November 21. 1868.
The Money Market Review, 21. November 1868. S. 467.
Schließen
Money Market. Rise in Bankrate of
Discount.
From 2%, fixed on 25 July 1867, raised to 21/2% on 19 Nov. 1867. Anlaß dazu: The unprecedented withdrawal of 1 Million £ in gold for shipment to Russia.
A 2% Rate has now existed at 3 different Periods:
1st Period. von April 22, 1852 to January 6, 1853 | 37 weeks |
2nd Period. July 24, 1862 to October 30, 1862 | 14 weeks |
3rd Period. July 25, 1867 to Nov. 19, 1868 | 69 weeks, 5 × that of ’62 und almost 2 × that of 1852. |
This 2% rate (25 Jul. 1867 – 19 Nov. 1868) has lasted longer than any other Bankrate since Act of 1844:
2% | for 69 weeks | ending Nov. 19, 1868 |
21/2 P.Ct. | 58 weeks | Oct. 16, 1845 |
21/2 P.Ct. | 57 do. | Dec. 26, 1850 |
3 do. | 55 do. | Nov. 22, 1849 |
3 do. | 53 do. | Jan. 1, 1852 |
The higher the rate is carried and the longer it it is maintained in that position, the surer reaction to the other extreme, and the longer it must prevail:
Prior to 1847 | a higher point than 6% never known. |
Crisis of 1847: | 8% for 4 weeks. Followed by continued decline until 22 Nov. 1849, when 21/2%; in force for 57 weeks. |
Crisis of 1857: | 10% for 61/2 weeks, then gradual reduction to on 9 Decemb. 1858 to 21/2%; which lasted only 20 weeks. |
Crisis of 1866: | 10% for nearly 14 weeks, reduced to 3% in less than 6 months, und 2% within a year, lasting for 69 weeks. |
Vergleichen wir Bank o. England mit Bank o. France this week, so finden wir:
Decrease of coin and bullion | £1,002,191 |
Increase in Discounts and Loans | 556,817 |
Decrease in active circulation | 447,215 |
Decrease of coin and bullion | £449,494 | Issue: £46,506,627 |
Decrease in bills discounted | 13,423 | do. 18,627,382 |
Increase in Notes in Circulation (Issued 54,170,814): | 246,216 | Hier also mit Decr. of Capital loan und Decr. of Bullion, Increase in Note Circulation. |
Die Increase der Notes in Circulation der B.o.F. trotz Decrease of Bullion und Decrease des Discount Business, erklärt durch Decrease of Private Deposits und Treasury Balance, as seen by:
Private Deposits. | Summe: 12,952,484 | Decrease: 467,684 |
Treasury Balance: | do. 6,971,087 | Decr. 142,610| |
The Money Market Review, 21. November 1868. S. 467/468.
Schließen
U. Kingd. National Income and its
Resources.
Tobacco (40 mill. lb unmanufactured Imported) | nearly 61/2 mill. £ |
Sugar. Refined and unrefined (The Grocers’ Duty) u. stuffs worin sugar ingredient |
5,765,501£ St. Unter diesen Zucker Artikeln „glucose or vegetable syrup“ £2,722. Almond Paste: (40 lbs imported) 0. Dried cherries. 3£ only. 2 pound of comfits for children, paid 0. Marmelade: 5£. Preserved Plums: £4. Ridiculous customs, do not defray their cost of collection. |
Tea and coffee (raw and roasted) chicory (raw or kiln dried) Cocoa and its husks and shells, and its paste or chocolate |
£3,359,590. |
Spirits and articles containing spirits (spirits sweetened, unsweetened, but mixed, chloroform, collodion, ether und varnish containing alcohol) | £4,301,620 (Chloroform
only £70, ether 54l., collodion £8, Kommentar von Marx. Schließen ridiculous customs) |
Corn and grain | £883,941 |
„Dried Fruits“ including currants, figs, plums, prunes, raisins | £421,740 |
Importations of malt and its products with their substitutes | £3,709 |
Gold and Silver Plate | £4,250 |
Playing Cards | £376 |
All customs in year ending March 31, 1868 | £22,808,140 |
do do 1867 | 22,355,859 |
do do 1866 | 21,356,723 |
Duty on chicory | somewhat over £21,000, aber auf: |
Duties on The Money Market Review:
spirituous Schließen spiritual drinks. (inclusive customs) |
|
From Foreign Spirits | £4,301,620 |
Wines | 1,500,000 |
Malt | 6,575,263 |
Home made spirits | 11,346,181 |
Brewers’ licences | 357,000 |
Maltsters’ do. | 15,884 |
Dealers. do. | 1,000,000 |
Total |
£25,095,948 If we add 61/2 Mill. £. from Tobacco, 331/2 Mill. l. derived from drinking und smoking. |
Railway Duty. „5% on sums received for conveyance of passengers“ | £485,136 |
Stage Carriage Duty of 1 farthing for each mile travelled | £35,857. |
Hackney Carriage Duty of 7s. p. week, or 6s. p. week if not used on Sundays | £103,153 |
Licences to makers of playing cards | £16 |
do. to sellers of same | £1,066. |
Licence to kill game | £150,949 |
Licences on dogs | upwards of £400,000 |
Stamps on deeds etc | £1,620,426 |
do. On Probate of wills and letters of administration | £1,771,832 |
do. On Legacy and Succession to Real Estates |
£2,894,380 The income from the succession to real estate still utterly disproportioned to that derived from legacies of personal estate, and returns of these duties still mixed up and confounded with the legacy duty in order to conceal that disproportion. |
Total of stamp duties | £9,737,573. |
Landtax (other tax under the cover of which landowners escape payment of their fair quota) | £1,106,695 |
