July 11, 1868.

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The Economist, 11. Juli 1868. S. 785/786.
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Contract Price per Cwt. for Bread. (figures just issued by the Board of Guardians of Whitechapel).

For Workhouse per cwt. For school. cwt.
 s.   d.  s.   d.
From Dec. 1864 to June 1865   9   8 10   3
June 1865 … Dec. 1865 10   2 10   8
Dec. 1865 … June 1866 12   6 12   2
June 1866 … Dec. 1866 12   6 12   9
Dec. 1866 … June 1867 16   9 16   6
June 1867 … Dec. 1867 16   3 16   6
Dec. 1867 … March 1868 17   3 17   0
March 1868 … June 1868 17 10 17   0

One must never forget how great a pressure a high price of wheat is upon the poor, and how much money a low price sets loose to be expended on other things. Im obigen Fall rise of 70 P.Ct. in the first necessary of life – a most heavy burden on poor consumers, and which at once affects all the producers of the other articles which such poor consumers are by it prevented from consuming.

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The Economist, 11. Juli 1868. S. 788/789.
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Sir Morton Peto and the London, Chatham, and Dover Co.

We shall never know the truth. The parties in the Bankruptcy Court have agreed to a compromise.

The Commissioner (Bankruptcy judge) said he could give no judgment; the information before him was so incomplete. In the Bankruptcy Court, there is no one to enforce the investigation of that which the parties to the suit are willing to hide.

Originally; the Lond., Chath. and Dover Co claimed from the joint estate of Peto, Betts, and Crampton £6,600,000, and Peto, Betts, and Crampton claimed £210,000 from them; now, by an „arrangement“, the Co. still reserve their right to claim for the £6,600,000, but they agree only to prove for 365,000£; Peto, Betts, and Crampton resigning all claim, of course, to the £210,000. The Lond., Chath., and Dover could not do otherwise. There are no assets of Peto, Betts, and Crampton worth the name. Omitting the Lond., Chath., and Dover Co’s claim and securities, the estate stands thus:

Estate of Peto, Betts, and Crampton.
Liabilities.
Unsecured creditors £260,000
Dto secured £1,098,263 382,150
Less property held on security 716,113
Summa 642,676
Assets
Cash 774l.
Debtors’ Goods 1,145
Summa 1,919. |
74

 Bemerkung von Marx.
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Also: 1,919£ Assets gegen 642,676 liab., abgesehn von claims of Lond., Chatham, and Dover.
This is probably the worst asset that even the panic of 1866 can show, and no matter what you prove against it you are sure to get nothing.

As is usual in such cases, there is an unsettled account which might be litigated between the joint estate of the two bankrupts, Peto and Betts, and the estate of the three, Peto, Betts, and Crampton. But it is not worth while litigating it; the estate of Peto, Betts, and Crampton will be still very bad, and if each item is thoroughly argued, the lawyers will have all the money from both estates. If both firms had money in hand, it would have been spent „on law“. Now as one litigant had no money there has been a compromise.

Estate of Peto and Betts stands roughly thus:
Liabilities
Unsecured creditors £356,654
London, Chatham, and Dover Railway 119,842
Secured creditors £427,558 162,007
Less Property held by Creditors 265,551
Total £638,503
Assets
Cash 1,471
Other Property 529,375
Total 530,846

Of course, the property will not yield that amount; and there are to be contingent liabilities in addition.

Aus:
The Economist, 11. Juni 1868. S. 789.
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Finance versus Finance.  Zusatz von Marx.
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(Lewis. Hauptschwindler)

Case decided by the Master of Rolls. Both parties eager for sudden gains, the keenest ruining the other in the end. The 2 parties: The National Land Credit Co. of Ireland, and Mr. David Leopold Lewis (a bankrupt in 1852, and 1858, and well known as one of the „inexplicables“ of the old firm of Overend, Gurney, et Co.). The contract was for a loan to Lewis from the Co. of £460,000, of which he was to have £200,000 at once in acceptances, and for which he was to pay (besides interest) a bonus of £46,000, and take shares in the Co. for £200,000, paying up £100,000. The securities deposited were debentures on certain Irish Railways, and if they were good the transaction was certainly favourable to the Co. They got an immense bonus, sold of off a great many of their own shares, and gave no real money; as was the case then with all such Cos., they made their loans in acceptances. But Lewis became a director of the Co., and used his influence there – first, to get additional bills accepted to which he was not entitled; and next, to take away the securities which he pledged for the bills to which he was entitled. He received irregular paper, and abstracted deposited security almost simultaneously. Of course, he failed without assets and the Co. have nothing except acceptances for which they are liable and which they will have to pay.

