November 14. 1868.

Aus:
The Money Market Review, 14. November 1868. S. 449/450.
Schließen
Icon dass Zitate symbolisiert

The Council of Foreign Bondholders.

 Kommentar von Marx. Siehe Sigismund Borkheim an Marx, 11. November 1868; Marx an Collet Dobson Collet, 19. November 1868.
Schließen
Dieser Schwindel unter Baring’s Anstiftung. Isidor Berlinerblau Gerstenberg vorgeschoben als Mauerbrecher.

 In der „Money Market Review“ konnte keine entsprechende Passage ermittelt werden. Möglicherweise handelt es sich um Marx’ Zusammenfassung einiger Argumente der Schrift von I. Gerstenberg: Suggestions for Forming a Council of Foreign Bondholders. London 1868. S. 16–19. Marx erhielt diese Schrift von Sigismund Borkheim am 11. November 1868. Für eine Marx’sche Einschätzung der Broschüre siehe auch die Briefe von Marx an Collet Dobson Collet vom 19. und 23. November 1868. Der Zusatz in Klammern stammt indes von Marx; siehe dazu Marx an Collet Dobson Collet, 2. November 1868. Auch der im letzten Satz geäußerte Zusammenhang lässt sich nicht bei Gerstenberg nachweisen.
Schließen
Angeblicher Zweck: durch pressure upon British Gvt. die Foreign Gvt., die Schulden bei Engländern contrahiren, zum Zahlen zu zwingen (Also, auf Rußlands etc Anstiftung, England in French War zu verwickeln) Ausserdem: An office for the promotion of investments of British Capital abroad. Schließlich: Mittel der Speculation für die grossen Finanzschwindler.

Austria has taxed foreign debt 16%, Italy 8%.

In the last few years we have entered into extensive loan operations with Mahommedan nations, which have got over their objection to the principle of borrowing abroad. Turkey and Egypt now pay millions a year in interest; Morocco has given a mortgage upon her resources; and Tunis has already become insolvent. In this respect the East has profited by the instructions of the West, and we have been almost startled at the rapidity with which a debt has been scored up. Peru deals in loans with vast sinking funds. New Granada gives land to those who themselves never will or can occupy on one acre. Russia grants a State guarantee to lines mortgaged as security. State after State issues loans below par with the varied inducements that appertain to drawings.

In the cause of time many circumstances indispose the issuing houses to act in favour of the holders of a loan.  Kommentar von Marx unter Bezugnahme auf Informationen aus dem Brief von Sigismund Borkheim an Marx vom 11. November 1868. Siehe auch The Money Market Review, 14. November 1868. S. 457.
Schließen
⦗Und darum, die issuing houses, Baring, Bonar, Thompson etc die instigators und leading members des proposed Council⦘.
Many recent loans have been issued on Commission. The issuing firms are in such cases to be regarded rather as having for clients the Governments on whose account they act than the public whom they invite to subscribe. Other houses frequently act as the official agents of the loan-contracting Gvts. In fact, the relations commonly established between the issuing houses and the Gvt. for which a loan is made may be looked upon as leading to arrangements under which forbearance in case of difficulty is inevitable.

Aus:
The Money Market Review, 14. November 1868. S. 451/452.
Schließen
Icon dass Zitate symbolisiert

Heaton’s Direct Process for Nitrate Steel.

Heaton of Langley Mills, near Nottingham. His operation, based upon true chemical and metallurgical principles, calculated to supersede  Von Marx übernommen in Manuskript II zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 194.31–32).
Schließen
the mechanical appliance appliances which involve the outlay of large capitals
, whilst the poorer ones cannot be made available at all. Practical man daher gegen die Sache, theils überhaupt against improvements as innovations of no practical use, theils speziell wegen der „Disturbance of establishments in which fortunes are invested“. Daher die Intriguen (der Bessermeriten) gegen Heaton. Ein Contemporary – „Engineering“ (of 7 Nov. 1868) macht daher allerlei lausige Bedenken. The crude steel produced by the use of nitrate of soda is described as of extremely crude quality, containing hardly more than 97% of pure iron, and nearly 2% of carbon.

Falsch. The crude steel contained a good deal less than 2% of carbon; and, when it was converted into steel iron, less than 1% of carbon. „Engineering“ has omitted to state what amount of sulphur was removed by the process, while, if any phosphorus was left in the crude steel, it was obviously not such as to injure the quality. „Engineering“ next says that phosphorus and sulphur are removed in puddling steel, and that the puddling process is cheaper than the use of nitrate. Statement incorrect. Besides, the great waste of iron in puddling omitted from the calculations. The commoner ores, fullest of the impurities of sulphur and phosphorus, have not all their phosphorus and sulphur removed by puddling. They cannot be removed by mechanical operations only.

Only the purest ores are available for the Bessemer process. The Heaton supersedes puddling altogether, thus supersedes much expensive labour, utilizes the poorest ores, deprives them of their impurities more effectually than manualwork, with little or no waste of metal in the operation. Another allegation is that nitrate steel is not more uniform in quality than puddled steel. But it is uniform; puddled steel extremely inequal in quality, taking large quantities. With respect to the proportion of slag to the yield of crude steel, Prof. Miller calculated that the maximum could not have exceeded 23% of the weight of the molten metal experimented upon, so that the 12.6% of iron in the slag could not be more than 3% of the iron operated on. Mr. Heaton has since ascertained by direct experiment that the quantity of slag produced is but 1/3 of the amount estimated by Dr. Miller as the possible maximum; but, then, Heaton no longer uses an admixture of lime. The percentage of iron lost in conversion does not, therefore, exceed 1%.

Then „Engineering“ speeks of the cost of Nitrate of soda. In certain countries its supply boundless. Merchants and shipowners are not the men to neglect an article for which there will be good demand. If dear, only temporary. Its cost; cost, besised besides, fully compensated by the smaller |50 capital required in the first instance by way of plant und die suppression of a most costly and painful labour, out of which most of the difficulties of ironmasters with their men have arisen, and in the use of the impurest ores. Heaton’s processes are an advance in iron and steel manufacture, equal in interest to puddling process and Bessemer’s process.

Aus:
The Money Market Review, 14. November 1868. S. 452.
Schließen
Icon dass Zitate symbolisiert

Cotton Trade. (Circular of Stokes, Mc Haffie et Co)

At this period last year (1867) there was a far larger margin between price of cloth and cotton than now exists, and yet cotton fell 15 to 20% before the end of the year.

Aus:
The Money Market Review, 14. November 1868. S. 453.
Schließen
Icon dass Zitate symbolisiert

Invention patented by W. T. Read, Old Broad street, City, for the better application of bisulphite of lime in brewing Trade.

This stuff used now largely in brewing trade to control fermentation and prevent acidity etc. Saves large amount of labour (Read’s process) performs so process, till now clumsy, perfectly. Our annual exports of beer and ale now nearly 2 Mill. £. St.

Aus:
The Money Market Review, 14. November 1868. S. 453.
Schließen
Icon dass Zitate symbolisiert

East India Irrigation and Canal Co.

Arrangements made between its directors und Secretary of State for India (subject to confirmation at a meeting of shareholders) wodurch the Co’s undertaking in Orissa to be surrendered to Gvt. in consideration of sum in cash equal to the whole paidup capital and 5% interest thereon (so that each shareholder will receive 1£ Premium on 20£ paid upon each share) and also £50,000 to cover compensation to the managing body and officers.



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.