15 February, 1868.
The Money Market Review, 15. Februar 1868. S. 184/185.
Schließen
Saturday
Review. Defender of fictitious Accounts and Railway
Management.
„The conduct of the directors“, says Saturday Revue, „in paying interest on their extension stock out of capital, although it appears to have been illegal, was a prudent and reasonable act.“ Vice Chancellor Wood said that „the permanent holders of the stock and shares of the Co. would (his decision against the Metropolitan Co.) derive benefit and advantage from the refusal of the Court to permit the declaration of a doubtful dividend.“ But, says S. R., „it had not proved beneficial to speculative holders merely holding on until doubtful dividends should enable them to sell at speculative prices.“ S. R. wants an „elastic discretion“ der managers, meaning a dishonest discretion. „Justice is blind“, says S. R., „and sometimes she is proud of her blindness; and it is unfortunate for all when matters which require the exercise of this elastic discretion are brought under her stern cognizance.“ Was ever anything more rankly immoral thus openly and unblushingly propounded in the pages of a public journal?
The Money Market Review, 15. Februar 1868. S. 185/186.
Schließen
Railway Accounts. By H. E. Bird.
Accountant. London (Effingham Wilson 1868).
389 Cos., of which Board of Trade treats, had raised 489. Mill. Capital at 30. June 1867. „Lloyds’ Bonds“ not included; 260 Mill. in some form of priority (davon wieder 1271/2 mill. in form of debentures, loans and debenture stock, the whole of which is terminable or to be liquidated in full at fixed dates, except the debenture stock, amounting to about 141/2 millions, which is permanent or fixed debt.) Remaining 229 Mill. are ordinary stock.
1) Debenture Loans | £.110,558,698 | (Davon £76,591,473 p.a. interest £4. 8s. 91/2d.) |
2) Debenture Stock. | 14,620,656 | Davon: £11,026,565 bore interest 4% or under, £3,594,091 of 5%. |
3) Temporary Loans. | 2,480,766 | interest not given. |
4) Preference Capital | 132,202,712 | Davon 231/2 Mill. at 4%, 303/4 at 41/2, 53 at 5, nearly 2 at 51/2, rather more than 17 at 6%, nearly 6 mill. at 61/2 p.a. |
5) Ordinary Capital | 229,197,867 | Average dividend not given. |
6) Total | £489,060,699 |
Priority Capital: £270,585,760. Ordinary Capital: 164,250,146. Total: £431,835,906 £434,835,906. |
While there was paid in dividends on the „ordinary“ stocks of 16 leading railway Cos. in the 3 half years from 31. Dec. 1865, to 30. June 1867, a sum of £9,431,024, the amount charged to capital during the same 18 months on the lines „in operation“, and exclusive of the new lines and branches, was no less than £10,511,220.|
The Money Market Review, 15. Februar 1868. S. 186.
Schließen
Caledonian Railway
Meeting (at Glasgow 13 Feb. ’68)
Break up of the directorate and falling foul of each other. No dividends upon the ordinary stock (wie dito bei Brighton Railway ) for some time to come. Yet its price stands at 78 – some 5% higher than South Eastern with bona fide dividend of 4%. The price artificial one. No secret that the market has been „rigged“. It was the last card of Colonel Salkeld (the chairman) to keep up the price. A new direction must cancel all fictitious purchases; and the sooner this selling, the better. Price, Holyland, and Waterhouse, official accountants, say that „if all proper charges to revenue had been made, not only no surplus available for dividends upon the ordinary stock of the Co., but balance on debit side.“
The Money Market Review, 15. Februar 1868. S. 189.
Schließen
The Cotton Trade. Prices.
Price of Cotton | End of 1866 | End of 1867 |
---|---|---|
Middling Orleans | 153/8d. | 73/8d. |
Pernambuco | 153/4 | 73/8d. |
Singapore | 12d. | 91/8d. |
Fair Dhollera | 12d. | 87/8d. |
Bengal | 87/8d. | 67/8d. |
Ejyptian | 20l. d. | 133/8d. |
1866 | 1867 | 1868 | |
---|---|---|---|
Actual Bales | Actual Bales | Estimate Bales | |
America | 1,163,000 | 1,226,000 | 1,400,000 |
Brazil | 407,000 | 437,000 | 540,000 |
Egypt and Turkey | 200,000 | 198,000 | 220,000 |
Westindies etc | 112,000 | 129,000 | 130,000 |
East Indies etc | 1,867,000 | 1,511,000 | 1,300,000 |
Total. | 3,749,000 | 3,501,000 | 3,590,000 |
Price of middling Orleans at beginning January (68ʼ) 71/4d per lb, end of January 81/8d. Demand for the moment very large. In the first 4 weeks of this year „taken by trade“ 313,200 bales of cotton against 136,080 in corresponding 4 weeks of 1867; „taken for export“ in first 4 weeks of ’68 bales 74,210 against 37,480 in 1867; „taken for speculation“ 38,050 in ’68 gegen 19,880 in 1867; while the imports of first 4 weeks of ’68 bales 298,565 against 190,676 in 1867. The demand has thus exceeded the supply.
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)