[Termin und
Wohnadresse]
9 Sept. 1868, 34 King Street, Cheapside.
Ch. Burton. 8 Frankfurt Terrace, Harrow Road. (London Wohnung)|
1868.
H[enry] E[nfield] Roscoe: Kurzes Lehrbuch der Chemie. Nach den neuesten Ansichten der Wissenschaft. Deutsche Ausgabe, unter Mitwirkung des Verfassers bearbeitet von Carl Schorlemmer. Braunschweig 1867.
Schließen
Chemie.
I) Metalloide.
1) Sauerstoff oder
Oxygen.
O = 16 (Verbindungsgewicht). Dichte = 16.
1/5 der Atmosphäre, mit andren Elementen verbunden 1/2 der Erdrinde, 8/9 des Wassers. (Macht about 1/2 der Hälfte des Gewichts unsres Planeten aus.)
Alle einfachen Roscoe: Stoffe
Schließen Körper, außer Fluor, verbinden sich mit O. Bilden Oxide. Prozess der Verbindung Oxidation.
Wasserstoff, als leichtestes Gas, Gewichtseinheit.
Ozon, Sauerstoff in einem verdichteten Zustand.
2) Wasserstoff oder Hydrogen.
H = 1. Dichte = 1.
Wasser = H2O.
Wirkt Kalium auf Wasser ein, so wird aus: | O + K = | O + H = Kaliumhydroid + Wasserstoff. [(p. 16–17)]
Schwefelsäure= H2SO4. Sezt man Zink hinzu, so wird aus H2SO4 + Zn = ZnSO4 + H2; d.h. Zinksulfat + Wasserstoff.
Schwefelsäure = | Schwefel, S | = 32 | und Zinksulfat = | S | = 32 |
Sauerstoff, O4 | = 64 | O4 | = 64 | ||
Wasserstoff, H2 | = 2 | Zn | = 65,2 | ||
H2SO4 | = 98 | ZnSO4 | = 161,2. |
Also 65,2 Gewichtstheile Zink erheischen 98 Gewichtstheile Schwefelsäure, und geben 2 Gewichtstheile Wasserstoff und 161,2 Gewichtstheile Zinksulfat. [(p. 19–20)]|
Gase fast stets, nicht nach Gewicht, sondern Volum bestimmt.
Gase dehnen sich am stärksten bei Wärme aus und ganz gleichmäßig. Bei jedem Gas die Zunahme des Volumens bei Temperaturerhöhung von 1o des 100theiligen Thermometers = des Rauminhaltes bei 0o.
Nimmt also ein Gas | bei 0o | 273 Raumtheile ein, |
so bei 1o | 274 (da = 1) | |
bei 2o | 275 | |
bei to | 273 + t | |
Oder ein Raumtheil bei 0o wird zu 1 bei 1 = 0,003665 heißt der Ausdehnungscoefficient der Gase. |
Welchen Raum nehmen 1000 CC. Wasserstoff gemessen bei 0o ein, wenn die Temperatur auf 20o steigt? 273 Raumtheile bei 0o werden zu 273 + 20 = 293 Raumtheilen bei 20o. Also – da = 1 – 1000 CC bei 0o werden bei 20o zu = 1000 × = = 1073,2. [(p. 21)]
Mariottesche Gesetz: Volum der
Gase verhält sich umgekehrt wie der Druck, dem sie
ausgesetzt sind.
Z.B. hat man 1 Vol. eines Gases und vermindert den Druck um 1/2, so nimmt es 2 vol. ein; ist der Druck nur 1/3, so 3. Wird dagegen Druck verdoppelt, so vol. reduzirt auf 1/2, wenn verdreifacht, auf 1/3 etc. Mittlerer Druck der Atmosphäre durch Barometer gemessen = 760 Millimeter Höhe. Luftdruck schwankt aber beständig. Wenn vergrössert, steigt Quecksilber im Barometer, wenn verkleinert, fällt es. Alle Gase an der Erdoberfläche diesem Druck unterworfen und ihr volumen in umgekehrtem Maß dazu. Will man also z.B. berechnen, welches vol. Wasserstoff eine bestimmte Menge von Zink liefern kann, so muß man die Temperatur kennen, wobei das Gas aufgefangen wird und den Luftdruck, bei dem es gemessen wird. Zur Vergleichung der volumina verschiedner Gase, sind sie zu berechnen für denselben Druck und dieselbe Temperatur. Man nimmt 0o als Normaltemperatur an und als Normaldruck den Druck einer |3 Quecksilbersäule von 760 Millimeter. [(p. 21–22)]|
[Auszüge aus The Money
Market Review, 19. Mai 1866 bis 28. Dezember 1867]
Money Market. 1866. Von 16 May an.
(Bank of England)
Saving Banks Deposits also in the Public Deposits.
State 14 16 May.
