[Inhaltsverzeichnis von Friedrich Engels]

2

1869 I Heft

3-4

[Money Market. 1868.]

Bank of England and Money Market.

Aus:
The Money Market Review, 4. Januar 1868. S. 14; 11. Januar 1868. S. 42; 18. Januar 1868. S. 70; 25. Januar 1868. S. 100; 1. Februar 1868. S. 130; 8. Februar 1868. S. 162; 15. Februar 1868. S. 196; 22. Februar 1868. S. 226; 29. Februar 1868. S. 256; 7. März 1868. S. 284; 14. März 1868. S. 308; 21. März 1868. S. 336; 28. März 1868. S. 368.
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January to March (incl.) 1868.
Week ending 1) Circulation issued 2) Circulation active 3) Bullion in Issue Department 4) Reserve Notes. 5) Reserve Coin. 6) Total Reserve. 7) Public Deposits. 8) Private Deposits 9) Public securities. 10) Private Securities. 11) Total of Coin and Bullion.
1. January £35,971,840. Incr. £134,640 24,242,055. I 879,190 20,971,840 11,729,785 D 744,550 1,089,888 12,819,673 D 758,509 6,314,203 D 864,554 21,654,971 I 2,888,766 13,269,046 I 249,843 20,125,012 I. 2,606,510 22,061,728 I. 120,681
8. 〃 〃 35,959,050 Decr. 12,790 24,233,855 D. 8,200 20,959,050 11,725,195 D 4,590 1,101,020 12,826,215 I 6,542 3,650,829. D. 2,663,374 23,416,607. I 1,761,636 14,369,046 I. 1,100,000 18,300,904 D. 1,824,108 22,060,070 D. 1,658
15. 〃 〃 36,003,735 I. 44,685 24,324,770. I. 90,915 21,003,735 11,678,965 D. 46,230 1,082,478 12,761,443 D. 64,772 3,324,627 D 426,202 23,000,437 D 416,170 14,569,046 I. 200,000 17,396,823 D. 904,081 22,086,213 I. 26,143
22. 〃 〃 36,080,920 I. 77,185 23,868,870 D. 455,900 21,080,920 12,212,050 I. 533,085 1,119,983 13,332,033 I. 570,590 3,251,923 D.  22,649,575 D 350,862 14,269,046 D. 300,000 16,810,986 D. 585,837 22,200,903. I. 114,690
29. 〃 〃 36,203,520 I 122,600 23,474,530 D 394,340 21,203,520 12,728,990 I 516,940 1,116,105 13,845,095 I 513,062 3,545,269. I 293,346 22,523,345 D 126,230 14,068,246 D. 200,800 16,616,358 D. 194,628 22,319,625 I. 118,722
5. February 35,642,785 D 560,735 23,679,380 I 204,850 20,642,785 11,963,405 D. 765,585 1,112,449 13,075,854 D. 769,241 4,110,382 I 565,113 20,949,243 D 1,574,102 No Change 16,443,736 D 172,622 21,755,234. D 564,391
12 〃 〃 35,378,390 D 264,395 23,503,315 D 176,065 20,378,390 11,875,075 D 88,330 1,227,570 13,102,645 I. 26,791 4,055,138 D. 55,244 21,038,825 I. 89,582 13,968,079 D. 100,167. 16,499,309 I. 55,573 21,605,960. D. 149,274
19 〃 〃 34,977,845 D 400,545 23,373,160 D 130,155 19,977,845 11,604,685 D. 270,390 1,214,304 12,818,989 D 283,656 4,048,567. D. 6,571 20,003,424 D 1,035,401 13,468,079 D. 500,000 16,265,356. D. 233,953 21,192,149 D. 413,811
26 〃 〃 35,122,490 I 144,645 23,117,850 D 255,310 20,122,490 12,004,640 I. 399,955 1,227,299 13,231,939 I 412,950 4,459,713 I. 411,146 19,815,396 D 188,028 13,268,079 D. 200,000 16,205,515 D. 59,841 21,349,789. I. 157,640
4. March. 34,974,270 D 148,220 23,593,380 I 475,530 19,974,270 11,380,890 D 623,750 1,161,922 12,542,812 D 689,127 4,708,017 I. 248,304. 19,913,829 I 98,433 No Change 17,511,714 I 1,306,199 21,136,192 D. 213,597
11. 〃 〃 34,876,965 D 97,305 23,175,015 D 418,365 19,876,955 11,701,950 I. 321,060 1,302,565 13,004,515 I. 461,703 4,856,122 I. 148,105 20,326,190 I 412,361 No Change. 17,572,261 I. 60,547 21,179,530 I. 43,338
18. 〃 〃 34,994,600 I. 117,635 23,027,625 D 147,390 19,994,600 11,966,975 I 265,025 1,286,827 13,253,802 I 249,287 5,927,224 I. 1,071,102 19,737,714 D 588,476 13,272,162 I. 4,083 17,777,440 I 205,179 21,281,427 I 101,897.
25. 〃 〃 35,099,805 I 105,205 23,334,865 I 307,240 20,099,805 11,764,940 D 202,035 1,338,278 13,103,218 D 150,584 7,287,476 I 1,360,252 19,502,226 D 235,488 No Change 19,039,938. I 1,262,398 21,438,083 I 156,656
Aus:
The Money Market Review, 4. Januar 1868. S. 15; 11. Januar 1868. S. 43; 18. Januar 1868. S. 70; 25. Januar 1868. S. 101; 1. Februar 1868. S. 131; 8. Februar 1868. S. 163; 15. Februar 1868. S. 196; 22. Februar 1868. S. 227; 29. Februar 1868. S. 257; 7. März 1868. S. 285; 14. März 1868. S. 309; 21. März 1868. S. 337; 28. März 1868. S. 369.
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Operations of Clearing House. Week ending 1 January to week ending 25 March 1868.
Week end. 1 Jan. Thursday. Dec. 26.

£6,061,100

Friday. Dec. 27.

8,707,000

Saturday. Dec. 28.

9,838,000

Monday. Dec. 30.

16,907,000

Tuesday. Dec. 31.

14,083,000

Wednesday. Jan. 1.

9,557,000

Total. £.

65,153,000

8. Jan. Jan. 2.

£9,673,000

Jan. 3.

9,791,000

Jan. 4.

13,422,000

Jan. 6

10,009,000

Jan. 7.

12,221,000

Jan. 8

10,217,000

Total. £.

65,333,000

15. Jan. Jan. 9.

£7,508,000

Jan. 10.

10,124,000

Jan. 11

9,998,000

Jan. 13

11,105,000

Jan. 14

10,009,000

Jan. 15

18,985,000

67,729,000
22 Jan. Jan. 16

£11,177,000

Jan. 17.

11,256,000

Jan. 18

12,397,000

Jan. 20

9,643,000

Jan. 21

9,836,000

Jan. 22

9,158,000

63,467,000
29 Jan. Jan. 23

£8,661,000

Jan. 24

8,589,000

Jan. 25

9,857,000

Jan. 27

7,505,000

Jan. 28

8,764,000

Jan. 29

7,788,000

51,164,000
5. Febr. Jan. 30

£10,198,000

Jan. 31.

20,452,000

Feb. 1

13,012,000

Feb. 3

9,755,000

Febr. 4.

12,802,000

Febr. 5

9,976,000

76,195,000
12 Feb. Febr. 6

£11,255,000

Febr. 7.

9,301,000

Febr. 8

9,792,000

Feb. 10

8,592,000

Febr. 11

8,968,000

Febr. 12

8,059,000

55,967,000
19 Febr. Febr. 13.

£8,735,000

Febr. 14

22,531,000

Febr. 15

14,217,000

Feb. 17

10,877,000

Febr. 18

10,844,000

Febr. 19

8,851,000

76,055,000

26 Feb. Febr. 20

£7,779,000

Febr. 21

8,326,000

Febr. 22

9,959,000

Febr. 24

8,736,000

Feb. 25

10,916,000

Febr. 26

8,330,000

54,046,000
4 March Feb. 27

£8,874,000

Feb. 28

21,041,000

Feb. 29.

13,533,000

March [2]

11,306,000

March 3.

12,059,000

March 4.

11,368,000

78,181,000
[11] March March 5

£11,411,000

March 6.

9,708,000

March 7.

13,679,000

Ma[rch 9]

9,462,000

March 10

8,901,000

March 11

7,187,000

60,348,000

[18] March March 12

£8,515,000

March 13

20,965,000

March 14

12,578,000

Mar[ch 16]

11,783,000

March 17.

10,145,000

March 18

8,859,000

72,845,000

[25 M]arch March 19

£7,935,000

March 20

9,354,000

March 21

10,546,000

Mar[ch 23]

9,348,000

March 24

9,104,000

March 25

7,443,000

53,730,000.

|
5-6
Aus:
The Money Market Review, 4. April 1868. S. 400; 11. April 1868. S. 428; 18. April 1868. S. 452; 25. April 1868. S. 476; 2. Mai 1868. S. 500; 9. Mai 1868. S. 522; 16. Mai 1868. S. 544; 23. Mai 1868. S. 568; 30. Mai 1868. S. 592; 6. Juni 1868. S. 618; 13. Juni 1868. S. 644; 20. Juni 1868. S. 668; 27. Juni 1868. S. 690.
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Bank of England and Money Market. April to June (incl.) 1868.
Week ending. 1) Circulation Issued. 2) Circulation active. 3) Bullion. Is. Dpt. 4) Reserve Notes. 5) Coin (Reserve) 6) Total Reserve. 7) Public Deposits. 8) Private Deposits. 9) Pub. Securities. 10) Private Securities. 11) Total of Coin and Bullion.
1. April. £34,935,295 D 164,510 24,167,805 I. 832,940. 19,935,295 10,767,490 D 997,450 1,168,817 11,936,307 D 1,166,911 6,910,477 D. 376,999 20,291,680 I. 789,454 13,271,754 D. 408 20,698,418 I. 1,658,580 21,104,112 Decr. 333,971.
8. 〃 〃 34,728,315 D 206,980 24,611,045 I 443,240 19,728,315 10,117,270 D 650,220 1,096,762 11,214,996 D. 721,311 3,894,180 D. 3,016,297 21,146,623 I 854,943 13,268,000 D. 3,754 18,715,640 D 1,982,778 20,825,077 D. 279,035.
15. 〃 〃 34,586,995 D 141,320 24,464,095 D 146,950 19,586,995 10,122,900 I 5,630 1,124,285 11,247,185 I 32,189 4,030,116 I 135,936 20,157,426 D. 989,197 13,277,696 I. 9,696 17,798,321 D 917,319 20,711,280 D. 113,797.
22. 〃 〃 34,315,565 D 271,430 23,940,020 D 524,075 19,315,565 10,375,545 I 252,645 1,211,535 11,587,080 I. 339,895 4,219,175 I 189,059 20,349,041 I 191,615 No change. 17,832,848 I 34,527 20,527,100 D. 184,180
29. 〃 〃 34,387,470 I. 71,905 24,151,105 I. 211,085 19,387,440 10,236,365 D. 139,180 1,245,416 11,481,781 D. 105,299 4,800,109 I. 580,934 19,916,893 D. 432,148 No change 18,083,775 I. 250,927 20,632,886 I. 105,786.
6. May. 34,234,165 D. 153,305 24,454,885 I. 303,780 19,234,165 9,779,280 D. 457,085 1,168,827 10,948,107. D. 533,674 5,128,327. I. 328,218 20,209,045 I. 292,152 No change. 19,238,404. I. 1,154,629 20,402,992 D. 229,894.
13. 〃 〃 33,993,545 D. 240,620 23,978,430 D. 476,455 18,993,545 10,015,115 I. 235,835 1,297,843 10,015,115 I. 235,835 5,774,277. I. 645,950 20,061,034 D. 148,011 No change. 19,390,487. I. 152,083 20,291,388 D. 111,604
20 〃 〃 34,467,860 I. 474,315 23,925,150 D. 53,280 19,467,860 10,542,710 I. 527,595 1,321,103 11,863,813 I. 550,855 6,041,006. I. 266,729 20,320,946. I. 259,912 No change 19,346,724 D 25,763 20,788,963 I. 497,575
27 〃 〃 34,977,285 I. 509,425 23,680,695 D. 244,455 19,977,285 11,296,590 I. 753,880 1,313,367 12,609,957 I. 746,144 6,195,503 I. 154,497 20,847,589 I. 526,643 13,294,557 I. 16,861 19,272,316 D. 92,408 21,290,652. I. 501,689
3. June. 35,734,660 I. 757,375 24,226,485 I. 545,790 20,734,660 11,508,175 I. 211,585 1,235,078 12,743,253 I 133,296 6,489,091. I. 293,588 20,754,781 D. 92,808 No change 19,292,130 I. 19,814 21,969,738 I. 679,086.
10. 35,943,995 I. 209,335 23,535,840 D. 690,645 20,934,995 12,408,155 I. 899,980 1,260,820 13,668,975 I. 925,722 7,415,041. I. 925,950 20,302,549 D. 452,232 No change 18,850,214 D. 441,916 22,204,815 I. 235,077.
17. 36,320,080 I. 376,085 23,524,735 D. 11,105 21,320,080 12,795,345 I. 387,190 1,250,965 14,046,310 I. 377,335 7,986,257 I. 571,216 19,706,991 D 595,558 No change 18,413,635 D. 436,579 22,571,045 I. 366,230
24. 36,678,060 I. 357,980 23,687,390 I 162,655 21,678,060 12,990,670 I. 195,325 1,284,921 14,275,591 I. 229,281 8,095,285 I. 109,028 19,531,108 D 175,883 No change 18,160,273 D 253,362 22,962,981. I. 391,936.
Aus:
The Money Market Review, 4. April 1868. S. 401; 11. April 1868. S. 428; 18. April 1868. S. 453; 25. April 1868. S. 477; 2. Mai 1868. S. 501; 9. Mai 1868. S. 522; 16. Mai 1868. S. 544; 23. Mai 1868. S. 568; 30. Mai 1868. S. 592; 6. Juni 1868. S. 618; 13. Juni 1868. S. 644; 20. Juni 1868. S. 669; 27. Juni 1868. S. 690.
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Operations of Clearing House from Week ending April 1 to week ending June 24, 1868.
Week end. 1 April. Thursday. 26 March.

£7,889,000

Friday. 27 March.

8,510,000

Saturday. 28 March

11,077,000

Monday. March 30.

11,368,000

Tuesday. March 31.

23,204,000

Wednesday. April. 1.

10,614,000

Total £.

72,662,000

Week end. 8 April. 2 April.

11,023,000

3 April.

9,776,000

4. April.

12,761,000

April. 6

9,729,000

April. 7.

9,985,000

April. 8

10,278,000

Total. £

63,552,000

Week end. 15 April April. 9

12,270,000

April. 10.

Nothing (Good Friday)

April. 11

10,474,000

April. 13

9,548,000

April. 14

10,021,000

April. 15.

11,875,000

Total. £

54,188,000

Week end. April 22 April 16.

21,568,000

April 17

13,911,000

April 18

11,705,000

April 20

9,435,000

April. 21.

10,119,000

April. 22

8,907,000

Total. £

75,645,000

Week end. April 29. April. 23

9,921,000

April 24.

8,710,000

April 25

10,546,000

April. 27

8,093,000

April. 28

9,774,000

April. 29

20,612,000

Total. £.

67,656,000

Week end. 6 May. April. 30

10,801,000

May. 1

8,241,000

May 2.

11,875,000

May. 4.

11,801,000

May. 5.

10,061,000

May. 6.

8,816,000

Total. £.

61,595,000

Week end. 13 May. May 7.

9,740,000

May 8.

9,042,000

May 9.

10,431,000

May 11

8,619,000

May 12.

8,753,000

May 13.

8,759,000

Total. £.

55,344,000

Week end. 20 May. May 14

19,848,000

May 15

12,016,000

May 16.

10,890,000

May 18.

9,786,000

May. 19.

9,604,000

May. 20.

8,945,000

Total. £.

71,008,000

Week end. 27 May. May 21.

8,669,000

May 22.

9,620,000

May. 23.

10,275,000

May 25.

9,632,000

May. 26.

8,915,000

May. 27.

6,840,000

Total. £.

53,951,000

Week end. 3 June. May 28

8,704,000

May 29

19,532,000

May 30

14,237,000

June. 1

8,094,000

June. 2.

9,575,000

June. 3

9,575,000 9,557,000

Total. £.

69,699,000

Week end. 10 June. June. 4.

11,739,000

June 5.

10,642,000

June 6.

12,321,000

June 8.

9,072,000

June. 9

9,410,000

June. 10

8,112,000

Total. £.

61,251,000

Week end. 17 June. June. 11

7,822,000

June 12.

9,806,000

June 13

11,296,000

June 15

9,386,000

June 16

23,400,000

June 17

12,533,000

Total £.

74,243,000

Week end. 24 June. June 18.

9,108,000

June 19

11,075,000

June 20

10,080,000

June 22

9,730,000

June. 23

9,805,000

June 24.

8,220,000

Total £.

58,018,000

|
7-8
Aus:
The Money Market Review, 4. Juli 1868. S. 12; 11. Juli 1868. S. 36; 18. Juli 1868. S. 64; 25. Juli 1868. S. 94; 1. August 1868. S. 122; 8. August 1868. S. 150; 15. August 1868. S. 176; 22. August 1868. S. 200; 29. August 1868. S. 222; 5. September 1868. S. 242; 12. September 1868. S. 262; 19. September 1868. S. 282; 26. September 1868. S. 302.
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Bank of England and Money Market. July to September (incl.) 1868.
Week ending. 1) Circulation Issued. 2) Circulation Active. 3) Bullion. Iss. Dpt. 4) Reserve Notes. 5) Reserve Coin. 6) Total Reserve. 7) Public Deposits. 8) Private Deposits. 9) Public Securities. 10) Private Securities. Total Coin and Bullion.
July 1 36,660,220. D. 17,840 24,771,585 I. 1,084,195 21,660,220 11,888,635 D. 1,102,035 1,091,001 12,979,636 D. 1,295,955 7,021,048 D. 1,074,237 21,497,262 I. 1,966,154 13,214,394 D. 80,163 20,451,631 I. 2,291,358 22,751,221 D 211,760
8 36,388,460 D. 271,760 24,722,730 D 48,855 21,388,460 11,665,730 D. 222,905 1,163,082 12,828,812 D 150,824 4,396,418 D. 2,624,630 23,158,434 I 1,661,172 14,614,394 I. 1,400,000 18,412,785 D 2,038,846 22,551,542 D 199,679
15 35,966,000 D 422,460 24,876,360 I. 153,630 20,966,000 11,089,640 D. 576,090 1,220,535 12,310,175 D 518,637 3,359,776 D. 1,036,642 22,080,000 D. 1,078,434 No change. 16,904,426 D. 1,508,359 22,186,535 D 365,007
22 35,814,740 D. 151,260 24,491,110 D 385,250 20,814,740 11,323,630 I. 233,990 1,262,594 12,586,224 I. 276,049 3,139,924 D. 219,852 22,077,372 D. 2,628 No change. 16,400,413 D. 504,013 22,077,334 D. 109,201
29 35,748,110 D. 66,630 24,325,801 D. 165,305 20,748,110 11,422,305 I 98,675 1,216,541 12,638,846 I 52,622 3,499,374 I 359,450 21,454,054 D 623,318 No change. 16,070,304 D 330,109 21,964,651 D 112,683
August 5 35,218,865 D 529,245 24,963,380 I 637,575 20,218,865 10,255,485 D 1,166,820 1,153,124 11,408,609 D 1,230,237 3,379,081 D 120,293 20,667,439 D 786,615 14,790,302 I. 175,908 16,292,387 I 222,083 21,371,989 D 592,662
12 34,631,490 D 587,375 24,533,260 D 430,120 19,631,490 10,098,230 D. 157,255 1,169,239 11,267,469 D 141,140 3,088,830 D 290,251 20,206,739 D 460,700 14,390,131 D 400,171 16,149,757 D 142,630 20,800,729 D. 571,260
19 34,638,755 I. £7,265 24,245,410 D. 287,850 19,638,755 10,393,345 I. 295,115 1,096,446 11,489,791. I. 222,322 2,864,234 D 224,596 20,172,244 D 34,495 13,790,131 D. 600,000 16,174,185 I. 24,428 20,735,201 D 65,528
26 34,617,335. I. 21,420 23,955,630 D 289,780 19,617,335 10,661,705 I. 268,360 1,156,766 11,818,471 I. 328,680 2,979,410 I 115,176 19,838,830 D. 333,414 No Change 15,597,078 D 577,107 20,774,101 I 38,900
September 2 34,729,555 I 112,220 24,307,105 I 351,475 19,729,555 10,422,450 D 239,255 1,117,098 11,539,548 D 278,923 3,274,415 I 295,005 19,577,730 D 261,100 No change. 16,239,930 I 642,852 20,846,653 I 72,552
9 34,617,250 D. 112,305 23,875,955 D 431,150 19,617,250 10,741,295 I 318,845 1,118,898 11,860,193 I. 320,645 3,715,925 I 441,510 19,423,966 D. 153,764 No change. 16,215,856 D. 24,074 20,736,148 D 110,505
16 34,612,035 D. 5,215 23,645,455 D 230,500 19,612,035 10,966,580 I 225,285 1,163,957 12,130,537 I. 270,344 3,975,728 I. 259,803 19,309,767 D 114,199 No change 16,124,020 D 91,836 20,775,992 I 39,844
23 34,767,830 I 155,805 23,570,345 D 75,110 19,767,830 11,197,485 I. 230,905 1,197,010 12,394,495 I 263,958 5,194,839 I 1,219,111 19,200,180 D 109,587 14,790,131 I. 1,000,000  Zusatz von Marx.
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(!)
15,998,695 D 125,325 20,964,840 I 188,848
Aus:
The Money Market Review, 4. Juli 1868. S. 13; 11. Juli 1868. S. 37; 18. Juli 1868. S. 65; 25. Juli 1868. S. 94; 1. August 1868. S. 122; 8. August 1868. S. 150; 15. August 1868. S. 177; 22. August 1868. S. 200; 29. August 1868. S. 222; 5. September 1868. S. 242; 12. September 1868. S. 262; 19. September 1868. S. 282; 26. September 1868. S. 302.
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Operations of Clearing House from Week ending July 1 to week end. September 26, 1868
Week ending July 1. Thursday. June 25.

8,857,000

Friday. June 26.

9,905,000

Saturday June 27.

12,271,000

Monday June 29.

8,991,000

Tuesday. June 30.

24,998,000

Wednesday July 1

16,099,000

Total £.

81,121,000

Week ending July 8. 10,328,000 July 2. 11,144,000 July 3. 13,912,000 July 4. 9,314,000 July 6 11,787,000 July 7. 10,449,000 July 8 66,934,000
Week ending July 15 11,810,000 July 9 11,268,000 July 10 10,816,000 July 11 10,146,000 July 13 10,987,000 July 14 22,771,000 July 15 77,798,000
July 22 12,067,000 July 16 10,546,000 July 17 11,965,000 July 18 10,898,000 July 20 9,125,000 July 21 8,825,000 July 22 63,426,000
July 29 9,640,000 July 23 9,579,000 July 24 8,906,000 July 25 8,296,000 July 27 9,494,000 July 28 7,870,000 July 29 53,785,000
Week ending August 5 9,150,000 July 30 22,182,000 July 31 11,316,000 August 1 11,080,000 August 3 12,655,000 August 4 9,282,000 August 5 75,665,000
12 10,818,000 August 6 10,048,000 August 7 11,982,000 August 8 9,564,000 August 10 9,116,000 August 11 9,337,000 August 12 60,915,000
19 9,133,000 August 13 21,751,000 August 14 12,124,000 August 15 10,445,000 August 17 10,885,000 August 18 8,061,000 August 19 72,399,000
26 7,994,000 August 20 9,812,000 August 21 10,802,000 August 22 8,279,000 August 24 9,920,000 August 25 8,562,000 August 26 55,369,000
Week ending September 2 7,579,000 August 27 18,213,000 August 28 12,067,000 August 29 10,978,000 August 31 10,302,000 Sept 1 9,445,000 Sept 2

68,584,000

9 8,111,000 Sept 3 12,546,000 Sept 4 9,348,000 Sept 5 8,251,000 Sept 7 10,335,000 Sept 8 7,881,000 Sept 9 56,472,000
16 8,775,000 Sept 10 9,236,000 Sept 11 10,508,000 Sept 12 9,667,000 Sept 14 8,943,000 Sept 15 18,327,000 Sept 16 65,456,000
23 10,446,000 Sept 17 9,292,000 Sept 18 9,536,000 Sept 19 8,575,000 Sept 21 8,232,000 Sept 22 7,764,000 Sept 23 53,845,000|
9-10
Aus:
The Money Market Review, 3. Oktober 1868. S. 322; 10. Oktober 1868. S. 344; 17. Oktober 1868. S. 366; 24. Oktober 1868. S. 388; 31. Oktober 1868. S. 410; 7. November 1868. S. 432; 14. November 1868. S. 454; 21. November 1868. S. 476; 28. November 1868. S. 500; 5. Dezember 1868. S. 524; 12. Dezember 1868. S. 550; 19. Dezember 1868. S. 576; 26. Dezember 1868. S. 598.
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Bank of England and Money Market October to December (incl.) 1868.
Week ending. 1) Circulation Issued. 2) Circulation active. 3) Bullion. (Is. Dp.) 4) Reserve Notes. 5) Reserve Coin. 6) Total Reserve. 7) Public Deposits. 8) Private Depts. 9) Pub. Securities. 10) Private Securities. 11) Total Bullion and Coin.
September. 30 34,897,075 I 129,245 24,391,270 I 820,925 19,897,075 10,505,805 D 691,680 1,104,061 11,609,866 D. 784,629 5,385,296 I. 190,457 18,735,117 D 465,063 14,940,131 I. 150,000 16,366,692 I 367,997 21,001,136. I 36,296.
October 7 34,692,935. D. 204,140. 24,647,915. I. 256,645 19,692,935 10,045,020 D 460,785 1,015,010 11,060,030 D. 549,836 5,306,624. D. 78,672 18,022,446. D. 712,671 15,039,716 I. 99,585 16,054,128 D. 312,564 20,707,945 D 293,191
14 34,083,870 D. 609,065 24,515,915 D. 132,000 19,083,870 9,567,955 D 477,065 1,080,380 10,648,335 D. 411,695 3,838,119 D 1,468,505 20,231,481 I. 2,209,035 15,935,874 I. 896,158 15,822,238 D 231,890 20,164,250. D 543,695
21 33,850,975 D 232,895 24,493,790 D 22,125 18,850,975 9,357,185 D. 210,770 1,096,199 10,453,384 D 194,951 3,550,282 D 287,837 20,405,854 I. 174,373 No change 15,881,648 I 59,410 19,947,174 D 217,076
28 33,750,230 D 100,745 24,175,880 D 317,910 18,750,230 9,574,350 I 217,165 1,094,631 10,668,981 I 215,597 4,129,038 I 578,756 19,919,524 D 486,330 15,985,874 I. 50,000 15,705,432 D 176,216 19,844,861 D 102,313
November 4 33,423,975 D 326,255 24,513,370 I 337,490 18,423,975 8,910,605 D 663,745 1,053,763 9,964,368 D 704,613 4,281,114 I. 152,076 18,621,065 D 1,298,459 15,485,874 D 500,000 15,728,291 I 22,859 19,477,738 D 367,123
11 33,230,155 D 193,820 23,936,315 D 577,055 18,230,155 9,293,840 I. 383,235 1,128,695 10,422,535 I 458,167 4,744,758 I 463,644 19,248,711 I 627,646 No Change. 16,317,065 I 588,774 19,358,850 D 118,888
18 32,202,620 D 1,027,535 23,489,100 D 447,215 17,202,620 8,713,520 D 580,320 1,154,039 9,867,559 D 554,976 5,030,529 I 285,771 18,762,567 D 486,144 15,301,437 D 184,437 16,873,882 I. 556,817 18,356,659 D 1,002,191
25 32,137,355 D 65,265 23,243,255 D 245,845 17,137,355 8,894,100 I 180,580 1,119,282 10,013,382 I 145,823 5,427,596 I 397,067 18,103,008 D 659,559 15,074,874 D. 226,563 16,662,170 D 211,712 18,256,637 D 100,022
December 2 32,007,425 D 129,930 23,510,110 I 266,855 17,007,425 8,497,315 D 396,785 1,080,023 9,577,338 D 436,044 5,575,694 I 148,098 18,085,878 D 17,130 No change 17,193,379 I 531,209 18,087,448 D 169,189
9 31,763,985 D 243,440 23,200,140 D 309,970 16,763,985 8,563,845 I 66,530 1,077,684 9,641,529 I 64,191 6,363,025 I 787,331 17,608,301 D 477,577 No change 17,378,559 I 185,180 17,844,669 D 245,779
16 31,901,190 I 137,205 22,724,675 D 475,465 16,901,190 9,176,515. I 612,670 1,257,125 10,433,640 I 792,111 5,956,333 D 406,692 17,972,453 I 364,152 14,074,874 D. 1,000,000 17,494,978 I 116,419 18,158,315 I 316,646
23 32,191,935 I 290,745 22,940,185 I 215,510 17,191,935 9,251,750 I 75,235 1,099,686 10,351,436 D 82,204 6,899,705 I 943,372 17,850,762 D 121,691 14,124,874 I. 50,000 18,339,395 I 844,417 18,291,621 I 133,306
Aus:
The Money Market Review, 3. Oktober 1868. S. 322; 10. Oktober 1868. S. 344; 17. Oktober 1868. S. 366; 24. Oktober 1868. S. 388; 31. Oktober 1868. S. 410; 7. November 1868. S. 432; 14. November 1868. S. 454; 21. November 1868. S. 476; 28. November 1868. S. 500; 5. Dezember 1868. S. 525; 12. Dezember 1868. S. 550; 19. Dezember 1868. S. 576; 26. Dezember 1868. S. 598.
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Operations of Clearing House from Week ending Sept. 30 to week ending 23 December, 1868.
Week ending Sept. 30 Thursday. Sept. 24.

£6,957,000.

Friday. Sept. 25

8,256,000

Saturday. Sept. 26.

11,235,000

Monday Sept. 28.

8,959,000

Tuesday. Sept. 29.

9,241,000

Wednesday, Sept. 30.

19,657,000

Total

64,305,000

Octob. 7 10,793,000 October 1. 9,877,000 Octob. 2 15,232,000 Octob. 3 9,746,000 October 5. 11,184,000 Oct. 6 9,062,000 Octob. 7. 65,894,000.
Oct. 14 8,774,000 October 8 10,093,000 October 9 11,402,000 Oct. 10 10,241,000 October 12 11,289,000 October 13 11,370,000 Oct. 14 63,169,000
Oct. 21 20,339,000 Oct. 15 12,379,000 Oct. 16 12,066,000 Oct. 17 9,864,000 Octbr. 19 10,301,000 Oct. 20 10,003,000 Oct. 21 74,952,000
Oct. 28 8,306,000 Oct. 22 10,271,000 Oct. 23 11,123,000 Oct. 24 7,987,000 Oct. 26 7,914,000 Oct. 27 8,662,000 Oct. 28 54,263,000
Novbr. 4 8,471,000 Oct. 29 27,198,000 Oct. 30 13,019,000 Oct. 31 7,848,000 Nov. 2 10,101,000 Nov. 3 12,710,000 Nov. 4 79,347,000
Nov. 11 11,092,000 Nov. 5 9,186,000 Nov. 6 11,800,000 Nov. 7 9,627,000 Nov. 9 10,342,000 Nov. 10 8,718,000 Nov. 11 60,765,000
Nov. 18 8,323,000 Nov. 12 26,057,000 Nv. 13 12,632,000 Nv. 14 10,104,000 No. 16 9,818,000 No. 17 8,430,000 No. 18 75,364,000
Nvbr. 25 9,337,000 Nob. 19 8,909,000 Nv. 20 11,232,000 Nv. 21 9,330,000 Nv. 23 9,785,000 Nv. 24 8,087,000 Nv. 25 56,677,000
Decbr. 2 8,985,000 Nv. 26 23,871,000 N. 27 12,279,000 Nv. 28 10,139,000 Nv. 30 11,603,000 Dec. 1 8,772,000 Dec. 2 75,649,000
Dcbr. 9 10,133,000 Dec. 3 14,120,000 Dec. 4 11,507,000 Dec. 5 10,367,000 Dec. 7 10,171,000 Dec. 8 7,977,000 Dec. 9 64,275,000
December 16 8,311,000 Dec. 10 9,414,000 Dec. 11 10,889,000 Dec. 12 9,821,000 Dec. 14 25,927,000 Dec. 15 10,546,000 Dec. 16 74,908,000
Dec. 23 10,830,000 Dec. 17 13,403,000 Dec. 18 11,873,000 Dec. 19 8,959,000 Dec. 21 10,417,000 Dec. 22 9,450,000 Dec. 23 64,932,000|

Bank of France

Aus:
The Money Market Review, 4. Januar 1868. S. 14; 11. Januar 1868. S. 43; 18. Januar 1868. S. 59; 25. Januar 1868. S. 87; 1. Februar 1868. S. 119; 8. Februar 1868. S. 147; 15. Februar 1868. S. 183; 22. Februar 1868. S. 215; 29. Februar 1868. S. 243; 7. März 1868. S. 275; 14. März 1868. S. 299; 21. März 1868. S. 323; 28. März 1868. S. 355; 4. April 1868. S. 387; 11. April 1868. S. 419; 18. April 1868. S. 443; 25. April 1868. S. 467; 2. Mai 1868. S. 500; 9. Mai 1868. S. 522; 16. Mai 1868. S. 544; 23. Mai 1868. S. 568; 30. Mai 1868. S. 592; 6. Juni 1868. S. 618; 13. Juni 1868. S. 635; 20. Juni 1868. S. 659; 27. Juni 1868. S. 683; 4. Juli 1868. S. 3; 11. Juli 1868. S. 27; 18. Juli 1868. S. 51; 25. Juli 1868. S. 83; 1. August 1868. S. 111; 8. August 1868. S. 139; 15. August 1868. S. 167; 22. August 1868. S. 191; 29. August 1868. S. 215; 5. September 1868. S. 235; 12. September 1868. S. 255; 19. September 1868. S. 275; 26. September 1868. S. 295; 3. Oktober 1868. S. 315; 10. Oktober 1868. S. 335; 17. Oktober 1868. S. 359; 24. Oktober 1868. S. 379; 31. Oktober 1868. S. 403; 7. November 1868. S. 423; 14. November 1868. S. 447; 21. November 1868. S. 467; 28. November 1868. S. 500; 5. Dezember 1868. S. 515; 12. Dezember 1868. S. 539; 19. Dezember 1868. S. 567; 26. Dezember 1868. S. 591.
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(Rate of Discount B.o.E. ditto) January to December 1868.
Week ending January. 4. Week ending January 11. Week end. January 18. Week end. January. 25. Week end. February 1. Week ending Febr. 8. Week ending February 15. Week end. Febr. 22. Week end. Febr. 29. Week end. March 7. Week ending March 14. Week ending March 21. Week ending March 28.
1) Coin and Bullion. D. 1,287,000£ D. 13,000 I. 68,000 I. 1,090,000 I 624,000 I 844,880 I. 880,000 I. 928,000 I. 720,000 I. 186,640 I 400,000 I. 747,000 I 360,000
2) Discounts. Loans. (Bills) I. 2,133,000 D. 20,000 D. 1,026,500 D. 148,000 293,320 D 1,680,000 D 333,500 D 528,000 D 370,000 D 280,000 D 600,000 D. 360,000 I 26,500
3) Rate of Disct. French: 21/2 Engl. 2%. No Change No change No change No change No change No change No change No change No change No change No change No change
4) Notes in Circulation. I. 2,560,000 I. 413,000 Notes Amount: £48,805,315
I 925,000
D. 304,000 Nts. Amount 48,498,967.
D. 160,000
48,098,887
D 384,000
48,051,513
D 45,000
47,544,974
D. 376,000
D. 93,500 47,940,020
I. 360,000
47,540,000
D. 400,000
47,423,677
D. 112,000
47,420,200
D. 224,000
5) Stock of Bull. (Coin)  Diese Angabe konnte in der „Money Market Review“ nicht ermittelt werden.
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£39,320,000
39,379,440 41,084,360 41,708,656 42,552,002. 43,433,870. 44,360,820 45,080,400 45,664,000 46,425,020 46,581,120
Week ending April 4 Week end. April 11 Week end. April 18 Week end. April 25. Week end. May 2 Week end. May 9 Week ending May 16. Week end. May 23 Week end. May 30 Week end. June 6 Week end. June 13 Week end. June 20 Week end. June 27
1) Coin and Bullion D. 693,500 D 750,000 D 192,000 I. 346,500 I. 136,000 I. 552,000 I. 213,500 I. 720,000 I 820,000 I. 460,000 D 118,266 I 280,000 I 280,245
2) Discounts. Loans. I. 845,000 I 60,000 D 130,000 I 228,000 I 1,800,000 D 1,867,000 I. 208,000 D 960,000 I. 173,500 D. 268,000 D 342,774 I 93,320 I 91,757
3) Rate of Discount No change No change No change No change No change No Change No change No change No change No change No change No change No change
4) Notes in Circulat. Amt. 48,354,583£
I. 1,160,000
48,706,580
I. 352,000
D 224,000 48,143,257
D. 366,500
I. 2,180,000 D. 1,853,500 D 544,000 D 544,000 I. 100,000 I. 264,000 47,594,461
D 546,060
47,830,461
I. 236,000
48,204,390
I. 373,362
5) Stock of Bull. (Coin) 46,068,905 45,318,905 45,126,000 45,470,057 45,606,000 46,373,000 47,093,000 £47,913,000 48,373,000 48,251,181 48,531,181 48,809,148
Week ending July 4. Week end. July 11 Week ending July 18 Wk. end. July 25 Week end. August 1 Week end. August 8 Week end. August 15 Wk. end. Aug. 22 Week ending August 29 Week end. September 5 Week ending Sept. 12 Week end. Sept. 19 Week ending Sept. 26
1) Coin and Bullion D. 41,602 D 589,155 D 21,728 I 581,603 I 304,863 I. 771,580 I 1,365,378 I 912,381 I 303,243 I 176,238 D 499,314 D 113,092 D 58,453
2) Discounts. Loans. I 795,787 D 169,979 D 676,743 I 105,820 I 985,885 D 2,098,070 I 4,329,190 I 2,311,665 D 1,366,506 D. 1,300,000 D 952,007 D 554,037 D 206,999
3) Rate of Discount. No change No change No change No change No change No change No change No change. No change No change No change No change No change
4) Notes in Circulat. Amount of Notes: £49,793,400
I 1,588,750
50,405,583
I 613,500
50,859,533
I 453,500
50,963,493
I 103,906
51,424,993
I 461,554
50,067,187
D. 1,357,806
50,339,918
I 272,731
49,462,044
D 877,874
48,805,452
D 656,592
49,557,978
I. 752,526
48,898,184
D. 659,794
48,812,810
D 85,374
48,849,232
I 36,422
5) Stock of Bull. (Coin. 48,767,546 48,178,391 48,156,663 48,738,266 49,043,129 49,814,709 51,180,087 52,092,468 52,395,711 52,571,949 52,072,635 51,959,543 51,901,090
Week ending October 3 Week end. Oct. 10 Week end. Oct. 17 Week end. Oct. 24 Week end. Oct. 31 Week end. November 7 Week end. November 14. Week ending Nov. 21 Week ending November 28 Week end. December 5 Week ending December 12 Week ending December 19 Week ending December 26.
1) Coin et Bull. D 952,220 D 890,075 D 877,549 D 268,677 D 643,786 D 582,497 D 721,165 D 449,494 D 281,512 I 511,444 D. 535,006 D 437,547 D. 192,000
2) Discounts. Loans. D 119,226 I 183,002 I 664,673 D 772,564 I. 448,844 I. 586,943 D 127,722 D 13,423 I 226,141 I. 746,146 D 110,095 D 295,684 I 540,000
3) Rate of Discount. No change No change No change No change No change No change No Change England 21/2 since 19 Nov. ’68

France: 21/2 (since 30 May ’67)

No change England 3% since Dec. 3, ’68

France 21/2%

No change No change No change
4) Notes in Circul. Amount of Notes 50,356,550£
I 1,507,318
49,836,368
D 520,182
50,496,708
I 660,340
49,894,248
D 602,460
50,652,988
I. 758,740
51,339,184
I 686,196
50,924,598
D 414,586
51,170,814
I. 246,216
50,744,284£
D 426,530
51,692,244
I 947,960
51,405,300
D 286,944
51,131,536
D 273,764
51,555,536
I 424,000
5) Stock of Coin. Bull. 50,948,870 50,049,795 49,172,246 48,903,569 48,259,783 47,677,286 46,956,121 46,506,627 46,225,115 46,736,559 46,201,553 45,764,006 45,956,006|

13

Notes to Movement of Money Market. 1868.

(January.)

Week ending Jan. 4. 1868.:

Aus:
The Money Market Review, 18. Januar 1868. S. 15.
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 Marx’ Worte.
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Reserve der B.o.E. decreases by 3/4 of a million, obgleich Bullion und daher circulation issue increases.
Aber wegen turn of year sudden and sharp demand for loans und discounts, daher increase von £2,606,510 in private securities. Da aber deposits zugleich rise by 2,888,766£ to be inferred that this demand to a large extent precautionary only, and perhaps due in part to the desire of people in business to increase their balances at the end of the year. Da aber Gvt disbursements on account of salaries etc, have caused the public deposits to be drawn down to the extent of £864,554, the reserve has decreased 3/4 million.

Aus:
The Money Market Review, 18. Januar 1868. S. 16.
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Mercantile Embarrassments: Stoppage of Cardwell et Sons, of Heckmondwike (Leeds). Liabilities about £30,000.

Week ending Jan. 11. 1868.

Aus:
The Money Market Review, 11. Januar 1868. S. 42.
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B.o.E. Return: Effect of payment of dividends (began on Wednesday 8), hence large diminution in Gvt. deposits and increase in private deposits, accompanied by repayment to B.o.E. of considerable portion of the advances lately made by it on private securities. At the same time increase of 1,100,000£ in Gvt. securities in banking department; cause, probably, advances by the bank on deficiency bills. Trifling decline in coin und bullion, obgleich result der import und export movements of the week, so far as the Bank is concerned, was addition of about 53,000£ to its stock; but coin taken away by the receivers of the dividends.

Aus:
The Money Market Review, 11. Januar 1868. S. 42.
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Discount Market very quiet, with superabundance of money, owing to the payment of dividends, amount of which nearly £7,000,000. About 3,000,000£ of this, however, returns to the Bank in repayment of loans and advances obtained from it during the last few weeks.

Aus:
The Money Market Review, 11. Januar 1868. S. 35.
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Some fall in the London and Westminster old bank shares, ditto shares of the Union Bank, on announcement of a dividend of 15%, being 21/2% less than for last year.

Aus:
The Money Market Review, 11. Januar 1868. S. 35.
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Railway Stocks: speculative operations on large scale, but entire absence of bona fide business. Decrease of traffick on all Scotch lines.

Week ending Jan. 18. 1868.

Aus:
The Money Market Review, 18. Januar 1868. S. 70.
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In Clearing House heavy business on 15 (Wednesday), in connection mit first settlement in the Stock Exchange for the new year; but the weekly returns continue to show that amount of mercantile bills afloat considerably below average.

Aus:
The Money Market Review, 18. Januar 1868. S. 71.
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Mercantile Embarrassments: failure of H. Bennett, ironmaster (Shropshire). His liabilities chiefly due to the makers of pig iron. Failure of J. Richards et Co, Smethwick (Birmingham), iron trade. liab. about £15,000

Aus:
The Money Market Review, 18. Januar 1868. S. 73.
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Railway Market decidedly firmer; with 1 or 2 exceptions prices rising. No increase of bona fide business, but large amount of stock has been bought to cover recent sales for a fall. Rise greatly helped by failure in connection with the settlement of an adverse operator, who had about £100,000 stock, chiefly Mitland, open for a decline, and whose transactions have within the last few days been mostly closed by the dealers to whom he had made sales.

Week ending Jan. 25, 1868.

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The Money Market Review, 25. Januar 1868. S. 100.
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Plethora of money extreme. Good bills taken at 11/4 to 13/8%, or 5/8 to 3/4 below the minimum at the B.o.E., where daher few applications. Mercantile Embarrassments: Schuloff et Co, Spanish merchants, Birmingham, stopped. liab. about £7000.

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The Money Market Review, 25. Januar 1868. S. 103.
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Bankshares continue to recover from late depression. In railway market buoyancy. Decided rise in London und North Western und North Eastern stocks by circulation of favourable reports on forthcoming dividends; public do not invest in railway stocks, but neither do they sell; and the unsettled speculation for the fall, acting upon a market bare of stock, occasions firmness, and an upward movement in prices. ⦗This afternoon (Jan. 24) sudden und rather severe relapse in Metropolitan stock.⦘ Large purchases to close speculative accounts.|

14

Notes to Movement of Money Market. 1868. (February. March.) (April)

Week ending 1 February ’68:

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The Money Market Review, 1. Februar 1868. S. 130 u. 133.
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B.o.E. return show reflux of coin from the provinces. Dann Bank parted mit £89,000 in gold for export in excess of the amount received from abroad; yet increase in coin et bullion of £118,722. Railway market: prices still supported by transactions to close speculative accounts. Relapse (Jan. 31) upon the announcement that an injunction had been granted to restrain the directors of the Metropolitan line from paying the proposed 7% dividend. Its stock fell 53/8%. Hence reaction upon other Railway Stock.

Week ending 8 February, ’68:

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The Money Market Review, 8. Februar 1868. S. 162.
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Flow of gold from the B.o.E. to the Continent, chiefly in payment for foreign stocks imported into this country; has told upon the Bullion Reserve. Money Market has not been affected. In the general market good bills discounted at 11/4 to 13/8%.

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The Money Market Review, 8. Februar 1868. S. 163.
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Nach circular of Mr. F. M. Page specie shipped to the East von 1860–1867 (incl.) yearly average £14,401,100. 1860 it was £13,500,372; rose in 1864 to £24,318,189, highest total ever reached, declined from that point till 1867, when exportation only £3,659,154.

Aus:
The Money Market Review, 8. Februar 1868. S. 163.
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Clearing House: Friday (Jan. 31) £20,452,000. This was Stock Exchange Settlement, shows decided revival of speculation in railway und foreign stock markets.

Week ending February 15. ’68:

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The Money Market Review, 15. Februar 1868. S. 196/197.
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B.o.E. £445,000 in gold withdrawn for exportation; diminution in its stock only: 149,274£, shows large reflux of coin from internal circulation. Mercantile Embarrassments: Failure of Gilchrist, Smith et Co. shipowners (Liverpool.) Welch et Son (ironmasters), Tipton. Failure of grocer (Dublin) liab. to about £32,000. 6s. in £ assets. Stoppage chiefly caused by speculations in the London Tea Market.

Week ending February 22. ’68:

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The Money Market Review, 22. Februar 1868. S. 226.
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Export from B.o.E. £573,000 (gold); in consequence of the continued receipt of sovereigns from the provinces, diminution in its stock only £413,811. In general Market rate: 13/8 to 11/2%. Owing to improvement in Paris exchange, demand for gold for exportation has diminished.

Week ending February 29:

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The Money Market Review, 29. Februar 1868. S. 256.
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B.o.E. shows increase of £157,640, though the net result to the Bank of the week’s import and export transactions was a withdrawal of £103,000. Hence must be considerable coin reflux from the provinces.

Aus:
The Money Market Review, 29. Februar 1868. S. 256.
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Indian Exchange: Owing to the recent rise of cotton here, and to consequent orders to buy the staple in the East, the exchanges at Bombay and Calcutta have risen, and a similar movement, adverse to this country, has taken place here. This will prevent the expected remittances of specie from India.

Aus:
The Money Market Review, 29. Februar 1868. S. 257.
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Mercantile embarrassments: Failure of W. H. Smith, Barry et Co, house in East India Trade, liab. £60,000. Failure of John Jones, coke and iron master, of Walsall and Netherton, large liab. Suspension of Msrs. Murcott, Wright et Co, of Lanesfield Ironworks, Springvale. Liab. 27,000.

Week ending March 7:

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The Money Market Review, 7. März 1868. S. 284.
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Increase of advances der B.o.E. on private „securities“ by £1,306,199, owing partly to preparations for the bills maturing on the 4th. This draught having been only partly made up to the Bank by the influx of deposits, decrease in reserve is £689,127. The decline – £213,597 – in the coin and bullion corresponds almost precisely with the gold withdrawn from the Bank for exportation. … The Foreign demand for wheat in British ports having fallen off, in consequence of further large arrivals at Marseilles, the demand for gold for the continent has increased, and further amounts are likely to be taken from the B.o.E., besides all the supplies that may come to hand from Australia and America.

Aus:
The Money Market Review, 7. März 1868. S. 285.
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Clearing House, the total unusually large (78,000,000) owing to Stock Exchange settlement on the 28., and the numerous bills which fell due in the first few days of March.

Aus:
The Money Market Review, 7. März 1868. S. 287.
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Railway Market: tendency to sell speculatively diminished. Public still hold aloof.

Week ending March 14:

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The Money Market Review, 14. März 1868. S. 308.
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Owing to increase in deposits, not accompanied by any corresponding increase in the advances on securities, an addition of £461,703 has been made to the reserve. As result of import und export transactions this week, the Bank parted mit £72,000 in gold; yet increase of £43,338 in its bullion und coin; hence evident that coin is flowing back from the internal circulation.

Aus:
The Money Market Review, 14. März 1868. S. 308.
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Discount market seems gradually tightening, and this tendency is likely to be increased by revival in the demand for silver for India. This owing to the recent important advance in the price of cotton here, and consequent despatch of large orders to buy in the East. Hence active demand yesterday (March 12) for bar silver for exportation to Bombay, and Calcutta, and upwards of £250,000 was purchased at quotations ranging from 5s. 07/8d. to 5s. 11/8d. per ounce, being 3/8d to 5/8d. above the last price. The whole of this silver must, it is stated, be imported from the Continent, and this will tend to increase the demand for bar gold for that quarter.

Week ending March 21:

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The Money Market Review, 21. März 1868. S. 336.
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Owing to return of specie from the provinces, the Coin and Bullion of B.o.E. have increased £101,897; though the Bank, on balance, parted with about £11,000 in gold for export during the week.

Aus:
The Money Market Review, 21. März 1868. S. 336.
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Discount market still gradually tightening, and it would appear that a distinct influence is now being exercised by the large revenue payments  Zusatz von Marx.
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⦗Steuern für Govt.⦘
into the Bank. The supply of money having diminished the rates for the best bills have advanced to 2%, and, the terms in the general market being thus equal to those of the B.o.E., brisk demand at that establishment.

Aus:
The Money Market Review, 21. März 1868. S. 339.
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Railway Stocks: variations in prices nearly all in upward direction. No increase of bona fide business; improvement caused by purchasers to close speculative accounts.

Week ending 28. March:

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The Money Market Review, 28. März 1868. S. 368.
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Large influx of the revenue (gezeigt durch Increase of £1,360,252 in Public Deposits), as usual at the close of the quarter; this naturally accompanied by increase of corresponding amount in the loans from the Bank on private securities, and by some withdrawals of private deposits. The result is a diminution of £150,584 in the reserve. During the week the Bank parted with £12,000 in gold for export more than it received from abroad, yet the reflux of coin from the provinces has caused an increase of £156,656 in the coin and bullion.

Aus:
The Money Market Review, 28. März 1868. S. 368.
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Bullion market: Gold; demand for export now exists only for refinable qualities, the Continental exchanges having experienced a marked rise during the past few days.

Aus:
The Money Market Review, 28. März 1868. S. 369.
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Mercantile Embarrassments: Failure of Jordan, Craik et Co (Cape, Port Elizabeth) owing to „the continued depression in London market of our colonial produce“. Liab. 60 to 70,000£.

Week ending April 4:

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The Money Market Review, 4. April 1868. S. 400.
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Demand for money on B.o.E. – as tested by the position of the advances on private securities, heavy, as usual at the turn of the quarter; while, at the same time, there have been large withdrawals of Gvt deposits for the payment of salaries etc[.] Thus, notwithstanding considerable increase in private deposits, the falling off in the reserve £1,166,911. The decrease in the coin and bullion is £333,971, of which £133,000 was withdrawn for export, while the balance must have been absorbed in the quarterly payments on Gvt and other accounts.|

15

Notes to Movement of Money Market. 1868. (April. May. June) (July)

Week ending April 11.

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The Money Market Review, 11. April 1868. S. 428.
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B.o.E. Return shows effect of the payment of dividends beginning on 8. April. The effect of the large withdrawals of Gvt. deposits largely neutralised by an influx of private deposits, and by the repayment to the Bank of heavy advances previously obtained from it on private securities ⦗besonders on the part of the discount houses and brokers.⦘ Net decrease in the reserve is thus: £721,311. The dividend and other payments usual at this season have caused a diminution of £279,035 in the coin and bullion, though the Bank received from abroad during the week £82,000.

Aus:
The Money Market Review, 11. April 1868. S. 428.
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Discount Market easy. The payment of the dividends attended with a large increase in the supply of money seeking employment, good bills daher easy to place at 13/4% or 1/4 below the minimum Bank o. E. rate.

Aus:
The Money Market Review, 11. April 1868. S. 429.
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Mercantile Embarrassments: Failure of 2 manufacturers, Hargraves und Simpson (of Burnley) R. Massey (of Akrington Accrington) (Lancashire.)

Week ending April 18:

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The Money Market Review, 18. April 1868. S. 452.
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B.o.E.: The large withdrawals of private deposits fully made up by the influx of Gvt. deposits, combined mit repayment of advances on private securities; hence small increase in reserve. During the week the Bank received, on balance, £77,000 gold von abroad; the whole of which, zusammen mit further sum of £113,797 taken away by receivers of the dividends.

Week ending April 25:

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The Money Market Review, 25. April 1868. S. 477.
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Mercantile Embarrassments: Failure of A. Barlow, contractor, Stoke (North Staffordshire) liab. about £.27,000.

Week ending May 2:

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The Money Market Review, 2. Mai 1868. S. 500.
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B.o.E. discount (2%) und that of general market now the same. The prospect, however, of a large influx of Australian and other gold militates against prospect of any early advance in the Bank’s charge. (1,609,000£ gold reported on way from Australia)

Week ending May 9:

Aus:
The Money Market Review, 9. Mai 1868. S. 522.
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B.o.E.: diminution of £533,674 in the reserve attributable to revival in the demand for discounts and loans at the Bank. In general market discount rates show upward tendency. Only the best short dated paper being taken at 2%, whilst 3 months’ bills charged in most quarters 21/4 to 21/2%. Hence applications large at B.o.E.

Aus:
The Money Market Review, 9. Mai 1868. S. 523.
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Stoppage of Msrs. Roskell, Arrowsmith and Kendal, bankers, of Preston and Lytham. Liab. valued at about 80,000£. Failure of J. Knight, earthenware manufacturer, Longton.

Week ending May 16:

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The Money Market Review, 16. Mai 1868. S. 544.
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Recent stringency in money market diminished. Best short dated bills more readily taken at 2%, and 3 months’ at 21/4. The terms at the B.o.E. now practically below those current at other discount establishments. Hence doubtful whether this quarter will end without an advance in the rate to 21/2%; but the amount of gold on the way to this country from Australia and America is almost unprecedented, and any advance in the rates here would attract a portion of the enormous amounts of capital now unemployed on the Continent.

Aus:
The Money Market Review, 16. Mai 1868. S. 545.
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Belding, Keith et Co, American trade, liab. about 50,000£, little or nothing in the shape of assets.

Week ending May 23:

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The Money Market Review, 23. Mai 1868. S. 569.
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Failure of M. Couvelas (Merchant) Manchester, liab. 58,000£. Melbourne: failure of Darlot et Co, squatters (31,000l.), Appleton, draper (21,000l.)

Aus:
The Money Market Review, 23. Mai 1868. S. 570.
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Railway Stocks steady.

Week ending May 30:

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The Money Market Review, 30. Mai 1868. S. 592.
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B.o.E. Received from abroad £391,000 in gold, after allowing for a withdrawal of 150,000l. for Egypt; as the increase is, however, über 500,000l., evidently reflux of coin from the provinces.

Aus:
The Money Market Review, 30. Mai 1868. S. 592.
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Discount Market: Great ease; best 3 months’ bills taken at 11/2 to 15/8%, very few applications at the B.o.E. Continued influx of bullion.

Aus:
The Money Market Review, 30. Mai 1868. S. 593.
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Suspension of F. Mitchell, manufacturer, Blackburn; ditto Nichols and Monk, manufacturers, of Halshaw Moor (Manchester). Stoppage of Bassett etc, hop and seed factors, of the Borough. (Depreciation in value of hops cause)

Aus:
The Money Market Review, 30. Mai 1868. S. 588/589.
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General improvement in Railway Stocks, despite unfavourable traffick returns of some principal railways. Greater buoyancy in public securities (Stock Exchange) than since panic of ’66. Abundance and cheapness of money, impossibility of finding employment for it in ordinary commercial channels, influx of gold, satisfactory reports on crops etc.

Week ending June 6:

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The Money Market Review, 6. Juni 1868. S. 618.
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Discount market extremely easy; owing to continued influx of gold, rate still drooping. Best 3 months’ bills at 11/2% , occasionally at 13/8. Hence few applications to B.o.E.

Aus:
The Money Market Review, 6. Juni 1868. S. 619.
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Mercantile Embarrassments: In connection with recent important fall in prices, failure of firm in London Corn trade (liab. about 20,000l.) Failure of John et W. Sanders, builders, Gray’s-inn-road. liab. about 20,000l.

Aus:
The Money Market Review, 6. Juni 1868. S. 620.
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Railway Stocks: Public still avoid making purchases, but considerable transactions for the rise on account of speculators, mostly in the country, who are enabled to take up stock during the present plethora of money, through advances made by bankers. Caledonian, Great Eastern, Great Northern, Lancashire and Yorkshire, Brighton, Midland, and Berwick, have been in demand, and advanced.

Week ending June 13:

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The Money Market Review, 13. Juni 1868. S. 644.
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Discount Rate in General market lower than ever. Stock Exchange so fully supplied mit money that it is difficult to place loans on English Gvt. Securities at 1% p. annum. No demand for bar gold on the continent, except for refinable qualities. Gold continuing to flow in from Australia and America.

Week ending June 20:

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The Money Market Review, 20. Juni 1868. S. 668.
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B.o.E. During the week a net amount of £126,000 in gold sent into the Bank von abroad, aber increase von £366,230; hence considerable reflux of coin from provinces. Plenty of gold is still coming. (von Australien und America)

Aus:
The Money Market Review, 20. Juni 1868. S. 669.
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Mercantile embarrassments: Failure of Cutler and Barker, seed and hop factors, London, house existed for 82 years; difficulty arisen from their being creditors to £17,000 on Bassett, who failed in the hop trade on 28. ult., and show only about 5s. in £. Liab. about 120,000£. Sydney: Failure of L. Lockhart, New Zealand Trade, liab. about 24,730.

Week ending June 27:

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The Money Market Review, 27. Juni 1868. S. 690 u. 693.
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B.o.E.: The increase – £391,936 – in coin und bullion exceed exceeds by about 180,000£ gold sent into Bank from abroad during week; difference must be occasioned by reflux of coin from the provinces. Discount Market somewhat tighter – effect of the temporary movement usual at this season. Railway Market heavy this week.

Week ending July 4:

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The Money Market Review, 4. Juli 1868. S. 12.
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During the week B.o.E. received about £107,000 (gold) from abroad, but the payments incidental to the season have carried away this sum, und further caused a decrease of £211,760. (Ende des halben Jahres; gvt payments etc) At this turn of year people in business, as well as joint stock banks, desirous of accumulating large balances. The terms for good bills in the general market 13/4%, and a strong demand experienced at the B.o.E. Rate of Discount in open market at Paris 11/2 p.c., Hamburg 21/4, Amsterdam 21/2, Berlin 3, Vienna 4, Turin 41/2, St. Petersburg 6%.

Week ending July 11:

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The Money Market Review, 11. July 1868. S. 36.
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B.o.E. Return shows the effect of one day’s dividend payments which commenced on 8. Gvt. deposits drawn down to £2,624,630, plus £1,400,000, advanced to Chancellor of Exchequer on some Gvt. security. Aber private deposits swelled by £1,661,172, while £2,038,846 repaid of advances on private securities; the reserve only diminished by £150,824. Decrease in coin und bullion only £199,697, despite a large shipment of specie to Buenos Ayres on account of the Argentine loan.

Aus:
The Money Market Review, 11. July 1868. S. 37.
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Mercantile Embr. Smith (of Smith, Knight et Co) Contractors, applied to Court of Bankruptcy (on 8.) for order of discharge granted. Liab. over £490,000; assets £4000 of bills „considered good“; £407 land at Hornsey; „doubtful claim of £118,000 on the Penarth Harbour, Dock, and Railway Co, not yet realised.“

Aus:
The Money Market Review, 11. July 1868. S. 39.
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Railway Stock: Flat. Several Stocks fallen considerably. Public, on balance, sell. Speculators on rise hesitate in face of existing uncertainty as to forthcoming dividends.

Week ending July 18:

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The Money Market Review, 18. Juli 1868. S. 64.
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B.o.E. Of £365,007 decrease in coin et bullion £241,000 withdrawn for exportation. The sum of £250,000 (sovereigns) was withdrawn from the Bank on July 11 for Buenos Ayres on account of Argentine loan. The remittances of specie to the East show an increase. The steamer Massilia, which left Southampton on 11. inst., took £148,955, wovon £10,000 for Point de Galle, £40,000 for Bombay, £4,285 for Madras, £73,500 for Singapore, £5,000 for Batavia, £13,960 for Hong Kong und £2,210 for Yokohama.

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The Money Market Review, 18. Juli 1868. S. 65.
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Mercantile Embarrassments: Liverpool, failure of cornmerchant, partly caused by stoppage of Marassi et Sons, of Galatz and Ibraila. Australia: Stoppage of Hendrick, Livermore, et Co, of Rockhampton, Queensland, liab. 45,000£.

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The Money Market Review, 18. Juli 1868. S. 68.
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Railway Stocks firmer, rising. Now that quarter has turned and their supply of floating capital largely increased, bankers anxious to lend on railway securities.|

16

Notes to Movement of Money Market. 1868. (July. August. September. October.)

Week ending July 25:

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The Money Market Review, 25. Juli 1868. S. 94.
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B.o.E.: During week result of import and export operations to add £17,000 to Banks bullion stock; yet return shows a decrease of £109,201, owing, doubtless, to harvest requirements. Australian advices to 21. June announce additional shipments of gold to England to £381,000, making the total on the way hither, including the sum previously advised, nearly £1,200,000. The steamer Bangalore will take to-morrow (25. July) £60,631, of which £34,892 is silver for Hong Kong, £21,400 silver for Shanghai, und £4,339 gold for Madras.

Aus:
The Money Market Review, 25. Juli 1868. S. 97.
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Railway Stock. Good demand, changes in prices upward. The large supply of unemployed money in the hands of bankers, and the more favourable traffick returns issued by some of the principal Cos., have induced purchases.

Week ending August 1:

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The Money Market Review, 1. August 1868. S. 122.
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Bullion Market (July 30): Gold: Since 23. July following arrivals: £170,000 (per China), £53,000 £53,500 (per Saxonia), £69,500 (per Hansa) £23,000 (per City of Boston) all from New York; £2,000 (per Etna) from Halifax; £31,000 (per Reigate) from Melbourne; £26,000 (per Countess Kintore) from Otago; £44,900 (per Tasmanian) from the West Indies; total, £420,900. The demand for abroad so active that only £22,000 sent into the Bank; the balance, together mit £96,000 withdrawn from the Bank, has been sent away. Silver: The Tasmanian brought about £65,000 from the West Indies. The demand is only for the Continent; prices are therefore slightly lower, may be quoted as 603/8d. p. ounce. ounce standard. Mexican dollars: As the demand for China has ceased prices are lower, and the coin is now only taken for refining purposes.

Aus:
The Money Market Review, 1. August 1868. S. 123.
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Mercantile Embarrassments: Failure of John and Ed. Corderoy et Co, provision merchants, London, liab. about £50,000. Liverpool: Zeigler, Meiss et Co, liab. about £200,000, chiefly in connexion mit transactions in cotton to arrive.

Aus:
The Money Market Review, 1. August 1868. S. 124/125.
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Railway Market buoyant, important rise in prices. The fortnightly settlement has shown a comparatively small supply of stock in the market, und besides bankers more desirous to make advances upon these securities wegen absence of any active demand from merchants and others for discount.

Week ending August 8:

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The Money Market Review, 8. August 1868. S. 150.
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Increased demand for money. Decline in coin and bullion £592,662, exceeds by about £392,000 amount taken from Bank for export during the week, absorption of coin in harvest payments. Ferner amounts withdrawn privately for transmission to Paris in connection with the new French Loan.

Aus:
The Money Market Review, 8. August 1868. S. 151.
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Mercantile Embarrassments: 2 members of Stock Exchange failed, owing to losses in operations for a rise, chiefly in Consols, Spanish Bonds of 1867, and Turkish of 1865.

Aus:
The Money Market Review, 8. August 1868. S. 154.
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Railway Markets flatter, fall in prices; unfavourable traffick returns issued by most of the principal Cos., und increased demand for money in the discount market.

Week ending August 15:

Aus:
The Money Market Review, 15. August 1868. S. 178.
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Traffick Returns of Railway unsatisfactory, most of them showing a decrease, compared with the corresponding period of 1867.

Aus:
The Money Market Review, 15. August 1868. S. 178.
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The Exchanges: The disturbing influence exercised by the new French Loan having now exhausted itself, Foreign Exchanges once more moving in favour of this country.

Week ending August 22:

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The Money Market Review, 22. August 1868. S. 200.
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B.o.E. bullion fallen off (£65,528), although £150,000 in gold sent into Bank during week. Absorption by increased circulation of coin for harvest labour and tourists’ purposes. On the other hand, Reserve increased (by £222,322)

Week ending August 29:

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The Money Market Review, 29. August 1869. S. 223.
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Mercantile Embarrassments failure of Lond. firm of stockbrokers. GlasgowNewlands et Co (Brazilian trade), liab. about £120,000.

Week ending September 5:

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The Money Market Review, 5. September 1868. S. 242.
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B.o.E. Addition to Bullion less than sent in. Difference from addition to coin circulation, owing to harvest and other temporary demands.

Week ending September 12:

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The Money Market Review, 12. September 1868. S. 262.
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B.o.E. adds to Bullion stock as result of export und import movements, on balance; but return shows decrease (110,505£), considerable absorption for travelling purposes.

Aus:
The Money Market Review, 12. September 1868. S. 264.
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Railway Market: firm this week, most of the principal stocks improved. Few bona fide purchases, but satisfactory character of traffic has induced many of the recent operators for a fall to close their accounts.

Week ending September 19:

Aus:
The Money Market Review, 19. September 1868. S. 282.
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Discount Market: good bills at 11/2 to 15/8%, the supply of money being very large. However, we are now approaching the end of the quarter, and the unsatisfactory condition of the public balances renders it probable that Gvt. will be obliged to seek a considerable advance from the Bank. At Paris discount in open market 11/4%, Hamburg, Frankfurt, Brussels 2%, Amsterdam 21/2, Berlin 3, Vienna 4, Turin 41/2, St. Petersburg 51/2%.

Aus:
The Money Market Review, 19. September 1868. S. 283.
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Mercantile Emb. Bankruptcy of Quarles Harris et Co, Oporto Merchants, London. Liab. about 40,000l.

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The Money Market Review, 19. September 1868. S. 284.
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Railway Market: Depression in Caledonian Stock, North Brit. , Great Northern A, Chatham et Dover , London and Northwestern , Sheffield, Lancashire and Yorkshire , Great Western; Dagegen improvement in: Metropolitan , North Eastern etc.

Week ending September 26:

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The Money Market Review, 26. September 1868. S. 302.
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B.o.E. Increase in coin et Bullion £188,848, whereas £293,000 in newly imported gold sent into Bank from abroad during the week.

Week ending October 3:

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The Money Market Review, 3. Oktober 1868. S. 322.
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B.o.E. Increase of coin et bullion of only £36,296, although during week £235,000 in newly imported gold sent into the Bank. At this period of the quarter considerable amount of coin usually withdrawn in connexion mit Gvt and other disboursements disbursements.

Week ending October 10:

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The Money Market Review, 10. Oktober 1868. S. 344.
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B.o.E. received during week from abroad £159,000 in gold over and above what it parted with for export, and, as the coin et bullion show a diminution of £293,191, a total of £452,191 must have been absorbed into the internal circulation.

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The Money Market Review, 10. Oktober 1868. S. 345.
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Mercantile Embarrassments: Suspension of Salavy et Co, French House (London), besonders in silk trade, mit connections at Marseilles. Liab. about £100,000. Melbourne: failure of James Anderson, squatter, liab. £200,000, and virtually no assets. The losses chiefly made in land speculations in the colony.

Week ending October 17:

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The Money Market Review, 17. Oktober 1868. S. 366.
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B.o.E. Payment of dividends commenced on 14. inst. As no immediate employment could be found in the market for the dividend money, it was largely transferred to the private deposits, so daß reduction of reserve only £411,695. On the import and export transactions of the week the Bank parted mit nur £10,000 in gold, as diminution of its treasure £543,695, continued absorption of coin (internal) far beyond what usual at this period of the quarter.

Week ending October 24:

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The Money Market Review, 24. Oktober 1868. S. 388.
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B.o.E. During week upwards of £100,000, in newly imported gold sent into the Bank, yet decrease of its treasure of £217,676 £217,076, thus indicating still an unusually large absorption of coin in the internal circulation. This may be due, in part, to the pending elections.

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The Money Market Review, 24. Oktober 1868. S. 388 u. 390.
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Discount Market little alteration. General decline in the rates of foreign exchange, in consequence of which the bulk of 1/2 mill. of newly imported gold diverted to the Continent. Disposition on part of public to embark in new Colonial and Foreign Securities; inferred that the payment for these will be attended with a certain effect upon the moneymarket. The principal feature of the week was large business, und almost general rise in Foreign Stocks, which have been extensively taken, in consequence of the high rates of interest they offer, and the great abundance of money. Dabei  Nicht entzifferte nachträgliche Einfügung von Marx.
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xxx
(?)
thätig speculative holders on borrowed money.

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The Money Market Review, 24. Oktober 1868. S. 391.
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Railway Business quiet, transactions upon limited scale.

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The Money Market Review, 24. Oktober 1868. S. 391.
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American Securities: Rise.|

17

Notes to Movement of Money Market. 1868. (October, November, December.)

Week ending October 31:

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The Money Market Review, 31. Oktober 1868. S. 410.
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B.o.E. During the week the Bank, on balance, parted with £71,000 in gold for export.

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The Money Market Review, 31. Oktober 1868. S. 410.
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Discount Market: influenced a little by the alteration in the character of the Bullion movement. Discounters insist upon 15/8 to 13/4% for the best 3 months’ bills. The demand showed a sensible increase to day, partly in connexion mit dem settlement in the Stock Exchange. At the Bank discount office applications to-day likewise increased.

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The Money Market Review, 31. Oktober 1868. S. 410.
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Foreign Exchanges: At the present rate of exchange – 110 – increased remittances of gold from New York may be expected. The Foreign  Zusatz von Marx.
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(European)
Exchanges without recovery; on Oct. 30 the rates for bills on France, Hamburg, and Italy quoted rather worse for this country than on Friday last.

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The Money Market Review, 31. Oktober 1868. S. 411.
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Stocks: Funds without important movement. Yet the continued flatness of the foreign exchanges, combined mit some withdrawals of gold from the B.o.E., have led to a number of operations for the fall, resulting in a decline of 1–16 to 1/8 p.ct.

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The Money Market Review, 31. Oktober 1868. S. 412.
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Railway Market. Flat. Amount of business limited, but consisted almost entirely of sales. There has been an increased supply of stock at the settlement (completed Oct. 30) and decrease of traffic in several lines. Almost general fall in prices.

Week ending November 7:

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The Money Market Review, 7. November 1868. S. 432.
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B.o.E. Advances on private securities still unusually low, but increase in commercial demand for money shown by the withdrawal of £1,298,459 private deposits. Decrease in treasure £367,123, obgleich gold withdrawn for abroad, on balance, nur £204,000. Coin still temporarily absorbed for electioneering purposes.

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The Money Market Review, 7. November 1868. S. 432.
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Discount Market: Better demand at B.o.E. In general market upward tendency; best short bills 13/4 p.c., 3 months’ paper 17/8 to 2%.

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The Money Market Review, 7. November 1868. S. 432.
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Foreign Exchanges: somewhat more in favour of this country, except Spain.

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The Money Market Review, 7. November 1868. S. 432.
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Clearing House: On 4 Nov. 1867 clearances £11,948,000, 4 Nov. 1868 dagegen 12,710,000. This increase in number of commercial bills afloat zeigt improving trade.

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The Money Market Review, 7. November 1868. S. 433.
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Mercantile Embarrassments: United Service Bank (lim.) stopped payment. Stoppage of F. W. Hancock, insurance broker, of Lloyds. Manchester: failure of Hockmeyer et Co, commission agents.

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The Money Market Review, 7. November 1868. S. 434.
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Stock Market: signs of heaviness, owing to the constant creation of new securities, and the belief that the steady introduction of foreign loans, by affecting the exchanges, and drawing away gold from this country, will result in somewhat higher value of money. Railway Market on the whole steady. Little bona fide business except in debenture and other guaranteed stocks, which have been absorbed to a considerable extent by investors. The speculative transactions in the ordinary stocks are now mostly regulated by the traffic returns, which are closely scrutinised.

Week ending November 14:

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The Money Market Review, 14. November 1868. S. 454.
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B.o.E.: Increase of £588,774 in the private securities indicates revival in the Bank’s discount and loan business.

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The Money Market Review, 14. November 1868. S. 454.
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Discount Market: Idea that Bank would raise its discount (on 12 Nov.) No such action having taken place, and many persons having apparently supplied themselves beyond their actual requirements, market to-day (13.) quieter, but the rates not below 17/8 to 2% for choice bills. Exchanges now steady, and the foreign drain of gold from the Bank has almost ceased.

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The Money Market Review, 14. November 1868. S. 455.
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Mercantile Emb. Liverpool suspension of D. Robertson et Co, timber merchants, liab. about £50,000.

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The Money Market Review, 14. November 1868. S. 456.
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Stock Market: Many purchases on the Foreign Stock Market; result: important rise in many cases. Public tired of low rates afforded by the banks and discount houses for money on deposit, seem still disposed to buy securities yielding a much higher rate of interest, and this, too, with comparative safety.

Week ending November 21:

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The Money Market Review, 21. November 1868. S. 476.
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B.o.E. The amount of the decrease in the coin and bullion (£1,002,191) agrees very closely with the sum (£1,076,000) known to have been withdrawn from the Bank during the week for exportation – chiefly to Russia. Inasmuch, however, as the drought which these withdrawals have made upon the private deposits have been less than might have been expected (£486,144), and as the Gvt. deposits have increased (285,771l.), the reduction in the reserve does not exceed £554,976, in spite of increase of £556,817 in the Banks advance on other securities. Diminution zugleich of £447,215 in active note circulation.

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The Money Market Review, 21. November 1868. S. 476.
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Discount Market. Rise in minimum Rate of B.o.E. von 2% (at which it has stood for 69 weeks) to 21/2%. On 17. inst. 1,000,000£ in gold withdrawn from B.o.E., for shipment to Russia, through Msrs. Baring Brothers and Co. The money forms part of the proceeds of the Russian railway loans lately issued in this country. The form of remittance is Russian imperials, and nearly the whole amount of that coin held by the Bank has been thus absorbed. Immediate effect: increased demand for money, and an advance in the rates in the general market. On 19. inst. Directors of B.o.E. raised to 21/2%. General terms for good bills 23/8 to 21/2%. For choice 6 months bank bills 23/4 to 3%. 16000 sovereigns for Nova Scotia, and 12,000 for India withdrawn from the Bank on 19. Of the Australian gold now on the way to England, amounting to £994,500, about £150,000 will be due within next week or 10 days.

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The Money Market Review, 21. November 1868. S. 478.
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Stock Markets: Foreign stocks have mostly receded, being sensitive on account of the existence of a large floating speculation for the rise, and because a considerable amount of the new loans lately issued is still held on borrowed money. In the Railway Market sales preponderated. Extraordinary rebound of no less than 61/2 p.c. in Erie Railway shares, the speculative excitement prevailing in these shares at New York being to some extent reflected here.

Week ending November 28:

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The Money Market Review, 28. November 1868. S. 500.
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B.o.E. Decrease of treasure (£100,022) less by about £60,000 than the sum withdrawn from the Bank for export during the week. Hence coin is beginning to flow back from provinces.

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The Money Market Review, 28. November 1868. S. 500 u. 502.
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Bullion market: About 30,000 sovereigns withdrawn from the Bank Nov. 26 for India. Some large supplies of bullion just reported will be sent to Continent, the demand for that quarter having increased. Railway Market: decided depression.

Week ending December 5:

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The Money Market Review, 5. Dezember 1868. S. 524.
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B.o.E. Increase in mercantile demand for money (£531,209 addition to the advances on private securities.) Result is diminution of £436,044 in the reserve. Decline in treasure of £169,189 accords almost exactly with the amount of gold withdrawn from the Bank for export during the week.

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The Money Market Review, 5. Dezember 1868. S. 515 u. 524.
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Discount Market: Further rise of minimum rate von 21/2 to 3 p.c. In the general market the terms have risen to a level with this advanced minimum; best 3 months’ bills 27/8 to 3 p.c.  Zusammenfassender Kommentar von Marx.
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Bank o. E. hat heavily invested in Gvt. securities; da es diese nicht verkauft, so, sobald rate in the General Discount Market stieg, und daher increase of business at Bank o. E., forced to draw on reserve; hence rise in the rate of discount.

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The Money Market Review, 5. Dezember 1868. S. 524.
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Bullion market: 22,000 sovereigns taken from the Bank on Dec. 3 for India, in connection apparently with the telegraphic announcement that sovereigns and halfsovereigns are to be received at all the treasuries in British India at the rate of 10 rupees 4 annas. On 4. Dec. 24000 sovereigns withdrawn for Egypt. Moderate demand for bullion for the continent.

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The Money Market Review, 5. Dezember 1868. S. 525.
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Mercantile Embarrassments. Manchester: failure of W. Morris et Son, spinners and manufacturers. Liab. about £20,000. Ditto Swain Rhodes, spinner and manufacturer.

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The Money Market Review, 5. Dezember 1868. S. 526.
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Railway Market: Heavy speculation, causing severe fluctuations in Metropolitan. The amount of Railway stock held on borrowed money very heavy; this constitutes always element of uncertainty. Except Brazilian, Portuguese, and Spanish, which have fallen, Foreign Stocks mostly improved, despite the rise in value of money and the existence of a large outstanding speculation for higher prices.|

18

Notes to Movement of Money Market. 1868. December.

Week ending December 12:

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The Money Market Review, 12. Dezember 1868. S. 550.
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B.o.E. Decrease in coin and bullion £245,779, which exceeds by about £127,000 the gold withdrawn from the Bank for export. Hence extraordinary absorption of coin in the internal circulation still going on.

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The Money Market Review, 12. Dezember 1868. S. 550.
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Bullion Market: About 46,000£ (in bar gold) sent to Bank (Dec. 10), there being no inquiry for the Continent, in consequence of the firmness of the Paris Exchange. On the other hand, 20,000 sovereigns were withdrawn (from Bank) for India.

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The Money Market Review, 12. Dezember 1868. S. 550.
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The Exchanges: Nach wie vor Rate of Discount in open market at Paris 11/2 p.c., Brussels 2, Hamburg, Frankfurt, Turin, Amsterdam 21/2, Berlin 3, Vienna 4, St. Petersburg 51/2%. Owing to the recent rise in the value of money here, which has not been accompanied by any corresponding movement abroad, the foreign exchanges this week are generally higher; the movement in favour of this country extending to bills on Holland, Hamburg, France, Frankfurt, and Vienna.

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The Money Market Review, 12. Dezember 1868. S. 550.
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Clearing House: Clearance on 4 Dec. £14,120,000 against only £10,715,000 on 4. Dec. 1867. Hence may be inferred that trade is improving.

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The Money Market Review, 12. Dezember 1868. S. 551.
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Mercantile Embarrassments: Suspension of Wyman and Arklay, merchants, of Dundee, Boston, and New York. Liabilities large, at Dundee alone 80–100,000£. Manchester Knowles (spinners und manufacturers) Liab. £35,298 und assets £10,558. A committee of investigation was appointed.

Week ending December 19:

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The Money Market Review, 19. Dezember 1868. S. 576.
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B.o.E. Coin and bullion increase of £316,646, though the nett amount received by Bank from abroad not over £45,000. Hence reflux from internal circulation.

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The Money Market Review, 19. Dezember 1868. S. 576.
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Bullion Market. (to Dec. 17): Gold But one arrival, from the Westindies £39,000. French Exchanges firmer, and now no demand for the Continent; hence Bank o. E. receives all present arrivals, and £69,000 sent in since 10. inst. On the other hand, sovereigns have been taken to India and Ceylon, the Brazils, Egypt. Silver: The Ripon has taken £57,000 £57,800 to India, and the Marseilles steamer of 13 inst. £185,000 to Bombay. Rather large purchases made at von 603/4d. to 607/8d per oz. standard, the supplies coming chiefly from the Continent. Mexican Dollars: The Ripon has taken £47,260 to China and the Straits. Fair demand for this coin, the amounts sold have come chiefly from Holland. The Germania has brought £3,000 from New York.

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The Money Market Review, 19. Dezember 1868. S. 576.
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Clearing House: £74,908,000 the week ending Dec. 16. The magnitude of the total solely owing to the Stock Exchange settlement on Tuesday (Dec. 15) The extraordinary extent of the speculation afloat in that establishment, especially in foreign stocks, is demonstrated by the clearances having reached 25,927,000£ against £19,866,000 on the same occasion last year.

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The Money Market Review, 19. Dezember 1868. S. 577.
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Mercantile Embarrassments: J. Dixon et Son, Preston. W. Morris and Son (spinners and manufacturers) Manchester.

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The Money Market Review, 19. Dezember 1868. S. 578.
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Stock and Share Market: The Market for Foreign Stocks is in a state of tension, the recent creations having been put forward with a degree of rapidity greatly in excess of the absorbing capacity of the investing public; result that a large amount of stock remains in the hands of speculators. Fall in foreign securities severe. In English Funds reduction of this week about 1/4 p.ct. In home Railway Stocks fall moderate, except as regards Metropolitan which has been much depressed.

Week ending December 26:

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The Money Market Review, 26. Dezember 1868. S. 598.
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B.o.E. Decided increase in demand of money indicated by inc. of £844,417 in Priv. Securities and withdrawals of Priv. Deposits (121,691). Yet in consequence of heavy influx of Gvt. deposits, diminution in reserve trifling. Increase in treasure exceeds by upwards of £100,000 gold sent into Bank from abroad during week. Hence Reflux from Provinces.

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The Money Market Review, 26. Dezember 1868. S. 598.
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Discount market: influenced by changes customary at this season. Diminished supply of money, as usual endeavours by mercantile public and Joint Stock Banks to increase their balances. Best 3 months’ bills 27/8 to 3%. Business very active (Dec. 23) at B.o.E. discount office. No change in the continental discount rates (See Week ending Dec. 12)

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The Money Market Review, 26. Dezember 1868. S. 598.
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Bullion Market: Amount of Australian gold on way to England £534,000. The shipments of specie for the East by steamer Syria, to leave Southampton on Dec. 26, show a considerable increase, the total being £213,386. These are the particulars: For Galle, gold, £5,932, Bombay, gold, £5,400, ditto silver £10,000, Madras, gold, £4,993, Calcutta, gold, £5000, ditto silver, £157,000, Hong Kong, silver, £24,766 and Shanghai, silver, £245.

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The Money Market Review, 26. Dezember 1868. S. 599.
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Mercantile Embarrassments:  Von Marx verwendet im Brief an Engels vom 23. Januar 1869: „Aus der ‚Money Market Review‘ ersehn, daß Knowles 7s. 6d. zahlt. Wie gehts diesem Braven?“
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Knowles zahlt 7s. 6d. in £.

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The Money Market Review, 26. Dezember 1868. S. 598.
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 Zusammenfassung von Marx.
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Exchanges favourable. No shipment of cash for Continent.
|


19

Money Market Review. Jahrgang 1868.

January 4, 1868.

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The Money Market Review, 4. Januar, 1868. S. 3/4.
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The Year 1867 in its Commercial and Financial Aspect.

Most prominent amongst the disasters of 1867: the breakdown of the system of direction of joint stock Cos. Most conspicuous this in railways. First London, Chatham and Dover Co; dann London, Brighton, and South Coast Railway; the embarrassments of that Co. increased gloom and depression in railway market during whole of April. Then followed disclosure of similar breakdown, from the like causes, of North Brit. Co; the open calling in question of the soundness of the Caledonian; the urgent needs and equivocal expedients of the Great Western Co . The cumulative effect of these successive exposures has been most disastrous upon railway property. Total Depreciation of 14 Mill. £ on the ordinary stocks of those railways alone. That enormous sum does not represent 1/2 the total amount of loss sustained by the holders of railway stocks and shares. The whole loss mainly due to the unskilful, injudicious and reckless mismanagement of the resp. boards of directors.

Money market: On 1st Jan. 1867 amount of bullion in Bank o. E. £19,274,859, in Bank o. F. £28,580,000; minimum rate of discount in England 31/2, in France 3%. On 7 February B.o.E. rate reduced von 31/2 to 3%, on 30. May to 21/2, on 25. July to 2%, at which it continued for the remainder of the year. On 18 Sept. bullion in B.o.E. £24,493,447, highest point ever reached, reduced to £21,941,047 on 20 December, whilst £40,600,000 on that day treasure of B. o. France, highest amount that Bank ever held.

With such plethora of money, for which no profitable use to be found in commerce, Foreign Gvt Loans, aber nicht so viel zu erwarten  Kommentar von Marx.
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(dieß erst 1868)
; nämlich: January 1867, at 811/2 Chilian Loan of 2 Mill. £ in 6% Stock. (17 mill. £ applications for that loan) February: Queensland loan of £550,000 in 6% Debentures at 81, and the Danubian Loan of £1,264,420 at 71. In March loan of £250,000 sought on Debentures of Ceylon Gvt. at 102, but only £90,000 taken, ab 30 November £100,000 subscribed at £108. 13s. 6d. In May Gvt. of New South Wales loan of £832,000, subscribed at 851/2, has since shown profit of about 13% to the subscribers. June: loan of 2 Mill. £ in 5 P.Ct. guaranteed Bonds of the Russian Orel and Vitebsk Railway, few subscriptions. June, ditto, new Chilian loan, at 7%, taken at 891/4, of £1,120,920. In August Russian 4% Railway loan of £12 Mill., very few subscriptions. In November, Egyptian 9% Loan for 2,009,200 at 90; and a New Zealand 6% loan for £470,000, subscribed at 1041/4. Finally, in December, Nova Scotia 6% Bonds for £225,900 subscribed at par; a South Australian Gvt. 6% loan on Bonds for £140,500, at and above £107; and Portugese 3% Loan of 5,500,000£, at 381/2, of which £3,750,000 offered for subscription.