Inhabited House Tax | £1,068,984, almost as much as land tax. |
Income Tax | £6,287,079 |
2) Property and Income Tax under Schedule A (lands, tenements etc) | £125,070,065 |
3) Income Tax under Schedule D (trades, professions etc) Both are rated alike at 5d. in £. |
£158,052,628. |
Excise | £21,323,848 |
[Stamps] | 9,737,573 |
[Taxes] | 9,752,561 |
£40,813,983 | |
Bemerkung von
Marx. Schließen (turnover.)|52 |
|
Inland Revenue: | £40,813,983 |
Customs: | 22,808,140 |
Post Office: | 4,558,962 |
Total: | £68,181,085. |
The Money Market Review, 21. November 1868. S. 472/473.
Schließen
The East India Irrigation and Canal Co.
Zusammenfassender Kommentar von Marx.
Schließen The alternative: Government takes the Orissa
undertaking (see p. 50) oder die shareholders müssen
verdammt blechen.
The Indian Gvt. has been forced by public opinion to give a great
expansion to the practice of irrigation. As a rule better that the Gvt.
should be the direct seller of the water, because it can adapt the price
to the charge made for the land in such modes that
the cultivator will be obliged to take the water. It was clumsy
contrivance that Cos. with unguaranteed capital should first sell the
water to the Gvt., and then the Gvt. to the cultivator. In the event of
a failure of crops from want of irrigation, the Gvt. thus escaped its
responsibilities. The Gvt. policy not always consistent in the matter of
the Orissa works. At their commencement, and for some time afterwards,
the Co. received the cooperation of the Gvt., which was cordially
rendered. But, whether from the growth of conviction that irrigation
ought to be the sole work of the Gvt., or from the feelings excited in
consequence of the failures in the crops having produced famine, this
cooperation began to be given in a perfunctory way, and at the present
time it cannot be calculated upon. The East India Irrigation Co. has a
right to complain of this change. But, on the other hand, the Gvt.
complain of the delay which has occurred in the execution of some of the
works undertaken by the Co., and forming part of their whole scheme;
because, after all, the ultimate responsibility of disaster from the
state of crops falls upon the executive. Before matters arrived to this
point Zusatz von
Marx.
Schließen (wo Gvt. offers to undertake the
whole) the directors reported to the proprietors that
the completion of the several sections of the Orissa works would cost
£1,500,000. But early in the present month the chief Engineer in India
reported that £420,000 must be added to this estimate. The capital of
the Co. being £1,000,000, it follows that £920,000 more required before
the works undertaken can be completed. Though an area of acres 700,000
would be irrigated by this expenditure, the works could not be completed
without the money, and, meanwhile, the call for their completion is
urgent, under a sort of pressure impossible to resist. The directors
applied to the shareholders to supply new capital, but subscriptions
little more than £70,000, the payment of which extended over 4 years,
while the balance of unexpended capital in England had been reduced to
£33,000. Demonstrated by this fact that further share capital not to be
raised.
The Money Market Review, 21. November 1868. S. 474.
Schließen
The Board of Trade Returns and the Trade
of the Country. Sept. ’68.
The Board of Trade Returns show improvement in September ’68, as compared with same month ’67 and ’66, but the great bulk of our export trade, consisting chiefly of the staples of Lancashire, is not only not flourishing, but the reverse. It has been so ever since the great fall in values, since the termination of the American war. There has no been no continued healthy trade with our Eastern markets since the Indian mutiny. The profits realised during the American war were spasmodic and unnatural, and the immense fortunes then accumulated, have since all been more than lost, and have been succeeded in Lancashire by a period of reverses unknown even during the cotton famine. Estimating all the charges upon shipments to our Eastern markets upon the most economical scale, and they are favoured by the low rates of freights now ruling, the prices obtainable at all the ports show a considerable loss of shipments now made, and there is no experience to show that the present is a less favourable time for ventures than any previous time of this year.
The present position of manufacturers is almost ruinous, as a profit upon production is rendered impossible from the high rates current for the raw material; and so hopeless seems the prospect of relief by a real improvement in the demand that shorttime working is universally admitted to be the only means of bettering their condition, an alternative never necessary in ordinary times, and only resorted to at the last extremity.