Circulation Issue | Verglichen mit letzter Woche. | ||
---|---|---|---|
Notes Issued: | £.26,851,825 | Decrease: | £442,895 |
Active Circulation | £.26,120,995 | Increase: | £3,776,600 |
Reserve in Notes und Cash | £.1,202,810 | Decrease | £4,608,935 |
Public Deposits: | £5,936,219 | Increase: | £.154,392 |
Other Deposits: | £18,620,672 | Increase: | £.5,105,135 |
Gvt. Securities in Banking Dept. | £.10,837,056 | Decrease: | £57,198 |
Private Securities in Banking Department | £.30,943,259 | Increase: | 10,099,042. |
Coin and Bullion (Issue department) (no silver) | £11,851,825 | Decrease (with coin in Banking department) | 832,335 |
Coin and Bullion In both departments. | £12,323,805 |
Aus:
The Money Market Review, 19. Mai 1866.
S. 670.
Schließen As a great deal of this borrowing
(£.10,099,042 increase in Private Securities) was
merely precautionary, £.5,105,135 has been added to the private
deposits. The notes withdrawn mostly hoarded by Country Bankers etc. The
£832,335 of coin and bullion withdrawn must have been taken away chiefly
by provincial, Scotch,
and Irish bankers, as a measure of
precaution.
Aus:
The Money Market Review, 19. Mai 1866.
S. 670.
Schließen
Bk.o.E.
minimum rate of Discount: 10%.
B.o.F.
4%.
Aus:
The Money Market Review, 19. Mai 1866.
S. 672.
Schließen Bankrutte in Liverpool unter cotton
merchants und shipowners.
B.o.E. Return. 23 May
(Wednesday)
Circulation Issue | £.26,300,435 | Decrease: | £557,390 | |
Circulation Active | 25,469,570 | Decrease: | 651,425 | |
Reserve. | Notes. | 830,865 | Increase | 100,035 |
Gold and Silver coin. | 557,351 | Increase. | 85,371 | |
Coin and Bullion in Both Dpts. | 11,857,786 | Decrease: | 466,019 | |
Public Deposits | 5,994,761 | Increase | 58,542 | |
Other Deposits | 18,790,917 | Increase | 170,245 | |
Gvt. securities in Banking Dpt. | 10,837,056 | No change | ||
Private Securities | 31,050,406 | Increase: | 107,147. |
B.o.E. Bk o E. | B.o.F. | |
---|---|---|
Active Circulation | £.25,469,570 | £.35,187,000 |
Loans | 31,050,406 | 28,481,000 |
Coin and Bullion | 11,857,786 | 21,465,500 |
Minimum Rate of Discount. | 10% | 4%. |
Aus:
The Money Market Review, 26. Mai 1866.
S. 700.
Schließen Withdrawal of gold from
B.o.E., for exportation to Continent, continue upon large
scales; the amount taken yesterday was £178,000, of which £128,000 bars,
rest sovereigns.|
-
Aus:
- Stoppage of McCulloch, John et Co, Liverpool. Liabilities nearly 3/4 of million. Result of the estate depends upon the realisation of cotton, the market for which in a very unfavourable State. Principal creditors: the Anglo-Indian banks.
- Luckie, brothers (Fenchurchstreet) stopped. Liab. about 70,000l.
- Gellatly, Hankey, Sewell, mercantile and shipping firm.
- Robinson, Coryton, and Co, private bankers, of Manchester. Their difficulties ascribed to stoppage der European Bank, which acted as their London agents.
- Kynaston, Sutherland, and Co, colonial brokers, also failed. About £100,000 liab.
- Principal Liverpool failures of the past week, in addition to that of Messrs. Fernie, comprises Holderness and Chilton (iron and wood shipbuilders), Boult, English, and Brandon, merchants, liabilities in each case large. Duff, Cadell et Co, merchants and shipowners, Giannacopulo und Cochilani, commission merchants, also suspended.
- Stoppage of „European Bank“; Stoppage of the „New Zealand Banking Corporation“.
The Money Market Review, 26. Mai 1866. S. 701.
Schließen 24 May.
Bank o. England. 30 May 1866.
Circulation Issue | £.26,434,205. | Increase. | £133,770 | |
Circulation Active | 26,018,795 | Increase: | £549,225 | |
Public Deposits | 6,118,512 | Increase | 193,751 | |
Private Deposits | 20,467,080 | Increase | 1,676,163 | |
Reserve. | Notes. | 415,410 | Zusammen | £.859,980 |
Gold and Silver Coin. | 445,570 444,570 | Decrease | £.528,236 | |
Gvt. Securities in Banking Department | 10,864,638 | Increase | 27,582 | |
Private Securities in Banking Department | 33,447,463 | Increase | 2,397,057 | |
Coin and Bullion in both Departments | 11,878,775 | Increase | 20,989 |
Aus:
The Money Market Review, 2. Juni 1866.