The case came before Lord Romilly in the matter of Overends. At one time that firm had lent Lewis – a man without a shilling – 500,000l., and he proposed to reduce that debt by giving acceptances of the Irish Land Credit, and transferring to them the „debentures“ or whatever it was that the Overends were pleased to call part of their security (against Lewis). The bills so deposited were above the amount which the Chairman of the Co. was authorised by the board to sign, and under the articles of association the Chairman could only accept bills by the board’s authority. The National Land Credit Co. argued that they ought not to pay the bills because they were given ultra vires and void ab initio. Lord Romilly held, that in the hands of indorsers for value and without notice such bills were good; and Co. must pay.

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The Economist, 11. Juli 1868. S. 790/791.
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From: Annual Report (1868) of the Irish Poor Law Commissioners.

Statement of Poorrates, their Expenditure etc for 16 years, ended 29 Sept. 1867.
Year ended 29 Sept. Net Annual Value of Property Rated Amount of Poor Rate Collected. Total Poor Relief Expenditure. Total Expenditure. Poundage of the Expenditure on Valuation.
Poor Relief. Total.
s. d. s. d.

1852

£11,172,586 £1,109,630 £883,267 £1,099,678 1. 7. 1. 111/2
1853 11,308,015 1,009,493 785,718 1,053,987 1. 43/4 1. 101/4
1854 11,463,595 925,154 760,152 921,384 1. 4 1. 71/4
1855 11,565,466 835,894 685,259 788,873 1. 21/4 1. 41/4
1856 11,709,934 723,204 576,390 671,066 0. 113/4 1. 11/4
1857 11,877,088 585,583 498,889 590,765 0. 10 1. 0
1858 12,091,564 525,595 457,178 550,243 0. 9 0. 11
1859 12,213,620 523,065 413,712 513,614 0. 81/4 0. 10
1860 12,280,029 509,380 454,531 558,835 0. 9 0. 11
1861 12,442,510 584,548 516,769 621,474 0. 10 1. 0
1862 12,567,495 686,715 578,789 685,776 0. 111/2 1. 1
1863 12,623,539 723,843 605,981 716,523 0. 111/2 1. 11/2
1864 12,754,954 744,894 596,465 734,219 0. 111/4 1. 13/4
1865 12,935,165 748,422 600,549 731,852 0. 111/4 1. 11/2
1866 12,989,062 12,989,026 749,757 611,831 754,667 0. 111/4 1. 2
1867 13,045,725 762,644 676,776 824,449 1. 01/2 1. 31/4

(Verte)|

75

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The Economist, 11. Juli 1868. S. 794/795.
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Amount of gold, silver, and copper monies coined in each year 1853–67.

Gold. (£) Silver. (£) Copper. (£) Total.
1853 11,952,391 701,544 10,190 12,664,125
1854 4,152,183 140,480 61,538
1855 9,008,663 195,510 41,091
1856 6,002,114 462,582 11,418
1857 4,859,860 373,230 6,720
1858 1,231,023 445,896 13,440
1859 2,649,509 647,064 8,512
1860 3,121,709 218,403 37,990
1861 8,190,170 209,484 273,578
1862 7,836,413 148,518 352,800
1863 6,997,212 161,172 151,648
1864 9,535,597 535,194 18,069
1865 2,367,614 501,732 57,493
1866 5,076,676 493,416 50,624
1867 496,397 193,842 33,301 723,540.
Consider difference of 1853 und 1867.
Computed Real Value of the registered Gold Bullion and specie. Imported into U. Kingdom from 1858–1867.
1858 Gold: £22,793,126 Silver Bullion and Specie: 6,700,064£
1859 22,297,698 14,772,458
1860 12,584,684 10,393,512
1861 12,163,937 6,583,108
1862 19,903,704 11,752,772
1863 19,142,665 10,888,129
1864 16,900,951 10,827,325
1865 14,485,570 6,976,641
1866 23,509,641 10,777,498
1867 15,800,159 8,020,888

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.