Question: If the trade is an unsound one, why are the returns not only kept up, but increased? The answer is: Chiefly for financial purposes. There being no healthy demand for consumption, the new and increased exports are for the purpose of providing for previous engagements falling due. A good portion of the trade is also contributed by producers, who, being unable to find a market for the whole of their production, and being too poor to hold, consign the remainder, upon which they are accommodated with partial advances through the commission agent or intermediate man, who knows that someone must suffer, and provides on the contingency not falling upon himself.|
The Money Market Review, 21. November 1868. S. 479.
Schließen
Import of Corn.
The Board of Trade now add to their usual monthly return a table showing the quantity of corn and wheat flower imported into the U. Kingdom between harvest and harvest, viz. in the 12 months, from 1st September to 31st August.
Import in 12 months ending | 31st August 1866 | equal to | qrs 16,365,738: | = (62,881,908 cwts.) |
31st August 1867 | qrs 16,423,923 | = (63,186,726 cwts.) | ||
31 August 1868 | qrs 16,904,737 | = (66,241,042 cwts) |
31 August 1868 thus constituted. | 36,333,087 cwts of wheat | = 8,384,559 qrs. |
3,149,815 cwts of wheat flower | = 908,601 qrs. | |
5,583,086 cwts of barley | = 1,563,264 qrs. | |
8,584,365 cwts of oats | = 3,121,587 qrs. | |
999,118 cwts of peas | = 222,026 qrs. | |
2,289,655 cwts of beans | = 534,253 qrs. | |
9,301,916 cwts of Indian corn | = 2,170,447 qrs. |
Year ending 31 August 1866: | 24,926,789 cwts | = 5,752,336 qrs. |
31 August 1867: | 28,658,336 cwts | = 6,613,541 qrs. |
31 August 1868: | 36,333,087 cwts | = 8,384,559 qrs. |
The Money Market Review, 21. November 1868. S. 468/469.
Schließen
The Foreign Settlements on the London Stock
Exchange.
Twice a month a settlement of the previous fortnight is made upon the Stock Exchange. On those days securities to the nominal value of at least 40 millions are handed about. „Handed about“ is indeed to too mild a term to describe the treatment to which, in the pressure of an „account“, the property represented by foreign bonds is subjected. The whole settlement has to be „got through“ before half past 2 in the afternoon. By Stock Exchange law a buyer is bound to pay for all bonds delivered to him up to that time, and when the half-hour has struck the seller can make no further claim for payment during the day.
Zusatz von
Marx.
Schließen Money Market
Review citirt Pamphlet (1868)
eines Stockbroker’s über diesen diabolischen settling
day:
„The enormous increase in the number of foreign loans recently negotiated or introduced in this country, and the small denomination of the bonds into which it is the modern practice to divide them, have multiplied the inconvenience and risk attending the present mode of settlement to so great an extent that it is believed no time should be lost in devising an adequate remedy. At present, after the clerks have reduced the account as much as possible in the limited space they have at their disposal, the balances remaining open are settled by delivery from A to B, from B to C, and so on, till the ultimate buyer is reached, so that the same bond frequently passes through 30, 40, or even 50 hands. To prove that this is no exaggeration we have only to look in busy times at the names on the back of a ticket in Consols, or in any of the principal Railways. These will be found frequently with 50 names on them. One result is that transactions, which could probably be adjusted by the passing of cheques to the amount of perhaps 2 or 3 millions £, involve now settlements to the average amount of 13 millions, as the figures of the Clearing House show. This value of 13 millions, however, represents but a portion of the total values passed under the present system; each of the leading jobbers’ office is, in itself, a small clearing house; a large delivery of Turks, f.e., made to him on the one hand, might and is often compensated, by a counter delivery of Italians on the other side. It is impossible to arrive at the amount of stock actually passed on the settling day, but the experience of the writer’s own office shows that the nominal amount of stock passed exceed exceeds, by 3 or 4 ×, the cash balances adjusted.“
The hurry and confusion which attach to this system are therefore due to the fact that all bargains are adjusted between each actual buyer and seller, although the same bonds may have changed ownership many times during the „account“. Common sense would suggest that this cumberous plan might be obviated, as is done in the transfer of registered securities, by placing the original seller and the ultimate buyer in immediate communication. But in the Stock Exchange, as in all other businesses, the credit of individuals differs largely, and the broker who deals readily with one firm in £100,000 stock might be chary of dealing with others in £100. Brokers who transact large operations naturally object, therefore, to forego the security they have in dealing with first class firms, and do not care to accept payment instead from individuals of whose standing they are ignorant. This difficulty might be avoided by adopting the ordinary course of procedure in bill transactions – viz, rendering each endorser personally liable. Such rule once established, the first broker on the Stock Exchange could have no objection to accept the „name“ or „ticket“ of any member, knowing that in case of default of the ultimate buyer, he would have immediate redress from the parties to whom he originally sold, and with whose endorsements he accepted the ticket.|
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)