S. 732.
Schließen Increase in advances: 2,397,057, aber nur
precautionary; daher increase in private Deposits: £1,676,163. Since the
date of the present accounts £592,000 in gold sent into the Bank. Great Arrivals of Specie from U. St.
Increase in coin and bullion | £.1,060,000 |
Increase in loans (bills) | £.2,026,000 |
Minimum rate of discount | 4% |
Aus:
The Money Market Review, 2. Juni 1866.
S. 733.
Schließen
Failures: Enthoven et Son (General Merchants),
chiefly in the Metal Trade (Offices in Moorgate Street, London,
und establishment at the lead works, Upper Ordnance Wharf,
Rotherhithe str.) liabilities an 270,000l. Losses through Pinto, Perez et Co et Barned’s Bank. 30
May.
Boult, English, Brandon, Liverpool, pay
9s. in £. Stoppage of the Consolidated, 27 May. Winding up Petitions für Masse of
limited Liabilities Cos.
(verte)|
B.o.E.
18 July. 1866.
Circulation Issue | £.27,919,835. | Decrease. | £.367,680 | ||
Active Circulation | 25,421,380 | Increase | 228,550 | ||
Gold Coin and Bullion in Issuing department | £.12,919,835. | ||||
Reserve | Notes | £.2,498,455 | Decrease. 596,230 | Zusammen | 3,224,595 |
Gold and Silver Coin | 726,140 | Decrease | 576,045 | ||
Public Deposits | 2,161,726 | Decrease | £565,013 | ||
Privates Deposits. | 19,820,939 | Decrease | 1,651,546 | ||
Gvt. Securities (Banking Department) | 10,028,123 | Decrease | 250,000 | ||
Private Securities | 27,752,249 | Decrease | 1,287,285 |
Aus:
The Money Market Review, 21. Juli
1866. S. 81.
Schließen Failures
etc[:]
Netherton Iron Co. (Birmingham.) liabilities about £20,000. Carleton Brothers, Wholesale Warehousemen (City)
their acceptances returned. Stoppage of Birmingham
Banking Co (14 July) (Gross
mismanagement.[)]
Stoppage of Preston Banking Co. (19 July)
Liabilities about 1 Mill. l. the
difficulties of the undertaking caused by large advances to a few
houses, including about £300,000 to a firm of cotton spinners at
Blackburn. The Capital is £200,000, in 2000 shares, of £100 each, of
which £100,000 is paid up. Reservefund 65,600£, and 8 branches, viz. at
Lancaster, Ormskirk, Southport, Blackburn, Garstang, Blackpool, Lytham,
Fleetwood. At a recent meeting a dividend and bonus equal to 20% p.a.
declared. The bank had no note issue of its own,
but issued B.o.E. notes.
The Money Market Review, 21. Juli 1866. S. 67/68.
Schließen
Money Market and Bank Act.
Continental drain des Bullion. Every bill as it falls due to Continental holders is remitted in coin or bullion. The difficulty of the past 2 months has been much aggravated by the distrust on the Continent of English bills of Exchange.
No drain now for East (India and China). Hitherto, during this (German) War, money has been taken from us, and the Continent, contrary to all previous experience, wants, at a time of great disturbance, not only all the money usually deposited here but much more. About this fact there can be no difference of opinion. Continental money in British hands is now being generally withdrawn. In previous periods of Continental disturbance it was not so; nay, it has always increased. Our Bankrate 10%, in France 4 and less; und everywhere on Continent lower than in England. Continental league, though at war, and with money actually comparatively cheap, draws money from peaceful England, where the price of money is 10%! Dieß suits not the Overstone Theory. „A high rate of interest means bad security“ sagte Wellington, und so sagt Continent jezt von England. Speculation here is utterly crushed, and the alarm signal of 10% is still up.
A ruinous state of interest scares away both notes (durch die Countrybankers) and gold from the B.o.E.
Bank o. E. | 10% | Coin and Bullion | £13,645,857 |
B.o.F. | 4% | Coin and Bullion | 26,520,000 |
Zusammen. | £40,165,975| |
B.o.E.
