May 2, 1868.

Aus:
The Economist, 2. Mai 1868. S. 495/496.
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Icon dass Zitate symbolisiert

The Late Bank of Bombay.

Commission just appointed to inquire into collapse of Bank of Bombay. Failed despite its connection with the British Gvt.

In Folge des Gold influx wegen Cotton Schwindel. Bubble Cos  The Economist: rife in
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ripe at
Bombay in 1863. The commercial directors of the Bank o. Bombay went deep into the prevalent speculation. „One of them was the Chairman of the Victoria Land and Press Co., the chairman of the Scott Press Co., the director of the Mofussil Cotton Press Co., director of the Bombay Landing and Shipping Co, partner in business with a director of the Frere Press Co., partner in business with a director of the Elphinstone Land and Press Co., director of the Goa Coffee Co., director of the Western India Hotel Co, director of the Port Canning Co, one of the local committe committee of the Asiatic Banking Co, director of the Bombay Reclamation or Back Bay Co, also member of the mercantile firm that were secretaries and treasurers to the Victoria Land and Press Co, the Scott Press Co, the Bombay Shipping Co, the Port Canning Co, and the Bombay Reclamation or Back Bay Co.“, and others, though not engaged in quite so many Cos., still engaged in many.

The analogous Banks of Bengal and Madras prohibited by their Charter from lending on the shares of „Public Companies“. Bombay Bank not so restricted, lent freely. The Bank was ready to promote every sort of bad local Co. And the persons to whom it lent were as bad as the securities. Previous to April 1865, sagt official Report, nicht only firms und individuals of mercantile position credited weit über ihre means, sondern auch „persons not even engaged in any ostensible commercial pursuits were accommodated with large sums of money, which could only have been required for purposes of share speculation.“ Out of its capital stock of 2,090,000l. it has lost nearly 2,000,000.

Aus:
The Economist, 2. Mai 1868. S. 497–499.
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Icon dass Zitate symbolisiert

 Zusatz von Marx.
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(Ireland)
Emigration, Wages, and Land. (Eingesandt von T. E. Cliffe, Leslie.[)]

The Edinburgh Review, ascribing the rise of money wages in Ireland to emigration adds: „We utterly reject the sentimental nonsense, which classes emigration among the misfortunes of Ireland. It is a blessing to the country. Nothing is more to be desired for the welfare of Ireland than that this emigration should be large and continuous.“

1) facts: Cairnes stated 21/2 years ago in the Economist: „We fail to perceive any solid improvement, scarcely any sensible improvement, in the present day labourers of Ireland as compared with their predecessors 20 years ago. Wages, no doubt, have risen in money, probably, on an average of the whole island, from 30 to 40 Pct. But potatoes have also risen, and in far more than this proportion. Indian corn is a new resource, but is by no means as cheap as potatoes formerly were. Tea and sugar have declined, but, on the other hands, whiskey has risen. As for butchers’ meat, it is of course as far as ever from the wildest dreams of the Irish peasant.“

Rise in wages is to a large extent nominal. Und die advocates of Emigration ascribe to it all the effects upon prices and commerce of roads, railways, proximity to English markets, increased demand in those markets, the equalisation of prices and the new gold mines. If Emigration were the chief cause of rise in the price of labour, it would have continued to rise with „large and continuous emigration“. For 9 years the money rate has remained stationary throughout the greater part of the island, and looking at the price of food, the real rate has considerably fallen in the last 2 years, while for some important kinds of labour wages have ceased altogether. See Fraser’s Magazine (May 1868) In many cases Emigration consequence of a fall of wages instead of the cause of a rise; in most cases, it has been the consequence of their continuing wretchedly low.

2)  Zusatz von Marx.
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Stupid
theory, that Emigration must have raised wages by diminishing the number of labourers.

 Marx’ Worte. Mit der „wage-fund doctrine“ beschäftigte sich Marx auch in „Heft 1. 1868“ der „Hefte zur Agrikultur“ in seinen Exzerpten aus Henry Fawcetts „The Economic Position of the British Labourer“ (MEGA² IV/18. S. 354/355; siehe ebenda. S. 1042/1043). sowie im „Heft zum fixen Kapital und Kredit 1868“ in seinen Exzerpten aus Francis Davy Longes „A Refutation of the Wage-Fund Theory of Modern Political Economy as Enunciated by Mr. Mill and Mr. Fawcett“ (MEGA² IV/18. S. 756; siehe ebenda. S. 1190). Er kritisierte dieses Theorem im ersten Band des „Kapital“ (MEGA² II/5. S. 493).
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Der ganze Blödsinn mit den Aggregate Wages Funds.
»The result has been mistaken for the cause; and instead of causing wages in each particular case to be what they are, the aggregate amount of wages is the mere consequence of wages being what they are in particular cases, and amounting in the aggregate to what they do.« If only one labourer were left in the island, would he receive the whole of that „aggregate wages-fund“, the ratio of which to the number of labourers is said to determine the price of labour? Is it not possible that he might earn even less? … Is it impossible that employers may do without labour, or find substitutes for it, instead of raising its price as it grows scarce? Have employers not in point of fact dispensed with labour extensively in Ireland? where more than 1/2 million of acres have gone out of cultivation since 1860, where little more than 1/4 of an island especially adapted to root crops remains under crops, and where a startling decline has taken place in the produce of agriculture. … The economist economists  Marx’ Worte. The Economist: schoolmen
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(like the scholastic realists)
imagine that wages in particular cases are made what they are by participation in a general fund called wages in general, which inheres in every individual labourer’s wages.

3)  Marx’ Wort.
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Zweck von all diesem Geschwätz
to divert attention from the real causes of Irish emigration, and to leave things as they are … Man hat sogar zu diesem Behuf gesagt, that Irish tenants farm all the worse for security und daß the worst farmed part of the island is 1/13 under lease.  Marx’ Worte. Leslie führt eine Reihe von Argumenten gegen die im vorherigen Satz geäußerte Behauptung an.
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Humbuggery!
 |68 … At this moment in contemplation to introduce locomotive flax scutching machines for the small farmers in Ulster.

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.