August 8, 1868.

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.
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.
(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.

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.
(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




In dieser Rubrik für Exports sind Alimentary Substances und Raw Materials zusammengeworfen.



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.
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. £.


  • 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.