25. July. 1866.
Circulation Issue | £27,893,125 | Decrease | £26,710 | |||
Active Circulation | 25,263,090 | Decrease | 158,290 | |||
Bullion. | £12,893,125 | Decrease | ||||
Reserve | Notes | £2,630,035 | Increase | 131,590 | Zusammen | 3,453,739 |
Gold et Silver Coin | 823,704 | Incr. | Increase | 229,144 | ||
Public Deposits | 2,517,449 | Increase | 355,723 | |||
Private Deposits. | 18,546,769 | Decrease | 1,274,170 | |||
Gvt. Securities. | 9,828,123 | Decrease | 200,000 | |||
Private Securities | 26,742,316 | Decrease | 1,009,933 |
Aus:
The Money Market Review. 28. Juli
1866. S. 113.
Schließen Mercantile
Embarrassments:
Capt. Bennitt (Bankrupt) Oldbury Furnaces (near Birmingham) Suspension of Pile, Spence et Co (Lim.) shipbuilders, of West
Hartlepool. »The Co. was formed about 12 months ago, for the purchase of
the extensive iron shipbuilding yards, graving docks etc, of John Pile
and Joseph Spence, at West Hartlepool, and for carrying on the line of
7 steamers owned by that firm, and running between West
Hartlepool and the various ports of Northern
Europe.[«]
Nominal Capital der Co £500,000, shares
20£, 10£ paid up, and a further call of £3 p. share was called for a few
weeks ago. Chairman of the Co was: James
Hartley, M.P., for Sunderland.
The Money Market Review, 28. Juli 1866. S. 101/102.
Schließen
Progress of the London and Westminster Bank since 1862.
Liabilities to the Public. | Liabilities to Shareholders | Assets. | ||||||
---|---|---|---|---|---|---|---|---|
Half Year Ending | Acceptances | Deposits payable on demand | Total. Of Acceptances und Deposits. | Paidup Capital (1 Mill.) and Reservefunds | Balance carried over | Bills discounted Loans et other Securities | Gvt Stock. Exchequer Bills India Bonds | Cash on hand and at Bk. o. England. |
June 1862 | £.14,353,034 | £.1,256,250 | 19,922 | £12,054,763 | 2,492,912 | £.1,183,030 | ||
Dec. 1862 | 13,898,736 | 1,262,656 | 4,404 | 11,069,157 | 2,492,412 | 1,184,227 | ||
June 1863 | 14,549,276 | 1,269,223 | 27,759 | 12,083,891 | idem | 1,369,954 | ||
Dec. 1863 | 15,629,095 | 1,275,953 | 18,845 | 13,273,315 | idem | 1,308,165 | ||
June 1864 | 18,516,084 | 1,300,000 | 8,830 | 16,035,805 | idem | 1,516,696 | ||
Dec. 1864 | 806,604£ | 18,649,216 | 19,455,820 | 1,330,000 | 9,357 | 16,256,594 | idem | 1,447,445 |
June 1865 | 985,212 | 19,552,178 | 20,537,389 | 1,338,250 | 22,605 | 16,936,301 | 2,489,412 | 1,617,320 |
Dec. 1865 | 1,554,730 | 19,224,571 | 20,779,302 | 1,346,706 | 16,498 | 16,600,522 | idem | 1,677,841 |
June 1866 | 1,274,243 | 21,024,212 | 22,298,445 | 1,450,000 | 23,018 | 16,578,049 | 2,594,712 | 3,464,467 |
The capital having remained 1 million since 1849, the balance is the amount of the reserve.
In diesem lezten half year (1866) Deposits increased by £1,799,641; aber the Bank cannot prudently extend its assistance to its customs, so long as the distrust exists; consequently the increase in the deposits is almost exactly represented by the increase of £1,786,626 in the cash unemployed.
Half Year ended: | June 1862 |
Dec. 1862 |
June 1863 | Dec. 1863 | June 1864 | Dec. 1864 | June 1865 | Dec. 1865 | June 1866. |
Net Profits p. annum | 24.31 | 22.18 | 25.98 | 29.56 | 46.81 | 47.68 | 30.30 | 36.47 | 50.16 |
Dividends to shareholders p. an. | 22 | 25 | 30 | 30 | 28 |
Net Profits for the Panic Half Year (1866) 250,813l., exceed 1/4 mill. £. St., or more than 50% p. annum. Bankrate Minimum Discount during this whole period, on an average maintained at 8%.|
Bank o. E. 1 August 1866.
Circulation Issue | £.27,932,340 | Increase | £39,215 | |
Circulation active | 25,519,950 | Increase | £256,860 | |
Bullion | £12,992,340 | |||
Reserve. | Notes | £.2,412,490 | Decrease | 217,645 |
Gold and Silver Coin | 861,000 | |||
Public Deposits | 3,189,580 | Increase | 672,131 | |
Private Deposits | 17,738,851 | Decrease | 807,918 | |
Gvt. Securities | 10,128,123 | Increase | 300,000 | |
Private Securities | 26,567,368 | Decrease | 174,948 | |
Coin and Bullion in both departments | 13,793,340 | Increase | 76,511 | |
Total Reserve in Banking Department. | 3,273,390 | Decrease | 180,349 |
Aus:
The Money Market Review, 4. August 1866.
S. 146.
Schließen Rate for goodbills 8 to 9%, 1 to 2% below the
B.o.E. minimum. Continued demand on Continental account for bills of the
very best class at 61/2
to 7%. Diminution in demand for gold for export, no demand for silver for
the East.
