Aus:
The Economist, 11. Juli 1868. S. 785/786.
Schließen

Contract Price per Cwt. for Bread. (figures just issued by the Board of Guardians of Whitechapel).

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.

Aus:
The Economist, 11. Juli 1868. S. 788/789.
Schließen

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:

74

 Bemerkung von Marx.
Schließen 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.

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.
Schließen

Finance versus Finance.  Zusatz von Marx.
Schließen (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.

Aus:
The Economist, 11. Juli 1868. S. 790/791.
Schließen

From: Annual Report (1868) of the Irish Poor Law Commissioners.

(Verte)|

Aus:
The Economist, 11. Juli 1868. S. 794/795.
Schließen

Amount of gold, silver, and copper monies coined in each year 1853–67.