Trade and Manufacturing Industry in a depressed and comparatively profitless state throughout the year.

Exports for first 11. months: 1865: £150,832,344. 1866: 173,913,222. 1867: 167,931,378. Decr. nearly 6 mill. as compared mit 1866.
Imports for first 10 months: £160,506,818 193,699,380 181,370,314, falling off of about 12 mill. compared mit 1866.

Revenue Returns show decrease of £800,000 for the quarter (last quarter of 1867)

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The Money Market Review, 4. Januar 1868. S. 4/5.
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Commercial Morality.

Edward Greenland, set at liberty by Hardy, absconded to Genoa, refused to come and give evidence, to further the ends of justice, in regard to transactions of large amount etc.

Wilkinson, of Joint Stock Discount Co, rightly convicted; released upon extraordinary memorial got up and signed by many of the leading bankers and merchants of the City, countenanced by Times, now asking in dolorous accents: „What is to be done to resuscitate, not commercial credit, but commercial morality?“

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The Money Market Review, 4. Januar 1868. S. 5.
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B. o. England Rate of Discount.

6 months ending June 30. 1867: £3, 0, 3 against 1866: £7. 17. 2
〃             〃     Dec. 31  2. 1. 31/2 5. 16. 5
For the year: 2. 10. 81/2 6. 16. 71/2
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The Money Market Review, 4. Januar 1868. S. 7.
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Stock and Share Market during 1867.

Besonders distinguished durch Panic in railway Stocks und collapse of a false system of accounts wodurch many railway Cos. have long been paying dividends out of capital.|

20
Alterations in the values of the funds during 1867:
Stock. Amount outstanding March 31, 1867. Price 31. Dec. 1866 Price 31. Dec. 1867 Rise. Increase in Value in Amount of Stock.
3% Consols. 397,896,594£. £901/8 921/8 2 £7,957,931
3% Reduced. 106,857,504 891/4 92 23/4 2,938,581
New 3%. 222,104,705 891/4 92 23/4 6,107,879
Total Increase in value. 17,004,391
Alterations in Values of Railway Stocks during 1867. (Ordinary or original Stocks of Leading Cos.)
Railways. Amount of Ordinary Stock. Prices, Dec. 31. 1866. Prices 31 Dec. 1867. Rise in 1867. Fall in 1867. Amount of Depreciation in 1867.
Bristol and Exeter £2,022,000 £88 £84 £4 £80,880
Caledonian 4,734,000 124 713/4 521/4 2,473,500
Glasgow and Southwestern 3,132,000 118 97 21 657,720
Great Eastern 8,336,000 29 311/2 21/2 a)
Great Northern. Ordinary 4,468,000 120 109 11 491,480
Dto. A. 1,159,000 1281/2 1091/2 19 220,210
Dto. B. 1,159,000 129 125 4 46,360
Great Western 8,181,000 543/4 441/4 101/2 859,005
Lancashire and Yorkshire 12,694,000 1291/4 1231/2 53/4 729,905
London, Brighton, and Southcoast 5,373,000 87 481/2 381/2 2,068,605
London, Chatham and Dover 3,000,000 161/2 181/4 13/4 b)
London and North Western 29,830,000 121 1141/2 61/2 1,938,950
London and South Western 7,734,000 84 77 7 541,380
Manchester, Sheffield et Lincoln 4,393,000 53 451/2 71/2 314,475 319,475
Metropolitan 1,800,000 127 1161/2 101/2 189,000
Do. Extention 1,900,000 1071/2 1031/2 4 76,000
Midland 11,356,000 1231/2 104 191/2 2,214,420
North British 2,759,000 38 341/2 31/2 96,565
North Eastern. Berwick 7,973,000 1081/2 99 91/2 757,435
Do. Leeds. 1,394,000 67 61 6 83,640
Do. York 3,220,000 101 93 81/2 273,700
North London 1,525,000 120 115 5 76,250
North Staffordshire 3,230,000 74 61 13 419,900
South Eastern. 7,688,000 671/2 67 1/2 38,190
Total Depreciation. £14,652,570
Less total increase in value of Grt. Eastern

a)

less 208,400

zusammen

less

260,900

Less Total Incr. in Value of Lond. Chath. Dover.

b)

less 52,500
Resultat: £14,391,670

Dieß nur die closing prices of each year, aber die fluctuations during the year show a much wider range. The actual depreciation on the whole of the lines enumerated £14,391,670 = 101/3 P.Ct. on the aggregate Capital stated, the total amount of which is £139,010,000.

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The Money Market Review, 4. Januar 1868. S. 8.
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Prices of Foreign and Colonial Loans contracted in 1867.

Foreign Loans: Nominal Amount £:26,894,540. Contract Value: £17,406,068. Difference zw. Nomin. Amount und Contract Prices: £9,488,000 = 35% issued below par.
Colonial Loans: £2,267,500 £2,139,880. Difference £127,620 or equal to 5% below par.
Aus:
The Money Market Review, 4. Januar 1868. S. 8.
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Joint Stock Banks and their Reserve Funds.

Z.B. London Joint Stock Banks invest their socalled Reserve Funds in current business. Three of the leading joint stock banks of London have leately lately issued fresh capital, and taken the opportunity of adding to the reserve funds by charging a premium for the new shares. These premiums are to be paid in the course of the next 14 months. The reserve funds will then have attained, irrespective of any additions in the mean time for interest, viz: London und Westminster 1 Mill. £, London und County 1/2 Mill. £, London Joint-Stock £417,839 £417,849. If we add hinzu the „rest“ of the National Bank (£461,593) und of the National Provincial Bank of England (£250,386), die total reserve dieser 5 Banks = £2,629,818.

Aus:
The Money Market Review, 4. Januar 1868. S. 11/12.
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Indian Exchanges. Past and Present.

Nominal Sterling value of the „Company’s Rupee“ in India fixed at 2sh. If below 2s. in exchange for a rupee on India in favour of England, against India; if above 2s. against England, in favour of India. Less than 2s. st. drawn by India on England against India, in favour of England, above 2s. against England, in favour of India.

The fluctuations in Indian Exchanges, and their wide range, in some respects periodical. During prevalence of the southwest monsoon or the rainy season, when little produce exported, and business of all kinds comparatively at a standstill, oft difficult to work a profitable operation in exchange unless durch some indirect or circuitous channel.

All legitimate exchange transactions founded in something to be exchanged, or passing between one place and another, or one country and another. That something must be goods, produce, money, or securities for money invested. Suppose British manufactures wanted in India. Shipper of them may want his money or part of it, without waiting for returns from India. If the goods sent known to be saleable, and have been indented for or ordered by his correspondent on the spot, and the shipper and the party on whom he draws respectable, it is the business of a bank on this side to give money for bills against such goods, duly hypothecated or made over to it, either to a proportionate extent of the market value of such goods, at the place where they are to be sold, or, in the case of parties of undoubted responsibility as drawer and drawee, to the full amount of invoice, provided nothing is charged therein but actual cost, freight, insurance, and other expenses. Such transaction not speculative. It involves merely a change of ownership in the goods, until the bills drawn against them are paid on the other side. But often foreign markets over supplied by consignments for which there is no immediate demand. In a similar way produce shipped from India to England, and drawn against the banks becoming the purchasers of the bills, under hypothecation of the produce, with this difference, however, that the bulk of the produce is more on consignment for sale, |21 on shippers account, than in execution of orders. Außer China, Un. Kingdom Hauptmarket for India. The excess of exports from India to Un. Kingd. over and above imports gives rise to larger dealings in commercial bills of exchange than take place from England to India, which, allowing even for the difference of usance, are, generally speaking, negotiated on less favourable terms to the exporter than bills drawn from this side.

At particular seasons money is in demand for remittance to India, more especially silver, to enable the banks to avail themselves of exchange purchases. (Not for last 12 months to any extent.) Large exports of silver to India, partly weil its currency almost exclusively silver rupees ⦗a gold currency now recommended by the Indian Currency Commission⦘, partly weil balance of trade, commercially speaking, largely in favour of India. The price per ounce, English standard, at which bar silver is purchased in London, varies according to demand and the supplies received from the West Indies and South America, or that may be obtainable on the Continent. That price seldom falls below 5s. 03/8d. per ounce, or exceeds 5s. 11/2d. Under exceptional circumstances it may reach 5s. 2d. or 5s. 21/2d. per oz., but only under the powerful action of a short supply and great demand, the prevalence of an exchange in India greatly against England, and a scarcity of money in India.

Dieser par 2s. = 1 Rupee selbst illusorisch, aber convenient central or fixed point round which rates of exchange may fluctuate. Two shillings = 1/10£. By cutting off the right hand figure of a sum in rupees, if a cipher, a sum in pounds st. remains. By adding a figure to a sum in pounds st. if a cipher, a sum in rupees is obtained.

The Scotch banks, some few years ago, were in the practice of considering the par of exchange on London 21 days’ date. Their drawing rate is now 10 days’ date.

If in exchange dealings with India exorbitant profits are sometimes obtained, the reaction will assuredly be the greater in a contrary direction, and either the producer, merchant, or consumer will be the sufferer. The banks (though there are few left now) have of course a great deal in their power in rendering exchange transactions favourable or unfavourable for themselves. … In proof of the uncertainty attending applications for India Council Bills, at the last bidding on the 4. inst. no allotment was made, the Gvt. having unexpectedly decided upon minimum rate of 2% on Calcutta, and 3% on Bombay, in advance of former rates.

Aus:
The Money Market Review, 4. Januar 1868. S. 20.
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Dates. of 1867.

Jan. 7. Resuscitation of Agra Bank. March 25 Strike of Engine drivers on Brighton Railway; terminated on the following day. June 19 Broadhead disclosures. October 2: Panic on Paris Bourse from apprehension of war, Garibaldian movement at Rome, forced liquidation of Credit Mobilier etc. 25 October: News of stoppage of the Commercial Bank of Canada. 21 October Stoppage of Royal Bank of Liverpool mit liabilities for £1,650,000. 8 November: Colliery explosion at Rhondda valley, near Cardiff, 178 lives lost.



January 11, 1868.

Aus:
The Money Market Review, 11. Januar 1868. S. 31
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Railways und State Control.

Economist  The Money Market Review: at length
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at last
reluctantly admits: „sole remedy for the present discredit in the railway market is an independent audit of the accounts of railway Cos by official auditors appointed by the State.“ „The Govt is the only uniform authenticator possible.“  Zusatz von Marx.
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Review bemerkt:
the audit ought not to be optional  Zusatz von Marx.
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(wie Economist will)
but compulsory upon every Railway Co.

Aus:
The Money Market Review, 11. Januar 1868. S. 32–34.
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Caledonian Railway.  Zusatz von Marx.
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(Report of Committ. of Investigation)

Ihre accounts enthalten all frauds possible. Directors gentlemen without business experience. Rely only upon their officials, 17 of whom were paid salaries in proportion to the dividend declared. The dividend declared July 1867 was nearly 6% p.a. Then erschien challenging statement, daß sie nur etwas über 4%. Committee now states it (noch zu hoch) etwas unter 3%. In den 2 last financial years expenditure of capital £1,982,765, dividends for same period in ordinary stock £556,726, little more than 1/4 of the sum borrowed.

Aus:
The Money Market Review, 11. Januar 1868. S. 34/35
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Contract Corporation (Lim.)  Zusatz von Marx.
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(Chancery in(?))

Shares 100£. Haben nun ganz to be paid. Shareholders ruined. Mit alle dem erhalten Creditors nur 2s. 6d. in the pound.

Aus:
The Money Market Review, 11. Januar 1868. S. 36/37
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Insurance Cos. Their Getting up and Winding up  Zusatz von Marx.
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(Workingmen beschissen)
.

Failure of Insurance Cos. very calamitous for those immediately interested in them. Strangely got up and launched. Illustration: One concern (Insurance Co) started about 2 years ago, with a capital of £500,000; but only £150,000, or less than 1/3 of this capital, was subscribed for. for £10,000, payable under the articles of association for promotion money, was, in fact, payable to the manager, he having assumed another name for the occasion. This, we suppose, was money advanced to purchase the directors, for, by means of this same purchase money the interest of nearly every director in the Co. was made to appear as fully paid up. In 18 months, which was the utmost extent of its career, the Co. did much mischief. First, it became the focus of 5 several amalgamations mit other Cos; and thus acquired nearly 400 shareholders, now liable as contributories, but prepared to contest it. None of the directors in any of these amalgamating concerns took any share or interest in the Co. to which they thus handed over their own shareholders. And these projects, we may presume, had been got up upon the same liberal and philanthropical principles, and pure und disinterested motives, as the Co. in question. In one instance there were special provisions for annuities in favour of such of the directors as were not to receive any of the emoluments to be distributed amongst the members of the new board, and of their widows after them! They were evidently prudent, farseeing man, these directors of the amalgamating Cos Zusatz von Marx.
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!
Zweitens, the directors of the Co in question had granted insurances to some 150,000 insurers, most of whom were making weekly or monthly payments, in accordance mit den terms of their policies, also workingmen in victims. Drittens: They had appointed, before the scheme collapsed, about 700 agents in the U. Kingd., from whom balances appear to be due upwards of £25,000; but all or almost all of these agents repudiate their liability. Court has, therefore, resorted to the extraordinary expedient of appointing a special commission to take evidence in relation to them in London, in Manchester, and 3 other principal towns. Trotzdem, not more than 1% has still been recovered. Sobald dieß Co. nicht länger could go on, shareholders’ meeting held mit view to wind it up voluntarily. Resolution to this effect carried und liquidator appointed – Niemand anders als Mr. Manager who had got up the Co Zusatz von Marx.
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!
The object of such winding up and such Liquidator, of course, to avoid the disclosures of an official liquidator Zusatz von Marx.
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!
Aber mißlang. Da voluntary liquidator superseded durch official one who makes these preliminary revelations. Up to the time at which he wrote, the official liquidator had received upwards of 1000 claims upon the Co. Amongst these claims one for £1,600 on the part of the manager and previous liquidator, und, of this claim, £600 made upon an unpaid cheque on account of salary. Drawn when there were cheques already issued to £1,300 more than the balance at the Co’s bankers. The remainder was for an alleged deposit by the manager, who, through his assignee, claimed £2,600 for unpaid salary. This gent, not content with the £10,000 he obtained for getting up the Co., wants £2,600 for bringing it to ruin in the Winding-up Court. The Co which this manager mismanaged never issued but one balance-sheet, and that was entirely false and fraudulent. Two balance sheets were prepared, „both of the same date, but materially differing in nearly every line; one corresponding with the books, the other corresponding with them in scarcely |22 very single item“; the one was suppressed, the false one issued. During the 18 months’ existence of the Co. this manager managed to bring into use some 850 books, exclusive of those at the 700 agencies, and exclusive of those handed over by the amalgamated Cos, making probably more than 2000 books; and, although some 30 clerks were employed by the Co., their salaries were all in arrear, and there was a gap in the account books for 4 months out of the 18, which can only be filled up from a heap of loose and disorderly papers.

Aus:
The Money Market Review, 11. Januar 1868. S. 37.
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Silk in 1867. (Annual Circular of Durant et Co.[)]

Total importation scarcely 10% in excess of 1866, deliveries almost identical. Prices for all, but the best classes (always small proportion of the whole) so to 20 to 25 P.Ct. below those of the commencement of the year. Manufacturers have kept their stocks at the lowest possible point, thus escaping serious mischief.

Aus:
The Money Market Review, 11. Januar 1868. S. 37.
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Agricultural Implements. 1867. (Annual Circular of Burgess and Key.)

Great increase in the demand for agricultural implements, besonders for reaping and mowing machines. Mainly from the necessity for machinery which the increasing deficiency of agricultural labourers creates, besonders in all that relates to the securing of crops.



January 18, ’68.

Aus:
The Money Market Review, 18. Januar 1868. S. 59/60
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Causes of Present Commercial Depression.

Depression in industry, falling off in Exports and Imports and in the Revenue, enormous accumulation of unused gold in B.o.E., large proportion of people only partially employed, or unable to earn an income adequate to meet their expenditure. … Distrust of Joint Stock Cos. und want of confidence in Railway Directors one of the reasons. Aber Hauptsache: Falsch that the losses sustained by certain members of the community have been the gains of other members, and, that, therefore, the public in its totality has sustained no loss. But the difference between the gains of one class and the losses of the other has been enormous.

Those losses have been the natural result of excesses which prevailed during the 2 or 3 years of enterprise and speculation which immediately preceded the panic of 1866. During that period an immense amount of property so called – i.e. property which was nominally and apparently real, but in fact fictitious – was created, and bought and sold according to its nominal value. A joint-stock Co. put forth its prospectus, proposing to raise a nominal capital of 1 Mill. St., on which one 10th, or £100,000 was to be paid. The one million being subscribed, and the £100,000 paid, the shares rose to a premium, and the value of the £100,000 became £500,000, and at that value £500,000 of hard cash, let us say, was invested in them. The purchasers or owners believed that they were in actual possession of bona fide property to that amount, and, on the faith of that assurance, they bought and sold other property, and entered into other contracts and engagements, and launched out, and lived, and consumed, and expended accordingly. But when the panic came the £400,000 which had been created in the shape of premium gradually melted away. As the depression resulting from the panic continued, the £100,000, the amount originally paid also disappeared. The whole became worth nothing at all. After a time this not the whole loss. The Co. being in the winding up court, there were numerous debts to be paid, and the calls of the liquidators to meet. These are eating into and consuming whatever property the hapless holders of the shares had reserved to themselves. They have been compelled to abandon or withdraw from the contracts they had entered into on the faith of this property, so called, and to curtail their expenditure, and to lessen their business transactions, if not utterly to abandon them, in order that they may have the means to meet the calls. This occurred not in one but in 100 Cos. The number of traders, investors, and other individuals thus involved and impoverished many thousands. The number of those who have become indirectly compromised in their failure must be greater still. The share property of those persons entirely vanished. Nun kam hinzu 10% discount enforced during 3 months after the Panic. Impossible to estimate the loss this inflicted. Hence the general distrust. No manufacturer or merchant or trader can be certain that a man with whom he deals has not been seriously „hit“ in some Co., or may not be seriously compromised by his transactions with somebody who has been so „hit“; and every one is therefore suspicious and distrustful of those with whom he may come into commercial contact.

The melancholy exposures of the mismanagement of railway boards have of course enormously added to the evil, though they had perhaps not much to do with it originally. Losses der holders of ordinary stock in 1867 zwischen 15 und 17 Mill. St., and the losses upon the whole of the railway stock would probably be at least double that amount. All these things act or react with more or less severity upon ever widening circles. The halfyearly dividends, upon due receipt of which numbers of families were mainly, or, perhaps, wholly dependent for subsistence, most materially reduced or vanished altogether. In all such cases the friends of such families must have become sufferers with them. Shares, bonds, and other securities have been unsaleable, or saleable only at a fearful sacrifice; and, in most cases where that sacrifice, from urgent necessity, has been submitted to, the produce of the sales by the necessity which compelled the sale. The money in those cases has not come upon the market for re-investment, for, if not so absorbed and consumed, it would rather seek safety and comparative unproductiveness in the banks. Hence one source of the enormous accumulations of money in the hands of bankers. Distrust, want of confidence, sends it there and keeps it there. All classes made directly or indirectly partakers in these losses. Everybody has been „pulling up“, reducing his establishment, or economising his expenditure, from want or prudence. Equivocal state of politics in Europe, and consequently unsettled state of commerce all over the Continent, as well as the not satisfactory aspect of things in America, has something to do with the prolongation of this condition of trade, but not much, in comparison with the principal causes. We have enormous accumulations of money in banks, because merchants and traders have no adequate amount of legitimate trade in which to employ it. Commerce contracted in its operations, trade dull, demand slack, credit at a low ebb, confidence checked, because such large numbers of our population reduced and impoverished by enormous losses, which, affecting in the first instance only particular classes, have now in natural course of things, extended to and involved the whole community.

Railway Profits. Delusive Government figures.  Zusatz von Marx.
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(Competition of Railways)

Aus:
The Money Market Review, 18. Januar 1868. S. 61.
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Nach supplementary statement about railways recently published by Board of Trade, „ordinary capital“ paid up at end of 1865 in England und Wales, in round numbers, 187 Mill., in Scotland over 8 Mill., in Ireland 14 Mill. Total of ordinary capital, possessing no priority, thus 2191/2 Mill. Nach diesem Parliamentary Return the average rates of dividend upon this unguaranteed capital were, in 1865, in England und Wales over 51/4%, in Scotland 43/4, in Ireland 31/2%, thus making average nearly 51/4%. Now this quite delusive. In 1865, when these figures were rendered to the Board of Trade, the whole thing was a fiction from beginning to end.

Aus:
The Money Market Review, 18. Januar 1868. S. 61/62.
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The competition encouraged by Parliament has had this effect that it has brought many of our railways to the merge verge of bankruptcy, and now the only method to maintain the public service, is to cast aside the theory, or ruin the railways.|

23

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The Money Market Review, 18. Januar 1868. S. 61.
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Joint Stock Banks Profits. Banking Profits und Rate of Discount.

Reports issued during present week. Except London und Westminster Bank, considerable falling off in amount of profits for past 6 months, as compared with the 6 months ending June last.

Auch profits of Lond. und Westm. vermindert, vgl. mit 1866. In 1866 its net profits £463,685, in 1867 £293,712, the decline £169,973. Für die 3 Banks (London und Westminster, London Joint Stock Bank und Union Bank net profits in 1866: £983,046, in 1867: £669,629; difference = £313,417, equal to nearly 1/3. Jedoch die average B.o.E. rate of discount in 1866: £6. 16s. 71/2d. und in 1867: £2. 10s. 81/2d. Thus banking profits, although much affected, do not diminish in an equal proportion to the fall in the value of money.

Aus:
The Money Market Review, 18. Januar 1868. S. 64.
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U. States Currency.

Washington Jan. 16. Senate passed the Bill repealing Mr. MacCulloch’s authority to contract the currency.



25. January 1868.

Aus:
The Money Market Review, 25. Januar 1868. S. 94.
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The Stock and Share Markets during 1867.

Alterations in values of shares of Joint Stock Banks of London in 1867.
Amount paid. Prices Dec. 31. 1866 Prices Dec. 31. 1867 Rise in ’67 Fall in ’67 Amount of increased Value. Amount of Depreciation
Alliance (lim.) £25 £19 14 5 £200,000
B. o. England. Stock 249 239 10 1,445,300
City. 10 15 12 3 150,000
Consolidated (Lim.) 4 43/4 41/4 1/2 75,000
Do. (New) 2 3/4 dsct 1/4 pm. 1/2 25,000
East London. (lim.) 5 3 3
Imperial (lim.[)] 20 26 18 8 160,000
London and County. 20 64 59 5 187,500
London Joint Stock. 15 44 36 8 576,000
London and Westminster 20 97 97
National Provincial 42 137 135 2 20,000
Do. (2nd et 3d issues) 12 39 381/2 1/2 27,500
National 30 68 62 6 240,000
Union of London 15 45 361/2 81/2 680,000
Totals £25,000 £3,771,300

The reductions for the year, calculated on the prices of Dec. 31, 1866, are as follows: Imperial Bank 303/4 P.Ct., Alliance 26 P.Ct., City 20 P.C. Union, 19 p.ct., London Joint Stock, 18 P.Ct. National 83/4 PCt. London and County 73/4%.

Alterations in values of Miscellaneous Shares (most important) during 1867.
Amount paid. Prices 31. Dec. 1866 Prices 31. Dec. 1867 Rise during 1866 1867 Fall during 1867 Amount of increased value Amount of Depreciation
Anglo-American (Lim.) £10 £153/4 £191/2 £33/4 £225,000 £ ―
Atlantic Telegraph Stock 341/2 521/2 18 108,000
- - 8 P.C. Stock 721/2 941/2 22 132,000
Credit Foncier of Engl. (Lim.) 10 5 31/4 13/4 350,000
General Credit et Discount (Lim.) 71/2 5 51/8 1/8 25,000
Hudson’s Bay. 20 163/8 143/4 15/8 162,500
Internat. Financ. Soc. (lim.) 5 3 23/4 1/4 37,500
London Financ. Assurance (lim.) 30 141/2 71/2 7 280,000
London and Provincial Marine (lim.) 2 2 11/2 1/2 32,250
National Discount CO. (Lim.) 5 143/4 11 33/4 600,000
Ocean Marine Insurance Co. 5 201/2 201/2
Peninsular and Oriental Steam 50 63 55 8 320,000
Thames and Mersey Marine (lim.) 2 53/4 43/4 1 100,000
Universal Marine 5 2 41/2 21/2 125,000
Royal Mail Steam 60 961/2 62 341/2 517,500
Totals £615,000 £2,399,750
Aggregate Results of movement of principal stocks in 1867.
Home Funds improved in the year £17,004,391
Indian Gvt Securities dtto 2,490,008
Colonial Bonds etc dtto 2,887,659
Foreign and Colonial Banks dtto 202,148
Total improvement £22,584,206
Less depreciation in Engl. Railw. (Ordinary Stock.) £14,391,670
London banks 3,746,300
Miscellan. Cos. 1,784,750
Total Depreciation £19,922,720
Net Improvement £2,661,468. £2,661,486.

(Rechnet man Depreciation auf Railways 30 Mill. (andre als ordinary stock included), so bleibt grosse Depreciation, selbst von all other not enumerated concerns abgesehn.)

Aus:
The Money Market Review, 25. Januar 1868. S. 92.
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Italian Deficits.

Deficit in 1864 £12,640,000
in 1865 (Estimate) 8,280,000
in 1866 (Estimate) 4,000,000
At the beginning of 1867 total debt about (estimate) 240,000,000
Add deficit of 1866–67 (ascertained) 32,800,000
Add deficit of 1867–68 (not ascertained) 52,200,000 25,200,000
Summa £298,000,000 or about 300 Mill. £. St. at close of 1867.

Hereupon Victor Emmanuel lays violent hands upon the property of the Church, and decrees that the priest shall pay for the soldier.|

24

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The Money Market Review, 25. Januar 1868. S. 88.
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Midland Railway.  Zusatz von Marx.
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(Börsenmogelei und Directors.)

Special meeting last week. Nämlich in December (’67) hatten die directors circular erlassen, worin proposed to raise 5 Mill. St. for completing works etc[.] Darauf fiel value of stock sehre. But, apart from this, there were circumstances connected with the issue of the circular convening the meeting of last week which aroused grave suspicions of unfairness. The circular was dated 14. December, and did not reach its destination until 3 days after, during which interval heavy sales of stock were made, and the decline in market price was singularly rapid. Hence reasonably inferred that these sales, pressed at that particular moment, indicated that priority of information used by some persons behind the scenes.

Aus:
The Money Market Review, 25. Januar 1868. S. 89/90.
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Caledonian Railway.  Zusatz von Marx.
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(Ersatz des Verschleisses.)

 Von Marx übernommen und mit eigenen Angaben ergänzt in Manuskript II zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 107.21–28 und S. 121. 39–122.2).
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Committee of Investigation … Captain Fitzmaurice, auditor of the Grt. Northern and Brighton says: „Revenue should be charged for maintenance of way at the rate of £300 for quadruple, £200 for double, and £150 for single line half yearly. A fixed charge of not less than 121/2 P.Ct. on locomotive engines and tenders, and 9 P.Ct. on carriages and waggons, calculated on their original cost as they stand in the Co’s books, should be made annually for depreciation, renewals, and repairs.“
Dagegen Caledonian Account keeping: In the last 3 half-years not one penny has been charged to revenue for replacement of 524 engines belonging to the Co. In the last 2 half-years nothing has been charged to revenue for replacement of carriages; but, on the contrary, all that had been so charged to revenue for 4 half-years previously, about £8,000, was written back to the credit of revenue and charged to capital, so that for 6 half-years nothing whatever is charged to revenue for replacement of carriages. For the last 2 half-years nothing whatever is charged to revenue for renewal of waggons. Meantime, for the 2 years under review, £450,000 is charged to capital for new rolling stock, although the traffic of the line now considerably lower than 2 years ago. The engineer employed to inspect the rolling stock shows that a large number of the engines are nearly done, and that no less than 100 must be replaced out of revenue in the next 5 years. … Besides neglecting replacement, the Caledonian kept down even the repairs by employing a large proportion of new stock, and throwing the old on easy work …  Von Marx mit Auslassungen übernommen in Manuskript II zum zweiten Buch des „Kapital“ (MEGA2 II/11. S. 107.28–108.4 und 122.2–13).
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From the experience of the Caledonian and Scottish North-Eastern it is clear that none of its stock lasts even 20 years. Mr. Clark thinks that with very good upholding and an excellence and suitability in the stock of engines which those of the Caledonian do not possess, a maximum of 25 years may be reached. Full allowance, average of 221/2 years. Estimate the old materials at 1/5 of the new cost. The total cost of the Caledonian rolling stock stands in its books at 2,600,000£, of which about £1,400,000 value of 524 engines, and £1,200,000 as cost of carriages and waggons. Taking, then, 1/5 from £2,600,000, we have £2,080,000 divided by 221/2 as the annual charge for replacements alone, so as to uphold the stock fairly. This gives 92,500£ as annual charge for the renewal, or £185,000 for the 2 years instead of the £7,000 charged by the Caledonian
, complacently assumed as correct by the auditors … Graham, the Co’s Engineer, stated that „his instructions were to charge to capital every expenditure in the nature of additions to previously existing works, such as additional siding accommodation, lengthening of station platforms, enlargement of stations, sheds, and workshops, and additional buildings of every description, and that, in charging to capital the cost of such additional works, no deduction was to be made of any previously existing works of which they might be in substitution.“

  Von Marx übernommen in Manuskript II zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 108.5–7 und 124.18–21).
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The only sound way is to charge each year’s revenue with the depreciation necessarily suffered to earn the revenue, whether the amount is actually spent or not.
As long as shareholders are „drugged with dividends“ they will sanction everything directors put before them.

Aus:
The Money Market Review, 25. Januar 1868. S. 90.
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Banks and Railway Cos.

Exposures in railway affairs have shown that many of the leading banks have been ministering to the profligacy of railway directors. Lent money to railway Cos. which have no parliamentary power to borrow. Every such loan illegal. The Union Bank lent the Brighton Railway Co. thus £500,000. Laing forced the Bank, because its been illegal, into taking preference stocks that rank below all pre-existing preference issues. A Scotch Bank figures amongst the creditors of the Brighton Railway Co. Scotch Bank have encouraged Scotch railways in their course of illegality. They lent the Caledonian £500,000 on floating loans.

Aus:
The Money Market Review, 25. Januar 1868. S. 90/91.
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Overend, Gurney et Co. (lim.) Report of the Liquidators.

Report of Liquidators, showing result of liabilities (outstanding) and assets on 31. Dec. ’67.

Contributories (omitting the members of the late firm, who held 8,323 shares) about 2,219, holding in the aggregate 91,667 shares. Two calls of £10 each made and the total amount paid by the shareholders so auf 11/2 mill. £ St., davon upwards of 1 mill. paid during the past year.

Liabilities at date of suspension on 10. May, 1866 = £18,727,915. On 25. Febr. 1867 reduced by £3,640,655 15,087,259, leaving at that date £3,640,655. The indebtedness, during 1867, further reduced by the realisation of securities etc and dividends paid, by £2,449,800, leaving £1,190,855 only. The calls already made have impoverished and beggared many shareholders and family. First call of £10 p. share paid in full by 1,864 persons, holding 77,658 shares, and is in course of payment by 43 others, holding 3,658 shares. There are 238 other persons, holding 7,752 shares, who cannot pay that call in full, and 116 others, holding 4,174 shares, who will not be able to pay any portion of it. With any additional call, an additional number of the contributories will be pressed out of the paying rank and must fall into the category of the utterly insolvent and ruined. The shareholders already lost all their capital = 11/2 mill. £, and contributed besides über 11/2 mill. £ as contributories.

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The Money Market Review, 25. Januar 1868. S. 104.
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Capital of Railways in U. Kingd. Board of Trade Return. (für 1866)

Capital authorised to be raised to end of 1866 on railways in U.K. = £466,151,633 on shares, und £154,412,773 by loans. Total = £620,564,406 showing, as compared mit 1865, increase of capital authorised in Session of 1866, of £44,272,743. Total amount paid up on ordinary shares was £228,245,629, being increase of £8,647,433 in 1866. The amount paidup on preferential shares and stock £134,455,098, increase of £10,191,623. Amount raised on debenture stock £14,105,594, increase of £310,219, and on debentures £105,065,863, increase of £7,244,766, making the total amount of capital paid up to 31 Dec., 1866, £481,872,184, increase of £26,394,041, as compared with amount paid on Dec. 31, 1865.

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The Money Market Review, 25. Januar 1868. S. 106.
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Lawyers and railways

In the 6 years 1861–66 the railway Cos of the U.K. paid £1,378,167 for legal and Parliamentary expenses. It exceeds £19,000 a month.|

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The Money Market Review, 25. Januar 1868. S. 111.
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Railway Trains (1866)

In 1866 in England and Wales railway trains run distance of 117,313,154 miles, or 22 Mill. miles more than distance of earth from sun. In 1866 the Scotch railway trains run 17,680,579 miles, und the Irish 7,814,120 miles. Zusammen U.K.: 142,807,853 miles, as compared with 139,527,127 miles in 1866. Increase in 1866 of 3,280,726 miles. Of the 142,807,853 miles in 1866, passenger trains contributed 73,383,356 miles und goods trains 69,424,497 miles, showing an increase in 1866, gegen 1865, of 2,176,538 miles in the distance run by passenger trains, and 1,104,188 miles by goods trains.

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The Money Market Review, 25. Januar 1868. S. 105
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Causes of Commercial Depression. (Eingesandt von G. Townend. Mincing Lane.[)]

One of the reasons excessive competition amongst Joint Stock Banks. It is part of the business system of these banks in the East and elsewhere to advance to shippers on the security of goods shipped. It was formerly their custom to advance only to the extent of 2/3 of the value, but of late years, and till very recently, so great has been the competition and so eager the anxiety to do business, that advances have been made to the full cost value of the goods. Men of small means, aware that they are trading with the capital of a bank, have thus been induced to make speculative shipments. The demand thus occasioned for the productions of the countries where the banks may be located, has been immense; prices have risen enormously, and production been stimulated accordingly. Wealthy firms have first looked on in astonishment, but gradually become the most eager shippers, the most tenacious holders and ultimately the heaviest sufferers. Consumers on this side, alarmed at the largeness of supplies, purchase only for immediate wants; prices fall considerably; the goods continuously arrive, are sold at a great loss, and after a time – crisis.

The fraudulent system for railway construction. A contractor tenders for the construction of a line, for which he is to be paid in the stock of the Co; the tender being based upon the price at which the stock is disposable. In other words, if the contractor finds he can only realise the stock at 70 or 50 P.Ct. discount, he will only do £30 or £50 of work for every £100 stock he receives. Therefore it is evident that stock so issued ceases to be stock except in name; it is in reality a £30 or £50 share; and the public who are deluded into purchasing under the impression that they are buying £100 fully paid up are deceived and ensnared. And this acts as a tax upon the people, as a dividend is expected to be earned upon the apparent stock, and fares are charged accordingly. Besides, the mischievous impression gets abroads abroad that the construction of railways is not remunerative.

Recent disclosures have endlich shown that some Cos. are founded only for the benefit of promoters; and others with entirely fraudulent intentions.



1 February, 1868.

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The Money Market Review, 1. Februar 1868. S. 121/122
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Brighton Railway und Manchester, Sheffield, and Lincolnshire Railway Co.  Zusatz von Marx.
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(Verschleiß of steamers)

Nach den last reports die new directors der Brighton R. stated in plain terms that all till now told about the finance of the Brighton Co. is simply false. Dividends at the rate of 6% p.a. were regularly paid, and we are now told that there never was any dividend at all earned on the ordinary stock. The capital, in the course of a few years has been doubled without any corresponding addition to the net profit.

Was die Manchester, Sheffield etc angeht No depreciation fund has been made for the steamers, which stand in the books at £161,000. Mr. Watkin treats this jauntily as a small matter. Aber: die  Von Marx übernommen in Manuskript II zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 107.15–19).
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lowest practical estimate of the cost of maintaining and replacing steamboat property is 15% p.a. The rate allowed by the Gvt to the Peninsular and Oriental Co. is 16%.

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The Money Market Review, 1. Februar 1868. S. 123/124.
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A Joint Stock Discount Syndicate and its Doings.

Dieß history findet sich in report of some proceedings in the Rolls Court on 25 Jan. ’68. In November, 1865, when shares of Joint Stock Disc. Co. fallen to a considerable discount, Wilkinson, the managing director, together with another director and 2 shareholders, Fox and Stafford, and some other parties, formed themselves into a „syndicate“ or club, for the purpose of forcing up the market price of the shares. Plan of the syndicate to „earwig“ some of the largest shareholders in the concern, and induce them to enter into written agreements not to sell any shares without the permission of the syndicate, whilst the syndicate themselves were to purchase 5,000 shares, to be apportioned amongst them. Carrying out of this scheme entrusted to Stafford who was to receive £1000 when he should have got the price up to £1 discount, and another £1000 when it should reach £1 premium, and a final sum of £2000 when it should have risen to £2 premium. The syndicate held regular meetings, and kept a minute book of their proceedings. But where was the money to come from to pay the £5000?

It was arranged that the money for the purchases should be provided out of the funds of the Co. The persons concerned in the purchases accepted bills for the amount, and those bills being discounted by Wilkinson, on behalf of the Co., the proceeds were paid away for the shares. In carrying out the scheme it was necessary, to disguise the transaction, that some of the shares should be bought in the names of other persons than those of members of the syndicate. Dazu Fox introduced his friend Gledstanes, to Mr. Stafford, as a person to whom 500 of the shares to be purchased might be transferred. Mr Fox, to satisfy the scruples of Gledstanes, undertook that the shares should not remain in his name, but be at once transferred to a nominee of the Co., and that Gledstanes should not be called upon to pay anything or incur any liability in respect of them. Relying upon this undertaking, Gled. accepted and executed transfers to him from several persons to the number of 500 shares, and at the same time executed transfers of these same shares in blank, leaving Stafford to fill in the name of the Co’s nominees. Gled. for some time heard no more of the matter; but, in mean time, shares fell, despite the purchases of the syndicate. This, it is said in the published report, was „in consequence of sales to the amount of 2000 shares by the chairman of the Co.“ The shares continuing to fall, the syndicate, on the 27. Jan. 1866, caused the transfers to Gled. to be registered, but did not fill up and register the transfers he had executed in blank, as they had agreed to do; and, consequently, when the Co. failed shortly afterwards, Gled. found upon register and put upon list of contributories. Gled. contended that his name ought to be taken off that list; that the whole scheme was known to and approved by the directors (was den Chairman nicht verhinderte to sell on his account 2000 shares); that the transfers he had executed to some nominee of the Co. ought to have been registered also. This well between Gled. and his friends of the syndicate; but as between him and the creditors of the Co., the Master of the Rolls „could not see it“. The syndicate purchased some 5000 shares and „let in“ all the friends in whose names they caused them to be registered.|

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The Money Market Review, 1. Februar 1868. S. 126.
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Steel and Iron Rails (from Circular of W. Bird et Co.)

The scientific demonstration of the worthlessness of iron rails as compared mit steel does not practically affect trade. The former are still ordered largely, even for countries where steel rails could be delivered at little additional cost. Small proportion, do., of Bessemer steel rails purchased by home lines. The high price of steel rails enhances greatly the difficulty in extending their use and introduction, and as now iron rails can be had at £2 to £2. 10s. per ton in exchange for old rails (weight for weight), iron seems likely to maintain its footing for some time. Wrought iron rails are still in existence which have lasted 20 years and upwards, even on main lines, and it is therefore not impossible to make them of good quality. Deteriorations introduced partly due to the wretched quality of the mode of payment proffered in exchange. However bad the iron rails, yet exceeded in many instances where they are now complained of by the paper money which paid for them. The steel trade in its infancy, and some of the new methods of producing first class cheap steel will become more formidable competitors in the rail trade of this country then hitherto the Bessemer.

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The Money Market Review, 1. Februar 1868. S. 141.
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U. States Finances on 1st. January 1868 (Monthly Statement of  Zusatz von Marx.
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M.Culloch
, Secretary of Treasury)

On 1st Jan. 1868: Debt bearing interest in coin. Dollars 1,890,102,091: 80 Cents. Debt bearing interest in paper: $328,491,230. Debt on which interest has ceased $15,871,640. cts 83. Debt without interest $407,851,290. ct.85. Total Debt Jan. 1: $2,642,316,253. ct. 48. During the month of December the debt was increased $2,943,680. 80c., but total debt for Jan. 1, 1867 was $2,675,062,505 c.43, showing reduction, during the past year, of $32,736,251. c.95. McCulloch continues his policy of funding the various obligations of the Gvt. into 5-20’s, and in this way, during december, increased the coin interest debt nearly 50 mill. The total issue of 5-20’s now $1,373,804,750. There was no contraction of currency during December.

8 February 1868.

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The Money Market Review, 8. Februar 1868. S. 148/149
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Aus  Titel von Marx notiert in „Heft 3. 1868“ der „Hefte zur Agrikultur“ (MEGA² IV/18. S. 729.12) und in Exzerptheften 1877 (IISG, Marx-Engels-Nachlass, Sign. B 139) und 1878 (IISG, Marx-Engels-Nachlass, Sign. B 148) sowie im Notizbuch 1878/1879 (IISG, Marx-Engels-Nachlass, Sign. B 152)
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R. Dudley Baxter: „National Income of the U. Kingd. 1868.“ (Macmillan et Co)

Nach Baxter folgende dimension of Population:

Persons
A) Upper and middle class 1) With independent incomes. 2,759,000
2) Those dependent. 3,859,000
Total 6,618,000
B) Manual labor classes 1) With independent incomes 10,961,000
2) Those dependent 12,130,000
Total 23,091,000
Total Estimated Population: 29,709,000

Nach demselben Baxter folgende Vertheilung amongst the various classes of the population:

Class A. Incomes (Annual) Persons Amount. £. St.
1) Great fortunes £5000 to £50,000 and upwards 8,048 £127,692,860
2) Moderate fortunes £1000 to £5000 47,228 84,284,210
3) Middle incomes £300 800 to £1000 173,036 88,730,580
4) Small Incomes a) £100 to £300 800 995,688 112,246,350
b) under £100 (below income Tax) 1,535,000 83,780,000
Totals: 2,759,000 2,799,000 £496,734,000
(Manual Labor) Class B. Incomes. (Annual) Persons. Amount. £. St.
5) Higher skilled labour and manufactures 1,345,044 £66,352,814
6) Lower skilled labour and manufactures 5,087,921 160,652,345
7) Agriculture and unskilled labour 4,528,720 97,639,481
Totals 10,961,685 £324,644,640
Grand Totals 13,720,685 £821,378,640
Average Income for each Person of independent means: Ireland Scotland England
£31 £53 68
For each person of the whole estimated population 14 231/2 32

Ireland, remarks der  Zusatz von Marx.
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Baxter, „presents the singular phenomenon of a decreasing population and an increasing income“. Its population diminished von 8 mill. in 1841 to 61/2 Mill. in 1851 (nearly 20%), and again in 1861 to 53/4 mill. (nearly 12%). Estimated that it has further declined in 1867 by 4%; yet the property charged to income tax has risen from 21 mill. in 1855 to 241/2 mill. in 1865, being increase of 16%.

Enormous disproportion of unskilled to skilled labor; 10 millions of Persons against 1,345,044. Ireland für sich genommen ist natürlich disproportion still greater.

In the East of London, sagt Baxter: „the dock labourers earn, in full work 15s. a week, but so great is the competition that even in ordinary years they are employed but little more than half their time. During the past year (1867) 5s. a week has been considered tolerably fortunate.“ The Silk weavers have been for years in a chronic state of distress. The men’s nominal wages are 12s. but their real earnings do not average more than 6s. a week. The cabinet makers of the Kingdom are set down as earning 30s. a week, but those at the East End of London, a very numerous body, are in the „slop trade“, and are ground down by the Jew dealers, who own what are called the „slaughter-houses“, in which advantage is taken of the necessities of the small „garret masters“, many of whom are not earning more than 7s. 6d. per week. „None but those who have examined the facts“, sagt Baxter, „can have any idea of the precariousness of employment in our large cities, and of the large proportion of their time in which they are out of work, or of the loss of time in many well paid trades from drinking habits.“ Those drinking habits are a fearful evil, … but, sagt die Money Market Revue, we have a strong impression that much of this evil arises |27 partly from overwork and underfeeding, and partly from the bad ventilation and bad drainage of the localities in which they are compelled to reside.

Do all these figures and details, sagt Money Market Review, furnish us with what they profess to give – namely an account of our national income as a nation? We are bound to say that they do not. „We are“, says Times, „all living upon one another, and each income is spent in making up a number of other incomes, and every shilling of each passes through 50 other incomes and contributes to swell them in the course of 1 year.“ To add up all these several incomes into a grand total, and call it the total or gross income of the nation, is merely to foster a delusion. A landowner with £5,000 a year might just as well add up the wages of his steward and household, the rents of his tenantry, and the profits of his tradespeople to make up an income of £20,000 a year. The net actual income of an individual shown by the total amount of his receipts after deducting all the necessary outgoings for keeping up the estate or source of his income. And the net annual income or wealth of a nation shown by the net amount in hand after deducting all the necessary outgoings for the maintenance of its State and the sustenance of its people. Dazu other facts to be considered, returns of exports und imports, amount invested of our surplus income in foreign loans and securities etc.

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The Money Market Review, 8. Februar 1868. S. 149.
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 Den Titel dieser Schrift notierte Marx in „Bibliographische Notizen zur englischen politischen Ökonomie 1864–1868 u.a.“ in „Heft 3. 1868“ der „Hefte zur Agrikultur“ (MEGA² IV/18. S. 728.23). Pattersons „The Science of Finance“ (Edinburgh, London 1868) exzerpierte er im April/Mai 1868 in „Heft zum fixen Kapital und Kredit 1868“ (MEGA² IV/18. S. 749–751, 755, 762–765, 793–802 u. 807/808).
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R. H. Patterson. „Railway Finance.“ (1868)

In past years the question was raised as to whether the State ought not to buy up the railways as a means of increasing its revenue. Now the question has changed its complexion, and the interference of the State is demanded chiefly in the interest of the railway Cos themselves, as a method of relief from pressing embarrassments.

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The Money Market Review, 8. Februar 1868. S. 171.
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U. States Currency.

Washington. Feb. 4. The Anti-Contraction Bill, suspending M’Culloch’s authority to contract the currency, finally agreed by both Houses of Congress, and is now law.

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The Money Market Review, 15. Februar 1868. S. 185.
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Manchester Trade. (Circular of B. Barbour and Brother.)

Month opened with better feeling, continued with few intermissions to its close. Aggregate business very large, not only clearing out stocks, but placing producers, particularly of the better qualities, under contract for the next 2 months. Operations mainly in the good adapted for India and China. Shipments thither continue in excess of 1866. These operations entered into, not so much for immediate as in anticipation of future demand for these quarters. Largely of a speculative character, through which prices unduly forced up, affording the speculator a later prospect of resale at a profit. Effect of such transactions to distract our market and to disarrange all ordinary calculations; they force spinners into the Liverpool cotton market to cover their contracts, stimulating an unhealthy action on prices there, at a time when the most reliable accounts from America promise an abundant supply.



15 February, 1868.

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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?

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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.|

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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.“

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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.

22 February 1868.

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The Money Market Review, 22. Februar 1868. S. 218/219.
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Railways. Paying Weight and Dead Weight.  Zusatz von Marx.
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(Wear and Tear.) (Permanent Way.)

On the Metropolitan engines and carriages now in use heavier and more expensive than on any line in U. Kingd. except the North London Railway. Consequent upon this, the permanent way is more expensive in first cost, and it suffers more from wear and tear. The Metropolitan engines weigh 42 tons: of this weight 32 tons are placed on 4 wheels, being at rate of 16 tons per pair of wheels. On the London and North Western line the most powerful engines weigh considerably under 30 tons, which are distributed over 6 wheels, being less than 10 tons per pair of wheels. Again, the Metropolitan passenger carriages weigh 16 tons empty, and they carry 48 first class and 70 second and third class passengers. Taking 2 of the second and third class carriages to 1 of the former, average about 63 passengers to each carriage weighing 16 tons. On the North Western, the Brighton, and some other lines, the passenger carriages weigh about 6 tons and carry 24 first class, 40 second class, and 50 third class passengers. This gives average of 38 passengers to 6 tons of weight, or 6.33 passengers per ton, as compared with 63 passengers to 16 tons, or less than 4 passengers per ton in the carriages of the Metropolitan. Taking the number of passengers actually carried on the Metropolitan, rate of dead weight hauled as against paying load is as 8 to 1 or 871/2 p.c. In other words, 8 tons of dead non-paying load is carried to 1 ton of passenger paying load. If the weight of the engine were included in the calculations, dead-weight equal to 12 tons for every single ton of passengers. A London omnibus, which has to travel over all kinds of roads, bad and good, carries 2 tons of passengers and 1 ton of dead weight. No mechanical reason why, allowing extra weight for increased speed, the proportion of paying to dead weight should not be vastly increased.

Twenty years ago Mr. Samuel, the then engineer of the Eastern Counties Railway, called the attention of the directors to importance of the question involved between dead and paying weight. He demonstrated by actual experiments, carried on for 18 months, that the problem could be solved of assimilating the proportions of dead and paying weights at speeds varying from 30 to 50 miles per hour. He did this by his celebrated light engine, „the Enfield“. Was disregarded by the Board. Mechanical invention has gone no further in that direction.

That the dead weight carried by the Metropolitan is destructive to the permanent way is obvious from the facts. The way first laid with iron rails case-hardened. Before long they were so worn that deemed expedient to alter the quality, and steel railways for renewals were obtained from John Brown et Co, Sheffield. These also gave way; other rails for renewals obtained from Ch. Cammell et Co, Sheffield. All this in 5 years, 3 renewals in 5 years over the heaviest portions.

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The Money Market Review, 22. Februar 1868. S. 220.
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Net Profits and Dividends of London Joint Stock Bks., last half year (’67)

London and Westminster: dividend 32. Lond. and County 18. London Joint Stock 121/2. Union 15; City, 7. Alliance 0. Lond. et South Western 5, Consolidated, 5, East London, 5. Metropolitan 5%.

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The Money Market Review, 22. Februar 1868. S. 236
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Decline in Trade with Un. States.

Nach commercial advices from New York the imports of dry goods (comprising all manufactures of wool, cotton, silk, flax) during January ’68 only £1,020,000 less than 1/2 amount in corresponding month of 1867, und about £700,000 less than average importation of same month during last 19 years.|


29

29. February 1868.

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The Money Market Review, 29. Februar 1868. S. 243/244.
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The Caledonian Railway.  Zusatz von Marx.
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(Old Hudsons’s Maxim)

Latest Phase: Shareholders so infatuated or demoralised as to entrust to the chairman and old board such a mass of proxies as has overridden the decision of the general meeting, and practically re-delegated the reins of power to them. After this, who can believe for one moment in the genuineness of a Caledonian railway dividend? The accountants (to Committee of Inquiry) set forth dividend as very small; majority of shareholders would like to make them and the market value very high. (per xxx or xxxxx).

Up to this moment there has ruled that famous principle in railway accounting enunciated by old Hudson, when chairman of the Eastern Counties Railway, that „expenses should be made to square with the dividend, and not the dividend with the expenses.“

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The Money Market Review, 29. Februar 1868. S. 247.
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Board of Trade Returns.

A) Imports. Computed Value of Principal Articles.
Month ended Nov. 30.
1865 1866 1867
Totals enumerated: £19,910,403 £17,841,738 £15,514,473
11 months ended November 30.
Totals enumerated £180,417,221 £211,541,118 £196,884,787
Deduct. Wheat 8,573,672 11,214,682 22,102,884
£171,843,549 £200,326,436 £174,781,903
Deduct raw cotton 49,294,092 70,665,438 48,338,241
£122,549,457 £129,660,998 £126,443,662
B) Exports Declared Value of All Articles of British and Irish Produce.
Month ended December 31
1865 1866 1867
All articles £15,030,088 £14,914,563 £13,252,593
12 months ended December 31
£165,835,725 £188,917,536 £181,183,971.

7. March. 1868.

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The Money Market Review, 7. März 1868. S. 276
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Profits of the Bank of England.

Rate of dividend for the half year.
Half year ending Sept. 5 1866 61/2
March 6 1867 51/2
Sept. 4 1867 41/2
March 5 1868 4
Aus:
The Money Market Review, 7. März 1868. S. 280.
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Board of Trade Returns.

1865 1866 1867
Imports year ended 31. Dec. Computed Value of Articles enumerated: £219,393,987 238,773,192 220,862,585
Exports ditto. Declared Value. British und Irish Produce und Manufacture 165,835,725 188,917,536 181,183,971
Import Trade
Month ended December 31
1865 1866 1867
Totals enumerated £38,930,967 27,174,309 23,977,798
Year ended December 31.
Totals enumerated £219,393,987 238,773,192 220,862,585
Deduct wheat £9,775,616 12,983,090 24,985,096
£209,618,371 225,790,102 195,877,489
Deduct raw cotton 66,032,193 77,521,406 51,997,766
£143,586,178 148,268,696 143,879,723
Raw Cotton Imported
Quantities cwts: 1865: 8,731,949 1866: cwts 12,295,803 1867: cwts: 11,272,651
Computed value: £66,032,193 £77,521,406 £:51,997,766
A) Exports January B) Imports. B) Imports December
January 1866 £14,354,748 December 1865 £38,930,067
1867 12,768,842 1866 27,174,309
1868 12,252,688 1867 23,977,798.
Aus:
The Money Market Review, 7. März 1868. S. 282.
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Railway Finance (Inserted)

If placed to capital  The Money Market Review: reckless expenditure
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(irrationelle Ausgaben)
, there will be a perpetual reduction of future dividends of shareholders (common stock); if charged to revenue, that course would be ruinous to his present income.  Kommentar von Marx.
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(Aber die Gegenwart ihm die Hauptsache)
|

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Aus:
The Money Market Review, 7. März 1868. S. 293.
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Import of Cotton in 1867.

U. States: cwt 4,715,733 First year since 1861 in which cotton Import from U. St. > import from British India.
British India: 4,449,259
Ejypt 1,127,541
Brazil 628,761
Turkey 57,024
Bahamas und Bermuda 10,623
China 4,707
Mexico 22 cwts
Other Countries 278,981
Total cwt 11,272,651.

Quantity Exported from U. Kingd. in 1867 cwts 3,130,593, leaving 8,142,058 cwt, excess of imports over exports, quantity 4 times exceeded, in 1859, 1860, 1861 und 1866.

March 14, 1868.

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The Money Market Review, 14. März 1868. S. 302
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Board of Trade. Railway Returns up to end of 1866.

A) Capital authorised by Parliament up to close of 1865
Shares Loans Total
England and Wales £357,496,302 £119,714,054 £477,210,356
Scotland 48,742,293 16,303,523 65,045,816
Ireland 26,650,650 7,384,841 34,035,491
Total £432,889,245 £143,402,418 £576,291,663
B) Capital authorised at the end of 1866
England und Wales £388,605,689 £129,762,809 £518,368,498
Scotland 50,104,794 17,024,623 67,129,417
Ireland 27,441,150 7,625,341 35,066,491
Total £466,151,633 £154,412,773 620,564,406
Increase in 1866: £33,262,388 11,010,355 £44,272,743
C) Capital paid up at 31 Dec. 1865
England and Wales. Scotland. Ireland. Total.
Ordinary Cap. ohne priority £186,939,352 £18,307,847 £14,350,997 £219,598,196
Debentures (terminable loans) 80,420,076 11,636,265 5,764,756 97,821,097
Preference Capital 99,930,392 19,055,152 5,277,931 124,263,475
Debenture stock or funded debt 12,315,007 1,206,768 273,600 13,795,375
Total 379,604,827 50,206,032 25,667,284 455,478,143
D) Capital paid up at 31 Dec. 1866.
England and Wales Scotland Ireland Total.
Ordin. Cap. ohne priority 193,674,973 19,797,076 14,773,580 228,245,629
Debentures (terminable loans) 86,659,720 12,566,082 5,840,061 105,063,863
Preference capital 109,322,884 19,460,908 5,671,306 134,455,098
Debenture stock or funded debt 12,566,697 1,254,732 284,165 14,105,594
Total £402,224,274 53,078,798 £26,569,112 481,872,184

Authorised Railway Capital end 1866: 6201/2 mill. (round numbers), wovon nearly 482 mill. actually raised. This is irrespective of money raised on simple contract, such as balances due to bankers, accounts unpaid to lawyers, contractors, and others who supplied money, labour, or materials for the purposes of the various Cos. The 482 mill. do not include money raised upon „Lloyds’ Bonds“, these being securities not directly authorised by Parliament. Vgl. 1866 mit 1865 raised 261/2 mill. und as indicative of the growth of distrust, nur 83/4 mill. in ordinary stock, 173/4 mill. in the forms of priority stock. 1866 was with railways a year of pawning and borrowing, and creating securities mit rights in priority of the ordinary stockholder.

Aus:
The Money Market Review, 14. März 1868. S. 303/304.
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Overend et Gurney, Co. Meeting of Shareholders 13 March.  Zusatz von Marx.
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(Für Proceedings against Directors.)

Mr. Linklater, the solicitor said, had now come out that at the time of the transfer to the Lim. Co. of the business there were 3 deeds prepared and executed between the partners of the old firm and the directors of the new Co. Only one of them, the deed of transfer, accessible to intended shareholders; the deed of arrangement, which would have inclosed disclosed the absolute insolvency of the old firm, being held back as a private or secret deed. In the 1st deed the partners of the old firm guaranteed that the assets should realise 20s. in the £ upon the debts and liabilities transferred. By the 2nd deed it was made apparent [that the assets] were not likely to realise anything of the kind, and that they might fall short to the extent of 2 or 3 mill., and the partners therefore covenanted with the Co. to make good the too probable deficiency out of their private estates. But this deed stipulated that whatever might be the exigencies of the Co., they should not be entitled to call upon the partners to make good the deficiency before the end of 1868. To that provision, Henry Ford Barclay, before he consented to join the lim. co., took exception; and to meet these objections, another deed was prepared at the last moment, providing that in certain events the stipulations of that deed in reference to those deficiencies should be in some way modified and relaxed. All this, as Linklater said, showed that the parties were aware at the time of the issue of the prospectus that the statements it contained, and the prospects it held out, were false and delusive and therefore fraudulent.|

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March 21, 1868.

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The Money Market Review, 21. März 1868. S. 327.
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Railways. Their Construction and Management. Paper read by R. F. Fairlie, Society of Arts, 18 March ’68.  Zusatz von Marx.
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(Wear and Tear)

Paying portion of the load does not exceed 5% of the whole weight of the train … As to engines, costs to be reduced: first, by abolishing the tenders, and next, by amending the construction of the locomotives themselves, so that their weight may not only be lessened, but better distributed. A better distribution of the weights of the boiler over a larger number of wheels, with adjustments to meet and neutralise inequalities in curves and gradients, would prevent injurious impact upon the rails, and so save wear and tear to rails, wheels, and boiler. Every traveller experiences sudden or continuous shocks from the impossibility of engines of ordinary description adapting themselves to surface inequalities. These shocks inflict damage on the rails and to the rolling stock; this is the main cause of the constant necessity for expensive renewals. Mr. Fairlie has produced engines now in operation on the Neath and Brecon Railway, which work without the possibility of such oscillations.

March 28, 1868.

Aus:
The Money Market Review, 28. März 1868. S. 362.
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The Indian Trade. English Exports to India during last 15 years.

Exports
1853: £7,324,147.
1854 £9,127,556.
1855: £9,949,154.
1856: £10,546,190.
1857: £11,666,714.
1858: £16,782,386.
1859 £19,844,920.
1860 £16,965,292.
1861: £16,411,756 
1862: £14,617,673 
1863: £20,002,241.
1864 £19,951,637.
1865 £18,260,413.
1866 £19,957,342.
1867 £21,844,619.

Die Ausfuhr von 1867 die größte on record. Exports to Bombay and Scinde presented a slight declension 1867, to Madras a small advance, to Bengal and Pegu considerable increase. The construction of railways in British India involved supply of large quantities of plant, engines etc.

April 4. 1868.

Aus:
The Money Market Review, 4. April 1868. S. 387/388.
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Crisis of 1866 und Nachwehn.

Never a period of dull suffering and depression so long and continuously felt. … Two main elements of distraction and depression of late: Windings up and railway insolvency. Enormous calls under windings up. Others sufferers by stoppage of their dividends. Dann uncertainty der victims as to their ultimate liabilities, preventing them from dealing with their remaining means. Crippling of resources and paralysis of action. Andrerseits now beginning to tell the payment of creditors of Cos. in liquidation, and the settlements with debenture holders in Railway Cos. These transfers of capital are coming largely in relief, and every day they will become more operative, as seen by course of Overend etc, Imperial Mercantile Credit etc. These transfers not absolute equivalents, but come greatly in mitigation. The fearful expenses in winding up, going in diminution of the property of creditors and debtors, constitute a transfer to attorneys, accountants etc to their profit.

Aus:
The Money Market Review, 4. April 1868. S. 391.
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Board of Trade Returns.

A.) Imports. „Computed Real Value.“
January
1866 1867 1868
Enumerated Articles £10,394,443 £10,063,066 £9,477,083
Deduct Raw Cotton 3,341,901 1,076,616 688,424
£7,052,542 £8,986,450 £8,788,659
Deduct Wheat 984,355 1,551,919 2,091,896
£6,068,187 £7,434,531 £6,696,763.
B) Exports of British and Irish Produce und Mnfct. Declared Value
January and February
All articles £29,470,811 £27,232,914 £26,593,667

Also Import und Export Abnahme in Trade.

Aus:
The Money Market Review, 4. April 1868. S. 391/392.
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Railway Wear and Tear. Cost of Production.

An enormous amount of useless and unprofitable force is expended upon every train on every railway, and this useless expenditure of force aggravates the loss to proprietors, by so wearing the rails as to make them require frequent renewals at very great expense. Take the case of the Metropolitan Railway . Mr. Fairly proved (sieh oben, March 26 21. ’68) that 30 tons of dead weight are carried carried on that line in proportion to 1 ton of paying weight. What business can be well carried on at a working expenditure  Zusatz von Marx.
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(Kostpreis)
of 30% in proportion to a paying expenditure of 1%? Opposition against improvement in this respect on part of engineers not belonging to the newest school in practical engineering.



April 11. 1868.

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The Money Market Review, 11. April 1868. S. 419/420.
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Commercial Credit and Morality.

Liverpool Chamber of Commerce 1867 appointed a subcommittee to consider Sir John Rolt’s (late Attorney General) Bill on Bankruptcy law, and „other laws bearing upon commercial morality“. On 6. April ’68 the Chamber met to discuss the report of the latter Committee.

Aus:
The Money Market Review, 11. April 1868. S. 431.
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Worn Coin.

£15,000 will again be proposed this session to cover the deficiency in the wear of silver coin withdrawn from circulation in the course of the year, the coin being received at the Mint at its nominal value. There will also vote of £500 to pay premium at 2% on old copper coin sent into the Mint, and the carriage of bronze money remitted in exchange.|

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Aus:
The Money Market Review, 11. April 1868. S. 423/424.
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Cotton.

Lately „spurt“ in the cotton market. „Middling Uplands“ worth at the end of February 91/8d. per lb, and at the end of March 115/8d. „Fair Pernambuco“ rose from 10d. to 114/8d., Fair Ejyptian from 81/8d. to 101/8d. Fair Dhollera von 81/8d. to 101/8d., Fair Madras von 73/4 to 93/4d. und Fair Bengal from 71/8d. to 83/4d. The causes of this advance in market attributed to reduced cotton receipts at shipping ports of U. St. und increased demand at Manchester for manufacture. Nach dem circular von Ellison und Haywood the broad facts stand thus:

Home Consumption in Bales.
1868 1867.
In 121/2 weeks – total 765,280 468,820
In 121/2 weeks – average p. week 61,222 36,063

The inference evidently, that a consumption of 61,000 bls every week cannot continue.

Computed Stocks in Bales. End of March
1868 1867
In Liverpool and London 461,341 689,608
370,723 523,926
832,064 1,213,534

Should rate of consumption continue at £61,000 61,000 bales a week, in hand a stock which would supply the demand for 14 weeks. If the consumption should relapse, sufficient stock for proportionately longer period.

Exports of Goods and Yarns. Two Months
1868 1867 1866
Piece Goods. Yards 483,219 411,880 373,004
Piece Goods. Value £7,754,000 £8,504,000 £9,273,000
Yarn. Pounds. 33,983,000 20,937,000 20,923,000
Yarn. Value £2,737,700 £1,904,000 £2,258,000

These figures show present quantity of manufactured cotton at maximum, while the value obtained from the foreigner for the largely increased product is much smaller than it was 2 years ago … The rapid decline in prices here, consequent upon an excessive supply, has produced diminution of arrivals. Manchester is buying more than she can sell at a fair profit, and Liverpool is cutting its own throat by raising the price against Manchester by rampant speculation.

Aus:
The Money Market Review, 11. April 1868. S. 432.
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The London Flour Co. (lim).

Resolution passed in October 1867, to wind up the Co. voluntarily, but certain shareholders, suspecting that the accounts had been tampered with, discovering that the above resolution was informal and invalid, filed petition to have the Co. wound up by the Court. Alleged that Directors had systematically paid dividends out of capital, recklessly carried on the business etc[.] Admitted by directors that they had put directors’ fees and managers’ salary to capital account and not to revenue, and also that the liquidators, professedly appointed under the resolution of October ’67, one of whom was the chairman of the board of directors and brother in law of the managing director, were proceeding to sell the property without reserve. Petition filed early in December 1867; pressure of business on the Court caused delay. Adroitly seizing this interval of grace, directors, before Court opens again after Christmas, issue a notice, this time proper, convene meeting on 8 Jan. ’68, in order to pass a resolution to wind up the Co. voluntarily; and their notice is accompanied by stamped proxy papers directed to the directors and with postage stamps duly annexed for their return. At this meeting directors obtain bare majority of 3/4; but the petitioners stated on the hearing that proxies were improperly used on behalf of the directors, and thus the resolution was passed. By the time the petition came on for hearing, 15 Feb. ’68, the shareholders, having become alive to their interests, reverse their last decision of 8. Jan., and support the petition in such numbers that the directors then have but slight majority on their side. Vice Chancellor Stuart expressed himself strongly against directors, made order for winding up the Co. by the Court. Directors appeal. Independent shareholders show majority to oppose appeal. Lord Justices declare shareholders bound by the resolution passed at a meeting held after the petition had been presented, and which, from taking place almost in holiday time, was in the nature of a surprise upon the shareholders, who in fact alleged that several of them accidentally prevented from opposing the directors’ plan.

The more culpable directors, the greater the difficulty under which shareholders labour at meetings under directors’ influence. Generally imposible impossible to obtain justice, attempt is a farce except in case of some colossal undertaking whose magnitude has invested it with such publicity that the shareholders can have matters somewhat their own way by the publicity of the proceedings. In the general run of Cos., shareholders who complain are cried down, improperly called to order, their resolutions put to the meeting in such way that the shareholders do not understand question before them, majority is often unfairly arrived at, and proxies rejected on most flimsy pretexts. After the decision of the Lord Justice in this case, it is open to the directors of the most mismanaged Co, when they find their game is up, to call a meeting. meeting, shuffle through resolutions to wind-up voluntarily, and appoint their own nominees as liquidators.

Aus:
The Money Market Review, 11. April 1868. S. 432/433.
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The City Offices Co. (limited)

Last half yearly meeting very badly reported. For the last 5 years 1/2 Mill. £. St. invested in property yielding no return and which, at present price of shares, stands at something like £100,000 only. Shares mit £25 paid. Directors, mit hohen Gehaltern Gehältern who, after 5 years’ trial, have entailed nothing but loss and disappointment on their shareholders, managed both to carry their report and get a vote of unabated confidence.|

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18 April 1868.

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The Money Market Review, 18. April 1868. S. 443/444.
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International Contract Co. (lim.) und Accidental Marine et Insurance Corporation. (lim.)

2 circulars recently issued by the Liquidators of these 2 bankrupt Cos.

The Internat. Contract Co. started mit nominal capital of 4 Mill. £. St., in 80,000 shares, small proportion paid up auf die 50£ share, so leaving enormous contingent liability. This practically unlimited liability of the shareholders seemed to afford ample security to credulous creditors; and, if all the shares had been applied for and allotted to bona fide shareholders, it might have been so. We see now the true value of this enormous nominal Capital and unlimited liability. Co. was only a few months in operation before it collapsed, and claims already sent it in to the official liquidator nearly 2 Mill. £. St. Of these claims only a portion as yet adjudicated upon, result that upwards of £165,000 will rank as proofs, leaving a sum of upwards of £1,761,000 still to be litigated and proved. Director claims to a large amount by the Peruvian Railways Co., now in liquidation; the London Wharves and Wharehouse Co., now also in liquidation; und claim of more than 1/2 Mill. £ St. by Edward Pickering (who, it seems, likes to pick), the managing director of the Co! These latter claims, the liquidators state, arise upon „certain fictitious operations“ in connection with the Peruvian Railway Co. and others. Besides these claims the Co. Defendants in 5 Chancery suits, instituted by the Peruvian Railway Co. and others, under which there are certain alleged liabilities for indemnity and otherwise. The whole sum at present collected under the winding up accounts no more than £10,000. The list of contributories has been settled, and 229 persons, holding 38,663 shares, representing £1,540,000 capital, have been fixed as liable. But the liquidators say that, „having regard to the number of contributories who are but the nominees of certain of the directors or promoters of the Co., and to the fact that many of the remaining contributories are not in a position to meet their liabilities, they cannot hope that more than £70,000 or £80,000 will be raised by calling up the whole of the remaining capital.“ A list of persons liable as past members about to be filed, aber bevor dieß settled, liquidators consider it impossible to form any estimate of the amount realisable from calls upon this class of contributories.

In the case of the „Accidental Marine and Insurance Corporation“, the liability of past members the question embarrassing both liquidators and creditors. Creditors can only expect very moderate dividend, in addition to that already declared. Amount of unpaid capital upon the shares transferred during the 12 months prior to the commencement of the winding up is £80,250. Of this £16,340 is considered good, £24,090 doubtful, und £39,620 wholly bad. Liquidators therefore estimate value of the list of past members von £15 to 25,000£, whilst the claims actually admitted £197,077, and those still pending will amount to £50,000 more. Schwierigkeiten mit past members. Ihre liability confined (von jedem derselben) to the debts which had actually accrued at the time they ceased to be members. Ferner: At whose expense these proceedings necessary to establish the liability of past members to be conducted. Many of the creditors (deren Forderung von später datirt) no interest in enforcing the liability of past members. Endlich past members only liable to contribute to the extent of the amount remaining unpaid upon the shares they had held after proof that the present holders und any intermediate holders have been exhausted, and are absolutely unable to pay more. Daher cost of litigation würde alles auffressen. Die Liquidators bemerken: „There has not hitherto been a single instance of this past liability having been actually enforced, in the winding up of a Co. under the Act of 1862, and in most, if not in all the cases where an attempt to do so is now being made, there exists considerable difficulty in assessing and enforcing such liability, whilst it is certain that in this as in every other case the attempt to enforce it will involve the liquidation in very considerable expense and litigation.“

Aus:
The Money Market Review, 18. April 1868. S. 447/448.
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The Market Value of Finance Co. Shares.

Market Prices
March 1866 March 1868
Credit Foncier of England 2 prem. 7 disc.
Discount Corporation 11 disc. 21/4 disc.
General Credit 1/4 prem. 21/2 disc.
International Financial 1/2 disc. 13/4 disc.
London Financial 51/2 disc. 25 disct.

Credit Foncier of England, hieß 2 years ago the Credit Foncier and Mobilier of England, paid at the outset fabulous dividends. Adverse Rumours then, shares fell continuously. In July, 1866, 20£ share reduced to £10, with £9 paid up instead of £5, £2 p. share being taken from the reserve fund, and £1 being paid up in cash. Subsequently £1 paid. Thus no further liability. The necessity of the last call explained at meeting of 25 Feb. 68 when shown that capital of Co. locked up in undermentioned investment:

In Millwall Docks about £150,000
Irrigation Co. of France 320,000
Imper. Land Co of Marseilles 270,000
London, Chatham and Dover Railw. 302,000
Varna and Rustchuck Railw. 196,500
Paris Streets Impt. Co 300,000
City of Milan Improvements Co 244,000
Belgian Public Works Co 107,000
Total £1,889,000

Shareholders have paid £8 p. share on 200,000 shares, zusammen £1,600,000, against invested in legitimate Joint Stock undertakings £1,889,000, aber diese investments not realisable at anything approaching the original cost, owing to the glut of shares and universal distrust in market. The 10£ share now fallen to 3£.|

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General Credit Co. advanced £160,000 to Lond. Chath. and Dover und diese sagen, sie sollen das Geld bei Peto suchen. Loan on Portuguese railway securities of £151,000 scheint fairly settled. Kapital der Co. £2,000,000, in 200,000 shares of £10 each, wovon £7. 10s. paid up. Market price only £5. The discount of £2. 10s. on 200,000 shares total depreciation of 1/2 Mill. £. St.

Aus:
The Money Market Review, 18. April 1868. S. 451.
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Australian Trade

Value of British Exports January 1868 £736,950 gegen £557,062 in Jan. 1867 und £918,673 in 1866. Each of the 3 chief Australian colonies – South Australia, Victoria und New South Wales – has done with us more business of late. Exports to South Australia in Jan. ’68 £140,714 gegen £52,995 in Jan. 1867; those of to Victoria £316,846 gegen £260,347 in 1867; und von to Neu South Wales £176,427 gegen £67,847 in Jan. ’67. Dagegen we sent in Jan. 1868 less goods and produce to Western Australia, Queensland, Tasmania und New Zealand.

April 25, 1868.

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The Money Market Review, 25. April 1868. S. 469/470.
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Falsification of Railway Accounts. Working Expenses.

There falsification under 2 heads, as estimates of future liabilities und statements of actual results. First evil meist in form of underrepresenting future capital outlay, z.B. Estimated cost of Midland approaches to London £2,216,000; kosten bereits £3,450,000 und werden noch viel mehr kosten.

Falsification of actual Results: selten by fictitiously augmenting revenue receipts, meist durch suppression of working charges. Z.B. sagt das Brighton Railway Investigation Committee of 1867, daß zu Revenue ought to have been charged:

Maintenance of way, works, stations £27,918
Locomotive Power 10,258
Carriage and Waggon Department 28,462
Law and Parl. Charges 44,682
Printing, new shares etc 5,250
Commission allowed on issue of stock to contractors 2,145
Interest upon expenditure for works in progress in 1866 175,178
Additional loss on Channel Island traffick 1,665
Total £295,558

By these means the directors were enabled to pay in ordinary dividends £215,718. Daher non payment of a dividend 1867.

Locomotive Power: Includes all cost of fuel, wages of drivers, cleaners and others (sometimes repairs of engines und tenders, gehört eher zu maintenance of rolling stock) Convenient and vicious deductions may here be made for the conveyance of materials used in construction of new works, such being charged to capital at arbitrary rates.

Maintenance of Way: Hier gross systematic falsifications. To show fictitious profits, the permanent way allowed to lie for years almost uncared for. Endlich all or part of the sum required charged to capital. Or this expenditure may be charged as „additional works“. If a viaduct falls in, the cost of rebuilding may be charged to capital. Improved rails or sleepers, or repairing and enlarging stations, all such items open to colouring which policy may dictate. When works destroyed or removed to make room for others, original cost of the old works, or of their removal, should be sustained by revenue. Schwer zu bestimmen cost of maintenance of way per mile, as it depends entirely on soil, traffic, and nature of the works. Laing, 1849, estimated such repairs and renewals on Brighton line at £265 p. mile p. annum; experience has shown this to be minimum charge.

Maintenance of Rolling Stock: Often charged to capital in small or large proportions; while disabled vehicles stand in the Co’s yards, and only really exist in reports furnished to the shareholders. Thus, on North British last half year deficiency of 2,319 vehicles now written off the stock. Charge for these renewals and repairs should in most cases equal, if not exceed, 9% p.a. on first cost. Nach paper read by Fletcher at Institution of Civil Engineers, annual charge on North Eastern should be 121/2% on cost of locomotives, 12% on cost of carriages, 61/2% on cost of waggons. No certain rule for the mileage, however; speed and burdens carried must influence the result.

„Salaries, office expenses, and directors fees“: generally include not wages to engine drivers and others, falling under head of locomotive power etc Any proportion that is thought fit, transferred to an open capital account as expenses on works in progress; thus the Metropolitan directors have charged 1/2 of office expenses.

„Canal, steamer, and sundry charges.“ (telegraph etc) May or may not include reserves for renewal and depreciation.

„Rents, Debenture and Preference Interest“: davon oft deducted interest on capital expended on works in progress. The more capital is returned as interest, the less will be employed on productive works. Sum thus distributed amongst proprietors, not profit, but return of capital. If capital may be dissolved in interest for one year, why not for 10?

„Loss or Gain on Issue of new shares and debentures“. Premium not to be placed to revenue, as losses are to capital.

Aus:
The Money Market Review, 25. April 1868. S. 474.
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Injuries consequent upon the vibration and Smoke of Trains.

Wenn Railways – (im Gegensatz zu Private Industry) als Use of Property sanctioned by Legislature in particular way – do damage to other Property durch vibration, smoke etc können sie, falls nicht case of negligence, nicht zu Schadenersatz angehalten werden. If every occupier of a house near a railway should have an action for the injury done to his nerves by the vibration and passing of the engines, railway fares would be raised to Public.|

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May 2, 1868.

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The Money Market Review, 2. Mai 1868. S. 494/495.
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The Market Value of the Finance Co. Shares.

International Financial Co: stated that the Co possessed at close of 1867: £44,081 in cash, £19,813 in bills, £241,737 lent on securities, £717,227 in investments, Total £1,022,858. 150,000 shares of £10, worauf £5 paid. Present quotation £3 to £3. 5s. A large amount invested in Metropolitan Sewage Co, a concern, for the present, speculative, although it may become ultimately profitable.

London Financial Association: Statement issued by the Directors, Sept. 67, showed:

Dr. Loans, investments, and current accounts £1,379,791
Cr. Securities held against money lent, viz:
Railway Debentures £330,743
Lloyd’s Bonds 919,785
Preference Shares 730,580
Ordinary Shares 919,785
£2,900,893

The Liabilities to public last July (’67) £280,000, reduced in following Sept. to £228,000. Capital of 40,000 shares of £50 each (£2,000,000), paid per share 30£, also £1,200,000. The market price p. share 22 discount, or only 8l. per share mit £30 paid. So der 40,000 shares Marktpreis £280,000 instead of the £1,200,000 paid by the shareholders. Of course, die Railway investments not worth anything like par, aber durch depreciation der shares [the difference] too great. Large portion of the securities held consist of bonds and shares of Welsh Railway. Seven railways in which the association held an interest had been opened for traffic in 12 months. Daher:

Summary of the Position of the financial Cos:
Prices of Finance Shares.
April 1865. April 1867. Present Price. April 1868.
Credit Foncier of England. £6 pm. ⦗on 100,000 shares. £5 paid.⦘ £7 disc. ⦗on 200,000 shares. £9 paid⦘ £7 disc. ⦗on 200,000 shares. £10 paid.⦘
General Credit. £2. 10s. pr. ⦗250,000 shares. £4 paid⦘ £3 disc. ⦗200,000 shares. 7l. 10s. pd.⦘ £2. 10s. dis. ⦗200,000 shares. £7. 10s. paid.⦘
Internat. Financial £1. 10s. pr. ⦗150,000 shares. £5 paid.⦘ £2. 15s. dis. ⦗150,000 shares. £5 pd.⦘ £2. 15s. dis. ⦗150,000 shares. £5 paid⦘
London Financial. £7. 15s. pr. ⦗40,090 shares. £15 paid⦘ £23 disc. ⦗40,000 shares. £25 paid⦘ £22 disc. ⦗40,000 shares. £30 paid⦘
Values of the Properties at the respective Periods:
Credit Foncier of England £1,100,000 £400,000 £600,000
General Credit 1,625,000 900,000 1,000,000
Intern. Financial 975,000 337,500 437,500
London Financial. 910,000 80,000 80,000
Total £4,610,000 £1,717,500 £2,117,500.


May 9, 1868.

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The Money Market Review, 9. Mai 1868. S. 521.
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The Cotton Statistics Bill. Read 2nd time on H.o.C. 6 May ’68.

Mr. Bazley, on moving second reading der Bill[,] said its object was to ascertain correct information in reference to all the cotton which arrived in the U. Kingd., and practical effect would be to prevent undue speculation in this important staple.

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The Money Market Review, 9. Mai 1868. S. 521.
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Un. States Debt. Washington May 6.

Monthly statement of McCulloch. On 1st May ’68 Debt = $2,639,500,000 against $2,642,000,000 on 1st April 1867, being decrease of $2,500,000.



May 16. 1866 1868.

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The Money Market Review, 16. Mai 1868. S. 537.
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The European Bank. Maladministration of Joint Stock Cos.

Highest degree of incapacity, culpability, and commercial immorality. This Co. compounded of the English, Belgian, and Netherlands Bank, the Union Bank o. England and France, and several other new banks with which it amalgamated. Commenced business in 1864, stopped payment on 19. May 1866, is now in course of liquidation, the liquidators being Sir Robert Walter Carden , who was one of the directors of the concern, and Mr. George Brown and Mr. Frederick Whinney. At meeting of 9 Nov. ’67 shareholders nominated investigation Committee. Now before us Report of the Liquidators, issued on 9 April ’68, und Report of the Committee of shareholders, issued on 22. April ’68. Liquidators’ statement shows estimated loss of capital of about £600,000 (exclusive of interest and costs of liquidation) or 6/7 of the whole capital, within the short period of 21/2 years. Shareholders committee found great difficulty in their inquiry. Amongst these difficulty „the very irregular mode of bookkeeping, the extraordinary multiplicity of books, absence of some books of the head office, and of all the  The Money Market Review: branch bank books
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branch books
, and the alleged non-existence of other books indispensable to a proper recording of the transactions of a great establishment.“ Die directors thun alles to make them not find the clue to their malversations: „The various amalgamations to which this bank has been a party are still involved in a cloud of mystery discreditable to those connected with the details.“ The paid up capital set forth in the various balance sheets, and vouched by the auditors, was, in fact, never so paid up. Of the £80,000 to be contributed by the Birmingham and South Staffordshire Bk., a very small proportion was ever received, and other serious deficiencies exist. The circumstances attending the transfer of a large number of shares, transactions in which the funds of the bank have been misapplied and dissipated, open to grave reprehension. The last call remains unpaid on shares now standing in the names of nominees of the bank and of directors and officers of the bank as so called „trustees“. Some of the directors have |36 hitherto failed to pay the last call even on the shares which qualified them for seats at the board. Debts are still owing to the bank for advances made to Cos. in which the directors were personally interested, „made in the most reckless manner, and upon next to nominal securities“. The committee advert to the „fatal and enormous advances made to the different French Cos. … apparent follies  Zusatz von Marx.
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(real Gaunerei)
of these operations“. As to the conduct of the directors, and their personal liability in subscribing for the shares of other Cos., no difference of opinion possible. Irrespective of the serious loss sustained by these shares at the date of the suspension, a very large sum has been actually diverted from the purpose of the liquidation to meet liabilities attaching to these transactions. Committee glaubt die directors können personally been made liable for the losses. Sir R. W. Carden, sagt Money Market Review, ought not to be one of the liquidators.  Marx’ Worte.
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Er war grade Hauptschwindler als director.

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The Money Market Review, 16. Mai 1868. S. 538/539.
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Bank of Bombay.  Zusatz von Marx.
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(Govt. Schwindler.)

Schwindel und Betrug, obgleich Government trustee der Bank und 3 of its members were nominees or directors. Die Public placed 2 Mill. £. St. in the Bank. Die Schwindelei bewiesen durch des Gvt eignes Blue Book. Erklärte aber (The English Secretary for India in Council) that no grant could be made from the public revenue in India for the purpose of making good the losses. Darauf verlangte das India office (nachdem sie durch ihr Blue Book die Schweinerei selbst bewiesen) die shareholders to prove those same charges before a commission just sent to Bombay to inquire into the affair. The Gvt. pleaded guilty, and then demanded a trial.



23. May 1868.

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The Money Market Review, 23. Mai 1868. S. 559.
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Personal Liabilities of Directors in Jt. Stock Cos.

Herfordshire Herefordshire Bank Co. (illimited) failed June 1863 mit deficiency of about £36,000. Nur 24 shareholders. Einer alone had to pay 1/2 des deficits. Nun suit von Turquand, dem official liquidator der Bank, gegen surviving directors und die representatives of some deceased ones for the losses incurred. His charges against the directors: 1) that they had continued to carry on the business of the Co. for several years after the surplus fund and 1/4 of the capital had been lost, gegen die 108th Clause des Deed of settlement; 2) that they had paid dividends out of capital von 1846 till 1863; 3) that they had allowed other debts to stand over unpaid, published false reports und balancesheets; improperly sanctioned loans to one of themselves. On 18 April entschied Lord Romilly, master of the rolls, für den Kläger.

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The Money Market Review, 23. Mai 1868. S. 576.
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French National Debt.

Now £485,300,000; of which £437,700,000 consists of Rentes, £36,000,000 floating debt, £11,600,000 of caution moneys reimbursable. After the introduction of the proposed loan of £17,600,000 the total debt will stand at £503,900,000.



May 30, 1868.

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The Money Market Review, 30. Mai 1868. S. 589/590.
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The half yearly Reports of the Madras and East India Irrigation Cos.