-
Aus:
- Failure of Edward Tiernan, tea broker, (Tower Street), owing to losses in tea and bad debts. Liab. about £30,000
- Failure of 2 unimportant private banks announced on 31 July: Kennedy et Co (Dublin), G. W. Hall of Congleton, Cheshire. None had note issues.
- 3 August: Stoppage of David Law (firm of Eddington and Sons, iron founders et engineers, Glasgow. Liab. £232,000. Stoppage caused by suspension of M.’Ewen and Bryson, on whose estate D. Law ranks for £.79,000.
The Money Market Review, 4. August 1866. S. 147.
Schließen Mercantile Embarrassments:
The Money Market Review, 11. August 1866. S. 167.
Schließen
B. o.
France and Bank o.
E. (8 August)
Last year, when Bank of F. held 131/2 mill., as the B.o.E. now, it reduced its rate from 41/2 to 4%. As to „Reserve“, the B.o.F. scouts the absurd phantom. Minimum Rate of Discount der B.o.F. jezt 31/2%.
Bank o. England. | Bk.o.F. |
---|---|
Decrease of coin and bullion: £170,911 Rate Minimum 10%. | Increase in coin and Bullion £744,000 Minimum rate 31/2%. |
Stock of Coin and Bullion in B. o. England: £13,612,429. In Bk.o.F. 29,019,037. Zusammen both: £42,641,468. |
Decrease in loans (Private Securities) £410,813 in Bank o. E. und in B.o.F. £.410,000. Both banks are therefore, losing Business at their respective rates of discount.
The Money Market Review, 25. August 1866. S. 227.
Schließen
Privileges of the B. o. England, and its
Reserves.
Tendency of Legislation to make B.o.E. more and more a Gvt Bank; its notes are legal tender, its stock is alone put on the same footing as Gvt. funds with regard to the investment of trust moneys, and, from time to time, it has received assistance from the State when the money in its till insufficient for the wants of the day. Of its „private deposits“ at least 5 Mill. bankers’ balances.
Rate of Discount | Public Deposits £. | Private Dpts. £. | Total. £. | Reserve of Notes £. | |
---|---|---|---|---|---|
1846. Aug. 29 | 31/2 to 3%. | 7,142,000 | 9,161,000 | 16,303,000 | £.9,449,000 |
1847. Jan. 16 | 3 to 31/2 | 5,034,000 | 10,339,000 | 15,373,000 | 6,545,000 |
1848. Oct. 28 | 31/2 to 3 | 2,619,000 | 10,921,000 | 13,540,000 | 8,018,000 |
1853. June 4. | 3 to 31/2 | 4,635,000 | 12,902,000 | 17,537,000 | 8,367,000 |
1865. June 17. | 31/2 to 3 | 8,802,000 | 12,935,000 | 21,737,000 | 9,012,000 |
1865. July 29. | 3 to 31/2 | 4,770,000 | 15,939,000 | 20,709,000 | 6,181,000 |
In 1846 and 1848 rate not reduced till reserve more than 1/2 the liabilities[,] in 1865 reduced, when reserve considerably below that amount, and kept there till reserve hardly more than 2/7 of liabilities.|
B.o.E. 8 Aug. 1866.
Circulation Issue. | £.27,775,260 | Decrease | £157,080 | |
Circulation active | 25,042,200 | Decrease | 477,750 | |
Bullion | 12,775,260 | |||
Reserve | Notes | 2,733,060 | Increase | 320,670 |
Coin | 847,169 | |||
Public Deposits | 3,160,456 | Decrease | 29,124 | |
Private Deposits | 17,660,244 | Decrease | 78,607 | |
Gvt. Securities | 10,078,123 | Decrease | 50,000 | |
Private Securities | 26,156,555 | Decrease | 410,813 | |
Coin et Bullion in both Departments. | 13,622,429 | Decrease | 170,311 | |
Total Reserve in Banking Department. | 3,580,229 | Increase | 306,839 |
Aus:
The Money Market Review, 11. August 1866.
S. 176.
Schließen The actual purchases of gold and withdrawals
for exportation were on balance only £50,000 against the Bank, and the
further decrease therefore attributable to the absorption of coin for the
harvest.
-
Aus:
- Romanjee Framjee Cama et Co, East India merchants. Liab. about £250,000. Cause assigned failure of remittances. Large losses in cotton und share speculations.
- G. Evans, Evelyn Iron Foundry, New port. Heavy losses und the high rate of discount.
The Money Market Review, 11. August 1866. S. 177.
