August 8, 1868.
The Economist, 8. August 1868. S. 900/901.
Schließen
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.
Schließen 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.
Schließen (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.
Schließen
Return by Board of Customs on Imports
into and Exports from France. Zusatz von
Marx.
Schließen (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. £.
Inhalt:
- January 4, 1868.
- January 11, 1868.
- Railways und State Control.
-
Caledonian Railway.
(Report of Committ. of
Investigation)
- Contract
Corporation (Lim.)
(Chancery in)
- Insurance Cos. Their Getting up and
Winding up (Workingmen
beschissen).
- Silk in 1867. (Annual Circular of Durant et
Co.)
- Agricultural Implements. 1867. (Annual
Circular of Burgess and Key.)
- Railways und State Control.
- January 18, ’68.
- 25. January 1868.
- The Stock and Share Markets during 1867.
- Italian Deficits.
-
Midland Railway.
(Börsenmogelei und
Directors.)
-
Caledonian
Railway. (Ersatz des
Verschleisses.)
- Banks and Railway Cos.
- Overend,
Gurney et Co. (lim.) Report of the
Liquidators.
- Capital of Railways in U. Kingd. Board of Trade
Return. (für 1866)
- Lawyers and railways
- Railway Trains (1866)
- Causes of Commercial Depression. (Eingesandt
von
G.
Townend. Mincing Lane.)
- The Stock and Share Markets during 1867.
- 1 February, 1868.
- 8 February 1868.
- 15 February, 1868.
- 22 February 1868.
- 29. February 1868.
- 7. March. 1868.
- March 14, 1868.
- March 21, 1868.
- March 28, 1868.
- April 4. 1868.
- April 11. 1868.
- 18 April 1868.
- April 25, 1868.
- May 2, 1868.
- May 9, 1868.
- May 16.
1866
1868
.
- 23. May 1868.
- May 30, 1868.
- June 13, 1868.
- June 20. 1868.
- June 27. 1868.
- July 11. 1868.
- Alderman
Dakin.
- H. E.
Bird, public Accountant, Estimate of Railway (nach
den official accounts der Directors
(!))
- 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.))
- Income Tax. Ireland.
- Australian Gold. Imports in U. Kingd.
for 10 J. end. 1867 (inclusive).
- Alderman
Dakin.
- July 18. 1868.
- July 25. 1868.
- August 1. 1868.
- August 8. 1868.
- 15 August. 1868.
- 22. August. 1868.
- August 29. 1868.
- 5 September. 1868.
- 12. September 1868.
- September 19. 1868.
- 26. September. 1868.
- October 3. 1868.
- October 10, 1868.
- October 17. 1868.
- October 24. 1868.
- October 31. 1868.
- November 7. 1868.
- November 14. 1868.
- November 21. 1868.
- 28 November 1868.
- 5 December 1868.
- 12 December 1868.
- 19 December 1868.
- Nachtrag zu November 14. 1868.
- 26 December 1868.
- January 4, 1868.
- 11 January 1868.
- 25 January. 1868.
- 1 February, 1868.
- February 8, 1868.
- February 15, 1868.
- February 22. 1868.
- 29 February. 1868.
- March 7, 1868.
- March 14. 1868.
- 21 March. 1868.
- 28 March 1868.
- April 4. 1868.
- April 11. 1868.
- April 18. 1868.
- April 25. 1868.
- May 2, 1868.
- May 16, 1868.
- May 23. 1868.
- May 30. 1868.
- June 6. 1868.
- July 4, 1868.
- June 13, 1868.
- June 27, 1868.
- July 11, 1868.
- Contract Price per Cwt. for Bread.
(figures just issued by the Board of Guardians of
Whitechapel).
- Sir Morton
Peto and the London,
Chatham, and Dover Co.
- Finance versus Finance. (Lewis. Hauptschwindler)
- From: Annual Report (1868) of the Irish Poor Law
Commissioners.
- Amount of gold, silver, and copper monies coined in
each year 1853–67.
- Contract Price per Cwt. for Bread.
(figures just issued by the Board of Guardians of
Whitechapel).
- July 18. 1868.
- August 1, 1868.
- August 8, 1868.
- August 15, 1868.
- August 22, 1868.
- October 10. 1868.
- November. 21. 1868.
- December 5, 1868.
- December 12, 1868.
- December 26, 1868.
- Ch. I Definition:
- Ch. II. International Indebtedness
- Ch. III. Various Classes of Foreign Bills in which
International Indebtedness is ultimately embodied.
- Ch. IV. Fluctuations in the price of foreign
bills.
- Ch. V. Interpretation of the Foreign
Exchanges.
- Ch. VI. Socalled Correctives of the Foreign
Exchanges.
- I)
Wechselrechnung etc.
-
Intermezzo. (Kettenregel, und Prozentrechnung)
- Alligationsrechnung.
-
Procentrechnung.
- Zinsrechnung.
- A) Einfache Zinsen.
A) Einfache Zinsen.
- I)
Aufsuchung der Zinsen eines Kapitals.
- II)
Aufsuchung des Kapitals.
- III)
Aufsuchung des Zinsfusses.
- IV)
Aufsuchung der Zeit.
- V)
Aufsuchung eines um die Zinsen vermehrten
Kapitals.
- VI)
Aufsuchung der Zinsen oder des Kapitals,
welche in einem, Kapital u. Zinsen darstellenden,
Werth enthalten sind.
- VII)
Aufsuchung eines mittleren Zinsfusses für
mehrere Kapitalien.
- I)
Aufsuchung der Zinsen eines Kapitals.
- B)
Berechnung Zusammengesezter Zinsen.
- A) Einfache Zinsen.
A) Einfache Zinsen.
-
Discontrechnung.
-
Terminrechnung. (Reductionsrechnung, Zeitrechnung)
-
Wechselrechnung (cont. von
p. 118)