2 as the annual charge for
replacements alone, so as to uphold the stock fairly. This gives
92,500£ as annual charge for the renewal, or £185,000 for the
2 years instead of the £7,000 charged by the Caledonian, complacently assumed as correct by the
auditors … Graham, the Co’s
Engineer, stated that „his instructions were to charge to capital every
expenditure in the nature of additions to previously existing works,
such as additional siding accommodation, lengthening of station
platforms, enlargement of stations, sheds, and workshops, and additional
buildings of every description, and that, in charging to capital the
cost of such additional works, no deduction was to be made of any
previously existing works of which they might be in substitution.“
Von Marx übernommen in Manuskript II
zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 108.5–7 und
124.18–21).
Schließen The only sound way is to charge each year’s revenue with the
depreciation necessarily suffered to earn the revenue, whether
the amount is actually spent or not. As long as shareholders are „drugged with dividends“ they will
sanction everything directors put before them.
The Money Market Review, 25. Januar 1868. S. 90.
Schließen
Banks and Railway Cos.
Exposures in railway affairs have shown that many of the leading banks have been ministering to the profligacy of railway directors. Lent money to railway Cos. which have no parliamentary power to borrow. Every such loan illegal. The Union Bank lent the Brighton Railway Co. thus £500,000. Laing forced the Bank, because its been illegal, into taking preference stocks that rank below all pre-existing preference issues. A Scotch Bank figures amongst the creditors of the Brighton Railway Co. Scotch Bank have encouraged Scotch railways in their course of illegality. They lent the Caledonian £500,000 on floating loans.
The Money Market Review, 25. Januar 1868. S. 90/91.
Schließen
Overend,
Gurney et Co. (lim.) Report of the
Liquidators.
Report of Liquidators, showing result of liabilities (outstanding) and assets on 31. Dec. ’67.
Contributories (omitting the members of the late firm, who held 8,323 shares) about 2,219, holding in the aggregate 91,667 shares. Two calls of £10 each made and the total amount paid by the shareholders so auf 11/2 mill. £ St., davon upwards of 1 mill. paid during the past year.
Liabilities at date of suspension on 10. May, 1866 = £18,727,915. On 25. Febr. 1867 reduced by £3,640,655 15,087,259, leaving at that date £3,640,655. The indebtedness, during 1867, further reduced by the realisation of securities etc and dividends paid, by £2,449,800, leaving £1,190,855 only. The calls already made have impoverished and beggared many shareholders and family. First call of £10 p. share paid in full by 1,864 persons, holding 77,658 shares, and is in course of payment by 43 others, holding 3,658 shares. There are 238 other persons, holding 7,752 shares, who cannot pay that call in full, and 116 others, holding 4,174 shares, who will not be able to pay any portion of it. With any additional call, an additional number of the contributories will be pressed out of the paying rank and must fall into the category of the utterly insolvent and ruined. The shareholders already lost all their capital = 11/2 mill. £, and contributed besides über 11/2 mill. £ as contributories.
The Money Market Review, 25. Januar 1868. S. 104.
Schließen
Capital of Railways in U. Kingd. Board of Trade
Return. (für 1866)
Capital authorised to be raised to end of 1866 on railways in U.K. = £466,151,633 on shares, und £154,412,773 by loans. Total = £620,564,406 showing, as compared mit 1865, increase of capital authorised in Session of 1866, of £44,272,743. Total amount paid up on ordinary shares was £228,245,629, being increase of £8,647,433 in 1866. The amount paidup on preferential shares and stock £134,455,098, increase of £10,191,623. Amount raised on debenture stock £14,105,594, increase of £310,219, and on debentures £105,065,863, increase of £7,244,766, making the total amount of capital paid up to 31 Dec., 1866, £481,872,184, increase of £26,394,041, as compared with amount paid on Dec. 31, 1865.
The Money Market Review, 25. Januar 1868. S. 106.
Schließen
Lawyers and railways
In the 6 years 1861–66 the railway Cos of the U.K. paid £1,378,167 for legal and Parliamentary expenses. It exceeds £19,000 a month.|
The Money Market Review, 25. Januar 1868. S. 111.
Schließen
Railway Trains (1866)
In 1866 in England and Wales railway trains run distance of 117,313,154 miles, or 22 Mill. miles more than distance of earth from sun. In 1866 the Scotch railway trains run 17,680,579 miles, und the Irish 7,814,120 miles. Zusammen U.K.: 142,807,853 miles, as compared with 139,527,127 miles in 1866. Increase in 1866 of 3,280,726 miles. Of the 142,807,853 miles in 1866, passenger trains contributed 73,383,356 miles und goods trains 69,424,497 miles, showing an increase in 1866, gegen 1865, of 2,176,538 miles in the distance run by passenger trains, and 1,104,188 miles by goods trains.
The Money Market Review, 25. Januar 1868. S. 105
Schließen
Causes of Commercial Depression. (Eingesandt
von
G.
Townend. Mincing Lane.[)]
One of the reasons excessive competition amongst Joint Stock Banks. It is part of the business system of these banks in the East and elsewhere to advance to shippers on the security of goods shipped. It was formerly their custom to advance only to the extent of 2/3 of the value, but of late years, and till very recently, so great has been the competition and so eager the anxiety to do business, that advances have been made to the full cost value of the goods. Men of small means, aware that they are trading with the capital of a bank, have thus been induced to make speculative shipments. The demand thus occasioned for the productions of the countries where the banks may be located, has been immense; prices have risen enormously, and production been stimulated accordingly. Wealthy firms have first looked on in astonishment, but gradually become the most eager shippers, the most tenacious holders and ultimately the heaviest sufferers. Consumers on this side, alarmed at the largeness of supplies, purchase only for immediate wants; prices fall considerably; the goods continuously arrive, are sold at a great loss, and after a time – crisis.
The fraudulent system for railway construction. A contractor tenders for the construction of a line, for which he is to be paid in the stock of the Co; the tender being based upon the price at which the stock is disposable. In other words, if the contractor finds he can only realise the stock at 70 or 50 P.Ct. discount, he will only do £30 or £50 of work for every £100 stock he receives. Therefore it is evident that stock so issued ceases to be stock except in name; it is in reality a £30 or £50 share; and the public who are deluded into purchasing under the impression that they are buying £100 fully paid up are deceived and ensnared. And this acts as a tax upon the people, as a dividend is expected to be earned upon the apparent stock, and fares are charged accordingly. Besides, the mischievous impression gets abroads abroad that the construction of railways is not remunerative.
Recent disclosures have endlich shown that some Cos. are founded only for the benefit of promoters; and others with entirely fraudulent intentions.
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)