Schließen Mercantile Embarrassments:
Banks of England and France. (August und Sept. 1866)
B.o.E. Week ending 18 August. | Increase of Coin et Bullion £.528,527. | Decrease in Discounts: 932,238. | Decrease in Notes with Public: 502,110 | Minimum Rate of Discount 8% |
Bank o. France: | Increase Coin et bullion £213,000 | Decrease in Discounts. 1,080,000. | Decrease in Notes mit Public 445,000 | Minimum Rate o. Discount, 31/2% |
Stock of Coin and Bullion. B.o.E. £14,150,956 B.o.F. 29,234,000. Together: £43,384,956 |
Week ending 25. August. | Bank of England | Bank of France. | |||
---|---|---|---|---|---|
1) Coin and Bullion: | Increase: | £621,264 | Increase | 613,333 | |
2) Discounts and Loans. | Decrease. | 336,159 | Decrease | 682,000 | |
3) Minimum rate of Discount. | 7% | 31/2% | |||
4) Notes mit Public | Decrease | 357,975 | 120,000 | ||
5) Stock of Coin and Bullion | £.14,772,220 | 29,847,033 | Zusammen: £44,619,253. | ||
Week ending 1 September 1866 | |||||
1) Coin and Bullion | Increase | £1,059,800 | Incr. | £40,000 | |
2) Discounts (Loans) | Decrease. | 950,674 | Increase | 768,000 | |
3) Minimum Rate o. Discount. | 6% | 3% | |||
4) Notes mit Public | Decrease | 283,605 | Increase | 533,200 | |
5) Stock of Coin and Bullion | £.15,832,020 | 29,803,000 | Zusammen: £45,635,020. | ||
Week ending 8 Sept. 1866 | |||||
1) Coin and Bullion | Increase | £363,192 | Incr. | £72,000 | |
2) Discounts (Loans) | Decrease. | 711,697 | Decr. | 1,720,000 | |
3) Minimum Rate o. Discount. | 5% | 3% | |||
4) Notes mit Public | Increase | 322,735 | 920,000 | ||
5) Stock of Coin and Bullion | £16,195,212 | 29,876,779 | Zusammen £46,071,991. |
Aus:
The Money Market Review, 25. August 1866.
S. 219.
Schließen The decrease in the rate of
Discount (B.o.E.) from 10 to 7% (to 8% on 16 Aug. and to 7% on 23 Aug.)
accompanied by large import of precious metals, steady Continental
exchanges, decrease in the note circulation, large influx of specie and
bullion into the B.o.E.|
B.o.E. 15 Aug. 1866. | B.o.E. 22 Aug. 1866. | ||||||
---|---|---|---|---|---|---|---|
Circulating Issue | £.28,151,595 | Increase. £376,335 | £.28,690,635 | Increase £.539,040 | |||
Circulation Active | 24,540,090 | Decrease 502,110 | 24,182,115 | Decrease 357,975 | |||
Bullion. | £13,151,595 | 13,690,635 | |||||
Reserve | Notes | £.3,611,505 | Increase 878,445 | 4,508,520 | Increase 897,015 | ||
Coin | 999,361 | 1,081,585 | |||||
Total Reserve | 4,610,866 | Increase 1,030,637. | 5,590,105 | Increase 979,239 | |||
Public Deposits | 3,353,525 | Increase 193,069 | 3,411,639 | Increase 58,114 | |||
Private Deposits | 18,125,280 | Increase 465,036 | 18,763,474 | Increase 638,194 | |||
Public Securities | 10,711,723 | Increase 633,600 | 10,711,723 | No change. | |||
Private Securities | 25,224,317 | Decrease 932,238 | 24,888,158 | Decrease 336,159 | |||
Coin and Bullion in both Departments. | 14,150,956 | Increase 528,527. | 14,772,220 | Increase 621,264. |
Aus:
The Money Market Review, 18. August 1866.
S. 202.
Schließen The amount of the increase in bullion shows
that coin arriving back from the country, the actual sum sent in from abroad
being £361,000.
-
Aus:
- Failure of W. Hopwood and Son, Spinners and manufacturers of Burnley, liab. about 70,000l.
- Belfast, stoppage of firm in flaxtrade mit liab. of 40,000.
- Birmingham failure of W. Bates, ironmaster, of Tunstall, liab. £100,000.; also suspension of Brook mill Co.
The Money Market Review, 18. August 1866. S. 203.
Schließen Mercantile Embarrassments:
Aus:
The Money Market Review, 25. August 1866.
S. 231
Schließen Mercantile
Embarrassments.
Younghusband and Co, Australian trade. Ferner:
Failure of Walley et Co, cotton manufacturers,
of Blackburn.
Banks of England and
France. 1866 (Sept. Oct.)