Until the assumption of the Gvt. of India by the Crown there was no fixed policy for the general extension of irrigation works. Though the Crown succeeded the Co. in 1858, it was not until 1861, that the famine in the North Western Provinces revealed the necessity of irrigation. Five year years afterwards the more deplorable famine of 1866. Erst 1867 und 1868 absolute sanction given by Gvt. to all needful extensions of the practice. For the delay in the irrigation of Madras and Orissa, these Cos. not responsible. The character of the works they are constructing make full amends in durability and efficiency. … The Gvt. has decreed the systematic irrigation of India because it is the best security for the public revenue; and these Cos., in the territories which they cover, are providing an indefinite number of canals from several rivers which will provide every acre of every estate, at the hottest seasons, with ample supplies of the fertilising element. … The two great instruments to prevent famines are irrigation and roads, inasmuch as they constitute the means of producing and distributing food. As to roads, the old East India Co. replied, that owing to a want of stone the means of making good roads did not exist. (in Bengal) The same thing was said of other provinces. Violent disputes always occurred when the wretched vehicles of the country proceeding in opposite directions met in nullahs – torrents during the monsoons, but narrow gorges in dry seasons – from the impossibility of their passing each other. These natural tracks are gradually being superseded now; and Bengal presents at this time a very different aspect in this particular to what it did 30 years ago. By means of its internal communications, some of which are tidal channels constructed by one of these Cos, stone is being brought into it.



June 13, 1868.

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The Money Market Review, 13. Juni 1868. S. 640.
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The East India Irrigation and Canal Co.

The actual results achieved by the East India Irrigation Co. in the Godavery District: Those works will distribute the enormous quantity of 1,500,000 cubic yards of water per hour, on an average, for half the year, and about 600,000 cubic yards per hour, on an average, during the other half, or about 9000 million cubic yards in all. These works have been constructed at a total cost of about 1 Mill. £. St., and allowing 9% for interest, management, and repairs, or £90,000 p.a., the cost of 100 000 cubic yards of water will be £1 only, whilst the actual cost hitherto paid by the cultivators is one rupee for 300 cubic yards, or £30 for 100,000 cubic yards, being 30 × the price at which the Co. can supply it. Encouraged by their success in this district, and the famine of Orissa, the Co. have now undertaken extensive works in Orissa, and also in the district of Behar. Great Progress already made in the Orissa undertaking – in fact, the head or main works have been completed, and water is being actually supplied over a considerable extent of country. But further capital is required for the extension of these works, and the Gvt. of East India have agreed |37 with the Company to pay for all water supplied by the Co. for the purpose of irrigation, the shareholders being thus secured against loss from the nonpayment of the water-rates in that district. The „Behar Undertaking“ has been strongly recommended by the Indian Gvt. By way of encouragement and guarantee, they have in this case also agreed to pay for all water supplied for the purpose of irrigation, upon condition that the Gvt. shall participate in a certain portion of the profits to be realised by the Co. after payment of 20% to the shareholders. Profits anticipated are calculated to realise 40 or 50% for the shareholders Zusatz von Marx.
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!

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The Money Market Review, 13. Juni 1868. S. 642.
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Cotton Statistics Bills.

In H.o.L. Lord Salisbury moved 3d reading of the measure. Brachte auch Petitions ein which complained of the injury done to the cotton manufacture by the speculation persistently carried on in the raw material; that manufacture representing 40 Mill. £. St. of capital and the labour of 1 Mill. Persons. Bill read 3d time and passed.



June 20. 1868.

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The Money Market Review, 20. Juni 1868. S. 660/661.
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Frauds and Forgeries on the Leeds Banking Co. – Conviction of Edgeley.

Bank stopped autumn 1864. Sogleich wurde notorious that Greenland (the manager) perpetrated frauds und forgeries, in conjunction with several other parties, behind back der directors. Marsden, one of the real culprits, escaped to America ⦗his halfwitted clerk (a youth) sentenced, on Greenlands evidence, to 15 years penal servitude.⦘ Greenland etc schließlich pardoned. (Hardy refused to pardon Skaife, the poor boy, kurz nachher pardonirte er Greenland). Skaife still convicted felon. Greenland, for whose benefit he had signed the forged bills, and whose sanction he considered made the thing right, forthwith wended his way to the Mediterranean. Is there still living upon the fruits of his crimes. Edgeley, a socalled merchant of London (City), was one of the parties by whose forgeries and the connivance of Greenland the Leeds Bank defrauded to extent of about £108,000. Prosecution instituted by the official liquidator, 12 months since. Only last week Edgeley tried. On the pretext of Greenland’s absence (who refused returning) etc Edgeley succeeded to postpone the trial session after session. Endlich tried, Jury found him guilty, sentenced by judge to one year and 9 months’ imprisonment.



June 27. 1868.

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The Money Market Review, 27. Juni 1868. S. 683/684.
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Railways 1845–46.

First application to Parliament for a bill to construct a railway 1801, for a line between Wandsworth and Corydon Croydon. Von 1801–1825 Acts were obtained for 28 more railways. After 1825 the movement quicker. 1845 there were in existence Acts of Parliament for 412 railways, to be constructed at a cost, in round numbers, of £155,000,000. Average of railways up to 1845, not financially prosperous, but then a mania. George Hudson appeared upon the scene, indoctrinated the community mit belief that railways were mines of gold. He became chairman of the Midland Railway, of the York and North and Midland, of the York, Newcastle, and Berwick, of the Eastern Countries, and others. In that capacity he thought fit to lease at 6% the Birmingham and Bristol, which had never before earned 2% p.a.; and by this lease the value of the share was raised from some 60 or 70£ p. share to 150£. Upon the announcement of this lease, the shares in the railway concerned rose in one day nearly £50 in market value. Then followed other railway leases. The „Great North of England“ was taken over at 10% p.a., with a corresponding increase in market value, and then the Leeds and Bradford, and the Hull and Selby, likewise at 10%. Next, the Eastern Counties, which had struggled on for years with scarcely a dividend at all, suddenly paid 7% p.a. under Hudson’s magic sway, and the price of the shares rose 3 or 4 ×. But perhaps the most remarkable instance of the effects of his regime was the establishment of a premium of about 28£ p. share upon the Newcastle and Berwick before a sod was turned, and though there was only £2 p. share paid up. These facts were quite enough to send the world mad. It was schön to obtain a profit of £28 in one week by paying £2, and here was the foundation of the railway mania of 1845. Adopting Hudson’s plan of action, other railway Cos. followed in his wake, and there stands on record a great battle between the London and Northwestern and the Great Western for possession of the unmade railway from Oxford to Birmingham, the one offering 175% premium for the shares, and the other 50 P.Ct. Then came a host of other leases at fixed rates of guarantee – the Trent Valley; the Lancaster and Carlisle; the Preston and Wyre; the Bolton and Bury; and numerous others. The railway world lost its senses. It was only to buy and to double, treble or quadruple the purchase money. But then supervened a still more questionable class of adventure. Baseless projects were set on foot in all directions. Such a scheme as the „Manchester and Southhampton“, before even the Bill was lodged, and for which an act of Parliament was never obtained, was at £4 to £6 premium; while the South Devon, the „Direct Exeter“, the South Wales, and a host of others, some of which had never any real existence, commanded any premium that mad speculation could conjure up. The „South Midland“ – a project for a line from Hitchin to Leicester – stood at 12£ premium, the Banburry and Cheltenham at 7 or 8£ Prem., and even the Cornwall at £6 or £7 premium. Great Western shares, with £80 paid, at one period approached the enormous price of £235. London and North Western were at nearly £250; and difficult to say what railway share in the market was not at some ideal premium, on the same scale, and the same false computation of profit. Then came the reaction. Found that the profits upon which Hudson had based his 10% leases and similar arrangements, were wholly imaginary. He paid dividends out of capital, and, to use the words of an official before the |38 Eastern Counties Railway Investigation Committee, he achieved his purpose by the rule that, „capital was to bear what revenue would not“. Easy to pay dividends on such terms, until public saw that the whole a farce, then down came the entire fabric, involving in utter ruin 1000ds of families.

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The Money Market Review, 27. Juni 1868. S. 686.
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The Extraordinary Subsidies of the French Gvt. to the Messageries Impériales.

This Co. undertook its mail contract with India and China via Egypt in 1861, with all the advantages derivable from the 17 years of costly trial and experience gained by the (Brit.) Peninsular and Oriental Co. French Gvt. conceded to that Co. subsidies, to be payable out of French taxes for 24 years, without competition, equal in amount to 3 × the amount of subsidies payable to the English Co., with competition, at intervals of 6 or 8 years. Auch sonst enormous advantages und guarantees conferred upon the French Co. without parallel in the contracts of the British Gvt. with the Peninsular and Oriental. Now another contract with the favoured Messageries submitted to the Corps Législ. Hitherto the mail service of France in the South Pacific performed by the British mail steamers, without cost of 1 single d. to French Gvt. or people. Messageries are ambitious to conduct it; with subsidy of no less than 3 times the mileage rate now paid by the British Gvt. for the same service. In addition to this, the Messageries are to have a loan from the Gvt. of £160,000, and their shareholders the guarantee of the Imp. Gvt. of 5% dividend upon their capital … Gratuitous squandering of Public Funds upon speculative monopolists unable to sustain themselves in fair competition.

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The Money Market Review, 27. Juni 1868. S. 693.
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The West Wisconsin Railway.  Zusatz von Marx.
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(Land und Eisenbahn in U. St.)

Wisconsin in part covered mit immense forests of most valueable timber; possesses a rich vegetable soil, averaging a depth of 2 feet; most prolific in minerals; the great level region of the Mississippi lies chiefly within its limits. Is already 2nd wheat producing State in Union. Population at last census was 800,000. Its area 54,000 □ miles, little less than that of England and Wales. Is deficient in railway communications. British capitalists invited to promote that object. Some proposed the West Wisconsin line, to be 157 miles in its total length, running in a north-westerly direction, from Tomah, on the south east, where it connects with the lines from Milwaukee and Chicago to Hudson, on Lake St. Croix, whence it will soon connect with St. Paul’s, the capital of Minnesota, where the great railways of the West concentrate. It passes through a fine farming country in a high state of cultivation, as well as through forests of pine, walnut, maple, and oak; and along the whole route are not only farms but numerous steam saw mills and flour mills, furnishing the means of a constantly growing freight traffic. The Congress of the U. St., as an aid to the construction of the line, made some years ago a grant to the Co. of 1 □ mile of land for every mile in length of road constructed – that is to say, of 1,004,800 acres. The value of these lands, at the present legal minimum price is 4,512,000$ or £900,000. … The value of land is reckoned von 21/2 $ to 5$ p. acre. At the present moment the lands of the Illinois Central Co. have improved to average of nearly 11$ per acre; and the West Wisconsin lands as rich, if not richer, naturally.

July 11. 1868.

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The Money Market Review, 11. Juli 1868. S. 27/28.
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Alderman Dakin.

This worthy is a director of the City Offices Co; Metropolitan Railway Co; South African Mortgage and Investment Co; London and Lancashire Insurance Co; chairman of the English and Scottish Marine Insurance Co; director of the Rhymney Railway Co.; chairman of the Grt. Western of Canada Railway; director of the Great Central Gas Consumers Co.; Metropolitan District Railway Co; Metropolitan Railway Warehousing Co; Cape (Eastern Province) Railway Co und was director in several Cos. now being wound up.

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The Money Market Review, 11. Juli 1868. S. 28.
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H. E. Bird, public Accountant, Estimate of Railway (nach den official accounts der Directors (!)[)]

Diese estimates für die 18 largest British Railway Cos.
Capital expended, 1866 and 1867 by the 18 Railways £31,248,287
Gross Revenue earned by the same in 1866 and 1867 68,525,458
Working expenses charged against Revenue dt. dt. 33,528,073
Net Revenue 34,997,385
Surplus of Net Revenue over Capital expended £3,749,098
Paid away in Dividends and interest (dtto ’66 and ’67) £35,694,873
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The Money Market Review, 11. Juli 1868. S. 29.
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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.)[)]

 Kommentar von Marx. – Marx verweist auf I. Gerstenberg: Suggestions for Forming a Council of Foreign Bondholders. London 1868. Diese Schrift erhielt er von Sigismund Borkheim am 11. November 1868. Für seine Einschätzung der Broschüre siehe auch seine Briefe an Collet Dobson Collet vom 19. und 23. November 1868.
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Dieser Kerl von der City geschickt zum Contrahiren des loans. Vgl. auch Isidor Berlinerblau Gerstenberg.

 Zusatz von Marx.
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Dieser Eastwick sagt Achsen zuckend von den Creolen von Südamerika:
„Though they have many good qualities, they are averse to physical labour … Their wits are sharp, and they do well for superintendents; but as to work, that tries the sinews … All the haciendas in the country would go to ruin if it were not for the Indians and the mixed breeds.“ The Creols are good for nothing, sagt die Money Market Review »but as superintendents«.  Zusammenfassung von Marx in eigenen Worten.
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Hauptwitz des Eastwick wie des Berlinerblau daß die Englische Regierung gegen Venezuela (die Regierung dort hatte den englischen Kapitalisten gewisse Zölle verpachtet) interveniren soll.
He reproduces despatch of Palmerston d.d. 1848, worin der emphatically asserts the rights of the British Gvt. to intervene in such cases. (gegen defaulting Gvts.)  Zusatz von Marx.
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Und die Money Market Review sagt:

So long as the „profitable“ undertakings at home are the most profitable, and sufficient to absorb all capital seeking investment, that capital will no doubt be invested in them; but money, like every other commodity, will always seek the best market, and if foreign states are willing to pay higher rates of interest than can be obtained from home investments, it is natural that English capitalists should invest in foreign loans. And if a foreign state, as a state, contracts to pay a British subject, the latter has an undoubted right to the assistance of his Gvt., in enforcing the performance of that contract.|

39

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The Money Market Review, 11. Juli 1868. S. 42.
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Income Tax. Ireland.

Amount of property and profits charged in Ireland: £21,231,567 in 1854, £23,399,021 in 1864, £25,273,390 in 1866.

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The Money Market Review, 11. Juli 1868. S. 45.
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Australian Gold. Imports in U. Kingd. for 10 J. end. 1867 (inclusive).

1858. 1859 1860 1861 1862 1863 1864 1865 1866 1867
£.9,064,763 £.8,624,566 £6,719,000 £6,331,225. £6,704,753 £5,995,368 £2,656,971 £5,051,170 £6,839,674 £5,801,207.

When considered that the New Zealand gold fields have brought in contingent of gold during last 2 or 3 years, seen that gold yield in Australia proper has somewhat fallen off.

July 18. 1868.

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The Money Market Review, 18. Juli 1868. S. 53/54.
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„Commercial Morality. By a retired Merchant. London 1868. 2nd edit.“ (Ranken et Co. Drury House, St. Martin’s Le Grand:

Dwells upon the wrongs which the butchers, grovers etc are now suffering at the hands of the cooperative stores, „by which they have been reduced to circumstances of temptation“. „So far from running amuck at the shopkeepers, they are deserving of our sympathy, for many worthy people must be thrown out of employment by the centralising character of the co-operative system.“



July 25. 1868.

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The Money Market Review, 25. Juli 1868. S. 84/85.
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Banking Progress during half year ending 30. June. Reports of the London Joint Stock Banks.

Deposits:
June 30. 1868. Dec. 31. 1867.
London and Westminster £19,915,950 22,010,572 Decr. £2,094,622 Total net decrease of deposits
£3,747,194
= 9% on amount held last Dec.
Union 10,069,837 12,071,097 Decr. 2,001,260
City 2,514,782 2,229,791 Incr. 284,991
Alliance 1,296,286 1,322,218 Decr. 25,932
Imperial 1,159,412 1,177,967 Decr. 18,555
Consolidated 2,260,770 2,184,783 Incr. 75,987
Metropolitan 297,237 265,040 Incr. 32,197
Acceptances.
June 30. ’68 Dec. 31. ’67
London und Westminster £970,096 902,700 Incr. £67,396 Zunahm[e] Total in acceptances of
£2,252,674
Union 7,308,655 5,298,744 Incr. £2,009,911
City 2,161,690 1,418,388 Incr. 743,302
Alliance 217,593 98,541 Incr. 119,052
Imperial 93,004 134,726 Decr. 41,722
Consolidated 200,531 102,414 Incr. 98,117
Metropolitan 4,596 4,676 Decr. 80

London Joint Stock had still its old form of account of lumping acceptances mit deposits. Total of these items £13,836,628, being £1,859,296 more than last half year.

Amount of net Profits.
June 30 ’68. Dec. 31. ’67
London and Westminster £152,396 £147,646 Incr. £4,750
London Joint Stock 74,908 66,994 7,914
Union 99,570 89,711 9,895 9,859
City 17,673 19,877 [Decr.] 2,204
Alliance 16,417 5,734 10,683
Imperial 10,824 10,670 154
Consolidated 31,313 27,263
Metropolitan 5,932

London and Westminster divides 24% p.a. against 32 und 28% p.a. respectively in the 2 preceding half years.

London Joint Stock 121/2% (on larger capital) against 121/2 und 162/3
Union Bank 15 15 25
City Bank 7 7 10.

Imperial, Consolidated und Metropolitan continue to pay 5% p.a. as in January last, Alliance Bank 3% p.a. for last half year, no dividend January last.

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The Money Market Review, 25. Juli 1868. S. 85.
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Intrinsic Value of Railway Property. (Concluded.) (Sieh p. 38)

Capital apparently raised or expended at close of 1867 by said 18 Railways in round numbers: £361,387,016. (Dieß weniger als wirklich)
Gross Revenue of Year 1867 £34,749,460
9.63% upon the capital spent at the end of the year. (Gross Revenue upon the capital spent at the end of the year.)
Working Cost (1867) 17,138,120
Apparent net profit £17,611,331
This yield nominally an average of 4.88%. Aber nun deduct charges made during year to capital
Deduct charges to capital 12,198,967
Net Profit with closed capital accounts £5,412,364
These net profits upon capital of £361,387,016 would yield in year exactly 11/2%.|

40

A bad Business. – Smith, Knight, and Co. (Lim.)

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The Money Market Review, 25. Juli 1868. S. 85.
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John Smith, of that firm, contractors applied to Bankruptcy Court on 9. July for discharge. Nach den accounts (before dem Court) liabilities £493,384, assets only about £4,407, besides a „doubtful“ claim of £118,000 on the Penarth Harbour Dock and Railway Co. On 1st April 1864, the business of Smith and Knight transferred to limited Co. im in consideration of £234,000. Their liabilities at that time £218,076 mit assets stated to be £119,000, in addition to the doubtful claim above mentioned. When the Co. was formed each of the partners took 10,000 shares of £50 each. Diese Kerls sold their really insolvent concern at goodwill of £234,000. Found directors to father such a project.

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The Money Market Review, 25. Juli 1868. S. 88.
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Dieser Smith commenced business in 1855 mit £4,400. He senior partner. Of Knight nothing is said, has besides, absconded, war probably penniless. Each of these partners (1864 when the lim. Society started) engaged to take 10,000 shares, i.o. to pay £1,000,000 (when they were insolvent[)]. Vor dem Bankruptcy Court Smith (nachdem Knight absconded) discharged, since the directors of Smith, Knight et Co – the representatives of the shareholders – intimate that they are perfectly satisfied mit Smith’s accounts, and have no objection of his passing and being discharged of all legal obligation.



August 1. 1868.

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The Money Market Review, 1. August 1868. S. 113.
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Board of Trade Returns

Show depression of Trade.

Exports, value, in June ’68 nearly 14 Mill. £., being £737,000 less than in May ’68, £1,557,000 less than June 1867 und £697,000 less than June 1866. Exports, value, first 6 months ending June ’68: £84,601,000 being £3,012,000 und £8,256,000 below those of corresponding periods of 1867 und 1866 respectively.

These Reductions chiefly to be attributed to changes in exports of textile fabrics, cotton manufactures showing the greatest falling off. Diminution in all chief articles (vgl. mit 1867 only) excepting cotton yarn, coals and copper.

Imports. „Computed Real value“ of enumerated articles for May ’68: 213/4 Mill. £, 21/2 Mill. less than May ’67 und 3 Mill. less than May ’66.

Aggregate Imports, ditto, for 5 months end. 31 May 1868 £90,168,000, merely £1,620,000 than same period 1867, aber £8,148,000 less than same time in 1866. Chief alterations, compared with same time 1867, Increase in Wheat imported from U. States, Egypt, Turkey etc and Decrease in imports of wool from Australia, and silk from India, China, and other places. Reduction of about 11/2% in value of cotton imported, aber slight increase in quantities for the 6 months ending June last.

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The Money Market Review, 1. August 1868. S. 112.
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Panic and Investors.

After a panic, such as that of May 1866, comes prostration, when investors scarcely care to buy anything at any price; then a hesitating confidence; then full confidence; and at last gambling and another panic. This has been the ordinary routine, and in all probability it will continue.

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The Money Market Review, 1. August 1868. S. 128.
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The Indian Trade.

Export from U. Kingd. nach India. amounted on April 30, ’68 to £7,008,951 as compared mit £5,762,596 in corresponding period of 1867, and £5,129,811 in that of 1866. The shipments to Madras have shown some depression this year, but Bombay and Scinde took British goods in first 4 months of this year to £1,817,511, as gegen £1,415,253 in period of 1867 und £1,433,181 in that of 1866. Similarly the value of the British goods taken by Bengal and Pegu in first 4 months of 1868 was £4,706,837, against £3,852,318 in 1867 und £3,102,947 in 1866 (corresponding periods).



August 8. 1868.

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The Money Market Review, 8. August 1868. S. 142/143.
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Final payment of Creditors of the late Agra and Masterman’s Bank. (Stopped 7 June ’66, every creditor paid 15. July, ’68.)

At the time of stoppage liabilities £7,700,000, and assets spread almost over the whole world (England, India, China, Australia). Creditors paid in full mit interest of 5%. When it stopped liab. £7,700,000 und assets £10,000,000. The resuscitated undertaking has just declared interim dividend to 30. June at 8% p.a. on the A Capital (the shareholders Capital. The B Capital is that represented by the reserved shares of the „Agra and Masterman’s“ proprietary.)

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The Money Market Review, 8. August 1868. S. 149.
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Cotton Statisticts Statistics Act. 1868.

Return of actual stock of cotton on hand in various parts in U. Kingd. on 31. July. 68 278,450 bales of American, 129,872 of Brazilian, 132,923 East Indian, 41,318 bales Egyptian, 27,226 bales miscellaneous; total number of bales 609,789. This return made from figures voluntarily given, and which the Board of Trade had, consequently, no means of checking.

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The Money Market Review, 8. August 1868. S. 161.
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Commercial Prospects of U. States. (Financial Circular of H. Clews et Co. New York.)

Owing to deficiency of home production, we have, for last 5 years, imported Foreign products largely in excess of ordinary means of payment, viz. produce and precious metals. Resulting deficiency set off by remittance of U. St. securities to extent of $700,000,000, or, say, 1/3 of our whole gold interest debt. Dieß purchase of our bonds comes now to end. Aber we are not proportionally reducing our Imports. This verspricht crisis from overtrade.

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The Money Market Review, 8. August 1868. S. 161.
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Pacific Railway etc.

Officially announced that the Great Railway Route to the Pacific will be opened for through traffic from New York to San Francisco on 4 July. 1869.|

41

15 August. 1868.

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The Money Market Review, 8. August 1868. S. 167/168.
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The Exports of Gold and Operation of Bank Act.

Decrease in coin and bullion £571,260. Decrease in reserve of notes and coin: £141,140. Coin and Bullion in B.o.E. £20,800,729. Reserve: £11,267,469.

During last few weeks there has arisen a moderate but continuous demand for gold for exportation, followed by an increased but still inconsiderable demand for it on account of the new French loan, and the customary demand at this season for our harvest operations. The demand for harvest purposes have been earlier than usual, heavier than usual, and more universal and less gradual than usual, because such has been the nature and character of the harvest itself. But all these demands put together small compared with total amount of bullion in hand. Yet effect on Money market considerable. Consols depressed to nearly 1%, other home securities in proportion, while many foreign securities have fallen 2 or 3%. Why all this? Rational cause there is none. But for years public mind accustomed to associate drain of gold, whether external or internal, with a rise in value of money, and a fall in the prices of all ordinary investments. Stupid investors, whenever what is called a drain of gold occurs, it is to them, a sign of ill omen. They rush to sell in anticipation of the fall, and thus actually produce it, as in this case. Dieser Blödsinn legitimate offspring of the Bank Act of 1844, and the policy of the Bank directors under its provisions.

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The Money Market Review, 8. August 1868. S. 168.
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The New Act on amending the Law relating to Railways.

Der Akt enthält nicht Compulsory official Audit.

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The Money Market Review, 15. August 1868. S. 169.
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Indian Railways in their most recent Financial Aspect.

Mr. Juland Danvers has lately issued his annual report. During year ended 31. March 1868, 349 miles of new railway opened for traffic, including the Jubbulpore branch of the East Indian, consisting of 225 miles; 29 miles of the Grt. Indian Peninsula to Nagpore; 27 miles of the Delhi line between Ghazeeabad and Meerut; another section of the Delhi line of about the same length between the western terminus of Umritsur and the river Beas; and the remaining 41 miles of the Great Southern to Errode, where it forms a junction with the Madras Railway. Drawback: the works on the Great Peninsula are proved to be defective, especially on the Bhore Ghât incline. The „through“ communication between Bombay and Calcutta, which would have been completed this year but for this mishap, now postponed. Engineers’ estimates have been exceeded in every instance, while the contract has not in all cases been observed.

The principle of the guarantee system by the Gvt. must not be abandoned.

Capital required according to the last Estimate, 31 March 1868 £93,916,000
Authorised by Gvt. to be raised do. do. 84,386,000
Total raised do do 76,579,016
Withdrawn for expenditure do. do. 75,071,656
The amount of capital raised during year ended 31 March 1868 £9,102,540
Expenditure during same year 7,024,960
Estimated Expenditure during year ending 31 March 1869 £6,077,000
Stands on balance to the Credit of the various Cos 1,682,000
Leaves, according to Estimate, to be raised during 1868–69 5,574,000
Revenue Receipts in gross for year ended June 30, 1867 £4,875,112
Revenue expenses 2,537,812
Net Profit 2,337,300

The Revenue for the Indian Railway System during year ended 30 Jun. 1867 nur £32,337 in excess of previous year, but year ended 30 June 1866 there was increase of £962,984 over that ended 30 June 1865, and thus in 2 years the addition to the revenue upwards of a mill. £.

For the years ended
June 30. 1866 June 30. 1867.
Net Revenue £2,304,534 2,336,871
Guaranteed interest 2,936,672 3,179,095
Advanced by the State 632,138 842,224

If there was trifling increase in the net revenue of 1866–67 over that of 1865–66, the expenditure of capital advanced much more rapidly, and consequently the payment of interest by the State become far more onerous upon the state than in the previous year. The Revenue of 1865–66 exceptionally increased by the traffic in cotton from the interior to the coast under the stimulus of the high prices in U. Kingd. and the attendant mania in India. This stimulus removed, the traffic of the railways relapsed into its normal condition. The wonder is that the traffic was so well supported in the latter year.



22. August. 1868.

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The Money Market Review, 22. August 1868. S. 191/192.
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The General Estates Co. (lim.)

Nach Report von Fagg and James, the official liquidators, the Co. formed in June, 1865. Projector: James Clifford Hodges. Objects proposed: acquisition of leasehold and real property in City and elsewhere for the purpose of making a profit by them, but not clear in what way the profit was to be made. The immediate and real object of its formation was the purchase and taking over of several heavily mortgaged properties belonging to Hodges and which Hodges did not know how to dispose of advantageously. Shares, allotted in July; only 5,925 taken up; total amount, therefore, of paidup capital with which the Co. commenced operations, only £11,850; but that was of no consequence. If they had not paid up capital they had unpaid capital, for which the shareholders would be liable, and they had besides the credit of a corporate company which they could utilise by the creation and issue of debentures and bills. No sooner was the Co. constituted than |42 the directors contracted with Hodges for the purchase of his properties, – certain houses in the City, and some building land at Clapham and Balham, for £65,712 paid to him – after deduction of £27,800, for which they were in mortgage – partly in cash and partly in debentures and acceptances. In a few months, and still having no more than their original amount of capital, they contracted mit Sir M. Peto for the purchase of an estate known as the Spread Eagle property, in Gracechurch street, for £100,000. They had no money to pay even the deposit, but had convenient bankers, who lent them £10,000 for the purpose. Purchase not completed, because they were unable to find the remaining £90,000; contract ultimately cancelled, the Co. forfeiting £6,120 of the deposit, besides paying the law expenses. Nevertheless, early in 1866, they agreed to purchase an estate at Holloway, but were unable to complete the contract, it ended in forfeiture of £100. In March, 1866, they took a lease of some ground in Philpot-lane, at a rental of £750 a year, and agreed in expending £5000 in building thereon. Put up building, for which builder now claims £8000, and for which he holds possession of the premises, said not likely to realise £.5000.

One of the properties purchased from Hodges a building lease of a house in Limestreet, to which was attached a condition in favour of an existing tenant. Premises were rebuilt without any regard to rights of this tenant; consequence action of trespass and action of ejectment, compromised by agreement to pay £1,100 as compensation. But the £1100 never paid, constitute a claim against the Co. which awaits the decision of the court. But the reckless improvidence of these directors did not end here. On portions of the Balham estates they granted building leases, engaging to make advances to the builder as the works progressed. Thus they advanced £5000 to one builder, which amount they borrowed from the first mortgage of the property for the purpose, giving him, as further security, the building agreements. Of another portion of their property, for which they had paid £16,000, they did not make a single shilling of rent or profit during the whole of the 14 months’ of the Co’s existence. Yet were borrowing large sums, thousands of £, all this time to take up their acceptances; at the rate of 21% p.a.! Some of these bills entrusted to Hodges to get discounted, and of the produce of them nearly £1000 still unaccounted for. Since the commencement of the liquidation Hodges has become bankrupt, little chance of the amount ever being repaid. Two of these acceptances for £1000 each were handed for discount to a firm in whose hands there was an overdue promissory note for £1,500 of the Hill Pottery Co., some of the directors of which Co. were also directors of the General Estates Co. The acceptances and promissory notes respectively bore the endorsement of the several persons who were directors of both cos., and on this ground the discounters claimed the right to deduct the £1,500, the amount of the overdue note, von den £2,000, the amount of the acceptances, and sent a cheque for the balance only. Liquidators hope to compel these persons to restore the £1,500, with interest. That question stands for decision of the Court next term.

Two of the original directors retired soon after the formation of the Co; 4 others have since retired and become bankrupts; the projector is a bankrupt, and the managing director has compounded with his creditors; the bankers have obtained judgement against the Co. for £10,000; the mortgagees are in possession of the various properties; debts and liab. about £100,000; assets, whether anything or nothing, problematical. Main asset seems to be the uncalled capital, the whole of which the Master of the Rolls has ordered to be called up, and the value of that may be judged by fact that call of £2 p. share in 1866 realised the sum of £110 only. Much litigation has been, will be more in the affairs of the Co. Most of solvent shareholders sold out when they saw what Co. they were in. But they were caught. Most of the shares they sold were bought by Hodges, the projector, to keep up the price of the shares in the market. When the winding up order came, discovered that, though Hodges had bought the shares and had them duly transferred to him, he had never registered the transfers. The names of the former holders therefore still upon the register of shareholders, daher transferred to the official list of contributories. Have their remedy against Hodges, but Hodges bankrupt. Such things impossible, if shares fully paid up and issued „to bearer“.

Aus:
The Money Market Review, 22. August 1868. S. 205.
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Annual Average Minimum Discountrates of B.o.E. since 1856.

1856: £5. 19s. 6d. 1857: £6. 13s. 5d. 1858: £3. 4s. 3d. 1859: £2. s.14 d.10. 1860: £4. 3s. 10d. 1861: 5l. 4s. 10d. 1862: £2. 10s. 7d. 1863 £4. 8s. 5d. 1864: £7. 7s. 0. 1865 £4. 15s. 5d. 1866: £6. 16s. 8d. 1867: £2. 10s. 9d.

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The Money Market Review, 22. August 1868. S. 205.
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National Debt. (1868)

On 31. March 1868: funded debt £741,190,328 und unfunded debt £7,911,100. Endlich die terminable annuities, by which the nation is paying off principal as well as interest. The £26,425,000, the present annual charge for the debt other than unfunded, consists to the extent now of about £4,000,000 a year of these terminable annuities. On 31 March, 1868, annuities expiring in 1885 amounted to £2,883,990; the life annuities sold by the Gvt. and still payable amounted to £973,548, and the annuities for terms of years £53,795; the Red Sea Telegraph Co’s annuity, expiring in 1908, is £36,000; and there are tontine and other life annuities amounting to £28,552. The total is £3,975,885 a year, equal if capitalised to nearly £48,000,000 of debt. This makes the capital of the debt £797,000,000.

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The Money Market Review, 22. August 1868. S. 209.
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U. Kingd. Bullion movement 1867.

Total Value of gold and silver bullion and specie imported into U. Kingdom, 1867: £23,821,047, wovon £15,800,159 gold und £8,020,888 silver.

August 29. 1868.

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The Money Market Review, 29. August 1868. S. 217.
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Railway finance. für 1866 (Board of Trade Return.)

Capital paid up Dec. 31. 1866 (minus money borrowed on Lloyd’s Bonds, or simple contracts.)
Ordinary (without priority of claim on Revenue.) Dec. 31. 1865. £219,598,196 Incr. in 1866: £8,674,433. Total: £228,245,629
Preference. Dec. 31. 1865 £124,263,475 Incr. in 1866: £10,197,623. Total: £134,455,098.
Debenture Stock (Funded Debt) Dec. 31. 1865 £13,795,375 Incr. in 1866: £310,219. Total: £.14,105,594
Debenture Loans. (Terminable Debt payable at fixed periods) Dec. 31. ’65 £97,821,097 Incr. 1866: £7,244,766 Total: £.105,065,863
Grand Total £481,872,184.
Traffic.
Gross Revenue for the year:
1865 1866.
Receipts from all sources £35,800,113 £38,164,354
Working Expenses (Steamboat, Canal and harbour expenses excluded) 17,149,073 £18,811,673
Net Revenue £18,651,040 £19,352,681

Addition to Capital in 1866: Ordinary Stock £8,644,433. Preference: £.10,191,623. Debenture Stock: 310,219. Termin. Dbt. Loans: 7,244,766. Total: £26,394,041

Da 261/4 Mill. capital spent in 1866, while total net revenue from railways only 191/4 mill. £, the business was a losing concern, i.e. nach dieser officiellen Rechnung.|


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5 September. 1868.

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The Money Market Review, 5. September 1868. S. 236/237.
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Grand Trunk Railway of Canada. Meeting of shareholders on 27 August. ’68.

Th. Baring M.P. in chair, so der grosse Watkin angeblich Krankheits halber abwesend. Die Directoren (Watkin, Baring, Hodgson) widersetzen sich dem Wunsch der Railway shareholders gedruckte Register aller shareholders zu haben (so daß sie sich untereinander verständigen können.) Die shareholders überstimmen unanimously these signori directors welche die masters spielen wollen. Bei dieser Gelegenheit bemerkt, daß Watkin, der chairman, 40£ p. Woche Salair bezieht (sehr viel bei dem precairen unpaying Stand der Railway); daß dieser selbe Watkin had the management of 5 or 6 other Cos., for which he received salaries amounting to £5,000 or £6,000 a year (für jede). Another shareholder said: „It was notorious that all the officials of the Co. of Canada were connected with other Cos. whose interests were antagonistic to those of the Grand Trunk, and the result was that the proprietors of the Grand Trunk got nothing.“



12. September 1868.

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The Money Market Review, 12. September 1868. S. 258/259.
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The South African Gold Fields. The Colony of Natal.

Close to the colony of Natal, upon the territory of a chief friendly to England, who desires to place it under English gvt. The gold found in reefs of quartz, for 100ds of miles.

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The Money Market Review, 12. September 1868. S. 265.
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Wheat Importations of 1868.

Wheat Importations of July ’68 below those of July ’67. Yet the total arrivals for the first 7 months of 1868 were 17% in excess of those of the same period 1867. Of the aggregate quantity of 20,706,791 cwt, Russia contributed 26%, U. St. 22%, Germany 16%, Turkey 12%, Egypt 12%, Illyria 4%, Chili 3%, Denmark 1%, Canada 1%, and other countries 3%. The supply from Russia and Germany was considerably less than that of 1867, but great increase from the U. States.



September 19. 1868.

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The Money Market Review, 19. September 1868. S. 276.
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Cotton

At the close of August ’68 „Middling Orleans“, p. lb., 111/4d., „Uplands“ 11d, „Middling Mobile“ 111/8d. At this time last year prices several pence higher for the same articles. Still the minimum nearly double that of period before the American war. At commencement of August ’68, owing to reduced stocks, there was a fair demand and trifling advance in prices, but there were heavy imports, and price of cotton fell again. [»]Towards the close of the month, however, there was a positive advance in value.« Dieß alles small movements. Question, ob cotton must fall definitely much lower? Dieß probable. The quantity of American cotton grown since last war seems to have exceeded all anticipation, and it is mentioned in Mssrs. Leech, Harrison, and Forwood’s circular that Brazilian cotton has been bought as a substitute for American, while East Indian, of which there is now a fair selection, it is gradually assuming a leading position, and will have in a great measure to supply the place of American until the new crop is available. The stock of cotton in this country and at sea is somewhat smaller now than it was  The Money Market Review: last year
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1867
, and consequently for the present existing prices may be supported, aber nicht für Dauer mit den neu geöffneten sources of supply.

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The Money Market Review, 19. September 1868. S. 285.
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Land in Australia. (cultivated)

Land under cultivation in the Australian colonies, according to last returns, 2,500,000 acres, live stock: 600,000 horses, 4,000,000 cattle, 38,500,000 sheep, 400,000 pigs, total of more than 43 Millions head of stock.

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The Money Market Review, 19. September 1868. S. 287.
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Foreign Trade of U. Kingdom for first half years ’68 ’67 und 66.

Imports: 1866 £139,377,961. 1867: £126,558,561. 1868: £128,533,367.

Exports. 1866: £92,857,830. 1867.: £87,613,484. 1868: £84,601,157.

The Exports to Foreign Countries for the first half years: 1866: £66,990,170. 1867: £64,685,265. 1868: £60,851,539. To the Un. States: 1866: £15,228,220. 1867: £11,951,179. 1868: £10,540,940. To British Possessions 1866: £25,867,660. 1867: £22,928,219. 1868: £23,749,618.|


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26. September. 1868.

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The Money Market Review, 26. September 1868. S. 295/296.
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B. o. England. Its capital.

Its capital £14,553,000; it is not banking capital, but permanently invested at a low rate of interest in loans to Gvt. The „Rest“ undivided Profits, which never allowed (nach langjähriger custom) by the Directors to fall below 3 Mill. £. St. Nicht im Kapital eingeschlossen die Buildings der Bank in London (the Bank stands upon about 3 acres of the most valuable land in the City of London), wohl aber die branch establishments in den Provinzen.



October 3. 1868.

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The Money Market Review, 3. Oktober 1868. S. 315/316.
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The Board of Trade Returns.

A.) Exports

For month August 1868

£16,427,597 being £679,328 more than in July (’68) und £1,777,000 more than the average of the 5 months ending mit July.

Total Exports des Jahrs to end of August 1868: £116,777,023, being £4,279,890 or 31/2% less than for the corresponding months of 1867, und £8,488,797 below the total of the 8 months of 1866.

Cotton Manufactures, 371/2% of the grand total of our export trade: Important decline in the value of piece goods of all kinds for first 8 months of 1868, compared mit the same period 1867. End August 1868: (8 months) £32,268,723 against £35,312,134 (1867) reduction of £3,043,411, or 81/2% on the value. But as to Quantities exported: yards 1,900,260,705 shipped to end August 1868, against 1,789,176,406 yards same time 1867, increase of 61/4%. More in quantity, less in value. Difference against us apparently equal to 143/4%. But much of this difference explained by difference in price of material. Z.B. „Middling“ uplands average quotation for this sort at Liverpool von 1st Jan. to 31 August 1868 was: 10.364 d. p. lb against 12.157d. p. lb same period last year. Reduction exactly 143/4%.

Exports of Cotton Yarn: for 8. months end. August. ’68: 114,202,513 lbs, value £9,846,037; increase of 8,484,358 lbs in quantity, and also of £56,995, or 1/2% in value. Daraus folgt daß spinners of cotton yarn only have had – owing to augmented shipments of this article – the advantage over the manufacturers who weave the yarn into piece goods.

Export of woollen cloths etc, during the 8 months, considerable falling off, compared to 1867. Reduction in value: £1,224,164, being 32%, whilst the decline in quantity is only 24%.

Shipments of manufactures of worsted and wool and other mixtures moderate augmentation on the whole.
dtto of Woollen and Worsted Yarns increase over 14%.
Dto Linen Yarns and Linen Piece goods decrease of about 10% in value.
Dto Iron and unwrought steel decline of about 10% in value.
Dto Thrown Silk advanced von £326,128 to £716,999.
So improvements of a few other articles, but not of large totals. Altogether Export of increased quantities at a reduction in values.

B. Imports. (to end of July. Computed real value. Quantities to end August.)

Imports for July 1868: £21,487,632, being £859,075 more than June ’68 und Increase of £1,224,000 on the average of 5 months ending June 1868.

dtto £2,271,789 in excess of imports July, 1867 und £846,068 over July 1866.

Total Imports for 7 months ending July 1868: £.132,283,806, Increase of £3,347,906 gegen same period 1867 und Decrease of £11,260,953 period of 1866. In 1866 the figures much affected by high price of raw cotton.

Imports of Wheat for first 7 months ending July 1868: £15,320,539, being £2,928,440 more than same period 1867.

Quantities of Wheat for August 1868: Improved harvest prospects have checked imports from all parts, and only 2,012,374 cwts were received against 3,287,469 cwts August, reduction of nearly 40%.

Imports of Cotton to end of July 1868: £34,407,467 against £35,769,400 same time 1867.

Dtto Quantity received to end August 1868: Cwts 7,500,221 against 7,391,680 in 1867.

Dtto Quantity Receipts in August 1868: Diminution of 231,000 cwts or 23% against August 1867, falling off chiefly in supplies from British India and Un. States.

October 10, 1868.

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The Money Market Review, 10. Oktober 1868. S. 335/336.
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Influence of Commercial Depression on Railway Revenues.

Depends from what source Revenue of Railway prinicipally depends. 1) Passenger and Mails. Passenger traffic least prejudiced during commercial stagnation. 2) Merchandise and live stock diminished, but to less degree than minerals. 3) Minerals: most affected. This shown by the following list ⦗a railway being described as belonging to one or other class, je nach Proportion worin one of the 3 descriptions prevail in its traffic⦘ of Dividends first Half years 1868 und ’67. Only exception Lancashire und Yorkshire; wo Verbessrung in Folge von spezifischen Umständen, besonders better management. (Sieh den Comparison folgende Seite):|

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A) Passenger Lines.
Dividend: First Half Year.
1868 1867
South Western 4%. p.a. 33/4%. p.a.
South Eastern 21/4 2
Metropolitan 7 (durch faule means in both years) 7
Brighton shows improvement.
B) Passenger and Merchandise Lines.
London and North Western 51/4%. p.a. 51/4 p.a
Grt. Northern 2 4 1/4 41/2
North British Stationary
Great Eastern shows Improvement.
Grt. Western 11/4% p.a. 11/4 p.ct. p.a.
C) Merchandise Lines.
Lancashire and Yorkshire 63/4 P.C. p.a. 61/2 p.c. p.a.
Midland 5 51/2
D) Merchandise and Mineral Lines.
North Eastern (Berwick) 41/2 p.c. p.a 5% p.a.
Sheffield nil 1
Caledonian 11/2 51/4
Glasgow and Southwestern 41/2 51/2
E) Mineral Lines.
North Staffordshire 21/2 p.ct. p.a 3 P.C. p.a
Monmouthshire 4 5

A much greater falling off has occurred in these 2 last lines. When compared mit 1866 it will be seen that much of the depression experienced in 1867.

Aus:
The Money Market Review, 10. Oktober 1868. S. 339.
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London, Chatham, and Dover Railway und Landed Property.

That line one [of] those Southern lines which have doubled and quadrupled the value of property in the districts they have passed through, and nearly or quite ruined themsels. landlord extorts £150, where he previously asked £.50.

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The Money Market Review, 10. Oktober 1868. S. 351.
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The Wool Trade. (Windeler et Bowes. Circular 8 Oct. 68)

Improvement in sales of October. Must have beneficial effect upon trade in interior up to the opening of next sales, on or after 19. November [.] Demand for manufactured goods for export continues limited. So lange not to be expected – as this continues – higher quotations of wool. But we think prices have passed the lowest price point. For the November sales 56,400 bales are here or afloat; further arrivals, chiefly Capes, zusammen mit 35 or 40,000 Bales, held back or withdrawn from last series, will bring total quantity to come forward to nearly 110,000 bales, about same as the corresponding series 1867. Well conditioned, staply wools will be scarce as the selection of Australian includes much of the excessively faulty wool, found unsaleable during August. Capes will form the chief feature, and a large proportion again extra scoured. These lately in better demand. The proportion of medium clothing wool will be large.



October 17. 1868.

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The Money Market Review, 17. Oktober 1868. S. 359/360.
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Royal Bank of Liverpool. Keeping things in dark to make Matters Pleasant. (failure Oct. 1867)

On 24. Jan. ’67 declared dividend of 8%, and reported to shareholders that whole of capital und reserved fund of £75,000 intact. In Oct. ’67, 9 months later, whole of capital and reserve fund lost u.s.w. Harmood Banner, one of the most eminent accountants in Liverpool, tried to hush up, in order to „avoid publicity“. 12 months ago shareholders appointed Comm. of Investigation. At length, Mr. Watson, chairman of that committee, determined to present report; no sooner commenced reading it than interrupted by Banner. (in shareholders meeting convoked to hear the report.) Protested in name of liquidators. Warned them, the revelations in the report would be prejudicial to their interests etc; they might drive several creditors into Bankruptcy Court (während durch Stillschweigen diese Kerls andre beschwindeln und dadurch die Co. zahlen können); in consequence might have to pay other call of £5 p. share. Horsfall M.P. (one of the shareholders) told Banner: „Yes; it is your policy to keep things in the dark, and you have raised yourself to eminence by it; but it will not do in concerns like this.“

October 24. 1868.

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The Money Market Review, 24. Oktober 1868. S. 379/380.
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The Merchant’s Co. (lim.) and the Criminal charge against the directors.

1865 Co. formed to take over the business of Mssrs. Lane, Hankey et Co under the name of the Merchants Co. (lim.) The Prospectus issued in November 1865 with Richard Stuart Lane, Horace Edward Chapman, and Frederick John Helbert Helbert, the partners in the old firm, as directors. The partners undertook to liquidate all the debts and liabilities of the firm. They were to receive £62,500 in debentures and paid up shares of the Co. for the goodwill of the business only; they guaranteed to the shareholders 10% upon the paid up capital for a certain number of years. Total amount of capital paid upon the shares £45,000. In October, 1866, after about 10 months’ existence, the Co. stopped payment. Mssrs Lane, Hankey, et Co. had received from the Co. debentures for £25,000, and shares with £15 per share paid to the amount of £37,500, being the amount to be paid for the goodwill. On 22. August, 1866, a couple of months before the Co. stopped payment, the partners filed a deed of inspection under the Bankruptcy Act, for the winding up of their affairs. The debts of the partnership, as |46 then sworn by the partners, were:

Debts of Lane, Hankey, et Co. £.282,498
Debts of R. J. Lane 69,315
Do. F. J. Helbert Helbert 13,735
Do. H. E. Chapman 6,245
Total £371,793.

On failure of Co., a committee of shareholders appointed to investigate its affairs, mit Chairmen: Benjamin Moore, of Moorgate Chambers, he had 100 shares, on which he had paid 1000£. Committee desired to examine the books of the partnership. But Lane, Hankey, and Co. refused to give up their books, or produce them for inspection. Co. are still in liquidation und die Co. inserted in the list of creditors of Lane, Hankey et Co. for £45,000 and upwards, being the whole of the paid up capital of the Co., of which, it seems, they had become possessed, in addition to the £62,500 for the good will, and in addition also to £10,000 of acceptances which the Co. had given for their accommodation. No dividend hitherto paid under the deed of inspection. Nach 2 J. quiescence der shareholders, Mr. Moore laid certain evidence before the Lord Mayor, and obtained summonses against Stuart Lane, Chapman, and Helbert, under einer Clause des Acts von 1861, for having „unlawfully made, circulated, and published a prospectus etc“. Person guilty thereof, nach diesem Statut, liable, if convicted, to penal servitude for 7 years. On 2 October the defendants appeared, obtained adjournment on ground that an analysis of the accounts was being prepared by an accountant employed by the defendants. On 9. Oct. defendants again appeared. Der Advokat des Ankläger Moore, G. Lewis, jun., declared that nach der Einsicht der analysis des account alles all right, daher Moore als Ankläger withdrew the summons. Vallance (counsel für Lane) und Metcalf Metcalfe (für Chapman und Helbert) „thanked Mr. Lewis for the frank way in which he had acquitted those gentlemen of any fraudulent motives etc“ „freed their clients from imputation“ etc. Andrerseits complimentirten die Sachwalter den Clienten von Lewis als „perfectly honourable gentleman … put forward by other persons behind the scenes, whose real object was to damage his clients“. Lord Mayor jedoch doubted. By a few questions he ascertained that Moore, besides being so perfectly satisfied with „the analysis of accounts“ had stipulated for the payment of the money he had lost. Lord Mayor required „the informations on which he had acted in granting the summons to be read in open court.“ Diese informations on oath filed in this case state ugly facts. Barlow, the colonial manager of the Merchants’ Co. from its formation until stopping payment, had sworn distinctly, that statement in prospectus, that Lane, Hankey et Co had made profits during 6 years previous to 1865, was false, for they were in 1865 hopelessly insolvent, had been so for years, annual losses instead of profits making. He further deposed on oath that on 2nd May 1866, at office of the Co., H. E. Chapman informed him that the firm of Lane, Hankey et Co ought to have stopped payment in 1861; that when he (Chapman) joined them in June 1863, the said R. S. Lane declared there was £65,000 capital in the concern, „instead of which there was £75,000 the other way, and the concern was completely rotten.“

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The Money Market Review, 24. Oktober 1868. S. 380.
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Joint Stock Cos. Parliam. Return on 31st May 1868.

1863: registered 790 Cos., with nominal capital at £139,988,242
1864 997 Cos, with nom. capital 237,437,084
1865 1,0333 1,033 Cos 205,391,818
1866 762 76,824,823
1867 479 31,444,982
1868 von 1st Jan. bis 31 May 203 registered mit £13,896,182 Unlimited Cos. 9.

Objects – Rede von denen zwischen 1st Jan. bis 31 May 1868 [–] so various as possible. Z.B. 1) supplies Colyton mit gas, 2) Poole and Cherbourg Steam Packet Co., 3) Eastbourn Eastbourne Baths and Laundry Co., 4) Liverpool Merchant Tailors’ Co, and so forth. N. 1 (Colyton gas) had at date of last return 19 shareholders, who had taken 73 shares out of £300 created, and yet Co. returned as „still in operation“. N. 2 (Poole and Cherb. Steam Packet) originally 108 subscribers, for 800 shares, representing £4,000 capital, at the last return only 131 shareholders, who had paid upon their shares £1,275. This concern do. described as „still in operation“. N. 3 (Eastbourne Baths etc), described as „having no place of business“, aber nominal capital of £10,000 in 1000 shares. This Co. supposed to be „still in operation“, but „no return“ as to number of shareholders, calls received, calls made, shares taken. N. 4 (Merchant Tailors’ Co) is being „wound up“, which means, we suppose, that it is no Co. at all. Von den 393 (in 1868) 4 are being termed as „wound up“, 5 as „in operation“, 341 Cos. supposed to be „still in operation“. Of the 9 „unlimited“ no account. Hence seem to stand on no better footing than the unlimited.

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The Money Market Review, 24. Oktober 1868. S. 385/386.
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Seignorage on Coin.

In all the mints of the world except England. In Paris mint 2%, Australian mint 7,5 on large parcels, and 10% on small ones; in the Indian mints 1%. In English mint (London) nominally gold is coined free, aber practice of restricting tenders of gold to £10,000 tends to fix a duty of 11/2d. p. oz. – i.e., the difference between coin gold £3. 17s. 101/2d. per oz., und the price paid by the B.o.E. for gold bullion, £3. 17s. 9d. which is equal to 0.16%.

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The Money Market Review, 24. Oktober 1868. S. 387.
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Conversion of Iron into Steel.

Several years since Bessemer carried to successful issue the pneumatic process which bears his name for the manufacture of steel from pig iron. His process demands iron of the first brand, as is unequal to the conversion of iron of inferior quality, charged with impurities of phosphorus and sulphur in large quantities.

Thus, until very recently, no marketable steel has been produced from Cleveland or Northamptonshire pig. Now process patented by Heaton, of the Langley Mill, in the Erewash valley, by which inferior iron made into first class steel, thus utilising for the higher purposes of manufacture vast deposits of ore hitherto condemned to the lowest rank. The process is chemical not mechanical, great economy of time and labour appears thus secured. Nitrate of soda is the agent employed. Tensile and resisting strength of steel manufactured by this method. Saving in cost of production said to be several £ a ton.|

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October 31. 1868.

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The Money Market Review, 31. Oktober 1868. S. 403.
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The Money Market.

Impression of soon rising money value. Recently increase in the number of good bills offering. Partly due to improvement in Iron Trade, which has imparted more cheerful feeling in other equally important branches of business. Foreign and Colonial Loans lately subscribed, having provided an outlet for some portion of the surplus capital, are gradually, if slowly, affecting the money market. There is a decided pause in the Continental demand for English bills, and the movements occurred during the last fortnight in the rates of exchange on France and elsewhere are causing an export of gold from this side, despite the enormous accumulation of the precious metals held by the Bank o. France.

At the turn of each quarter, owing to the payment of dividends and salaries, some large reductions in the reserve and bullion generally take place.

Total coin et bullion Total Reserve of Notes und Coin Proportion p. Cent of Reserve to Liabil. of Bk. Dept. Bank Rate.
Jan. 23. 1867. £18,892,000 £10,973,000 431/8 31/2
April 24. 1867 19,337,000 11,212,000 451/2 3
July 24. 1867 22,772,000 13,769,000 53 21/2
October 30. 1867 22,697,000 13,043,000 517/8 2
Jan. 22. 1868 22,201,000 13,332,000 501/8 2
April 22. 1868 20,527,000 11,587,000 461/4 2
July 22. 1868 20,077,000 12,586,000 487/8 2
Octer. 28. 1868 19,845,000 10,669,000 431/8 2

Vergleich Oct. 28. ’68 mit 23. Jan. ’67, increase of £953,00[0] in total coin and bullion und Decrease of £304,000 in reserve of notes and coin; but on comparing the Reserve mit Liab. des Bank Department – which chiefly guides directors in fixing rate of discount – the relative strength exactly the same. Yet Bankrate of Discount in Jan. ’67: 31/2% und in Oct. 28 only 2%. Culminating point, or strongest position of the Bank, 25 Sept. 1867, when Reserve of the Bk. Dpt. 575/8% of its liabilities. Since then the total coin and bullion, and the reserve of notes and coin have diminished £4,603,000 und £5,371,000 respectively. Verhältniß von Reserve to banking liab. now 141/2% less strong than on 25. Sept. 1867. Vgl. this week’s return mit that of 22 July ’68, coin und bullion have diminished £2,232,000 und Reserve of notes und coin £1,917,000, while Reserve, in proportion to liab., is 431/8% against 487/8%, difference of 53/4%. When the reserve sinks below 33% or 1/3 of its Liabilities, the Bank usually raises its rate of discount.

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The Money Market Review, 31. Oktober 1868. S. 407/408.
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Manufacture of Iron and Steel. Heaton’s Process  Zusatz von Marx.
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(Patents)
.

For many years positive, though scarcely recognized contest, in progress between mechanical and chemical improvements in this department. Half a century ago mechanical progress was represented by the invention of puddling, and its details. Almost simultaneously the discoveries of new metals by the great chemists of the last generation suggested combinations with the ores of iron by which the product was improved. Voltaic and galvanic electricity were resorted to upon theories that had science, if not success, to recommend their trial.

 Von Marx übernommen und zusammengefasst in Manuskript II der zweiten Buchs des „Kapital“ (MEGA² II/11. S. 194.9–15).
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Bessemer process, for producing the best iron and hardest steel. Crude iron contains, in combination, a certain amount of carbon. The Bessemer process decarbonises the metal by forcing through the converting vessel, in which it is fluid, powerful jets of atmospheric air, the oxygen in which produces combustion of the carbon contained in the iron. The result is intense heat, and the production of steel ready to be poured into the ingot moulds. Process defective in 2 respects. It does not wholly supersede puddling, nor does it, in the case of the poorer ores, get rid of the sulphur and phosphorus they contain. Only, particular ores can be relied upon to produce unexceptionable metal by this process. Puddling unless perfectly efficient, will yield a product comparatively fibreless. In fact, iron is being constantly produced to which it would be impossible to give any fibre. Bessemer process owes its efficiency as much to the quality of pig iron used as to the speciality of operation.

 Von Marx mit Auslassungen übernommen in Manuskript II zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 194.16–30).
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Heaton’s process does not exact the absence of sulphur and phosphorus. Crude iron is converted at once into wrought iron and steel, whatever the impurities it contains, and it supersedes altogether the process of puddling. This done, not by the mechanical application of atmospheric air, but by the chemical effect of nitrate of soda in the „patent converter“. A mixture of crude nitrate of soda, with siliceous sand, being introduced into the converter, a reaction speedily commences. Nitrous flames escape, with copious fumes produced by the escape of steam, that carry away in suspension a portion of the flux. Then follows an intense deflagration; and, when all is over, and the converter emptied of its contents, the produce of steel is found to have its impurities eliminated, while carbon reduced to requisite proportion. The chemical operation is this: The nitric acid in the nitrate imparts oxygen to the impurities in the iron, and converts them into compounds with the sodium, and they are carried off with the sodium in the slag. The action of the sodium is a great advantage over the oxydising methods in common use.

The wrought iron produced by the process in presence of Prof. Miller bore a rupturing strain of 23 tons per □ inch and an elongation of 1/4 of its length; and the tilted steel bore a tensile strain of 42 tons per □ inch and an elongation of 1/12 of its length; while the appearances of the fractures were uniformly fibrous. Some hard tools have been made of the steel and also of the iron, the tests of which were very severe, but which they bore with perfect success.

By superseding puddling, great saving effected in labour and cost of plant; by the power it gives of using crude iron from the ores richest in impurities, manufacture can be carried on in situations where otherwise it would be impossible. Superior article at cheaper price. Wichtig für railway, shipowners, armour plated navy etc[.] The cost of the converters and the means for carrying out the process absolutely inconsiderable in relation to the results obtained.

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The Money Market Review, 31. Oktober 1868. S. 418.
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The Premium of gold at New York. (Circular of H. Clews et Co. of New York. d.d. October 14.)

Tendency of gold premium strongly downwards, the price this week having touched 1371/8 against 1441/2 at date of our latest advices. Absorption of the large amount of bonds sent abroad 2 and 3 months ago – being contrary to general expectation, and having settled an adverse trade balance threatening to call for a heavy export of gold in addition to our previous unprecedented shipments – has revived the old reliance upon shipment of bonds for the settlement of adverse foreign balances. This unexpected foreign demand for bonds, together with the present upward tendency of quotations abroad, induces expectation that the large amount of interest payable to European bondholders on November 1 will be, to a large extent, covered by remittances |48 of bonds, which alleviates another source of misgivings as to the adjustment of our foreign balances. Hence vigorous reaction from the late upward speculation (nämlich auf Steigen des Prämium on gold). Dazu prospect of unusually liberal shipments of wheat and corn to Europe late in the season is also steadily making itself felt.



November 7. 1868.

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The Money Market Review, 7. November 1868. S. 423.
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Money Market.

Trade so bad with stagnant money market that revival in demand und even increase in Bankrate now welcome as a signal of relief. Discount Houses acting at present with great caution, and refuse to take long paper at anything like the rates current a week ago. Preference given to short bills, the rates for which have been less affected during the week than those for bills having 4 or 6 months to run. Evidence of increased demand for money besonders reduction at B.o.E. of £1,298,000 in the Private Deposits.

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The Money Market Review, 7. November 1868. S. 424.
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Board of Trade Returns.

Exports of British and Irish Produce.
1866 1867 1868
For Month September £16,671,078 £16,145,584 £16,927,000
Excess of £782,000 über Sept. 67 und £256,162 über September 1866.
Total Exports für 9 mths. end. Sept. £133,704,000, being Less £3,498,000 than 1867 und £8,232,000 1866.

The Exports of Sept. 1868 exceeded the average of the 5 previous months by £1,856,000, or 121/2%; and each of the last 3 months gives a fair increase on the preceding month.

Imports. Computed Real Value.
1866 1867 1868
For month August £22,480,009 20,748,046 20,278,000
Total Imports for 8 months end. August. £152,562,000
Increase on same period 1867 of £2,878,000
Decrease on same pd. 1866 of £13,463,000,
the chief fluctuations being in cotton and wheat.

Receipts of Wheat only for 12 months end. August 31, 1868: cwts 36,333,087 or 8,384,559 qrs – increase on the preceding 12 months of 263/4%. For September 1868 (first month des neuen Herbstjahrs. Von 1 Sept. bis August 31 immer) decrease in the imports 353/4 on same time 1867.

Aus:
The Money Market Review, 7. November 1868. S. 428/429.
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Cotton Trade.

It is unfortunate that this trade should be rendered more risky and hazardous by the intervention of a class of mere speculators, who, coming between the merchant and manufacturer, have not a true or legitimate interest in its welfare or stability … the class of transactions so often observed in Liverpool … are not improperly described as gambling. Erhöhen und vermehren obviously die Preis fluctuations. … The high prices of the last 5 or 6 years have restricted the sales of goods in every market, and been the means of adding to the number of mixtures, composed of cotton and other fibres, which will for the future compete largely with mere cotton goods.

The cotton circulars of October contained the completed statistics of the American crops for the season 1867–68, taken from recent New York papers.

Grand Total of cotton growth in Un. States. (round numbers)
1867–1868 bales 2,577,000 Increase over 10% compared mit 1866–67.
1866–1867 2,329,000
1865–1866 2,329,000 but hierin included a quantity belonging to 1861–65, of which no records were taken.
1868–1869 Estimates vary from 2,500,000 to 2,700,000 bales.
Present state. (Circular of Leech, Harrison, and Forwood.)
October 31. 1868. Bales. Oct. 31. 1867. Bales
Stocks in Liverpool, London, Havre. 628,875 against 809,489
At Sea for these ports. American 29,000 21,000
East Indian etc 289,513 191,750
Total Stock in hand and at Sea 947,388 1,022,239

These figures shown trifle against this year, but are not sufficient to warrant the difference shown in the quotations, which are „Middling“ Orleans 111/4d. p. lb Oct. 68 against 9d. p. lb Oct. 67 und „Fair“ Dhollera 81/4d. (Oct. 68) gegen 65/8d. (Oct. 67) American cotton may be considered statistically of strong position, since 2/3 of the deficiency in the Liverpool stocks of that description. The supplies, however, known to be on the way, not only of American, but other hands, larger than at this date last year. Moreover, the accounts given in the Manchester trade circulars of gloomy character; resort to „short time“ spoken of as inevitable.|

49

It is significant that the spasmodic upward movements in cotton so frequently of late have had no effect and received no response or encouragement in the markets for manufactured cloth, either in this country or abroad. In fact, the Manchester quotations for cotton goods, despite an advance of about 25% on the raw material as compared with 1867, are now (as stated by Mssrs. G. Fraser, Son, and Co.) unchanged, or only nominally dearer than those ruling 12 months ago, so that the whole difference is practically lost by the trade.

Aus:
The Money Market Review, 7. November 1868. S. 435.
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Cotton. Liverpool Market. Nov. 6. (’68)

Rise of 1/8 to 3/8d. p. lb. Sales of week 121,500 bales, davon 26,500 taken on speculation, 26,750 for Exportation. Imports 40,000 bales. Miserably unsatisfactory accounts from East. On 28 Oct., with Exchange 1s. 115/8d., prices from Bombay for an 8–4lb. Shirting net home only 9s. 2d. p. piece, and from Calcutta 8s. 9d. p. piece, showing a loss on the present unrenumerative rates.

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The Money Market Review, 7. November 1868. S. 431.
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Winding up Companies in Chancery.

The Official Judicial Statistics for 1867 show 110 orders were brought into the chambers of the Masters of the Rolls and Vice Chancellors for winding up Cos. List of contributories were proposed, from which 357 names were excluded; 9,343 persons were included in the lists. Calls were ordered in the year amounting to £4,497,831. Dividends were ordered to be paid to £7,310,339. The calls made in 1866 were £1,810,834.



November 14. 1868.

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The Money Market Review, 14. November 1868. S. 449/450.
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The Council of Foreign Bondholders.

 Kommentar von Marx. Siehe Sigismund Borkheim an Marx, 11. November 1868; Marx an Collet Dobson Collet, 19. November 1868.
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Dieser Schwindel unter Baring’s Anstiftung. Isidor Berlinerblau Gerstenberg vorgeschoben als Mauerbrecher.

 In der „Money Market Review“ konnte keine entsprechende Passage ermittelt werden. Möglicherweise handelt es sich um Marx’ Zusammenfassung einiger Argumente der Schrift von I. Gerstenberg: Suggestions for Forming a Council of Foreign Bondholders. London 1868. S. 16–19. Marx erhielt diese Schrift von Sigismund Borkheim am 11. November 1868. Für eine Marx’sche Einschätzung der Broschüre siehe auch die Briefe von Marx an Collet Dobson Collet vom 19. und 23. November 1868. Der Zusatz in Klammern stammt indes von Marx; siehe dazu Marx an Collet Dobson Collet, 2. November 1868. Auch der im letzten Satz geäußerte Zusammenhang lässt sich nicht bei Gerstenberg nachweisen.
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Angeblicher Zweck: durch pressure upon British Gvt. die Foreign Gvt., die Schulden bei Engländern contrahiren, zum Zahlen zu zwingen (Also, auf Rußlands etc Anstiftung, England in French War zu verwickeln) Ausserdem: An office for the promotion of investments of British Capital abroad. Schließlich: Mittel der Speculation für die grossen Finanzschwindler.

Austria has taxed foreign debt 16%, Italy 8%.

In the last few years we have entered into extensive loan operations with Mahommedan nations, which have got over their objection to the principle of borrowing abroad. Turkey and Egypt now pay millions a year in interest; Morocco has given a mortgage upon her resources; and Tunis has already become insolvent. In this respect the East has profited by the instructions of the West, and we have been almost startled at the rapidity with which a debt has been scored up. Peru deals in loans with vast sinking funds. New Granada gives land to those who themselves never will or can occupy on one acre. Russia grants a State guarantee to lines mortgaged as security. State after State issues loans below par with the varied inducements that appertain to drawings.

In the cause of time many circumstances indispose the issuing houses to act in favour of the holders of a loan.  Kommentar von Marx unter Bezugnahme auf Informationen aus dem Brief von Sigismund Borkheim an Marx vom 11. November 1868. Siehe auch The Money Market Review, 14. November 1868. S. 457.
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⦗Und darum, die issuing houses, Baring, Bonar, Thompson etc die instigators und leading members des proposed Council⦘.
Many recent loans have been issued on Commission. The issuing firms are in such cases to be regarded rather as having for clients the Governments on whose account they act than the public whom they invite to subscribe. Other houses frequently act as the official agents of the loan-contracting Gvts. In fact, the relations commonly established between the issuing houses and the Gvt. for which a loan is made may be looked upon as leading to arrangements under which forbearance in case of difficulty is inevitable.

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The Money Market Review, 14. November 1868. S. 451/452.
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Heaton’s Direct Process for Nitrate Steel.

Heaton of Langley Mills, near Nottingham. His operation, based upon true chemical and metallurgical principles, calculated to supersede  Von Marx übernommen in Manuskript II zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 194.31–32).
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the mechanical appliance appliances which involve the outlay of large capitals
, whilst the poorer ones cannot be made available at all. Practical man daher gegen die Sache, theils überhaupt against improvements as innovations of no practical use, theils speziell wegen der „Disturbance of establishments in which fortunes are invested“. Daher die Intriguen (der Bessermeriten) gegen Heaton. Ein Contemporary – „Engineering“ (of 7 Nov. 1868) macht daher allerlei lausige Bedenken. The crude steel produced by the use of nitrate of soda is described as of extremely crude quality, containing hardly more than 97% of pure iron, and nearly 2% of carbon.

Falsch. The crude steel contained a good deal less than 2% of carbon; and, when it was converted into steel iron, less than 1% of carbon. „Engineering“ has omitted to state what amount of sulphur was removed by the process, while, if any phosphorus was left in the crude steel, it was obviously not such as to injure the quality. „Engineering“ next says that phosphorus and sulphur are removed in puddling steel, and that the puddling process is cheaper than the use of nitrate. Statement incorrect. Besides, the great waste of iron in puddling omitted from the calculations. The commoner ores, fullest of the impurities of sulphur and phosphorus, have not all their phosphorus and sulphur removed by puddling. They cannot be removed by mechanical operations only.

Only the purest ores are available for the Bessemer process. The Heaton supersedes puddling altogether, thus supersedes much expensive labour, utilizes the poorest ores, deprives them of their impurities more effectually than manualwork, with little or no waste of metal in the operation. Another allegation is that nitrate steel is not more uniform in quality than puddled steel. But it is uniform; puddled steel extremely inequal in quality, taking large quantities. With respect to the proportion of slag to the yield of crude steel, Prof. Miller calculated that the maximum could not have exceeded 23% of the weight of the molten metal experimented upon, so that the 12.6% of iron in the slag could not be more than 3% of the iron operated on. Mr. Heaton has since ascertained by direct experiment that the quantity of slag produced is but 1/3 of the amount estimated by Dr. Miller as the possible maximum; but, then, Heaton no longer uses an admixture of lime. The percentage of iron lost in conversion does not, therefore, exceed 1%.

Then „Engineering“ speeks of the cost of Nitrate of soda. In certain countries its supply boundless. Merchants and shipowners are not the men to neglect an article for which there will be good demand. If dear, only temporary. Its cost; cost, besised besides, fully compensated by the smaller |50 capital required in the first instance by way of plant und die suppression of a most costly and painful labour, out of which most of the difficulties of ironmasters with their men have arisen, and in the use of the impurest ores. Heaton’s processes are an advance in iron and steel manufacture, equal in interest to puddling process and Bessemer’s process.

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The Money Market Review, 14. November 1868. S. 452.
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Cotton Trade. (Circular of Stokes, Mc Haffie et Co)

At this period last year (1867) there was a far larger margin between price of cloth and cotton than now exists, and yet cotton fell 15 to 20% before the end of the year.

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The Money Market Review, 14. November 1868. S. 453.
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Invention patented by W. T. Read, Old Broad street, City, for the better application of bisulphite of lime in brewing Trade.

This stuff used now largely in brewing trade to control fermentation and prevent acidity etc. Saves large amount of labour (Read’s process) performs so process, till now clumsy, perfectly. Our annual exports of beer and ale now nearly 2 Mill. £. St.

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The Money Market Review, 14. November 1868. S. 453.
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East India Irrigation and Canal Co.

Arrangements made between its directors und Secretary of State for India (subject to confirmation at a meeting of shareholders) wodurch the Co’s undertaking in Orissa to be surrendered to Gvt. in consideration of sum in cash equal to the whole paidup capital and 5% interest thereon (so that each shareholder will receive 1£ Premium on 20£ paid upon each share) and also £50,000 to cover compensation to the managing body and officers.



November 21. 1868.

Aus:
The Money Market Review, 21. November 1868. S. 467.
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Money Market. Rise in Bankrate of Discount.

From 2%, fixed on 25 July 1867, raised to 21/2% on 19 Nov. 1867. Anlaß dazu: The unprecedented withdrawal of 1 Million £ in gold for shipment to Russia.

A 2% Rate has now existed at 3 different Periods:

Rate of 2% und Dauer derselben.
1st Period. von April 22, 1852 to January 6, 1853 37 weeks
2nd Period. July 24, 1862 to October 30, 1862 14 weeks
3rd Period. July 25, 1867 to Nov. 19, 1868 69 weeks, 5 × that of ’62 und almost 2 × that of 1852.

This 2% rate (25 Jul. 1867 – 19 Nov. 1868) has lasted longer than any other Bankrate since Act of 1844:

Discount Rates since Act of 1844 lasting without interruption for more than One Year:
2% for 69 weeks ending Nov. 19, 1868
21/2 P.Ct. 58 weeks Oct. 16, 1845
21/2 P.Ct. 57 do. Dec. 26, 1850
3 do. 55 do. Nov. 22, 1849
3 do. 53 do. Jan. 1, 1852

The higher the rate is carried and the longer it it is maintained in that position, the surer reaction to the other extreme, and the longer it must prevail:

Crisis Rates and Reaction and lasting of Reaction Rate.
Prior to 1847 a higher point than 6% never known.
Crisis of 1847: 8% for 4 weeks. Followed by continued decline until 22 Nov. 1849, when 21/2%; in force for 57 weeks.
Crisis of 1857: 10% for 61/2 weeks, then gradual reduction to on 9 Decemb. 1858 to 21/2%; which lasted only 20 weeks.
Crisis of 1866: 10% for nearly 14 weeks, reduced to 3% in less than 6 months, und 2% within a year, lasting for 69 weeks.

Vergleichen wir Bank o. England mit Bank o. France this week, so finden wir:

Bank o. England.
Decrease of coin and bullion £1,002,191
Increase in Discounts and Loans 556,817
Decrease in active circulation 447,215
Es ist hier Increase des Verleihns von Kapital und Decrease in active Circulation; Notes withdrawn for gold for Export.

Bank of France.
Decrease of coin and bullion £449,494 Issue: £46,506,627
Decrease in bills discounted 13,423 do. 18,627,382
Increase in Notes in Circulation (Issued 54,170,814): 246,216 Hier also mit Decr. of Capital loan und Decr. of Bullion, Increase in Note Circulation.

Die Increase der Notes in Circulation der B.o.F. trotz Decrease of Bullion und Decrease des Discount Business, erklärt durch Decrease of Private Deposits und Treasury Balance, as seen by:

Private Deposits. Summe: 12,952,484 Decrease: 467,684
Treasury Balance: do. 6,971,087 Decr. 142,610|

51

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The Money Market Review, 21. November 1868. S. 467/468.
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U. Kingd. National Income and its Resources.

A.) Customs.
Tobacco (40 mill. lb unmanufactured Imported) nearly 61/2 mill. £

Sugar. Refined and unrefined (The Grocers’ Duty) u. stuffs worin sugar ingredient

5,765,501£ St.

Unter diesen Zucker Artikeln „glucose or vegetable syrup“ £2,722. Almond Paste: (40 lbs imported) 0. Dried cherries. 3£ only. 2 pound of comfits for children, paid 0.

Marmelade: 5£. Preserved Plums: £4. Ridiculous customs, do not defray their cost of collection.

Tea and coffee (raw and roasted) chicory (raw or kiln dried)

Cocoa and its husks and shells, and its paste or chocolate

£3,359,590.

Spirits and articles containing spirits (spirits sweetened, unsweetened, but mixed, chloroform, collodion, ether und varnish containing alcohol) £4,301,620 (Chloroform only £70, ether 54l., collodion £8,  Kommentar von Marx.
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ridiculous customs
)
Corn and grain £883,941
„Dried Fruits“ including currants, figs, plums, prunes, raisins £421,740
Importations of malt and its products with their substitutes £3,709
Gold and Silver Plate £4,250
Playing Cards £376
All customs in year ending March 31, 1868 £22,808,140
do do 1867 22,355,859
do do 1866 21,356,723
B) Excise Duties or Inland Revenues.
Duty on chicory somewhat over £21,000, aber auf:
Duties on  The Money Market Review: spirituous
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spiritual
drinks. (inclusive customs)
From Foreign Spirits £4,301,620
Wines 1,500,000
Malt 6,575,263
Home made spirits 11,346,181
Brewers’ licences 357,000
Maltsters’ do. 15,884
Dealers. do. 1,000,000
Total

£25,095,948

If we add 61/2 Mill. £. from Tobacco, 331/2 Mill. l. derived from drinking und smoking.

Railway Duty. „5% on sums received for conveyance of passengers“ £485,136
Stage Carriage Duty of 1 farthing for each mile travelled £35,857.
Hackney Carriage Duty of 7s. p. week, or 6s. p. week if not used on Sundays £103,153
Licences to makers of playing cards £16
do. to sellers of same £1,066.
Licence to kill game £150,949
Licences on dogs upwards of £400,000
C.) Stamps.
Stamps on deeds etc £1,620,426
do. On Probate of wills and letters of administration £1,771,832
do. On Legacy and Succession to Real Estates

£2,894,380

The income from the succession to real estate still utterly disproportioned to that derived from legacies of personal estate, and returns of these duties still mixed up and confounded with the legacy duty in order to conceal that disproportion.

Total of stamp duties £9,737,573.
D.) Taxes.
Landtax (other tax under the cover of which landowners escape payment of their fair quota) £1,106,695
Inhabited House Tax £1,068,984, almost as much as land tax.
Income Tax £6,287,079
2) Property and Income Tax under Schedule A (lands, tenements etc) £125,070,065

3) Income Tax under Schedule D (trades, professions etc)

Both are rated alike at 5d. in £.

£158,052,628.
Aggregate Amount of Inland Revenue.
Excise £21,323,848
[Stamps] 9,737,573
[Taxes] 9,752,561
£40,813,983
 Bemerkung von Marx.
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(turnover.)
|52
Inland Revenue: £40,813,983
Customs: 22,808,140
Post Office: 4,558,962
Total: £68,181,085.
Aus:
The Money Market Review, 21. November 1868. S. 472/473.
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The East India Irrigation and Canal Co.

 Zusammenfassender Kommentar von Marx.
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The alternative: Government takes the Orissa undertaking (see p. 50) oder die shareholders müssen verdammt blechen.

The Indian Gvt. has been forced by public opinion to give a great expansion to the practice of irrigation. As a rule better that the Gvt. should be the direct seller of the water, because it can adapt the price to the charge made for the land in such modes that the cultivator will be obliged to take the water. It was clumsy contrivance that Cos. with unguaranteed capital should first sell the water to the Gvt., and then the Gvt. to the cultivator. In the event of a failure of crops from want of irrigation, the Gvt. thus escaped its responsibilities. The Gvt. policy not always consistent in the matter of the Orissa works. At their commencement, and for some time afterwards, the Co. received the cooperation of the Gvt., which was cordially rendered. But, whether from the growth of conviction that irrigation ought to be the sole work of the Gvt., or from the feelings excited in consequence of the failures in the crops having produced famine, this cooperation began to be given in a perfunctory way, and at the present time it cannot be calculated upon. The East India Irrigation Co. has a right to complain of this change. But, on the other hand, the Gvt. complain of the delay which has occurred in the execution of some of the works undertaken by the Co., and forming part of their whole scheme; because, after all, the ultimate responsibility of disaster from the state of crops falls upon the executive. Before matters arrived to this point  Zusatz von Marx.
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(wo Gvt. offers to undertake the whole)
the directors reported to the proprietors that the completion of the several sections of the Orissa works would cost £1,500,000. But early in the present month the chief Engineer in India reported that £420,000 must be added to this estimate. The capital of the Co. being £1,000,000, it follows that £920,000 more required before the works undertaken can be completed. Though an area of acres 700,000 would be irrigated by this expenditure, the works could not be completed without the money, and, meanwhile, the call for their completion is urgent, under a sort of pressure impossible to resist. The directors applied to the shareholders to supply new capital, but subscriptions little more than £70,000, the payment of which extended over 4 years, while the balance of unexpended capital in England had been reduced to £33,000. Demonstrated by this fact that further share capital not to be raised.

Aus:
The Money Market Review, 21. November 1868. S. 474.
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The Board of Trade Returns and the Trade of the Country. Sept. ’68.

The Board of Trade Returns show improvement in September ’68, as compared with same month ’67 and ’66, but the great bulk of our export trade, consisting chiefly of the staples of Lancashire, is not only not flourishing, but the reverse. It has been so ever since the great fall in values, since the termination of the American war. There has no been no continued healthy trade with our Eastern markets since the Indian mutiny. The profits realised during the American war were spasmodic and unnatural, and the immense fortunes then accumulated, have since all been more than lost, and have been succeeded in Lancashire by a period of reverses unknown even during the cotton famine. Estimating all the charges upon shipments to our Eastern markets upon the most economical scale, and they are favoured by the low rates of freights now ruling, the prices obtainable at all the ports show a considerable loss of shipments now made, and there is no experience to show that the present is a less favourable time for ventures than any previous time of this year.

The present position of manufacturers is almost ruinous, as a profit upon production is rendered impossible from the high rates current for the raw material; and so hopeless seems the prospect of relief by a real improvement in the demand that shorttime working is universally admitted to be the only means of bettering their condition, an alternative never necessary in ordinary times, and only resorted to at the last extremity.

Question: If the trade is an unsound one, why are the returns not only kept up, but increased? The answer is: Chiefly for financial purposes. There being no healthy demand for consumption, the new and increased exports are for the purpose of providing for previous engagements falling due. A good portion of the trade is also contributed by producers, who, being unable to find a market for the whole of their production, and being too poor to hold, consign the remainder, upon which they are accommodated with partial advances through the commission agent or intermediate man, who knows that someone must suffer, and provides on the contingency not falling upon himself.|

53

Aus:
The Money Market Review, 21. November 1868. S. 479.
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Import of Corn.

The Board of Trade now add to their usual monthly return a table showing the quantity of corn and wheat flower imported into the U. Kingdom between harvest and harvest, viz. in the 12 months, from 1st September to 31st August.

Import in 12 months ending 31st August 1866 equal to qrs 16,365,738: = (62,881,908 cwts.)
31st August 1867 qrs 16,423,923 = (63,186,726 cwts.)
31 August 1868 qrs 16,904,737 = (66,241,042 cwts)
31 August 1868 thus constituted. 36,333,087 cwts of wheat = 8,384,559 qrs.
3,149,815 cwts of wheat flower = 908,601 qrs.
5,583,086 cwts of barley = 1,563,264 qrs.
8,584,365 cwts of oats = 3,121,587 qrs.
999,118 cwts of peas = 222,026 qrs.
2,289,655 cwts of beans = 534,253 qrs.
9,301,916 cwts of Indian corn = 2,170,447 qrs.
Import of Wheat was:
Year ending 31 August 1866: 24,926,789 cwts = 5,752,336 qrs.
31 August 1867: 28,658,336 cwts = 6,613,541 qrs.
31 August 1868: 36,333,087 cwts = 8,384,559 qrs.
Aus:
The Money Market Review, 21. November 1868. S. 468/469.
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The Foreign Settlements on the London Stock Exchange.

Twice a month a settlement of the previous fortnight is made upon the Stock Exchange. On those days securities to the nominal value of at least 40 millions are handed about. „Handed about“ is indeed to too mild a term to describe the treatment to which, in the pressure of an „account“, the property represented by foreign bonds is subjected. The whole settlement has to be „got through“ before half past 2 in the afternoon. By Stock Exchange law a buyer is bound to pay for all bonds delivered to him up to that time, and when the half-hour has struck the seller can make no further claim for payment during the day.

 Zusatz von Marx.
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Money Market Review citirt Pamphlet (1868) eines Stockbroker’s über diesen diabolischen settling day:

„The enormous increase in the number of foreign loans recently negotiated or introduced in this country, and the small denomination of the bonds into which it is the modern practice to divide them, have multiplied the inconvenience and risk attending the present mode of settlement to so great an extent that it is believed no time should be lost in devising an adequate remedy. At present, after the clerks have reduced the account as much as possible in the limited space they have at their disposal, the balances remaining open are settled by delivery from A to B, from B to C, and so on, till the ultimate buyer is reached, so that the same bond frequently passes through 30, 40, or even 50 hands. To prove that this is no exaggeration we have only to look in busy times at the names on the back of a ticket in Consols, or in any of the principal Railways. These will be found frequently with 50 names on them. One result is that transactions, which could probably be adjusted by the passing of cheques to the amount of perhaps 2 or 3 millions £, involve now settlements to the average amount of 13 millions, as the figures of the Clearing House show. This value of 13 millions, however, represents but a portion of the total values passed under the present system; each of the leading jobbers’ office is, in itself, a small clearing house; a large delivery of Turks, f.e., made to him on the one hand, might and is often compensated, by a counter delivery of Italians on the other side. It is impossible to arrive at the amount of stock actually passed on the settling day, but the experience of the writer’s own office shows that the nominal amount of stock passed exceed exceeds, by 3 or 4 ×, the cash balances adjusted.“

The hurry and confusion which attach to this system are therefore due to the fact that all bargains are adjusted between each actual buyer and seller, although the same bonds may have changed ownership many times during the „account“. Common sense would suggest that this cumberous plan might be obviated, as is done in the transfer of registered securities, by placing the original seller and the ultimate buyer in immediate communication. But in the Stock Exchange, as in all other businesses, the credit of individuals differs largely, and the broker who deals readily with one firm in £100,000 stock might be chary of dealing with others in £100. Brokers who transact large operations naturally object, therefore, to forego the security they have in dealing with first class firms, and do not care to accept payment instead from individuals of whose standing they are ignorant. This difficulty might be avoided by adopting the ordinary course of procedure in bill transactions – viz, rendering each endorser personally liable. Such rule once established, the first broker on the Stock Exchange could have no objection to accept the „name“ or „ticket“ of any member, knowing that in case of default of the ultimate buyer, he would have immediate redress from the parties to whom he originally sold, and with whose endorsements he accepted the ticket.|

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28 November 1868.

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The Money Market Review, 28. November 1868. S. 491/492.
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The recent Advance in the Money Market.

 Zusatz von Marx. Mit dem „lausigen Vorfall“ ist die Erhöhung der Diskontrate der Bank of England von 2% auf 2,5% gemeint.
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In Bezug auf diesen lausigen Vorfall giebt die Money Market Review folgende Zusammenstellung:

Bank of England discount
Quarter ending Septem. 27, 1865. Quarter ending Sept. 30, 1868. Qr. endg. Nov. 25, 1868.
Public Deposits £5,968,000 £3,948,000 £5,428,000
Private Deposits 14,652,000 20,529,000 18,103,000
Private Securities 21,577,000 16,671,000 16,662,000
Gvt. Securities 10,389,000 14,252,000 15,075,000
Reserve of Notes et Coin 7,309,000 12,062,000 10,013,000
Proportion P.Ct. of Reserve to Banking Liabil. 341/2 481/4 411/2
Total Coin and Bullion 14,571,000 21,396,000 18,257,000
Active Circulation 21,912,000 24,334,000 23,243,000

5 December 1868.

Aus:
The Money Market Review, 5. Dezember 1868. S. 523.
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East India Irrigation and Canal Co.

