15 February, 1868.

The Money Market Review, 15. Februar 1868. S. 184/185.
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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.
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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.

Capital raised by 389 Railway Cos. in Grt. Brit. and Ireland. 30 June ’67.
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
Contrast of „priority“ and ordinary capitals as it stood at 30 June 1867. of 24 of the 389 Rail. Cos. referred to.
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.
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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.
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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.
Comparative Import of Raw Cotton into Europe. (Ellison and Haywood.)
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.


  • 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.