Week ending 15 Sept. | Week ending 22 Sept. 1866 | Week ending 29 Sept. ’66 | Week ending Oct. 6 | Week ending 20 Oct. ’66. | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
B.o.E. | B.o.F. | B.o.E. | B.o.F. | B.o.E. | B.o.F. | B.o.E. | B. o. France | B.o.E. | B.o.F. | ||||||
1) Coin et bullion | Decrease £220,435 | D. 520,000 | Increase 248,739 | I. 236,000 | I. 505,746 | D. 19,271 | I. £149,875 | D. £953,970 | D. 334,143 | D. 630,000 | |||||
2) Discounts (Loans) | D. 743,846 | I. 920,000 | Summa: Other securities: 22,123,554£ | D. 358,387 | D. 104,000 | all loans: 24,220,513. | D. 371,600 | 234,142 | Bills etc Summe: 23,769,503 | I. 1,189,359 | I. 1,015,159 | D. 904,564 | I. 467,000 | ||
3) Minimum Rate o. Discount | 5% | 3% | 5% | 3% | 41/2 | 3% | 41/2 | 3% | 41/2 | 3% | |||||
4) Notes mit Public. | D. 749,190 | D. 280,000 | 155,355 | D. 320,000 | D. 267,214 267,035 | D. 267,214 | Notes with Public 29,097,508 | I. 1,285,965 | I. 1,748,586 | I. 113,370 | I. 140,000 | ||||
5) Stock o. Coin und Bullion. | 15,974,777 | 29,356,720. | Zusammen 45,331,497. | 16,223,516 | 37,579,450 29,589,720 | Zus. £60,896,150 £45,813,236 | 16,729,262 | 29,097,508 | Zus. £45,521,457 £45,826,767 | 16,879,137 | £28,143,335 | Zus. £45,022,672 | 16,133,363 | 26,620,500 | Zus. 42,753,863 |
Week ending 27 October | Week ending October 31 13 | Week ending November 10 | Week ending Nov. 17. | Week ending Nov. 24. | Week ending 1 December. | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
B.o.E. | B.o.F. | B.o.E. | B.o.F. | B.o.E. | B.o.F. | B.o.E. | B.o.F. | B.o.E. | B.o.F. | B.o.E. | B.o.F. | |||
1) Coin et Bullion. | I. £423,995 | D. 306,640 | D. 411,631 | D. 893,000 | I. £168,101 | D. 148,000 | I. 253,001 | D. 132,000 | I. 608,307 | I. 564,000 | I. 422,656 | I. 712,000 | ||
2) Discounts (Loans) | D. 691,799 | I. 448,000 | D. 791,763 | I. 150,000 | D. 748,467 | I. 360,000 | D. 269,158 | I. 680,000 | I. 123,548 | D. 1,380,000 | I. 1227 | I. 893,500 | ||
3) Minimum Rate of Discount. | 41/2 | 3% | 41/2 | 3% | 4% | 3% | 4% | 3% | 4% | 3% | 4% | 3% | ||
4) Notes with Public | D. 368,875 | D. 666,640 | D. 362,465. | D. 356,000 | D. 249,125 | D. 480,000 | D. 284,485 | I. 320,000 | D. 332,530 | D. 224,000 | D. 457,565 | I. 470,000 | ||
5) Stock o. Coin and Bullion | 16,377,358 | 26,310,000 | Zus. £42,687,500 | 16,467,506 | 27,250,535. | Zus. £43,718,041 | 16,891,606 | £27,102,535 | 17,144,607 | £25,460,000 | 17,752,914 | 26,024,000 | 18,175,570 | 26,736,000 |
Week ending 8. December. | Week ending 15 December | Week ending 22 December | Week ending 29 December 1866. | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
B.o.E. | B.o.F. | B.o.E. | B.o.F. | B.o.E. | B.o.F. | B.o.E. | B.o.F. | ||||
1) Coin et Bullion | I. 61,474 | I. 500,000 | I. 314,427 | I. 526,000 | I. 264,243 | I. 707,000 | I. 432,145 | I. 164,400 | |||
2) Discounts (Loans) | I. 209,736 | D. 1,560,000 | I. 240,997 | I. 267,000 | I. 188,461 | I. 316,000 | I. 416,054 | I. 392,000 | |||
3) Min. Rate of Discount. | 4% | 3% | 4% | 3% | 31/2 | 3% | 31/2 | 3% | |||
4) Notes with Public. | I. 226,425 | D. 600,000 | D. 619,380 | D. 186,500 | I. 6,690 | D. 200,000 | D. 167,120 | D. 460,000 | |||
5) Stock o. Coin et Bullion. | 18,237,044 | 18,797,044 | 18,551,471 | 27,708,895 | Zus. £46,255,456 | 18,815,714 | 28,411,605 | Zus. 47,227,319 | £19,247859 | 28,579,600 | Zus. £47,827,459.| |
Week ending 29. August |
Week ending 5 September. |
Week ending 12 September. |
Week ending 19 September |
Week ending 26 Sept. |