Auf meeting der shareholders (London, 28 Nov. ’68) sale of the transfer of the Orissa undertaking to the Indian Gvt. beschlossen (cf. p. 52)

Aus:
The Money Market Review, 5. Dezember 1868. S. 515.
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Money Market. Fresh rise in the Bank Discount Rate von 21/2 to 3%. (Dec. 3. 1868)

Stets, after a lengthened period of monetary ease, the first movement upwards, particularly when limited to 1/2%, is insufficient.

1852–53 … 37 weeks of 2% followed by 21/2, which, as at this time, lasted only for a fortnight, when advance to 3%.

1862 … after 14 weeks of 2% the directors of the Bank moved to 3% at once

1859 1857: Reaction in the value after 10% carried the minimum down to 21/2%, for 5 months: then 31/2%, for 1 week; then 41/2%

1866, at beginning, after 27 weeks of 21/2%, rise to 3%, followed in 12 days by further movement to 3 4%.

After the reaction during the first 6 months of 1865, the advance from 3 to 31/2% was succeeded in a week by 4%.

The fact is, that no sooner is the monetary „screw“ turned, than merchants and others under engagements become still more anxious, as a matter of caution, to place themselves in funds. Hence the upward movement receives a further temporary impetus. Ferner: At this time of the year, the tendency of the rates of discount at the present period of the year is always almost towards firmness. Some of the banks help the market up by following the very absurd practice of restricting advances in order to show large reserves in their forthcoming reports. Customers also assist the movement by seeking discounts for the mere purpose of increasing their balances at the close of the year.

Aus:
The Money Market Review, 5. Dezember 1868. S. 531.
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Financial Affairs (U. States) (Circular of H. Clews et Co. New York)

Our produce exports continue to fall below those of last year, while our current imports exceed those of that period (1867). The importers have to a very unusual extent deferred their payments, so that remittances for the next few weeks must be heavy, and the more so as 12 Mill. $ to 14 Mill. $ have to be remitted against the coupons of foreign bondholders. Our foreign merchants are extensively „short“ in gold, having sold in anticipation of a decline to follow the elections and the active forwarding of the cotton crop. Advices from Europe indicate the probability of higher rates of interest at the Banks of England and France; which would check the demand for our securities abroad, and tend to attract gold in that direction. It may be owing to that tendency that so few of our bonds are going out in return for the November coupons.

12 December 1868.

Aus:
The Money Market Review, 12. Dezember 1868. S. 544.
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Bessemer versus Heaton.

Bessemer attacks Heaton in Money Article of Times of 2nd Dec. On 5 Dec. testing at Kirkaldy’s, when half inch bars of steel made from N. 4 Middlesborough pig stood an average of strain of 53 tons to the □ inch.

19 December 1868.

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The Money Market Review, 5. Dezember 1868. S. 567/568.
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Shareholders.  Zusatz von Marx.
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(Frauds of Directors in voluntary „Windings’ up“.[)]

During the last 3 or 4 years shareholders in Railway and other Jt. Stock Cos. robbed and defrauded to extent of many Mill. £. St. In a great number of cases the robberies and frauds unequivocal and indubitable. The fleeced victims have been able to discern, in the light of subsequent events, how the frauds were perpetrated and who were the perpetrators. They have not only known how much they have lost, but also who has got it. They have seen many of the persons by whom |55 they have been defrauded suddenly becoming rich, and madly rushing into all sorts of questionable speculations … The money thus transferred from the unfortunate class of shareholders to the more fortunate class of promoters and directors, has been so transferred in too many instances by fraud and falsehood, by deceit and misrepresentation, and the means by which the fraudulent transfer has been effected are equally well known. But where are the laws that define the crimes and award the punishment? where the prosecutors who should enforce the laws? … With regard to the numerous frauds upon Jt. Stock Co. Shareholders which the events of the last 3 years have brought to light, and which involved many 100ds of delinquents, only some 3 or 4 prosecutions have taken place, and only 3 or 4 of the culprits have been convicted, while of those convicted two were speedily released from further deserved punishment by the Queen’s Pardon. Even her Majesty, who never dreams of pardoning a thief or burglar, or common swindler, is made to seem to sympathise with the sufferings of culprits whose crime is swindling and defrauding 100ds or 1000ds of hapless shareholders.

Individual shareholders standing alone are but individual units – helpless and defenceless, as regards any combination that may be formed against them. Promoters and directors know this; and, knowing it, combine together to take advantage of it – and invariably succeed. The Joint Stock Co. shareholder is essentially a selfish animal. … The number of Cos. now undergoing the process of winding up, under the fostering but fatal care of the Court of Chancery – many of the liquidations being in the hands of the very persons who originated the Cos. and conducted them to ruin – imperatively requires that some means should be devised for protecting the unfortunate shareholders against calls and demands which, in too many instances, are both unreasonable and unlawful. In many cases where Cos. are winding up under compulsory orders, the proceedings are being procrastinated and the costs of winding up increased to an enormous and ruinous extent. In other cases which are being wound up „voluntarily“, … frauds of the most outrageous and unmitigated character are being perpetrated by quondam directors, who are now officiating as liquidators. In one recent case, property of the value of £5,000 has been sold and disposed of by the liquidator for £150. In other cases frauds of a similar or varied kind are being perpetrated, without question or hinderance, simply because individual shareholders feel themselves powerless to act alone, or can only act alone at great cost and risk, and have no means of acting in combination with their fellow sufferers. An organised combination of shareholders for their mutual protection now intended. ⦗Meeting deßwegen, Resolutions etc⦘

Aus:
The Money Market Review, 19. Dezember 1868. S. 569.
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The Railway Returns of the Board of Trade. (Published end 1868)

Umfaßt 18 Jahre.

Number of miles in Operation.
Double Line. Single Line. Total
1849 5,034 998 6,032
1867 7,844 6,403 14,247
Increase in 19 years 2,810 5,405 8,215
1849 1867. Increase in 19 years. Average yearly Investment of fresh Capital
Capital paid up £229,747,797 £502,262,887 £272,515,108 £14,290,000
Average Cost p. Mile of Rail in operation: £.38,088 35,113 showing apparent decrease of £2,975 p. mile; not accurate, as the capital paid up at both periods was applied more or less to unproductive works und proportion of single line larger at the close of 19 years’ period.
Traffic Receipts from all sources: £11,806,498 £39,479,999 Incr. of £27,673,501 or Average Increase of £1,456,400 per Annum.
Gross Revenue per Mile £1,957 £2,770 Increase of £813 p. mile. Gross Revenue p. mile 411/2% higher in 1867 than in 1849, with a gradual but uniform improvement every year.|
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1852 (Erst von diesem Jahr number of miles run by trains returned by Board of Trade) 1853 1856 1867.
Average Receipt per train mile 5s. 2d. 5s. 5d. 5s. 111/4d. 5s. 33/4d.
Notwithstanding, therefore, the increase of 411/2 pct. in the receipt per mile in the 19 years. years, there was for 16 years rather a decrease in the receipt per train mile. In other words, the diminished receipt per train mile, by contrast with the largely increased receipt per mile, indicates conclusively that more work was done for the money earned; and herein consists another reason for the comparative depression of British railway Property. Railways have run too many trains and have done too much work for the return in money. Worn out with competition, and with unnecessary expenditure upon too frequent and badly filled trains.
1860 1867
Working Expenses; Average Rate on Receipts 47% 50%
Cost of working has undergone no diminution relatively to the traffic receipt but has rather increased.
Aus:
The Money Market Review, 19. Dezember 1868. S. 571.
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Heaton’s Iron and Steel.

As one of the points of opposition, asserted that the strength of the iron and steel produced may prove inferior to those produced by other processes, such as Bessemer’s. Facts most decisively contradict this. (d.h. the recent experiments.)

Heaton’s process uses the poorest ores, Bessemer’s only the richest ones. The majority of the ores in the iron bearing districts are poor – that is, the they contain phosphorus and sulphur in abundance; and neither puddling nor any mechanical process yet discovered can remove these deteriorating ingredients. The admission of atmospheric air is powerless against them; otherwise Bessemer would have been able to extend his process indefinitely. Chemistry alone supplies the means of neutralising and removing them.  Von Marx übernommen in Manuskript II zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 194.32–35).
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The plant needful to carry out Heaton’s process is absolutely inexpensive. The smallest ironmaster may command it; but only the greatest ironmasters can command the capital and appliances requisite for the pneumatic process.
8 Advantages of Heatons system: It deals with cheapest raw material; it produces steel direct from pig iron; the plant is inexpensive; the cost of maintenance of the plant is insignificant; the waste of material in conversion is almost nil; puddling is dispensed with; the process of conversion is simple, rapid and, certain; the results are remarkable for their uniformity. No preceding invention connected with the manufacture has offered such a combination of advantages. … Will strongly tend to revolutionise the iron manufacture.

Aus:
The Money Market Review, 19. Dezember 1868. S. 571/572.
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Collieries in U. Kingd. Insurance.

Existirt bis jezt keine Insurance gegen Collieries’ Accidents. Capital in Collieries 100–150 Mill. £. St. mit net income of £30,000,000, besides giving wages to upwards of 300,000 men.

Times 21. Dec. 1866 Mr. Lonsdale Bradley made propositions, as to Insurance. Hat für Jahre diesen Gegenstand verfolgt. Apparent difficulty to discover a sufficient average against loss, so as to ascertain the exact risks of the Assurers. Prosecuting his inquiries during long period, and carefully examining all the conditions that lead to loss of life and property in coal mines, he ascertained that such a recurrence of accidents prevailed as indicated the operation of a law uniform in its action when spread over a long period. Though apparently capricious and irregular, colliery accidents, when examined over a long period, are found subject to averages exactly as vital [as] statistics are; and, assured of this, they certainly ought to be provided against in the same way. Bradley further discovered, that from all causes there are annually not less than 900 accidents involving the loss of life, and that about 1000 colliers are killed every year. With great labour, but within very small limits of error, the costs of accidents from explosions, fires, fall of roofs, inundations, and breaking of machinery, have also been ascertained. In 1865 there were 3,268 collieries in U. Kingd., employing 307,542 miners, who produced 98,150,587 tons of coal, valued at the pit’s mouth, at £24,537,646. Small premium upon either of these large quantities would be sufficient to produce an income to defray the costs of accidents to property, and to support the widows and children of the miners killed until in situation to provide for themselves. … In collieries, the supervision exercised by an Insurance Co. would be an addition to the means of providing against accidents.

Aus:
The Money Market Review, 19. Dezember 1868. S. 574.
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Cotton Trade. (Stokes, Mc Haffie, et Co.) (New York)

With every prospect of free receipts at the ports caused by present high prices, and with a visible supply of cotton, only about 71/2 P.Ct. below last year (1867), our prices are 45 P.Ct. above the same date in 1867.

Aus:
The Money Market Review, 19. Dezember 1868. S. 579.
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The Currency of Sovereigns and Half Sovereigns in India.

Notification of Financial Department, Simla, October 28, 1868: In modification of the notification of 23 Nov. 1864, vor und after this new notification, sovereigns and half sovereigns coined at any authorised royal mint in England and Australia of current weight shall be received in all Treasuries of British India and its dependencies in payment of sums due to the Gvt., as equivalent of 10 Rupees and 4 Annas, and 5 Rupees and 2 Annas, respectively. They shall, whenever available at any Gvt. treasury, be paid at the same rates to any persons willing to receive them in payment of claims against the Gvt. The gold pieces stated in Sect. 13 of Act 17 of 1835 will also henceforth be received as above according to the values stated in that Act. Gazette of India, Oct. 31.|

57

Nachtrag zu November 14. 1868.

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The Money Market Review, 14. November 1868. S. 448/449.
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The Troubles of Shareholders in Banking and other Jt. Stock Cos.

Mr. William White, a banker of 40 years standing, has published in one Manchester paper, about this subject. Nach ihm viele Banks „are buying their own shares to keep up the price, as case with Birmingham Banking Co. and Royal Bank of Liverpool .“

The banks which buy up their own shares will generally take care to have them registered in the name of nominees, so that the transaction may not appear upon the register.

Limited banks are required by law to exhibit at their head office a statement of their assets and liabilities according to a prescribed form „or as near thereto as circumstances will permit.“; and some avail themselves of this liberty to vary the form thus as to conceal the amount of their overdrawn accounts by blending them into one item with bills of exchange, or by merely stating the whole of their assets in one sum. In either case the real position of the bank not seen. Uniformity of accounts is as much required in other joint stock banks as in Railway Cos. Sir William Hutt’s bill would have given us this uniformity; but that Bill, instead of being supported by Board of Trade with all the weight of Government, was opposed by that Board, and consequently withdrawn.

The great vice of „Lancashire banking“, White says, „is making large advances to customers on overdrawn accounts, thereby locking up the capital of the bank banks, and jeopardising their very existence.“ And the auditing of some of the banks accounts seems to be equally lax and perilous. „I have now lying before me“, says White, „the reports of 2 banks, in one of which two of the directors have kindly audited their own accounts; whilst in the other case the balance sheet does not balance by a difference of nearly half a million. Yet in this latter case the auditors certified the balance-sheet as ‚examined and found correct. correct‘, and the report was received and adopted.[“] He also mentions two other bank reports „in which the rebate on bills on hand is deducted from the amount of such bills, instead of from profit and loss account.“ Such things could not occur in the midst of a great mercantile community like Lancashire, if the leading members of that community were prompt to expose and denounce them. Even White does not name the banks he denounces. The sickly and sentimental delicacy  Zusatz von Marx.
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with which these things are regarded by mercantile men, otherwise men of probity and honour, is a great social evil.

26 December 1868.

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The Money Market Review, 26. Dezember 1868. S. 593.
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Overend, Gurney, et Co. Prosecution of the Directors for Conspiracy to defraud.

Times, Money Article, of 21 Dec. denounces the prosecutor. (Dr. Thom) Calls it „a party movement“, „an attack upon the individuals in whose entire good faith the belief in the City has been so repeatedly expressed and is still so strong“; says that the proceeding „will be viewed with a feeling of reprehensions“, and that in certain eventualities the authors of this proceeding must be prepared for „proportionate censure“.  Zusatz von Marx, der das Exzerpt mit Angaben aus der „Times“ und dem „Economist“ ergänzt. Er bezieht sich wahrscheinlich auf The Times, 5. Januar 1869. S. 9: „To attempt to win such advantages at the cost of a pecuniary risk to strangers without first obtaining their consent to the hazard is what in equity is called a fraud. But there is a wide interval between a fraud in the view of the Court of Chancery and a fraud which subjects the wrongdoer to penal consequences at law. [...] To make out equitable fraud against the Directors, it would have been sufficient to show that the terms offered openly to the shareholders did not comprise the truth, or the whole truth [...]“. – Siehe auch The Economist, 9. Januar 1869. S. 29.
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In spätren leaders calls it „an equitable fraud“, kein criminal one. Economist in same strain.

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The Money Market Review, 26. Dezember 1868. S. 594/595.
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Cotton in U. St.

Average Annual Value of Cotton Produced in South of U. St.
1857 £38,243,248, at $50 per bale in gold.
The war then stopped the production, but in next four Years Annual Average Value
1858
1859
1860
1865 £47,500,000 per bale in gold at $100 per bale.
The planters are thus receiving more money for less cotton, while they have produced it a at less cost, so that, in point of fact, they are actual gainers by the war.
1866
1867
1868
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The Money Market Review, 26. Dezember 1868. S. 601.
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A City of Tents. (Town of Ballarat, Victoria)

18 years ago the spot on which stands the now daily growing City of Balarat Ballarat was literally a desert; 10 years ago a city of tents – a host of golddiggers then peopling the former solitude, housed under canvass canvas. Now a town of stately buildings, with a railway station that alone cost £40,000 £60,000. Theatre, Alfred Hall, churches, chapels, townhalls and other public buildings. It forms the centre of, perhaps, the most productive agricultural district in the colony of Victoria, and the very dust of its streets may be said to have at one time teemed with gold.

From underneath the soil of Ballarat gold to amount of £40,000,000 was extracted. From one little plot, a little over 600 yards in breadth, now situate in the very centre of the town, with several streets crossing it, £750,000 rewarded the diggers’ search. This is going on to the present day, only that shafts have taken the place of „holes“, and expensive machinery been substituted for the pick and washpan of the first explorers. The operations of the various Cos. which have worked on Ballarat ground have had the effect of distinctly marking out the track which the main lead of gold and its various tributaries have taken. In certain directions, indeed, the houses would have spread faster were it not for the almost certainty that gold lies beneath the surface, for which shafts must be sunk and machinery be erected before the space is encumbered with buildings. In a plot of ground on the western side of Ballarat, into which the very main stream of gold is found to run, dipping to a considerable depth, on which operations have been already commenced, it has |58 therefore been decided to mine on a scale hitherto not attempted in the colony of Victoria, so that the gold may be brought to the surface in the shortest possible time, and the ground revert to agricultural or building purpose. Land is too valuable close to Ballarat to be hampered with mining operations longer than is absolutely necessary. This undertaking will require larger instant outlay than the locality can well manage; very early in 1869 John Bull’s Packet will be applied to.



[The Economist. Jahrgang 1868. Nachträge]

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The Economist, 11. Januar 1868. S. 33.
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Fires and Incendiarism. Economist. 11 January. 1868.

The evidence given before the Select Committee on Fire Protection startling. After carefully weighing the evidence presented to it, the committee reports that apparently 1/3 of the fires which occur in England are intentional. … There is such a competition for business among the various offices, that it is better worth their while to pay fraudulent claims than to alienate new insurers. „The sympathy of the jury, and of the Court, is always against the office“, says the Imperial Fire Assurance Office. – Insurance office which prosecute are supposed to do so with an eye to personal advantage – and that the verdict of guilty for which they strive, is in reality a verdict for the amount of the policy. … The assessor to the County Fire Office gives as a list of the classes with whom fires are most frequent: „small shopkeepers on the verge of bankruptcy; foreigners principally of the Hebrew Persuasion, Germans or Poles; the stock of these persons consists principally of dummies or imitation goods made of plaster of Paris; cheesemongers and chandler-shop keepers have half-tubs of butter, sides of bacon, bladders of lard, cheeses; grocers have loaves of sugar, chests of tea, and reams of paper; tobacconists have cigars in bundles; tailors and linendrapers, rolls of cloth made of straw, and parcels filled with sawdust; publicans, wine merchants, and perfumers, the contents of bottles are coloured water.“

The insurance offices remark that whenever one branch of trade is depressed, fires are sure to happen among their votaries.



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The Economist, 18. Januar 1868. S. 60.
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January 18. 1868.
Mr. Fawcett on „Freetrade in Land.“

All free trade would do for him (the wealthy buyer of land) would be indefinitely to increase the security of his investment, by removing all difficulties about title; by enabling him to grant any kind of lease he pleased, whether wasteful or not; and by facilitating sale whenever he wanted his money, or part of his money, back again. … Land might be raised in price, doubtless would be, but the richest would get, just as in open market they get everything else. The poor might as well compete with them for coals. Even with perfect freetrade, the dealer always prefers „a large order“, and a visibly solvent customer … It is conceivable, that if the labourers desired the land energetically, a class of land pawnbrokers would spring up as in India and Southern France, who would buy for the labourers, and exact, in the form of interest on mortgages, an excessive rental from the cultivator … In Yorkshire agricultural labourers are greatly in advance of wages in the South, owing to the competition of other modes of livelihood.|


59

The Economist. Jahrgang 1868.

January 4, 1868.

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The Economist, 4. Januar 1868. S. 1.
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Money Market.  Zusatz von Marx.
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(Notes Reserves mit Country Banks.[)]

B.o.E. Notes with the Public 1 Jan. ’68. 2 Jan. 67 3 Jan. ’66.
£24,842,000 £23,740,000 £22,200,000

DerEconomist“ meint, daß die increase of 21/2 Mill. in the outstanding notes tells significantly of the larger Actual Note Reserves kept by Country Bankers.

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The Economist, 4. Januar 1868. S. 1–3.
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The Alleged Degeneration of England in Commercial Morality.

Spectator (chorus of lamentation over the pitiable condition of commercial morality in this country) affirms „that dishonesty is the besetting sin of the middle class.“ Aber Frage: „whether the commercial class of to-day is positively less honest than the commercial class of the last generation?“ … Not at all …  Zusatz von Marx.
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Seine doctrin:
Die „latent immorality“ gleich groß. Besondre Umstände develop sie nur oder besondre temptation.  Kommentar von Marx.
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⦗Der Esel sagt das indeß alles zur Vertheidigung der present Commercial Morality.⦘
Great openings for safe fraud suddenly presented … What is it which really tries commercial morality in its most delicate essence? Clearly, a widely ramified system of credit. It is no great moral achievement not to cheat in a ready-money transaction … No national character for commercial honesty can … be fairly established at all, until thoroughly tried and tested by an extensive system of credit. Aber credit never developed in any age of the world, or country at the present time, wie recently in England und U. States. Man kann daher nicht compare the England or America of 1867 (in Bezug auf entwikeltes Creditsystem) mit France or Germany of 1867, or even mit England und America of 1837 or 1847. Und dann, nützlicher to compare a commercial morality exposed to the newest, most complicated, and heaviest possible trials, with a commercial morality exposed to very much less complicated and much lighter trials, and trials of a kind to which it had already become inured. Take Railways. Englisch Railways nicht subject to State Control, wie die meisten Foreign ones. Die Vergleichung fails again. … England nur zu vergleichen mit U. States, und da der comparison is not disgraceful to England.

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The Economist, 4. Januar 1868. S. 4.
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Considerable Fall in Prices. Seit 1866.

A) Wholesale Prices. London 1st January of 1868, 1867 und 1866.
Articles 1 Jan. 1868 1 Jan. 1867. 1 Jan. 1866. 1868 less than
1867 1866
I) P.Ct. P.Ct.
1) Cotton. Dhollera lb. 51/2d. 121/2d. 171/4d. 58 70
2) Silk Raw. Cossim lb. 16s. 19s. 20s. 18 20
3) Flax. St. Petersburg. ton. £53 £54 £80 34
4) Wool. English S. D. 240 lb. £141/2 £19 £22 24 33
II)
5) Oil, Seal, Pale. 252 gls. £41. £46 £50 10 20
6) Saltpetre. Eng. Refin. cwt. 31s. 24s. 28s.
7) Copper. T. C. ton £76. £86 £106 10 29
8) Iron. – B. Bars. £61/2 £7 £8 8 20
9) Tin. – English Bars. £96. £85 £104 8
III)
10) Yarn. Mule. 40.’s 40’s lb. 111/2d. 21d. 30d. 46 64
11) Cotton Cloth – Gold End. 10s. 4d. 15s. 9d. 18s. 6d. 37 44

During the same time, the wages in all the trades dependent on these raw materials have fallen from 20 to 30%. The cost of producing most of the great articles of export composing our foreign trade has been reduced 1/3 during the last 2 years. Suffering and distress inflicted by this gigantic revulsion was inevitable. Terrible penalty entailed by the infatuated notions of the Prosperity years. Export Trade feels  Zusatz von Marx.
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schon the effect of this Cheapness.

B) 1867, 1866, 1865. Eleven Months end. November. Exports of Manufactures. Value and Quantities.
Value. Million £. Quantities.
Articles. 1867. 1866. 1865. 1867. 1866. 1865.
Mlns. Mlns. Mlns.

Cotton Yarn.

13.7£

12.4

9.3.

153

126

94 lbs

Cotton Piece Goods. 48.8 53.1 41.0 2,567 2,341 1,850 yards
62.5 65.5 50.3 2,720 2,467 1,944

Iron. Puddled et Pig.

1.6

1.4.

1.4

0.53

0.45

0.49 tons

     Bar and Bolt 2.2 2.1 2.0 0.27 0.25 0.23
     Rail 4.6 3.9 3.3 0.55 0.46 0.40
8.4 7.4 6.7 1.35 1.16 1.12 tons
Iron. Total. All kinds. 14.2 13.7 12.2 1.77 1.56 1.48 tons.
Woollen Cloths. 5.0 5.0 3.7 29.47 32.31 24.27 Yards
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The Economist, 4. Januar 1868. S. 9–11.
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French Companies. (From „Le Finance“. 1866.[)]

In 1866 Calls made in France for French Cos. 496,000,000 (round figures) und für Foreign Cos. 514,000,000f. Davon waren:

In: French Companies: Comptoir d’Escompte (30 Mill. fc.) Société Générale (30 Mill. fc.) The Fives-Lille (6,150,000f.) Railways 300 Mls. fc.

In Foreign Undertakings: Suez Canal (100 Mill. f.) Austrian Credit Foncier (115 Mill. f.) Nagares of the Span. Gvt. (47,500,000f.) Conversion of Spanish Debt (2,500,000f. Tunisian Loan (31,500,000f.) Russian loan (89,500,000f.) Danub. Princip. (31,500,000) Austrian Railways: 33,750,000f.|

60

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The Economist, 4. Januar 1868. S. 11.
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Annual Rate of Mortality in 1867 per 1000 persons living in great cities of U. Kingd.

London, 23, Bristol, 23, Birmingham, 24, Sheffield, 25, Hull, 25, Leeds, 27, Edinburgh 27, Dublin 27, Salford 29, Glasgow, 29, Liverpool 30, Manchester 31, Newcastle-on-Tyne, 31. Decrease in almost all the towns upon the rates of 1866.

11 January 1868.

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The Economist, 11. Januar 1868. S. 30/31.
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The Succession Duties.

In 1796 Pitt’s proposal to apply Legacy Duties, without distinction, to Real and Personal Estates, defeated by the Country and Landed Interest, as to tax to Real Estate. Von 1796 to 1853 duties at the rate of 1% to children, 3% to brothers, 5% to uncles, and 10% to strangers in blood, have been assessed on all Legacies of Personal property, including in that definition leasehold and copyhold estates. Successions to Real Estate and the inheritance of fortunes secured by settlement where were wholly exempt from Legacy Duties, und auch Real Property exempt from Probate Duties, first imposed in 1694, and augmented from time to time till the last revision in 1815. These Probate Duties amount to 21/4% on sums up to 1,000£, 2% from £1000 to 10,000, 11/2%  Zusatz von Marx.
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in the higher accounts, so that the smallest fortunes pay the heaviest rates.

Gladston measure of 1853: (The Succession Duty Act of 1853 (16 and 17 Vict. cap. 51)[)] did not touch the Probate Duties at all. Jezt noch Probate Duties nicht applicable to Real Estate. The Act (of 1853) so far extended the Legacy Duties to Real Estates as to provide that the rates of duty already named should apply to the capitalised value of the life interest of any successor – say A – according to his age at the time of his succession to the estate. F.e. A, in his capacity of brother to a testator, succeeds at age of 50 to a landed property worth 10,000l., producing say 300£ of income (annual). Then, according to tables appended to the Act, A pays Succession Duty of 111l., or 3% on 3,716l. – the calculated value of 300l. p.a. at age 50.

A bequest of the same value, £10,000, but in Personal Property, to a second brother B would be subject to –

B. – Probate Duty 2 P.C. £200
Legacy 3 300
500
A. Real Estate, as above 111
Excess against Personality 389
In 1852 Probate and Legacy Duties paid 2,286,000
1866 4,184,000

Rent of Land und Value of Land and Taxes etc

A Tenant hiring a farm frames his offer of rent on the produce of the land as diminished by taxes and all other outgoings, and any one who buys the fee simple of the farm, buys it on the basis of such net income – that is, he deducts, as against the seller, the incidence of the local taxes. If, therefore, the State should make any special exemption to landholders on the ground of Local taxes, it would be simply paying them twice over.

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The Economist, 11. Januar 1868. S. 32/33.
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Bad Trade and Short Employment in the U. States. (Times. New York Correspondent New York. 16 Dec. 1867)

Harvest and Cotton Crop of 1867 most favourable throughout U. St. ⦗Economist meint, damit habe auch zu thun growing pressure on debtors as paper gradual approaches towards par.⦘

Times Correspondent says: „Too much misfortune in business and to too many unemployed workmen. … Between Christmas 1866, und Christmas 1867, the sharpest contrast. Men in successful business then now bankrupt; Trades Unions then planning strikes for higher wages now willing to work for any wages at all … even breadriots apprehended. … The New York World declares that at present 50000 men out of employment in New York; that there is a complete stagnation in all trades, general poverty and destitution among the labouring classes. Armies of the unemployed crowd the docks and wharves, fill the employment offices, flock to the few situations that offer. Of the 4,000 jewellers in New York, 1500 unable to find work; 1,000 out of 2,500 jewelry boxmakers, and 300 out of 500 diamond setters are idle; of the 3000 others employed in the different branches of the jewelry trade, nearly 2,000 are adrift. 900 engravers in New York seek employment, only 200 can get it. 6,000 carpenters, of whom 500 idle, und 1000 working for half wages. Masons and bricklayers almost all employed, but only half their time. The 10,000 people in the hat trades are employed from 1 to 3 days in the week for small wages, the employers thinking this better than discharge 1/2 or 1/3 of them. The iron trades employ but 1/5 of their force a year ago, 5000 iron workers idle; in shipbuilding dulness supreme; shipcarpenters, in despair, have long since sought other employment; 1/2 of the 8000 cigarmakers without employment; of 6,000 stevedores or navvies 4,2000 4,200 without regular work; among the clerks and other assistants in business houses and retail shops sorrowful destitution, at least 5000 of them wandering idle over the streets; of house servants, a class constantly reinforced by immigration, 3000 want places.“  Zusatz von Marx.
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(Alles dieß, wie die folgenden Citate aus der New York World, die der Times Correspondent excerpirt.)

„Philadelphia, the leading manufacturing city, has 25,000 idle working people. From Baltimore, Boston, Chicago, Cincinnati, St. Louis, similar reports. Ebenso im South jezt kein work für die Blacks. In the agricultural regions of the North not the same destitution as in Cities, chance for procuring labour, so that the unemployed of the city are urged to go to the Country. They will starve if they remain. This sad state of affairs produced by the great stagnation of trade. Retail dealers in New York complain that they are not doing anything like the holyday average business.“ The New Haven Register, in Connecticut, says: „More men are out of employment to-day in New Haven than at any previous time in last 10 years. Our manufacturers are reducing, or have reduced, their forces, and it is a difficult matter for a mechanic or working man to obtain employment of any kind. In this city, not less than 15,00 1,500 working men unemployed.“ The New Bedford Standard, the organ of the whale oil business, says: „There has not been a transaction in oil or bone from first hands in this market for about a month.“ The Pittsburg Despatch Dispatch report that a general lock out imminent in the glass and iron works of that city, as the employers have resolved to close them to compel a reduction of wages.

The great Rensselaer Ironworks at Troy, New York, have stopped, thrown large body of men out of employment. The „Louisville“, Kentucky, Journal reports more unemployed people than at any time within its knowledge.

A correspondent of the Boston Journal writes from Portland that, ‘go where you may in Maine, business will be found crippled, |61 and the cry of dull times goes up on every hand. Never before our manufacturing interests in such languishing state.“ The Manchester Journal, in New Hampshire, says this gloomy report is true of all New England. Along the lakes the shipyards are idle, and their owners cannot get contracts. Dazu a sudden „cold snap“ has frozen up all our rivers and most of the harbours, before the cities and towns on them and in the interior had procured their winter’s supply of coals. This has raised the cost of fuel to – very high rates.

25 January. 1868.

1 February, 1868.

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The Economist, 1. Februar 1868. S. 113/114.
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French Budget.

L. Bonaparte has borrowed upwards of £100,000,000, or at the rate of about 6 Mill. £ a year for every year of the Empire … On 27. Jan. (’68) Magne announces new loan of 440 Mill. fcs (nearly 18 Mill. £ St.) to be raised by open loan, in instalments spread over 20 months, and to involve at the price of the day an addition of 25 or 26 Mill. £ to the National Debt. … The Emperor’s system of open loans has produced one very remarkable effect unknown … except in France. The worse the price of Rentes, the more readily money comes into a loan. The real subscribers under this system are the better off peasantry and small bourgeoisie, who scarcely recognise any forms of permanent investment except land and Rentes; who look to interest rather than to the principal, and consider that a low price is „very liberal of the Emperor.“ Just as in England a fall of Consols below a certain point, z.B. 87 – is always the signal for a rush of bona fide purchasers; so in France, an open loan under 70 will be far more rapidly taken up than one above it. An Englishman would think it less secure, but that is not the French peasant’s mode of calculating.

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The Economist, 1. Februar 1868. S. 114/115.
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Liverpool on Commercial Morality.

Liverpool Chamber of Commerce met on 23 Jan. 1868 to discuss this „Liverpool“ fact.

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The Economist, 1. Februar 1868. S. 117/118.
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The Nature and Law of Commercial Crises.  Zusatz von Marx.
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(John Mills.)

Nach Mills Commercial Crises essentially of mental origin. Tendency in commercial mind to be at times elated, and at times depressed.  Kommentar von Marx.
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⦗Dieser Esel glaubt eine besondre Entdeckung gemacht zu haben, indem er die Schwierigkeit „ins Gewissen“ schiebt und die Periodicität der „realen“ Bewegung in eine Periodicität des „commercial mind“ verwandelt. Asinus. Aber die Periodicität selbst sicher keine Entdeckung von John Mills.⦘

Nach Economist no great crisis in den 14 years 1825–1839; the violence of the collapse (er meint 1839) discounted by the minor pressure of 1836–37. Russian War dagegen 1854–56 did not prevent punctual recurrence of collapse in 1857. Failure of Overend anticipated by a year the normal occurrence of crisis. Mills thinks that in 10 years the personnel of most commercial firms and establishments must become greatly changed: Aber diese new men cannot so soon rise into commanding positions. Those who guide commercial affairs are Seniors, whose recollections run over 2 decades. Aber no profiting by experience. Those who possess foresight and experience rather use it to gain a profit at the expense of the incautious, than to moderate their infatuation. The part of a knowing man of business 2 or 3 years ago, was not to abstain from dealing in limited liability Cos, but to back out of them before the exposé which was inevitable. Panics have occurred under every kind of monetary regime. 1815–16, with inconvertible paper currency; 1825 with convertible currency and free issues; 1836–9 with the additional institution of jointstock issuing banks; 1847 und 1857 under the Bank Act; 1866, with the free creation of every kind of banking and finantial financial institution on the limited principle. In Holland crisis on purely metallic basis; United States in a system of universal freedom of issue. Prior to the creation of Bank o. Eng., in 1683, a well marked instance of speculative mania. The Bank o. England, the Bank of Scotland, the first Insurance Co. (the Hand-in Hand) and others of our most important institutions, were really the creations of the speculative mania of 1694–96, the forerunner of the bubble of 1720.

Wages and prices now reduces reduced. Circumstances favourable to real profitable investment, but Public opinion set against it. Hence abundance of ready money capital, small demand for it, consequent slack employment for artisans.



February 8, 1868.

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The Economist, 8. Februar 1868. S. 142/143.
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Peasantry Proprietors.

The sphere of this system in U. States, Australia, colonies generally, where farm of 40 acres of finest land to be had at nominal price, und, with the aid of minimum of capital, the owner’s labour may raise crops from the virgin fertility of the soil. Anders in old und densely populated countries like England. First obstacle: Rent of Land, partly the pure rent due to the limited quantity of cultivable land, partly the interest of capital invested in fences, drainage, approaches, or other improvements. … It is the part of a statesman to detect those tendencies which have not developed their full effects, so that the future may be more surely anticipated. But the supporters of peasant proprietorship in the present in the present day display as little consciousness of the future as if they had 1/2 century ago urged their fellow countrymen to leave the mill for the spinning wheel. And now they urge us to recur to spade cultivation, or something very little better, when farming is already a matter of science, capital, organisation, and steam power. There are tendencies of |62 so high an import and so irresistible a character, that the more quickly we yield to them the more we show our sense, let them bring what apparent ills they may. … The „magic of property“ can do much, but it can hardly enable the labourer by his spade, to compete with the united forces of science, mechanism, and steam power …

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The Economist, 8. Februar 1868. S. 146/147.
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Exports and Imports.

In den folgenden Tabellen 3 Ziffern (000) ausgelassen. Also z.B. 140,000 = 140,000,000.

A) Value of Imports during 10 Months ended with October.
Ten Months ended with October. [Imports] Imports minus Raw Cotton
Value. Difference at each Period compared with its Predecessor. Value Difference of each Period compared mit its Predecessor.
£ £
1862 £140,316 £121,634
1863 156,563 16,247 Increase 118,888 2,746 Decr.
1864 181,283 24,720 Do. 119,184 296 Incr.
1865 160,499 20,784 Decrease 116,599 2,585 Dec.
1866 193,697 33,198 Incr. 126,521 9,922 Incr.
1867 181,371 12,326 Incr. 134,540 8,019 …
B) Value and Quantity of Raw Cotton. Imp. into U. Kingd. during 10 Months ended with October.
Ten Months ended with October. Value of Raw Cotton Imported. £. Quantity of Raw Cotton Imported. Cwts.
1862 £18,582 Cwts 3,125
1863 37,675 4,225
1864 62,099 6,147
1865 43,900 6,316
1866 67,176 10,610
1867 46,831 9,684
C) Value of British Exports during 11 Months ended with November.
11 Months ended with November. British Exports British Exports minus Cotton manufactures.
Value. Difference at Each Period compared with its Predecessor. Value. Difference of each Period compared w. Predecessor.
£. £
1862 £113,283 £84,818
1863 132,136 18,853 Incr. 97,043 12,225 Increase
1864 148,341 16,205 Do 105,847 8,804 do.
1865 150,832 2,491 Do. 108,112 2,265 do.
1866 137,913 23,081 Do. 118,068 10,956 do.
1867 167,932 5,981 Decr. 116,457 1,611 Decr.
D) Value and Quantity of Cotton Manufactures. Exported from U. Kingd. during 11 Months ended with November.
11 Months ended mit November. Value Quantity
Cotton Manufactures Exported. Cotton Yarn. Cotton Cloth (Plain and Printed) Cotton Sewing Tread Thread.
1862 £28,465 bbs lbs 89,101 1,586,944 yds 4,284 lbs.
1863 35,093 67,612 1,537,714 3,809
1864 42,494 69,592 1,617,060 4,035
1865 42,720 94,134 1,850,815 4,245
1866 55,845 126,180 2,341,748 3,828
1867 51,475 153,982 2,567,804 6,094

February 15, 1868.

Aus:
The Economist, 22. Februar 1868. S. 174–176.
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Report of Mr. Wells, the Special Revenue Comissioner on American Finance.

Durch Inland Revenue raised in Financial Year ending 30. June, 1867: £,31,000,000 (£ hier angenommen = $3). Nach Wells only 50% of what the taxpayer ought to pay reaches the National Treasury; of every 2$ which ought to come in, 1$ either not collected at all, or stolen or wasted before it reaches the Exchequer. Vor dem Civil War the Federal Gvt. subsisted upon the Customs’ duties and the public lands.

Die present production of Distilled Spirits in U. States wenigstens 50 Millions of proof gallons per annum. Present tax: $2 p. gallon. The largest amount of revenue collected in any one year, since imposition of present tax, 29,482,078$ in 1866, und 29,164,409$ in 1867. Thus the Gvt. has collected the tax on somewhat less than 1 gallon of proof spirits to every 3 gallons that has been manufactured. Das enhancement of price in Folge der tax has given to the illicit dealers aggregate profit of at least 30 Mlns $. Daher great agitation in spirit trade for the spirit duty. Sound financiers like Wells, want to reduce it. But the lobbyers prevent them. The higher the duty, the greater its uncollected half.

Ebenso mit dem nächst important duty, on Tobacco. Wells giebt Masse Methoden des Betrugs gegen den Staat etc.|

63

February 22. 1868.

Aus:
The Economist, 22. Februar 1868. S. 212–214.
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France: Imports and Exports of Precious Metals during 1867.

A) Imports.
Gold Silver
Countries. Bullion. (fcs.[)] Coin. fcs. Bullion. fcs. Coin fcs.
England 175,083,123 97,353,450 51,108,266 37,640,856
Italy 997,100 123,457,527 2,017,620 54,822,596
U. States 38,510,875
Belgium 5,890,500 3,627,140 30,819,568
Zollverein 63,384,375 13,610,140
Turkey 14,184,000
Egypt. 14,847,000
Spain 7,742,656
Mexico 18,886,000
Other countries 10,299,068 50,534,226 13,752,144 20,402,790
Total 224,890,166 369,651,078 70,505,140 183,924,606
B.) Exports.
England 12,449,042 3,300 2,949,400
Belgium 114,351 1,282,789 5,854,136 637,830
Spain 42,264,404 19,221,298 230,600
Italy 45,175 4,697,749 841,500
Engl. Poss. in Mediterrn. 802,060 10,604,000 796,630
Zollverein 4,590,925 1,760 1,292,254
Switzerland 16,253,928
Turkey 31,010,040
Egypt 22,476,380 905,400
Barbary States 921,400 1,363,000
British India 2,757,260 1,164,400
China 13,200 1,050,200
Roman States 1,189,800
Cochin China 2,345,400
Other States 1,744,584 28,218,549 26,539,762 4,192,582
Total 44,168,514 141,924,160 45,773,418 18,958,976

29 February. 1868.

Aus:
The Economist, 29. Februar 1868. S. 243.
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Trade of France. 1866.

Imports (fcs[)]. Exports (fcs) Figures relate to „Special Trade“ (Imports for French Consumption und Exports of French Productions.
1) England 637,300,000 1,140,500,000
2) Belgium 304,700,000 262,300,000
3) Italy 234,300,000 230,500,000
4) Zollverein 195,200,000 187,000,000
5) U. States 191,900,000 173,000,000
6) Turkey 129,500,000 58,400,000
7) Switzerland 111,100,000 226,300,000
8) Russia 80,300,000 23,400,000
9) Algeria 65,700,000 129,800,000
10) Spain 63,000,000 123,700,000
11) La Plata 59,600,000 51,600,000
12) Brazil 57,100,000 81,300,000
13) Egypt 55,100,000 44,700,000
14) Norway 45,700,000 6,800,000
15) Austria 40,300,000 4,700,000
16) Uruguay 35,700,000 34,500,000
17) Spanish America 35,200,000 28,500,000
18) Holland 33,000,000 27,800,000
Sweden 32,000,000 3,100,000
Other countries under Sweden.
Total 2,793,500,000 3,180,600,000 Exports and Imports = 5,974,100,000 fcs
Trade with England and British Possessions.
England 637,300,000 1,140,500,000
British India 62,200,000 9,100,000
British Poss. Mediterranean 15,600,000 12,800,000
Do. America 2,800,000 3,800,000
Do Africa 2,500,000 7,300,000
Australia 4,800,000
Total 727,400,000 1,178,300,000 |

64

March 7, 1868.

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The Economist, 7. März 1868. S. 261/262.
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Money Market. Rate of Discount.

The deposits in the hands of billbrokers and bankers in London are our „Loan Power.“ Our Private Banks do not publish any account. Much of the deposits with B.o.E., London and Westminster Bank, and other strong Banks, used to be kept at Overends: other money transferred from the weaker to those stronger Banks. Trade of the Country by far not so profitable as formerly. Does therefore afford less means of saving. Therefore, no large increase from this source in the Deposits of Lombard Street.

The Liabilities of the Bank o. E. much augmented. Therefore Reserve must be proportionaly proportionally augmented.

Liabilities of Bank o. E. On 25 Febr. 1868.
Public Deposits £4,450,713
Private Deposits 19,815,396
Seven day Bills 548,394
Total 24,823,503

Its reserve should be = 2/5 of liabil. = 10 Mill. £. This neutralises the result of the increase of loanable capital which augmentation of Private Deposits seem to indicate.

Bullion: By last account in Febr. Reserve in Banking Department in Notes und Coin £13,231,939. If 10 Mill. Reserve necessary, this not much to be diminished. In England increase of liabilities is in Deposits, in France in Notes Circulation – the first and most elementary type of credit.

Bank Note circulation of France now is £47,580,020
In February 1866 it was 35,528,240
Increase 12,051,780.
French Bullion Stock 45,000,000 admits large Reduction.

Bank o. France subject to no Peel act. It keeps some proportion of bullion etc against all its liabilities, and gives no special favour to one sort of Liabilities, the Notes.

Credit: Low State. Worse than after 1847 or 1857. Credit is the effectual demand for capital. When credit is good, discounters will discount many bills readily; when credit is bad, they discount fewer bills, and with qualms. The difference is between a brisk high market and a stagnant low one.



March 14. 1868.

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The Economist, 14. März 1868. S. 294/295.
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Sir Morton Peto’s Examination in Bankruptcy.

Has begun during 2 days, as to the claim of the London, Chatham, and Dover Railway against his firm.

Bankrupts are debited mit £4,403,442 cash paid by the Railway Co to them or on their account, und mit £11,594,557 of stocks and debentures taken and realised by them; on the other hand credited mit 2 sums of £2,171,336 und £4,171,450 received in cash from them and the public, und mit £2,993,264 for work done, leaving a balance of £6,661,941, exclusive of interest, for which the present claim is made. Sir M. P. bis jezt examined is mainly that portion of the claim arising out of the Metropolitan Extension, so far as concern certain A and B shares and debentures; the inquiry of the C shares and subsequent proceedings having only commenced. The Nominal Capital dealt with £1,650,000 for shares, und 550,000£ for debentures, on which account the Co claims £962,500 – the difference between the par value and the sums they actually got.

Metropolitan Extension Act passed 1860. Sofort die arrangements made. Peto’s firm were to be the contractors. They should accept payment in Shares at par less a Commission of 25%. They were also to advance money, apparently for the purchase of land, on shares and stocks, which they were to place at their option for a similar commission. In short, out of £; £2,200,000 they were to get 550,000. Yet, while arranging to make this large deduction, Peto did not know that the works authorised could be completed even by the capital to be raised, though he knew in 3 or 4 months afterwards that the amount would not be sufficient.

The formal proposal to carry out this understanding or plade plan made in September, 1860, but in the agreements of 1. und 5. October, actually signed on Octob. 30, there were one or 2 material alterations. The contract prices were „somewhat“ (Peto’s expression) higher. The rate per mile for the permanent way, f.i., was increased from £5,107 to £6,180, a rise of 20 P.Ct. More important still, the provision that the Co. were to take the shares at par was omitted from the signed contract, an omission for which Peto cannot give any reason. There was another point in the agreement. The contractors were to pay a guaranteed interest of 6 P.Ct. on the B shares, half the total number, during the construction of the line, though Peto could not say whether he was aware at the time that the Act prohibited „the payment of interest or dividend out of money raised or borrowed.“ The Legislature never authorised a certain capital on the understanding that 25 P.Ct. would be absorbed in discounts for placing the shares and debentures.

An important part of the plan was the „placing“ of the shares and debentures, which necessarily brought in the general public. Without their aid the combination must have failed, for the contractors never contemplated being the holders of the line they made. Peto says he was not responsible for the Prospectus issued to the public. He „only“ „revised it to see that his interests were protected.“

The first offer to the public was of B Shares, on which there was a guaranteed interest, and the Prospectus told them that the A Shares were all taken. In fact, the A shares had not been taken, but only subscribed for. So the B shares and debentures were all got rid of at par. At one place, Peto speaks vaguely of the changes incidental to placing so large an amount of capital, and he also describes an arrangement with Knight and Coleman, the Co’s brokers, who were „associated with a large number of brokers“, by which they were to get 10 P.Ct. for their share in the business of „placing“. Business succeeded, money was got. Deceit of the public, misinformed as to the A. shares, paid interest on B shares so as to induce them to take them up, not cognisant of the Discount arrangements.

What became of the A Shares? They could hardly be disposed of at all. In July, 1862, Peto proposed that he should get a rebate of 50 P.Ct. on account of their „postponement“. Ultimately they were purchased at 37£ 10s. Peto explains, he was to have a commission of 25 P.Ct. on the whole capital, and the purchase of the A shares at 37l. 10s. „would make the commission larger, the nominal capital on these shares being £850,000“. Although he only gets 37l. 10s., Peto still deducts 25£., his commission being on the „whole capital“. In other words, whatever the sum of cash got, his commission remains the same, and it must have amount on the Ashares to more than 50 P.Ct. The upshot was, that out of the total authorised capital of £2,200,000 only £1,237,500 remained to carry on the works. Difference of £550,000 taken by Peto, according to his own confession, less £190,000 which he states to have been the broker’s Discount on the B shares, debentures, and works.|

65

The most marvellous part of transaction that Peto never met with any difficulty. The contract prices were raised 20 P.Ct. above the original proposal, on the mere „suggestion of Mr. Betts“. When Peto applied for a rebate of 50% on the A shares, at once conceded. One of the most formidable difficulties was the necessity of a subscription contract, in order to use the compulsory powers of the Act. Got over by the simple expedient of Peto et Co. subscribing the contract themselves, and paying £206,000 into the Union Bank as the first deposit on 82,000 shares. But whence came the money? On the same day, on which he paid the money, he got from the Railway Directors 100,000l., and on the following day 51,000l als Commission on the deposit of shares. Peto pays a deposit on certain shares, but gets back most of the cash he parts with in the name of commission, so that the deposit became a mere form.

Aus:
The Economist, 14. März 1868. S. 295.
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Negotiation of Foreign Bills of Exchange in London.

At present, Foreign Bills of Exchange, drawn in this country on places abroad, are mostly negotiated in the following Manner:

The seller or manufacturer of the goods – say A – at Bradford draws, as per agreement, on his customer, – say X – at Lisbon, and hands the set of Bills to B, a local banker at Bradford, who endorses them over to C, a Banking House in London, acting as B’s agent. C sells them through a broker on the Royal Exchange on some Tuesday or Friday – the 2 days set apart by long custom for the market for Foreign Bills. The buyer of the Bills – say D – is drawn upon by C for the proceeds, and the draft is payable on the following „Post Day“ – that is, Friday or Tuesday. In other words, the Buyer D gets possession of the Bills in time to be sent abroad on Tuesday evening; and he does not pay for them for 3 days. This gratuitous credit wünscht Bradford Chamber of Commerce abgeschafft.

For all practical purposes the Tuesday and Friday „Changes“ are quite sufficient, and more advantageous to Sellers, because the they collect on the same spot at the same time all the important buyers, and, therefore, establish a real quotation.



21 March. 1868.

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The Economist, 21. März 1868. S. 323–325.
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 Der Titel befand sich wahrscheinlich im Besitz von Marx, da er im Katalog der SPD-Bibliothek (Nr. 40541) verzeichnet ist.
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Horn: Le Bilan de l’Empire
.

Years. Total Expense. fcs. Annual average fcs.
1852–56 fcs 9,643,778,793 1,928,755,759
1857–61 10,213,760,472 2,042,752,094
1862–66 11,134,809,436 2,226,961,987
1847–1851 7,981,000,000

1852–56 added to Expenses: fc.166,000,000

1857–61 exceeded 1852–66 by fc.570,000,000

1862–66 exceeded 1857–62 by fc.921,000,000 und die Difference of 1862–66 und 1852–56: fcs 1,491,030,643 fcs. 1,491,030,643 fcs.

Adding the 3 quinquennial Epochs of Empire gives fcs: 30,992,348,701 and Annual Average of 2,066,165,580

15 Years of Louis Philippe … fcs 19,083,000,000, nearly 12,000,000,000f. more than same period of Louis Phil., i.e. 800 Mill. fcs a year (32 Mill. £)

Charge on Population, for last 5 years, 240 fcs p. family.

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The Economist, 21. März 1868. S. 325/326.
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Indian Cotton in American one.  Zusatz von Marx.
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(Wichtigkeit der espèce des Samens)

Seine Konkurrenz mit amerikanischer depends on substituting the cultivation of American for indigenous varieties in the Indian cotton districts. After many years of opposition and incredulity, A. N. Shaw, of Bombay Civil Service, succeeded in proving that New Orleans seed, acclimatised in Dharwar, produced cotton which yielded much more per acre, and sold or a higher price per lb., than the indigenous kinds. It was stated that there were then 214,000 acres in Dharwar sown with New Orleans cotton, which yielded this valuable return to the cultivator; and that that cotton, when made up in Lancashire, produced more yarn than ordinary New Orleans.

Nach 1862, the Bombay Gvt. endorsed the mistaken views of Cassels, their Cotton Commissioner, and declared all attempts to substitute American for Indians als mischievous delusion.

In Report published 30 November, 1867, stated:

„In addition to what is described above  Klammern in der Quelle.
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⦗extensive sowings in Dharwar⦘
(Dharwar district of Bombay) large sowings of New Orleans exotic have been made in the Ahmedabad, Khandeish, Ahmednuggur, Sholapoor, Sattara, and Broach district in the Bombay Presidency, as well as in other parts of India out of the administration of the Bombay Government, such as Central India, Punjaub, Coorg etc … The New Orleans variety is the most productive of any. At a rough computation, the yield of this description 20 P.Ct. in excess of most other superior varieties, und probably 40 P.Ct over some of the inferior kind.“ Four years ago 214,000 acres in Dharwar sown with American Cotton. 1867 dagegen acres 300,398 in that district sown with the same description und 465,086 acres in other districts of Bombay. See Cotton Supply Reporter, 1. Febr. und 2nd March 1868.



28 March 1868.

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The Economist, 28. März 1868. S. 345.
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Influence of Price of Articles on Money Market.

„High prices make dear money.“ I.e. the amount of money borrowed in times when Prices high larger than when they are cheap. The amount borrowed to hold the raw material is larger. Amount required for the discount of bills larger, because the bills are drawn for larger amounts. A rise in the price of all articles has a most sensible effect on the value of money. A rise in the price of a single article, especially when it promotes transactions, has sometimes some effect.

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The Economist, 28. März 1868. S. 358.
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Return of Income Tax etc (England and Wales)

Annual Value of Property and Profits charged to income Tax in England and Wales: Rateable Value of Property, England and Wales, subject to local taxation.
1863: £273,404,918 £76,357,145 
1864: 276,520,647 87,618,867.
1865: 296,031,791 90,137,365. |

66

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The Economist, 28. März 1868. S. 358.
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Annual Surplus in Sheep and Cattle. Australia.

August 1867 it was stated that means sought to utilise the large annual surplus available after supplying all the requirements of the people; and that at meeting of owners of live stock it had been decided to erect on the Murrumbidgee River an apparatus capable of rendering into tallow 10,000 sheep per week. Nach Advices to 31 January, 1868: such establishments were in full work at Port Augusta und Guichen Bay (South Australia) at Echuca, Geelong, Ballarat, Portland Bay, und Melbourne; and also on many sheep farms in Victoria, for the sole use of their owners. Estimated that fully 60,000 sheeps boiled down per week in the 2 colonies of Victoria and South Australia. The average net proceeds of this method of disposing of sheep did not exceed 3s. 6d. or 4s. per sheep, except at Ballarat, Melbourne, and Geelong, where the hind legs could be sold for 7d. each, while at the other places they were simply wasted, as no population to consume them, and the excessive heat of the climate prevented their being cured for shipment to Europe.

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The Economist, 28. März 1868. S. 358.
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Yield of goldmines, Victoria, 1867.

1,493,831 Ounces. Average number of miners employed 65,857, their average earnings s.35 per week. The goldmining Cos. in the colony paid 1867 dividends to more than £820,000 > whole number of population, recking £’s und heads. Ausserdem profits of Private Mining undertakings und of Cos. not publishing yields and dividends.

Aus:
The Economist, 28. März 1868. S. 358.
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Preliminary Meeting of the Iron Masters of South Staffordshire district, at Birmingham.

Large Attendance. Resolution passed by inconsiderable majority to reduce the price of finished iron 10s. p. ton, making bars £7; and reduce puddlers’ wages 1s. p. ton (10%), all other wages in the trade in proportion, 14 days’ notice to be given to the men on Saturday next. Minority will abide by the decision arrived at.



April 4. 1868.

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The Economist, 4. April 1868. S. 379/380.
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French Taxation.

Nach Einhorn fällt 10£ nearly on family ⦗da: Average Expenditure of Gvt. 88 Mill. l. p. an. und the number of families – counting 2 persons living solitary, as one family is, in round numbers, £9,327,000.⦘ Nur few von den 4,600,000 families, consisting of small proprietors, farmers, métayers, agricultural day labourers, clear a net revenue of £40 a year. Even in manufacturing industry, such an income not the lot of the large majority. Only the „privileged minority“ even in Paris, can make £60 a year. Smaller sum safely taken as income of the vast majority in France. Dann: Communal and departmental expenditure – the „budget des dépenses sur ressources spéciales“ – amounts to 11 Mill. £ St. p.a. Dann die „municipal budgets“, in Paris alon alone £10,000,000, only 1/5 of which supplied by the Imperial Government; the other great towns in France follow suit. Moderately calculated, the total taxation in Paris per family £24 p. annum.

Larger part of French Taxes on Consumption, or are the price of services which the State is supposed to render. The license tax heaviest for small trader. Stamp duties, Registration Duties, Duties generally on the transmission of property, heaviest in proportion on small dealings, inverse progressive rate. Still more true of taxes on articles of consumption. „Petit bleu“, which poisons the workman, bears same duty as „Chateau Margeau“, quaffed by the Master; the same with fish, viands, liquors. Besides, the expenses affected by such taxes form a larger proportion of the budget of the garret than the budget of the first floor. 20% added to the price of his articles of living absorbs 1/5 of a workman’s income, only 1/20 of his richer neighbourʼs.

Nach Einhorn the aggregate Income (Annual) der French Population: 373 Mill. £; nach A. Cochut, 640 Mill. £.

French Economists reckon that the taxe Foncier alone takes 1/10 of the net produce of the soil. In fact, die French Gvt. takes 1/5, if not 1/4, from those least able to pay.

Besides, many French taxes are clogs to industry. Patent, or licence tax, impedes every shopkeeper; duties on liquors, from their number und complexity, besonders troublesome to trade. Their Expense of collection 10% of receipts.



April 11. 1868.

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The Economist, 11. April 1868. S. 410/411.
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American Finance.

Internal Revenue Act von 1864, besides income tax, heavy series of stamp duties, excise on spirits and tobacco, tax on cotton, tax of 6% on all sorts of manufactures.

Under this Act 39,700,000l. raised in Year ending 30. June 1867, wovon 21,900,000 „industrial“ taxe … Jezt  Zusatz von Marx.
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(March ’68)
bill introduced, repealing all the „Industrial“ sections of the Revenue Act, except those affecting petroleum, wines, manufactured tobacco, and a few other articles. The bill, however, imposes on those who sell more than $5000 worth yearly of any manufactured commodity a tax of 2$ p. 1000 on the exccess excess over $5,000 – which is equivalent to a tax of 4s. P.Ct. on every one who sells more than £750 of goods annually. Against this bill letter of MCulloch (the Treasury Secretary) d.d. March 16, 1868. Bill has passed the House, now before the Senate.

Es würde sein Diminution of Taxes: £18,000,000 ⦗Cotton Tax Repealed £3,000,000 und Loss by proposed Repeal of Industrial Taxes £15,000,000.⦘



April 18. 1868.

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The Economist, 18. April 1868. S. 446/447.
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Coal Export from Belgium. (Nearly the whole goes to France.[)]

1867 tons 3,564,364
1866 3,971,772
1865 3,567,687
Coal Export from Belgium to France
1867 tons 3,442,226
1857 3,021,752
1847 1,689,984
1837 788,413
1827 423,225
1817 192,742. |

67

April 25. 1868.

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The Economist, 25. April 1868. S. 480.
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Average Corn Prices.

Week ending April 18. Average Prices. Quantities sold.

Wheat.

s. d.

Barley.

s. d.

Oats.

s. d.

Wheat.

cwts bsh.

Barley.

qrs. bsh.

Oats.

qrs. bsh.

1868 73   8 43. 10 29  0 38,958  0   8,780  2 2,653  2
1867 61   4 39    8 25  5 54,046  1 11,608  7 4,318  5
1866 44   9 37    2 24  8 72,215  0 14,817  6 3,455  3
1865 39   7 30    0 22  7 62,003  5 19,049  3 3,145  5
1864 40.  1 30  10 19  3 74,164  0 25,652  5 8,069  5

May 2, 1868.

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The Economist, 2. Mai 1868. S. 495/496.
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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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 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.

May 16, 1868.

Aus:
The Economist, 16. Mai 1868. S. 556/557.
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The Cotton Statistics Bill.  Zusatz von Marx.
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(Sthaatseinmischung.)

No one can have watched the course of recent controversies without observing a considerable change; formerly the great object of commercial reformers was to exclude the Government from trade; now their object is to get it back into trade. And the persons who used to object to State aid are now the persons who invoke it. … The more exactly a merchant can know what is required, the more exactly he can regulate his operations; and Government can augment that knowledge by finding out what is the present supply in the world.

This is the principle of the „Cotton Statistics Bill“. To give dealers in cotton best account possible from time to time of the amount of cotton in the market. It requires all „warehousers“ of cotton (a term which is defined, as every person and Corporation having cotton in his or their possession at any port in the U. Kingd.) to make a return of 1st July of every year of the quantity of cotton in their possession; and every „forwarder“ of cotton – i.e. „every person and Corporation who carries or forwards cotton for toll or other consideration“ is required to make a return monthly of all cotton „forwarded or received“ by him within the preceding month. The effect of the Act, therefore, is, that on 1st next July authentic account of cotton now at hand at Liverpool and the other ports and by a similar account we shall also know how much is monthly subtracted from that store and how much is added to it. We shall have a certified amount to begin with, and be sure of all the changes.

These accounts are „compulsory“. If any „warehouser“ or „forwarder“ fails to make them, he is to be liable to fine for each neglect. Some objection is taking to this as rendering trade no longer free. But free trade means free bargains; it does not mean ignorant bargains.

Aus:
The Economist, 16. Mai 1868. S. 560–562.
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Paris. 14 May. ’68. Credit Mobilier.

Judgment of Tribunal de Commerce condemns the directors of Credit Mobilier in the early part of 1866 to restore the sum the shareholders were made to pay for doubling the capital – the restoration being ordered on the ground that irregularities were committed and misrepresentations made.

The report of the acting directors of the Credit Mobilier, presented in the recent meeting of shareholders, states that the losses at the end of 1867 were 40,547,788 fc, composed principally of a loss brought forward von 1866, and of depreciation in the value of securities held.

Aus:
The Economist, 16. Mai 1868. S. 562.
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Pauper Expenditure in Metropolis since 1863. (Annual Poor Rate Returns. Official[)]

Years. Expenditure in £. St.
ending Lady day. 1863 £868,197
do          do      1864 876,289
do          do      1865 905,640
do          do      1866 976,262
do          do      1867 1,175,362
Number of Paupers
Jan. 1. 1863 106,407. July 1. 1863 94,735
do 1864 103,495 do 1864 94,612
do 1865 105,351 do 1865 97,981
do 1866 111,019 do 1866 106,202
do 1867 138,706 do. 1867 126,094

May 23. 1868.

Aus:
The Economist, 23. Mai 1868. S. 585/586.
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The French „Credit Mobilier“.

It issued new shares upon a flourishing prospectus and a good account of profits, being all the while in difficulties and having hardly cash to pay its way. At two meetings, on 12. Febr. 1866 und 1st March, 1866, the Credit Mobilier doubled its capital; at these meetings a Report was read exhibiting large profits and declaring a good dividend. These meetings were informal und packed. The Co on. on the 1st. Febr. was insecure and dangerous. Unless out of the new capital it could pay no dividend upon the old capital. Court decides in this sense.

It is a bank which did the business of a Finance Co. It had deposits to amount of £4,783,074, of which all but insignificant part on demand. Its Assets, exclusive of Railway and other shares upon which advances had been obtained, were:

£
Bills Discounted 586,564
Advances to Public Cos. 2,158,853
Do. To Sundry Debtors 1,868,497
Cash 837,246
Total 5,451,160.

But the Court says that the cash was mostly wanted to pay a Dividend due; that of the advances to sundry debtors hardly any could be easily called in, and of some the repayment was dubious; and out of 2,158,000l set down as advanced to Public Cos. more than 2 Mill. £ were advanced, without a security, to a single Co., the Compagnie Immobilière, which was insolvent. So scarcely any real cash in hand, and no means of getting it. The Court has decided that the directors must reimburse the new shareholders. The new capital of the Credit Mobilier is 2,400,000£.

Aus:
The Economist, 23. Mai 1868. S. 586–588.
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The Bonus System in Paying Workmen.

Evidence received by Trades Unions’ Commissioners on limited liability firm: „Msrs Briggs, of Whitwood and Methley Junction Collieries, near Normanton“, into which a number of workmen have been admitted as shareholders, while all have divided among them in bonus half the profits of the firm above 10% on their capital. The same mixed system of association and bonus tried with success by Greening and Son, Manchester.

A Co (in the case of Briggs) was formed on 1st May, 1865, with shares of 15£ each, of which 10£ paid up. The number of original shares was 9,000; but 1000 more since created, the whole being allotted as follows:

6,450 or above 2/3 to the old partners of Msrs Briggs, 1,068 to customers; 1,874 to the public, 114 to non resident agents, and 264 to workmen; 230 not allotted of the last issue of 1,000 shares being reserved to the workmen. The actual number |69 of shares held by the workmen is 178 – the remaining 86 counted to them being held by 9 managers, clerks etc; and of these 178 shares, 94 are held by 83 miners, and 84 by 61 top hands, 6 being the largest number held by one individual. As there are 989 workmen employed – 785 miners and 204 surface hands – this gives a proportion of 1 shareholder out of every 91/2 miners, and 1 out of every 31/3 surface hands. Two years have now elapsed – and it is the practice – there is no condition in the articles of association – to divide the profits above 10% between the workmen and the firm, the shareholding workmen getting both the bonus and the dividends on their shares.

During the first year, the profits amounted to 14 P.Ct. on the capital, of which, according to the arrangement, shareholders got 12%, and 2% went for bonus. During the second year, the profits were 16 P.Ct., the shareholders getting 13 P.Ct., and the bonus being 3 P.Ct. The actual amount divided in bonus was in the 1st year 1,800l. und in the second 2,700l. And these sums were sufficient to add 10 P.Ct. and 12 P.Ct. to the earnings of working shareholders, and 5 P.Ct. and 8 P.Ct. to the earnings of nonworking shareholders. The two classes have not received alike, the working shareholders receiving in the first year double what was paid to their to their fellow workmen, and in the 2nd year one half more.

The average bonus of the whole workmen, top and bottom, was in the 1st year 3l. 9s. 2d.; 2nd year: 3l. 3s. 2d.; and the highest sums got by any single workman, 10l. 18s. 101/2d. and 9l. 17s. 10d. The payment of the bonus was made conditional on the workmen taking out a pass book, in which the amounts of their wages were to be entered, the pass book costing 1d; and in the 1st year only 30% qualified, but in the 2nd 80%.

The proprietors are satisfied, because formerly, with disputes, waste, and loss of time, they never got 10% on their capital, but have now been getting 12 and 13 P.Ct. The bulk of the men are satisfied, though some are „not sure about it“. In the open market, the shares quoted at 4l. 5s. to 4l. 10s. Premium.

The Briggs had quarrels mit their workmen since 1853 „off and on“, but with violent crises in the dispute in 1853, 1858, and 1863. In 1858 there was a deal of rioting, and some of the men were sentenced to imprisonment. Briggs received letter, that he would be shot in 13 days. In 1863 the dispute was very bitter. The distrust shown by the neglect of the men to take out the passbooks so as to ensure the bonus. They were utterly incredulous that any bonus would be paid. … Calmness with which a late reduction of wages was accepted. … Formerly the Briggs had endless wranglings about weighing, and the men voted themselves frequent play days – a very serious matter, as the daily expenses for pumping etc 120l., whether the men work or not. Scheme still in an experimental stage. Und difficulty in adjusting matters between shareholding and nonworking shareholders in regard to the Bonus.

Circumstances hitherto favourable to the experiment. Business was profitable. In the 2nd year, besides making all necessary allowances for wear and tear etc, the dividend 16 P.Ct., but in addition 8,000£ was carried to a general reserve fund, so that a profit of upwards of 20 P.Ct. made. Failure of similar experiment by Fox, Head, et Co in the Iron Trade, through business being unprofitable. … A distinction cannot be made between stores required for repairs and new works…

Briggs explains that in a business where 70 P.Ct. of the annual outgoings is for wages, it is essential to have the workmen on the capitalist’s side and bestowing extra care on the work. They had the power to throw away nearly all the profits by carelessness and indifference.

Among the miners, the most numerous and important class, the proportion of shareholders only 1 to 91/2. A good many of the men still keep subscribing to their Trades Union. The second qualification to the success is the difficulty about the bonus. First of all, it is not secured in any way. The firm can do each year what they please about it, and for all practical purposes the Briggs are the firm – the public and the workmen do not count.

The Briggs wish to make the bonus of all equal; it is to the bonus chiefly that they trust – and not to the shareholding – for extra care. The workmen shareholders on the other hand are anxious to make the holding of shares a real part of the programme, desire to keep nonshareholders from an equal bonus.

Even if the workmen become all shareholders, the substantial character of the whole undertaking – the grant by a capitalist of a bonus to his workmen terminable at pleasure – will not be altered. … It will [be] a long time, the more enthusiastic of the men believe, before a miners’ cooperative association can do what is done in cotton spinning in Rochdale.



May 30. 1868.

Aus:
The Economist, 30. Mai 1868. S. 617–619.
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Are Trades Unions really insolvent?

In der Evidence vor der London Commission on Trades Unions’, Mr. Finlaison, of the national debt office, beweist daß „Engineers“ und „Amalgamated Carpenters“ Unions must die out within certain time from ineradicable insolvency. Gesezt er habe Recht. So beweist das nach ihm selbst, daß die Contribution zu niedrig, 50% höher anzusetzen ist. Dieß geht das Wesen der Sache nicht an. Der Theil, den die Unions als benefit societies,  Textverlust durch Wasserfleck. Ergänzt nach der Quelle.
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[super]
annuation societies, etc auszugeben haben – also der nicht Strike Theil – ist leicht zu berechnen, wie bei jeder andern Insurance Society. Und Inquiry beweist nur, daß die Unions bei Fixirung ihrer Beiträge sich von professional accountants diese Sache berechnen lassen müssen.|

70

Aus:
The Economist, 30. Mai 1868. S. 622/623.
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The Bill for abolishing Houses unfit for Human Habitation.

The „Artisans’ and Labourers’ Dwellings Bill“ is the first of a series which is likely to be a long one. … The price of houseroom in the great cities, and more especially in London, has increased with the increase of their population, until the poorer sort of labourers, the men who earn from 12s. to 18s. a week, are wholly unable to pay the sum demanded for lodgings of any decent kind. That sum is usually 1/3 of their incomes, and if the family is large even more, and the labourer is tempted to reduce it by every possible device. Either he retreats to a room so unsafe, illprovided, or unhealthy, that it is let cheap, or he takes in lodgers who pay a portion of his landlord’s demand … The consequence in great cities is that small, rotten, or otherwise cheap houses, near the centres of work, are found crammed to the roofs with families who set all sanitary rules, etc and live, as Lord Chelmsford said, like animals, or, as the Bishop of London still more forcibly put it, like vermin. The landlords or lessees of such houses, very often poor men, spend as little as possible on repairs, dig no cesspools, open no drains, supply no water, and leave as few openings for light and air as they possibly can, windows being conveniences which will break. Such houses become of course centres of disease, depôts where certain forms of fever are storedup to await the first hot day, when they spread far beyond the „rookery“ where they were originally generated.

It is essential that the State, as guardian of the lives of its subjects, should abolish these pest houses, and expedient that it should so far as possible compel a more civilised mode of life. No landlord can have a moral right to let a house in a state unfit for human habitation any more than he can have to sell poison at his own discretion, because it is profitable. He is bound to see that the article he sells either is innoxious to the community, or to abstain from selling it, and can no more plead his right of property against the Legislature than a chemist could plead his right of property in arsenic or prussic acid. He is bound to obey the laws regulating the public health, and is bound also to take heed that his conduct does not lower the general level of morality.

Under this Bill, whenever a house is condemned by competent medical authority as unfit for human habitation, the „local authority“ – that is the Board of Health, or Commission, or Town Council, or Vestry – may direct the owner to make the necessary improvements. If he declines, the local authority may order the House to be closed, or may purchase it on a valuation and rebuild, or may delegate its right of so doing to a speculator in houses. This is the main provision, that a landlord may be compelled to choose between allowing his tenantry habitable accommodation and selling his property to some one who will. Difficulties of the detail. Unless they are removed the Act may prove almost a dead letter. In the first place, the Bill gives no security that the „local authority“ will not be entirely in the hands of petty landlords – the class, which of all others, seeks most for municipal office. In that case the Act either inoperative, or will be used to secure high prices for worthless property. In the second place, the Act provides no fund for the work beyond a 2d. rate, which will be insufficient and unpopular, and compel the local authorities either to delegate their right to a builder, or to exert their alternative power of closing the houses altogether. In the former case the builder is pretty certain to look to profit, and put up rooms a little too good for the poor, thus increasing the overcrowding elsewhere; and in the second, the population must be expelled very often by sheer force. Again, the Bill does not in any way prevent overcrowding, for a house may be in a perfectly habitable state for 4 people, and quite uninhabitable for 14. We fear the Act will lead to very little except a few considerable clearances, which will intensify the surrounding misery and disease. The suffering produced by such clearances for the benefit of railways has been already considerable, and threatened once or twice to breed formidable riots.

The evil to be met is a huge one, namely, the inability of London to hold its population until it is raised higher into the air. Way out of the difficulty is an extension of 2 measures already sanctioned by Parliament – the Lodging House Act, and the Act offering loans of money to the builders of houses for the poor. If a properly constituted Authority were allowed to condemn small districts one at a time as unfit for human habitation, and such districts were then cleared by the Dwelling-House Associations, and covered with their lofty dwellings out of capital lent by the State, the gradual relief would no doubt be very great – as great, that we might in a few years carry the Lodging House Act to its logical conclusion, and absolutely prohibit overcrowding beyond the limit of health, viz., 500 cubic feet of air to each sleeper. Problem: to house decently in a space already overcrowded the 80,000 immigrants who add themselves every year to the population of London. The present Bill may work well for Liverpool, Manchester, or Norwich, where local authority strong, and possible to extend the area to be built on.



June 6. 1868.

Aus:
The Economist, 6. Juni 1868. S. 651–653.
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French Finance. Paris. 4 June. (68)

André Cochut, Revue des Deux Mondes, shows that by loans and by various  The Economist: expedients
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experiments
– such as transactions with Railway Companies – the appropriation of the army dotation – a compromise with Spain for the sum it owed – the sale of forests – the augmentation of the caution money of certain public officials, – the grant to the Bank of France (10 years before its privilege expired) of a prolongation thereof on condition of its providing 100 Mill. fcs and receiving Gvt. Stock for the same (the operation was called „doubling the capital“) etc. etc., the Empire has contrived to raise 4,322,478,508f. over and above what was obtained by means of taxation, and that by doing so it has cast an annual charge on the country of 549,149,862f., being 257,522,700 fcs more than had to be borne before the Empire was established.



July 4, 1868.

Aus:
The Economist, 4. Juli 1868. S. 757.
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Fall of Revenue. 1868.

Unfavourable Revenue. In 1860, 1,964,000l. less than the estimated revenue und deficit, excess of expenditure over income, of £2,500,000. Im Jahr 1860 harvest schlecht, so dießmal. Dann diminution in industry, consequent on the panic of 1866. The effects of 1866 zeigen sich erst jezt in effect upon revenue. Der immediate effect einer crisis ist on the rate of interest. In a very few months capital becomes cheap, because no one engages in new business to use it. But old business has to be finished, contracts made in the day days of prosperity have to be completed in a time of anxiety; the income of the working class is not at first greatly affected.  Zusatz von Marx.
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(?)
Gradually it is diminished: first the trade directly influenced by the panic are dull and disordered; the income of those employed in such trades declines: then their purchases from other trades diminish of necessity; then those trades suffer too; then the decline in those second trades affects other trades from which they buy; and so a general slowness of commerce and bad remuneration is propagated round the commercial world. But we must not look for the effect as if it were a sudden coup d’état – an instant decline of all things 10%. It is a gradual influence, not beginning till some time after a panic, steadily transmitted and steadily accumulated.

Aus:
The Economist, 4. Juli 1868. S. 758/759.
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The French Railway and the French Government.

Meaning of 1st, 2nd, 3rd réseau: Gvt in various ways induced the old Cos to undertake the new railways. Each reseau belongs to a distinct kind of bargain with the State, and each bargain has features of its own which other bargains in the same reseau have not. To some the State gives more aid, to some less; from some it exacts more service, from other less. … Pouyer-Quertier, a Rouen manufacturer, boldly asserts that the French Gvt. lavishes vast sums on these railways; that under the name of „subvention“ the State |71 maintains the Cos; that were it not for State help some Cos. would be insolvent, and that nearly all of them would be less prosperous than now, if the State exacted all its rights and enforced on the Cos. all their duties. … An absolute Gvt necessarily acting through men who were poor yesterday, and who wish to be rich to-morrow, influenced by corrupt motives … the present Gvt. of France has always had a taint of share dealing. Some of the principal actors in the coup d’état were deep on the Bourse … Nach Pouyer-Quertier large sums have been spent by the Gvt. on subordinate railways; state made bargains by which it is impoverished that these subordinate railways did not pay and never could have paid; that they were not selected because as railways they were likely to be permanently profitable, but because as momentary instruments of speculation they were likely to augment the gains of influential persons. A gvt of new men, a gvt of poor men, and a gvt. with Bourse connections, is always likely to do this.

Im Lauf dieser discussions (Corps Législatif) kam auch heraus, whence the „Crédit Mobilier“ obtained its deposits. Some of the French railway Cos. have been made to keep money idle. The Company du Midi had nearly 2,500,000l. on deposit in the Credit Mobilier in 1865 and 1866. The managers of the Credit Mobilier were managers of the railway, managers of the concessions, managers of the Bourse, managers of the Gvt., and somehow this large sum did permanently stay as a deposit in the Caisse of the Credit.



June 13, 1868.

Aus:
The Economist, 13. Juni 1868. S. 678/679.
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The Association of Workmen and Capitalists. Vol. VI in the Reports of the English Commissioners on the Paris Exhibition

Msrs. Crossley, of Halifax, on the largest scale. The nominal capital £1,650,000, in 110,000 shares of £15 each, of which £10 are paid up. Of these, 88,000 shares, representing a capital of 1,320,000l., are held by John Crossley, Joseph Crossley, and Sir Francis Crossley, leaving only about 1/5 to be held by the public and the workmen. How the amount is shared between these is not stated, but the articles of association contain elaborate provisions for the holding of shares on account of married women and minors; and a memorandum annexed describes the measures taken to bring in the workmen. Not only is a decided preference given to applications from managers and operatives in the allotment of shares, but 5,000 shares were „retained“ for the managers, clerks, foremen, and  Zusatz von Marx.
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(!)
workpeople, to whom the firm lent money, amounting in the aggregate to 56,150l., to enable them to take up the shares. For the sums thus lent, interest at the rate of 5 P.Ct. is charged, and the difference between that amount and the dividend is credited to the account opened. If a 20 P.Ct. dividend is continues, the shares will pay themselves off in 1872. Beyond these measures to associate those employed, – who number altogether 4,795, of whom 1,881 are adult males, the rest being women or minors – the firm do nothing to stimulate the activity of the workmen, except paying ordinary wages by the piece. There is no mention of any system of bonus to shareholders and non-shareholders. The first dividend was 15 Pc., the second 20 P.Ct. The shares are now selling at 10l. p. share premium.

Greening et Co: Nominal capital is £50,000 in 10,000 shares of £5 each, but only £4,000 have been issued, viz 2,000 to Edward Owen Greening and Joseph Greening and 2000 to all the others. The number of partners altogether is 45 to 50, and the number of employed is about 70, of whom only 30 are adults. Since the establishment of the Lim. Co. there has been a dividend at the rate of 15 P.Ct., the average of former years, and in addition a bonus of 5% has been paid to the workpeople on their wages – the average weekly wages to adults being 28s. and the highest 2l. The same bonus, as far as appears, has been paid to shareholders and non shareholders, the former getting no preference as in the case of Msrs Briggs.

In dem system of Mssrs Fox, Head, and Co., there is little more than an arrangement for paying a bonus. There are no shareholders. After reserving 10% p.a. for interest on capital, the profits above that amount were to be divided equally among the employers and the employed. Besides, although no partnership or association is allowed, the amended law of partnerships is taken advantage of to allow workmen to invest their savings in the works, withdrawable on 6 months’ notice. On the amount 5 P.Ct. interest certain is to be paid, and a share in the profits above 10 P.Ct. Investing workmen would thus not be in the position of shareholders in Crossleys etc, but then they run no risk or of loss.

The iron trade bad und this has perhaps helped to cause failure in the Fox concern; but looking at the strikes which have taken place, the objects of the system can hardly have been gained. Although Msrs. Fox place foremost amongst the conditions of employment with them that no Union men shall be employed, they have had according to their own report the following strikes:

From 21 October to 31 Octob. 1864 = 10 days; this was to obtain the same wages for forge rolling (notwithstanding an improvement in the machinery by which the make was nearly doubled) that was paid in other works which had not the same improvement. The extra cost of the improved machinery to us was about £1,000, for which they wished to credit us nothing. Part of this 10 days was, however, the result of a breakage.

11 March to 30 March, 1865 = 19 days: This was to resist the notice of 10 P.Ct. reduction which had been issued by the Iron Manufacturers’ Association, of which we were then members.  Kommentar von Marx.
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(obgleich sie ihren workmen verboten, members of a Union zu sein!)
The great fall in prices had necessitated this.

14 July to 22 August, 1866 = 39 days: This was to resist a second notice of reduction on account of the still greater depression of trade and prices.

8 September to 20 November, 1866: = 73 days. This was a continuance of the last strike, a 3 weeks’ interval having intervened on a temporary arrangement which could not be prolonged indefinitely. … In all cases everything must depend on the capitalist, and the giving of a bonus anyhow might seem sufficient, but the facts are the other way; the how is a detail of importance. The capitalists, as in the Crossley case, may provide expressly that the „governing directors“, that is the old partners, shall have entire control; yet the concession of modified rights to others, the public procedure consequent on the formation of a limited Co., and all the other effects of co-operation, create confidence such as is not so easily called forth when the capitalist „makes no fuss about it“, and does nothing to disguise his authority. Of course it would never do for the employer to give up any real control or veto, his interest remaining far preponderant to that of all others; his retention of control is the condition precedent of any mixed system of cooperation in which he takes part; but the machinery of an association seems useful in securing all the advantages of a plan for making the workmen participate in profits.

Aus:
The Economist, 13. Juni 1868. S. 680–682.
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 The Economist: J. E. Horn
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Abraham Einhorn
. French Finance.

In „Salut au Troisième Milliard“ sagt er u.a. that in country local taxes, as well as those of the State, each family has to pay 300 fcs a year statt  The Economist: 240 to 250
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250
f. as he at first represented.



June 27, 1868.

Aus:
The Economist, 27. Juni 1868. S. 729/730.
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The Sources of our Subsistence.  Zusatz von Marx.
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(U. States etc)

Caird observed „our principal dependence must be on the U. States of America“ and he gave as the result of careful investigation the following figures, which in their order show the proportions in which the various countries have contributed to our wants in wheat:|

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Also nach Caird:

Order in which various countries provided U. Kingd. mit wheat during the 12 years ending with 1866:
1) United States 35 P.Ct.
2) Germany 20
3) Russia 17
4) France 12
5) Egypt 6
Other Countries 10 Total 100.

In 1862Caird remarks – the year of largest wheat import ever known, America sent 5/11 of that whole import.

Wheat Import into U. Kingd. 1867, year preeminent for high price and scarcity among recent years.
1) Russia: Northern Ports: qrs. 312,292
Southern Ports: 2,924,300 Total: 3,236,592.
2) Germany Prussia: 1,285,906
Schlesw. Holstein. Lauenburg: 29,359
Hanse Towns: 161,746
Germany: Other Ports. 162,135 Total: 1,639,146.
3) Un. States 966,464 .
4) Chili 449,129
5) Turkish Dominions (not otherwise specified) 439,526
6) Egypt 335,025
7) British North America 157,644
8) France 137,862
9) Illyria, Croatia and Dalmatia 125,223
10) Wallachia and Moldavia 125,082
11) Denmark 96,464
12) Spain 30,170
13) Venetia 27,407
14) Other Countries: 229,375
Total: 7,995,109 .

During the Civil war and till end of 1864 the U. St. had ample harvests, which helped materially in the great struggle, but in 1865 and 1866 very deficient crop, and the effect upon the English Imports was immediate.

Imports from U. States.
1862 qrs 3,724,770 In 1862 a time of low price
1863 2,008,708
1864 1,821,926 In 1864 und ʼ65 in Europe the harvests were good. Americans had little to send, and did not want to send.
1865 271,758
1866 146,601
1867 966,464

France imports in bad, exports in good years. Mostly seasons same for France as for England. So France competitor in the general food market when English harvest bad, and on additional competitor with our English growers when our harvest is good. Adds to an abundance, intensifies a scarcity.

Wheat Imports from France into U. Kingdom.
1859 Qrs: 1,096,672
1860 552,601
1861 181,672
1862 224,835
1863 34,034
1864 135,485
1865 519,893
1866 810,490
1867 137,862.
Aus:
The Economist, 27. Juni 1868. S. 733/734.
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On the Ownership and Occupation of Land (Communicated)  Zusatz von Marx.
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(Mortgagee etc)

Economists regard little a very important [person] in agriculture – the mortgagee. He is to be found wherever land can furnish a valid security for a loan. In countries where the custom of hiring the land of another is unpopular or little practised, he becomes to a great extent the recipient of the rent. Thus in the U. States, instead of letting his land the proprietor sells it out and out, receiving we will suppose 10 P.Ct. money down, and the remainder of his claim in nine annual instalments with interest, retaining his hold upon the land as his security until the debt is fully discharged. In this case, he really receives rent in the shape of interest and capital. The same thing exists in Norway: Land is rarely, if ever, sold in that country for ready money, and the proportion of landed property mortgaged is very large.

In Flanders, a large portion of the cultivators are tenant farmers holding on short leases and at rack rents.|

73

The occupier is in the most favourable position, other things being equal, when he can devote the largest amount of capital and intelligence to the actual cultivation of the soil. This the case in the English system. He ought to be regarded as a borrower of the land or its value, at a rate of interest probably less than 3 P.Ct.

Suppose case of a farm of 200 acres, with rent of 30sh. p. acre. This represents a sum of 10,000l., which, did the land belong to the occupier, he must find from his own means or borrow at a rate of certainly not less than 4%, perhaps higher, with the risk of being called upon for repayment at the most inconvenient moment.

I) Case I. Land belonging to the occupier, unmortgaged; he possesses besides 2,000£ of Active Capital.
Rent £300
Profit on active capital, and pay for personal service, say 15 P.C. 300
Total: 5 P.Ct. on £.12.000 £600.
II) Case II. Suppose him to possess 12,000l, but that he hires the Land from another.
Profit on active capital (2000£) as before £300
Return from 10,000l. vested in cottage property, on mortgage, or in railway bonds etc, at least 5% 500
Total income from 12,000£ 800.
Or 1/3 more than in case I, with less risk.

Let us now suppose that a man worth £2,000 resolves to purchase land and cultivate it himself, that he lays out £1,500 in the purchase, and retains £500 for cultivation. How will his income stand? Rent: £45. Profits on active capital: 50l. Personal service: £50. Total income: £145, little more than that of a mechanic. In all probability within a few years he will become embarrassed and borrow, or will be tempted or necessitated to sell his land, and at any rate he will occupy a lower position and more restricted income than if he had employed his capital in cultivating the land of another. … Im Ganzen income  Gemeint ist die Kultivierung gepachteten Landes.
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on land durch farming 10% (excl. of interest)
, on purchasing 3%, difference 7%. So long then as a class of persons is to be found who will hold or purchase land paying only 3 P.Ct., it will be the interest of the actual cultivator to hire rather than to buy land. The cultivation of land in small quantities especially by its owners bears a close analogy to the process of domestic manufacture once almost universal, which has generally yielded to the factory system.



July 11, 1868.

Aus:
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.

Aus:
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. |
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 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.

Aus:
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)|

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Aus:
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

July 18. 1868.

Aus:
The Economist, 18. Juli 1868. S. 813/814.
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Trades Union and Shipbuilding.

See 9th Report. Trades’ Union Commission.

Aus:
The Economist, 18. Juli 1868. S. 816/817.
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Russian Railways.

Despite all fuss, little done till now. Computation at end of 1867 only 2,880 miles opened for traffic, and that figure has not been much added to since. Less than 3000 miles represents all the open railways in an empire nearly 10,000 miles in extent, from Prussia frontier to the East of Asia. Many of the lines actually constructed are in unprofitable districts und only calculated to develop the resources of the country when their connections are made; or they have been constructed like the Warsaw and St. Petersburg line with a definite strategical purpose, and for no other end.

    Lines open for traffic:
  • 1) The Polish Lines, about 450 miles extent, and perhaps the most profitable of all.
  • 2) St. Petersburg and Warsaw line, 800 miles, and the St. Petersburg and Moscow line, 400 miles.
  • 3) Three lines from Moscow, viz.
    • Northward to a town named Serguievsk, 44 miles;
    • Eastward to Nijni-Novgorod, 275 miles;
    • South EastWard by Riazan to Voronej, 420 miles, with a branch from Riazan to Morchansk, 90 miles.
  • 4) A 4th line from Moscow by Orel to Koursk, part of a great „trunkline of the South“. 350 miles.
  • 5) A line from Riga in the Baltic to the town of Orel, intersecting the Warsaw and St. Petersburg line at Dunaburg, actually opened as far as Vitepsk only, but so far advanced that it may be considered finished throughout its whole length, 630 miles.
  • In addition there are a few disconnected branches –
    • from Helsingfors to Tavasthus in Finland;
    • from the Volga to the Don;
    • from Acsai on the Don to Grouchevka;
    • from Odessa to Balta and to Tiraspol.

The North remains completely severed from the South, and the East from the West, so far as the entire country South of Moscow is concerned. By a strange fatality the South has been hitherto neglected. The main objects of a Russian railway system are commercially the opening of roads from the Baltic to the Black Sea, by which the produce of the country traversed may be sent to the ports of either sea, and strategically the opening of roads from the heart of the country to the Western frontier; and with regard to both objects it is the South which is most important. It is the most productive district, and the most populous. At least, one trunk line from sea to sea may be opened in another year.

From Koursk, which is the Southern terminus of the trunk line of the South, two branches are to proceed to the Black Sea, one by way of Kiev to Balta and Odessa, the other by way of Kharkov to Taganrog on the sea of Azoph; and the former branch is well advanced. The works are divided into two sections. The first between Koursk and Kiev (290 miles) is expected to be opened before the close of the present year, and has actually been completed for a considerable distance.

The second between Kiev and Balta (also about 290 miles) ought to be finished at the same time, but delays, opening may be retarded.

Thus by the beginning of next year there will be a complete through line from St. Petersburg to Odessa by way of Moscow and Koursk, and also from Riga to Odessa by way of Vitepsk and Orel.|

76

The second branch from the trunkline of the South, viz. from Koursk by way of Kharkof to Taganrog on the sea of Azof is, however, little more than begun. A concession has been granted for its construction, and the inauguration of the works took place last spring, a term of 18 months being fixed for the completion of the embankment. The opening of the completed line hardly before 3 years hence.

More rapid progress has been made with a connecting line between these 2 Southern branches viz, from Balta by way of Elizabethgrad and Krementchoug to Kharkov – about 160 miles (viz. from Balta to Elizabethgrad) of the whole distance of 410 miles have been completed.

There will be many deficiencies even after the second branch from the trunk line of the South has been constructed

Ausserdem in construction some other lines. More important: Railway in Georgia, from Poti, on the Black Sea, to Tiflis, nearly 200 miles, now approaching completion. Intention to extend this line ultimately to the Caspian, but the construction of a line no farther than Tiflis will be sufficient to attract to a Russian road a considerable transit trade between Northern Persia and Europe, as well as develop the resources of the Province itself. Former: a short branch of about 20 miles from Kiev to the important market of Berdytchef, a branch of the Kiev Balta line, to Volostchisk on the Austrian frontier, at which point it is anticipated a junction will be effected with the Galician railway of Austria; and an extension of the Tiraspol line to Kichinef in Besserabia to be connected ultimately with the Austrian lines through Moldavia. None of these branches far advanced. Dasselbe gilt von branch from Petersburg to Helsingfors, which will unite Finland and the line already made there with the rest of the empire.

Perhaps the most important of all in this view is the projected line from Warsaw to Moscow, on which the preliminary works only commenced this year, under the immediate direction of the Government, in consequence of rather a sudden resolution. This is a purely military line, planned to establish a firmer hold on Poland and facilitate military movements against Austria or Prussia.

Taking into consideration the branch from near Kiev to the Galician frontier, there will be 3 railway roads at least from Central Russia to Western Europe, viz. the St. Petersburg and Warsaw line, the branch from Kiev, and this new line from Moscow to Warsaw – so that the strategical objects of a Russian railway system cannot but be well provided for. This Moscow and Warsaw line will also provide a short cut from the South of Russia to the German ports on the Black Sea, and even the German Ocean, while the Russians themselves are urging strongly its connection with the Russian port of Libau, which is the only one entirely open throughout the winter. But, on the whole, these lines do not promise to be  The Economist: very profitable
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profitable
und it may be questioned whether the immediate future of Russian railways is not compromised by this renewed devotion to strategical lines. The guarantees on interest are already becoming very serious in amount, and unless met by the productiveness of the lines opened will render the railways altogether rather cumbersome than otherwise to the finances of the empire.



August 1, 1868.

Aus:
The Economist, 1. August 1868. S. 877–879.
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Paris Correspondence. 30 July. 1868.  Zusatz von Marx.
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(Jecker Bonds etc) (Crédit Mobilier)

The famous Jecker bonds, the fons et origo of the Mexican expedition, vehemently discussed in corps législative. One strange revelation made, viz. that after an arrangement had been come to with the Mexican Government, the amount of them should be reduced 60 P.Ct., and that it should be paid at the rate of 1 Mill. piastres a year in Mexico, by means of a public sale of the bonds, the holders by some means obtained a few months later a draft in Paris for 12,600,000 fcs, and that sum was paid by the Mexican Commission of Finance without the knowledge of the French Gvt. This is one of the mysterious things about the Jecker bonds.

At The Imperial Court, im appeal presented by the Credit Mobilier (i.e. its directors) against the judgment of the Tribunal of Commerce, the Advocate General held that the directors, in order to induce the shareholders to double the capital, had made false representations. Z.B. in the transactions with the Immobilière Company, the directors had employed „98,000,000 fcs in the acquisition of building grand, for which there were no buyers, and in constructing houses for which there were no tenants, and had afterwards disbursed 100,000,000 fcs to prevent these errors from being seen.“ In the balance sheets there were no traces of these things; on the contrary, the situation was presented as most favourable. In the balance sheet of 31 December, 1865, f.i., the assets were stated to exceed the liabilities by 70,000,000 fcs, of which 60 Mill. fcs were represented by the capital, the rest by the reserve and realised profits. But in reality the capital was absorbed in the advances to the Immobiliere Company, and could not be recovered, existed in fact only on paper; and the liabilities exceeded 180 Mill. fcs, of which a large part were in deposits and the rest in Bourse and other transactions. Moreover, nothing was said of a sum of 46 Mill. fcs due to the Southern Railway Co., though it was liable to be called for every day. For these and other reasons, the Advocate General held that the shareholders had been wilfully misled when they consented to furnish an additional capital of 60 Mill. fcs, and that consequently the directors must reimburse the sum with interest. Two of the Directors, Michel Chevalier and Renouard de Bussières Bussière , contended, as they did before the Tribunal de Commerce, that they ought to be relieved from liability because they had been kept in ignorance by their colleagues as to the real state of the Co; but the Advocate did not admit their pretension, held another director, the Duc de Galliera, not responsible, not having been present at the meeting at which the doubling of the capital was decided.|

77

August 8, 1868.

Aus:
The Economist, 8. August 1868. S. 900/901.
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The Credit Mobilier Judgment (in Appellation durch Court Impériale. 1. August. 1868.)

the loan to the Compagnie Immobilière, without security, and on open account, of 2 Mill. £ was entered in the accounts under the heading of „loans with security repayable at fixed dates.“ The debts with which the loan was classed were only 2,158,000l. in all. The directors had also neglected to comply with a statutory provision for depositing accounts every 6 months at the Tribunal of Commerce. It was not only wrong to conceal its nature, but the loan to the Co. Immobilière was under the society’s charter illegal.

 Marx’ Worte.
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Obgleich das Judgment des Court Impériale milder, fügen seine considérants neue Anklagepunkte zu und, sagt der Economist,
The Impression given by the first judgment is strengthened – that that there is something worse behind than what appears. All the dissimulations practised, it is said, by the directors of the 2 societies who were nearly one and the same, had evidently for their object an appeal to credit, this being what the doubling of the capital of the Credit Mobilier came to. The relations of the two societies ought to have been brought to the knowledge of the shareholders.

„In effect“, says the judgment, „the directors of the Mobilier Society by their advances and by discounting bills and bonds of the Co. Immobilière, which the respective position of the 2 societies rendered inalienable, gave credit in reality to the latter to the extent of 4 Mill. £. St. – that is to say, more than 11/2 times its capital, and nearly half the amount of the Creditor’s Assets.“ The judgment finally contrasts the omission even to name the Comp. Immobilière in the published reports while the new capital was being got, and the long exposition of the prosperity of the latter Co. put forth at a subsequent meeting – an exposition which assisted in lulling the vigilance of the shareholders. Thus „the directors have caused the shareholders an injury for which they owe reparation“.

The superior Court is of opinion that the inferior over-estimated the damage. Die directors sollen blos ersetzen what actual loss was sustained, and for that purpose an account must be ordered. The effect in the long run the same for the original subscribers; whatever loss they are found to have suffered the directors will have to make good „jointly and severally“. The case different to those who bought under par; the directors will only have to make good what they paid for their stock. An incidental effect of the judgment will be to knock on the head certain Bourse speculations which have been gone into on the expectation that the directors will be held bound for the whole subscription.

The directors, including Michel Chevalier , who were not likewise directors of the Co. Immobilière, exempted by the superior court from the liability which the inferior Court imposed. These grounds of exemption are too favourable to negligence. Diese Kerls waren aber paid „for examining closely“, have failed in their duty.

The Imperial Court held that the directors liable were Emile Pereire, Isaac Pereire, Salvador, Piesta Biesta , and the Duke the de Galliera  Zusatz von Marx. Siehe S. 76 des vorliegenden Hefts.
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(den das Urtheil des tribunal de commerce had exempted)
because they knew the situation of the Co., and because they were also on the board of the Immobilière Co.; nimmt aus, weil nicht in this predicament, M. Chevalier, Renouard de Bussière, Baron Sellière Seillière , and Grieninger. Das Urtheil erklärt that the balance sheets submitted to the Credit Mobilier shareholders were „absolutely erroneous“, inasmuch as one item figured in them – „Investments at fixed dates“ – whereas, in reality, the said investments could not from the situation of the debtors be recovered; also that another item was … „Advances to Companies and different persons, on deposit of shares and bonds“ – whereas, out of 53,000,000 fcs advanced, 52,000,000 fcs were to one Co., and no securities were held for them. Abgesehn von dem Vorschuß von nearly 100,000,000f. to the Immobilière.

Aus:
The Economist, 8. August 1868. S. 903–906.
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Return by Board of Customs on Imports into and Exports from France.  Zusatz von Marx.
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(Bullion Export Import)

A) During the first 6 months. (Manufactures and Produce)
Imports. Exports.
1868. (fcs) 1867. (fcs) 1866. (fcs) 1868. (fcs) 1867. (fcs) 1866. (fcs.[)]
Alimentary Substances. 486,850,000

327,521,000

198,954,000

531,377,000

In dieser Rubrik für Exports sind Alimentary Substances und Raw Materials zusammengeworfen.

541,288,000

669,082,000

Raw Materials. 1,058,276,000 1,009,158,000 1,004,628,000
Manufactured Goods. 121,744,000 119,470,000 110,458,000 826,568,000 848,875,000 918,443,000
Other Articles. 71,427,000 66,597,000 51,122,000 52,438,000 47,054,000 47,075,000
Totals: 1,738,297,000 1,522,746,000 1,365,162,000 1,410,383,000 1,437,217,000 1,634,600,000
Thus as for some time past, imports continue to increase, and exports to decline; and whereas exports formerly exceeded imports they are now below them.
B) Imports and Exports of the Precious Metals. During the first 6 months of 1868, 1867, 1866.
(fcs)
Gold Bullion 116,752,730 97,936,560 96,816,376 22,818,893 27,475,042 1,198,883
Gold Coin 190,010,379 204,410,220 325,915,171 158,820,950 72,910,392 107,374,404
Silver Bullion 34,658,852 23,316,397 41,728,386 17,533,685 31,659,664 81,720,265
Silver Coin 75,087,343 94,964,906 74,024,497 28,171,983 10,039,849 78,642,167
Totals 416,509,304 420,628,083 538,484,430 227,345,511 142,084,947 268,935,719
The exports in 1868 being deducted from the imports, the stock of bullion increased by f. 189,163,793f., or 7,566,551£
in 1867 by f.278,543,136 oder etwas über £11,141,725 (£ = 25f. gerechnet)
in 1866 f.269,548,711 = £10,781,948.

Also hat Frankreich allein in den ersten Halbjahren 1866, 1867 und 1868 seinem Stock of precious metals zugefügt: £29,480,224, about 30 Mill. £.|


78

August 15, 1868.

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The Economist, 15. August 1868. S. 925/926.
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French Loan. Its alleged influence on England  Zusatz von Marx.
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(withdrawing Gold, raising discount.)

The coin in the Bank of France has augmented, but on all former occasions the offer of new Gvt. security has tempted new money from the secret hoards of that country. Every house in France has a caisse; the amount of deposits in banks is for such a country contemptible; the whole country deposits of the Bank o. France in all its branches are only £2,000,000. So large a portion of the circulating capital of France is out of the banks in coin, that a subscription to a loan cannot be effected, as in England, by cheques and transfers; it requires an actual deposit of coin. The increase in the coin of the Bank o. France is no proof that any coin has been sent from England.

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The Economist, 15. August 1868. S. 930–932.
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Subscription to new French Loan. Paris Correspondent 13 August. 1868.

The loan 18,000,000£. The only money yet payable on it is the deposit of 3% = 540,000£. The loan has been subscribed for many times, say between 30 and 40 times, and the deposit is consequently much greater. Dauerte eine Woche der loan, schliest on Thursday, 13 August.

The great bankers and capitalists have reserved, as their way is, their subscriptions to the last moment, in order to be able from the manner in which the small public have „gone up“, and it may be also from private information they have the means of getting, to proportion the amount demanded to that which they want and are likely to obtain.

But that a very considerable portion of the loan will be covered by the minimum subscriptions of 5f. rente is certain. For though the petty capitalists for whom the minimum was fixed, have not, especially in provincial towns and agricultural districts, displayed anything like the enthusiasm they manifested on former occasions, and have thereby grievously disappointed the expectations that were formed, Bourse speculators, in order to get as large a number as possible of small subscriptions which are irreductible, have employed men of straw to subscribe. At Marseilles, it is even stated, one peculiarly sharp fellow „purely and simply“ hired almost a whole battalion of soldiers to take several subscriptions of 5f.

As last Thursday the quotation of Three P.Ct. stock on the Bourse was 70f. 271/2c., whereas the new stock is issued at 69f. 25c., with the right of paying in advance, with a discount of 2 P.Ct., the small 5f. subscriptions – a right which large amounts are not to enjoy – it is evident that the speculating fraternity had a considerable interest in getting into their hands as much of the 5 fcs scrip as possible. And to succeed in this object, not only did they employ poor men to subscribe, but by a premium which at one moment was as high as 3f., they induced bona fide subscribers to sell their certificates. When this became known among the lower orders of Paris, a considerable number of men and women hastened to inscribe themselves, and they carried their paper straight to the Bourse for sale. For some days the outside of that famous establishment was quite encumbered with a class of people whose dress and manner proved them to be strangers to the place, and they had no difficulty in making the bargain they sought. But the inevitable result was that the influx of scrip caused the premium to decline, so that the late comers were grievously disappointed about the sum they had counted on. Some of them having very confused notions on the great law of offer and demand were excessively indignant at being told that they must take less than the 3 fcs their friends and neighbours had got, and they applied ugly epithets to the buyers who told them so; at one moment, indeed, a band of these got up a little emeute. The upshot of all this is that whereas the Minister of Finance was most desirous to keep his loan in the hands of people of small resources, and the belief that they would hold it permanently as an excellent investment, and whereas he even, after opening the subscription, took special measures for preventing speculators from getting it and from carrying it to market, he has sadly failed. The speculators have obtained the greater part of it, and to the market it will go.



August 22, 1868.

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The Economist, 22. August 1868. S. 969/970.
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The French Loan. Paris Correspondent. August 20. 1868.

The Minister of Finance, with that desire for theatrical effect which characterises the French, issued on August 15, because it was the Emperor’s fête, a report on the subscription to the new loan which closed at 5 p.m. on August 13. And yet, seeing that the subscription had been opened in every part of France and in England, it was impossible for him to be in possession of the precise Results. This he himself admits; but the importance of striking the popular imagination on a festive occasion, by the publication of startling figures, outweighed the desire, which, as a financier, he must have felt, to be precise. And startling his figures were: he wanted a capital of 450,500,000 fcs (18,020,000£), representing 19,516,245f. of Three P.Ct Rente, and the subscription gave him, he says, in round figures, a capital of 15,000 Millions fcs (600 Mill. £ St.) being equal to 660,184,270f. rente, nearly 34 × more than he demanded. Of the rente (of 19,516,245f.) f.3,141,170 were in the minimum subscription of 5f., and were taken by 628,234 subscribers. The rest, amounting to 657,043,100f. was taken by 153,058 persons. The 5f. subscriptions will be accorded entire, but the rest will be reduced pro rata. The amount of cash deposited as guarantee by the subscribers exceeded 660 Mill. f. (26,400,000£.) On these results the minister is triumphant. They surpass, he says, what was attained in any preceding loan, and surpass the last one, that of 1864, by 240,000 in the number of subscribers, 440 Mill. f. in the amount of rente subscribed, 430 Mill. f. in the guarantee deposited; 3 × the amount of capital. And he draws from these „really unexampled figures“ the conclusion: That the extraordinary desire of the public to obtain the largest part possible in the sum to be divided evidently shows regard being had to the price of issue, that the Credit of the State does not find in the present rate of the public funds its true and definitive expression. That the importance of the sums deposited with such facility in the space of a week, and which alone cover almost 11/2 of the total of the loan, is a sign of an immense force, and gives the highest idea of the accumulated wealth of France; and, lastly, he says in language somewhat awkward, „the most striking manifestation of the grandeur of the country, and of its confidence in itself, in its political institutions, and in the wisdom of the Sovereign.“ But in sober truth considerable abatement must be made from the minister’s exultation. The thing shows ways of unemployed wealth and confidence in the public funds as a security. But in great part the subscription quite fictitious, inasmuch as 1000nds of the larger subscribers knew well that they would not get what they demanded, did not want to get it, and would not be able to pay for it if they they had; the far greater part of the petty subscribers put down their names with the intention, not of making a permanent investment, but of realising a small profit by an immediate sale of their scrip at the Bourse. Und selbst das deposit of 660 Mill. fcs as a deposit bedeutet something queer wenn considered that political distrust for some time past has been so great that scarcely any investments have been made in commercial or industrial enterprise, and that |79 really money holders have little choice between placing their money in the funds or hoarding it.

To prevent as far as possible inconvenience from the locking up in the Treasury of the vast sums deposited for the subscriptions liable to reduction, the Minister of Finance began on 16. August the reimbursement of them at the rate of 9/10, and continued it on the following days.

Countries from and to which the Imports into France of Precious Metals and Exports of them took place. First 6 Months of 1868.
Imports. fcs Gold Imports Silver Export. Gold. Export. Silver.
Gold. Bullion. Coin. Silver. Bullion. Coin. Bullion. Coin. Bullion Coin.
Engld. 84,896,175 106,004,920 15,551,351 17,774,460 7,789,135 1,617,176
English poss: Mediterranean. 69,700 22,000
Italy 341,250 35,434,920 994,180 30,889,786 33,565,562 17,946,730
U. States 24,173,505
Belgium 8,383,950 32,340 10,852,486 77,620 1,114,480 1,530,190
Zollverein 4,135,050 2,119,600 30,796,792 286,732
Turkey 3,795,000 11,694,300
Egypt 3,300,000 40,995,160 168,000 168,600
Barbary States 430,780 1,747,000
British India 7,845,420 367,000
Spain 6,697,445 6,262,295 693,600 28,400
Mexico 8,490,700
Roman States 1,864,000
China 299,000
Other Countries 7,341,800 28,957,179 18,680,981 9,262,866 16,478,978 19,959,843 8,573,785 2,295,155
Totals 116,752,730 190,010,379 34,658,852 85,087,343 22,818,893 158,820,950 17,533,685 28,171,983

Switzerland ausgelassen im Export von Gold Coin für 12,826,078 fcs.



October 10. 1868.

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The Economist, 10. Oktober 1868. S. 1162–1164.
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Vidal. French Export of cotton goods nach England. Rouen „International Strike“. Paris Correspondent 8 Oct. ’68.

Vidal, member of the Chamber of Commerce of Manchester, has made known in France that he is forming an association for the purpose of promoting the sale at Manchester of French fabrics, suitable for export, and that he intends to have in that town a depot of the cotton, wool, and mixed fabrics of France. Some of the principal manufacturers of Alsace are, he says, cooperating with him, and the Industrial Society of Mulhouse has taken it under its patronage. At the present moment it is under the consideration of the Chamber of Commerce of Amiens, and no doubt of other manufacturing towns also.



November. 21. 1868.

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The Economist, 21. November 1868. S. 1329.
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Bank Directors and the Promotion of Public Companies.

Decision of Master of Rolls on 19 Nov. ’68 in the winding up of the Lundite Granite Co.

The Lundite Granite Co. was established 2 or 3 years ago to work the granite of a certain small island in the Bristol Channel. Having got into difficulties, there are now 2 petitions for winding it up – the first, presented by the National Bank of Ireland, which claims 13,000£; and the second presented by ordinary shareholders, who contest altogether the claim of the National Bank of Ireland and make grave charges against that Bank with relation to the Co. The substance of them is that four at least of the Directors of the Bank „had carried on a species of trade in launching and winding up  Zusatz von Marx.
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(Worte des Richters)
joint stock companies for their own benefit; that the Debt claimed by the National Bank was illusory, and such as the shareholders of the Lundy Granite Co. were not legally liable to pay.“. Master of Rolls declares to be there subject of inquiry on the face of it; that „the conduct of the directors of the National Bank could not be conveniently or properly disposed of under a winding-up order obtained by themselves and carried on by themselves. He was satisfied of this – that the Lundy Granite Co. was under the control of the National Bank.“



December 5, 1868.

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The Economist, 5. Dezember 1868. S. 1388.
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Credit Immobilière. Paris Correspondent 3 Dec. ’68.

The meeting of the shareholders of the Immobilière Co., which was held last week, called for permission of exposure of the situation of the Co to be made by the Directors; no votes were proposed. The situation was presented as follows:|

80
Assets.
f.
Houses and Building Ground at Paris 125,000,000
Ditto at Marseilles 93,000,000
Divers. Paris and Marseilles. 13,000,000
Total. 231,000,000
Liabilities.
Capital f.80,000,000
Debentures 69,000,000
Credit Foncier 73,000,000
Credit Mobilier 83,000,000
Various 19,000,000
Prevision for Paris and Marseilles 20,000,000
Total 344,000,000
Deficit 113,000,000 = £4,520,000.

Report complains of difficulty of making an exact estimate of the value of the real property of the Co. The above estimate, it avows,  The Economist: about
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ad
61,000,000f. below that made in April previous.

Speaking of buildings and building grounds at Marseilles, it says u.a. „The Immobilière Co. let to the English Company with a promise of sale 228,000 metres (about metre = 3 ft 31/4 inch) of ground payable in 30 annuities, on condition of covering the said ground with buildings. The Immobilière, moreover, engaged to open to that Co. a credit of 20,500,000, to convert in favour of any other lender an anteriority of mortgage to the amount of 21,000,000 fcs, and to remove 20,000,000 of mortgages, guaranteeing to the City of Marseilles and to the holders of debentures the payment of the price of the purchase of the said ground by the Company. These conditions could not be executed in the conditions in which the Immobilière was placed, and the existence of these inscriptions constituted a permanent menace against purchasers obliged to cover with buildings in a brief period the mortgaged ground. The concessions made by to divers sub-purchasers by the English Co. of the rights resulting from its convention with the Immobilière aggravated the position. These sub-contractors constituted a new class of claimants, who pursued with great energy the execution of the contracts, from the fact that the Co. found great difficulty in fulfilling them. It was evident that the Immobilière had not executed and could not execute the obligations contracted. The demands for damages and interest to a large amount of the English Co. and the subcontractors could then with difficulty be opposed. … We find that the English Co. is in possession of a convention of which it preserves the execution, and by which the Immobilière is bound to make it 20,500,000f. of advances, and to raise 21,000,000f. of mortgages.“

In speaking of the property of at Paris the Report estimates the value of the Hotel du Louvre and the Grand Hotel at 40,000,000f. from the revenue they produce.

With respect to the Liabilities it says that the capital is composed of 160,000 shares of 500f. entirely paid up, and that the debentures are 232,672 of 3 P.Ct., and 19,540 of 6 P.Ct.; that the debt of the Credit Foncier is for mortgages, and that as to that of the Credit Mobilier it is a question whether a reduction cannot be demanded, on account of „the excessively high rate of commission and interest“ with which the Immobilière is charged

Opinion of Count de Germiny. (appointed by the Gvt. as President of the Co after the retirement of the Pereire) advices avoiding legal proceedings, and to obtain from the exdirectors an „important sacrifice“ which would constitute „the basis of reparative combination“. He found zealous cooperation from some of the exdirectors; but others have given a categorical refusal oder unmögliche conditions gestellt. Doch hofft er still on settlement. If he succeeded, propably probably proposal would be made to amalgamate Immobilière mit dem Credit Mobilier. On Bourse durch diesen Report Immobilière went down 90 fcs.



December 12, 1868.

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The Economist, 12. Dezember 1868. S. 1412–1414.
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Prof. Jevons: Amount and Condition of the Gold Coinage.  Zusatz von Marx.
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(Verschleiß der Goldmünze.)

At last meeting of the „Statistical Society“ this paper read by Jevons. His main conclusion summed up in these words:

„There is a mass of about 20,000,000 of light sovereigns and 5 or 6 Mill. £ in value of half-sovereigns circulating in defiance of the law. This light coin forms almost a third part of the sovereign circulation and nearly a moiety of the half-sovereign circulation; but being unequally distributed we find that in some of the agricultural districts the proportion of light sovereigns rises to 44 P.Ct. The average of deficiency of the sovereigns is fully ·53 P.Ct., or more than 10s. in 100£, while the half-sovereigns are depreciated more than twice as much, or about 24s. in 100£.“

The first branch of the inquiry relates to the amount of the coinage. … The most approved plan has been to assume the probability of a certain amount of coin being in circulation in a given year, add the ascertained amount of coinage from that time, deduct the amount exported and cancelled for lightness, and so arrive at an approximation to the truth. Jevons has applied it with great care to a new subject.

What Jevons proposed was, to find out the proportion of coins in circulation belonging to each year since |81 1817, when the previous coinage was called in. Though it would not be possible by this means alone to arrive at the amount of the circulation, it would be possible to say what proportion of it was derived from the mint-issues of recent years; and this would furnish the means of arriving at the truth. The amount of recent coinage probably circulating may be guessed at with some accuracy, and having previously ascertained its proportion to the whole coinage we may know what the whole is too.

Jevons distributed a circular letter and blank form to a number of bankers and other gentlemen, requesting them to take out one or two hundred sovereigns at random from those received in the ordinary course of business, and count the number of each year. He thus got statistics from every great centre of population in the country, and from every variety of district – 321 returns in all relating to 213 distinct towns and localities; and he received unexpected assistance in his plan. The gentlemen to whom he applied went beyond his requirement; The Governor of the Bank of Scotland procuring an enumeration of 48,647 coins at the various branches of the bank, and the General manager of the London and Westminster Bank a similar complete return for his district. Altogether he received an enumeration of 90,474 sovereigns and 75,036 half-sovereigns, a total of 165,510 coins. The result is stated in an elaborate table, showing on the data thus obtained the proportion of 100,000 sovereigns and half-sovereigns belonging to each year; but the principal conclusion for the present purpose is that „out of every 100,000 sovereigns now in circulation, 18,671 sovereigns are found on an average to bear the dates 1863 and 1864.“ The proportion varies in different localities; but after drawing up many averages, he had found this to be near the truth. According to the plan of procedure this result brings us very near the end. The proportion of the whole coinage of sovereigns to that part of it bearing the date of 1863 and 1864, being as 100,000 is to 18,671, or as 5.356 (51/3) times greater, we have only to ascertain what the circulating coinage of those years (1863 and 1864) is, and multiply by 51/3, to find out the total amount of the circulation.

This last step is easily performed. The coinage of sovereigns of 1863–64 was £14,578,000, but of this amount £600,000 at the date of the circulation were lying in bags as received from the mint – had never passed into circulation at all. The quantity of 1863–64 sovereigns circulating cannot therefore exceed 14,578,000l. minus 600,000l., or just about 14,000,000l; the whole circulation of sovereigns cannot exceed 51/3 times 14,000,000l., or in round numbers £75,000,000. A similar calculation for half-sovereigns shows that 12,819 out of every 100,000 are of the coinage of 1863–64, or about 1/8 of the whole coinage. As the coinage of those years amounted to £1,565,000, the total number of half-sovereigns cannot exceed 8 × that amount (or, exactly, 7.8 times), also nicht 24,000,000 in Number or £12,000,000 in Value.|

82
Maximum of whole Gold Coinage in U. Kingdom.
Sovereigns in Circulation £75,000,000
Half Sovereigns 12,000,000
Coined but not circulated 3,500,000
Total £90,500,000

The real figure must be considerably below. Although 14 Mill. £ of the coinage of 1863–64 passed into circulation, some portions of it must have been exported or melted; and every deduction necessary on that account must be multiplied by 51/3, and deducted from the above total. Now the export of coin in 1865, 1866; 1866, and 1867 was £8,664,653, and it may be safely assumed that the export of the 1863–64 coinage corresponded in amount at least to the proportion of that coinage to the whole coinage; it may have been greater, as exporters prefer the newest and heaviest coinage, but it cannot well have been less. In other words as the sovereigns of 1863–64 form about 1/5 of the sovereign currency, they must at least form 1/5 of the above exports. We have thus to deduct l,750,000l. from the 14 Mill. £ of 1863–64 coin which passed into circulation, giving 12,250,000l. the figure which we must multiply by 51/3 to arrive at the total amount of sovereigns in circulation. This would yield 65,600,000l., but reducing this a little for the sake of round numbers, Jevons gives the following as his final estimate:

Gold Coinage in U. Kingdom.
Sovereigns in Circulation £64,500,000
Unmixed Sovereigns (i.e. coined but not circulated) 3,500,000
Half sovereigns 12,000,000
Total 80,000,000

Even this is a maximum figure, for the extent to which the heaviest new coins are melted (erst selected für that purpose) by the most respectable capitalists and bullion dealers cannot be calculated, though the practice is known to prevail. Aber even so, this estimate considerably less than the lowest of the most authentic estimates previously made. The most important that of Newmarch , in one of his appendices to Tooke’s „History of Prices“, applying the old method. His figure for 1856 was 75,000,000l., and would now be 94,000,000, 14 Mill. £ in excess of the one now made.

Prof. Jevons concludes this part of the subject by an estimate of the whole circulating medium in the country, deducting from the note circulation the amount which merely represents gold.

Estimate of the Whole Circulating Medium in the Country.
Gold Coin £80,000,000
Silver Coin 14,000,000
Copper Coin 1,000,000
Bullion (say) 15,000,000
Notes issued by Bank o. E. on securities 15,000,000
Issues by other English Banks: £5,000,000
Specie to be subtracted: £1,500,000 3,500,000
Scotch and Irish Issues: £10,000,000
Specie to be subtracted: 4,500,000 5,500,000
Total £134,000,000

The second branch of the inquiry relates to the condition of the coinage – the practical question being how large a portion of the coin in circulation are under legal tender, and how much the deficiency is. To obtain a conclusion on this point Jevons weighed singly, upon a delicate chemical balance, 434 Sovereigns and 178 half Sovereigns drawn from the ordinary circulation at Manchester. He finds the Average Annual Wear of the |83 Sovereign to be .043 grain (43/100) or .00276 grammes. As the coins when issued weigh 7.9871 grammes, and cease to be legal tender when they fall below 7.9379 grammes (122·5 grains), about 18 years will suffice to reduce a sovereign on the average below its legal currency. Age and weight of every sovereign will of course not correspond, for some are coined heavier than others and the wear is different, but the average is true. „It would“, says Jevons, „be hard to name a subject in which reasonings by average may be more safely trusted than the present, because the coinage consists of an immense number of pieces which are constantly circulating through every part of the country and in every kind of business.“ Having thus settled the average annual loss and knowing the average weight of issue, Jevons has the means of calculating from the first table he prepared how many of the coins now in use are under legal tender and what the deficiency in those coins is. As to what are under legal tender the calculation simply is that as a coin falls below legal tender in 18 years the proportion of sovereigns in circulation of a greater age than 18 is equivalent to the proportion of illegally light sovereigns. The proportion of coinage of a greater age than 18 being 31.5 P.Ct., it follows that this is also the percentage of the light to the total coinage. In 1840 and 1841, when there was a partial recoinage, the proportion of light gold did not rise of 25 or 28 P.Ct. There is an extraordinary difference of age between the sovereigns in the Bank of England and those outside it. The Bank being rigorous in cancelling light gold, light coin avoids it.

Return of 1,000 Sovereigns in Bank o. England, and in London and Westminster Bank.
Bank of England. Per Cent London and Westminster Bank per cent.
Coined in 1817–1819 0.0 .2
1820–1829 .4 6.9
1830–1839 .2 7.7
1840–1849 2.3 18.7
1850–1859 23.5 30.3
1860–1867 69.1 33.6
Australia 4.5 2.6
Total 100.0 100.0

There is a general complaint of the lightness of the coinage. In the following estimate the percentage determined by weighing except in the places marked with an asterisk:

Per Centage of light coin in the following places.
Sovereigns P.Ct. Half Sovereigns P.Ct.
*Ballyshannon 25 50
Birkenhead 63 66
Buckingham 57 48
Dartford 65 48
Dublin 47 48
*Dundalk 25
*Dundalk 20
Farnham 56 74
*Halifax 25
Lampeter 15 87
Leominster 29 58
Liskeard 38 30
*London 62 70
London 66 88
*Liverpool 50 50
Nenagh 23 49
*Norwich 70 70
*Ramsgate 66
Wells 75 94

The result is curiously illustrated by tables which Jevons gives as to the age of the coin – showing that the coin is newer in the manufacturing and mining districts, and that the proportion of old coin increases as we pass in the agricultural districts. The motion of the coin is mostly indiscriminate, but there are prevailing currents such as those caused by the influx of tourists into Wales and North Scotland. The main current however is produced by the habit of dealers in cattle and farm produce to make payments in gold, which is the cause of the influx of coin into agricultural districts. The consequence of this is that as the imports of those districts are likely to be paid for in draughts gold tends to accumulate in them, and it becomes necessary from time to time for the local banks to make remittances to London. But very naturally the banks select and remit the heaviest coins so as to avoid the loss on light gold which they are obliged to receive in the regular course of business. Notwithstanding, this „sieving and picking“ which is constantly going on, Jevons has unquestionable information that in the year ending 30. Sept. 1868, one large banking establishment lost on its light gold no less a sum than £6,716, in addition to „a large loss in interest on the stock we keep, so as to avail ourselves of any opportunity of placing the coin in circulation.“

Assuming that on the average all the deficiency on coin since 1850 is covered by the allowance for wear, it is found that the deficiency on the earlier sovereigns amounts to 307l. in 100,000l., or nearly 1/3 P.Ct. This would give a total deficiency to be made good of 200,000l. The proportion of deficiency in halfsovereigns is greater. The average life of a half sovereign as legal tender is only 71/2 years; but taking 10 years as a safer figure it is found that this gives a proportion of 47 P.Ct. as light, or 53/4 millions out of 12 Mill. The actual amount of the deficiency in coins which are not legal tender is 100,000l. Altogether the recoinage necessary will be |84 20,300,000l. in sovereigns and 5,700,000l. in halfsovereigns, on which the loss will be as stated – 200,000l. and 100,000l. respectively. Hence:

Total Probal Expense of Recoinage:
To make up deficiency of weight: £300,000
Dt. Dt. of fineness 7,000
Mint expenses 41,000
Total 348,000

Folgende Table is the Basis of Jevon’s calculation:

Sovereigns Half Sovereigns
Year of coinage Number issued from Mint. (000’s omitted.) Number existing in 100 Sovereigns circulating Number issued from mint. (000’s omitted) Number now existing in 100,000 Half Sovereigns circulating
1817 3,235 198 2,080 384
1818 2,347 8 1,030 136
1819 4 1 3
1820 932 308 35 43
1821 9,405 738 231 8
1822 5,357 485 8
1823 617 87 224 35
1824 3,768 334 592 167
1825 4,200 1,239 761 247
1826 5,724 2,201 345 181
1827 2,267 915 492 172
1828 386 38 1,245 430
1829 2,445 1,057 4 12
1830 2,388 843 11
1831 599 428 1
1832 3,737 1,718 8
1833 1,225 645 16
1834 15 134 4
1835 723 340 773 542
1836 1,714 937 147 113
1837 1,173 1,080 160 148
1838 2,719 750 273 245
1839 504 223 1 53
1840 8 67
1841 124 109 509 774
1842 4,865 3,057 2,223 4,654
1843 5,982 3,298 1,252 1,277
1844 3,000 1,918 1,127 2,796
1845 3,801 2,178 888 645
1846 3,803 1,987 1,064 2,395
1847 4,667 2,797 983 897
1848 2,247 685 411 885
1849 1,755 898 845 1,912
1850 1,402 1,285 180 438
1851 4,014 1,756 774 1,649
1852 8,053 4,082 1,378 2,559
1853 10,598 6,536 2,709 8,400
1854 3,590 2,277 1,125 253
1855 8,448 4,020 1,120 7,606
1856 4,806 2,831 2,392 4,374
1857 4,496 3,200 728 2,804
1858 803 1,060 856 2,412
1859 1,548 1,565 2,204 9,561
1860 2,556 3,070 1,131 4,185
1861 7,625 5,226 1,131 4,438
1862 7,836 7,005 550
1863 5,922 8,202 1,372 5,281
1864 8,656 10,469 1,758 7,538
1865 1,450 1,437 1,835 9,005
1866 2,774 7,542
1867 63 1,054
Australian 1,619 1,078
100,000 100,000

December 26, 1868.

Aus:
The Economist, 26. Dezember 1868. S. 1470–1472.
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Rates charged in Ireland on a main line.

d.
1) Grain 11/4 per ton per mile
2) Drink 13/4
3) Salt provision 13/4
4) Pitwood 03/4
Cut timber 11/4
5) Artificial manure   Marx vergaß diese Angabe. Daher rutschten die restlichen Angaben in der Spalte jeweils eine Zeile hoch.
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[11/4]
6) Groceries 21/2
7) Bale goods, including wool 21/2
8) Bricks, Tiles, slate, Stone 03/4
Drain pipes 13/4
9) Iron castings and machinery 21/2
Iron agricultural Implements. 41/2
10) Potatoes 11/4
11) Coal and Coke 3/4 d to 1d.
These charges often the highest the Co. can by law make.|

85

Aus:
The Economist, 26. Dezember 1868. S. 1473/1474.
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The Difficulties of American Finance.

Johnson, the President, in his message: proposes to pay off the debt and interest, by paying the interest alone for 161/2 years.

By Act of Congress of 1867 adopted against the open remonstrance of the Secretary of the Treasury, a large part of the internal revenue was sacrificed. No deficit yet, but the process of diminishing debt arrested.

Last financial year ending 30. June 1868. (3s. berechnet = 1$.)
Revenue. Expenditure.
Customs £24,669,000 Civil Service £9,002,000
Lands 201,000 Pensions and Indians 4,182,000
Direct Tax 268,000 War Department 18,487,000
Internal Revenue 28,663,000 Navy Department 3,866,000
Miscellaneous Sources 7,042,000 Interest on Public Debt 21,064,000
Total 60,843,000 Total 56,601,000
Surplus. 4,242,000.

At this rate of surplus it would take a very long time indeed before the American Debt was discharged. But the real situation not so good as this. The law which diminished the resources of the Treasury was not passed till 31 March, 67. Its effect will be only seen this year. What that effect is may be gathered from:

„The Secretary’s estimate for the year ending 30. June, 1868 1869, based upon the Actual Return of the first Quarter.“
He got in 1867–68 £60,843,000
Now expects according to the altered laws 51,209,000
Difference: 9,634,000

He expects a small surplus, by estimating the expenditure at £50,422,000, which is a mere hypothesis.

Sum actually spent in first quarter of the year £15,772,000
If remaining quarters proportionally, the total will be 63,000,000
On a revenue of £51,209,000 this would leave Deficit of 12,000,000
If the Expenditure was as that of last year 56,601,000 Deficit would be 51/2 Millions £.

The Situation made still plainer, if, as Secretary does, observed the:

Rapid Diminution in the great Branch of Receipt, the Internal Revenue.
Year ending June 30, 1866 £46,384,000 from Internal Revenue
1867 39,904,000
1868 28,663,000
1869 part estimate 20,810,000

Descent from 46 Mill. £ to 20 Mill. in 3 years is very great and upsets every calculation. Partly there are great difficulties in Collection and the complaints of the Department are very loud; but partly also, as by the measure of last year, part of the war taxation deliberately thrown off by the American people. Still the pressure of the remaining taxation is still severe. The yield of the Customs has been stationary.

Yield of the Customs
Year ending June 30, 1866 £26,856,000
1867 26,462,000
1868 24,669,000
1869 part estimate 26,201,000

This is not the statement of a progressive country. Probably the increasing skill of smugglers keeps the revenue down and hides the real progress made – the tariff likewise growing more and more prohibitive; but there is also great depression, as the complaints about ship building and other trades prove.

American Industry suffers because of an irredeemable currency, which causes fluctuations in prices and consequent uncertainty in performing contracts. McCulloch wishes to get rid of this irredeemable currency, suggesting last year the contraction of the currency till it equals gold in value. That suggestion was scouted. His idea now is to make contracts to pay in coin, as well as „in lawful money of the U. St.“ permissible. In practice it is hoped this would lead to the abandonment of irredeemable paper.

The interest of the debt is out of all proportion excessive when the position and resources of the State are considered. It would be a great gain to pay less. But credit of U. St. bad, mainly through fear of repudiation, especially through the fear that the principal of certain debts will be paid off in depreciated currency. McCulloch verlangt daher a declaration of the Legislature, that the principal shall be paid in „that currency which is alone recognised as money in the dealings of nation with nation.“ It is the height of folly to go on paying a burdensome interest for 17 years for the sake of paying off a smaller sum in principal at the end of that time. Repudiation loans in the future.

Johnson, in his message, directs attention to the circumstances under which high rates of interest were agreed to. He dwells on the huge profits of the capitalist who holds obligations for 300 and 400 P.Ct. more than the U. St. received. He represents America as paying tribute to the foreigner, and national debts as characteristic of monarchies.

Even McCulloch speaks quite frankly of the people of the West being „more sensible of the burdens of Federal Taxation than are those of the Eastern States“, because few bonds are held in the former.|

86

The recent declaration of the House of Representatives passed in consequence of the President’s proposition:

„That all forms and degrees of repudiation of the national indebtedness are odious to the American people, and that under no circumstances will their representatives consent to offer the public creditor as full compensation a less amount of money than that which the Gvt. contracted to pay him.“ … this does not settle the grave doubt about the 5-20’s – the dispute as to what money, whether coin or greenbacks, the principal is to be paid in.

Aus:
The Economist, 26. Dezember 1868. S. 1477/1478.
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Paternal Landlordism.

M. A. Shelton (dieser case a few days since before the Birmingham Bankruptcy Court), having become bankrupt, applied to pass her last examination and for an order of discharge. She was somewhat sharply examined by her assignee, who, as her and her late husband’s attorney, had become her creditor, as to her disposal of some ewes and lambs, and some cows, which it appeared she had given to her children. Paternal system of landlordism in the Midlands. Her husband had died some time ago, and since his death she had been struggling to maintain her family by the occupation of the farm. „We were there 40 years”, she said, „and we did everything – buildings, gates, and everything on the farm; for it was like an uninhabited place when we went there; and we never got a farthing for all we had done. My poor husband said on his dying bed: I am sorry for you. I have been working all my lifetime for the Squire, not for you and my family“. Those were his dying words.

She said: „Only 6 years ago all the land wanted draining and we had to do it all, except just putting the tiles in. Then my poor husband lay ill 11 weeks, and we never had the least transactions of any kind, and I had to sell my beasts and pay some debts directly after his death. Then I had half a years’ rent and above 170l. odd to pay. I was obliged to sell my stock and I paid all that off. Then at the latter end of the year I had another rent to pay, and then they sent me out of the farm without a farthing for all we had done upon it. There was not anything in the world on it but what we built ourselves – we improved the land as well as the building. We built a lime-kiln, and we bought all the manure round that ever we could get … . After the death of my husband it became time to sow turnips and oats. The landlord said he would enter an action against me if I sowed oats, and I did not do it. He said he would take the ploughed land to himself at Michelmaas, and I did not expect to pay rent after that. He took the ploughed land at Michelmaas, and charged me with with rent to Ladyday.“ Und wegen dieser lezteren rent after the land was given up, erzwingt der Squire noch adjournment des Verfahrens vor dem Bankruptcy Court.|


87

Inhaltsregister für 1868 Jahrgang. („Money Market Review“ und „Economist“.[)]

I) U. Kingdom.

  • 1) Money Market, Bank o. E. etc, Currency. Exchange.
    • Movement at Bank o. England and Clearing House. 1868. (p. 3–10) Notes to same. (13–18)
    • Capital of Bank o. E. (44) Profits of (29) Joint Stock Banks Profits und Rate of Discount (23, 28) Banking Progress, First Half Year ’68 (39)
    • Money Market. Anfang 1868 (59) March (64) October (47, 48) August. Alleged Influence of French Loan (78)
    • Bank Act. 1844 and Gold Export. (4 41)
    • Changes in Rates of Discounts. Action and Reaction. (50) 28 Nov. und Dec. 5 (54)
    • Annual Average Minimum Discount Rates of B.o.E. (42)
    • Influences of Prices of Articles on Money Market (65)
    • Gold, Silver, and Copper coined 1853–’67 (75)
    • Gold Imported und Exported. U. Kingd. 1858–1867. (75)
    • Worn Coin (31)
    • Seignorage on Coin (46)
    • Amount and Condition of Gold Coinage in U. Kingd. (Jevons) (80–84)
    • Foreign Settlements on London Stock Exchange. (53)
    • Negotiations of Foreign Bills of Exchange in London (65)
  • 2) Crisis of 1866 und Nachwirkungen.
    • Das Jahr 1867. Bullion movement. (42) Rate of Discount (19) Dates of ’67 (21) Silk. Agricultural Implements. (22) Its Commercial etc aspects (19) Alterations in values of securities (20, 23)
    • Causes of Present Depression (22, 25), Influence of Commercial Depression on Railway Revenue (44, 45)
    • Crisis of ’66 und Nachwehn. (31) Fall of Revenue ’68 (70)
    • Panic and investments. (40) Market Value of Financial Co’s. Shares (33–35)
    • Fall in Prices since ’66. (59)
    • Nature of Commercial Crises. (61) Agra and Masterman’s Bank (40)
  • 3) Commercial Morality.
  • 4) Railways.
    • State Control (21)
    • Caledonian (21) (28, 29) Accounts. Ersatz des Verschleisses (24)
    • Midland Rail. Börsenmogelei und Directors. (24)
    • Brighton Railway Verschleiß von steamers (25) Falsification of Accounts. Working Expenses (34) Wear and Tear (31) Paying weight, dead weight (28) Construction and Management (31) Steel and Iron rails. (26)
    • Patterson: Railway Finance (27) (29)
    • Railway Trains. 1866. (25, 30)
    • Capital of Railways in U. Kingd. 1866 (24, 42) in 1867 etc (55, 56)
    • Bird: Railway Accounts. (27) Estimate of intrinsic Value id. (38, 39) Railways Accounts defended durch Saturday Revue (27)
    • Railway Profits. Delusive Gvt. figures. Their Competition. (22)|
    • 88
    • Railways, 1845–46. Hudson. (37, 38)
    • Banks and Railway Cos. (24) Lawyers and Rail. (24)
    • Chatham, Lond., Dover and Landed Property (45)
    • Rates charged on goods in Ireland on a main line. (84)
    • New Act of ’68 (41)
    • Injuries from vibration und smoke of Railways (34)
  • 5) Cotton.
    • Cotton Prices 1866, ’67, 68 (28) Manchester Trade Circular Jan. 1868 (27)
    • Import, Export. 1867. (30)
    • Market 1868 (32, 43, 48, 49, 50, 56)
    • Cotton in U. States. (57, 58)
    • Cotton Statistics Bill. (35, 37, 40, 68)
  • 6) Wheat.
    • Importations. 1868 (43) Imports ’66, ’67, 68 (53)
    • Average Cornprices. (67)
    • Sources from which U. Kingd. draws wheat. Rangliste der in U. Kingd. wheat importirenden Ländern changed in last years. U. St. Russia. Germ. (71, 72)
    • Contract price per cwt. for Bread. Board of Guardians of Whitechapel 1864–68 (73)
  • 7) Notes on Trade. (facts, Statistics)
    • Board of Trade Returns. (29, 31, 40, 44, 48)
    • Foreign Trade. First Half Year ’66, ’67, ’68 (43, 52, 53)
    • Imports, Exports ’68. (62)
    • Wool Trade. Oct. 68 (45)
  • 8) Land
    • Freetrade in. (Fawcett) (58)
    • Rent and Value of Land. (60)
    • Peasantry Proprietors. (61, 62)
    • Ownership and Occupation of land (72, 73)
    • Paternal Landlordism. (86)
  • 9) Wages, Pauperism, Unions etc. Incomes, Taxes etc.
    • Insolvency of Trades’ Unions. (69)
    • Bonus System (68, 69) Industrial Partnership etc (71)
    • Meeting of Ironmasters. Reduction of Wages. (66)
    • Collieries. Insurance (56)
    • Pauper Expenditure in Metropoles since 1863. (68)
    • Labor of Superintendence (Venezuela) (38)
    • Bill for abolishing Houses unfit for human habitation. (70)
    • National Income. (Dudley Baxter) (26, 27)
    • State Revenue and its sources. (51, 52) The Succession Duties. (60)
  • 9) Miscellaneous.
    • Fires and Incendiarism. (58)
    • Council of Foreign Bondholders (49)
    • Conversion of Iron into steel. (46, 47, 49, 50, 54, 56)
    • Annual Rate of Mortality U. K. 1867 (60)
  • 10) Ireland.
    • Income Tax (39)
    • Emigration. Wages etc (67, 68)
    • Annual Report of Poor Law Commissioners 1852–1867 (74)

II) Italy:

Deficits (24)

III) Russia:

Railways. (75, 76)

IV) Belgium:

Coal Export. (66)|

89

V) France.

  • Movement of Bank of France (11, 12)
  • National Debt. (36) Le Bilan (65) Cochut on French Finance (70) Einhorn (71)
  • French Budget. (61)
  • Subscription to New French Loan (68) (78) Ditto Correspondence von Aug. 22 darüber (78, 79)
  • French Railways and Gvt. (70, 71)
  • Gvt. and Messageries Impériales (38)
  • Calls of Companies in 1866. (59)
  • Credit Mobilier und Immobilier (61, 68, 76, 77, 79, 80)
  • Jecker Bonds. (76)
  • Vidal. Internat. Rouen (79)
  • Trade. 1866. (63)
  • Imports and Exports of Precious Metals. ’67 (63) First 6 Months ’68 (77) Countries of Import of Precious Metals and Export from France during same time (79)

VI) Un. States.

  • Finances on 1st Jan. 68. (26) Report of Wells. (62) New Act of ’68 (66) Difficulties. ’68. McCulloch’s Report. (85, 86)
  • U. St. Debt (35)
  • Currency. (27) Premium on Gold (47, 48)
  • Decline in Trade. Depression in Industry (28, 40, 54, 60, 61)
  • West Wisconsin Railway and Land (38)
  • Pacific Railway (40)

VII) India.

  • Exchanges. Past and Present. (20, 21) Currency of Sovereigns etc (56)
  • Indian Trade during last 15 years (31) Indian Trade ’68 August (40)
  • Irrigation (36, 37, 50, 52, 54)
  • Indian Railway Financial Aspect (41)
  • Indian and American Cotton. (65)

VIII) South African Goldfields. Colony of Natal. (43)

IX) Australia.

  • Australian Trade (34)
  • Cultivated Land (43)
  • Annual Surplus of Sheep and Cattle (66)
  • Gold for 10 years ending 1867 (39) Yield of Goldmines. Victoria (66)
  • Ballarat. The City of Tents (57)


[Kommentar zu George Joachim Goschen]

Unter den Gründen, die Goschen im folgenden Buch für Versendung des Goldes aus einem Land ins andre giebt, ist ein sehr wesentlicher ausgelassen.

 Die folgende Übersicht überträgt Marx aus seinen in „Heft II. 1869“ angelegten Exzerpten aus Feller/Odermann: Das Ganze der kaufmännischen Arithmetik. Eine solche Übersicht befindet sich allerdings nicht in dem Werk von Feller/Odermann, sondern Marx stellte sich mit ihr an verschiedenen Stellen des Werks vermerkte Angaben selbst zusammen. Siehe „Heft II. 1869“, S. 17.
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Im Jahr 1859 (noch in Frankreich und in Preussen, I suppose) war das

durchschnittliche Handelswerthverhältniß von Silber : Gold = 1 : 15,338.
Gesetzliche Verhältniß in Preussen = 1 : 15,692 zu hoch Gold =  Feller/Odermann: Das Ganze der kaufmännischen Arithmetik, S. 314: 2,32%. Marx übernimmt hier den Abschreibfehler aus seinen Exzerpten aus Feller/Odermann: Das Ganze der kaufmännischen Arithmetik („Heft II. 1869“, S. 17).
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2,23%
Gesetzliche Verhältniß in Frankreich = 1 : 15,5. zu hoch Gold = 1,07%.

Es kann also Gold nach Frankreich verschifft werden (resp. Preussen), um dort Silber zu kaufen, mit einer Prämie von 1,07% im ersten, von 2,23% im 2. Fall. Unter welchen Umständen dieß mit Vortheil geschehn kann, hängt, selbst bei ungünstigem Wechselkurs für Frankreich mit z.B. England, Preussen davon ab daß die Differenz des Wechselkurses + Spesen der Verschiffung etc unter 1,07% in einem Fall, 2,23% im andern Fall steht. Die Verschiffung wird natürlich nur eintreten, wenn England Silber braucht, z.B. für Ostindien. Jedoch kann der Engländer bei günstigem Wechselkurs Wechsel nach Frankreich schicken, dort Silber dafür sich zahlen lassen.|

90

Aus:
George J. Goschen: The Theory of The Foreign Exchanges 7. Ed. London 1866.
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George J. Goschen: The Theory of the Foreign Exchange. 7th edit. London 1866.

Ch. I Definition:

Einfachster case: If the aggregate sums owing by any two country countries to each othere other were absolutely equal, that is, equal in amount, coincident as to the period fixed for settlement, and, payable too, in an equal or identical currency. (4) The fluctuations which actually take place index of the inequalities which exist in the indebtedness of different countries, inequalities either in the amount of their liabilities or in the time within which payment must be made or in the relation of the currency of one country to that of another. (4, 5) Z.B. in Exchange zwischen 2 Ländern, wo different Geld (Gold und Silber) und ausserdem all the other inequalities: »To establish the equality between the two sums, it would be necessary to take into account the relative value at the time of gold to silver, the amount of interest which would be lost by waiting 3 months, and the amount of risk which would be run by receiving a piece of paper representing a promise to pay 3 months hence in exchange for cash paid down.[«] (8)

Relative indebtedness (of different countries) remains the first and most material element. (8) Dann »to consider the form which this indebtedness assumes when the time of settlement arrives and when the floating debt is fixed in bills of exchange.« (9)

Ch. II. International Indebtedness

The exchanges are exchanges of claims or debts. (11) Die mutual indebtedness results »not so much from the exchange of their respective produce as from the relative totals of all the amounts expended by each upon the other, whether in payment of produce and manufactures, or for the purchase of shares and public securities, or for the settlement of profits, commissions, or tribute of any kind, or for the discharge of the expenses incurred in foreign residence or travel: in fact from the entire payments (or promises to pass pay) which pass between the respective countries«, also die resp. »liability … whatever its origin may be«. [(12)] Eine Rolle bei »a great shipping nation« spielen die »freights«, zahlbar an sie durch other nation. (13)

»Foreign Loan … will tell against the balance, not of the borrowing country which receives the loan, but of the lending country which supplies it.« (13) At the time when it is contracted, it acts with the same force as an export upon the country which borrows, and with that of an import to the country which lends. (13) In fact, the borrowing country exports its securities, which are imported by the lending capitalists, and thus, with regard to the balance of trade  Kommentar von Marx.
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⦗sollte heissen with regard to the balance of payments
a foreign loan is equivalent to an increase of exportation. (13, 14) Russland has more than once »recourse to a loan« to readjust the balance. (l.c.) Andrerseits, eine reiche Nation, die die balance of trade für sich hat »often restores the equilibrium by becoming the speculative purchaser and importer of loans and stocks and securities of all kinds; her manufactures are repaid by railway debentures, and the sums which other countries [expend] on the commodities with which she supplies them, she in her turn expends on the Stock Exchanges of foreign capitals. … the balance of trade is immensely affected at such times, when any great speculative mania for foreign securities springs up.[«] (14, 15)  Zusatz von Marx.
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Aber, sagt dieser Spekulant,
»foreign stocks are often far more adapted for re-exportation than manufactured goods or produce, on which the charges of shipment or reshipment are infinitely heavier.« (15) Bei der »relative indebtedness or the balance of trade between two countries … the permanent debts of one country to another do not enter into consideration, – at least, not until the term of payment has arrived; the balance of trade depends upon the transactions which have to be settled, not upon those which by common consent are held in abeyance by a long term of years. (15) With the exception of the interest (z.B. on the American) on these securities, this consolidated indebtedness (Amerika’s gegen England z.B.) exercises hardly any influence on the floating indebtedness.« (p. 16) The balance of trade may be entirely against England, though the amount of American securities in English hands should immensely exceed that balance. (16)

The case of the coupons attached to such stock is very different. The interest which they represent is a constant and important feature in national indebtedness. It constitutes an immediate liability incurred by the borrowing country; it is expenditure in favour of a foreign creditor. … A rich country with an annual income of interest from other nations, is able, as far as this income goes, to pay for an equivalent excess of its imports over its exports. (16, 17) So mit England gegenüber den andren countries. (17)

Ferner: Effect of profits and commissions on the mutual liability of nations. (17) Z.B. freights earned by the ships of various countries; the country which becomes the carrier of others, thereby establishes claims against them which it can pay for its importations for from them … An exclusively maritime country could discharge its obligations to other countries which supply it with necessities, simply by becoming their carrier without exporting any produce or manufacture to them in return. (18)

Ebenso Commissions. Früher als London »emporium of goods for Foreign markets, and English merchants supplied the greater part of the Continent (which was itself in no direct trade with India or America) with cotton, coffee, sugar, tea – in fact, with all the produce of the East and West Indies, – the commissions and profits on this intervention … important element in the income secured to the nation from foreign sources.[«] (18, 19) Aber »tendency of the age, which is constantly bringing the producer and consumer into closer and more direct connexion by eliminating middle men and intermediate profits, is likewise exhibited in the fact that the Transatlantic and Indian producer is brought more and more into immediate connexion with the continental consumer. At present the continental shipowners and merchants make their importations from most producing countries direct, thus emancipating themselves from the London market, though not entirely from London banking facilities. The interest and commissions … still paid by almost every country to English capitalists, … a noticeable element in the revenue by which England is enabled to discharge her enormous foreign liabilities.« (20 19)

Expenditure in travelling or residence abroad: ([19,] 20) In der Art exportirt Rußland jährlich many millions £ St.  Zusatz von Marx.
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(und England!)
»The bills drawn by the travelling princes on their St. Petersburg bankers affect the exchanges precisely with the same force as bills drawn on St. Petersburg for the champaign sent thither from France.[«] (20)

Ferner Exchanges afficirt durch: [»] Import duties, transit dues, and the whole range of Gvt. imposts. … Expenses of armaments to distant regions, especially the regular expenditure of ships of war at foreign stations.« (20)  Kommentar von Marx. Marx exzerpierte William Blakes Untersuchung über den Wechselkurs „Observations on the Principles which Regulate the Course of Exchange; and on the Present Depreciated State of the Currency“ (London 1810) 1850 im Londoner Heft II (MEGA² IV/7. S. 115–127) und resümierte seine Exzerpte anschließend in „Bullion“ (MEGA² IV/8. S. 41–45). Er notierte dort, dass für Blake Regierungsausgaben im Ausland einen Einfluss auf die internationalen Verbindlichkeiten nehmen (MEGA² IV/7. S. 116/117; MEGA² IV/8. S. 41/42). Marx exzerpierte 1851 im Londoner Heft IX auch William Blakes Schrift „Observations on the Effects Produced by the Expenditure of Government During the Restriction of Cash Payments“ (London 1823) (MEGA² IV/8. S. 600–605 und 610–612), in der Blake zeigen wollte, dass von Vertretern der Quantitätstheorie des Geldes auf die Überemission von Banknoten zurückgeführte Symptome (wie gestiegene Preise) von Regierungsausgaben und neue Steuern hervorgerufen wurden.
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(Ueberhaupt Kriegssausgaben in Foreign Countries (sieh Blake). (Foreign subsidies (ditto Blake.)

Imports und Exports natürlich the first and principal element. (21)

 Kommentar von Marx.
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Auf die tributes von Foreign Countries (wie von Ostindien nach England) geht Goschen nicht weiter ein. Obgleich er andeutet the »involuntary tributes« (21)

 Kommentar von Marx.
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In einem Wort: Es ist gleichgültig was die Quelle der Schuld (oder vielmehr immediate liability) einer Nation gegen die andre as to their Effect on Exchanges.

Ch. III. Various Classes of Foreign Bills in which International Indebtedness is ultimately embodied.

Most international transactions are settled by a transfer of debts, through the medium of foreign bills of exchange. (23)

Practically, credit is given, in the vast majority of cases, previously to the drawing of the bills or the transmission of the remittances which are to settle pending accounts. … The knowledge that there is a certain balance owing, for which credit is given, but which will be ultimately called |91 in, acts, to a certain extent, upon the exchanges – jezt aber handelts sich um the »liquidation of debts which are becoming due, – in fact, the liabilities for which the time of settlement has arrived.[«] (24)

The debts between different countries, when they approach this time of settlement, are embodied, as far as possible, in bills of exchange; this mode of adjustment being universally applied, so far as the indebtedness of one country to others is covered by the liabilities of those countries to itself. (24, 25) An exchange made between the drawer or seller of the bill and the purchaser of the bill; the former ceding his claim on a foreign debtor against payment on the spot, and the purchaser remitting the bill to another foreigner to whom he is himself indebted. (25)

The greater portion of bills will represent exports of produce, besonders zwischen weit entfernten Ländern. The closer the countries, the more diversified and complicated are the transactions represented by bills of exchange. Between the continent and England there is a very large proportion of bills which represent the expenditure of foreign residents, drafts on their bankers at home, and encashments of dividends or other sources of revenue. There will be found innumerable bills based on the sales or purchases of stock, and large amounts which represent the transfer of capital from one country to another by way of giving effect to a public loan or a joint-stock undertaking. (26)

Few foreign loans are negotiated which are not accompanied by a certain issue of bills of exchange. Whenever the country which has secured a loan owes a balance on its general mercantile transactions, and is in want of remittances to cover it, bills may most conveniently be drawn upon the lending country for the amount of the loan thus contracted; for they will at once be eagerly purchased, in order to be remitted to the foreign creditors. In the contrary case, where there is no balance requiring settlement, a loan would generally be taken in specie. (27)

Bills drawn against freights which have become payable: a large item z.B. in Norway or Sweden. When they have remittances to make, they have considerable difficulty in finding any other bills than such as are drawn against wood (their chief article of export), or against the freights earned by their ships. They are hampered in their importations by the difficulty of making remittances in „acknowledged first class bills“. (27)

From the East Indies and China, where the chief articles of export are of great value, and where, from the necessity of large capital for bringing such valuable produce to market, the transactions are more than elsewhere concentrated in wealthy houses, the bills are to a great extent drawn in large amounts and on first class European firms: it is very usual to see bills of 10,000£, and the character of the bills is generally exceedingly good. The distance between the 2 countries, and the length of credit which the purchaser must accordingly give, make great caution necessary, and render it highly important that those on whom the bills are drawn should be persons of known Repute. (28) Dagegen zwischen Continent und England die bills of all possible amounts, oft sehr small und most mixed character. Viele transactions now in retail form. [(28)] Viele »on persons whom it is difficult to classify, and who belong to the lower strata of the mercantile community; on agents who have persuaded German manufacturers to trust them with the disposal of their goods, and on branches of small foreign establishments who wish to try the London markets; also on shopkeepers and milliners, and others quite beyond the commercial circle – in fact whose business brings them in any way into connexion with foreign goods.« (29)

American Bills in some respects like the East Indian bills. Generally based on cotton, drawn in large amounts, represent considerable mercantile transactions. But the trade between the U. St. and Liverpool being much more rapidly and easily managed than between England and India, and peculiar facilities for the conducting of the operations without capital on the part of either the exporter or importer being obtainable in the cotton trade, amongst many first class American bills there is also to be found a considerable number drawn on firms not known beyond their immediate circle, and who have no means of paying their acceptances except by the identical produce which is consigned them against such drafts. (29, 30)

The subject wird complicated, wenn es sich nicht um direct und immediate transactions handelt, sondern »that very large proportion of bills which represent indirect transactions, und others that do not represent any actual previous transaction whatever, at least in the sense of closing indebtedness.[«] (30)

Erstens: Transactions which represent a debt due to the drawer by a third party residing in a third country, of which the acceptor merely mediates the payment. F.i., teas shipped from China to New York are generally paid for by a draft of the exporter on a London merchant for account of the American importer. The exporter in China is paid by the price which is given him for his bill on London; and the acceptor looks for payment to the importer in New York. (31) This class of bills does not offer the same kind of evidence as others, as to the indebtedness of the country on which they are drawn; for the accepting country is a creditor. Of a third country for exactly the same amount as that which it must pay to the drawing country; and any estimate which might be attempted as to the liabilities of a country, based on the bills afloat upon it, which should omit the consideration of these acceptances for third accounts, would not fail to be erroneous. (31)

Z.B. consider at any particular moment the indebtedness between England and the U. States. Z.B. Die claims of America upon England so groß (from all sources together) that we should have to remit the balance in gold. Aber: How do the U. States stand as regards their imports from the East? are there not large sums running upon England for American account, which they have still to remit? Dieß möchte change the balance. (32)

Most other countries make London still their banking centre. Der East Indian produce shipper to America draws on London and not on New York; the New Orleans cotton exporter draws on London instead of on St. Petersburg for the cotton shipped to Russia. ([32,] 33)

Secondary cause: the credit granted by London bankers und the greater reputation of London houses. (33)

Primary Reason [»]the stupendous and never-ceasing exports of England, which have for effect that every country in the world, being in constant receipt of English manufactures, is under the necessity of making remittances to pay for them, either in bullion, in produce, or in bills. It may divert its produce to other countries, but the bills drawn against such produce will be sure to find their way to England. In other words, there will be a demand for bills on London bankers, and English bills will be more saleable than any others. There can be no exchange on any place to which remittances have not constantly and regularly to be made. And vice versa, when remittances have regularly to be made, an exchange is soon established, and the intervention of a mutual centre is not required. F.i., England exports fabulous quantities of Manchester goods to the East, and silver into the bargain, receiving in exchange tea and silk. But the tea and silk which England requires be less in value than the merchandise exported. How can the balance be regulated? The Americans export very little to China, but require more silk and tea from the Chinese than what they give them in goods. Consequently, the Chinese have a surplus claim on New York. This they transfer to their English creditors, to whom they are indebted for the surplus value of the goods imported from England over their own produce shipped to England; in other words they remit to their English creditors the bills drawn for American account, or instruct the Americans to send gold to England for the amount.« ([33,] 34) That the imports of England exceed their exports, does not invalidate  Zusatz von Marx.
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the present proposition. (34) It is the universal diffusion of English products, which tends to bring |92 about the result described. (35) England buys from, and sells to, almost every country in the world. Of other countries, A may import from B, but export to C; and if B and C are not in constant intercourse, A will not be able to pay B by giving him an assignment on C. However, A, B, and C are all commercially connected with England, and thus A can pay B by assigning to him a claim against England, which he himself has received in payment from C; or more simply, C draws a bill on England and remits it to A in payment, and A passes it on to B, who being in constant connexion with England, is in his turn easily able to use it. (35)

Wo regular und constant interchange of imports and exports between two countries … intervention of England nicht nöthig. Z.B. Java und Holland, New York und Bremen, Rio Janeiro und Hamburg: Hamburg. Formerly, when Germany was farther behind England in her exports than she is at present, the New York Houses paid themselves for their shipments of tobacco or other produce to Bremen, by drawing for Bremen account on England, and Bremen would settle the transaction by buying up and remitting to England the bills of the Holstein cattle-dealers or of the butter exporters of the Low Countries. But now so many German manufactures are sent to the States, that there are always buyers of bills drawn on Bremen direct; or, more simply, the tobacco and cotton shipped to Germany is paid for by German manufactures, and no further intervention is required. What becomes then of the cattle and butter bills, which are thus set free? These are still collected in Bremen and remitted to England, but against different transactions. No regular mutual intercourse yet between Germany and Bombay. Bombay as yet takes very little from Germany, the great bulks of her dealings being still with England. Consequently, the Bombay merchants, finding few purchasers for bills on Bremen, still draw on London for German account, when they ship cotton direct to the continent: and a transaction takes place which in fact amounts to this, that they direct their London creditors to obtain payment from their German debtors. Accordingly these latter are still under the necessity of buying up bills upon England, as constituting the most convenient remittance by which they can effect those payments to English merchants which their Bombay creditors instructed them to make. … In these intermediate settlement London appears as the Clearing House of the world, where most international transactions are closed. (35–37)

Foreign bills which represent no settlement of indebtedness at all –, bills which are technically said to be drawn in blank, by which the acceptor does not pay his debt to the drawer, but by which, on the contrary, the drawer incurs a debt to the acceptor. … A portion of them approach very nearly to what in the home trade are called Accommodation Bills. They may be drawn by merchants in one country on merchants or bankers in another, in order to secure the use of the money which is paid as their price, for the time during which the bills have to run. (37) The purchaser of the bills in this case takes the place of the discounter of accommodation bills, and the transaction may be perpetually  Zusatz von Marx.
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renewed in the same way and with more facility than accommodation bills. (38)

 Es geht noch um die „Blanko Bills“.
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Andre Seite dieser „Sorte“ von bills:
It is very possible, and indeed probable, that the imports and exports of any country will not fall into the same period of the year; and that, consequently, the seasons when the imports have to be paid for will not coincide with the seasons when payment is exacted from foreign countries for exports. Z.B. in a purely corngrowing country, the revenue derived from foreign countries will come in at the conclusion of the harvest, when the cargoes of corn begin to be despatched. There will then be bills drawn against these shipments on the countries to which they are directed. Meanwhile, however, the country in question has been importing manufactures from its neighbours all the year round, and the importers have been requiring bills on foreign countries, in order to make remittances, long before the cornbills could be drawn and become available. (38) If no other device could be found, the importers would, before the harvest |93 time, be obliged to remit gold abroad in payment of their purchases; and afterwards the exporters, not being able to sell all their bills, which the importers would now no longer want, would have to receive back the equivalent of their exports in remittances of gold from abroad. Thus the risk, the expense, and the reduction of circulation  Zusatz und Kommentar von Marx.
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(!) (Nonsense!)
which are consequent on repeated journeys of bullion, would be twice incurred, owing to the exports and imports of the same country falling into different seasons. This difficulty is often avoided, if the bankers in one country draw upon those in another, at the time when no actual commercial bills representing bona fide transactions can be bought, and subsequently square the liability which they have incurred towards the acceptors of their bills drawn in blank, by buying up and remitting the export bills as soon as the goods have been shipped and are made available for drafts. Thus the importers are able to procure bills from such banking houses at a time when otherwise they could buy no bills at all, and the exporters sell to the same bankers later on, at a time when otherwise they would find no purchasers, the importations having been previously paid for. (39)

The same object is often sought for and obtained by the exporting houses receiving permission from those to whom they sell or consign their shipments, to draw bills in anticipation of the goods being actually despatched. Thus they are enabled to sell the bills at a time when there is demand and when a premium is likely to be paid by the importing branch of the community, instead of waiting for a time when the bulk of the exports are despatched, and when, consequently, from the number of those who have to draw bills, they would have to accept a lower price. (40) Great complaints have been made in the Court of Bankruptcy etc of the system of blank credits; in other words, the system of drawing bills from abroad not representing at the time any actual settlement of indebtedness. Diese blank bills brought before the public owing to some catastrophe in which the bill transactions actually were only undertaken with the intention of raising fictitious capital … during the time which the bills have to run. (40, 41)

Ch. IV. Fluctuations in the price of foreign bills.

Abgesehn von den lezt genannten cases the purchase and sale of Foreign bills originally represent a simple transfer of debts. (43)

The primary difference of value  Zusatz von Marx.
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(der Foreign bills)
clearly arises either from the aggregate amount of claims of any country upon others exceeding the sum of its liabilities to them, or vice versa, falling short of that sum. In the first case, those who have bills to draw (call them the exporters, though the class embraces all those who have claims of any kind on foreign countries) will not find sufficient purchasers to take all their bills; for only those will buy who have debts abroad to settle. Daher competition for the sale of bills. They will take less money for them than their par value; i.e. sell them at a discount. In the other case competition of importers, i.e. the purchasers of foreign bills; the they pay a premium to secure them. (44) Wenn bills nicht sufficient, jeder Importer will avoid the necessity of sending bullion falling to his individual share; hastens to offer a slight premium to those who draw, to secure himself against the greater loss in freight, insurance, and interest, which is always involved in a bullion remittance. The premium may rise to within a fraction of this expense or loss; nay, may even reach that actual point; because though the premium paid for the bill and the cost of the specie remittance were absolutely equal, it would still be more convenient to send the bill. Beyond this point the balance of trade cannot cause the premium to rise. (45)

On the other hand, it cannot cause the discount at which bills are sold ever to exceed the sacrifices which exporters would incur, if they found themselves obliged to instruct their foreign debtors to send them bullion, in consequence of bills upon them being no longer saleable. The time, however, when they would receive payment would, in this case, be an important consideration. As long |94 as the exporters can find purchasers for their bills, they get payment at once; but when they cannot dispose of their bills any more, they are not reimbursed for the value of their exports till the equivalent for them is returned in gold. Accordingly, competition of the sellers of Foreign bills; discount derselben; aber der discount will not be greater than the estimate which the seller makes of the sacrifices pointed out. (45, 46) Z.B. New Orleans und New York, vor der secession, when their exchanges not disturbed by independent issues of inconvertible paper money. If at any time the amount of bills on New York offered for sale in New Orleans = the amount of remittances required for the payment of debts due to New York, i.e. if equilibrium of debts between the two cities, a bill for 100$ payable at sight in New York, would be exactly 100$. If greater sum due to New York, vielleicht 1001/2$ paid, to be not be obliged to send gold, which might cost them 11/2$ for each 100$ in freight and insurance. The more the supply of bills diminished, the more the premium would rise, till the sellers might realise almost 11/2$ profit. At this point the premium clearly so high, that it would be indifferent to remitters whether they bought bills or sent gold, and some would despatch gold and others buy the bills, the surplus excess required to be remitted being in the mean time gradually lessened by this despatch of gold. The exporters being less pressed for their bills, soon had the opportunity of feeling the change in the situation, and might content themselves with a smaller premium in order to secure some profit before the demand was entirely satisfied. Hence a fall in the price of bills, till the exchange once more at par, or below it. ([46,] 47, 48)

Conversely, when more bills than purchasers for them, the drawers feeling that their export business might have to bear the charge of 11/2 P.Ct. for bullion shipped to them from New York  Zusatz von Marx.
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as returns, were ready to sell at a discount long before that point was reached; a discount which would, however, not exceed 11/2$ P.Ct., the charges on bullion shipment.  Kommentar von Marx.
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(Abgeschmackte Illustration! Wenn die importers von New Orleans und nicht die Exporters von New York have to pay, in case of gold remittance, the 11/2 P.Ct. on the bullion shipment, then, vice versa, the importers of New York, and not the exporters of New Orleans have to defray these charges. Other considerations must sway them to sell at a discount on their bills on New York.)
Wenn also bills at sight und in the same currency, the limits within which the exchanges may vary are, at the one extreme, the par value, plus the cost of the transmission of bullion; at the other extreme, the par value, minus the identical sum. Practically the exchanges rarely touch either extreme, but fluctuate between them, owing to the various measures and influences brought to bear upon the situation before the extreme case arrives, which cause a reaction in the opposite direction. (48)

There are occasions, however, when the exchanges sink and rise much above or below the specie point. (48[, 49])

Z.B. in the first months of 1861, under the growing apprehension of the civil war in the U. St., fluctuations in the American rates of exchange much below the specie point. The balance of trade was much in favour of America. Very considerable exports of grain and flour, coupled with a reduction of imports, in consequence of political apprehensions. Hence natural that exchanges should fall to specie point. But they fell much below it. Reason: the peculiarly urgent necessity der exporters, of selling their bills immediately, at any sacrifice. It was a question of time. Three or 4 P.Ct. were sacrificed to secure the proceeds of the bills on England at once, instead of waiting for the arrival of gold. The exporter either might sell his bills at what they would fetch, or send them himself to Europe, with instructions to his correspondent to encash them, and remit the amount in bullion. The latter course was cheaper, but as he required funds immediately (or, under the influence of panic, believed that he would so require them) he adopted the former. ([49,] 50)

In ordinary times, capitalists would have competed with each other in buying up the drafts of urgent sellers. They would then have remitted |95 them to Europe on their own account, so as to secure the profit between the low price paid for the bills and their specie value. They would have bought at a heavy discount, in order subsequently to realise at least the specie value. But, at a time of commercial panic, such capitalists are seldom willing to launch out into a speculation which deprives them, during the weeks which must elapse before the gold arrives, of the command over their funds. Interest may rise during the interval – they may anticipate. (50) Z.B. They expected to gain 11/2 P.Ct. net on the exchange. In their calculation the interest taken into account they would lose from the time when they paid the drawer for his bill up to the moment when the returns in gold arrive. The interval sei a month, interest calculated on it at 6% p.a., or 1/2 P.Ct. for the month. If it rise suddenly to 24 P.Ct. p.a., they would have to borrow money at the rate of 2% for the month, in order to replace that portion of their capital which is travelling to Europe and back; also 11/2% more than they calculated. Thus they would gain nothing on their exchange operation. Also stringent moneymarket acts materially upon the exchanges, inducing sellers to force sales, and creating a reluctance on the part of purchasers to buy unless absolutely compelled to remit. This cause will not come forcibly into operation, when the international transactions are in a state of equilibrium; for there will be then as many purchasers on compulsion as there are sellers, and the dearness of money may only operate so far as to induce purchasers to defer their remittances to the last moment, whereas sellers would wish that they should be hastened. Its full force will be felt at a time when the country where money is supposed to be dear, or where panic exists, has exported more than it has imported, and when it is consequently certain that gold will finally have to be ordered, while no individual is himself willing to wait for its arrival. This peculiar contingency will seldom occur; as, generally, the money market in such a country as has taken less from other countries than it has given to them, is particularly well supplied with surplus capital. (51, 52)

Aber ferner: Practically, an immense majority of bills are drawn payable at various periods after the date of their issue or first presentation to the acceptors – so many days after date, or so many days after sight. (52) Also 1) deduction to be made from the price  Zusatz von Marx.
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(der bill)
which is bought for ready money not being itself payable till after a certain time; 2) as to the security, which the purchaser of the bill can feel that the drawer and acceptor of the bill will continue solvent till it becomes due. Thus, the state of credit in both countries, and the rate of interest in that country whither the bill is remitted, likewise become determining elements in the rate of exchange. (53)

The state of the moneymarket where the bill is drawn, affects the exchanges, since it makes the seller more eager and the purchaser more reluctant; and, as one or the other must bear the loss of interest which must ensue till the proceeds of the bill reach their hands, this loss of interest will be at the rate established in their own money market at home. But when bills not payable at once, form the subject of bargain, the buyer must further consider what is the rate of interest in the country on which the bills are drawn. If he owes money abroad, he will be paying interest to his foreign creditor at the foreign rate, and this interest will not cease till his remittances become due. Difference to him of 2 months’ interest at the foreign rate, whether the bill he purchases is payable at once or 60 days after its arrival. As the foreign interest rises, he will insist on paying less for the 60 day bill, whereas, if it falls, he can afford to pay more. Im ersten case heavier deduction als im zweiten.

Or, in the case of the capitalists who buy up bills at a time of pressure in order to send them abroad and have them converted into gold, their foreign correspondents will have to discount the long bills for them, and the amount of discount affects their profits. |96 If they fear the rate of interest in the country on which the bills are drawn will be high, they pay so much less for the bills; if they anticipate cheap rates, they pay so much the more. The New York capitalists, who suffered the price of bills upon England to sink 3 or 4 P.Ct. below the specie point, felt anxious as to the rate to be paid in England for the discount of their 60 day remittances. ([53,] 54)

In den Bills nicht at sight, no element of value so constant and so effective as the rate of interest in the country on which the bill is drawn. The fluctuations in long bills daher, verglichen mit short ones, illimited. (55)

Extent to which solvency and credit of the drawer as well as of the acceptor, of a bill, affects the value of that bill: Firms of first rate standing „make the best exchanges“. Price paid to a merchant of undoubted position for his 60 days’ sight bill on a foreign country, higher than that granted for a second-rate bill on the same place. Concession in price must be made to purchaser, to take an article of inferior security. They must be indemnified for greater risk. … Amongst those engaged in international trade, the price at which exporting houses can sell their foreign bills, is looked upon as an unerring test of the credit which they enjoy among their neighbours. Thus credit causes a difference in the value even of such foreign bills as are drawn on the same day, rendering it difficult to give any exact or definite quotation of the price of long-dated paper. Ausserdem, Credit operates on exchanges generally in times of commercial panic or excitement, and causes the prices of all bills to fall. ([55,] 56)

In the case of America (1861) purchasers made a large discount for the risks which they thought they ran. Either the bills might not be accepted at all, in consequence of an enormous fall in the value of the goods against which they were drawn, and the drawers whom the purchaser would then have to call upon to refund the amount, might have failed in the interim. Or, the bills might have been accepted, but not be paid at maturity, owing to the difficulties in which it was expected that all connected with America would be involved. (57)

Depreciated Currency: The basis of a settlement through a bill of exchange, consists in the payment of a certain amount in sterling money to a merchant trading with France, against his giving an assignment for the same value on a French merchant. (58) Schwierigkeit d’abord, wenn doppelte currency, Gold in einem Land, Silber in dem andern. What is value of £100 in Vienna? (59)

Suppose a country in which there is a depreciated currency, but in which a premium on gold is regularly established, and is not restricted by artificial means. Add the premium commanded by gold in the depreciated currency to the expenses incurred by the creditors of such a country, who have to recover their claim by sending for the gold instead of selling bills, or, in the opposite case of the debtors, make a corresponding deduction. (61) If these debtors, instead of paying an extradordinary price for the bills which they wish to purchase and remit, incur the expense of sending bullion, the premium which they will obtain on such bullion will naturally go in reduction of the expenses incurred. This will accordingly give them a great advantage over the sellers; in other words, over the creditors of the country in question. (62) The depreciation of the paper circulation und the premium on bullion is almost  Zusatz von Marx.
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the same thing. (63)

Wo large and inconvertible paper currency »the precious metals … no longer constitute the standard, but themselves become subject to another standard[«]. Den  Zusatz von Marx.
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Preisfluctuationen der andern Waaren entspricht der des Goldes. Steigen sie, so auch price of gold, as measured by paper money. (63) So wenn östreichisch Papiergeld fällt, Gold steigt in Oestreich und English £ worth so many more Austrian paper florins. … An English traveller in Austria obtains at such a time f.i. 15 florins instead of 10 for £1. Thus those who pay sovereigns for florins on the London Exchange, require the same favourable terms. Alle andren Ursachen, die influence die Fluctuations of Foreign Exchanges produciren selten combined a variation of 10%. Anders mit den effects of variations produced etc durch die currency. (64)

diese fluctuations, in a certain sense, apparent, die 15 depreciirten florins nicht mehr werth als vorher die 10fl. (65) The purchasing power of the nominally larger sum |97 is not greater than that of the smaller. (66) Ebenso, after the new standard of exchange is established, seller has no loss. Z.B. seller, drawing for export of sugar to Vienna, sold his sugar for 10,000 florins, 10fl. = 1£, also = £1000 for his sugar. A fluctuation of 10% now occurs, owing to an over issue of paper in Austria. Prices generally rise 10%, and the exchange rises also. He sells now his sugar for 11,000 florins, and sells his florins at the rate of 11fl. = 1£, thus realising £1000, precisely as before. (66, 67)

Der rise der Prices ist nicht sofort general. In Austria the manufacturers insisted that they made considerable profits by the depreciation of the currency, as the cost of labour had not risen in the same proportion as the manufactured goods. The raw material being imported from abroad had risen to the full extent at once; and this enabled the manufacturers to increase the price paid for their products in the same ratio, though one element of production, labour, remained comparatively stationary. (67)

The apparent fluctuation in the exchanges extends no further than the apparent increase of value which has resulted from the same cause. (68) A parcel of manufactured goods commands more florins, and an English sovereign commands more florins also. (l.c.)

Anders verhält es sich, when the fluctuation (in the value of currency) occurs between the beginning and end of the same (mercantile) operation. Z.B. der shipper of sugar shipped his sugar before the depreciation, sold it at 10,000fl., 10fl. = 1£. Defers his drafts against these florins for some time. In the interval, the rate of exchange changes to 11fl. = 1£. He gets now only 909£ instead of 1000£, which the former exchange would have given him. In fact, a fluctuation in the exchange, produced by a depreciation of the currency, makes the existing claims on a country in such a situation worth so much less, whereas all debts due to it can be so much more advantageously discharged; the creditor of the country loses and its debtor gains. Wären its imports und exports in equilibrium, there would, on the aggregate of transactions, be neither loss nor gain. Der individual creditor of the country would lose, the individual debtor gain. (68, 69)

The bills on a given country fluctuate in value to the extent worin die prices of all purchaseable articles – bullion included – are affected by the depreciation of currency; in other words, in proportion to the discount of the paper money, or the premium on gold. Beyond this proportion, the fact of the depreciation of the currency cannot cause them to depreciate. Sonst the creditor of any sum payable in the inferior money would request his debtor to send him gold for the amount of his debt, notwithstanding the premium upon it; for, under the hypothesis, such a premium would be less than the loss entailed in settling the transaction by the sale of a bill. (70)

Aber if the Export of bullion, from the country, where the depreciated currency exists, is prohibited? or if it is impossible to buy up gold, either because it is illegal to pay a premium, or because all bullion has actually disappeared? (70) How is the holder of a claim on such a country to encash that which is due to him? (70)

Z.B. A merchant has supplied Russia with cotton when the export of bullion from Russia was practically prohibited. How was he to exact payment? He is entitled so many roubles in St. Petersburg. How could he convert those roubles into English sovereigns? Oder: A Russian spinner has imported cotton from Liverpool. How shall he pay? He must either buy a bill on England from others who happen to have sent produce thither, and thus have claim on an English house, which he can buy and transfer to his Liverpool creditor; or he must send the produce, which will sell for sovereigns, himself. Aber in Russia pause in exportation during a large portion of the winter season. He would be unable to send any remittances at all, unless he could find bankers or others who might draw on England, or on some other foreign banking centre, in anticipation of future exports, and would sell him the bills. But as to price, he is entirely in their hands. ([70,] 71) Muß er das Geld an |98 bestimmtem Tag in England zahlen, dann no limit to the price exacted from him – in other words no limit to the fluctuations in the exchange. If the exports of such a country do not equal the imports (by far the most general case) the balance which the country has to pay can only be settled by an enormous sacrifice, – in fact, cannot be settled at all except by a cessation or diminution of imports, or by a foreign loan, the latter being only an expedient to gain time and an adjournment of the payment of the balance due. (72) Wären die imports dieser country > exports, bullion would be flowing to it, and no grounds for the prohibition of its export would have existed. (73) The consequence of the depreciation of currency in any country is to offer inducement for further importation, by creating an appearance of high prices. (74) Für den debtor to Foreign Country in such case  Zusatz von Marx.
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, if the demand for bills exceeds the supply, there is theoretically no limit whatever to the price of bills. (75)

In case of equilibrium of exports and imports the natural value would be, not the nominal par of exchange, not the value of the rouble when it was convertible and was in reality a silver coin, but this value minus the depreciation which the rouble has suffered in Russia itself. (75) Practically, owing to the system of credit and deferred payments, there is never an equality between exports and imports; and an increasing balance of debts lowers more and more, at least in reference to the Foreign Exchanges, the value of what, in this case, we have called the rouble. (76)

Case of different standard of value (gold and silver), as between Hamburg and London: Either gold or silver will be at a premium. Except France, with its double standard, gold is simply merchandise in countries of silver currency, and silver merchandise is in countries which have a gold standard. According to the price of the merchandise at a given moment, the exchanges fluctuate. When a bill on Hamburg is to be sold in London, the value of silver in England will enter largely into consideration, or, in the opposite case, the value of gold in Hamburg. When great demand for silver in England, as in case when large shipments are to be made to the East, there will be a great demand of bills upon Hamburg; for one means of procuring silver … buying up bills on Hamburg, send this these bills for encashment, send instructions that the silver thus encashed is to be actually shipped to England. If silver at premium in Hamburg England, the sellers of bills on Hamburg exact premium from the purchaser by raising the price of their bills; the buyer will have to pay more £ for marks banko, or, what comes to the same, will receive less marks for 1£ St. (78 76, 77) When silver not a premium 1£ = 131/4 marks; wenn silver rises, vielleicht nur 131/8 marks. The exchange on Hamburg being expressed by the number of marks banco, which are to be had for 1£, the exchange on Hamburg will be said to have fallen. But in fact bills on Hamburg have then risen in price, a less amount of marks commanding the same amount of gold. Umgekehrt. Hamburg merchant wants gold, z.B. to buy cotton with it in America. Bills on London serve the purpose. Competition for such bills. Premium on them, they rise in price. More bancos demanded for every £ which is placed in London at the disposal of the purchaser of the bills. Hamburg exchange will rise; z.B. 131/2 marks given for 1£. Limit of this fluctuation will be the extent of premium of premium obtainable. Silver may be sent to London, and sold there for gold; oder im umgekehrten Fall Gold may be sent to Hamburg, sold there at the discount at which gold will stand in Hamburg, under the circumstances, the proceeds invested in silver and shipped over to England. The assumption necessary for the argument is, that a sale of gold is always possible in Hamburg, and a sale of silver possible in England. (78, 79) The sale is generally possible, and thus defines the limits of the fluctuations in the rates of exchange. ([79,] 80)

Wenn es sich nicht, wie unterstellt um merchants handelt, die want to possess themselves of gold or silver, sondern um creditors und debtors, the case is the same. An English merchant owes a certain amount of Hamburg money. He is bound to pay in silver. When debt becomes due, silver be dearer than usually in England. Er muß buy silver at the enhanced price in the English market and ship it to Hamburg, oder buy bill on Hamburg, payable in marks, at an unfavourable exchange. The price of silver having risen, the price of bills payable in silver rises also, and the purchaser will receive fewer marks for his £. Aber limit the premium he has to pay for silver itself in the open market. (80, 81)|

99

Mit France, wo double standard, no difficulty at all. (81) A bill in Paris will be paid in that coin which is least in demand, which is at a discount as compared with the other. The purchaser of such a bill will not allow the price to be enhanced by the existence of a premium on one portion of the currency. (82)

Ch. V. Interpretation of the Foreign Exchanges.

Foreign Exchanges an unerring mercantile and monetary barometer. Auch, they clearly point to the disturbing currents. (85)

„Favourable“ or „unfavourable states of the exchanges“.  Zusatz von Marx.
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Ausdrücke des Merkantilsystems ursprünglich
, ihre original basis the theory that the object of commerce is to attract gold. (85) The phrase accurate enough from the monetary or banking point of view. All engagement involve payments in gold or in paper convertible in gold. (86) When the stock of gold is evidently adequate, it is even in a banking point of view erroneous to consider a further accumulation advantageous or desirable. (86, 87) Nach Goschen »the phrase legitimately« expresses »the anxiety or confidence of the banking world as to the means of meeting their legal obligations«. (87) Nach demselben Herrn: [»]Political economists … are correct in their statement that, as regards the country at large and the interchange of commodities, exports and imports are always balanced  Zusatz von Marx.
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(!)
 … . But merchants and bankers are influenced by the feeling, that at any given moment they may be under greater liabilities for imports than they can temporarily meet, owing to the system of credit which disturbs the coincidence of payments for exports and imports, though their value may be actually equal; and further, by the anxiety as to the possibility of meeting these liabilities in that specific mode of payment to which they are pledged, namely, in gold or convertible notes.« ([87,] 88)

Exchanges favourable to any particular country … mean … that bills of that country upon foreign cities are difficult of sale, whilst bills drawn upon it from abroad are at a premium, indicating an eventual influx of specie. Exchanges unfavourable … when foreign bills are in great demand, and when, consequently, their value seems likely to be so enhanced as to render the export of bullion an unavoidable alternative. (88)

It is the price of short bills, not of those which have some time to run, which determines the course of bullion shipments. Bei long bills die rate of interest und question of credit exercise an additional influence. If there is a demand for bills upon any particular town, the price of all such bills, whether short or long, will rise. Wenn aber rate of interest at a very high point in such town, price of long bills would not rise in same proportion as that of short; for the purchaser must bear the discount, which has to be deducted from the long bill before it can become equally available with the short bill; and for any increase in this discount he requires to be compensated by a so much cheaper price. Ditto for risk which he will run until the bill be ultimately paid. ([88,] 89)

As an index of the general position of trade, the value of short bills is the more important; whereas the rates given for long paper, as compared with those for bills on demand, point mainly to the rate of interest, and partially to the state of credit. (89, 90) Natürlich anders wo long bills only are to be obtained to any amount. (90) Bei dem state of exchanges between Hamburg und London, f.i., neben der balance of trade, nie to forget the difference of value which would result from a premium on silver, the currencies of the 2 countries being dissimilar. So bei Russian exchanges … indicate not only the enormous indebtedness to foreign creditors, sondern auch depreciated currency. (91)

Extraordinary course of the American exchanges at the beginning of 1861. A large efflux of bullion from Europe to U. States took place, and various theories were started. Hauptgrund war indebtedness of Europe to U. St. Wurde als Grund angegeben growing troubles in the States (which were leading to a panic) and the presumed speculations of English capitalists.

The specie shipments were hurried and intensified by the Americans drawing sooner than usual against their claims on England, by suspending their orders for English manufactures, by the forced and unnatural increase of exportation even of articles not wanted in Europe. But the primary cause of the fall of the exchanges which led to the flow |100 of bullion to America lay in the immense excess of their exports of wheat and flour, following, too, on a cotton crop of unprecedented extent. (92) Die falschen Deuter des Efflux looked principally to the stock of gold in New York, the speculations in American securities, and the operations of capitalists. (93)

Stress was continually laid upon the fact that the stock of gold was accumulating in New York and was decreasing here, and it was argued that consequently the gold must return. To bring about this result, one of the following events would have to occur. It would return for payment of debt, aber die Yankees waren die creditors. Oder it would be remitted against fresh orders for English manufactures or for American stocks held in English hands. Diesem entsprach nicht der state of mercantile confidence in America (nämlich dem entering upon new mercantile transactions.) Oder gold would be sent as a loan to English capitalists, in the expectation that money would, as was certainly probable, become dearer here than in America. (93, 94)

Falsches Argument von vorn herein that, because in 1857 the bullion exported to America was immediately returned, the same result would be witnessed in 1861. In 1857 the Americans had incurred enormous debts to Europe; in  Bei Goschen Druckfehler: 1863
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1861
Europe had incurred enormous debts to her. On the former occasion the export of specie to the States was unnatural and artificial. In latter case the export of bullion was unavoidable. It was only hurried, because the American creditor, finding himself in the midst of a most dangerous political crisis, became suddenly urgent to receive all that was due to him, and to forestall, rather than to delay, the settlement of his claim. He drew his bills and forced them on the market with the eagerness of panic. Few buyers were to be found requiring them as remittances in discharge of European liabilities; for, trade had been curtailed, no new orders had been given, and, before the crisis commenced, the unusual prosperity of the Western States, in consequence of vast crops of grain, had made it possible for remittances against previous transactions to be sent earlier than usual. Thus, the bills were bought up in New York, not by such as had liabilities to discharge, but by such as were willing to advance the value of the bills till their equivalent in gold could be procured from England. This was the office of the New York banks, and by far the greater quantity of the bullion shipments consisted in what may be called the anticipated proceeds of these bills. Without the influence of panic, a high rate of interest on this side might have delayed the export of the proceeds, at least till the maturity of the bills. If these proceeds had remained longer on this side, they would either have constituted a loan to the banker to whom they were remitted, or have been invested in some kind of merchandise, and returned in that form rather than in that of gold. (94–96)

There was no monetary ground of panic, 1861, in the U. St. Quite the contrary. Sellers of bills might foresee a difficulty in disposing of them above the specie point and consequently up to that point press their bills upon the market. (96) The panic in America during the winter 1861 was attributable solely to political causes, which rendered all who had bills for sale eager to underbid each other for the sake of immediate payment, and to accept a price far below what they would have realised if they had had their bills exchanged into gold in England. … It is a rare occurrence to see alarm felt at an unusually favourable situation of the exchanges. (97)  Kommentar von Marx.
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Göschen is currency principle Esel.
 Zusatz von Marx.
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Er sagt:
»It was this urgency to secure themselves money at any price which induced the New York merchants to export every kind of produce, which normally, owing to the increase of the currency, would have risen in value in the States, to European markets, where prices were sure to fall owing to the decreasing currency.« (97)

 Zusammenfassung von Marx in eigenen Worten.
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Wer zahlt die costs of bullion transport? To whom are favourable exchanges unfavourable etc?

The American exporters of grain and cotton were the very class who (1861), in the first instance suffered most from the situation, in so far as the expense of the costly transmission of specie, with all the losses attached to it, would fall upon them. The English debtors may be argued not to have suffered any loss, because to them it was immaterial how they paid their bills at maturity – whether by handing their amount over to their neighbours, to whom the Americans would, in normal times, have remitted bills upon them; or by shipping it in gold by order and for account of their American creditors. But … the charge on the exporter often falls on the consumer of the product exported|101 To the extent the interests of the exporter become identical with those of the foreign country. For, that which adds to the cost of the article which he exports, must be borne either by him or by the consumer of his produce; and it is their joint interest that no such addition should be made. The cost of the transmission of bullion is an addition of this nature; and therefore it is contrary to the interest of the exporter, and the country to which he exports, that such an expense should have to be incurred. (98, 99)

A condition of the exchanges which leads to the importation of specie in any country favours the importers and consumers of that country, but causes an additional charge to the export trade. However, the extra charge upon this export trade having ultimately, on the above supposition, to be paid by foreign countries, it may be maintained that the state of the exchanges indicated is, in a certain sense, favourable to the country in question, and unfavourable to the foreigners with which it trades. (99)

Assume (what is partially true) that each country fetches from the other what it requires; in other words, that the export trade of a country is managed upon the order system. Cotton and grain may be sent from the States, not for account of American sellers, but of English buyers who have given their orders. If the article is bought by a foreign buyer in the place of its production, any sudden extra charge upon exportation must be borne by him. Thus a sudden fall in the exchanges, which makes his bill upon his London house less valuable, or causes the whole cost of the transmission of bullion from England to pay for his purchases to fall upon him, becomes unfavourable to the country to which he belongs, and for which he is buying, and not to that from which he is buying. Conversely, the Americans who give orders to English manufacturers are able, during the same period of low exchanges, to buy up bills on England which will pay for their goods, at a cheaper rate than usual, and are able to save the expense of the transmission of bullion, which, during normal times, generally falls on a portion of the American importers. As far as facility and economy in paying for the products of other countries are concerned, a state of the exchanges which renders it possible to purchase bills to pay for them, cheaply and easily, may correctly be designated as favourable. (99, 100)

Rise of bills of extraordinary extent and rapidity in America 1862–63. Unfavourable Exchange: Dieser Fall nicht zu erklären aus den normal elements der fluctuation of Exchanges. The sudden transmission of capital from America to Europe, and the continuance of a demand for importations from abroad, while the cotton export was stopped by the blocked blockade of the southern ports, accounts only bis zum Fall to the specie limit, but not beyond. Die Ursache darüber hinaus die depreciation of currency in America. Act suspending specie payment in the U. St., and authorising the issue of inconvertible Gvt paper money. Thus it became possible for the Foreign Exchanges to rise, not a few percents, but 50 or 100 or even 200 P.Ct. In the Southern States the exchange on London actually rose to 400 P.Ct. (101, 102)

In the Northern states the rise actually delayed far beyond the time when it was expected to occur. Ursachen: During the first months of the issue of the Gvt. paper, the private banks called in their notes to a very great extent, daher die aggregate currency nicht so much increased as expected. The area over which the American currency extends is so vast that the effects of an over-issue of paper would be less rapidly felt. The general contraction of credit lead to the absorption of a considerable amount of currency, ditto the enormous war expenditure. In the West a considerable dearth of currency had previously existed, and there was, consequently, a gap to be filled up. (103) Aber bald, in little more than a year, the exchange advanced from 110 to 180. … The price of foreign bills in New York, and the price of gold, constantly rose and fell together. Before the depreciation of the currency, the actual par of exchange for bills of exchange on England was 109. When gold rose, the foreign bills rose as much beyond 109, as gold rose above par, leaving the same margin (and the same variations within that margin), between the premium on gold and the price of sterling bills, as that which, in normal times, existed between the nominal par of exchange and the actual mean premium on |102 English bills. But this margin, which was 9 P.Ct. before, having itself to be calculated in depreciated currency, become apparently, but only apparently, greater. (104, 105)

The basis of the calculation – before the depreciation – 40$ = £9, so that 1$ = 4s. 6d. But as this assumed par of exchange does not coincide with the actual value  Kommentar von Marx.
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⦗soll heissen amount⦘
of the gold in the $ and the £, the £9 being worth 9 P.Ct. more than 40$, gold for gold (by which the value of the $ is reduced to about 4s. 11/2d.) the calculation has to be rectified, when bills on England are bought, by 9$ being added to every 100$ of the purchase money. (105.  Kommentar von Marx.
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Wären 40$ = £9, so 100$ = 221/2£. Aber in der That 109$ = 221/2£. oder 4327/45$ = 9£.
)  Goschen: „as long as a gold currency existed on both sides of the Atlantic“. – Gemeint ist die Greenback-Währung, eine nicht durch Edelmetalle gedeckte Papiergeldwährung, in den Vereinigten Staaten während des Amerikanischen Bürgerkriegs.
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Vor der issue des paper
, wenn equilibrium of exchanges between U. St. und England, bills on London stood at 109. This was the mean specie point, modified, either upwards or down wards, by the state of indebtedness, rate of interest, in fact, supply and demand. Nach der depreciation, diese 9% Premium in gold, would also be increased in exact proportion to the premium on gold. If, before the issue of paper money, the purchaser of a bill on England paid 100$ + 9$ for it, he would, if the premium on gold had risen to 50 P.C., have to pay 150 (instead of 100) + 131/2$ (instead of 9), or 1/2 as much again as what we may call the correcting premium. Thus, if the price of bills, when gold stood at 150, was 1631/2, this price would correspond to 109 when there was no premium on gold. The price might rise to 165 or fall to 161, according as there was supply or demand, but the mean point would be ascertained by the process described. (106, 107)

Disturbing causes were introduced by legislative enactments which interfered with the free commerce of gold, and consequently tended to vary occasionally the relative value between bills and gold, by encumbering all operations in the latter with certain charges and inconveniences. Taxes on transactions in gold would have the same force as increased charges on specie shipments, and would thus have a tendency to widen the margin between the premium on gold and the premium on bills. (107)

Besides the taxes imposed on operations in gold, other circumstances induced those who had occasion to buy either foreign bills or gold, to give a preference to the former, so that a somewhat artificial demand arose. Z.B. fears were continually entertained that the export of gold might at any time be prohibited directly or indirectly; preference therefore given to bills of which the export could not be forbidden. Or again, if gold or bills were to be purchased in order to be hoarded or held some little time before being used as remittances, interest would be lost upon gold but earned upon bills; for when these came to be sold, so would be worth so much more, as being nearer their maturity. Former charges and risks incident upon the holding of gold, not of bills. Thus many considerations would tend to widen the margin between gold and bills, and create violent perturbations at particular moments which could not be accounted for simply by the depreciation of the currency. (107, 108)

According as the Americans have remitted their funds to this country, in order to secure a portion of their fortune against the contingency of progressive depreciation, so has there been a demand for bills upon England.  Kommentar von Marx.
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(Umgekehrt: A supply of bills upon England was thereby created.)
Immense sums are said to have been remitted to English bankers by American correspondents, because this was clearly the safest course by which to secure their fortunes against loss and at the same time to earn a moderate interest. In America every species of banking investment was subject to daily depreciation, and such fortunes as consisted in securities payable in dollars, were rapidly melting away. Investments in gold were largely resorted to, but were dangerous, on account of the Government action, and unremunerative, owing to the loss of interest. Remittances to foreign countries combined the advantage of security with that of remunerative employment for capital, and many Mill. £. St. have been sent to Europe for this purpose. Gewisser Theil davon direkt über Kalifornien. Dadurch the great risks on the transmission of gold from California to New York avoided. Without these bullion remittances the demand for bills must have been even greater than it was; for the Americans required funds in England, not only for the purposes mentioned, but also for the payment of the large quantities of military stores purchased in this country, and for European manufactures. No cotton bills obtainable in New York, owing to the blockade, and fewer cornbills existing, owing to the reduction of that trade |103 in consequence of plentiful harvests in Europe, no doubt the demand for bills, notwithstanding the Californian remittances, has been great, and this demand has increased the premium on sterling bills. (109–111)

Rapid fall of bills (Foreign) following on the battle of Gettysburg and the opening up of the Mississippi: Premium on gold fell rapidly. Nicht von contraction of greenbacks. The conversion of some portion of greenbacks was a measure operating in that direction, but it was accompanied by fresh issues which neutralised that effect. Besides, this conversion was in operation before the fall, even at the time when the premium was rising. (112) Goschen erklärts aus »the belief suddenly springing up that the quantity of paper money would really be reduced, either by a further more effectual conversion, or by a redemption in bullion at a shorter date than appeared possible during the darker period of Northern prospects.[«] (113 112)

This belief induced persons, who had hoarded gold from a fear of a further depreciation of the currency (und had been before somewhat alarmed by the measures taken against this very hoarding by the Government) to sell their stock of gold as far fast as possible, giving up the idea of a further rise. The Gvt. too contributed by somewhat artificial means, to a premature decline in the premium on gold, by throwing large sums on the market which it had been able to accumulate und zuvor accumulated for this very purpose. (113) [»]An advance in gold again took place, which has since, with many fluctuations, made further progress.« (114. Note geschrieben December, 1863) They owe less to Europe than at any other previous time in late years, and the large deposits they have made in Europe, give them the power of regaining a great portion of the gold they have lost. (114)

When specie is being exported, it is sometimes supposed to be merely what is called an Exchange Operation, undertaken by a certain class of speculators, whose business it is to make a profit out of the variations in the price of foreign bills at different moments, buying them when they are cheap and selling them at a profit, and sometimes sending bullion abroad to buy up bills on their own country, if the prices should be temporarily below or touching specie point. Gold will of course not be exported so long as these speculators in exchange, or cambists, as they are called, can procure short bills. They wish to place funds at a certain spot. As long as they can procure short bills in the quantities they desire – as long, that is to say, as there are sufficient foreign debts owing to their own country, payable immediately, which can be transferred to them, and which they can pass on to others – they will not export gold. An efflux of gold accordingly proves, whoever the exporters may be, that the supply of short bills on other countries is being exhausted … that the balance of indebtedness is temporarily against the country in question. (117, 118)

It is often supposed that gold is never exported unless to give a profit to those who despatch it. Fallacy. The expression so often used  Zusatz von Marx.
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(in den money articles der Zeitungen z.B.)
, that the rates of exchange in any country are at such a point that no profit is to be made on shipments of gold to it, … do not prove that the despatch of bullion may not be natural and necessary. It must be sent by those who are in debt to that country, if they cannot find bills. … The exchanges may remain exactly at specie point for a long time, offering no prospects of profits to any cambists, yet compelling the constant flow of bullion in order to discharge liabilities. (118, 119)

Profits on Exchange operations: They can habitually be realised by those who, when they observe that there is a prospect of the demand for bills exceeding the supply, purchase in anticipation in order to sell at a higher price when the natural buyers, who require the bills for remittance, enter the market later on. Even when the exchanges reach the specie point, profits, though on a very limited scale, are made by those who, by having establishments identical with their own in foreign cities, and having a machinery, specially organised for the purpose, are able, by the avoidance of commission and the reduction of charges, to make bullion shipments at a cheaper cost than the actual merchants or manufacturers who have the remittances to make. They despatch the gold and sell the bills drawn against this gold to those who require to send funds abroad, realizing a fractional profit for the convenience which they afford. … As far as the exchanges and the |104 principles which determine them, are concerned, it is perfectly indifferent whether the debtors to foreign countries – importers, merchants, or consumers – remit gold themselves, or pay a slight profit to cambists and money dealers, who, shipping it in large quantities, retail the bills drawn there against to such as require to remit. (119, 120)

It is only in perfectly abnormal times that large profits are to be made on specie shipments, and only when the countries to which the shipments are to be made, lie at a very considerable distance; so that those who have the sagacity to ship in time, or before others deem it necessary, have the advantage of being able to buy up bills below the specie point, owing to the urgent necessity of the sellers of the bills to receive the equivalent immediately … Where there can be immediate action and reaction and immediate communication, as between London and Paris, there can be scarcely any further profits upon shipments of gold beyond those which can be effected by an economy of charges. Only those who have a machinery for the purpose can gain a profit which; in reality, is a kind of commission paid by the rest of the community. At a distance, there is much more margin; as, where months may elapse before bills can, by their natural process, be converted into coin, those who can undertake to give this coin on the spot can often make their own terms. (120, 121)

The limits, therefore, clear within which the natural action of the exchanges may be checked or intensified by the operations of cambists. In the case of a gradual fall in the exchanges in a distant country, where, if left to themselves, they might recede below specie point, because the unfortunate drawers  Goschen: of
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on
bills, being unable to wait the arrival of specie for their own account, might require the equivalent immediately, it might modify the position very much if speculators in foreign bills had foreseen the occurrence, and sent out specie to anticipate their wants, securing to themselves a moderate profit, but saving the drawers from a much heavier loss. (121, 122)

The influence of credit or discredit – at any time of panic or other temporary derangement of confidence – the discount at which bills are then sold will not be mistaken for the result of an adverse balance of trade or a depreciated currency. (123) Sudden movements in exchanges, either upwards or downwards, may reflect the position of the rate of interest in different countries, not only in the case of long bills – but also in the case of bills on demand themselves, as indicating that a high or low rate of interest is causing certain movements of capital from one country to another. The most general fact of which the exchanges are the sign, is the degree of intensity to which the demand of bills on a foreign country exists, for whatever purpose this demand may arise. It is clear that such a demand may be caused as much by a desire to remit to that country for the sake of employing it at a high rate of interest, as for the purpose of paying a debt. [(123, 124)]

Ch. VI. Socalled Correctives of the Foreign Exchanges.

At all events, it must be borne in mind that that which is really to be corrected is not the actual position of the exchanges, but that state of things which has brought it about. (125)

Unfavourable exchanges – und daher export of bullion – the result either of the settlement of indebtedness, or of differences in the value of money, or of differences in currency. (126)  Kommentar von Marx.
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(Die leztre Ursache illusorisch, currency principle. Es könnte nur dann der Fall sein, abgesehn von indebtedness, or rate of interest, wenn aus Panic Geld in Sicherheit oder zu Zins (statt hoarding) abroad angelegt wird; aus Ursachen, die nicht direkt die depreciation der currency sind. Im Gegentheil, wenn, wie zur Zeit der Depreciation der Banknotes in England, das Land der depreciated currency gute Handelsbilanz hat, sezt die depreciated currency Gold als Exportartikel etc frei. Daher konnten die Engländer es in Kriegssubsidien und Kriegs-Ausgaben vermöbeln.)

The mutual indebtedness of two countries, und the relative value of money, or rate of interest, in each, – these 2 influences will be generally found to be operating simultaneously in opposite directions. Money will be dear and scarce in the country which owes much to foreign creditors, and plentiful in that which has exported much; and, high interest will be attracting money to that quarter whence specie is flowing out in payment of foreign debts. (127)

The adverse balance of trade will, as far as its power extends, render the bills on the country which is most in debt difficult to sale, and tend to compel it to export specie; whereas the high rate of interest, which is generally cotemporaneous with a drain, or the prospect of a drain, of specie, will revive a demand for bills on this same country; and enhance their value in other quarters; for there will be a general desire to procure the means of remitting capital to that market where it commands the highest value. (127)

In 1861, when the excessive indebtedness of England to America, for corn and cotton, lowered the price of English bills in New York, and rendered specie remittances to the States inevitable, the high rate of interest in England which this situation had brought about, was so attractive to continental bankers, that they drove up the price of bills upon this country to specie point, and were finally induced even to resort to bullion remittances. [(127, 128)]|

105

When the payments for imports continue for any length of time in excess of the receipts for exports, the redress of the balance can clearly only take place by ceasing to incur liabilities … If however, the derangement is but temporary, and while it consumes more in the first 6 months of the year, it exports more than it imports in the second 6 months, it can, like an individual with a prospective income, raise money to carry it over the interval. By offering a high rate of interest, it will be either able to procure a prolongation of credit from its creditors, till … the balance is paid off, or, it may induce third parties to make it a loan. Even … where a country is actually spending beyond its means, and where, by borrowing, it can only increase the evil …, a very high value of money is … most desirable  Zusatz von Marx.
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(für Göschen)
; as, by the action of the value of money on prices generally, a diminution of imports, and, consequently, of indebtedness is likely to ensue. (128, 129)

Aber hier to examine: the operation of a high rate of interest in those more usual cases where we have to deal with temporary fluctuations and sudden emergencies, such as may be caused by the loss of a harvest, or by a period of general national extravagance, ending in a critical inflation of prices, or by excessive warlike expenditure. (129)  Kommentar von Marx.
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(Er wiederholt jezt d. Bank Parlour, relating Tooke’s „screwing“ theory p. 130 sq.)

In such times influx of capital is only to be procured by offering it the advantages of a high rate of interest – a rate, higher than it can make at home, and sufficient to indemnify the capitalist for the expenses of transmission of his capital from one country to another. (131)

The Foreign Exchanges zeigen sofort, ob the inducement is powerful enough. So, wenn die Engländer shipped weekly (1861) gold for America, the Continental exchanges took a favourable turn; i.e. the Continent sought with greater eagerness for English bills, – a symptom that they were preparing remittances for the purpose of sending over funds to England, and that capital was passing from the Continent to us. The more the price of bills advances, the nearer is the specie limit approached, till finally the remittances are made, not in bills, but in gold. Practically, the effect of the purchase of bills for the purpose of placing funds in England, is identical in its effect with a shipment of gold; for every English bill held by continental capitalists gives to its possessor the power of drawing gold from us. (131, 132)

Where a considerable efflux of specie is taking place, the rate of interest will rise in the natural course of things. The abstraction caused by the bullion shipments will of itself tend to rise that rate;  Kommentar von Marx.
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(aber why, Mr. Gedschen?)
and banking establishments will in their own interest (which will be identical  Zusatz von Marx.
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(!)
with the interest of the public) accelerate this result as far as lies in their power. … A country which is paying off its debts, is sending away a portion of its capital when it exports specie;  Kommentar von Marx. Marx kritisierte die in der politischen Ökonomie fehlende Unterscheidung von Kapital und Geld, die sich etwa in Geldkrisen deutlich zeigt, zum Beispiel im ersten Band des „Kapital“: „Eben noch erklärte der Bürger in prosperitätstrunknem Aufklärungsdünkel das Geld für leeren Wahn. Nur die Waare ist Geld. Nur das Geld ist Waare! gellt’s jetzt über den Weltmarkt. Wie der Hirsch schreit nach frischem Wasser, so schreit seine Seele nach Geld, dem einzigen Reichthum.“ (MEGA² II/5. S. 94.)
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(aber, Theuerster, is iron or wheat or yarn or cloth, or any other commodity exported not also capital, hence, in your argument, a partial abstraction of capital? Der Esel hilft sich durch das Wort Capital statt Gold und folgerecht mußte in Zeiten starken Exports der Zins erhöht werden to stop that export of capital!);
and the foreign bankers who send over gold in order to buy up English bills, are supplying us with capital  Kommentar von Marx.
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(and do foreign importers not so in sending sugar etc, while you want, through the rise in the rate of interest, to stop that supply of capital, caused by import of commodities? Der Oekonom wagt nicht dem special character des Geldcapital in den Rachen zu sehen)
[.] At the same time, the actual export of bullion is a loss to the money  Kommentar von Marx.
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(he means currency)
of the country,  Kommentar von Marx.
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(i.e. durch den Act of 1844, which is not an effect of the nature of things. Quite the contrary.)
and the import of gold from abroad replaces that which has thus been lost. (132, 133)|

106

The real importance of a variation in the minimum rate of the Bank does consist in the indications afforded to the money market. The fixity of the minimum rate has this effect, that practically it becomes a maximum rate to the public.  Kommentar von Marx.
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(Unter public sind hier Göschen und Seinesgleichen zu verstehn)
Persons in good credit are always almost able to procure money a fraction under the Bank rate, and consequently the Bank o. England is generally the last to feel the pressure of a rising demand. Thus, an advance in the Bankrate generally means, that a previous pressure has been put on all other sources where discount is obtainable, and that the demand has reached the last reserve. (133, 134)

The fact has been that almost every advance in the Bankrate of discount is followed by a turn of the exchange in favour of England; and, vice versa, as soon as the rate of interest is lowered, the exchanges become less favourable. (134.  Kommentar von Marx. – Eine Kritik an Goschens Auffassung, dass beinahe jede Erhöhung der Diskontrate der Bank of England zu einem für England günstigen Wechselkurs und eine niedrige Diskontrate zu einem für England ungünstigen Wechselkurs führe, findet sich bereits bei Ernest Seyd: Bullion and Foreign Exchanges. London 1868. S. 568. Marx rezipierte Seyds Kritik in: The Money Market Review, 30. Mai 1868. S. 586. Er las anschließend Seyds Buch und zitierte daraus in Manuskript II zum zweiten Buch des „Kapital“ (MEGA² II/11. S. 33).
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This fact is only true – and still with great exceptions – for very acute panic times.
) In the first instance there are few buyers here for bills on foreign capitals, because foreign creditors give their English debtors a respite, and prefer to wait longer for remittances, gaining interest meanwhile at the profitable English rate. (135)

Bills which have some time to run seldom remain in the hands of the drawers, but are partly used as immediate remittances to the country where the bills are payable, and partly are bought by bankers or capitalists who desire them as an investment of money, yielding a certain interest during the interval between the date of their issue and the date when they fall due. This interest lies in the cheaper price of the bills. A bill payable 3 months after date is bought by a banker at a price which is equal to a bill payable on demand less 3 months’ interest, and this interest will not be that of the country where the bill is drawn, but that of the place where the bill is payable: for the purchaser will have to discount the bill in the foreign country at the rate there ruling, before he can make it equally available with a draft on demand; and the drawer can suffer this deduction from the price of the bill at the same rate without loss, as, giving the foreign acceptor 3 months’ grace before payment, he will receive from him the same amount of interest until the debt is discharged by the actual payment of the bill, as he loses in the price of the bill itself. Accordingly, when foreign bills are bought as an investment, it is with the view of earning the higher rate of a foreign country, in the place of the lower rate ruling at home. … this tendency always in operation when the rate of interest is peculiarly high in any country, the creditor of which is unimpeached. ([135,] 136, 137) As a matter of fact, the interest which can be secured by the speculative purchasers of bills, generally lies between the rate of the country where the bill is purchased, and the rate of that on which it is drawn, as competition enables the seller to secure a portion of this species of profit. If the rate in Germany is 3 P.Ct., and in England 5%, those who have 3 months’ bills on England will not be obliged to submit to a discount of 5% … Many will be found, who, in order themselves to make 1% more than the highest rate which they can secure at home, will not claim to deduct more than 4% from the price which they would pay for a bill on demand, instead of 5%. … These greater or less lesser deductions are generally expressed not in the rate of interest, which is to be deducted, but in the price of the bill – the bill is so much cheaper or dearer. (137)

At any moment there is in the hands of bankers and exchange dealers a large amount of bills on various countries, held partly for speculating on a rise or fall in the price of bills, but, to a very large extent, solely for the sake of the interest which is to be made on them. Bills on England, owing to the high rate of interest which they often bear, as compared with continental rates, are a favourite investment abroad. In Paris, Berlin, Frankfurt, Hamburg etc, the bills on England held by the bankers and joint stock Cos. often amount to many millions £. St.; and a very large sum remains in their hands for several months – in fact, from the time when the bills are drawn to the time when they are due … If at any time the rate of interest here falls below that which rules on the Continent, it is inevitable that the whole mass of those bills will be at once sent to London, |107 and be discounted there at the cheaper rate, so that the proceeds may be remitted in gold to the Continent to be invested there in local securities at the supposed higher rate. On the other hand, so long as the discount in London is higher than abroad, so long the foreign bankers will be induced to hold their bills till they become due. The debt, embodied in the bills in question, must bee be paid sooner or later; but the time when it must be liquidated will, within certain limits, depend upon the rate of interest. If it be high, the bills will be allowed to run off abroad, and the gold will not be exported till the last moment; umgekehrt im andren Fall. (138, 139)

Accordingly, if, f.i., specie is exported from England to America, an advance in the rate of discount, is an inducement to foreign capitalists to hold back their bills upon England to the last moment, as well as to make remittances hither to invest the proceeds at the high rate: both circumstances cause a demand for these bills abroad, and their price must rise. At the same time, a proportionate fall in the price of foreign bills will occur. For, a convenient mode of placing funds in England being to instruct English firms to draw on foreign bankers, these bills are likely to be pressed on the market; whereas, owing to the assumed desire rather to leave capital in England than to call it in, there will be few purchasers for them, and their price must decline. The rise of bills on England abroad is always identical with the fall of the prices of foreign bills in England; for there are 2 ways of settling every international transaction: either the creditor draws a bill on the debtor, or the debtor remits a bill to the creditor; and, accordingly, the same circumstances which make it difficult to the creditor to sell his bill to advantage, will make it difficult for the debtor to purchase the necessary remittances to advantage. When bills on England decrease in value abroad, bills on the continent increase in value on the London exchange; and when, as in the case where a high rate of interest is setting the current of capital towards England, there is a great demand, at high prices, for bills upon London, there is a corresponding absence of demand and low prices in England for bills on foreign cities. (139, 140)

Woher aber, in spite of the rapid flow of capital from one country to another to fill up any gaps, that may have been left, such a difference in the rate of interest between two countries as has occasionally been witnessed for some time in the case of England and the Continent? (140, 141)

Z.B. 6% rate in London, and 2 or 3% in Hamburg, or other continental cities? (141)

In the case of Hamburg there exists a difference of currency. The Hamburg capitalists possess this money in silver. He must ship his silver to England, sell it there, and with the proceeds discount bills at the high rate current in England. When these bills, however, mature, and the Hamburg banker wishes to repossess himself of the money, he must rechange sovereigns into silver, perhaps paying a premium for it; and this silver, he will have to reship to Hamburg. Die difference between interest in England und Hamburg sei = 6% – 2% = 4%. If his money invested in 3 months’ bills, his apparent profit for 1/4 year, = 4/4 = 1%. Nun aber Kost of shipment of specie remittance to and fro. He may lose by difference on price at which he sold his silver in England, and that at which he bought it back for home remittance. The costs of transport and the loss on the silver may far exceed the profit of 1%,  Zusatz von Marx.
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(derived von der difference of interest)
. Unter gewisser combination of circumstances die difference of 4% in rate of interest kann daher existiren ohne the Hamburg surplus capital finding its way to our money market. Dieß verschwindet wenn die difference noch grösser, particularly if the high rate can be secured for 6 months instead of 3. During most periods of high discount in England, there have been large orders here to take 6 months bills for foreign bankers. The preference is given to the longer paper, because the high rate secured for a so much longer time, while the probable cost of bullion remittance and risk of loss upon silver remain the same. (141–143) Hamburg shows the difficulties attending the transmission of capital from one country to another. (143)|

108

When the currency is identical, still possibility for differences in the rate of interest to exist in a greater or less degree. Z.B. cost of transmission of gold to and fro, between Paris and London, reduced to a minimum. The difference can never be very great.  Kommentar von Marx.
Schließen
(Was it not in 1866?)
Aber: interest calculated by a percentage per annum. The probable profit, when operation in 3 months bill contemplated, to be divided by 4, whereas the percentage of expense has to be wholly borne by one transmission. So a very slight expense becomes a great impediment. If the cost is only 1/2%, there must be a profit of 2% p.a. in the rate of interest, or 1/2% on 3 months, before any advantage commences. If 1/2% the cost of sending money to England, and exchanges so favourable as to be able to draw it back without any cost at all, there must nevertheless be an excess of more than 2% in the London rate of interest over that in Paris, before the operation of sending gold over from France, merely for the sake of the higher interest, will pay. (144, 145)

Hence a slight increase in the rate of discount is, under some circumstances, – that is, when there is not a great supply of bills upon England – not sufficient to bring over gold from the Continent … if 6% will not do, 7 or 8% will. … The first few per cents. do little more than cover the possible expenses of the transmission of the bullion itself, a difference of 4% p.a. on 3 months bills being necessary to cover 1% expense; but as soon as the charges (or the risk of charges) – the loss in exchange (as they are usually called) – are covered, then every additional per cent. which is granted as discount becomes an actual and certain profit … the rate of discount must be advanced till that point is reached. (145, 146)

Fact jedoch that stets grosse supply of English bills auf dem Continent. When the English rate of interest advances, desire to take advantage of it, and remit capital to England for temporary investment. The transmission to England effected in bills, so long as they can be procured. Sellers of English bills (on Continent) enabled to make a higher price. Competition raises it, till remittances by means of bills become almost as expensive as a shipment of bullion itself. Thus the profit, which would be made by those who could buy bills at the usual exchange to remit to England for investment at the higher rate, is divided between those who sell the bill and those who buy and remit it. … As the supply of bills tends to become insufficient, gold is actually sent. (146, 147)

The Peculiar Foreign Billsnot representing any actual indebtednessrather influence the exchanges in an opposite direction. … The issue of bills representing no transaction in goods, but simply based upon credit, and consequently … illimitable … tends to depress the price of bills. … For the period during which they have to run (for, as soon as they have to be covered, their previous effect is neutralised at once), their issue may have a material effect upon the export of gold. Those who draw bills in this manner on credit, may be actuated by two different motives: either they may wish to use the secure the use of the money paid as the price of these bills, for legitimate or illegitimate purposes, during the 2 months which the bill has to run, that is till the time when they must part with the money to pay remittances, – or they believe that when their drafts come to maturity there will be a larger supply of bills on the market, and that then they will be able to make a profit by buying their remittances at a cheaper price than they obtained for their drafts. The issue of drafts drawn upon credit, and not against any debt – drafts by which the drawer incurs a debt, instead of securing himself the payment of a debt of another – is a measure by which the merchants of the country in which they are drawn may be temporarily relieved of making bullion remittances, if they are in debt, or make cheaper remittances if they want to give orders. (148, 149) In other cases – at the expiration of a certain time this will add to the difficulty, as an equal amount must again be withdrawn. (149, 150)

On the continent, this species of bills is often used as an engine for drawing gold from England, |109 in fact, as a mode of borrowing in the London market. Drafts are issued, payable 3 months after date; these are remitted to London, and there discounted, the proceeds being invested in gold, and shipped abroad. When the Exchanges are unfavourable to the Continent – i.e., when a bill on England commands a larger number of dollars or florins than usual – such bills create an artificial supply, and may prevent the price from running up to specie point. duo duo. due. due.(?)

Aus:
Fr[iedrich] E[rnst] Feller, C[arl] G[ustav] Odermann: Das Ganze der kaufmännischen Arithmetik. Für Handels-, Real- und Gewerbschulen, so wie zum Selbstunterricht für Geschäftsmänner überhaupt. 7., verm. und in Folge der im Münz- und Gewichtswesen eingetretenen Veränderungen z.Th. umgearb. Aufl. Leipzig 1859
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Icon dass Zitate symbolisiert

[Friedrich Ernst Feller, Carl Gustav Odermann: Das Ganze der kaufmännischen Arithmetik]

I)  Feller/Odermann, S. 318.
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Wechselrechnung etc.

Wechsel = Verschreibungen auf gewisse Geldsummen.

Grundlage der Wechselrechnung der Wechselcours. Wechselcours = Angabe der variablen Geldsumme, die für eine gewisse constante Summe in einer andren Valuta, oder wenigstens an einem andren Ort u. in einer andren Zeit gezahlt wird.

Wechselcourse von den Börsen regulirt. Bekanntgemacht durch Courszettel.

Werth der Wechsel hängt von der Zeit ihres Verfalls od. ihrer Zahlbarkeit ab. Je länger der Zahlungstermin, desto weniger werth. Dieß weniger hängt vom jedesmaligen Discont- od. Zinsfuß ab.

Es giebt zweierlei Course. Die einen haben ihre feste Valuta im Ausland, die andren im Inland. In Hamburg z.B. 1£ notirt = ca. 13 Banco-Mark 4β (Hamburger shilling). Die feste Valuta 1£ hier im Ausland. Also 13 M.B. 5β höherer Cours, 13 M.B. 3β niedrigerer Cours (von London gesehn) Hamburg notirt dagegen Paris zu 190 Fcs für 100 M.B. fest. Da hier die feste Valuta im Inland, wenn ein Steigen der Courszahl, 1901/4 eintritt, so ist dieß in Wahrheit ein Fallen, dagegen 1891/2 ein Steigen zu erkennen giebt.

Wenn 2 Plätze, welche mit einander direkt wechseln, d.h. gegenseitig Course auf einander notiren, einen u. denselben Münzfuß haben, versteht sich die Coursnotirung in der Regel für 100 (Thaler, Gulden, fcs u.s.w.) u. dann ist die veränderliche Valuta stets im Inland, d.h. in dem Geld des Platzes ausgedrückt, um dessen Coursnotirung es sich handelt. Z.B. wenn Leipzig in Berlin mit 997/8 notirt ist, so bedeutet dieß 997/8 Thaler in Berlin = 100 Thaler (fest) in Leipzig. Zuweilen drückt man einen solchen Cours auch in % Verlust oder % Gewinn aus, z.B. oben 1/8% Verlust. Namentlich notirt Paris seine Course auf die inländischen Plätze in dieser Weise.

Münzwerth der festen Valuta wichtigste Grundlage. Wechselpari heißt dieser Werth. Von ihm können sich die Wechselcourse auf die Dauer nicht entfernen, sonst würde Baarsendung an die Stelle der Zahlung durch Wechsel treten.

 Feller/Odermann, S. 320.
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Parirechnung.

Die Parirechnung beschäftigt sich mit der Feststellung des eigentlichen Werths der festen Valuta eines Courses. Wechsel- u. Münzpari verschieden, weil bei erstrem immer die Frage auf die einem Course zu Grunde liegende feste Valuta zu richten. So lang die Valuten dieselben bleiben, u. beide Münzen aus demselben Metall geprägt sind, ist das Wechselpari constant. Ist dieß nicht der Fall, oder besteht in einem Land depreciirtes Papiergeld, so Wechselpari variabel. Ist in einem Land Gold, in dem andren Silber das Hauptzahlungsmittel, so, wenn in dem leztren Land den inländischen Goldmünzen ein fester Werth in Silber beigelegt ist, so das Wechselpari nur annähernd constant, da der Verkehr sich an solche gesetzlichen Bestimmungen nicht kehrt.

Früher, vor 1 Nov. 1858, der Wechselcours von Leipzig auf Wien in Thalern für 150f. österreichische Währung. Die 150 florin die |110 feste Valuta in dieser Rechnung.

Berechnung des Wechselparis zwischen Leipzig u. Wien, da 30 Th. u. 45 florin = 1 Pfd. feines Silber.

45fl. : 150fl. = 30 Th. : x
x = 30×150 45  = 6×150 9 900 9 = 100 Th. Das Wechselpari also 150fl. = 100 Th.

Das Pari ist der Einwirkung des Discontfusses unterworfen.

Z.B. 100 Th. zahlbar in Berlin eigentlich = 100 Th. zahlbar in Köln. Für 2 Mt. Papier sind sie, à 4% Discont, nur 991/3, für 3 Mt. P. nur 99 werth. Wenn ferner 3 Mt. P. auf Hamburg in Paris 1857/8 steht, so bei 5% Discont, kurzes Papier 188,20 werth. Bei einem Course, dessen feste Valuta im Auslande ist, hat man den Discont zu addiren, wenn der Cours höher, zu subtrahiren wenn er niedriger werden soll. Ist aber die feste Valuta im Inland, so tritt der umgekehrte Fall ein. Wenn z.B. kurz Amsterdamer in Hamburg mit 35,95 notirt ist, so, bei 4% Discont, 2 Mt. P. 36,19 zu notiren. Je länger ein Papier zu laufen hat, desto weniger ist es werth, desto mehr Gulden bekommt man hier für 40 Banco M. fest, u. desto weniger M.B. bekommt man in Amsterdam für die Guilders.

Beispiele. Augsburger 2 Mt. Papier steht in Berlin 56.24 (56 Thl. 24 sgr. für 100 flr. S.W.), wieviel bezahlt man für 3 Mt. P. mit 4% Discont? Discont für 1 Mt. à 4% = 1/3%, beträgt auf 1704 Sg. = 52/3 Sgr. Da man für 100fl. in 3 Mt. Papier weniger Thaler zahlt, als für 100f. in 2 Mt. P., so ist der Discont abzuziehn, u. so hat man 56.181/3 als Cours für 3 Mt. P.

Kurz Pariser ist in Hamburg mit 1901/2 notirt; wie stellt sich bei 4% Discont, 2 Mt. Papier, von dem 15 Tage verflossen sind? 60 – 15 Tage = 45 Tage. Auf 45 Tage der Discont von 1901/2 à 4% = 0,95, od. 15/16. Je länger dieß Pariser Papier ist, desto mehr Franken kauft man in Hamburg für 100 M.B. Der Discont ist also zu addiren. Der gesuchte Kours daher 1917/16.

 Feller/Odermann, S. 325.
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Wechselreductionen.

Wechselreduction = Verwandlung einer Wechselsumme nach einem gegebnen Wechselkurs, sei es nun, daß diese Wechselsumme als einheimische Valuta in fremde, oder als fremde Valuta in einheimische zu reduciren ist. Auch gehört zu den Wechselreduktionen die Aufstellung des Kurses, zu welchem eine solche Umwandlung stattgefunden hat. Die Wechselkurse selbst, so wie die festen Valuten, für welche sie sich verstehn, sind entweder in wirklicher Münze oder in eingebildetem Gelde (Rechnungsgeld) Der betreffenden Plätze ausgedrückt. Solches Rechnungsgeld ist z.B. die Marc Banco in Hamburg  Zusatz von Marx
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(blosser Name für 4/111 einer Mark feinen Silbers)
, das Groot vlämisch u.s.w.

a)  Feller/Odermann, S. 326.
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Direkte Wechselreduktionen.

Direkte Wechselreduktion kann nur dann erfolgen, wenn der Platz, welcher seine Valuta in die eines andren Platzes, oder umgekehrt, reduciren will, mit diesem Platz direkt (a drittura) wechselt, mit ihm im direkten Wechselverkehr steht. Dieß ist aber dann der Fall, wenn er an seiner Börse einen Cours auf jenen Platz notirt. So Berlin u. Leipzig a drittura mit Amsterdam, Augsburg, Hamburg, London u.s.w., weil sie auf ihren Kurszetteln Kurse auf diese Plätze notiren; nicht so mit Madrid, Genua u.s.w. Der Kurs, nach welchem eine Reduktion erfolgen soll, versteht sich entweder für die Sicht, auf welche der Wechsel lautet od. lauten soll, oder versteht sich für eine andre, kürzere oder längere Sicht. Im leztren Fall kann man entweder, unter Zugrundelegung eines gewissen Zinsfusses den für eine gewisse Sicht sich verstehenden Kurs auf einen Kurs derjenigen Sicht bringen, welche zur Berechnung gegeben ist, oder man kann die Reduktion nach dem gegebnen Kurs vornehmen, und das |111 gefundne Resultat um die Zinsen für den zwischen den beiden Sichten bestehenden Zeitunterschied entweder vermehren od. vermindern.

Berliner Kurszettel. (Mitte Februar 1859)
Plätze womit Berlin direkt wechselt. Sicht. Kurs. Erklärung der Kurse.
Amsterdam. k. S. 1423/8

Thaler für 250fl. holl. fest.

Do. 2 Mt. 1421/8
Augsburg. 2 Mt. 56.26 Thaler u. Silbergr. für 100fl. S.W. fest.
Bremen. 8 T. 1091/4 Thaler für 100 Th. Gold od. Louisdor à 5 Thl. fest.
Breslau. 2 Mt. 991/3 Thaler in Berlin für 100 Th. in Breslau fest.
Frankfurt a.M. 2 Mt. 56.26 Thaler u. Silbergr. für 100f. S.W. fest
Hamburg. k. S. 1517/8

Thaler für 300 Mark Banco fest.

Do. 2 Mt. 1511/4
Leipzig. 8 Tage. 993/4

do. für 100 Th. in Leipzig fest.

do. 2 Mt. 991/3
London. 3 Mt. 6.21 Thaler. u. Silbergroschen für 1£ fest.
Paris 2 Mt. 973/8 Thaler für 300 Fcs fest.
Petersburg. 3 Wochen. 995/8 Thaler für 100 R°S. (Silberrubel) fest.
Wien 8 Tage. 931/2

für 150f. Oester. Währung fest.

do. 2 Monat. 921/2
Beispiel.

Wie groß ist der Ertrag von f.1832.50 pr. 7 Mai auf Amsterdam, am 26 Febr. begeben: a) zum Kurs von 1423/8 für die Sicht des Wechsels? b) zum Kurs von 1425/8 für 2 Mt. P. mit 3% Discont?

ad a) 250f. : 1832,5f. = 1423/8 Th. : x
x = 2087217,5 2000 = 1043,6087 Th. (18 sgr.)

ad b) 1. Berechnung: Reduction des Kurses für 2 Mt Papier auf einen Kurs für Papier am 7 Mai fällig.

2 Mt. vom 26 Febr. = 26 April; der Wechsel ist also 11 Tage später fällig; vom Kurse für 3 Mnt P. ist daher der Discont pr 11 Tage zu kürzen. 120 T. = 1,42625; 11 Tage = 0,13. Er beträgt also 0,13 Thl. 142,625 – 0,13 = 142,495 od. 1421/2 Cours für Papier pr. 7 Mai. Demnach:

250f. : 1832,5f = 1421/2 : x
x =  10445,25 1000 = 1044,525 Th. (16 Sgr.)

2 Berechnung. Man betrachtet den Wechsel als 2 Mt. Papier, berechnet ihn nach dem Course dieser Sicht, u. zieht Discont ab für so viel Tage als Wechsel später fällig wird.

250f. : 1832,5f. = 1425/8 : x
x = 1045 Th. 13 Sgr.
ab Discont à 3% für 11 Tage = 29 Sgr.

Also: 1044 Th. 14 Sgr. Diese Rechnung genauer als die erste.|

112

Hamburger Kurszettel. (im Februar 1859)
Plätze womit Hamburg direkt wechselt. Wechselsicht. Cours.
Amsterdam. 3 Mt.

3590/100

3560/100

Gulden holl. Courant für 40 Mark Bo. fest.

Do. kurze Sicht.
Antwerpen. 3 Mt.

191

1893/4

Franken für 100 M.B. fest

Do. k. S.
Augsburg. 2 Mt. 893/4 Gulden S.W. für 100 M.B. fest.
Berlin, Breslau. 2 Mt. 1533/8 Thaler im 30 Th. Fusse für 300 M.B. fest.
Bremen 2 Mt. 1393/4 Thaler Gold für 300 M. Bk. fest.
Frankfurt a.M. 2 Mt. 895/8 Gulden S.W. für 100 M.B. fest.
Genua. 3 Mt. 1931/2 Lire nuore für 100 M.B. fest.
Kopenhagen. k. S. * nicht notirt dänische Reichsthaler für 300 M.B. fest.
Leipzig 2 Mt. 1533/8 Thaler im 30 Rthl. Fuß für 300 M.B. fest.
Lissabon, Porto 3 Mt. 453/4 Schill. Bco für 1 Milreïs fest.
Livorno 3 Mt. 2261/2 tosk. Lire für 100 M.B. fest.
London 3 Mt. 13.2.

Mark u. Schillinge für 1£ fest.

Do. k. S. 13.31/4
Madrid, Bilbao, Cadix. 3 Mt. 421/2 Schillinge Ba. für 1 Peso fuerte (von 20 Reales)
Paris, Bordeaux. 3 Mt. 1911/2

Franken für 100 M.B. fest.

Do. K. Sicht. 1901/4
Petersburg. 3 Mt. 317/8 Shill. Banco für 1 Schilling fest.
Prag, Triest, Wien. 2 Mt. 81.50 Gulden u. Neukreuzer östr. Währung für 100 M. Bo fest.
* Note zu Hamburg Kopenhagen. Da 181/2 Reichsthaler = 273/4 Banco-Mark, wäre das Pari: 200 Rthl. = 300 Mark Banco.
Frankfurter Kurs. (Mitte Febr. 1859[)].
Plätze womit Frankfurt direkt wechselt. Kurse in Gulden Südlicher Währung. Feste Valuten
Amsterdam. 997/8 für 100fl. holl.
Augsburg. 993/4 100fl. S.W. in Augsburg.
Berlin, Köln, Leipzig. 1047/8 60 Th. Preussische Cour.
Bremen. 953/4 50 Th. Gold.
Hamburg. 883/4 100 M. Bo.
London. 117,5/8 10£
Mailand. 116 100 Floreni in Silber.
Paris, Lyon. 933/8 200 Fs.
Triest, Wien. 111 100f. in östr. Währung.

Diese Kurse alle auf kurze Sicht; längre Sichten berechnet man entweder nach den Notirungen für k. S., die man zu diesem Zweck 1/8 od. 1/4f. niedriger annimmt, u. unter Abzug von Discont, od. Käufer u. Verkäufer einigen sich über einen Kurs für die fragliche Sicht. Auf einigen Privat-Courszetteln ist auch ein Cours mit New York notirt mit 2fl. 31 kr. (variabel) für 1$ fest.



b)  Feller/Odermann, S. 345.
Schließen
Indirekte Wechselreduktionen
.

Eine indirekte Wechselreduktion findet statt, wenn ein Platz die Valuta eines andren Platzes in die seinige, oder umgekehrt reduciren soll, u. er mit diesem Platz nicht in direktem Verkehr steht. Z.B. Berlin soll eine gewisse Summe spanischer Piaster in preussische Courant nach dem Wechselcours umrechnen. Berlin notirt nicht direkt auf Spanien. Muß sich also eines Mittelplatzes bedienen, der mit beiden Plätzen wechselt, z.B. London. Die mittelst des Kurses dieses Platzes erfolgende Reduction ist eine indirekte.

Eine solche Reduktion findet ferner statt, wenn ein Platz dem andren, statt direkten Papiers, Wechsel auf einen dritten Platz übermacht, die zu einem gewissen Kurs eingekauft u. angenommen werden. Z.B. Leipzig remittirt an London, statt Londoner Papier, Wechsel auf Paris. Ferner wenn eine gewisse Wechselgattung gegen eine andre vertauscht wird, z.B. man verkauft in Berlin Wechsel auf London gegen Wechsel auf Paris u.s.w. Bedient man sich nur der Course eines Mittelplatzes, so kommen bei einer solchen Wechselreduktion keine Spesen vor; bedient man sich aber der Vermittlung dieses Platzes, d.h. läßt man durch ihn trassiren od. remittiren, so sind in den meisten Fällen Spesen damit verbunden. Berechnet der Wechselplatz dergleichen jedoch nicht, d.h. trassirt oder remittirt er franco Spesen, so wird er sich dafür an den Coursen erholen. (Wechselkommission)

Beispiel.

1) Wieviel beträgt am 1 Feller/Odermann: März
Schließen
Mai
1859 ein von Mailand auf Leipzig gezogner Wechsel von 964 floreni 75 Soldi, wenn kurz Mailänder in Frankfurt 1007/8 u. kurz Frankfurter in Leipzig 571/8 notirt ist?

x Thaler = 964,75 Fl.
100 Fl. = 116f.
100f. = 57 1/8 Th.
x = 639 Th. 9 ngr.|
113

2) Berlin hat in Madrid 2000 Silberpiaster zu fordern u. trassirt diesen Betrag auf Hamburg zum dortigen Madrider Kurse von 44. Wieviel bringt diese Forderung in Thalern ein, wenn Berlin das Hamburger mit 152 verkauft?

α) Wie groß ist die Tratte des Berliner auf Hamburg? 44β (Schil.) od. 23/4 M.B. × 2000 = M.B. 5500.

β) Ertrag dieser Tratte à 152?

M.B. 5500 à 150 = 2750 Th.
2 = 36 20
2768 Th. 20 Sgr.

c)  Feller/Odermann, S. 347.
Schließen
Wechselreduktionen mit Spesen
.

Diese Wechselreduktionen mit Spesen entstehn, wenn ein Platz (ein Commissionär) für die Rechnung eines andren Platzes (eines Committenten) eine gewisse Summe trassirt oder remittirt, oder beides zugleich thut, u. zwar können sie direkt oder indirekt sein.

Die dabei vorkommenden Spesen sind proportionirt od. nicht, d.h. entweder sie steigen oder fallen, da sie procentweis ausgedrückt sind, mit dem Kapital, wie z.B. Provision, Courtage – u. dann läßt sich die Wechselreduktion ganz durch einen Kettensatz machten machen – oder das Kapital hat auf ihren Betrag keinen Einfluß, wie z.B. Briefporto. Beim Remittiren (Einkauf) wirken die Spesen vermehrend, beim Trassiren (Verkauf) vermindernd auf den zu suchenden Betrag oder Ertrag.

Ob aber diese Veränderung nach Procenten vom, auf od. im Hundert zu berechnen ist, kann allein nach der Beschaffenheit des Werths beurtheilt werden, welcher zu ihrer Berechnung gegeben ist.

Da die Spesen nur von dem Betrage des wirklichen Einkaufes oder Verkaufes gerechnet werden können, so

sind Procente vom 100 – (100 = %) stets da zu rechnen, wo der gegebne Betrag wirklich den besorgten Einkauf od. Verkauf bildet;

Procente im 100 – (100  Feller/Odermann (siehe S. 4) verwenden dieses Zeichen für Subtraktionen.
Schließen
÷
% = %), wo die Spesen von dem um die Spesen zu vermehrenden hervorgebracht werden;

Procente auf 100 – (100 + % = %), wo der gegebne Betrag so beschaffen ist, daß die Spesen erst mit dem nach Abzug der Spesen verbleibenden Betrag verdient werden. In gewöhnlichen Faellen, wo es sich um geringe Procentsätze u. Beträge handelt, alles vom 100 berechnet.

Beispiele.

1) Hamburg kauft für fremde Rechnung 1800f. auf Frankfurt a/M à 89 u. berechnet 1/2% Spesen. Wie viel Marc Banco beträgt dieß zusammen?

f. 1800 auf Frankfurt a/M à 89 M.B. 2022.8
+ Spesen 1/2% 10.2
M.B. 2032.10.

Die Spesen sind hier vom 100 zu berechnen, denn der Betrag des Frankfurter ist wirklich diejenige Summe, womit Hamburg seine Spesen verdient.

2) Augsburg empfängt 2560 Lire auf Genua zum Verkauf. Wie groß ist der Reinertrag dieser Rimesse, wenn Augsburg sie à 93 (f. S.W. = 200 Lire) verkauft, u. dabei 1/2% Spesen berechnet?

2560 Lire. auf Genua à 93 f. 1190.24.
– Spesen 1/2% 5.57.
f. 1184.27.

Vom Bruttoertrag zieht Augsburg seine Spesen mit 1/2 vom Hundert ab, da auch hier der Bruttoertrag (f. 1190.24) den wirklichen Werth des Geschäfts ausmacht.

3) Frankfurt a/M empfängt am 2 Nov. Ldr. rβ (Thaler Gold) 974 pr. 17 Dec. auf Bremen mit Auftrag, sie zu begeben u. den Nettoertrag in 3 Mt. Londoner anzulegen. Frankfurt vollzieht die Begebung am selben Tag à 957/8 für kurze Sicht mit 3% Discont, berechnet dafür 1/3% Provision u. 1/2% Courtage, und kauft unter Berechnung von 1/2‰ Courtage 3 Mt. Londoner à 1167/8 für kurze Sichte mit 3% Discont. Wie gestaltet sich dieses Geschäft?

50 Ldr. Rth. : 974 = 957/8f. : x
x = 1867f. 93 Kg.
Discont pr 45 T. à 3% 7
Ertrag des Bremer: 1860f. 93 Kg.
Provision 1/3% f.6.12
Courtage 1/2 0/00 .56 7.8.
1853f. 31 Kg.
Courtage 1/2 0/00 (10001/2 = 1/2) 56
1852f. 35 in Londoner Papier anzulegen.
x £ 3 Mt. = 18527/12f.
1167/8f. = 10£. K. Sicht.
991/4 = 100£ 3 Mt.
x = 159£. 14s. 2d.

Provision u. Courtage sind vom 100, resp. 1000 zu berechnen, da sie mit dem gegebnen Ertrag (1860f. 93 39) verdient werden. Die Courtage für den Einkauf des Londoner ist dagegen auf 1000 zu berechnen, da sie nicht mit dem zu ihrer Berechnung gegebnen Betrage (1853f. 31), sondern mit diesem Betrag minus Courtage verdient werden wird, hier also ein vermehrter Werth gegeben ist.

4) Mexico hat für Rechnung Hamburgs 2625$ an New York zu übermachen, seine Spesen aber vorher abzuziehn. Wenn sich diese nun auf 5% belaufen, New York die Piaster mit 33/4% Prämie verkauft, für Empfangen 1% u. für Remittiren ebenfalls 1% berechnet, die übrigen Spesen in New York aber 33$ 6c. betragen, wie viel Marc Banco sind für diese Baarsendung, zum Course von 35, zu remittiren?

$2625 mex. pari $2625.0.
ab 5% Spesen (105 = 5) 125.0
$2500.0.
à 33/4% Prämien Nordamer. $2593.75
Empfangen: 1% (100 = 1) $25.94
Uebrige Spesen 33.06.
59.00.
$2534.75
Remittiren 1% (101 = 1) 25.10
$2509.65.
à 35 M.B. 7170.7β.|
114

Der Betrag 2625$ schließt die Spesen ein, die für die Rimesse in Baarem zu berechnen sind, ist also ein vermehrter Werth. Die Spesen sind daher auf 100 zu berechnen. Die Provision für Empfangen ist vom 100 zu nehmen, denn sie wird wirklich mit dem gegebnen Betrage verdient. Da die Provision für Remittiren nur von dem zu remittirenden Betrag genommen werden kann, der gegebne Betrag aber die Provision noch einschließt, so ist sie auf 100 zu berechnen. Die Richtigkeit dieses Verfahrens ergiebt sich aus den von Mexico sowie von New York zu ertheilenden Noten.

Nota von Mexico.
Betrag des Guthabens $2625.
m/ Rimesse: $2500. baar. pari. 2500
Spesen 5% 125
$2625.
Nota von New York.
Rimesse von Mexico $2500 baar. à 33/4 Prämie $2593.75.
Empfangen 1% $25.94
Uebrige Spesen. 33.06
59.
$2534.75
Dagegen m/ Rim. M.B. 7170.7 à 35 $2509.65
Remittiren 1% 25.10
$2534.75.

In diesen Noten erscheinen wiederum sämmtliche Spesen vom Hundert berechnet, weil die gegebnen Beträge diejenigen sind, womit die Spesen verdient werden. Hätten das Haus in Mexico u. das in New York sämmtlich vom 100 berechnet, so hätte der Hamburger Schuft nur M. 7151. 10β statt 7170.7 erhalten.



3)  Feller/Odermann, S. 354.
Schließen
Arbitragerechnung.

Aus dem Vorhergehenden ergiebt sich, daß die Wechsel als Mittel dienen:

a) Als Rimessen; um Schulden an andren Wechselplätzen zu zahlen.

b) Als Tratten (Trassiren); um ausstehende Gelder einzuziehn.

c) aber können sie als selbstständige Handelsobjekte dienen, wo man sie kauft u. verkauft, od. kaufen u. verkaufen läßt, um durch die sich ergebenden Kursdifferenzen zu gewinnen.

Das Remittiren u. Trassiren kann geschehn direkt oder indirekt, in kurzer Sicht oder langer Sicht.

Um Schulden zu zahlen kann man Rimessen machen oder auf sich trassiren (ziehen) lassen.

Um Forderungen einzuziehn kann man Trassiren oder sich Rimessen machen lassen.

 Kommentar von Marx.
Schließen
In der Sprache des Wechselgeschäfts geht daher die Dialektik vor sich, daß Trassiren u. Remittiren jedes als eine Form seines eignen Gegentheils erscheint.

Remittiren daher = Wechsel einkaufen, auf sich trassiren lassen, eine Schuld bezahlen.

Trassiren = Wechsel verkaufen, sich Rimessen machen lassen, eine Forderung einziehn.

Frage: Auf welche Weise man beim Trassiren oder Remittiren mit Vortheil operiren könne?

Da zur Beantwortung dieser wichtigen Frage ein Arbitrium (Gutachten) nöthig ist –  Kommentar von Marx.
Schließen
die einzige Sorte Arbitrium wie Profitchen zu schneiden, die das Kaufmannsvieh kennt
[–], so heißt diese schauerliche Untersuchung Arbitrage.

Solcher Arbitrage bedarf es jedoch nur dann, wenn Schuld od. Forderung in fremder Valuta ausgedrückt ist. Hat z.B. Leipzig an Hamburg 3000 Rth. zu zahlen, so ist für Leipzig keine Arbitrage zu machen. Entweder läßt sich der Hamburger Rimessen gefallen – dann kauft Leipzig so viel Marc B. als es für 3000 Th. erhalten kann; oder der Hamburger giebt der Tratte auf den Leipziger den Vorzug – dann hat er auf Leipzig 3000 Th. zu entnehmen. Leipzig zahlt auf beiden Wegen immer nur 3000 Th., ni plus, ni moins. Der Hamburger dagegen entwickelt sein Arbitrium, auf welchem Wege er für 3000 Th. die meisten Marken Banco erhält?

Direkte Arbitrage: Die Bezahlung der Schuld od. die Einziehung der Forderung kann durch Rimesse des Schuldners oder durch Tratte des Gläubigers erfolgen. Die Verfallzeit solcher Rimesse od. Tratte, oder nach den Umständen, der Zeitpunkt, zu welchem remittirt oder trassirt wird, müssen der Verfallzeit der Schuld oder Forderung entsprechen. Wenn nicht, kommt Zins od. Discont herein. Immer aber handelt es sich dabei um Wechsel, zahlbar auf dem Platze des Gläubigers od. des Schuldners, also um direktes Papier.

Indirekte Arbitrage: Sobald man untersucht, ob man sich zur Zahlung od. Einziehung von Schuld der Papiere oder der Vermittlung fremder Plätze bedienen kann.

Ebenso, wenn man untersucht, welche Wechselgattungen man zum Gegenstand einer Spekulation machen, oder an welchem Platze man gewisse Papiere ein- oder verkaufen soll, um durch die Kursdifferenzen zu gewinnen.

I)  Feller/Odermann, S. 356.
Schließen
Direkte Arbitrage.

a) Wahl zwischen direktem Trassiren u. direktem Remittiren.

Soll eine auf einem andren Platz zahlbare Schuld getilgt werden durch direkte Rimessen, die man dahin macht, oder durch Tratten, die man auf sich ziehn läßt.

Oder soll eine an einem andren Ort ausstehende Forderung eingezogen werden durch Tratten, die man auf denselben ausstellt, od. durch (direkte) Rimessen, die man sich von denselben machen läßt. Welches ist für den, der zu zahlen od. fordern hat, der vortheilhafteste Weg?

Insofern Differenz mit der gegebnen Verfallzeit hinzu kömmt, ist auf Vergütung durch Diskont od. Zinsen Rücksicht zu nehmen.

In Bezug auf die zu vergleichenden beiderseitigen Course (die Hin- und Herkurse) treten 2 Fälle ein.

Entweder beide Plätze haben für ihre gegenseitige Coursnotirung dieselbe feste Valuta, z.B. 300 Bk. Mc. bei dem Kurs von Leipzig auf Hamburg, u. von Hamburg auf Leipzig.

Oder die festen Valuten sind verschieden. Z.B. beim Kurs von Frankfurt a/M 60 Th. fest für 105f. + ÷; beim Kurs von Berlin auf Frankfurt a/M 100f. fest für 57 Th. + ÷. Bevor im leztren Fall die Kurse verglichen werden können, müssen sie auf ein- und dieselbe feste Valuta reducirt werden, u. zwar ist es am besten d. Kursnotirung des fremden Platzes auf die feste Valuta des eignen zu reduciren.

Z.B. bei einer Arbitrage, die Berlin mit Frankfurt macht, die Frankfurter Kursnotirung auf Berlin, 1043/4f. K. Sicht auf die dem Berlin Frankfurter Kurs zu Grund liegende feste Valuta (100f.)

1043/4f. : 100f. = 60 Th. : x
x = 57,3.

Wäre nun Frankfurt in Berlin mit 57f. K. S. notirt, so wäre für Berlin sein eigner Kurs (57) gut zum Remittiren; d.h. wenn es an Frankfurt zu zahlen hätte, so würde es mit Frankfurter Wechseln bezahlen, welche es à 57 Th. à 100f. kaufen kann. Dagegen eignet sich für Berlin der Frankfurter Berliner Kurs (1043/4) zum Trassiren, d.h. es würde sich von Frankfurt Rimessen machen lassen à 1043/4. Dieß wäre ebenso, als hätte es selbst à 57,3 trassirt, u. dieser Weg würde ihm |115 0,3 Th. für jede 100f. mehr einbringen, als wenn es à 57 selbst trassirt hätte.

Ohne Rechnung findet man aus:

Frankfurter Kurs auf Hamburg 883/4 (fl. für 100 M. B);
Hamburger Kurs auf Frankfurt 881/2 (fl. für 100 M.B.);
daß Frankfurt eine Forderung auf Hamburg durch eine Tratte à 883/4 einziehn,
Frankfurt dagegen Schuld an Hamburg von diesem Platz auf sich trassiren lassen wird.
Ebenso: Hamburg Amsterdamer Kurs für k. S. 35.95 (Gulden holl. Kurant für 40 Mc. Bco.)
Amsterdam Hamburger Kurs, k. S. 36.
Wenn Hamburg arbitrirt, 35.95 gut zum Trassiren, wenn Hamburg an Amsterdam zu fordern hat. (Hamburg wird auf Amsterdam 35,95 trassiren)
36 gut zum Remittiren, wenn Hamburg an Amsterdam zu zahlen hat, lässt es von Amsterdam à 36 auf sich trassiren.
Im ersten Fall erhält es für seine Forderung die größtmögliche Summe in Marc Bc.,
Im zweiten Fall zahlt es für Schuld die möglichst kleinste Summe in Marc Bc.
Z.B. Hamburgs Forderung f.4000., so bringt sie auf 35,95 trassirt (35,95 : 4000 = 40 Marc Banco : x) 4450 Mc. Bco. 10β ein;
v. Amsterdam à 36 remittirt, nur (36 : 4000 = 40 M.B. : x) 4444. 7β.
Solche einfache Vergleichung der beiderseitigen Course genügt aber nicht, wenn die Forderung od. Schuld in andrer als kurzer Sicht fällig ist. Zinsberechnung kommt dann herein.

Beispiele.
1) Beispiel.

1) Berlin schuldet an Hamburg 2 Mt. dato, Bc. Mc. 6000, u. kann 2 Mt. Hamburger à 150 kaufen; wonach ihm die Bezahlung seiner Schuld durch Rimesse kostet Th. 3000.

2 Mt. Berliner ist in Hamburg mit 152 zu begeben; eine Tratte des Hamburger auf Berlin, 2 Mt. dato, kosteten also Th. 3040.

Berlin würde also nach dieser Rechnung, wenn es selbst remittirte 40 Th. Profit haben.

Nun ist aber die Tratte des Hamburger erst nach 2 Mt. zahlbar.

Berlin hat aber für seine Rimesse 3000 Th. bar bezahlt. Dieß würde auf 5% p. J. (vom Berliner berechnet) auf 3000 Th. pr 2 Mt. 25 Th. machen.

Die Rimesse kostet den Berliner also zur Zeit, wo die Tratte des Hamburger fällig wird 3025 Thaler.

Dagegen erhält der Hamburger die Forderung, die ihm durch Rimesse des Berliner erst nach 2 Mt. eingehn würde, u. die ihm nicht früher eingehn soll, durch den Verkauf seiner Tratte baar, u. hat somit dem Berliner die Zinsen pr 2 Mt. zu vergüten. Ebenfalls à 5% genommen, u. der Kürze halber auf den Betrag der Tratte 3040 berechnet, betragen die Zinsen 251/3 Th., so daß die Tratte nur auf 3040 ÷ 251/3 = 30142/3 Th. zu lauten hat.

Also muß die Zahlung der Schuld nicht durch Rimesse (à 150), sondern durch Tratte des Hamburger (à 152) geschehn, wodurch der Berliner 101/3 Th. gewinnt. =  775 2261 %.

Die Vergleichung der Kurse 150 u. 152 hat demnach in folgender Weise zu geschehn:

Berlin-Hamburg 150. Hamburg-Berlin 152
Zinsenverlust pr 2 Mt. à 5%% 11/4 Zinsenvergütung pr. 2 Mt. à 5% 14/15
Berlin zahlt also nach 2 Monaten 151,1/4; Hamburg trassirt 2 Mt. nur 15011/15

151 1/4 ÷ 15011/15 – diese Differenz, die Berlin für je 300 M.B. weniger zu zahlen hat, beträgt auf 6000 M.B. 101/3 Th., u. ergiebt für Berlin Gewinn von 775 2261 %. Die Vergleichung dieser Fälle zeigt, daß beide Course auf Course für kurze Sicht reducirt worden sind, u. nur einfache Vergleichung der Kurse stattgefunden hat, wenn Forderung oder Schuld baar fällig sind.

Daß die Zinsen dem Berlin-Hamburger Kurs hinzufügen waren, klar, da die für 300 Mc. Bo. baar ausgegebnen 150 Th. nach Verlauf von 2 Mt. um die Zinsen für diese Zeit theurer werden.

Vom Hamburg-Berliner Kurs aber waren sie abzuziehn, da der Hamburger, um dem Berliner die Zinsen zu vergüten, nicht 152 Th. für 300 Mc. B., sondern um soviel weniger zu trassiren hat, als die Zinsen pr 2 Mt. betragen u. die um die Zinsen verminderte Summe in Thaler reducirt.

Deutlicher wirds, wenn man die Zinsen auf den Betrag der Forderung berechnet u. die um die Zinsen verminderte Summe in Thaler berechnet.

Die Zinsen pr 6000 M.B. für 2 Mt. à 5%, betragen 50 M. Bco. Bleiben also zu trassiren 5950 M.B., u. diese à 152 = Th. 3014.20.

2 Beispiel.

Hamburg hat an Paris 10500 Fs., 3 Mt. dato, zu fordern. Tratten auf Paris, 3 Mt. dato, sind à 189 zu begeben; Rimessen in 3 Mt. Papier würde Paris würde Paris à 186 machen. Die Zinsen berechnet Paris in Contocorrent mit 6%; Hamburg kann zur Zeit für sein Geld nur 4% verdienen. Wie ist die Forderung einzuziehn?

 Feller/Odermann, S. 358.
Schließen
a) Vergleichung der Kurse
.
Hamburger Paris Cours. 189 Paris-Hamburger Cours. 186
Zinsen pro. 3 Mt. à 4% 1.89 Zinsen pr 3 Mt. à 6%: 2,97 2,79
187,11. 188,79.

Hamburg giebt also, wenn es trassirt 187,11 fcs, hin um dafür 100 M.B. zu erhalten, während es, bei einer Rimesse von Seiten des Parisers, 188,79 fcs hingeben muß, um 100 M.B. einziehn zu können. Die Einziehung der Forderung durch Tratte auf Paris ist also vorzuziehn.

Um den Gewinn, den der Hamburger auf diesem Wege macht, in Procenten bestimmen zu können, reducire man beide Course auf die feste Valuta von 100 fcs. 187,11 giebt dann 53,44 Mc. Bco, 188,79 = 52,97 M.B. Hamburg erhält also für 100 F. auf dem 2. Weg 0,47 M.B. mehr, was einen Gewinn von 0,85% ergiebt.

 Feller/Odermann, S. 359.
Schließen
b) Berechnung der gegebnen Summen
.
Hamburg trassirt Fcs 10,500 à 189 M.B. 55555/9 5611,1/9 M.B.
Zinsengewinn prt 3 Mt. à 4% 555/9 M.B.
Paris hat zu remittiren 10,500 Fcs.
Es kürzt für Zinsen pr 3 Mt. à 6% 157,50. Bleiben: F. 10342.50.
Wofür es à 186 remittirt 556015/31
Hamburgh gewinnt also, wenn es selbst trassirt 50175/279 M.B. |
116

Dieß macht 0,91%, was mit obigem Resultat (0,85%) nicht übereinstimmt. Grund liegt in der ungenauen Berechnung der Zinsen. Praktisch unwichtig. In diesem Beispiel hat Hamburg, also der Platz, der die Arbitrage macht, die feste Valuta.

Auf den Hamburg-Pariser Cours 189 ist der Zinsengewinn pr 3 Mt. à 4% in Anschlag zu bringen. Dieser Gewinn bessert den Cours, u. zwar da hier von einem Verkaufe die Rede ist, in der Weise, daß der Hamburger weniger als 189 Fs. für 100 M. zu geben hat. Die Zinsen von der Courszahl also in Abrechnung zu bringen, aber nicht, (wie oben in der Berechnung der Summe (p. 115) geschehn, nach Procenten vom, sondern nach Procenten auf 100, da 189 = einem Werth, der um die Zinsen vermehrt ist. Also:

Pariser 3 M. in Hamburg 189
Zinsen pr. 3 M. à 4% = 1% (101 : 189 = 1 : x) 1 88/101
187,13 ⦗nicht wie oben, 187,11⦘

Dem Hamburg-Pariser Kurs sind die Zinsen zuzufügen, da sich der Cours für den Hamburger verschlechtert, der Zinsen wegen, die dem Pariser zu vergüten. Sie sind aber nach Procenten im 100 zu berechnen, weil der Cours 186 einen um die Zinsen verminderten Werth darstellt. Demnach:

Hamburger 3 Mt. in Paris 186
Zinsen pr. 3 Mt. à 6% = 11/2% (981/2 : 186 = 11/2 : x) 2164/167
188164/167 od. 188,99.

Reducirt man, um den Gewinn des Hamburgers in Procenten zu bestimmen, die so gefundnen Course auf eine feste Valuta von 100 fcs., so wie oben 53,439 M. u. 52,957 M., also ebenfalls 0,91% Gewinn.

3) Beispiel.

Augsburg schuldet an Livorno 2400£, 3 Mt. dato. Tratten auf Augsburg, 3 M. dato, sind in Livorno à 2491/2 zu begeben; Zinsen in Contocorrent 5%. Augsburg kann 1 Mt. Livorneser à 987/8 kaufen, u. rechnet sich ebenfalls 5% Zinsen. Wie soll Augsburg seine Schuld zahlen?

Livorno-Augsburger Kurs 2491/2 (£ = 100f. S.W: S.W.)
Dieser Liv. Augsb. Cours nun Reducirt auf die feste Valuta des Augsb. Livorn. Kurses – 250£ – giebt:
2491/2£ : 250£ = 100 fln : x
x = 100,200.

Augsburger 1 Mt. Cours auf Livorno. 98,875
Zinsenverlust für 3 Mt. à 5% wegen des baaren Einkaufs = 11/4%
Als Zinsvergütung von Livorno für frühren Empfang des Geldes 2 Mt. à 5% = 5/6
5/12% (1005/125/12)
0,400 99,275
Livorno Cours auf Augsburg 100,200
Zinsen für 3 Mt. à 5% (983/4 = 11/4) 1,269
98,931

Hieraus ergiebt sich, daß es für Augsburg vortheilhafter ist, auf sich trassiren zu lassen, weil es auf diesem Wege für 300£ nur 98,931f. bezahlt, während es, wenn es remittirt, je 250£ mit 99,275f. kaufen muß. Unterschied von 0,33%.

Berechnung der Summe.
Livorno trassirt für seine Forderung von £2400, unter Vergütung von 5% Zinsen für 3 Mt. (£30) à 2491/2 S.W. f.949. 54.
Statt £2400 – in 3 Mt. Papier – remittirt Augsburg, unter Abzug von £20, für Zinsen p. 2 Mt. à 5% – £2380 u. zahlt dafür à 987/8 f.941. 17
Zinsenverlust darauf pr 3 Mt. à 5% 11. 46
S.W. f.953. 3.
Unterschied zu Gunsten der Tratte des Livorneser 3f. 9 kg.
4 Beispiel.

Amsterdam schuldet an Paris 6000 Fcs, 2 Mt. dato u. kann 2 Mt. Papier à 561/2 kaufen. Der Discont steht in Amsterdam 21/2%. 2 Mt. Amsterdamer ist in Paris mit 209,15 zu begeben u. Paris vergütet in Contocorrent 4% Zinsen. Auf welche Weise wird Amsterdam seine Schuld zahlen?

Zuerst ist der Paris-Amsterdamer Cours auf die feste Valuta der Amsterdam Pariser zu bringen.

209,15 Fcs : 120 Fcs = 100fl. : x
x = 57,375.
Amsterdam-Pariser 2 Mt. Cours 56,5
Discont p. 2 Mt. à 21/2% 0,235 56,735
Paris Amsterdamer 2 Mt. Cours 57,375
Zinsen pr 2 Mt. à 4% 0,3825 56,9925
Es ist demnach für den Amsterdamer vortheilhafter, seine Schuld durch Rimessen zu decken. Gewinn = 0,45%.|

117

b) Wahl zwischen kurzer u. langer Sicht.

Sobald ein Platz A einem Platz B x Geld in kurzer Sicht zu zahlen hat,

für A) Frage, ob nicht vortheilhaft, die Schuld mit langsichtigem Papier zu decken, sei es, daß letzteres am Zahlungsort diskontirt werde, od. daß der Gläubiger Zinsen für dessen spätren Eingang berechne;

oder A) hat die Schuld in langsichtigem Papier zu decken; Frage für A, ob sie nicht in kurzsichtigem Papier bezahlt werden kann, vorausgesezt, daß der Gläubiger Zinsen vergüte.

Ferner kann man fragen, ob eine Forderung in kurzer Sicht nicht durch Tratten in langer Sicht, u. umgekehrt eingezogen werden kann, wobei die Zinsen in Betracht kommen, die der Schuldner dem Gläubiger vergütet od. zur Last bringt, was besonders dann vorkommt, wenn Gläubiger u. Schuldner miteinander in laufender Rechnung stehn.

In allen diesen Fällen zu untersuchen, ob der Unterschied zwischen kurzer u. langer Sicht bei Einkauf od. Verkauf mit Abzug für Discont, beziehungsweis für Zinsen od. mit der Zinsenvergütung am andren Platz übereinstimmt od. nicht.

I) Beispiel.

Berlin schuldet 8500f. S.W. in Frankfurt a/M kurze Sicht. Es kann zu 57 in kurzer Sicht od. zu 561/4 in 2 Monatspapieren remittiren; was ist vortheilhafter, da der Discont in Frankfurt 4%?

Vergleichung der Kurse.  Zusatz von Marx.
Schließen
(Erste Lösung) N. 1.

Langsichtige Wechsel sind wohlfeiler als kurze, u. zwar, wenn nicht andre Ursachen einwirken, um soviel als die Zinsen auf den Zeitunterschied ausmachen.

Wenn kurzes Frankfurter 57, sollte 2 Monatpapier, bei Discont von 4%, 56,62 od. 565/8 werth sein. Die Zinsen auf 57 Th. in 2 Monaten à 4% betragen 0,38 Th. u. müssen, da hier die feste Valuta im Ausland ist, subtrahirt werden.

Der wirkliche Cours des 2 Monatpapiers ist aber 561/4, mithin niedriger, deßhalb thut Berlin besser zu remittiren.

Vergleichung nach Procenten.  Zusatz von Marx.
Schließen
(Zweite Lösung) N. 2.

Wenn x Frankfurter Gulden, in kurzer Sicht angelegt, 100 Th. kostet, was kostet dieselbe Summe, unter Berücksichtigung dieses Disconts, in langer Sicht, od. umgekehrt.

Discont pr 2 Mt. à 4% pr Jahr = 2/3%.

α) x = 100 Th.
57 Th. = 100fl. S.W.
991/3f. = 100f. 2 Mt. P.
100f. = 561/4 Th.
x = 99,34 Th.
β) x = 100 Th.
561/4 Th. = 100fl. 2 Mt. Papier.
100f. = 991/3f. in k. Sicht.
100f. = 57 Th.
x = 100,66 Th.

Der erste Ansatz zeigt, daß für eine Rimesse, die in kurzer Sicht 100 Th. kostet, in 2 Mt. Papier nur 99,34 Th. kostet; der zweite Ansatz, daß eine Rimesse, die in 2 Mt[.] Papier mit 100 Th. zu haben ist, in kurzer Sicht 100,66 Th. bezahlt werden muss. In beiden Fällen Gewinn von 0,66 od. 2/3% zu Gunsten des 2 Monatpapiers.

Berechnung der ganzen zu remittirenden Summe.  Zusatz von Marx.
Schließen
(Dritte Lösung) N. 3

Wenn Berlin in kurzer Sicht remittirt, kosten ihm die schuldigen f.8500 S.W.

100 : 8500 = 57 : x
x = 4845 rβ

Wählt es dagegen 2 Mt. P., so muß es um so viel mehr geben als der Discontabzug in Frankfurt ausmacht.

Betrag der Rimesse: 991/3 : 8500 = 100 : x
x = 8557f. 3 Kg. S.W.

Denn wenn Frankfurt a/M diesen Wechsel zu 4% diskontiren läßt, so bleiben ihm grade die ihm zukommenden f.8500.

Diese Rimesse würde dem Berliner zu 561/4 (100 : 8557,05 = 561/4 : x) 4813 Th. 10 Sgr. kosten, was verglichen mit 4845 Th. wieder Unterschied von nahe 2/3% zu Gunsten der langsichtigen Rimesse darbieten.

Vergleichung des Discontfusses.  Zusatz von Marx.
Schließen
(Vierte Art die Aufgabe zu lösen) N. 4

Subtrahirt man von 57 (Cours der k. S.) den Kurs des 2 Mt. P. 561/4, so findet man 3/4 Th. Zinsen für 2 Mt auf 57,
für 12 Mt. = 3/4 × 6 = 41/2 auf 57,
also 57 : 100 = 41/2 : x = 717/19%.

Berlin gewinnt also 717/19% jährlich, während es in Frankfurt nur 4% durch den Diskont verlirt. Folglich Rimesse in langer Sicht vortheilhaft.

Bei langsichtigen Wechseln, zur Ausgleichung einer Schuld remittirt, wird, wenn sie der  Feller/Odermann: Gläubiger
Schließen
Gläubige
diskontiren lassen soll, dafür in der Regel keine Provision, wohl aber Courtage gerechnet. Nimmt man dieselbe im obigen Fall zu 1‰ an, so ergiebt sich nur ein Gewinn von 17/30%.

Von diesen 4 Berechnungsarten ist N. 1 die einfachste, u. darum in der Praxis gebräuchlichst. Sie ist allein in folgenden Exemplen angewandt.|

118

II Beispiel.

Paris hat an Hamburg in k. Sicht zu fordern u. kann in dieser Sicht à 1891/2 trassiren. (Feste Valuta: 100 M.B.) Tratten 3 Mt. dato sind à 1871/4 anzubringen, die Zinsvergütung dafür in Contocorrent beträgt 4%. Wie wird Paris trassiren?

4% Zinsen p. Jahr = 1% pr. 3 Mont.
Der 3 Mt. Kurs bessert sich also um 1% = 1,8725
u. giebt somit 189,1225 Fcs für 100 B. M. in k. S.
Da aber kurze Sicht in der That mit 189,5 zu begeben ist, so Tratten in k. S. vortheilhafter als Tratten 3 Mt. dato.

III Beispiel.

Hamburg hat an Augsburg in 2 Mt. Papier zu zahlen (feste Valuta zu Hamburg 100 M.B.) u. kann 2 Mt. Augsburger mit 883/4 kaufen. Kurze Sicht ist mit 881/4 zu haben. Augsburg vergütet in Contocorrent 4% Zinsen. Welche Art Rimessen soll Hamburg wählen?

Zinsen pr 2 Mt. auf 881/4 betragen 0,59 od. ca. 7/12.
2 Monatpapier, da es wohlfeiler sein muß u. die Zinsen, weil die feste Valuta im Inland ist, addirt werden müssen, demnach auf 885/6 stellen.
Hamburg deckt in kurzer Sicht mit 100 M.B. = 885/6f.
durch Rimessen in 2 Mt. Papier 100 M.B. = 883/4 gedeckt. Also Rimessen in kurzer Sicht vorzuziehn.

IV Beispiel.

Hamburg hat an Amsterdam 3 Mt. dato zu fordern (feste Valuta 40 Mark Banco zu Hamburg) u. kann Tratten in dieser Sicht à 36.05 begeben. Es könnte aber auch in k. S. à 35.60 trassiren, was ihm 6% Zins kosten würde. Wie soll es seine Forderung einziehn?

k. S. = 35.60
Zins pr 3 Mt. à 6% = 11/2% = 0.53
3 Mt. aus k. S. = 36,13.
Wirklicher 3 Mt Kurs 36,05.
Also besser 3 Mt. trassiren, weil Hamburg auf diesem Weg für 36,05f. den Betrag von 40 M.B. erhält, während durch Tratten in k. Sicht 36,13 für 40 M.B. zu „begeben“ sind.  Marx verweist auf die Manuskriptseite 135 des vorliegenden Hefts, auf welcher er an der hier unterbrochenen Stelle weiter exzerpiert.
Schließen
(Sieh. cont. p. 135)

 Anmerkung von Marx.
Schließen
Ehe wir nun übergehn zur Arbitrage auf indirektem Weg,

 Marx’ Wort.
Schließen
Intermezzo
. (Kettenregel, und Prozentrechnung)

 Feller/Odermann, S. 136.
Schließen
Kettenregel.

 Kommentierende Zusammenfassung von Marx.
Schließen
Zunächst entspringt diese Scheisse einfach aus Reihe von einzelnen Regel de Tri-sätzen, u. wird gewonnen, indem man aus dieser Methode das Nutzlose wegläßt.

Z.B. Was kosten 2500lb Waare in Friedrichsd’or à 52/3 Th., wenn 1 Loth 3 Pfennig in Berlin kostet?

1) Verwandlung der 2500lb in Loth: 1lb : 2500lb = 32 Lth : x. x = 80,000 Lth.
2) Werth in Pfennigen: 1 Lth : 80,000 = 3 Pf. : x. x = 240,000 Pf.
3) Verwandlung der Pfennige in Thaler: 360 Pf. : 240,000 = 1 Th : x. x = 6662/3 Th.
4) Verwandlung der Thaler in Friedrichsdor: 52/3 Th. : 6662/3 = 1 Fr. : x. x = 11711/17 Fd’or.

  Kommentierende Zusammenfassung von Marx.
Schließen
Verwandelt od. rather verkürzt man diese Scheisse nun in Kettenregel, so gestaltet sich die Aufstellung, aufgrund mit dem x (der Benennung des x), welches die Hauptfrage bildet, wie folgt:

x Fd’or = 2500lb.
1 = 32 Lth.
1 = 3 Pf.
360 = 1 Th.
52/3 = 1 Friedd’or.

Also der Kettensatz fängt immer mit der Benennung an, für welche man die zur Gleichung fehlende Zahl suchen will, od. in andern Worten, mit derjenigen, auf welche die Hauptfrage in der Gleichung gerichtet ist.

Diejenige Benennung, mit welcher man rechts geschlossen, muß in der nächsten Gleichung links wieder anfangen.

Der Kettensatz schließt mit der Benennung, welche überhaupt gesucht wird, so daß die Münz-Maaß-Gewichtssorte etc, welche durch die Ausrechnung zu finden, auf der linken Seite der ersten u. auf der rechten Seite der lezten Gleichung zur Erscheinung kommt.

Die Ausrechnung geschieht in derselben Weise wie für die Regel Multiplex.  Kommentar von Marx.
Schließen
Die Regel Multiplex ist eine zusammengesezte Regel de Tri, u. folgendes sind die kaufmännischen Recepte über diese ganze Scheisse.

1)  Feller/Odermann, S. 98.
Schließen
Einfache Regel de Tri
.

Steigende od. Fallende Proportion: 8 : 56 = 3 : 21 Steigende Proportion. 56 : 8 = 21 : 3 fallende Proportion.

Die Regel de Tri, i.e. die Proportion, wodurch x gefunden wird kann Direkt od. Indirekt sein.

Direkt: z.B. Kleinere Zahl a : zur grössren Zahl b = kleinere Zahl c : zur grössren Zahl x.

Oder: Grössre Zahl b : kleinere Zahl a = x : kleinere Zahl c.

Indirekt. Kleinere Zahl a : grössre Zahl b = grössre Zahl c : x (kleinere Zahl)

Oder: Grössre Zahl c : kleinere Zahl b = kleinere Zahl d : x (grössre Zahl.)

Je nachdem mehr od. weniger herauskommen soll, muß das erste Verhältniß steigend oder fallend angesezt werden.

Man findet das 4 Glied x durch Multiplication des 3. Glieds mit dem Exponenten des ersten Verhältnisses.

Z.B. 8 : 56 (= 7 × 8) = 3 : x. x = 3 × Exponent des ersten Verhältnisses, = 3 × 7 = 21
oder: 56 : 8 (56 × 1/7) = 21 : x. x = 21 × Exponent des ersten Verhältnisses, = 21 × 1/7 = 3.

Die Multiplication von Glied 4 × Exponent des ersten Verhältnisses = Division des ersten Glieds in das aus Multiplication des 2 und 3 Glieds entstandne Produkt.

Z.B. 8 : 56 = 3 : x. x = 3 × 56/8 = 3 × 7. Dasselbe wie x = 3×56 8 .

In den Aufgaben der Regel de Tri ist Eins der Glieder oft = 1. In diesem Fall die Ausrechnung Division oder Multiplication. Sonst, wenn kein Glied = 1, aus Beiden bestehend.

Daher: Multiplikationsaufgaben; Divisionsaufgaben; oder, drittens Gemischte Aufgaben. Alle diese 3 Fälle haben es mit direkten oder indirekten Verhältnissen zu thun.

a)  Feller/Odermann, S. 100.
Schließen
Einfache Regel de Tri mit direkten Verhältnissen
.

1) Multiplikationsaufgaben: Da für Produkt die Benennung der Faktoren gleichgültig, kann man diese, wenn vortheilhaft, mit einander vertauschen.

Z.B. Was kosten 120lb. à 57 Kg.? Ebensoviel als 57Lb zu 120 Kg. oder 2fl.

Ebenso kann man Nullen versetzen. Was kosten 1500lb zu 19 ngr.? Soviel als 1900lb zu 15 ngr. oder à 1/2 Rth.

Wie viel kosten 329lb à 16 Sgr. 3 Pf.?
329lb à 15 Sgr = 164 Th. 15 Sgr.
à 1 Sgr. 3 Pf. = 13, 211/4
178 Th. 61/4 Sgr. |
119

2) Divisionsaufgaben: Hier wird von einem Wert > < 1 auf den Werth der Einheit geschlossen.

Z.B. Was kostet 1 Ctr, wenn 17 Ctr. 70 Thl. kosten. 1 Ctr = 70/17.

Oder: Für 17 Thl. erhält man 119 Stück. Wieviel für 1 Th? = 119/17.

Oder: Was bezahlt man für 10 Stück, wenn für 17 Stück 1 Th.? 1/17 Th. × 10.

3) Gemischte Aufgaben: Man multiplicirt das 3te Glied mit Exponent des ersten Verhältnisses, od. multiplicirt 3 Gl. × 2t Glied u. dividirt durch 1 Glied.

b)  Feller/Odermann, S. 129.
Schließen
Einfache Regel de Tri mit indirekten Verhältnissen
.

12 Arbeiter brauchen 90 Tage; wie viel 100 Arbeiter (weniger)? 100 A. : 12 = 90 T. : x. x = 104/5 T.

1 Dampfmaschine von 24 Pferdekraft braucht zu gewisser Arbeit 4 Tage, wie viel eine von 16 Pferdekraft? (mehr) 16 : 24 = 4 : x. x = 6 Tage.

Mit 8 Pflügen erfordert 1 Stück Feld 17 Tage, wie viel mit 12 Pf. (weniger)? 12 : 8 = 17 : x. x = 111/3 Tage.

Wieviel braucht Jemand, der täglich 6 Meilen macht, wenn ein andrer, bei täglich 7 Meilen, 12 Tage braucht? (Mehr) 6 : 7 = 12 : x. x = 14 T.

2)  Feller/Odermann, S. 131.
Schließen
Zusammengesezte Regel de Tri
.

Hat es mit mehr als 4 Gliedern zu thun. Sind Verhältnisse gegeben, so Regel multiplex; sind Gleichungen gegeben, so Kettenregel.

Regel Multiplex.

Man will z.B. wissen, wie viel Lohn 10 Arbeiter erhalten, die 8 Tage arbeiten, wenn 15 Arbeiter, die nur 6 Tage arbeiten, 7 Thaler bekommen?

Solche Aufgaben lassen sich zunächst durch ebenso viele Regel de Trisätze lösen als Verhältnisse gegeben sind.

Z.B. im obigen Fall. Zuerst Lohn berechnet nach Zahl der Arbeiter. 15 : 10 = 7 : x. x = 42/3 Th.

Nun aber arbeiten die 10 Arbeiter 8 Tage statt 6. Also: 6 : 8 = 42/3 Th. : x. x = 62/9 Th. Lohn von 7 Th. ist zuerst nach dem Verhältnisse 15 : 10, u. das das das so gefundne Resultat, 42/3 Th., nach dem Verhältniß 6 : 8 verändert worden.

Also haben beide Verhältnisse auf die 7 Th. gewirkt. Diese Einwirkung läßt sich nun aber noch auf folgende Weise darstellen:

1) 15 : 10 = 7 : x oder: x : 7
2) 6 : 8 15 : 10
6 : 8

Aus der ersten Gleichung ergebe sich: x =  7×10 15 u. aus der zweiten x =  8×7 6 . Also x = 7×10×8 15×6 . = D. Product aller zweiten u. dritten Glieder Product der ersten Glieder

Das nähere Verfahren ist nun dieß: a) Man mache die gemischten Zahlen zu ganzen Zahlen u. setze die Nenner auf die entgegengesezte Seite. Decimalbrüche werden durch Weglassung des Komma in Ganze verwandelt. Die Nenner (10, 100 etc) sind, wie die Nenner der Gemeinen Brüche, auf die entgegengesezte Seite zu bringen.

b) Soweit als möglich, die Glieder beider Seiten zu kleinern, od. gegen einander aufzuheben; c) Produkt aller Glieder rechts dividirt durch Produkt der Glieder links.

Wenn 15 Mann in 30 Tagen 100 Stück fertigen, wie viel Stücke von 18 Mann in 45 Tagen?

15 M. : 18 M. = 100 St. : x
30 T. : 45 T.
x = 18×100×45 15×30  = 10 × 18 = 180.

Eine Dampfmaschine von 30 Pferdekraft bewegt in 3 Wochen à 6 Tagen à 12 Stunden eine Erdmasse von 4° Länge, 21/2° Breite u. 21/2° Höhe.

In wie viel Wochen ununterbrochner Arbeit wird eine Erdmasse von 10° Länge, 31/2° Breite u. 2° Höhe durch eine Dampfmaschine von 25 Pferdekraft bewegt?

25 Pferdekraft. : 30 Pf. = 3 Wochen : x 25 Pf. : 30 Pf. = 3 W. : x
168 St. : 72 St.
25 Kubik°ruthen : 70 Kubik.°
x = 3×30×72×70 25×168×25  = 48/25 Wochen.
7 T. : 6
24 St : 12
4° L. : 10° L. = 25 Kubikruthen : 70
21/2° B. : 31/2° B.
21/2° H. : 2° H.

  Marx bezieht sich auf Manuskriptseite 118 des vorliegenden Hefts, wo er sein Exzerpt mit einem Einschub über die „Regel de Tri“ unterbrochen hatte. An diese Stelle knüpft er mit dem folgenden Beispiel aus Feller/Odermann, S. 137 wieder an.
Schließen
Kehren wir nun zurück zur Kettenregel. (Sieh vorige Seite)

Was kostet 1 Wiener lb in Neukreuzern, wenn 100 Neue Hamburger Pfund mit 361/4 Mk. Banco bezahlt wurden? 25 Wien. Pf. = 28 Hab. Pfd, u. 21fl. östr. = 273/4 Mc. Banco.

x Neukreuzer = 1 Wiener lb. x Nkz.  Diese Spalte von Marx ergänzt.
Schließen
= 1 W. lb.
25 = 28 Hamburger lb. 25 = 28 Hb. lb.
100 = 361/4 M B. 100 = 145/4 M.B.
273/4 = 21fl. östr. 111/4 = 21f. östr.
1 = 100 Nkr. 1 = 100

Der Dividend von1×28×145/4×21×100 (28×21×100)×145/4
        Divisor:            25×100×111/4× 1       (25×100)×111/4

od. ( 28×21×100 25 × 100 ) ×  145/4 111/4 145/111. Also |120 Nenner 4 unberücksichtigt zu bleiben.  Die Rechnung des Beispiels ist von Marx mit Zwischenschritten ergänzt worden.
Schließen
Man hat also: x =
  28×145×21×100 25×100×111 28×145×21 25×111 28×29×21 5×111 28×29×7 5×37 = 5684 185 = 30,71 Nkz.

Was kostet ein Bogen Druckpapier in fzs. Centimen, wenn der Ballen in Berlin 30 Th. kostet? (1 fc = 28 Kg. südl. Währung; 7fl. südl. Währung = 4 Th.) 1 Ballen = 10 Ries, 1 Ries = 20 Buch, 1 Buch = 25 Bogen.) (1fl. = 60 Kg. S.W.[)]

x ctimes = 1 Bogen?  Diese Rechnung der Zwischenschritte ebenfalls von Marx. Bei Feller/Odermann nur letzter Schritt und Ergebnis.
Schließen
x =
  30×7×60×100 25×20×10×4×28 30×7×60×4 20×10×4×28 30×7×60 20×10×28 30×7×3 10×28 3×7×3 28 3×3 4 9 4 = 21/4 Ctimes.
25 = 1 Buch
20 = 1 Ries
10 = 1 Ballen.
1 Ballen = 30 Th. (in Berlin)
4 = 7fl. S.W.
1 = 60 Kg. S.W.
28 = 1 fc.
1 = 100 centimes.

Wie viel Neugroschen kosten 1 [(](neue) sächsische) Elle, wenn 1 Stück von 243/8 yards kostet 1£ 5s., 21 neue sächs. Ellen = 13 yards, 1£ = 63/4 Th.?

x Ngr = 1 Elle.
21 = 13 yds.
243/8 = 1£. 5s. (11/4£.)
1 = 63/4 Th.
1 = 30 Ng.

Wenn wir die Brüche in unächte verwandeln so haben wir:

x Ng. = 1 Elle.  In den Brüchen eigenständige Ergänzungen von Marx. Siehe Feller/Odermann, S. 138
Schließen
Dieß gäbe: x =
  (13×30)×(5/4)×(27/4) 21×(195/8) = ( 13×30 21 ) × (5×27)/4 195/8
= 13×30 21 × 5×27 4 × 8 195
= 13×30×5×27×8 21×195×4
21 = 13 yds.
195/8 = 5/4£.
1 27/4
1 = 30 Ng.

 Anmerkung von Marx.
Schließen
Wenn also verschiedne Nenner links u. rechts, so läßt man do. Nenner unberücksichtigt, × Divisor mit Nenner d. Dividend u. Dividend mit Nenner. Divisor.

Was kostet 1 Stück in England, wenn 32 Gross in Leipzig 13014/25 Th. kosten? (1£ = 25 Fcs. 50 ct. 5 Fcs. = 21/3fl.) 1 Gross = 144 St.

 Die folgenden Rechnungen stammen von Marx. Bei Feller/Odermann, S. 138, ist nur das Resultat angegeben und darauf hingewiesen, dass die Gleichungen schon in den anderen Aufgaben vorgekommen seien.
Schließen
x £ = 1 Stück (in England)
x £ = 1 St. x =  3264×4 144×32×27×25 3264 8×27×25×144 = 408 27×25×144 = 102 27×25×36 = 51 18×25×27
144 = 1 Gross 144 = 1 Gross
32 = 13014/25 Th. (Leipzig) 32 = 3264 Th.
63/4 = 1£ 27 = 1£

Sobald Procente, z.B. Spesen, in der Aufgabe vorkommen, hat man zu fragen ob mit diesen Procenten eine Vermehrung od. eine Verminderung des Resultats beabsichtigt wird. Im erstren Fall müssen die Procente steigend (z.B. 100 = 110), im leztren fallend (z.B. 100 = 90) berechnet werden.

Ist die Fragezahl ein bereits um die Procente vermehrter Werth, u. sucht man ein von diesem Procentwerth befreites Resultat, so 110 = 100.

Ist die Fragezahl ein bereits um die Prozente verkürzter Werth, u. sucht man den vor der Kürzung vorhandnen Werth, so 90 = 100.

Sind verschiedne Procente zur Einrechnung gegeben, so nur dann in Einen Posten zusammenzufassen, wenn sie sich sämmtlich auf Einen u. denselben Werth beziehn. Ebenso wenig dürfen einzelne Procentsätze, die theils vermehrend, theils vermindernd auf das Resultat einwirkend, durch Addition od. Subtraction verbunden werden (wie 5% dazu, 3% ab = 2%), ausser wenn sie sich sämmtlich auf Einen und denselben Werth beziehn.

Reihenfolge der Procente im Kettensatz ist gleichgültig. Doch Irrthum mehr vermieden im Aufstellen der Procentsätze, wenn man sie in der Reihenfolge einbringt, welche sich aus der Art der Procente ergiebt.  Bemerkung von Marx.
Schließen
(Verte)
|

121

1) Wie hoch kommen in Köln, ohne Transportspesen, brutto 7500 K° franz. Terpentinöl von Rotterdam zu stehn, wenn an diesem Platz 11/2% Ausschlag, 1% Gutgewicht, u. 22% Tara vergütet werden, wenn der Preis 23f. pr 50 Ko. netto, mit 1% Discont ist, die Platzspesen sich auf 11/4% belaufen, u. eine Kommission von 11/2% berechnet wird; wenn ferner 250fl. holl. = 1421/2 Th.

x Th. = 7500 K° brutto. x Th. = 7500 K° b. x =  7500×197×99×78×23×99×405×203×285 100×100×100×50×100×100×100×250×2×4×2×2
= 1521 Th. 24 Sgr.
100 = 981/2 K° nach Abzug des Ausschlags. 100 = 197 K°
100 = 99 K° nach Abzug des Gutgewicht. 100 = 99 K°
100 = 78 K° nach Abzug der Tara. 100 = 78 K°
50 K. = 23fl. holl. 50 = 23f.
100 = 99fl. nach Abzug von 1% Discont. 100 = 99.
100 = 1011/4fl. mit Zurechnung der Platzspesen. 100 = 405f.
100 = 1011/2 mit Zurechnung der Kommission. 100 = 203f.
250 = 1421/2 Th. 250 = 285 Th.

Die Gewichtsabzüge von 11/2, 1 u. 22% durften nicht in 241/2% zusammenaddirt werden, da nach dem Platzgebrauch gemäß Gutgewicht von dem nach Abzug des Ausschlags verbleibenden Gewicht, u. von diesem die Tara abgerechnet wird. Die Procentsätze 11/4 u. 11/2% vermehrend u. 1% vermindert durften nicht in 100 = 1013/4 zusammengefasst werden, da sie sich nicht auf denselben Werth beziehn. Der Abzug von 1% erfolgt vom Betrag der Waare à 23fl. Auf den hiedurch erhaltnen Reste beziehn sich die Platzspesen; die Provision aber wird von dem um diese Spesen vermehrten Betrage genommen.

2) Welchen reinen Ertrag in türk. Piastern bringen netto 500 Rottoli persische Seide, in Marseille mit 16 fcs pr 1/2K° u. 1% Discont verkauft? Die Spesen betragen 5%. 100 Rottoli = 44 Okka à 400 Drachmen; 32 Teffé à 610 Drachmen = 61 Ko; 1 fcs = 180 Para. 40 Para = 1 Piaster.

x P. = 500 Rottoli
100 = 44 Okka. x =  500×44×400×61×16×99×95×180×2 100×610×32×100×100×40
11×99×19×18 10 ( 11×99×19×9 5 )
x = 37,243 Piaster, 32 Para.
1 = 400 Drachmen.
610 = 1 Teffe.
32 = 61 Ko.
1/2 = 16 Fcs. Verkaufspreiß.
100 = 99 fcs (Verminderung durch 1% Discont)
100 = 95 fcs. (Verminderung durch Verkaufsspesen)
1 = 180 Para
40 = 1 P. (Piaster)

3) 1260lb einer Waare kosteten mit 121/2% Spesen 2481/16 Th.; wieviel hat 1 Pf. in Hamburger Corant Sh. gekostet, wovon 40 = 1 Rth.?

x β = 1lb. x = 3969×100×40 1260×225×8 =7β.
1260 = 2481/16 Th. mit Spesen von 121/2%.
1121/2 = 100 Th. ohne Spesen.
1 = 40β.

4) In Berlin berechnete man 400lb (neues Gewicht) einer Waare, die in Hâvre mit 21/2% Discont gekauft worden war, ohne Rücksicht auf Spesen mit 109 Th. 6 sgr.; wie viel kostete ursprünglich das 1/2 Ko in Hâvre, den fc zu 8 sgr. gerechnet. (50 K° = 100lb.)

x fcs = 1/2 Ko. x =  100×109×30×100 50×400×8×195
109/104, about 1,05 fcs.
50 Ko = 100lb.
400 = 109 Th. 6 sgr. nach Abzug von 21/2%.
1 = 30 Sgr.
8S. = 1f.
971/2 = 100 fcs. vor Abzug von 21/2%.

 Feller/Odermann, S. 144.
Schließen
Gesellschaftsrechnung. (Vertheilungs- oder Repartitionsrechnung)

 Kommentierende Zusammenfassung von Marx.
Schließen
Alles beruht auf dem Satz: Gesezt S sei die Summe der Verhältnißzahlen a, b, c; die zu vertheilende Grösse sei R. S.:

S : a = R : Antheil des A (von R.)
b Antheil des B
c Antheil des C

Oder: Die Summe der Verhältnißzahlen verhält sich zu jeder einzelnen Verhältnißzahl, wie die zu vertheilende Grösse zu jedem einzelnen Antheil.

Oder: Wenn auf die Summe der Verhältnißzahlen die ganze zu vertheilende Grösse kommt, wie viel kommt auf jede einzelne Verhältnißzahl?

Z.B. 320 Th. sind in 3 Theile zu theilen nach dem Verhältniß 4, 7, 9 od. wenn A. 4 Th. bekommt, bekommt B. 7 u. C. 9. Wie viel kommt auf Jedes Antheil?

Summe der Verhältnißzahlen = 4 + 7 + 9 = 20.
Ganzes der zu vertheilenden Grösse = 320 Th.
hence: 20 : 4 = 320 : x = 64
20 : 7 = 320 : x = 112
20 : 9 = 320 : x = 144
320 Th.

In diesem Fall 320/20 od. Zu vertheilende Grösse Summe d. Verhältnißzahl. = 16. Multiplicirt man diesen Quotient respective mit 4, 7, 9, so erhält man do. 64, 144, 320.

Auch läßt sich jede Verhältnißzahl als ein Bruch ansehn, dessen Zähler die Verhältnißzahl selbst ist u. dessen Nenner aus der Summe der Verhältnißzahlen besteht. Mit jedem dieser Brüche multiplicirt man dann die zu theilende Grösse; die daraus sich ergebenden Producte bilden die einzelnen Antheile.

Z.B. der Antheil des A im obigen Fall 4/20, des B 7/20, des C: 9/20 u. A = 320 × 4/20 = 64, B = 320 × 7/20 = 112 u.s.w.

Es seien 2000 Th. Gewinn nach 5 Kapitaleinlagen von 1200, 1500, 2100, 3000 u. 2700 zu theilen. Man kann d’abord jede dieser Verhältnißzahlen dividiren durch 300 u. man erhält 4, 5, 7, 10 u. 9, deren Summe = 35. Dann berechnet man: A kriegt 4/35 × 2000 = 228 Th 4/7 etc etc.|

122

Die Verhältnisse der Theilung können auch in Brüchen ausgedrückt sein.

Entweder wird durch die gegebnen Brüche geradezu ausgedrückt, der wievielste Theil od. welcher Bruch des Ganzen auf jeden einzelnen Antheil kommen soll;

Oder diese Brüche drücken also wie ganze Zahlen, nur das Verhältniß aus, in welchem die einzelnen Antheile unter sich stehn

Z.B. Es sind 180 Th. so zu theilen, daß A 1/3, B 1/4 u. C den Rest der Summe erhalten soll?

A) 1/3 × 180 Th. = 60 Th.
B) 1/4 × 180 = 45
Beide zusammen: 105 Th.
Bleiben für C 75 Th.
Summe: 180 Th.

Oder aber: Es sind 1320 Th. unter 4 Personen so zu theilen, daß A 1/4, B 2/3, C 1/2 u. D 5/12 erhält;  Anmerkung von Marx.
Schließen
d.h. daß dieß nicht die Brüche des Ganzen, sondern die Verhältnißausdrücke sind, in welchen die einzelnen Theile unter sich stehn
, so daß also B ebenso oft 2/3 als A 1/4 erhält u.s.w.

Wie man vorhin die Verhältnißzahlen durch dieselbe Zahl dividirte, so kann man, wenn die Verhältnißzahlen Brüche, sie durch Multiplication der möglichst kleinen Zahl in Ganze verwandeln.

Z.B. 1/4, 2/3, 1/2, 5/12. Multiplicirt man sie alle × 12, so erhält man 3, 8, 6, 5. u. die Summe dieser Verhältnißzahlen = 22. (1/4 : 2/3 = 3 : 8 u.s.w. u.s.w.)

Die zu vertheilende Grösse =1320; die Summe der Verhältnißzahlen = 22. Also ein Theil = 1320/22 (auf 22 Th. kommen 1320) = 660/11 = 60; Also A = 60 × 3 = 180, B = 60 × 8 = 480, C = 60 × 6 = 360 u. D = 60 × 5 = 300  =1320.

Beispiel. In einem Dorf haben 4 Hausbesitzer durch eine Feuersbrunst an ihrem Eigenthum verloren, A. 640 Th., B. 520, C. 800, D. Alles. Wenn nun für diese 4 Personen 987 Th. 14 Gr. milde Beiträge eingegangen sind, wie sind sie zu vertheilen, da ihr Eigenthum taxirt ist wie folgt: A.) 2000 Th., B.) 1800 Th., C) 2400 Th. u. D) 1200 Th.?

Es ist zu  Feller/Odermann: ermitteln
Schließen
vermitteln
, welchen Theil seines Eigenthums jeder verloren hat.

Verlust des Eigenthums (Verhältniß): A.) 640/20008/25; B.) 520/180013/45; C.) 800/24001/3; D = 1200/1200 = 1.

 Kommentierende Zusammenfassung von Marx.
Schließen
Die Verhältnißzahlen also, worin diese Burschen verloren haben, u. worin ihr Antheil an der „milden Gabe“ zu berechnen, sind
8/25, 13/45, 1/3 u. 1. Multiplicirt man, um ganze Zahlen zu erhalten, mit 225, so erhält man: 72, 65, 75, 225. = Summe von 437. Es erhält also A) 72/437 (987 Th. 14 Gr.), B: 65/437, C) 75/437 u. D) 225/437.

Oft sind die Verhältnisszahlen nicht gradezu, sondern durch Zwischenverhältnisse ausgedrückt; dann müssen sie erst durch besondre Rechnung gefunden werden. Hierbei ist zu unterscheiden, ob diese Zwischenverhältnisse sich alle auf Eine Grösse beziehn, oder ob dieß nicht der Fall ist.

Erster Fall: 2127f. sind unter 5 Personen so zu theilen, daß sich A : B = 4 : 5, A : C = 3 : 4, A : D = 5 : 6 u. A : E = 8 : 9 verhält.

Wenn A 4 erhält, erhält B 5; Wenn A daher 1, B 5/4; Wenn A 1, C 4/3, D 6/5 u. E 8/9. 1, 5/4, 4/3, 6/5 u. 8/9 sind also die Verhältnißzahlen. Um sie in ganze Zahlen zu verwandeln, multiplicirt man sie mit 120. Dieß giebt für A: 120, B 150, C 160, D 144, E, 135. Summe der Verhältnißzahlen = 709.

2127/709 = 3. Von den 709 Theilen, woraus 2127 besteht, daher jeder = 3.
Also: A = 3 × 120 = 360. C = 3 × 160 = 480.
B = 3 × 150 = 450. D = 3 × 144 = 432 u. E. = 3 × 135 = 405
Summe = 2127f.

Zweiter Fall: 19406 Th. sind in 6 Theile zu theilen, so daß sich Theil A zu B = 3 : 5, B : C = 4 : 5, A : D = 6 : 7, E : C = 3/4: 2, D : F. F = 31/4: 3 verhält.

A : B = 3 : 5. Folglich A = 1, B = 5/3. B = 5/3. C = 25/12. D = 7/6. E = 25/32. F = 14/13.
E : C = 3/4: 2; folglich E = 3/8C = 3/8×25/1225/8×4 = 25/32. Endlich D : F = 13/4: 3 = 13 : 12 = 1: 12/13.
Also, da D : F = 1 : 12/13, F = 12/13 D = 12/13×7/62×7/1314/13.

Diese 6 Verhältnißzahlen A–F × mit 1248 = 1248, 2080, 2600, 1456, 975 u. 1344. Summe = 9703.

19406 9703 = 2.  Anmerkung von Marx.
Schließen
Dieß ist also der Constante Theil, der mit den verschiednen Verhältnißzahlen jezt zu multipliciren ist.

A = 1248 × 2 = 2496, B. = 2080 × 2 = 4160, u.s.w. u.s.w.

In den bisher behandelten Fällen drückten die gegebnen od. aufzufindenden Verhältnißzahlen das Verhältniß der Theilung direkt aus; d.h. je grösser die Verhältnißzahl ist, die einen einzelnen Antheil bestimmt, desto grösser dieser Antheil, u. umgekehrt.

Die Theilung kann aber in indirektem Verhältniß standen statt finden, so daß je grösser die Verhältnißzahl, desto kleiner der Antheil, u. umgekehrt.

Beispiel: Jemand bestimmt 1000 Th. zur Vertheilung an 3 Personen, nach Verhältniß ihres Alters, so daß je jünger der Empfänger, desto grösser der Antheil sein soll.

Nun ist A 35, B 20 u. C 25 Jahre alt.

B. als der jüngste hat den größten Antheil. Setzen wir ihn gleich 1, so hat zu erhalten:

A. 35 : 20 = 1 : x 20/354/7
B. C. 25 : 20 = 1 : x 20/254/5

Multipliciren wir 4/7, 1, 4/5 mit 35, so = 20, 35 u. 28. Summe = 83.

Also. A = 20/83 × 1000 = 24080/83
B = 35/83 × 1000 = 42157/83.
C = 28/83 × 1000 = 33729/83
Th. 1000|

123

Endlich kann das Verhältniß der übrigen Theile zu einem derjenigen Theile, dessen Grösse die Aufgabe nicht bestimmt, gegeben sein;

oder: dem einen od. dem andren Theil kommt neben dem, was ihm nach seiner Verhältnißzahl zukommt, noch ein Plus od. Minus zu;

oder endlich: die Vertheilung soll so erfolgen, daß der Folge Folgende immer ein Gewisses mehr erhält als der Vorhergehende.

Erster Fall: 440 Fs. sollen unter 4 Personen so vertheilt werden, daß A 11/3× so viel als B, B 2 × so viel als D u. C 1/5 des Antheils von D erhält.

D = 1. B = 2D = 2. C = 1/5D = 1/5. A = 11/3B = 4/3B = 4/3 × 2 = 8/3.

Also A = 8/3 ×15, um Ganze Zahl zu bekommen = 40 Summe = 88. Die Gesammtzahl. 440/88 = 5. Oder 1/88 Theil der Gesammtzahl = 5. Hence  Diese Spalte von Marx selbst berechnet. Siehe Feller/Odermann, S. 148.
Schließen
A = 5 × 40 = 200
B = 2 30 B = 5 × 30 = 150
C = 1/5 3 C = 5 × 3 = 15
D = 1 15 D = 5 × 15 = 75

Hätte man für D = 1  Das Beispiel ist bei Feller/Odermann, S. 148, die Zahl 6, woran sich Marx auch in der nachfolgenden Rechnung hält, die zum großen Teil von ihm selbst stammt.
Schließen
eine andre Zahl
gesezt, so hätte man erhalten:

A = 8×6/3. = 16. A = 16 × 5 = A = 80 Summe = 176. 440/176 =21/2 A = 5×80/2 = 5 × 40 = 200
B = 2×6 = 12. B = 12 B = 60 B = 5×60/2 = 5 × 30 = 150 u.
C = 1/5× 6 = 6/5. C = 6/5 C = 6 C = 5/2× 6 = 15.
D = 6. D = 6. D = 30 D = 5/2× 30 = 75.

Also dasselbe Resultat wie vorher.

Zweiter Fall. 2900 Thl. unter 4 Erbinteressenten zu gleichen Theilen zu vertheilen, doch so, daß B 300 Th. mehr, C 400 Th. mehr, D. 200 Th. weniger erhalten als ihre verhältnißmässigen Antheile betragen.

 Zusatz von Marx.
Schließen
⦗Algebraisch: A = x. B = x + 300. C = x + 400. D = x – 200. Hence 4x + 700 – 200 = 2900. Hence 4x = 2400 u. x = 600.⦘

Da B u. C zusammen 700 mehr, D aber 200 weniger als verhältnißmässigen Antheil bekommen, so kommen nur 2900 – 500 (700 – 200 = 500), also nur 2400 zur Vertheilung; wovon 1/4 = 600. Also erhält etc.

Oder: 4 Theile + 500 Th. = 2900 Th. Also 4 Th. = 2900 – 500 od. = 2400 Th. Also 1 Th. = 2400/4 = 600 Th. Also A = 1 × 600 = 600 Th. B = 600 + 300 = 900. C = 600 + 400 = 1000. D = 600 – 200 = 400 Th.

Dritter Fall: 1000 Th. sollen unter 5 Personen so vertheilt werden, daß jede immer 20 Th. mehr erhält als die vorhergehende.

5 Theile + 20 + 40 + 60 + 80 Th. od. 5 Th. + 200 Th = 1000. ∴ 5 Th = 2000 1000 Th – 200 = 800. 800 = 160 Th. 1 Th = 160 Th.

Es erhält also: A = 160. B = 180. C = 200. D = 220 u. E. = 240 Th. 5 Zusammen = 100 1000.

 Feller/Odermann, S. 149.
Schließen
Zusammengesetzte Gesellschaftsrechnung.

Aufgaben, worin auf die gegebnen Verhältnisse noch gewisse Nebenbestimmungen einwirken. Witz besteht darin, diese so zu entfernen, daß die Lösung mit den Mitteln der einfachen Gesellschaftsrechnung zu bewirken.

1. Fall. Eine Arbeit durch 94 Arbeiter in 3 Abtheilungen zu 24, 40 u. 30 Mann für die Accordsumme von 422 Th. übernommen. 1 Abtheilung arbeitet 14, 2te 12, 3te 15 Tage, wie viel erhält jede?

Unter sonst gleichen Umständen vorausgesezt, daß 5 Arbeiter z.B. in 8 Tagen so viel arbeiten als 5 × 8 od. 40 Arbeiter in 1 Tag od. 1 Arbeiter in 40 Tagen, so darf man in obigem Fall, die Anzahl der Arbeiter für resp. 14, 12, 15 Tage nur auf solche für 1 Tage od. die Anzahl der Tage für 24, 40, u. 30 M. nur auf eine solche für 1 Mann zurückführen. Beides geschieht durch Multiplication der Anzahl der Arbeiter mit der Zahl der Tage, u. die dadurch erhaltnen Producte sind die Verhältnißzahlen. Man erhält:

24 × 14 = 336. Also: A: 1266 : 336 = 422 : x. x = 112 Th.
40 × 12 = 480 B: 1266 : 480 = 422 : x. x = 160  Marx läßt damit C aus.
Schließen
u.s.w.
30 × 15 = 450
1266.

2 Fall: Es sollen, in möglichst kurzer Zeit, 2000 Scheffel Korn auf 4 Mühlen gemahlen werden, von denen A in 4 Stunden 15 Scheffel, B in 3 Stunden 16 Scheffel, C in 3 Stunden 10 Scheffel, D in 2 Stunden 9 Scheffel mahlt. Wie viel Scheffel sind jeder dieser Mühlen zuzutheilen, damit sie gleichzeitig fertig werden?

Diese Aufgabe läßt sich doppelt lösen.

1) Man fragt: Wie viel Scheffel mahlt jede Mühle in 1 Stunde? oder:

2) Wie viel Stunden braucht jede Mühle, um 1 Scheffel zu mahlen?

ad 1) A) mahlt in 4 St. 15 St Scheffel; in 1 Stunde 15/4 Scheffel. Ditto B in 1 St. 16/3 Scheffel, C) in 1 St. 10/3 Sch. u. D. 9/2 Sch. Also:

A. in 1 St. 15/4 Sch. durch Multiplication × 12 A in 1 St. = 45 Sch. Summe = 203.
B. 16/3 B = 64
C. 10/3 C = 40
D. 9/2 D = 54

Demnach auszutheilen:

  • an A = 2000 × 45/203 = 44371/203 Sch. = 4433/8 Sch.
  • an B = 2000 × 64/203 = 6301/2
  • an C = 2000 × 40/203 = 3941/8.
  • an D) = 2000 × 54/203 = 532 Sch.
  • Summe 2000 Schfl.

ad 2) Ebenso leicht A 4/15, B 3/16, C 3/10 u. D 2/9 Stunden zu ein Scheffel.

Multiplicirt man diese Brüche mit 720, so erhält man 192, 135, 216, 160.

Es bedeuten diese Zahlen, daß wenn A 192 St. nöthig hat, B 135, C 216 u. D 160 nöthig hat.

Theilt man nun A 1 Schfl zu, so B (135 : 192 = 1 : x) = 64/45, C) weniger (216 : 192 = 1 : x) = 8/9 u. D (160 : 192 = 1 : x) 6/5.

Diese Verhältnißzahlen 1, 64/45, 8/9 u. 6/5 mit 45 multiplicirt gegeben ergeben 45, 64, 40 u. 54. Wie oben.

 Feller/Odermann, S. 153.
Schließen
Alligationsrechnung.

1) Entweder will man den Werth od. die Einheit einer Mischung finden, die aus gegebnen Theilen von ungleichem Werth od. ungleicher Qualität hergestellt wird – den Durchschnitts- od. Mittelwerth; dieß ist Durchschnittsrechnung.

2) Oder man will wissen, in welchem Verhältniß gegwisse gewisse gegebne Qualitäten gemengt werden müssen, damit die Einheit des Gemischs einen gleichfalls gegebnen Mittelwerth habe.

Hier ist also der Mittelwerth schon gegeben u. es ist zu berechnen, auf welche Weise er herzustellen ist.

Ad 1) Die Summe der Werthe sämmtlicher Bestandtheile der Mischung, dividirt durch die Summe der Bestandtheile der Mischung, giebt den Durchschnittswerth.

 Marx fasst das Beispiel bei Feller/Odermann, S. 154, mit eigenen Worten zusammen und vereinfacht dazu die Zahlen.
Schließen
Z.B. Ein Land hat im 1[ t] Jahr 20, im 2t 30, im 3t 40, im 4t 10, im 5t 10 Mill. lb Thee exportirt importirt. So hat es in 5 J. importirt: 110 Mill. Thee. Also in 1 J. Durchschnitt 110/5 = 22 Mill. Man rechne ferner den Preis zusammen, den dals das lb Thee in jedem Jahr kostete, u. summire diesen Preis; die Summe sei z.B. 30 Mill. So: 30/5 = 6. Also Durchschnittswerth der jährlichen Theeeinfuhr von 22 Mill. lb war 6 Mill. lb. 6 Mill.

Beispiel, wo wirkliche Mischung. Wenn man 8 Mark B. reines Silber mit 5 Mark B. Kupfer legirt, wie fein ist dann das Silber?

8 M. Bk enthalten 8 × 16 = 128 Lth. Silber.
5 M. Bk Kupfer = 5 × 0 = 0 Lth.
13 Mk enthalten 128 Lth. Silber.
1 Mk enthält  Bruch von Marx zur Verdeutlichung des Rechenwegs ergänzt.
Schließen
128/13
= 911/13 Lth.

Einfacher ist die Rechnung, wenn die Mengen der zu mischenden Bestandtheile gleich sind. Dann kommen nur die Qualitäten od. Werthe in Betracht; deren Summe, dividirt durch die Anzahl der gemischten Qualitäten, den Durchschnittswerth giebt.

Z.B. man mischt 1Lb à 9 Gr., 1lb à 12 Gr, 1lb à 15 Sgr., 1lb à 20 Gr.

Hier Durchschnittswerth = 9+12+15+20 4 (Anzahl d. Sorten) = 14 Sgr. Also Durchschnittswerth des lb = 14 Sgr.

Falsch bei Aufsuchung eines Durchschnittswerths an die Stelle der Werthe die für die Wertheinheit gegebnen Quantitäten zu setzen.

Z.B. Wenn Jemand von einer Waare 12 Stück für 1 Gulden, u. von einer andren Qualität 18 Stück für einen Gulden, verkauft er von jeder Sorte |124 360 Stück, so erhält er 20 + 30 = 50fl.

Wollte er aber 12+18/2 = 2 Stück für 1 Gulden geben, so würde er für die 720 Stück nur 48fl. lösen.

Die richtige Rechnung: 12 Stück für 1f., 1 Stück für 1/12f., u. 18 St. für 1f., od. 1 Stück für 1/18f. Also per Stück im Durchschnitt (1/12)+(1/18) 2 = 5 12 f. Dieß × mit 720 = 50f.



ad 2.) Zweiter Fall: Sind zur Auffindung einer gewissen Qualität nur Zwei Qualitäten zur Mischung gegeben, so muß nothwendig die eine besser, die andre schlechter sein, als die gesuchte Qualität. Wenn nun die gesuchte Mittelsorte von der bessern u. von der geringern gegebnen Sorte gleich weit entfernt ist, so hat man von den beiden gegebnen Sorten gleich viel zu nehmen.

Z.B. Aus zwei Sorten à 14 u. à 22 Gr. ist eine Mittelsorte à 18 herzustellen.

Die geringre Sorte – 14 – ist um 4 geringer, die bessre Sorte – 22, um 4 besser, als die gesuchte Mittelsorte.

Plus u. minus heben sich auf beiden Seiten auf, u. die Mischung ist zu gleichen Theilen vorzunehmen.

Z.B.

2lb. à 14 gr. = 28 gr.
2 à 22 = 44
4lb à 72 gr.
1lb kostet also 18 gr.  Zusatz von Marx.
Schließen
⦗Einfacher: (18 – 4) (= 14) + (18 + 4) (= 22) = 18 – 4 + 18 + 4 = 36. 2lb = 2 × 18 = 36. 1lb. = 36/2 = 18.

Ist das Plus dem Minus nicht gleich, so: Je mehr od. weniger die Qualität od. der Werth der bessern Sorte die Qualität oder den Werth der Mittelsorte übersteigt, desto mehr oder desto weniger ist von der geringern Sorte in die Mischung aufzunehmen. Demnach giebt die Differenz zwischen der bessern u. der Mittelsorte, an, wie viel Theile von der geringern Sorte zu nehmen sind.

Z.B. Aus 2 Sorten à 14 u. à  Feller/Odermann, S. 155: 22
Schließen
30
Groschen sei eine Mittelsorte von 18 Gr. pr lb herzustellen.

Umgekehrt: Je weniger od. je mehr die Qualität od. der Werth der geringern Sorte hinter dem Werth od. der Qualität der Mittelsorte zurücksteht, desto weniger od. desto mehr ist von der bessern Sorte in die Mischung aufzunehmen.

Demnach giebt die Differenz zwischen der bessern u. der Mittelsorte an, wie viel Theile von der geringern Sorte zu nehmen sind, während die Differenz zwischen der geringern u. der Mittelsorte die Anzahl der Theile ausdrückt, welche man von der bessern Sorte zu nehmen hat.

Die Summe dieser Differenzen bezeichnet daher die Anzahl der Theile, aus denen das Ganze zusammengesezt ist.

1 Beispiel. Man will durch Mischung von Wein à 24 Gr. u. à 11 Gr. eine Sorte zu 15 Gr. finden. Wie viel muß man von beiden nehmen:

24 Gr. 4 (Differenz zwischen 11 u. 15
15
11 9 (Differenz zwischen 24 u. 15)
13

Das Ganze besteht demnach aus 13 Theilen. Es müssen also 4/13 von der Sorte à 24 Sgr. u. 9/13 von der Sorte à 11 Sgr. genommen werden.

Gesezt man braucht 390 Flaschen à 15 Sgr., so müssen genommen werden:

4/13 × 390 = 120 Flaschen. à 24 Sgr. = 2880 Sgr.
9/13 × 390 = 270 Flaschen à 11 Sgr. = 2970
390 = 5850 Sgr. Dann kostet eine Flasche 15 Sgr.

2. Beispiel. In welchem Verhältniß müssen 2 Goldsorten à 18 Karath 5 Grän u. à 9 Karath 4 Grän gemischt werden, wenn 131/2 karäthiges Gold entstehn soll?

185/12 221 50 (Differenz von 112 u. 162)
131/2 od. 162
 Feller/Odermann, S. 156: 1/3
Schließen
91/13
112 59 (Differenz zwischen 221 u. 162)
109

Braucht man nun z.B. 109 Loth Gold à 131/2 Karath, so muß man zu 50 Loth à 18 Kar. 5 Gr. noch 59 Loth à 9 Kar. 4 Gr. mischen, denn:

50 Loth à 18.5 enthalten 920 Kar. 10 Gr.
59 à 9.4 550 8
109 Loth enthalten 1471. 6. Also 1 Loth 13 Kar. 6. Gr.

Wenn mehr als 2 Sorten gegeben sind, aus welchen die verlangte Sorte gemischt werden soll, so mischt man je zwei Sorten mit einander.

Gesetzt, man solle aus 4 Sorten Wein à 16, 14, 11 u. 5 Sgr. eine Sorte zu 12 herstellen, so verfahre man, wie folgt:

16b 7 (Differenz von 5 u. 12) Die beigesetzten Buchstaben a, b, bezeichnen wie die Mischung erfolgt ist. Zuerst ist 14 mit 11 gemischt worden: 1 Theil à 14 Gr. = 14 Sgr. 2 ­. à 11 = 22 Sgr. | also 3 Theile = 36 Sgr. u. 1 Th. = 12 Sgr. Sodann ist 16 mit 5 verbunden: 7 Th. à 16 Sgr. = 112 Sgr. 4 à 5 = 22 | also 11 Theile = 132 Sgr. 1 Theil = 12 Sgr.
14a 1 (Differenz von 11 u. 12)
12
11a 2 (Differenz von 14 u. 12)
5b 4 (Differenz von 16 u. 12)

Giebt jede einzelne Mischung die gewünschte Sorte à 12 Sgr., so müssen beide vereinigt dieselbe Sorte geben. Summe der Theile hier 11 + 3 = 14.

Eine andre Mischung ist:

16b 1 (Differenz zwischen 11 u. 12) Hier ist zuerst 14 mit 5 gemischt: 7 Theile à 14 gr. = 98 sgr. 2 Theile à 5 = 10 | also 9 Th. = 108 sgr. 1 Th. = 12. Ferner: 16 mit 11.: 1 Th. à 16 S. = 16 Sg. 4 Th. à 11= 44 | also 5 Theile = 60 Sgr. 1 Theil = 12 Sgr. In beiden Fällen muß die Mischung aus 15 Theilen bestehn u. es sind von der zu mischenden Quantität. Im ersten Fall: 7/14 à 16 Gr; 1/14 à 14 Sgr; 2/14 à 11 Sgr; 4/14 à 5 Sgr. Im zweiten Fall: 1/14 à 16 Gr; 7/14 à 14 Sgr; 4/14 à 11 Sgr; 2/14 à 5 Sgr.
14a 7 (Differenz zwischen 5 u. 12)
12
11b 4 (Differenz zw. 16 u. 12)
5a 2 (Differenz zwischen 14 u. 12)

Ist die verlangte Sorte nicht eine solche, die ebenso viel beßre über sich, als geringre unter sich hat, so müssen die Sorten, die auf der einen Seite überzählig sind, mit den Sorten, die sich auf der entgegengesetzten Seite befinden, nochmals verbunden werden.

Man soll z.B. aus 5 Qualitäten à 24, 20, 14, 9 u. 5xr eine neue à 16xr mischen:

24a+c 7 + 11 (Differenz zwischen 9 u. 16 u. zwischen 5 u. 16) = 18 Theile à 24xr = 432xr.
20b 2 (Differenz zwischen 14 u. 16) = 2 à 20 = 40
16
14b 4 (Differenz zwischen 20 u. 16) = 4 14 = 56
9a 8 (Differenzen 24 u. 16) = 8 9 = 72
5c 8 (Differenz zwischen 24 u. 16) = 8 5 = 40
40 Th = 640xr. 1 Th. = 16xr

Da für 3 geringere Sorten nur 2 bessere zur Mischung gegeben waren, so musste mit der 3ten geringern Sorte noch eine der beiden bessern Sorten, obgleich beide bereits in die Mischung aufgenommen waren, verbunden werden. Dazu Sorte à 24xr gewählt; hätte auch die à 20xr gewählt werden können.|

125

Sobald für eine od. mehrere der gegebnen Sorten eine gewisse Quantität gegeben ist, die durchaus in die Mischung od. Mengung aufgenommen werden soll, so müssen sich natürlich die andern  Feller/Odermann, S. 158: Qualitäten.
Schließen
Quantitäten
in Bezug auf die von ihnen zu nehmende Menge danach richten.

Beispiel: Man besitzt 5 Mb. 18 karäthiges Gold; wie viel 12 karäthiges muß zugemischt werden, wenn 14 karäthiges daraus entstehn soll?

18 2
14 6 Theile. 2/61/3
12 4 4/6 = 2/3.
Da nun 5 M.B. à 18 Karath (= 1/3) in die Mischung aufgenommen werden sollen, so das Doppelte (2/3) also 10 M.B. aus 12 Karath zuzusetzen.

Man verlangt ferner eine gewisse Menge von einer gewissen Qualität, u. will dazu eine od. mehrere bestimmte Quantitäten u. Qualitäten verwenden. Wie muß nun die Qualität der Beimischung beschaffen sein?

Z.B.: Man braucht 10 M.B. 12 löthigen Silbers. Wieviel löthig muß das Silber sein, das zu 4 Mark Bk. 15 löthigem beigemischt, die verlangte Qualität giebt?

Man braucht 10 Mark Banco 12 löthiges Silber enthaltend = 120 Loth. Vorhanden sind 4 M. Banco 15 löthiges = 60 Loth.

Es fehlen also 6 Marc B., welche enthalten müssen 60 Loth. 1 Marc Banco also = 10 Loth.

Zu den vorhandnen 4 M.B. 15 löthigen Silbers müssen also 6 Mk. B. 10 löthiges gemischt werden.

4 Mark Banco 15 löthiges enthalten 60 Loth.
6 10 60
10 120 u. 1 Mark also 12 Loth.


 Feller/Odermann, S. 162.
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Procentrechnung.

100 als Maaßstab für arithmetische Verhältnisse. Es handelt sich um die Procentrechnung: 1) Aufsuchung der von einem gegebnen Werth nach Maaßstab eines bestimmten Procentsatzes zu nehmenden Procente, ohne Rücksicht darauf, wie sie sich auf den Werth, auf den sie sich beziehn, etwa einwirken. 2) Aufsuchung eines nach einem gewissen Procentfuß veränderten Werths, bestehe die Veränderung in Vermehrung od. Verminderung des gegebnen Werths. 3) Aufsuchung des Werths, von welchem gewisse Procente berechnet worden sind. 4) Aufsuchung des Procentfusses.

Der Werth, oder das Kapital, von welchem Procente gerechnet werden sollen, entspricht jedoch nicht immer vollkommen der Normalzahl 100.

Z.B. Jemand sagt: Eine Waare kostet mit Inbegriff von 10% Unkosten 51/2 Th. So entsprechen diese 51/2 Th. nicht dem Maaßstab 100, weil die 10% ursprünglich auf kleinren Werth als 51/2 Th. berechnet, auf einen Geldwerth, ehe man diese 10% Unkosten hinzurechnete. Solche Werthe wie diese 51/2 Th. können ein um die Procente vermehrtes Kapital heissen.

Ein andrer sagt: Ich habe diese Waare, nach Abzug von 2% für baare Zahlung, mit 4f. 30xr bezahlt. Diese 4f. xr entsprechen dem Maaßstab 100 nicht. Die 2% sind auf einen Werth berechnet, der vorhanden war, bevor die 2% abgezogen wurden. Daher können die 4f. 30xr ein um die Procente vermindertes Kapital heissen.

Es fragt sich also stets, ob der gegebne oder zu suchende Werth rein, vermehrt, oder vermindert ist.

Dieser dreifachen Beschaffenheit des gegebnen od. zu suchenden Werths entsprechen 3 Procentsätze, vom Hundert, auf Hundert, im Hundert.

Procente vom 100: 100 = 3. Procente auf 100: 103 = 3. Procente im Hundert: 97 = 3.

I)  Feller/Odermann, S. 164.
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Aufsuchung der Procente allein.

a) Der reine Werth ist gegeben. (Procente vom 100.)

Wieviel betragen 4% von 1975 Th. u. 6% von 1812f.?

100 : 1975 = 4 : x 100 : 1812 = 6 : x
x = 79 Th. x = 108,72f.

b) Der vermehrte Werth ist gegeben. (Procente auf 100)

Wenn 1545 Th. eine Vermehrung von 3%, u. 1920f. 72 cts. eine Vermehrung eine von 6% einschliessen, wieviel beträgt diese Vermehrung, od. die Procente auf 100 von diesen Kapitalien?

103 : 1545 = 3 : x 106 : 1920,72 = 6 : x
x = 45 Th.  Anmerkung von Marx.
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Es stecken in den 1545 Th. 45 Th. Pr. Cent.
x = 108,72 fcs.

Alle Procentsätze vom hundert, die einen bequemen Theil von 100 geben, bilden auch einen Theil auf 100 + dem Procentsatz, wenn sie als Procente auf 100 benuzt werden. Man findet diesen Theil, wenn man zu dem Nenner des Bruchtheils, den der Procentsatz vom 100 bildet, den Zähler desselben Bruchs addirt.

Z.B. 61/4% vom 100 = 1/16; ist auf 100 = 1/16+11/17. 371/2 vom 100 = 3/8; auf Hundert = 3/8+33/11.

c) Der verminderte Werth ist gegeben. (Procente im 100.)

Wenn ein Werth durch Abrechnung von 3% auf 582 Th., u. ein andrer durch Abrechnung von 31/2% auf 239 Fcs. 32 cts. vermindert worden, wie viel diese Verminderung? od. wieviel von diesen Werthen die Procente im 100?

97 : 582 = 3 : x 961/2: 239,32 = 31/2: x
x = 18 Th. x = 8,68 Fcs.

Alle Procentsätze, die vom u. auf 100 einen bequemen Theil aus dem Capital bilden, können auf dieselbe Weise als Procente im 100 benutzt werden. Man findet diesen Theil, wenn man von dem Nenner des Bruchs, den sie vom 100 bilden, den Zähler desselben Bruchs abzieht.

Z.B. 81/3% vom 100 = 1/12. Dann 81/3% im 100 = 1/12–11/11.



II)  Feller/Odermann, S. 169.
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Aufsuchung eines nach einem gewissen Procentsatz veränderten Werths.

Ist der zur Veränderung gegebne Werth rein, dann wird er nach dem gegebnen Procentsatz vom 100 vermehrt od. vermindert.

Schließt der Werth die Vermehrung nach dem gegebnen Procentsatz bereits ein, so soll er auf seinen ursprünglichen Werth reducirt, also nach dem gegebnen Procentsatz (auf 100) vermindert werden.

Ist der gegebne Werth nach dem gegebnen Procentsatz vermindert, so soll er auf seinen ursprünglichen Werth reducirt, also nach demselben Procentsatz (im 100) vermehrt werden.

a) Der reine Werth ist gegeben.

Wieviel betragen 978 Th., um 3% vermehrt od. vermindert?

978 978
+29,34 = 3% = 1007,34 Th. (10 Sgr.) –29,34 = 3% = 948,66 Th. (20 Sgr.)

b) Der vermehrte Werth ist gegeben.

Wie groß waren 1) 2054 Th. und 2) 1925£ 11s., ehe sie resp. um 3% u. 371/2% vermindert wurden?

103 : 2054 = 100 : x
x = 1994 Th. 5 Sgr.

 Selbständige Anwendung einer bei Feller/Odermann, S. 171, erwähnten Regel durch Marx.
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In dem 2t Beispiel unnütz die Regel de Tri anzuwenden, weil 371/2% = 3/11 des Werths. Also:

1925£ 11s.
525. 3 = – 3/11 aus 1925£ 11s.
1400£. 8

c) Der verminderte Werth ist gegeben.

Wie groß waren 1) 582 Th., bevor sie um 3% 2) u. 16011/4 Th., bevor sie um 61/4% vermindert wurden?

1) 97 : 582 = 100 : x 2) 16011/4 Th.
x = 600 Th. 1063/4 Th. = +  Feller/Odermann, S. 172: 1/15
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1/16
(16011/4),  Zusatz von Marx, der hier fälschlicherweise Feller/Odermann korrigieren will.
Schließen
da 61/41/16
1708 Th.



III) Aufsuchung des Werths von welchem gewisse gegebne Procente gerechnet worden sind.

Neben den Procenten muß hier auch der Procentsatz gegeben sein, wonach die Berechnung der Procente erfolgt ist. Dann ist die Frage:

Wenn der Procentsatz das ihm entsprechende Grundkapital (100, 100 + %, 100 – %) erfordert, welchen Werth erfordern die gegebnen Procente?

Von welchen Beträgen ist gerechnet worden 75 Th. à 6% vom 100? 1)
78f. à 3% auf 100? 2)
(à 31/2%–) 8f. 68 cts. im Hundert? 3)
ad 1.) 6 : 75 = 100 : x ad 2) 3 : 78 = 103 : x ad 3) 31/2: 8,68 = 961/2: x
x = 1250 Th. x = 2678f. x = 239,32 fcs.


IV) Aufsuchung des Procentsatzes.

Obgleich auch hier ein reines, vermehrtes od. vermindertes Kapital gegeben sein kann, so ist hier doch nur der Procentsatz vom 100 aufzusuchen. Denn Procentsatz vom 100 wird nur dadurch Procentsatz auf od. im 100, daß er sich auf einen nach demselben Procentsatz vermehrten od. verminderten Werth bezieht. Also bleibt der Procentsatz überall derselbe, u. nur die Beschaffenheit des Kapitals ist es, die den Unterschied bewirkt.|

126

a) Wenn man an 175 Th. einen Gewinn od. Verlust von 7 Th. hat, wie viel Procent beträgt dieß? Das reine Kapital ist gegeben, also PCte vom 100.

175 : 100 = 7 : x
x = 4%.

b) Wenn von 126 M.B. 12β abgezogen werden 24 M.B. 9β, wie viel PCt auf 100 beträgt dieß? Das vermehrte Kapital ist gegeben.

Man fragt also: wieviel geben 100, wenn 102 M.B. 3β ⦗126 M.B. 12β ÷ 24.9⦘ geben 24 M.B. 9β?

1023/16: 100 = 249/16: x
x = 24%.

Oder wenn in 182 Rth ein Gewinn von 7 Th. steckt, wie viel Procent beträgt dieß: (182 ÷ 7) : 100 = 7 : x. und x = 4%.

c) Wenn ein Kapital durch einen Verlust von 7 Th. auf 168 Th. reducirt ist, wie viel % beträgt der Verlust? Vermindertes Kapital gegeben. Procente im 100.

(168 + 7) : 100 = 7 : x
x = 4%.

Oft sind die Procente nicht geradezu gegeben, sondern müssen erst aus den gegebnen Werthen gefunden werden.

Wenn statt 950 Thl. bezahlt werden 988 od. 912: wie viel Procent mehr od. weniger bezahlt?

950 : 100 = 38 ⦗= 988 – 950. (950 – 912)⦘ : x. x = 4%.

Wenn man statt 3463 M.B. 1β nur 3186 M.B. 14β bezahlt, wie viel % auf 100 beträgt der Verlust? Abzug = 3463 M.B. 1 – 3186.14 = 276 M.B. 3β.

Also: 31867/8: 100 = 2763/16: x. x = 82/3%.

Wieviel % im 100 beträgt es, wenn statt 1875f. berechnet werden 2000f? Die Verrechnung im 100 = 2000–1875 = 125f. Also:

2000 : 100 = 125 : x.
x = 61/4%.

Manchmal wird statt von 100 von 1000 gerechnet ‰, besonders in der Wechselcourtage oder Sensarie.

Verwandlung eines Procentsatzes in den andern.

Wie viel % vom 100 betragen 12% auf 100? 112 : 100 = 12 : x. x = 105/7%.

Wieviel % auf 100 betragen 5% vom 100? 95 : 100 = 5 : x. | x = 55/19%.

Wieviel % vom 100 betragen 4% im 100? 96 : 100 = 4 : x. | x = 41/6%.

Wie viel Pct im 100 betragen 4% vom 100? 104 : 100 = 4 : x | x = 311/13%.



Anwendung der Procentrechnung.

 Feller/Odermann, S. 180. Marx lässt das bei Feller/Odermann eigentliche a) Berechnung von Provision, Courtage, Assecuranzprämie usw. aus.
Schließen
a) Gewinn- u. Verlustrechnung
.

α) Wie viel gewinnt od. verliert man an Waare, zu 15 Th. eingekauft, mit 6% Gewinn od. 6% Verlust verkauft? | 15 Th. reines Kapital. Procente vom 100. | 1% = 0,15  Anmerkung von Marx.
Schließen
(100ste Theil von 15)
6% = 0,9 Thl.

β) Wieviel beträgt der im Verkaufspreis von 15,9 Th. enthaltne Gewinn, à 6%? 15,9 = Vermehrtes Kapital. Procente auf 100. Also: 106 : 15,9 = 6 : x. x = 0,9 Thaler.

γ) Wieviel der durch den Verkaufspreis von 14,1 Rth hervorgebrachte Verlust à 6%? 14,1 Th. = vermindertes Kapital, also Procente im 100. ∴ 94 : 14,1 = 6 : x | x = 0,9 Thl.

Beispiele.

1) Wie ist Waare mit 15 Th. gekauft mit 6% Gewinn od. Verlust zu verkaufen?

15 Th = Reines Kapital. Also Vermehrung od. Verminderung auf % vom 100.
100 : 15 = 106 : x. x = 15,9. Oder: 6 : 0,9 = 106 : x = 15,9 Th.
100 : 15 = 94 : x x = 14,1 Th. 6 : 0,9 = 94 : x. x = 14,1 Th.

2) α) Wenn der an einem Verkauf gemachte Gewinn oder Verlust à 6% = 0,9 Th., wieviel beträgt der Einkauf?

Das Einkaufskapital ist reines Kapital. Also Procente vom 100. Der Ansatz ist in beiden Fällen derselbe.
6 : 0,9 = 100 : x. x = 15 Th.

2) β) Der Verkaufspreis ist 15,9 Th. u. enthält 6% Gewinn. Wie viel kostet die Waare im Einkauf?

15,9 Th. vermehrtes Kapital, also % auf 100.
106 : 15,9 = 100 : x. x = 15 Th.

2) γ) Verkaufspreis, ca 6% Verlust, = 14,1 Th. Wie viel kostet die Waare im Einkauf?

14,1 Th. vermindertes Kapital, also % im 100.
94 : 14,1 = 100 : x. x = 15 Th.

3) α) Einkaufspreis = 15 Th. Darauf Gewinn od. Verlust 0,9 Th. Wie viel Procent beträgt dieß?

Kapital in beiden Fällen 15 Th. reines Kapital, Procente von 100.
15 : 100 = 0,9 : x. x = 6%.

β) Verkaufspreis von 15,9 Th. enthält Gewinn von 0,9. Wie viel % enthält derselbe?

15,9 vermehrtes Kapital, also % auf 100.
15,9 – 0,9 oder 15 : 100 = 0,9 : x. x = 6%.

γ) Verkaufspreis von 14,1 Th. enthält Verlust von 0,9 Th. Wie viel % beträgt derselbe?

14,1 Th. vermindertes Kapital, also % im 100.
14,1 + 0,9  Zwischenschritt von Marx.
Schließen
= 15. 15
: 100 = 0,9 : x . x = 6%.

Man hätte auch für β) u. γ) sagen können.

β) 15 : 100 = 15,9 : x. x = 106 Th.

γ) 15 : 100 = 14,1 : x. x = 94 Th.

Hier die % im  Feller/Odermann, S. 181: Grundcapitale
Schließen
Gesammtwerth
versteckt. So viel mehr > 100% Gewinn etc.

Um obige Fragen durch einfache Regel de Trisätze lösen zu können, müssen Einkaufs- u. Verkaufspreis in derselben Valuta (Geldwährung) bestimmt sein u. sich auf dieselbe Quantität beziehn. Wo nicht dieß der Fall, vorherige Reductionen nöthig. Oder Kettensatz anzuwenden.

Beispiel.

1 Ctr (à 100lb) kostet im Einkauf 30f. Man verkauft 1lb mit 24xr. |  Zusatz von Marx.
Schließen
1fl. = 60xr.
 | Wie viel % beträgt Gewinn od. Verlust?

Erste Rechnungsart.

Kostet 1 Ctr = 30f., so 1lb = 18xr. Man gewinnt also 6xr mit 24xr 18xr. Wie viel mit 100?

18 : 100 = 6 : x. x = 331/3%.

Zweite Rechnungsart.

Verkauft man 1lb mit 24xr, so ein Ctr mit 40f. Man gewinnt also 10f. mit 30fc. Wie viel mit 100?

30 : 100 = 10 : x. x = 331/3%.

Dritte Rechenart durch Kettensatz.

x f. Verkauf = 100f. Einkauf.
30 = 100lb.
1 = 24xr Verkauf
60 = 1f.
Also x =  10000×24 600×3 100×24 6×3 400 3 = 1331/3 Verkauf. Die %331/3 hier im Gesammtwerth versteckt.

Unter obigen Voraussetzungen wird der Einkaufspreis eines Centners gesucht?

x f. Einkauf = 1 Ctr
1 Ctr = 100lb.
1 = 24xr
60 = 1f.
1331/3 = 100f. Einkauf. x = 30f.

Ein andrer Fall ist, wenn aus einem Verkaufspreis, wobei gewisse Procente Verlust od. Gewinn, ein Verkaufspreis mit gewissen Procenten Gewinn od. Verlust gesucht werden soll, oder aus einem, Gewinn od. Verlust schon einschliessenden Verkaufspreis ein solcher zu finden ist, welcher erhöhte Procente in sich faßt.

Hier kann man entweder, wie früher gezeigt, zuerst den Einkaufspreis u. dann den Verkaufspreis nach Maßgabe der zu gewinnenden oder zu verliernden % suchen,

Oder jeden dieser Fälle in einem Regel de Tri Satz berechnen,  Zusatz von Marx.
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wie folgende Beispiele zeigen. (Verte)
|

127

Beispiele.

1) Waare verkauft zu 15 Th. mit Verlust von 10%. Wie zu verkaufen, um 5% zu gewinnen? 90 : 15 = 105 : x. x = 171/2 Th.

2) Waare verkauft zu 171/2 Th., wobei 5% Gewinn. Wie ist sie mit 10% Gewinn zu verkaufen? 105 : 171/2 = 90 : x. x = 15 Th.

3) Waare verkauft zu 171/2 Th mit 5% Gewinn. Wie zu 8% Gewinn zu verkaufen? 105 : 171/2 = 108 : x. x = 18 Th.

4) Waare verkauft zu 15 Th. mit 10% Verlust. Wie zu verkaufen, wenn man 20% verlieren muß? 90 : 15 = 80 : x. x = 131/3 Th.

Um jedoch reinen Gewinn oder Verlust auf ein Geschäft berechnen zu können, Zinsen zu berechnen auf die Zeit, worin das Anlagekapital nicht benutzt werden kann.

b)  Feller/Odermann, S. 186.
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Rabattrechnung.
(Rabbattere ital.)

Bedeutet eigentlich. Rabatt – einen Wiederabzug des vorher zu einem gewissen Betrag hinzugefügten. Im Allgemeinen aber Rabatt = jeden, meist procentweis berechneten Abzug, entweder als Vergütung für frühere Zahlung (Discont) od. als einen besondern oft nur scheinbaren Vortheil, der gewährt wird, oder Abzug den Käufer für Mangelhaftigkeit der Waare macht (Decort).

Das Kapital, von welchem der Rabatt genommen werden soll, heißt das rabattirende; das von welchem er bereits genommen ist, das rabattirte Kapital.

Beispiele. aufgesuch(?)

Wie viel der Rabatt von 1207 Th. à 3% u. 61/4 vom u. auf 100?

Aufsuchung der Procente. Aufsuchung der Procente.

[a)] 12,07 × 3 = 36,21 Th. [b)] 103 : 1207 = 3 : x. x = 3516/103 Th.
[c)] 1207 div. durch 16 = 757/16 Th. [d)] 1207 div. durch 17 = 71 Th.

Wie viel betragen 1207 Th. nach Abzug obiger Rabattprocente? Aufsuchung des rabattirten Kapitals?

[a)] 1207 – 36,21 (= 3%) = 1170,79 Th. [b)] 1207 – 757/16 (= 1/16 aus 1207) = 1131 9/16 Th.
[c)] 103 : 1207 = 100 : x. x = 117187/103 Th. [d)] 1207 – 71 (= 1/17 aus 1207) = 1136 Th.

Von welchem Kapital rechnete man: 36,21 Th. à 3% und 757/16 Th. à 61/4% vom 100; 3516/103 à 3% u. 71 Th. a 61/4% auf 100?

Aufsuchung des zu rabattirenden Kapitals?

[a)] 3 : 36,21 = 100 : x. x = 1207 Th. 757/16 × 16 = 1207 Th.
[b)] 3 : 3516/103 = 103 : x. x = 1207 Th. 71 × 17 = 1207 Th.

Die Usanz Rabatten sind  Feller/Odermann, S. 188: scheinbarer Vortheil
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reine Charlatanerie
. Ob sie vom od. auf 100 berechnet, sie sind dem Verkaufspreis schon hinzugefügt.

Z.B. Stück Waare mit dem gewöhnlichen Profit inclusive kostet 20 Th. Wie stellt Verkäufer den Preis, je nachdem er 5% Rabatt auf 100 od. vom 100 gewährt?

Wenn auf 100: 100 : 105 = 20 : x; Wenn von 100: 95 : 100 = 20 : x
x = 21 Th. x = 211/19 Th.

Im zweiten Fall erhält er statt des Verkaufspreises von 100 nur 95; statt 95 muß er 100 fordern. Im ersten Fall erhält er statt 105 nur 100; statt 100 muß er also 105 fordern.

 Kommentar von Marx.
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Wenn das Vieh nun ohne den Rabatt trick für 20 Th. 20 Th. forderte, wäre all the same.

10 Stück à 20 Th. ohne Rabatt = 200 Th.
10 St. à 21 Th. mit 5% Rabatt auf 100 = 210.
Ab 5% = 1/21 des Betrags = 10 = 200 Th.
10 St. à 211/19 Th. mit 5% Rabatt vom 100 = 210 Th. 10/19
ab 5% = 1/20 des Betrags = 10 Th. 10/19 = 200 Th.

Für den Verkäufer völlig gleich, ob er Waare ohne Rabatt, mit 5% auf 100, od. mit 5% vom 100 verkauft, wenn er nur den Preis danach stellt.  Kommentierende Zusammenfassung von Marx.
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Usanzmässige Rabatte Humbug
, wenn nicht Vergütungen für baare Zahlung. Hätte man hier vom Preis von 21 Th. p. Stück nach 5% vom 100 verkauft = 1/20 des Kapitals = 11/20 Th., so erhielte man für das Stück nur 1919/20 Th., also 1/20 Verlust. Dieser Verlust bildet genau den Rabatt à 5% vom 100 auf den eigentlich zu bewilligenden Rabatt von 1 Th. (100 : 1 = 5 : x = 1/20 Th.)

In der Praxis nicht immer so genau unterschieden, u. mancher Irrthum bei der Feststellung von Preisen mit Rabatt begangen.

Der Rabatt, welchen die Verlagsbuchhändler dem Sortimentsbuchhändler auf den Laden- od. ordinären Preis geben, wird stets vom 100 gerechnet, u. ist die einzige Vergütung, die der Sortimentsbuchhändler für Unkosten, Zeit u. Mühe hat. Dieser Rabatt wird von 10–331/3% berechnet. Der Preis eines Buches nach Abzug des Rabatts ist sein Nettopreis.

Wie viel beträgt eine Buchhändlerrechnung von 432f. 48xr nach Abzug von 61/4% Rabatt?

432f. 48xr.
÷ 27. 3 = 1/16 aus dem Betrag
405f. 45xr



 Feller/Odermann, S. 196.
Schließen
Zinsrechnung.

Berechnet auf 100, nach Procenten. Die Anzahl der Einheiten, die man auf 100 nimmt = Zinsfuß.

Einfache Zinsen, wenn Zinsen vom Entlehner des Kapitals zu bestimmten Terminen gezahlt werden; er zahlt zu einer bestimmten Zeit das geliehne Kapital unverändert zurück.

Zusammengesezte Zinsen, Zinseszinsen, Zins vom Zins, wenn Entlehner die fällig werdenden Zinsen zum Kapital schlägt, kapitalisirt, u. nun das vermehrte Kapital verzinst. Selten in kaufmännischer Rechnung.

A) Einfache Zinsen. A) Einfache Zinsen.

I)  Feller/Odermann, S. 197.
Schließen
Aufsuchung der Zinsen eines Kapitals.

Zinsfuß versteht sich gewöhnlich auf 1 Jahr, bei Discontgeschäften zuweilen für den Monat.

Der Zeitraum aber, für welchen die Zinsen eines gegebnen Kapitals zu berechnen sind, lassen läßt sich ausdrücken nach Jahren, Monaten, Wochen, Tagen.

a) Zinsen nach Jahren.

Wenn Zinsfuß auf 1 Jahr berechnet u. die Zinsen eines gegebnen Kapitals für 1 Jahr zu berechnen sind, so kommt, die Zeit nicht in Betracht u. es handelt sich nur um Aufsuchung der Procente vom 100. Wäre der Zinsfuß ein monatlicher, so multiplicirt man ihn × 100, wodurch er auf einen jährlichen reducirt wird.

Wie viel die jährlichen Zinsen von 843 834 Th. à 3%?

100 : 843 834 = 3 : x. x = 25,02. Oder: 1% = 8,34
3 = 25,02 Th.

Sind die Zinsen für mehrere Jahre zu berechnen, so geschieht die Berechnung zunächst für 1 Jahr u. das erhaltene Resultat wird dann mit der Anzahl der Jahre multiplicirt. Oder man multiplicirt den Zinsfuß mit der Anzahl der Jahre; so ist 41/2% in 2 J. = 41/2× 2% = 9% in 1 J.; od. = 1% in 9 Jahren.

Beispiele.

Wie viel betragen die Zinsen von 456 Rth à 3% in 7 J.

4,56 = 1% in 1 J.
3 × 4,56 = 13,68 = 3% in 1 J.
95,76 Th. = 3% in 7 J.

Zinsen von 945f. à 31/3% in 4 J.?

31/3% = 1/30 des Kapitals.
945/30 = 31f. 30xr = 31/3% in 1 J.
× 4
126fl. = 31/3% in 4 J.

Zins von 485 Fs. 50 cts. à 31/2% in 4 J.?

31/2% in 4 J. = 14% in 1 J.
4,855 = 1%
× 14
67,970 Fcs. = 67 Fcs. 97 cts.

Zins von 1326 M.B. 8β. à 5% in 21/2 J.?

5% in 21/2 J. = 121/2% in 1 J.
121/2% = 1/8 des Kapitals.
1326 M.B. 8β 8 = 165 M.B. 13β.

Bestehn Kapital, Zinsfuß u. Zeit aus unbequemen Zahlen, so Regel Multiplex anzuwenden: Z.B. wie viel Zins von α) 819 Th. à 42/3% in 13/4 J.? u. von β) 56f. à 61/2% in 3/4 J?

α) 100 : 819 = 42/3% : x β) 100 : 56 = 61/2% : x
1 : 13/4 1 : 3/4
x =  Zwischenschritt von Marx ergänzt.
Schließen
819×14×7 100×3×4
= 7×273×7 100×2 = 66,885 Th.
x = 2,73f.|

128

b) Zinsen nach Monaten.

Man rechnet nach Jahr; nimmt dann aus diesem Resultat denselben Theil, welchen die gegebnen Monate aus einem J. bilden. Oder Monate als Bruch vom Jahr betrachtet, Zinsfuß × mit diesem Bruch.

α) Zins von 964 Th. à 5% in 5 Mt? β) Zinsen von 520 Th. à 3% in 4 M.?
9,64 × 5 1 Pct p. Jahr. 4 Mt. = 1/3 J.
48,20 = 5% in 1 J. 1/3 × 3% = 1%.
16,066 = 5% in 4 Mt. (1/3 J.) 1% von 520 Th.= 5,20 Th.
4,017 = 5% in 1 Mt. (1/4à 4 Mt.)
20,083

Oder Regel Multiplex anzuwenden.

Zinsen von 429 Th. à 31/2% in 19 Monaten?

100 Th : 429 Th = 31/2% : x (Je mehr Kapital, desto mehr Zinsen.
12 : 19 = (Je mehr Zeit, desto mehr Zinsen
x =23,77 Th.

c) Zinsen nach Wochen.

früher (vor 1851) in Augsburg unter den Bankiers üblich.

d) Zinsen nach Tagen.

Im kaufmännischen Verkehr Zinsen meist nach Tagen gerechnet. Dabei nimmt man 1 J. = 360 T., jeden Monat = 30 T. Selbst wenn man bei Ermittlung der Anzahl Tage, für welche die Zinsen zu berechnen sind, jeden Monat zu der Anzahl der Tage berechnet, die er wirklich hat, versteht sich doch der Zinsfuß immer für 360 T. Ausnahmen: England, Englische Colonien, u. Amerika. Hier versteht sich der Zinsfuß für 365 T. Man rechnet also auch jeden Monat zu der Anzahl der Tage, die er wirklich hat.

Demnach ist für jeden Fall, wo die Zinsen nach Tagen zu berechnen sind, dreifache Lösung möglich, wie folgt für: Zins von 1832 Th. à 4% von 7 Feb. bis 11 Sept. 1855?

α) Zinsfuß für 365 Tage β) Zinsfuß für 360 T. γ) Zinsfuß für 360 Tage.
1 Mt. = so viel Tage als er hat. 1 Mt. = so viel Tage als er hat. 1 Mt.= 30 Tage.
100 : 1832 Th. = 4% : x 100 Th. : 1832 Th = 4% : x 100 Th. : 1832 Th. = 4% : x
365 Tage : 216 T. = 360 T. : 216 T. 360 T. : 213 T. =
x = 43 Th. 11 Sgr. x = 43 Th. 29 Sgr. x = 43 Th. 16 Sgr. 8 Pf

Der Wahrheit  Zusatz von Marx.
Schließen
(!)
kommt man am nächsten u. auch am bequemsten zu 360 T. = Jahr, u. Monat = 30 T.

Wenn man den Hauptansatz

γ) 100 Kapital : gegebenen Kapital = Zinsfuß : x
360 Tage : gegebne Tagen

mit dem Zinsfuß in 360 × 100 = 36,000 dividirt, so erhält man, da die meisten der im Handel gebräuchlichen Zinsfüsse ohne Rest in 36,000 enthalten sind, einen Quotienten, den man folgendermaassen zur Zinsenberechnung benutzt: Man multiplicirt das Kapital mit den Tagen und dividirt das Produkt durch den Quotienten, den der Zinsfuß giebt.

 Die Rechnung ist ein Zusatz von Marx.
Schließen
Nämlich: x =
Gegebnes Kapital × mit gegebnen Tagen × mit Zinsfuß 100 (Kapital) × 360 Tage = (Gegebnes Kap. × gegeb. Tage.) × mit Zinsfuß 36000 = Geg. Kapit. × Gg. Tage 36000/Zinsfuß .

Diese als Divisoren zu benutzenden Quotienten sind z.B. für 1% = 36000 1 = 36000. für 4% =  36,000 4 = 9000. etc

Z.B. Zinsen von 948 Th. à 4% in 148 Tagen? 948×148 9000 = 15 Th. 18 Sgr.

Berechnung von Zinsen mehrerer Kapitalien.

α) Gleicher Zinsfuß u. Gleiche Zeit: Addirt die Kapitalien. Berechnet von der Summe in gewöhnlicher Weise.

Zins von 960 Th, 430 Th., 500 Th. u. 1250 Th. in 9 Monaten à 4%?

Summe der Kapit. = 3140 Th. à 9 Mt. à 4% = 94,2 Th.

β) Ungleicher Zinsfuß u. Gleiche Zeit:  Feller/Odermann, S. 211: Die Berechnung
Schließen
Methode
beruht auf dem Grundsatz, daß Zinsen von 100f. à 5% = Zins. von 500f. à 1%; Zinsen von 100f. in 4 Mt. = Zinsen von 400f. in 1 Mt, ferner Zinsen von 100f. à 4% in 3 J. = Zinsen von 4 × 3 × 100 fcs. in 1 J. Man multiplicirt daher jedes Kapital mit seinem Zinsfuß, wodurch Kapitalien entstehn, die à 1% ausgeliehn sind, u. berechnet nun von deren Summe die Zinsen für die gegebne Zeit.

Z.B. Zinsen von 920 Th. à 4%, 760 Th. à 3%, 184 Th. à 31/2% in 11/2 Jahren?

920 Th. à 4% = 3680 Th. od. 6604 Th. à 1% in 11/2 J. x = 6604×1 1/2 = 99,06 Th. Zinsen.
760 à 3 = 2280
184 … 31/2 = 644

γ) Gleicher Zinsfuß u. Ungleiche Zeit: Die gegebnen Zeiten auf gleiche Benennung zu bringen; hierauf multiplicirt man jedes Kapital mit der ihm zugehörigen Zeit, wodurch Kapitalien entstehn, von deren Summe die Zinsen für 1 Zeit, d.h. für 1 J., 1 Mt. u.s.w. zu berechnen sind.

Z.B. Zinsen für 900f. in 7 Mt., 840f. in 61/2 Mt., 650f. in 3/4 J., u. 1245f. in 20 T. à 5%?

900f. in 7 Mt. = 6300f. in 1 Mt.
840  Feller, Odermann, S. 212: 61/2
Schließen
6
=
5460
650 9 = 5850
1245 2/3 = 830
18440 in 1 Mt à 5%. x = 76f. 50xr.

 Eigene Berechnung des Zwischenschritts von Marx.
Schließen
Nämlich:

100 : 18440 = 5% : x
12 M. : 1
x =  18440×5 1200 = 18440 240 .

δ) Ungleicher Zinsfuß u. Ungleiche Zeit. Man bringt die Zeitbestimmungen auf gleiche Benennung, multiplicirt jedes Kapital × seiner Zeit u. seinem Zinsfuß, berechnet von der Summe der Produkte Zinsen à 1% für 1 Zeit.

Beispiel: Wie viel beträgt Zinssumme von 490 Mc. Banco à 3% in 9 Mt, 860 à 4% in 11/4 J;

642 à 6% in 65 T.; 2000 à 3/8 pr. Ct. p. Mt in 10 Monaten?

490 à 3% in 9 Mt. = 13,230 Mc. B. à 1% in 1 Mt.
860 à 4 15 = 51,600
642 à 6 21/6 = 8346
2000 … 41/2 10 = 90000
x =  163176 1200 = 135 Mc. Bco. 15β.

II)  Feller/Odermann, S. 212.
Schließen
Aufsuchung des Kapitals.

Bei Aufsuchung der Zinsen eines Kapitals kommen nur direkte Verhältnisse vor, bei Aufsuchung von Kapital, Zinsfuß u. Zeit dagegen direkte u. indirekte.

Kapital u. Zinsen in direktem Verhältniß. ( Feller/Odermann, S. 212: je mehr Zinsen, desto mehr Capital
Schließen
Je mehr Kapital desto mehr Zinsen
) Kapital u. Zinsfuß in indirektem Verhältniß (Je grösser Zinsfuß, desto kleiner kann Kapital sein etc) Kapital u. Zeit in indirektem Verhältniß (Je grösser Zeitlänge, desto kleiner Kapital etc)

Beispiele.

Wie groß Kapital, dessen jährliche Zinsen à 5% 165 Th. betragen?: 5 : 165 = 100 : x. x = 3300 Th. Oder da 165/5 = 33, so muß das Kapital = 33 × 100 = 3300 sein.

Welches Kapital bedarf man, um à 5% dieselben Zinsen zu geben, welche 3200f. à 4% geben? 5 : 4 = 3200 : x; x = 2560f. Je grösser der Zinsfuß, desto kleiner das Kapital.

Welches Kapital bringt in 4 J. dieselben Zinsen, wie 1680 M.B. in 3 J.? 4 J. : 3 = 1680 : x; x = 1260. Je mehr Zeit, desto weniger Kapital.

Welches Kapital brachte in 4 Monaten, à 5%, 64f. Zinsen?

4 Mt. : 12 M. = 100f. Cpt. : x (Je weniger Zeit, desto mehr Kapital)
5f. Zins : 64 fcs Z (Je mehr Zinsen, desto mehr Kapital.)
x =  Zwischenschritt von Marx.
Schließen
1200×64 20 = 60 × 64
= 3840fl. 
|

129

III)  Feller/Odermann, S. 214.
Schließen
Aufsuchung des Zinsfusses.

Wenn Zinsfuß = x Zinsen, die 100 in 1 J. od. 12 M. od. 360 (resp. 365) T. giebt, so bleibt die Frage bei Aufsuchung des Zinsfusses:

x Zinsen geben 100 in 1 Jahr u.s.w.? wenn gegebnes Kapital in gegebner Zeit gewisse Zinsen giebt. Dann sind alle Verhältnisse direkt. Denn ist 100 kleiner od. grösser als das gegebne Kapital so giebt es weniger od. mehr Zinsen. Ist die Zeit (1 J. u.s.w.), die 100 aussteht > [bzw.] < als Zeit für welche das gegebne Kapital ausgeliehn ist, so giebt 100 weniger, mehr Zinsen.

Betrachtet man den Zinsfuß aber als den Maaßstab, nach welchem ein Kapital für eine gewisse Zeit ausgeliehn war od. werden soll, so sind die Verhältnisse indirekt.

Denn je grösser od. kleiner, im Vergleich zu 100, das gegebne Kapital, desto kleiner, grösser kann der Zinsfuß sein.

Je grösser, kleiner, im Vergleich zu der zu 100 gehörigen Zeit, die Zeitlänge, für welche das gegebne Kapital ausgeliehn, desto kleiner, grösser Zinsfuß.

Zu den Zinsen steht jedoch der Zinsfuß in direktem Verhältniß. Je mehr Zinsen, desto grösser, je weniger Zinsen, desto kleiner Zinsfuß.

Beispiele.

Zu welchen Zinsen (x%) ist ein Kapital von 450 Th. ausgeliehn, dessen jährliche Zinsen 18 Th.? 450 : 100 = 18 : x. x = 4%. Direkt: Je kleiner Kapital (100) desto kleiner Zinsen. Indirekt: Je grösser Kapital (450), desto kleiner Zinsen.

Zu welchem Zinsfuß muß ein Kapital ausgeliehn werden, das in 9 Mt. dieselben Zinsen geben soll, die es in 11/4 J. zu 3% gegeben hat? 9 Mt. : 15 = 3% : x. x = 5%. Indirekt: Je weniger Zeit, desto grösser Zinsfuß.

Zu wie viel % müssen 960f. ausgeliehn werden, wenn sie in derselben Zeit die Zinsen geben sollen, wie 840f. à 6%? 960 : 840 = 6 : x. x = 51/4%. Indirekt: Je grösser Kapital, desto kleiner Zinsfuß.

Zu wie viel % ist ein Kapital ausgeliehn, das 120 Th. Zinsen bringt, während es früher à 5%, 1331/3 Th. Zinsen gab? 1331/3 : 120 = 5 : x. x = 41/2%. Direkt: Je weniger Zinsen, desto kleiner Zinsfuß.

Wenn man in 41/2 J. von 850f. Kapital 153f. Zinsen erhoben hat, zu welchem Zinsfuß war dieß Kapital ausgeliehn?

850 : 100 = 153 : x
41/2 J. : 1
x = 4%

Wenn von 450 Th. in 11/2 J. dieselben Zinsen erhoben werden, das Kapital von 765 Th. in 9 Monaten à 6% gab, zu wie viel % erstres Kapital ausgeliehn?

450 : 765 = 6 : x Indirekt Je kleiner Kapital, desto grösser kann Zinsfuß sein
18 : 9 Mt Indirekt. Je mehr Zeit, desto kleiner muß Zinsfuß sein.
x = 5,1%.

IV)  Feller/Odermann, S. 217.
Schließen
Aufsuchung der Zeit.

Zeit steht zu Zinsen in direktem Verhältniß: Je mehr\weniger Zinsen desto mehr\weniger Zeit.

Zeit steht zu Kapital in indirektem Verhältniß: Je grösser Kapital, desto weniger Zeit u. vice versa.

Zeit steht zu Zinsfuß in indirektem Verhältniß: Je grösser Zinsfuß, desto weniger Zeit u. vice versa.

Beispiele.

Wie lang stand ein Kapital aus, das 54 Th. Zinsen gab, wenn gleich grosses andres Kapital in 31/4 J. 52 Th. Zinsen brachte? Direkt: Je mehr Zinsen, desto mehr Zeit. 52 Th. : 54 Th. = 31/4 J. : x. x = 33/8 J.

Welcher Zeitlänge bedarf man, um bei gleichem Zinsfuß mit 364f. Kapital so viel Zinsen zu gewinnen, als mit 390f. in 91/3 Monaten?: 364 : 390 = 91/3 Mt : x. x = 10 Mt. Indirekt: Je weniger Kapital, desto mehr Zeit.

Wie viel J. müssen 1000 M.B. ausstehn, um à 4% ebenso viel Zinsen zu geben, als sie à 41/2% in 2 J. 8 Mt. gebracht haben? 4% : 41/2% =  Jahres- von Marx in Monatsangaben umgerechnet.
Schließen
32 Mt : x. x = 36 Mt.
od. 3 J. Indirekt: Je kleiner Zinsfuß, desto mehr Zeit.

Wie lange haben 2650 Th. ausgestanden, wenn Zinsen davon à 41/2% 397 Th. 15 Sgr. betragen?

2650 Th : 100 Th. = 1 J. : x Indirekt: Je mehr Kapital, desto weniger Zeit.
41/2%: 3971/2 Direkt: Je mehr Zinsen, desto mehr Zeit.
x = 31/3 J.

Wie lange müssen 1960 Th. ausstehn, eh sie à 3% dieselben Zinsen bringen, wie 1260 à 31/2% in 91/3 Mtn?

1960f. : 1260f. = 91/3 Mt. : x Indirekt: Je mehr Kapital, desto weniger Zeit.
3% : 31/2% Indirekt: Je kleiner der Zinsfuß, desto mehr Zeit
x = 7 Mt.

Ein Kapital von 1780 Mark Banco gab in 225 T. 44 M.B. 8β Zinsen. Wie lange müssen 1125 M.B. ausstehn, um 361/2 M.B. Zinsen zu geben?

1125 M. : 1780 M. = 225 T. : x Indirekt: Je weniger Kapital, desto mehr Zeit.
441/2 Zins : 361/2 Direkt Je weniger Zinsen, desto weniger Zeit.
x = 292 Tage.

V)  Feller/Odermann, S. 219.
Schließen
Aufsuchung eines um die Zinsen vermehrten Kapitals.

Man kann diese Aufgabe nicht in einem Satz, aber auf doppeltem Weg lösen.

1) Was betragen 1260 Th. in 61/2 Mt. an Kapital u. Zinsen à 4%?

α) Man berechnet erst Zinsen auf 100. 12 Mt. : 61/2 Mt = 41/2 4 : x. x = 21/6. %. Das Kapital also in 61/2 Monat = 1021/6 u. nun: 100 : 1260 = 1021/6 : x. x = 1287,3.

β) Oder man sucht erst die Zinsen von 1260 Th. in 61/2 M. = 4%. Man findet 27,3 Th. Zinsen. Zum Kapital addirt = 1287,3.

2) Welchen Werth haben, nach 186 Tagen, 980f. Kapital à 5% an Kapital u. Zinsen?

α) 360 : 186 = 5 : x
x = 27/12
+ 100
= 1027/12

 Kommentar von Marx.
Schließen
Dieß 100 + Zins à 5% in 186 Tagen.

b) 100 : 980 = 1027/12 : x
x = 1005f. 19xr.

Daraus folgt umgekehrt, daß 1005f. 19xr nach 186 Tagen fällig, einen jetzigen baaren Werth haben von 980f., ein Schluß, der der Discontorechnung zu Grund liegt.|

130

VI)  Feller/Odermann, S. 220.
Schließen
Aufsuchung der Zinsen oder des Kapitals, welche in einem, Kapital u. Zinsen darstellenden, Werth enthalten sind.

Nach 7 Mt. erhält man an Kapital u. Zinsen für ein à 5% ausgeliehnes Kapital 967 Th. 12 Gr. 5 Pf. Wie viel betragen die in dieser Summe enthaltnen Zinsen?

12 Mt. : 7 M. = 5% : x
x = 211/12%
10211/12 Th. : 967.5/12 Th. = 21/12 211/12 : x
x = 275/12 Th. Also das ursprüngliche Kapital = 940.
Oder soll das ursprüngliche Kapital von vorn herein gefunden werden, so: 10211/12 Th. : 96711/12 9675/12  Th. = 100 : x. x = 940.



VII)  Feller/Odermann, S. 221.
Schließen
Aufsuchung eines mittleren Zinsfusses für mehrere Kapitalien.

a) Gleiche Kapitalien u. gleiche Zeiten.

Man addirt die verschiednen Zinsfüsse u. dividirt ihre Summe durch die Anzahl der Kapitalien.

Welches ist der mittlere Zinsfuß von 4 gleichen Kapitalien zu 3, 31/2, 4 od. 5%? x = 3+3,5+4+5 4 15,5 4 = 37/8%.

b) Ungleiche Kapitalien u. gleiche Zeiten.

Jedes Kapital ist hier mit dem ihm zugehörigen Zinsfuß zu multipliciren, u. die Summe dieser Producte durch die Summe der Kapitalien zu dividiren. Der Quotien Quotient = mittlere Zinsfuß.

Welches ist der mittlere Zinsfuß folgender auf 3 Monate ausgeliehner Kapitalien:

2000 Th. à 3%, 4000 Th à 4%, 6000 à 41/3% u. 1500 Th. à 6%?

2000 × 3 = 6000
4000 × 4 = 16,000
6000 × 41/3 = 26,000
1500 × 6 = 9000
13,500 in 57,000 = 42/9%.

Probe.

2000 à 3% in 3 Mt.= 15 Th.
4000 à 4% 3 do 40
6000 à 41/3 3 do 65
1500 à 6 3 do 22. 15 Sg.
1421/2 Th.

Aber 13,500 zum mittleren Zinsfuß von 42/9% = 1421/2 Th.

Der Grund dieses Verfahrens: Multiplicirt man jedes Kapital mit seinem Zinsfuß, so verwandelt man dadurch sämmtliche Beträge in Kapitalien gelegt à 1%, u. es kommt die Verschiedenheit der Zinsfüsse nicht mehr in Betracht. Da nun aber der Zinsfuß nicht für die Summe der Producte, sondern für die Summe der Kapitalien gefunden werden soll, so hat man folgenden Regel de Trisatz zu bilden: Summe der Kap. : Summe der Producte = 1% : x, oder da 1 nicht multiplicirt, x = Summe d. Producte Summe d. Kapitalien .

(da: Je kleiner das Kapital, desto grösser der Zinsfuß.)

c) Gleiche Kapitalien u. Ungleiche Zeiten.

Erst macht man die Zeiten gleichnamig, wenn sie es nicht schon sind. Dann multiplicirt man den Zinsfuß jeden Kapitals mit der ihm zugehörigen Zeit, u. d. dividirt die Summe der Producte durch die Summe der Zeiten.

Von 4 gleichen Kapitalien ist A auf 6 Mt. à 4%, B auf 5 Mt. à 3%, C auf 4 Mt. à 41/2% u. D auf 1/4 J. à 5% ausgeliehn. Welches ist der mittlere Zinsfuß dieser Kapitalien?  Anmerkung von Marx.
Schließen
1/4 J. = 3 Mt. Also D auf 3 Mt. à 5%.

6 Mt. à 4% = 1 Mt. à 24% 72/18 = 4% mittlerer Zinsfuß
5 3 = 1 15
4 41/2 = 1 18
3 5 1 15
18 M. 72

Probe

Jedes der 4 gleichen Capitalien sei = 600

600 Th à 4% in 6 Monaten = 12 Th. Zinsen.
600 à 3 5 = 7,5
600 à 41/2 4 = 9
600 à 5 3 = 7,5.
36 Th. Zinsen.

 Kommentar von Marx.
Schließen
⦗Nehmen wir die Summe der Monate = 18 u. dividiren sie durch die Anzahl der verschiednen Zeiten, = 4, so Durchschnitt = 18/4 = 41/2 Mt. In dieser Durchschnittsumlaufzeit bringt die Summe der Kapitalien = 600 × 4 = 2400 à 4%, 36 Th.⦘ Die Probe ist anders; daß jedes einzelne Kapital für seine Umlaufszeit zum mittleren Zinsfuß berechnet wird. Es zeigt sich dann:

600 Th. in 6 Mt. = 12 Th. Zinsen
600 5 = 10
600 4 = 8
600 3 = 6
2400 = 36.


d) Ungleiche Kapitalien, Ungleiche Zeiten.

Da in diesem case, neben dem durchschnittlichen Zinsfuß eine mittlere Verfallzeit aufzufinden ist, gehört dieß in die später kommende Terminrechnung (Sieh p. [132–134)]

B)  Feller/Odermann, S. 223.
Schließen
Berechnung Zusammengesezter Zinsen.

Es verdoppelt sich ein Kapital mit Zinseszinsen zu 3% in 23,45 J., zu 40 J. 4% in 17,673 J.; es verdreifacht sich in 37,161 J.; 28,011 J. u.s.w.

Die Arithmetik liefert hier nur weniger u. schwerfällig. Die complicirtren Aufgaben nur durch Anwendung der Logarithmen zu lösen.

Beispiele.

A) Wie groß wird ein Kapital von 850 Th., bei jährlicher Zinseszuschreibung mit Zinseszinsen a 5% nach 5 J.?

1) Durch die Kettenregel. 2) Durch Regel de Tri
1 Th. = 850 Th. Kapital. 100 : 850 = 105 : x x = 892,5 Ende des 1 J.
100 = 105 nach dem 1. J. 100 : 892,5 = 105 : x x = 937,125 Ende des 2 J.
100 = 105 2 J. 100 : 937,125 = 105 : x x = 983,9813 Ende des 3 J.
100 = 105 3 J. 100 : 983,9183 ,9813 = 105 : x x = 1033,1804 Ende des 4 J.
100 105 4 J. 100 : 1033,1804 = 105 : x x = 1084,8394 Ende des 5 J.
100 105 5 J
x = 1084,8393 Th  |
131

Wäre die Zinsenzuschreibung halbjährlich erfolgt: so:

x Th = 850 Th.
1) 100 = 102,5 nach 1 Halbjahr
2) 100 = 102,5 2
3) 100 = 102,5 3
4) 100 = 102,5 4
5) 100 = 102,5 5
6) 100 = 102,5 6
7) 100 = 102,5 7
8) 100 = 102,5 8
9) 100 = 102,5 9
10) 100 = 102,5 10
x = 1088,0718.

Zweites Beispiel  Kommentar von Marx.
Schließen
(umgekehrt)

Wie groß war das Stammkapital, das nach 5 J. mit jährlicher Zinszuschreibung von 5%, auf 1084,8394 Th. angewachsen ist?

1) Kettenregel. 2) Regel de Tri.
x Th. = 1084,8394 Th. 105 : 1084,8394 1084,8393 = 100 : x. x = 1033,1803.
105 = 100 105 : 1033,1803 = 100 : x. x = 983,9812.
105 = 100 105 : 983,9812 = 100 : x x = 937,125.
105 = 100 105 : 937,125 = 100 : x x = 892,5
105 = 100 105 : 892,5 = 100 : x. x = 850 Th.
105 = 100
x = 850 Th


 Feller/Odermann, S. 226.
Schließen
Discontrechnung.

Bei Verkäufen auf Zeit od. Credit, Trassiren auf lange Sicht u.s.w. hat der Schuldner die Bezahlung eines gewissen Betrags zu einer bestimmten Zeit zu leisten, ohne denselben bis dahin verzinsen zu müssen. Der Gläubiger schlägt die Zinsen, die er von seinem Kapital geniessen würde, in diesem Fall, wenn er es selbst benutzen könnte, zu diesem Kapital. Der Schuldbetrag also = Kapital + Zinsen für die gegebne Zeit. Trägt der Schuldner, im Einverständniß mit Gläubiger, seine Schuld vor der Verfallszeit ab, so die Zinsen abzuziehn für die Zeitlänge, um welche früher seine Verbindlichkeit erfüllt. Dieser Nachlaß od. Abzug vom Schuldbetrag = Discont. Das Bezahlen einer Schuld vor Verfallzeit, unter Abzug von Discont heißt Diskontiren. Diskontgeschäft: Wechsel, später fällig, gekauft unter Abzug des Diskonts für die Zeit, welche sie bis zum Diskont noch zu laufen haben.

Das zu discontirende Kapital ist kein reiner, sondern ein vermehrter Werth. Daher die Abrechnung der in demselben enthaltnen Zinsen nicht nach Procentsatz von, sondern auf 100 zu erfolgen. Bei Abrechnung nach Procenten auf 100 bringt die baare Zahlung, wenn sofort zu demselben Zinsfuß wieder angelegt, ebenso viel Zinsen als der durch das Diskontiren erfolgte Abzug beträgt. Z.B. 2060 Th. in 1 J. fällig, sollen mit 3% diskontirt werden.

So: 103 : 2060 = 3 : x. x = 60 u. 2060 – 60 = 2000. Diese Summe zu 3% sofort wieder zinsbar angelegt, giebt 100 : 200 = 3 : x. x = 6000/100 = 60 Th. – Würde dagegen der Diskont vom 100 berechnet, so hätte man: 100 : 2060 = 3 : x. x =  Zwischenschritt von Marx.
Schließen
6180/100
= 61,8. Die baare Zahlung wäre 2000 – 61,8 = 1998,2 Th., welche, zu 3% angelegt, nur 59,946 Th. Zinsen giebt, Verlust für Empfänger von 1,854 Th., den er nur dadurch ausgleichen könnte, daß er die erhaltene Summe zu höherem Zinsfuß, etwas 31/10% wieder ausliehe.

Obgleich durch die letztre Art den Diskont zu berechnen, Empfang im Nachtheil, doch kaufmännischer usus. Theils Rechnung bequemer, theils der Unterschied in kaufmännischen Geschäften nur selten von Bedeutung, denn Zeitraum, wofür diskontirt wird, meist kurz. Anders aber in Beziehung auf Discontgeschäft mit Nichtkaufleuten. Erwerbung von Grundstücken u.s.w.

 Diese Überschrift samt Überschriftenebene von Marx. Bei Feller/Odermann nur: 1) Einfacher Discont auf Hundert
Schließen
A) Einfacher Diskont.

I)  Feller/Odermann, S. 228.
Schließen
Einfacher Discont auf 100.

1) Aufsuchung des Diskont.

Wieviel beträgt der Diskont von 1200 Th, am 24. Sept. fällig, u. am 12. Juli mit 4% diskontirt?

Von 12. Juli – 24. Sept., Monat zu 30 T. = 72 T. Man berechnet  Zusatz von Marx.
Schließen
d’abord
, wie viel Zinsen geben 100 in 72 T. à 4%? 360 : 72 = 4 : x. | x = 4/5 P.Ct.

Kapital von 100 also in 72 T. werth, à 4% Th. 1004/5. Umgekehrt sind 1004/5 in 72 Tagen fällig = 100 baar, od. geben einen Diskont von 4/5%. Wieviel beträgt der Diskont von 1200? | 1004/5 : 1200 = 4/5: x. | x = 911/21 Th = 9 Th. 15 Sgr. 7 Pf.

Richtiger ist es aber, u. auch gewöhnlicher, bei Discont auf 100 das Jahr zu 365 T. zu rechnen, sowohl für Zinsfuß als Zeit, welche das Kapital noch zu laufen hat. Dann 12 Juli – 24 Sept. = 74 Tage, und:

365 : 74 = 4 : x. x = 296/365%. und daher: 100296/365 : 1200 = 296/365: x. x = 96009/9199 = 9. Th. 19 Sgr. 6 Pf.

Auch das diskontirte Kapital kann zur Auffindung des Diskonts gegeben sein. Dann: Wie viel der Diskont, wenn ein à 72 Tage à 4% diskontirtes Kapital mit 119010/21 bezahlt wird?

Der baare Werth 100 giebt 4/5 Discont; wie viel geben 119010/21? | 100 : 119010/21 = 4/5 : x. x = 911/21 Th.

2) Aufsuchung des diskontirten Kapitals.

Hier kann neben Zinsfuß u. Zeit, entweder das zu diskontirende Kapital oder der Diskont gegeben sein. Man berechnet wie oben die Zinsen von 100 Kapital in 72 Tagen à 4% = 4/5. Wenn 100 +4/5, nach 72 Tagen fällig, = 100 baar, was ist Baarwerth von 1200 Th., nach 72 Tagen fällig? 1004/5 : 1200 = 100 : x. x = 119010/21 Th.

Wie viel wurde für ein à 4% discontirtes Kapital gezahlt, wenn der Discont für 72 Tage 911/21 Th. betrug?

4/5 : 911/21 = 100 : x. x = 119010/21 Th.

3) Aufsuchung des zu diskontirenden Kapitals.

Hier kann, neben Zinsfuß u. Zeit, entweder das diskontirte Kapital od. der Diskont gegeben sein.

Wie groß ist das Kapital, welches nach Abzug von 4% Discont für 72 T., 119010/21 Th. übrig gelassen hat?

Zunächst Zinsen von 100 in 72 T. à 4% zu berechnen. = 4/5%. Dann: 100 : 119010/21 = 1004/5 : x. x = 1200 Th.

Wie groß ist das Kapital, das für 72 T. à 4% mit 911/21 Th. diskontirt worden ist?

100 = 4/5 Zinsen. Also: 4/5: 911/21 = 1004/5 : x. x = 1200 Th.

Als ein diskontirtes Kapital ist der Baarpreis einer Waare dann anzusehn, wenn er dem Preis derselben Waare auf Zeit entgegengesetzt wird u. die Ermittlung des letztern aus dem ersten entspricht der Ermittlung des zu discontirenden Kapitals aus dem diskontirten Kapital.

Ist also z.B. der Baarpreis einer Waare = 16 Th., so sollte derselbe für 3 Mt. Credit, wenn der Verkäufer sich 5% Zinsen rechnet sein: 100 : 16 = 1011/4 : x. x = 16,2 Th. Die Waare könnte zu diesem Preis auf 3 Monate od. baar mit 5% Discont pr J. verkauft werden, der Discont müßte dann aber auf 100 berechnet sein. Da aber im kaufmännischen Verkehr der Discont stets vom 100 berechnet wird, so später anzugebender Weg zur Ermittlung dieses Preises.

4) Aufsuchung des Zinsfusses.

Wie viel % beträgt der Diskont, wenn 1200 Th. für 72 Tage mit 911/21 Th. diskontirt worden sind?

Sowohl Zinsfuß als Zeit verstehn sich immer für 100 Reinwerth, welcher noch keine Veränderung nach gewissen % erlitten hat. Das gegebne zu discontirende Kapital, weil es die % für gewisse Zeit einschließt, ist daher nicht proportional zu 100, u. wird es erst, wenn man es von dem in ihm enthaltnen Diskont befreit hat.

(1200 Th ÷  Zusatz von Marx zur Erklärung des Zeichens.
Schließen
(minus)
911/12 Th.) : 100 Th. Kapital = 911/21 Th. Discont : x
72 Tage : 360
x = 4%

Lautete die Frage: Wie viel beträgt der Diskont, wenn nach Abzug von 911/12 Th. Discont für 72 Tage, 119010/21 Th. bezahlt worden sind, so bedürfte es natürlich keiner Abrechnung des Disconts.

5) Aufsuchung der Zeit.

Wie lange hat ein Kapital von 1200 noch zu laufen, welches à 4% mit 911/12 Th. discontirt wurde?

(1200 Th ÷ 911/12 Th) : 100 Th. Kp. = 360 Tage : x T.
4 Th. Discont : 911/21 Th. Discont.
x = 72 Tage|
|


132

II)  Feller/Odermann, S. 231.
Schließen
Einfacher Discont von 100.

1) Aufsuchung des Diskont.

Wieviel beträgt discont von 1200 Th. pr. 72 T. à 4%? D’abord zu sehn wie viel 100 in 72 J. à 4% giebt: 360 : 72 = 4 : x. x = 4/5.

Dann: 100 : 1200 = 4/5: x. x = 9,6 Th.

Die Berechnung des Disconts vom 100 (wie auch für jeden der folgenden Fälle) stimmt mit der Berechnung der Zinsen vollkommen überein. Durch das Discontiren nach Discontfuß vom 100 erleidet der Empfänger der Baarzahlung stets grösseren Abzug als nach demselben Discontfuß auf 100.

Es kann auch hier zur Aufsuchung des Disconts das diskontirte Kapital gegeben sein. Z.B. Wieviel der Discont, wenn Kapital, für 72 T. à 4% discontirt, Baarwerth von 1190,4 Th. hat?

Zinsen von 100 in 72 Tagen = 4/5 (à 4%). Hence Baarwerth von 100 vor Verfall der 72 Tage = 100 – 4/5 = 991/5. u. 991/5 : 1190,4 Th. = 4/5 : x; x = 9,6 Th.

2) Aufsuchung des diskontirten Kapitals.

Dazu kann neben Zeit u. Zinsfuß  Feller/Odermann, S. 232: 1) das zu discontirende Capital; 2) der Discont
Schließen
das diskontirte Kapital
gegeben sein.

a) Wieviel 1200 Th. nach 4% Discontabzug pr 72 Tage? Man berechnet erst den Discontabzug = 9,6 Th. Dann 1200 Th – 9,6 Th = 1190,4 Th. Oder man ziehe den Discont für 100 in 72 T. = 4/5 von 100 ab = 991/5. Dann: 100 : 1200 = 991/5 : x. x = 1190,4 Th.

b) Wie viel betrug, das diskontirte Kapital, wenn der à 4% pr. 72 Tage berechnete Diskont = 9,6 Th.? 4/5 : 9,6 = 991/5 : x. x = 1190,4 Th.

Formeln zur Vereinfachung der Rechnung: Baarwerth von 800 Th. sei nach 41 Tagen fällig, bei Discont von 4% auf od. von 100.

Nach 360 : 41 = 4% : x, Zinsen in 41 Tagen = 41/90 u. daher:

α) Discont auf 100: α) 10041/90 : 800 = 100 : x od. 9041 : 800 = 9000 : x

β) Discont von 100: β) 100 : 800 = 9949/90: x od. 9000 : 800 = 8959 : x

Daher folgt: α) das nach einem Discontsatz auf 100 zu vermindernde Kapital findet man, wenn man es mit dem zum Discontfuß gehörigen Divisor multiplicirt, u. durch denselben aber um die gegebne Anzahl der Tage vermehrten Divisor dividirt. β) Das nach Discontfuß von 100 zu vermindernde Kapital, wenn man es mit dem um die Anzahl der Tage verminderten Divisor multiplicirt u. durch den Divisor dividirt.

3) Aufsuchung des zu diskontirenden Kapitals.

Ausser Zinsfuß u. Zeit kann hier α) Discont, od. β) discontirtes Kapital gegeben sein.

α) Wie groß Kapital, diskontirt à 4%, mit 9,6 Th. für 72 Tage?

4 Th. Discont : 9,6 Th. Discont = 100 Th. Kapital : x
72 Tage : 360 Tage
x = 1200 Th.

β) Wie groß Kapital, welches nach Abzug von 4% Discont für 72 Tage 1190,4 Th. übrig läßt?

Discont von 100 Th. für 72 Tage à 4% = 4/5 Th; 100 – 4/5 = 991/5. und: 991/5 : 1190,4 = 100 : 1200.

Discontirter Werth, wie bemerkt, entspricht dem Baarpreis einer Waare, ein zu discontirender Werth dem Preise einer auf Zeit od. Credit zu verkaufenden Waare. Nach dem Kaufmannsusus auch im Waarenhandel der Diskont nach dem Fuß vom 100 berechnet. Also Frage: Wie ist aus dem Preis einer gegen baar zu verkaufenden Waare der Preis derselben Waare auf Zeit zu bestimmen?

Z.B. Welches der Preis einer Waare Ziel 3 Mt. mit 5% Disct., wenn sie pr. Casse mit 16 Th. verkauft wird?

Auf 3 Mt. 5% = 5/4% = 11/4%; 100 T. in 3 Monaten also baar werth = 100 – 11/4 = 983/4 baar.

Für 16 Th. baar hat man also, Ziel 3 Mt. zu fordern: 983/4: 16 = 100 : x; x = 1616/79 Th. zu fordern.

Erbietet sich nun der Käufer, dem die Waare mit 1616/79 Th. Ziel 3 Mt. od. pr Kasse mit 5% Discont notirt wird, sofort beim Kaufe der Waare zur Baarzahlung, so erhält der Verkäufer in der That 16 Th. baar, denn 5% auf 16,16/79 Th. für 3 Mt. = 16/79 Th. Macht er aber erst später, z.B. ein Monat vor Verfall, von der Baarzahlung Gebrauch, so Verkäufer  Marxʼ Ausdruck.
Schließen
beschissen
. Discont auf 1616/79 Th. pr 1 Mt. à 5% giebt 16/237 Th. – Er erhält also 1616/237 Th. Diese an Zinsen für 1 Mt. à 5% geben nur 239/3555 Th. statt 240/3555 od. 16/237, die er als Discont zu gewähren hatte.

4) Aufsuchung des Zinsfusses.

Welches ist Zinsfuß, wozu 1200 Th. p. 72 Tage mit 9,6 Th. diskontirt worden?

1200 Th. : 100 Th = 9,6 Th Discont : x
72 : 360 Tagen
x = 4%

5) Aufsuchung der Zeit.

Für wie viel Tage wurde Kapital von 1200 Th. diskontirt, wenn 9,6 Th. Discont à 4% gerechnet wurden?

1200 Th. : 100 = 360 Tage : x
4 Dst : 9,6 D. =
x = 72 Tage.

B)  Feller/Odermann, S. 237.
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Zusammengesetzter Discont.

1) Welchen Werth hat am 6. Mai 1855 Forderung von 2000 Th, fällig am 6 August 1857, mit 4% Discont vom Discont? α) Discont vom auf 100. β) Discont vom 100.
x Kapital = 2000 Th. Kp. x Th. Kapital = 2000 Th. K.
104 = 100 (1. Jahr) 100 = 96 für 1 J.
104 = 100 (2 J.) 100 = 96 2 J.
101 = 100 (3 Mt.) 100 = 99 3 M.
x = 1830,804 Th.  Zusatz von Marx.
Schließen
(x für erstes Glied: 104 : 100 = 2000 : x)
x = 1824,788 Th.  Zusatz von Marx.
Schließen
(x für erstes Glied: 100 : 96 = 2000 : x)

2) Staatsschuld von 20 Mill. Th. soll jährlich um 1% so getilgt werden, daß sich dieß eine Procent immer auf den nach erfolgter Tilgung übrigbleibenden Kapitalbetrag bezieht. Auf welchen Betrag die Schuld reducirt nach 5 Jahren? Procente vom 100.

x Th Kapt. = 20.000000 Th.
100 = 99
100 = 99
100 = 99
100 = 99
100 = 99
x = 19,019800,998 Th.

 Feller/Odermann, S. 239.
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Terminrechnung. (Reductionsrechnung, Zeitrechnung)

Es ist für mehrere zu verschiednen Zeiten fällige Kapitale, eine mittlere, gemeinschaftliche od. Durchschnittsverfallzeit zu finden, zu welcher, ohne Nachtheil für Gläubiger u. Schuldner, die Zahlung dieser Kapitalien auf einmal geleistet werden kann.

Dabei zu unterscheiden:

I) Die Kapitalien sind unverzinslich.

II) Sie sind bis zu ihrer Rückzahlung zu verzinsen, wobei die Zinsfüsse gleich od. ungleich sein können.|

133

I)  Feller/Odermann, S. 239.
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Unverzinsliche Kapitalien.

1) Die Kapitale sind gleich.

Welches ist die gemeinschaftliche Verfallzeit für 6 gleiche Kapitalien von je 900 Th., resp. zahlbar in 4, 5, 7, 9, 10, 14 Monaten?

Man addire die verschiednen Zeiten u. dividire die Summe durch die Anzahl der Kapitalien.

4+5+7+9+10+14 6 49/6 = 81/6 Mt. gemeinschaftliche Verfallzeit.

α) Die Zinsen von der Summe der Kapitalien in der gemeinschaftlichen Verfallzeit – dieß beweist die Richtigkeit der Operation, sind = der Zinsbetrag der Kapitalien in den verschiednen Zeiträumen.

Z.B. Zinsfuß sei = 4%.

900 Th. in 4 Mt. = 12 Th.
900 5 = 15
900 7 = 21
900 9 = 27
900 10 = 30
900 14 = 42
Summe der Zinsen = 147 Th.
u. ebenso 4500 5400 Th. in 81/6 Mt. à 4% = 147 Th. Zin.  Die folgende Berechnung des Zwischenschritts von Marx.
Schließen
Da:
100 : 5400 = 4 : x
12 : 81/6
x = 5400×(8+(1/6))×4 1200 5400×(8+(1/6)) 300

β) Vier Tratten, jede von 1800f., am 7 April ausgestellt, 14 Tage, 1 Mt., 7 Wochen dato u. pr. Ende Juni, sollen unter eine gemeinschaftliche Verfallzeit gebracht werden.

Zuvörderst die Verfallzeit jeder Tratte zu ermitteln. Die erste fällig am 21 April, die 2te am 7 Mai, die 3te 26 Mai, 4 am 30 Juni.

Um nun die Anzahl Tage zu finden, welche jede Tratte noch zu laufen hat, kann man rechnen:

1) vom Tag der Ausstellung, 2) vom Tag der frühsten Verfallzeit, u. 3) von willkührlich angenommnen Zeitpunkt, der natürlich die frühste Verfallzeit nicht überschreiten darf.

1) Vom Tag der Ausstellung. (1 Mt = 30 Tage) 2) Vom Tag der frühsten Verfallzeit. 3) Von beliebigem Zeitpunkt, z.B. Tag des Empfangs des Trattenavises, say 15 April.
vom 7 April bis 21 April = 14 Tage Von 21 April bis 21 April = 0 Tage Vom 15 April bis 21 April = 6 Tage
7 Mai = 30 7 Mai = 16 7 Mai = 22
26 = 49 26 = 35 26 = 41
30 Juni = 83 30 Juni = 69 30 Juni = 75
176 Tage. 120 Tage. 144 Tage.
176 Tage dividirt durch 4 = 44 Tage, vom 7 April = 21 Mai 120 T. div. durch 4 = 30 Tage. 21 April = 21 Mai. 144 Tage dividirt durch 4 = 36 T. Vom 15 April = 21 Mai.

2) Die Kapitalien sind ungleich.

Dieß meist der Fall in der kaufmännischen Praxis. Die Rechnungsweise darauf gegründet, daß z.B. 100 Th. in 9 Mt so viel Zinsen geben als 9 × 100 in 1 Mt.

Ein Kommissionair in London hat für fremde Rechnung folgende Verkäufe gemacht:

£250 am 8 Mai. Ziel 3 Mt.
135 29 Mai 3
220 23 Juni 2
196 10 Juli 2
104 21 Juli 8 Tage.

Am 24 Juli will er seinem Committenten Verkaufsrechnung mit gemeinschaftlicher Verfallzeit für die einzelnen Verkäufe ertheilen. Wann tritt diese gemeinschaftliche Verfallzeit ein?

Zunächst die Verfallzeit jedes einzelnen Postens zu ermitteln, u. es finden sich resp. folgende Verfallzeiten: 8 August, 29 August, 23 August, 10 Sept., 29 Juli.

Um nun die Zahl der Tage zu ermitteln, die jeder Posten noch zu laufen hat, kann man vom 24 Juli (Datum der Verkaufsrechnung) od. vom 29 Juli (frühste Verfallzeit) rechnen.

α) Vom Datum der Verkaufsrechnung. (24 Juli) β) Von frühster Verfallzeit. (29 Juli.)
Vom 24 Juli bis 8 August = 14 Tage Vom 29 Juli. bis 8 August = 9 Tage
29 = 35 29 = 30
23 = 29 23 = 24
10 Sept. = 46 10 Sept. = 41
29 Juli = 5 29 Juli = 0

Hierauf multiplicirt man jedes dieser Kapitalien mit der ihm zugehörigen Zeit, addirt die so erhaltnen Produkte u. dividirt ihre Summe durch die Summe der Kapitalien. Quotient giebt die Zahl der Tage, nach deren Ablauf, von dem Tag an gerechnet, wovon man ausgegangen ist, die gemeinschaftliche Verfallzeit eintrat.

α) £250 × 14 = 3500 β) 250 × 9 = 2250
135 × 35 = 4725 135 × 30 = 4050
220 × 29 = 6380 220 × 24 = 5280
196 × 46 = 9016 196 × 41 = 8036
104 × 5 = 520
905 = 24,141 905 [=] 19,616
 Zwischenschritt von Marx.
Schließen
24,141 905
= 27 Tage ca
 Zwischenschritt von Marx.
Schließen
19616 905
= 22 T. ca. Von 29 Juli. = 21 August.
24 Juli = 21 August gemeinschaft. Verfallzeit.

Die Summe der erhaltnen Producte bildet ein Kapital welches auf 1 Tag ausgelegt ist.

Die Summe der erhaltnen Producte dividirt durch die Summe der Kapitalien bildet ein Kapital welches auf 1 × x Tag ausgeliehn ist.

 Zu diesem Absatz lässt sich keine Entsprechung in der Quelle finden. Wahrscheinlich Kommentar von Marx.
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Wenn 100 Th. auf 3 Mt ausgeliehn = 3 × 100 Th. auf 1 Monat ausgeliehn, so 3×100 100 = auf 3 Mt ausgeliehnes Kapital von 100. Die Richtigkeit zeigt sich durch die Zinsenrechnung für jeden einzelnen Posten.



II)  Feller/Odermann, S. 242.
Schließen
Verzinsliche Kapitalien.

Ist der Zinsfuß gleich für alle Kapitalien, so kommt er nicht weiter in Betracht; daher dieser Fall wie die obigen zu behandeln.

Die Zinsfüsse sind ungleich: Es seien zu zahlen:

400 Th. in 4 Mt., bis dahin zu verzinsen à 5%
200 6 4
400 8 31/2
800 9 6%.

Wann u. zu welchem Zinsfuß können diese Kapitalien auf einmal abgetragen werden?|

134

1. Auflösung.

Man multiplicirt jedes Kapital mit seinem Zinsfuß, addirt die dadurch erhaltnen Produkte, u. dividirt deren Summe durch die Summe der Kapitalien. Der Quotient ist der mittlere Zinsfuß.

Jedes der gedachten Produkte multiplicirt man hierauf mit der ihm zugehörigen Zeit, addirt die so erhaltnen Produkte u. dividirt ihre Summe durch die Summe der aus Kapital × Zinsfuß erhaltnen Zahlen. Der Quotient ist die mittlere Verfallzeit.

α) Auffindung des mitt. Zinsfusses. β) Auffindung der gemeinsch. Verfallzeit.
4 × 5 = 20 20 × 4 = 80
2 × 4 = 8 8 × 6 = 48
4 × 31/2 = 14 14 × 8 = 112
8 × 6 = 48 48 × 9 = 432
18 dividirt in 90 90 dividirt in 672
= 5% mittlerer Zinsfuß. = 77/15. Gemeinschaftliche Verfallzeit.

Die Kapitalien in α) u. β) durch 100 abgekürzt.  Zusatz von Marx.
Schließen
Sonst hätte man z.B. in α) erhalten 9000/180090/18.

 Zusammenfassende Bemerkung von Marx.
Schließen
Durch das Multipliciren α) der Kapitalien mit Zinsfuß u. deren darauffolgende Addition (der Produkte) erhält man 1 Kapital zu 1% ausgeliehn. Und 18 : 90 = 1% : x. x = 90/18 etc. u. durch die Multiplication der Produkte der Kapitalien × Zinsfuß (wie 20 etc) × der Zeit erhält man 1 Kapital, das zu 1 Mt ausgeliehn ist etc

Die Probe:

α) 400 Th. 4 Mt. à 5% = 62/3 Th. β) 1800 Th. in 77/15 Mt. Verfallzeit à 5% γ) 67200 Th. à 1% in 1 Mt.
200 6 4 = 4 1800×(7+7/15)) 240 = 56 Th. Zinsen. 67200×1 1200 = 56 Th. Z.
400 8 31/2 = 91/3
800 9 6 = 36
1800 Th. = 56 Th. Zinsen.

2. Auflösung.

Man multiplicirt erst die Kapitalien mit der Zeit u. dividirt die Summe der Produkte durch die Summe der Kapitalien. Der erhaltne Quotient ist die mittlere Verfallzeit. Jedes dieser Produkte wird hierauf mit dem ihm zugehörigen Zinsfuß multiplicirt, u. die Summe der so erhaltnen Produkte durch die Summe der Produkte aus Kapital u. Zeit dividirt. Der Quotient ist der mittlere Zinsfuß.

α) Auffindung der mittleren Verfallzeit. β) Berechnung des mittleren Zinsfusses.
4 × 4 = 16 16 × 5 = 80
2 × 6 = 12 12 × 4 = 48
4 × 8 = 32 32 × 31/2 = 112
8 × 9 = 72 72 × 6 = 432
18 in 132 = 71/3 Mt. mittlere Verfallzeit. 132 in 672 = 51/11% mittlerer Zinsfuß

Nach dieser Rechnung Verfallzeit kürzer u. Zinsfuß grösser als 1)[.] Da aber Zeit u. Zinsfuß stets in indirektem Verhältniß stehn, so ergiebt sich die Richtigkeit des Resultats:

Je grösser der Zinsfuß (51/11%) im Vergleich zu 5%, desto kleiner die Zeit (51/11 : 5 = 77/15 : x. x = 71/3 Mt.)

Oder: Je kleiner die Zeit (71/3 Mt) im Vergleich zu 77/15 Mt., desto grösser der Zinsfuß (71/3 : 77/15 = 5% : x. x = 51/11%.

Daher auch die Zinsen von 1800 Th. in 71/3 Mt. à 51/11% = Zinsen von 1800 Th. in 77/15 Mt. à 5%.

Ob übrigens 1800 Th. in dem angeführten Beispiel in 2, 3, od. 4 Mt. u.s.w. zurückgezahlt werden, gleichgültig. Jedes Kapital trägt bis zu seiner Rückzahlung die Zinsen nach seinem Zinsfuß u. wird mit diesen Zinsen zurückgezahlt. Aufsuchung eines mittleren Zahlungstermins u. Zinsfusses für mehrere verzinsliche Kapitalien erscheint daher überhaupt überflüssig.

Es ist bereits bemerkt worden, daß jedes zu einer bestimmten Zeit bezahlbare Kapital, wenn nicht bis dahin verzinst, ist als ein Werth anzusehn, der die Zinsen einschließt für die Zeit, welche das Kapital noch zu laufen hat. Darauf begründet sich die Berechnung des Disconts nach dem Zinsfuß auf 100. Von dieser Ansicht aus, Verfahren verändert für Auffindung des mittleren Zahlungstermins für mehrere, zu verschiednen Zeiten fällige, bis dahin aber nicht zu verzinsende Kapitalien.

Gläubiger u. Schuldner haben sich zuvörderst über einen Zinsfuß zu vereinigen, grade so als ob die später zahlbaren Kapitale discontirt werden sollten. Nach diesem Zinsfuß bestimme man den Baarwerth der Kapitalien, addire die erhaltnen Beträge u. ziehe deren Summe von der Summe der später zahlbaren Kapitalien ab. Die Differenz bildet den Betrag der Zinsen, welchen die baaren Werthe in den gegebnen Zeiten gebracht haben würden. Nun fragt man: Wie lange müßte die Summe der baaren Werthe ausstehn, um die gefundne Differenz als Zinsen einzubringen? Die so erhaltne Zeit = die Gemeinschaftliche Verfallzeit der Kapitale.

Z.B. 824 Th. fällig in 6 Mt.
860 15
648 16, sollen auf einmal abgetragen werden?  Anmerkung von Marx.
Schließen
6% Zinsen als current Zinsfuß genommen
2332 Th.

Man ermittle zunächst den Baarwerth der einzelnen Kapitale.

12 (Mt.) : 6 Mt. = 6% : x. x = 3%. 103 : 824 = 100 : x. x = 800 Th.
12 : 15 = 6 : x. x = 71/2%. 1071/2 : 860 = 100 : x. x = 800
12 : 16 = 6 : x. x = 8%. 108 : 648 = 100 : x. x = 600

Summe der Kapitalien = 2200 Th.
Baarer Werth von 2332 Th. Also = 2200 Th.
und: 2332 – 2200 = 132 Th. Zinsen.

Wieviel Zeit nöthig um diese 132 Th. Zinsen mit 2200 Th. à 6% zu gewinnen?

2200 Th : 100 Th. = 12 Mt. : x
6% : 132 Zinsen
x = 12 Monate. Dieser die gesuchte Mittlere Verfallzeit.

Ermittelt man die mittlere Verfallzeit, auf die im kaufmännischen Verkehr üblige Zeit übliche Weise, so hat man:

824 × 6 = 4944
860 × 15 = 12,900
648 × 16 = 10,368
2332 in 28,212 = 12,57/583 Mt. gemeinschaftlicher Zahlungstermin.

Dieß Verfahren richtig, so lange der Kaufmann den Discont nach dem Satze vom 100 berechnet, also jedes später fällige, bis zum Eintritt derVerfallzeit aber nicht zu verzinsende Kapital nicht als einen Werth ansieht, der die Zinsen einschließt, sondern als einen solchen mit welchem die Zinsen erst verdient werden sollen. Folgende Berechnung zeigt, daß das Verfahren auf einer Discontirung der Kapitalien nach dem Satz vom 100 beruht: (Rechnung zu 6%)

Für 824 Th. p. 6% p. 6 Mt. = 24,72 Th.
860 15 = 64,15 64,50
648 16 = 51,48 51,84 Th
2332 Th. = 141,06 Discont.

 Zusatz von Marx.
Schließen
Nun vergleiche man.
Wie lang 2332 Th. zu laufen?, wenn der à 6% berechnete Discont = 141,06 Th?

2332 : 100 = 12 Mt. : x
6 : 141,06
x =  28212 2332 = 1257/583 Mt.

Verfallzeit hier später – Discontsatz vom 100 giebt grössren Discont; also um ihn zu verdienen, mehr Zeit erforderlich.|


135

 Marx führt hier seine auf S. 118 des vorliegenden Hefts unterbrochenen Exzerpte zur Wechselrechnung weiter.
Schließen
Wechselrechnung (cont. von p. 118)

II)  Feller/Odermann, S. 366.
Schließen
Arbitrage auf Indirektem Weg.

1) Benutzung der Papiere andrer Plätze.

Die hier anzustellnde Untersuchung zeigt, ob man zur Zahlung einer Schuld, statt der direkten Rimesse, Rimessen auf andre Plätze machen, oder zur Einziehung einer Forderung, statt der Tratte auf den Schuldner, dessen Rimessen auf fremde Plätze setzen soll.

Zu solcher Arbitrage bedarf man der Kurse des eignen, sowie des Platzes, an welchen man zu zahlen od. zu fordern hat. Die Frage kann hierbei auf die zu remittirende od. trassirende Summe gerichtet sein. Am üblichsten u. kürzesten aber, sie auf die feste Valuta zu richten, welche dem direkten Kurse zu Grund liegt.

Beispiele.

1) Köln hat an Amsterdam 12,000f. kurze Sicht zu zahlen u. kann direktes Papier à 142,8/10 kaufen. Auf dem Amsterdamer Kurszettel notirt:

London. 2 Mt. 11,75 Geld. (Auf den  Zusatz von Marx.
Schließen
lausigen continentalen
Börsen haben die Courszettel meist 2 Preiscolumnen. Die eine ist überschrieben: Geld od. Gesucht (Argent od. Demandé); die andre Briefe od. Angebote (Lettres or offert.)
Feste Valuta = 1£ Diese Papiere also in Amsterdam zu diesen Kursen  Feller/Odermann, S. 366: anzubringen
Schließen
unterzubringen
.
Paris 2 Mt. 557/8 = 120 Fcs
Frankfurt 2 Mt. 991/2 = 100f. S.W.
Hamburg 2 Mt. 35 = 40 M. Bco.

Köln kann diese Papiere in denselben Sichten kaufen, mit:

London 6.205/8 (feste Valuta. für 1£ fest)
Paris 80 Th. 300 Fcs fest
Frankfurt 56,26 100f. S.W. fest
Hamburg 1498/10 300 M.B. fest.

Es fragt sich zuerst, wie viel kosten 12,000f.?

London. Paris. Frankfurt. Hamburg Direkt von Köln (Berlin) auf Amsterdam
x = 12,000f. x = 12,000f. x = 12000f. x = 1200 12000f.  Zusatz von Marx.
Schließen
1428/10 Th. = 250f. holl. feste Valuta
11,75 = 1£ 557/8 = 120 Fcs. 991/2 = 100f. in Fkft 35 = 40 M.B. 250f. : 12,000f.= 1428/10 Th : x
1 = 611/16 Th. 300 Fcs = 80 Th. 100 = 5613/30 Th. 300 = 1498/10 Th.
x = 6829,79 Th. x = 6872,55 Th. x = 6806,03. Th. x = 6848. Th. x = 6854,4 Th.

In der Regel richtet man aber die Frage auf die feste Valuta des direkten Kurses, hier auf 250f.

Es ist also in obigen Ansätzen statt x = 12000f. x = 250f. zu setzen u. man findet dann:

London = 142,29 Th.
Paris = 143,18.
Frankfurt = 141,80.
Hamburg = 142,67.
Direkt = 142,80.

Am vortheilhaftesten daher für Köln, seine Schuld durch Rimessen in Frankfurter Papier zu zahlen. Denn so kosten ihm 12000f. nur 6806,03 Th. u. 250f. nur 141,80 Th. Auf jedem andren Weg mehr. Köln hat hier Gelegenheit, Rimessen in derselben Sicht, wie sie die Amsterdamer Kursnotirung fordert, zu kaufen. Obgleich seine Rimessen nicht in kurzer Sicht, doch kurzer Amsterdamer Sicht gleich zu achten, weil sie von dem Amsterdamer Haus sofort bei Empfang begeben werden können.

2) Berlin hat an Hamburg in k. Sicht zu fordern, u. kann in dieser Sicht à 151, 7/8 Th. (für 300 M.B. fest) trassiren.

Berlin findet notirt auf dem neusten Hamburger Courszettel:

  • Amsterdam 3 Mt. 36,10 (40 M. Bco. fest)
  • London 3 Mt. 13.21/2(1£ fest)
  • Augsburg 2 Mt. 893/4 (100 Marc Banco fest)
  • Frankfurt 2 Mt. 895/8 (100 Mc. Banco fest)
  • Breslau 2 Mt. 1533/4 (300 Mc. B. fest)
  • Bremen 2 Mt. 140 (300 Mc. B. fest)
  • Paris k. Sicht 1901/2 (100 Mc. B. fest)

Berlin kann diese Papiere in denselben Sichten anbringen

  • Amsterdam 1417/8 (250fl. fest)
  • London 6. 21 (1£ fest)
  • Augsburg 56,24 (100f. S.W. fest)
  • Frankfurt 56,26 (100f. S.W. fest)
  • Breslau 991/3 (100 Th. in Breslau fest)
  • Bremen 1087/8 (100 Th. Gold, Louisdor à 5 Th. fest)
  • Paris 801/2 (300 Fcs. fest)

Die feste Valuta des Berlin Hamburger Kurses = 300 Marc Bo. Zu fragen wie viel 300 M.B. dem Berliner einbringen.

Amsterdam. London. Augsburg. Frankfurt. Breslau. Bremen.
x Th. = 300 M.B. x Th. = 300 M.B. x Th. = 300 M.B. x Th. = 300 M.B. x Th. = 300 M.B. x Th. = 300 M.B.
40 = 36,10f. 13.21/2 = 1£ 100 = 893/4f. S.W. 100 = 895/8f. S.W. 300 = 1533/4 Th. 300 = 140 Th. Louisdor
250 = 1417/8 Th. 1 = 6,7. Th. 100 = 56,24 56,8 Th. 100 = 56,26 5613/15  Th. 100 = 991/3 (Th. in Berlin) 100 = 1087/8 Th.
x = 153,61. x = 152,78 Th. x = 152,93 Th. x = 152,90 x = 152,72 x = 152,425 Th.

Berlin läßt sich daher Hamburger Rimessen auf Amsterdam machen, wo es für 300 M.B. die meisten Th. (153,61) erhält. Auch dann Weg besser als der direkte (1517/8 Th) wenn Hamburger Courtage mit 1/2‰ abgezogen = 153,53 statt 153,61.

3) Auf dem Hamburger Courszettel folgende Notirungen:

Hamburger Courszettel Dieselben Papiere, in gleichen Sichten, sind in Paris notirt:
Antwerpen k. S. 190 (fcs für 100 M.B. fest) 1/8 P.Ct. Perte
Genua 3 Mt. 194 (lire nuove. 100 M.B. fest) 11/4 P.Ct. Perte (983/4 fcs = 100 Lire)
Livorno 3 Mt. 227 (toskanische lire. 100 M.B. fest) 841/4 fcs (= 100 tosk. Lire fest)
London. 3 Mt. 13.21/2 (1£ fest) 24.90 = (1£ fest)
Madrid. 3 Mt. 43 (Shill. Banko für 1 Peso fuerte von 20 Reales fest.) 5181/2 = 100$ fest. ($ Piaster)
Lissabon 3 Mt. 46 (Shill. Bco. für 1 milreïs fest) 5471/2 = 100 Milreïs.
Amsterdam. k. S. 35,40 (für 40 M.B. fest) 2131/2 = (100 holl. fl.)
Petersburg. 3 Mt. 311/4 (Sh. Banko. für 1 Silb. Rubel fest) 370 = 100 R silber fest.
Paris k. S. 190 fcs für 100 Marc Banco fest.

Welche von diesen Wechselsorten verdient vor dem direkten Papier den Vorzug zum Remittiren od. Trassiren?|

136
Antwerpen. Genua. Livorno. London. Madrid. Lissabon. Amsterdam. Petersburg. Direkt.
x Fcs = 100 M. Bco. x Fcs = 100 M. Bco. x Fcs = 100 M.B. x F. = 100 M.B. x F = 100 M.B. x Fcs = 100 M.B. x Fcs = 100 M.B. x Fcs = 100 M.B. Paris. K. S.
100 = 190 fcs. (Antwerpen) 100 = 194 (lire nuove) 100 = 227 (tosk. lire) 135/32 = 1£ 1 = 16β 1 = 16β 40 = 35,40f. 1 = 16β.
43 = 1 Piaster 46 = 1 Milreïs
100 = 99f. 7/8 (in Paris 100 = 983/4 fcs 100 = 841/4 fcs 1 = 24,90 Fs. 1 = 5,185 fcs 1 = 5,475 fcs 100 = 2131/2f. 311/4 = 3,70 fcs 190 fcs = 100 M.B. fest.
x = 189,76 fcs. x = 191,57f. x = 191,25 fcs. x = 189,26 fcs. x = 192,93 Fcs. x = 190,43 x = 188,95 fcs. x = 189,44.

Die Resultate drücken die Summe der Fcs aus, die Hamburg beim Einkauf erhält für 100 M. Bk. u. beim Verkauf geben muß für 100 M.B. Der Weg, daher, auf dem es die meisten fcs erhält für 100 M.B., ist der vortheilhafteste zum Einkauf od. Remittiren. Der Weg, wo es am wenigsten fcs giebt für 100 Mc. Bco, wo also 100 M.B. am wenigsten fcs werth sind, ist der vortheilhafteste zum Verkauf od. Trassiren.

Demnach haben Madrider, Genueser, Livorneser u. Lissaboner Papier den Vorzug vor dem direkten Papier beim Remittiren (obgleich bei Lissab. Papier der Unterschied zu unbedeutend für Beachtung)

dagegen: Amsterdamer, Londoner, Petersburger u. Antwerpner den Vorzug beim Trassiren, obgleich die Differenz bei den beiden letzten unbedeutend. Hat Hamburg an Paris zu zahlen, so wählt es eines eine der erstern Wechselsorten, statt direktes Papier (à 190) zu remittiren; so wird es nicht auf Paris trassiren (à 190), sondern sich Amsterdamer etc Wechsel remittiren lassen.

Z.B. Hamburg habe an Paris 10,000 fcs zu zahlen od. zu fordern; so kosten sie ihm od. bringen ihm ein:

190 fcs : 10,000 fcs = 100 M.B. : x
x = 5263,16 M.B.

Remittirt es in Madrider Papier à 43 (Sh. Bco), das in Paris zu 5181/2 zu begeben ist, so:

x M.B. = 10,000 fcs
5181/2 = 100 Duros
1 = 43β
16β = 1 Mark
x = 5183,22 Mc. B.

Läßt sich Hamburg Amsterdamer Papier von Paris kommen, das ihm mit 2131/2 berechnet wird u. mit ihm à 35,40 begeben wird, so:

x M. B = 10,000 Fcs
2131/2 = 100f.
35,4 = 40 M.B.
x = 5292,47 M.B.

Der Gewinn in sub 1) 2) 3) angegebnen Fällen auf indirektem Weg nur vermindert durch die Courtage, die der Platz, womit man arbitrirt, für Verkauf od. Kauf des indirekten Papiers berechnet. Provision in diesem Fall nicht üblich, wo es sich um Schuldzahlung od. Einziehung von Forderung handelt.

In den Beispielen 1) u. 2) handelt es sich um wohlfeilste Zahlung von Schuld u. vortheilhafteste Einziehung von Schuld.

In Beispiel 3) Frage allgemein: Welche Papiergattung vortheilhaftest für Remittiren od. Trassiren, u. darum handelt es sich stets bei einer Wechseloperation.

Damit will man wissen, welche Wechselsorten man am eignen Platz einkaufen muß, um sie an den Ort zu senden, womit man arbitrirt, damit sie dort verkauft werden, und welche Wechselsorte man dort einkaufen lassen muß, um sie am eignen Platz zu verkaufen, u. aus dieser Operation einen Nutzen zu ziehn.

a) In Beispiel 3), vorzugsweis Madrider zum Remittiren, u. Amsterdamer zum Trassiren geeignet.

Demnach muß Hamburg Wechsel auf Madrid (à 43) in Hamburg kaufen u. in Paris (à 518 verkaufen) u. sich dagegen Rimessen auf Amsterdam (à 2131/2) machen lassen, die es à 35,4 abgiebt. Es gewinnt dabei 2,11%. (188,95  Anmerkung von Marx.
Schließen
(Amsterdamer Zahlung von fcs für 100 Marc Banco)
: 100 = 192,93 fcs  Anmerkung von Marx.
Schließen
(Madrider Frankenwerth von 100 M. Banco)
: 102,11 fcs)

Beweis:

Hamburg kauft: Reales 25000 auf Madrid. à 43  Anmerkung von Marx.
Schließen
(für 20 Reales fest) auf der Hamburger Börse.
= M.B. 3359. 6
Paris begiebt sie à 5181/2 mit = Fcs 6481. 25.
Paris kauft dagegen à 2311/2 ………….. f.3035,71 auf Amsterdam.
Diese werden von Hamburg à 3540 begeben mit M. Bk. 3430. 3
Hiervon ab Betrag des Einkaufs: 3359. 6
Gewinn: Gewinn: M.B. 70. 13. od. 2,11%

Nimmt man den Zinsenverlust zu (10 T. à 6%) 1/6%  Anmerkung von Marx.
Schließen
⦗nämlich 360 = : 10 = 6 : x. x = 60/3606/361/6
, die Hamburger doppelte Courtage zu 1‰, da Spesen in Paris 1/3% + 2/8%) 7/12%, u. läßt das Porto ausser Betracht, so vermindern sich obige 2,11% auf 1,26%.

Solche Operation aber nur dann profitlich, wenn das Papier, welches man einkauft, an dem Platz, womit man arbitrirt, theurer verkauft werden kann, u. die Rimessen, die man sich dagegen machen läßt, wohlfeiler eingekauft werden, als man sie begeben kann. In obigen 3) Beispiel das Madrider Papier in Hamburg wohlfeiler als in Paris u. Amsterdamer Wechsel in Hamburg theurer als in Paris.

Hätte Hamburg also Madrider Papier in seinem Portefeuille, so würde es dasselbe in Paris vortheilhafter verkaufen, als an seiner eignen Börse; bedürfte es aber Amsterdamer Wechsel, so würde es sie mit Nutzen in Paris einkaufen lassen.

b) In den bisherigen Ansätzen zunächst untersucht, wie bezahlt man am wohlfeilsten eine Schuld, u. wie zieht man eine  Feller/Odermann, S. 372: Forderung
Schließen
Schuld
am wohlfeilsten ein, die man auf dem Platz hat, mit dem man arbitrirt. Daher wurde überall die Frage auf die feste Valuta gerichtet, welche unsrer Coursnotirung zu Grunde liegt, u. die leztre  Anmerkung von Marx.
Schließen
(z.B. in Beispiel 3) Paris direct k. S. 190f. = 100 M.B. fest. Hamburger Coursnotirung)
wurde mit den gefundnen Resultaten verglichen. In diesem Fall ist derselbe  Anmerkung von Marx.
Schließen
(Paris in Beispiel 3))
also für uns der Hauptplatz, u. die Papiere der übrigen Plätze, die wir bei der Arbitrage benutzen, sollen uns als Mittel dienen, ihn zu befriedigen oder von ihm befriedigt zu werden.

Beispiel 3 zeigte aber, daß sich mit denselben Ansätzen auch die Frage beantworten läßt, ob wir uns der Vermittlung dieses Platzes  Anmerkung von Marx.
Schließen
(Paris in dem Beispiel)
bedienen können, um Wechsel durch ihn einkaufen od. verkaufen zu lassen. In diesem Fall wird derselbe für uns zum Mittelplatz, u. jene Plätze um deren Papiere es sich handelt, treten als Hauptplätze auf. Diese Art zu arbitriren ist vorzugsweise dem Bankgeschäft eigen. Man richtet dabei in der Regel die Frage auf die feste Valuta, die den Coursen zu Grund liegt, welche man auf jene Plätze notirt.

In jeden Ansatz ist dann der direkte Cours aufzunehmen, zu welchem man dem Mittelplatz  Anmerkung von Marx.
Schließen
(in Beispiel 3 Paris)
Rimessen für den Einkauf machen od. auf ihn gegen den Ertrag der verkauften Wechsel trassiren kann. So würden die Ansätze in Beispiel 3:

Antwerpen Genua Livorno London Madrid Lissabon Amsterdam Petersburg.
x fcs = 100 M. Banco x £ = 100 M.B. x £ = 100 M.B. x M.B. = 1£ x β = 1$ x β = 1 Milreïs x f = 100 M.B. x β = 1R°
100 = 190 Fcs. in Paris 100 = 190 Fcs (Paris) 100 = 190 Fcs (Paris) 1 = 24,90 Fs. 1 = 5,185 Fcs 1. = 5,475 Fcs 100 = 190 Fcs. 100 = 370 Fcs
997/8 = 100 in Antwerpen 983/4 = 100£ 841/4 = 100£ 190 = 100 M.B. 190 = 1600β 190 = 1600β 2131/2 =100f. 190 = 1600β
x = 190,24F. (direkt: 190) x = 192,40£ (direkt = 194£ x = 225,52£ (direkt 227) x = 13M. 111/16β. (direkt 13.21/2 ) x = 43,66β (direkt. 43. x = 46,11β (direkt: 46 x = 35.60. direkt: 35,40 x = 31,16β. direkt: 31,25.

Vergleicht man die Resultate dieser Ansätze mit den darunter bemerkten direkten Kursnotirungen Hamburgs auf diese Plätze, so finden wir, daß Wechsel auf Genua, Livorno, Madrid u. Lissabon theurer sind als in Hamburg, dagegen Antwerpner, Londoner, Amsterdamer u. Petersburger in Paris wohlfeiler zu haben sind als in Hamburg.  Möglicherweise Zusatz von Marx.
Schließen
Der Hamburger zahlt zu Paris 100 M.B. für 192,40£ auf Genua, zu Hamburg 100 M. für 194 auf Genua. Er erhält also mehr £ (Genueser) für 100 M.B. in Hamburg als in Paris. Wenn er also M.B. für Lire verkaufen will, sei es, daß er Rimessen nach Genua zu machen hat, od. in Wechseln operirt, so kauft er Genueser wohlfeiler zu Hamburg als zu Paris. Umgekehrt. Wenn er Wechsel auf Genua hat, sei es als Tratte für dort einzuziehnde Schuld, sei es als Papier, womit er speculirt, so muß er zu Hamburg 194 Lire wegzahlen, um 100 M. Banco zurückzuerhalten. In Paris hat er nur 192,40£ zu zahlen für 100 M. Bco. Paris ist also bessrer Platz für ihn zum Verkauf von Lire für Mc Banco, u. Hamburg bessrer Platz zum Kauf von Mc Banco für Lire, etc.

Dasselbe Resultat kam oben heraus.  Zusatz von Marx.
Schließen
Evidently so.
Denn da Genueser, Livorneser, Madrider u. Lissaboner Papiere beim Remittiren Vorzug vor direktem Papier (Pariser Wechseln) verdienen, müssen sie in Paris höher zu verkaufen sein, als sie in Hamburg eingekauft werden; u. da die Rimessen des Pariser in Antwerpner, Londoner, Amsterdamer u. Petersburger Wechseln den Vorzug vor einer Tratte des Hamburger auf Paris haben (da diese Papiere sich besser zum Trassiren eignen), müssen sie in Paris wohlfeiler gekauft sein als sie in Hamburg verkauft werden können.

c) Verstehn sich die Kursnotirungen auf beiden Plätzen nicht für dieselben Sichten, so hat der Platz, welcher arbitrirt, seine Notirungen in die Kurse derjenigen Sichten zu verwandeln, für welche sich die Notirungen auf dem Platz verstehn, womit er arbitrirt. Er thut dieß unter Benutzung des Discontfusses, zu welchem an seiner Börse, unter Umständen auch an der Börse des fremden Platzes, die Reduction einer Wechselsicht in die andre erfolgt.|

137

Beispiele.
1) Arbitrage zwischen Augsburg u. Hamburg.
Kurse in Augsburg. Kurse in Hamburg. Indirekt
Amsterdam. k. S. 1001/8f. (S.W. = 100f. H.) k. S. 35.70 89,36
L. S. 4% 3 Mt. 36. 89,21
Berlin. K. S. 1045/8f. (= 60 Th.) 2 Mt. 1531/4 88,48
L. S. 4%
Frankfurt a/M. k. S. 997/8 (in Augsburg = 100f. in Fkft) 2 Mt. 891/8 88,49
l. S. 31/2%
Genua. k. S. 921/2 (f. = 200 ginuesisch Lire) 3 Mt. 194 88,72
l. S. 41/2%
Hamburg. k. S. 877/8 (f. = 100 M. Banco) Augsburg 2 Mt. 891/4 Zinsen in Cto Current 5% 88,50
Livorno. k. S. 991/4 (f = 250 tosk. Lire) Livorno 3 Mt. 227. 88,99
L. S. 5%
London. k. S. 1171/8 (f = 10£) k. S. 13.31/2 88,61
l. S. 3% 3 Mt. 13.21/4 89,03
Paris. k. S. 923/4 (f = 200 Fcs) k. S. 1901/4 88,23
l. S. 4% 3 Mt. 1911/2 87,92.
Amsterdam. K. S.  Amsterdam. 3 Mt. Berlin. Frankfurt a.M. Genua. Hamburg, Augsburg. Livorno. London. k. Sicht. London. 3 Mt Paris. k. S. Paris. 3 Mt.
x f = 100 M. Bc. x f = 100 M.B. x f = 100 M. Banco x f = 100 M.B. x f = 100 M.B. 2 Mt. … 89,25 x f = 100 M. Bco. x f = 100 M. Bc. x f = 100 M. Bc. x f = 100 M. Bc. x f = 100 M.B.
40 = 35,7f. holl. 100 = 36f. holl. 3 Mt. 300 = 1531/4 Th. 2 Mt. 100 = 891/8f. 2 Mt. 100 = 194 lire 3 Mt. Zinsen pro 2 Mt. à 5% … 0,75 100 = 227 lire. 3 Mt. 13.31/2 = 1£ k. S. 13.21/4 = 1£ 3 Mt. 100 = 1901/4 Fs k. S. 100 = 1911/2 Fcs 3 Mt.
100 = 1001/8f. S.W. 100 = 99f. holl. k. S. 100 = 991/3 Th. k. S. 100 = 995/12f. k. S. 100 = 987/8 lire k. S. 100 = 983/4£ k. S. 100 = 993/4£ k. S. 200 = 923/4f. S.W. 100 = 99 k. S.
100 = 1001/8 (f. S.W.) 60 = 1045/8f. S.W. 100 = 997/8f. S.W. 200 = 921/2f. S.W. 250 = 991/4 (f. S.W.) 10 = 1177/ 8f. S.W. 10 = 1177/8f. S.W. 200 = 923/4f. S.W.
x = 89,36. x = 89,21. x = 88,48. x = 88,49. x = 88,72. k. Sicht 88,50. x = 88,99 x = 88,61 x = 89,03. x = 88,23 x = 87,92.

Je weniger Gulden Augsburg auf einem gewissen Weg für 100 Mc. B. zu zahlen hat Anmerkung von Marx.
Schließen
⦗u. das ist derselbe: je mehr Marc Banco es für 100 Gulden erhält⦘
, desto vortheilhafter ist dieser Weg Weg zum Einkaufe (Remittiren); Je mehr Gulden Augsburg auf einem gewissen Wege für f. für 100 Marc Banco erhält,  Anmerkung von Marx.
Schließen
(od. was dasselbe ist: Je weniger Marc Banco es für 100 Gulden giebt)
, desto günstiger ist derselbe zum Verkaufe (Trassiren).

Hat also Augsburg Schulden an Hamburg abzuzahlen, so muß es Gulden verkaufen u. Marc Banco kaufen. Dafür am besten direkte Rimessen auf Hamburg machen (Hamburger Wechsel remittiren) denn es erhält so für 87,7/8f. 100 M. Banco. Hat es aber eine Schuld auf Hamburg einzuziehn, so erhält es in Augsburg selbst nur 877/8f. für je 100 M.B., in Berlin 88,48 u.s.w.; am meisten aber in Amsterdam, für je 100 M.B. 89,36f. Es wird sich also kurz kurze Amsterdamer remittiren lassen.

Eine mit Hamburg zu machende Wechseloperation würde darin bestehn:

Augsburg läßt sich kurze Amsterdamer von Hamburg (à 35,70) remittiren u. wird die Deckung dafür in kurze Hamburger à 877/8 machen. Da 877/8 : 100 = 89,36 : x, und x = 101,69 = 1,69%, so wäre dieß der Bruttogewinn: Folgende Unkosten würden ihn vermindern: Courtage für den Einkauf des Hamburger in Augsburg u. für den Verkauf des Livorneser daselbst, 1‰ = 1/10%; Courtage für den Einkauf des Livorneser in Hamburg 1/2‰; Provision für diesen Einkauf u. für das Incasso der Hamburger Rimessen 1/3%, Zinsen 23/60%; Zinsverlust für 8 Tage à 5% pr. Jahr = 1/9%. Zusammen 107/180% od. 0,6%; 1,69% ÷ 0,6% = 1,09% Reingewinn.

2) Berlin u. Frankfurt.

In Frankfurt stehe der Kurs auf Berlin für k. S. 1043/4 (f. S.W. = 60 Th. Pr. C.)

Auf dem Berliner Kurszettel notirt:

Amsterdam 2 Mt. 1421/8 (Th. für 250f. holl.) Hamburg 2 Mt. 1497/8 (Th. für 300 M. Bc.) Paris 2 Mt. 793/8 (Th. für 300 Fcs) London 3 Mt. 6,195/8 (Th. für 1£)

Auf dem Frankfurter Kurszettel sind diese Plätze für Kurze Sicht notirt:

Amsterdam 993/4f. S.W. (für 100f. holl.) Hamburg 873/4 (f. S.W. (100 M.B.) Paris 931/8 (f. SW für 200 Fs) London 1171/8 (f. S.W. = 10£)
Für längre Sichten Discont von 31/2% 3% 31/2% 3%.

Kann Frankfurt nun die Vermittlung Berlins zum Kauf oder Verkauf benutzen?

Amsterdam. Hamburg. Paris. London
x f = 100f. holl. k. S. x f = 100 M. Bc. k. S. x f = 200 Fs k. S. x f = 10£ k. S.
995/12 = 100 2 Mt. 991/2f = 100 2 M. 995/12 = 100 2 Mt. 991/2 = 100£ 3 Mt.
250 = 1421/8 Th. 300 = 1497/8 Th. 300 = 793/8 Th. 1 = 6157/240 Th.
60 = 1043/4f. 60 = 1043/4f. 60 = 1043/4f. 60 = 1043/4f.
x = 99,83. x = 87,66 x = 93,17. x = 116,75.

Zusammenstellung der direkten u. indirekten Kurse.

Amsterdam. Hamburg. Paris. London.
Direkt: 99,75 87,75 93,13 117,13
Indirekt: 99,83. 87,66. 93,17. 116,75.

Wechsel auf Hamburg u. London in Berlin wohlfeiler, auf Amsterdam u. Paris theurer in Berlin, aber Differenz zu klein für Operation.

Höchstens Londoner Papier in Berlin. Differenz mit Frankfurt dort: 0,32% niedriger in Frankfurt.

2)  Feller/Odermann, S. 376.
Schließen
Benutzung der Vermittlung andrer Plätze
.

Bisher gezeigt, wie man sich 1) zur Zahlung oder  Feller/Odermann: Einziehung
Schließen
Einkassirung
einer Schuld
der Papiere fremder Plätze bedienen, u. wie man 2) Kauf od. Verkauf gewisser Wechselsorten durch Vermittlung Eines Platzes bewirken kann. Jezt: im ersten Fall 1) wie man sich der Vermittlung fremder Plätze bedienen, u. im 2. Fall 2) an die Stelle Eines Platzes mehrere Plätze setzen kann. Art der Fragstellung bleibt dieselbe. Nur kommen die Spesen hier in Betracht, welche die Plätze berechnen, deren Vermittlung wir uns bedienen. Die Benutzung der Papiere fremder Plätze kostet nur etwa die Courtage, die wir unserm Gläubiger, resp. Schuldner, dafür zu vergüten haben, daß er unsre Rimessen begiebt od. Wechsel für uns einkauft.

Beispiele.

1) Amsterdam hat in Hamburg M. Bco. 5000 – in 3 Mt. Papier zu zahlen, u. kann dieß zum Kurs von 3415/16f. = 100 M.B. thun. Wäre es nun vortheilhafter, diesen Betrag durch Paris, London, od. Frankfurt bezahlen zu lassen, wenn 3 Mt. Hamburger zu haben ist in Paris à 1883/8 Fs = 100 Marc Bc., London à 13. 53/4 Marc Banco = 1£, und Frankfurt 887/8 = 100 M. Bco. Spesen zu: Paris 5/8%, London 3/5% u. Frankfurt 13/30%.|

138
Paris. London. Frankfurt.
x f = 40 M. Bco. x f. = 40 M. Banco x f. = 40 M. Bc.
100 = 1883/8 Fcs 1323/64 = 1£ 100 = 887/8f. S.W.
120 = 551/16 f 1 = 11,75f. 100 = 991/2f. holländisch
x = 35,20 x = 35,18 x = 34,79
Spesen 0,22 à 5/8% Spesen 0,21 à 3/5% Spesen 0,15 à 13/30%
35,42. 35,39 35,12.

2) Wien hat (im Nov. 1858) 3 Mt. Londoner zu verkaufen, u. kann es an seiner Börse à 102.50f. = 10£ anbringen. In Hamburg ist es à 13.3 M.B. = 1£, Paris 24,90 Fcs = 1£ u. Frankfurt 1161/2f. = 10£ zu begeben, u. 3 Mt. Papier ist zu Wien notirt: auf Hamburg: 76,85f = 100 M.B.  Zusatz von Marx.
Schließen
(?)
, Paris 40.65f. = 100 Fcs u. Frankfurt 1161/2f. = 100f. S.W.

Geld mit 3% Discont Spesen23/60% 3% Discont. Spesen5/8% 5% Disct. Spesen3/10%.

Wo hat Wien das Londoner zu verkaufen?

Hamburg Paris. Frankfurt.
x f. = 1£ 3. Mt. x f. = 1£ 3. M. x f. = 1£ 3. Mt.
1 = 13.3 M.B. baar. 1 = 24,9 Fcs baar. 100 = 1161/2f. barr. baar.
991/4 = 100 Marc Bo. 3 Mt. 991/4 = 100 Fcs 3 Mt. 983/4 = 100f. 3 Mt.
100 = 76,85 Östr. W. 100 = 40,65f. Oest. W. 100 = 86,85f. Ö.W.
x = 102,11f. x = 101,98 x = 102,46
Spesen 0,39 à 23/60% Spesen: 0,64 à 5/8% Spesen = 0,31 à 3/10%
101,72. 101.34. 102,15.

In Wien direkt bekommt Wien 102.50f. für 10£, in Hamburg 102,11, in Paris 101,34 u. in Frankfurt 102,15. Es kann also die Vermittlung dieser Plätze zum Verkauf nicht benutzen.

3) London hat Amsterdamer 3 Mt. Papier zu verkaufen, u. kann dasselbe an seiner Börse à 11f. 171/2 St. (=1£) begeben.

In Hamburg ist es à 36f. = 40 M.B., Paris 2111/2 = 100f. Holl., u. Frankfurt 991/4 (= 100f. Holl.) für Kurze Sicht (mit 3% Discont für Frankfurt 3 Mt.)

London kann trassiren K. S. auf Hamburg 13.41/4 = 1£, Paris 25.121/2 = 1£ u. Frankfurt 117 = 10£.
Spesen 11/20% 5/8% 3/5%.

Wo soll London das Amsterdamer verkaufen?

Hamburg. Paris. Frankfurt.
x f = 1£ x f. = 1£ x f = 1£
1 = 13.41/4 M.B. 1 = 25,121/2 Fcs. 10 = 117f. S.W.
40 = 36f. 2111/2 = 100f. 981/2 = 100f. Holl. (3 Mt. Discont à 3%)
x = 11,94f. x = 11,88f. x = 11,88f.
Spesen = 0,06 à 11/20% Spesen = 0,07 à 5/8% Spesen = 0,07 à 3/5%
12f. 11,95f. 11,95f.

Nun kriegt London auf eigner Börse für 11f. 171/2 St. ein Pf = 1£. = für 11,875f. Holl. 1£. London kann nur an der eignen Börse mit Vortheil verkaufen, da es an den übrigen mehr holl. Gulden für 1£ geben muß.

Ferner in diesem letzten Beispiel zu bemerken:

Was London empfangen will sind £. Die Spesen sind hier zu addiren (d.h. es muß mehr f. für 1£ geben, so viel als die Spesen mehr kosten), mehr Gulden für 1£ (weil die Spesen hier in Gulden berechnet werden). Wien (Beispiel 2), welches ebenfalls £ zu verkaufen hatte, aber f. empfangen will, hat die Spesen zu subtrahiren. Es erhält weniger f. für 1£, während der Londoner mehr f. für 1£ geben muß. In beiden Fällen dasselbe Gesetz: Die Spesen verschlechtern den Kurs. Ist die feste Valuta im Ausland, so spricht sich dieß in einer Verminderung, ist sie im Inland in einer Vergrösserung der Kurszahl aus.

 Marx führte seine Exzerpte aus Feller/Odermann in „Heft II. 1869“ weiter.
Schließen
Continuatio 2 Heft 1869.
|

Inhalt.

1) Money Market Review (1868) und „Economist“ (1868): Inhaltsregister (p. 87–89)

2) Goschen: Theory of Exchanges.

  • Definition. (90)
  • International Indebtedness (90)
  • Various Classes of Foreign Bills, in which Intern. Indebtedness is ultimately embodied. (90–93)
  • Fluctuations in the Price of Foreign Bills. (93–99)
  • Interpretation of Foreign Exchanges (99–104)
  • Socalled Correctives of Foreign Exchanges (104–109.)

3) Wechselrechnung.

  • Wechselrechnung überhaupt (109)
  • Parirechnung (109–110)
  • Wechselreductionen: Direkt (110–112) Indirekt (112–114)
  • Arbitragerechnung: Direkt (114–118) Indirekt (135–138)
  • Regel de Tri. Regel Multiplex (118, 119)
  • Kettenregel (118–121)
  • Gesellschaftsrechnung (121–123)
  • Alligationsrechnung (123–125)
  • Procentrechnung (125–127)
  • Zinsrechnung (127–131)
  • Discontrechnung (131–132)
  • Terminrechnung (132–134)

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.