Week ending 3 October. |
Week ending 10 October. |
Week ending 24 October. |
Sollte vor der vorigen
Rubrik stehn. Week ending 17 Oct. |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1) Circulation issued | £29,732,115 | I. 41,480 | 30,098,390 | I. 366,275 | 29,893,175 | D. 205,215 | 30,158,035 | I. 264,860 | 30,636,110 | I. 478,075 | 30,905,910 | I. 269,800 | 30,471,740 | D. 434,170 | 30,419,540 | I. 288,095 | 30,131,445 | D. 340,295 | |
2) Circulation Active. | 23,898,510 | Decr. 283,605 | 24,221,245 | I. 322,735 | 23,472,055 | D. 749,190 | 23,316,700 | D. 155,355 | 23,049,665 | D. 267,035 | 24,335,630 | I. 1,285,965 | 23,973,165 | D. 362,465 | 23,717,660 | D. 968,875 368,875 | 24,086,585 | I. 113,370 | |
3) Bullion. | 14,732,115 | 15,098,390 | 14,893,175 | 15,158,035 | 15,636,110 | 15,905,910 | 15,471,740 | 15,419,540 | 15,131,445 | ||||||||||
4) Reserve. | Notes. | 5,833,605 | Incr. 1,325,085 | 5,877,145 | I. 43,540 | 6,421,120 | I. 543,975 | 6,841,335 | I. 420,215 | 7,586,445 | I. 745,110 | 6,570,280 | D. 1,016,165 | 6,498,575 | D. 71,705 | 6,701,880 | I. 656,970 | 6,044,910 | D. 453,665 |
Coin. | 1,099,905 | 1,096,8222 1,096,822 | 1,081,602 | 1,065,481 | 1,093,152 | 973,227 | 995,766 | 957,818 | 1,001,918 | ||||||||||
5) Total Reserve. | 6,933,510 | I. 1,343,415 | 6,973,967 | I. 40,457 | 7,502,722 | I. 528,755 | 7,906,816 | I. 404,094 | 8,679,597 | I. 772,781 | 7,543,507 | D. 1,136,090 | 7,494,341 | D. 49,166 | 7,659,689 | I. 612,870 | 7,046,828 | D. 447,513 | |
6) Public Deposits | 4,137,048. | I. 725,409 | 4,778,487 | I. 641,439 | 5,184,758 | I. 406,271 | 5,551,717 | I. 366,959 | 6,389,183 | I. 837,466 | 6,169,451 | D. 219,732 | 6,266,199 | I. 96,748 | 3,218,291 | D. 174,691 | 3,392,982 | D. 2,873,217 | |
7) Private Dpts. | 18,473,050 | D. 290,424 | 17,462,300 | I. 1,010,750 | 17,308,397 | D. 153,903 | 16,921,755 | D. 386,642 | 17,023,547 | I. 101,792 | 17,209,685 | I. 186,138 | 17,454,673 | I. 244,988 | 18,764,056 | D. 14,467 | 18,778,523 | I. 1,323,850 | |
8) Public Securities. | 10,711,723 | No change. | 11,227,023 | I. 515,300 | 11,711,723 | I. 489,700 | 11,711,723 | No change. | 12,219,428 | I. 507,705 | 12,219,043 | D. 385 | 12,419,043 | I. 200,000 | 12,191,426 | D. 100,000 | 12,291,426 | D. 127,617 | |
9) Private Securities. | 23,937,484 | D. 950,674 | 23,225,787 | D. 711,697 | 22,481,941 | D. 743,846 | 22,123,554 | D. 358,387 | 21,751,954 | D. 371,600 | 22,941,313 | I. 1,189,359 | 22,149,550 | D. 791,763 | 20,553,187 | D. 691,799 | 21,244,986 | D. 904,564 | |
10) Coin et Bullion in both Departments. | 15,832,020 | I. 1,059,800 | 16,195,212 | I. 963,192 | 15,974,777 | D. 220,435 | 16,223,516 | I. 248,739 | 16,729,262 | I. 505,746 | 16,879,137 | I. 149,875 | 16,467,506 | D. 411,631 | 16,377,358 | I. 243,995 | 16,133,363 | D. 334,143 |
Moneymarket.
Week ending 1st Sept.
Aus:
The Money Market Review,
1. September 1866. S. 247.
Schließen Shipments of Gold to New York continue, and 31 Aug. £150,000 taken from the Bank for
remittance to that port, while about the same amount was sent into
the Bank. There is at present no demand for bullion for any other
quarter.
Aus:
The Money Market Review,
1. September 1866. S. 261.
Schließen
Failure of a Broker on Stock Exchange,
caused by expansive operations for a fall in
British Railway Securities. Wolverhampton: J. B. Dickinson,
iron masters, offers 10s. in £, paying in instalments from October
(1866) bis December (1867).
Week ending 8 Sept:
Aus:
The Money Market Review,
8. September 1866. S. 280.
Schließen Yesterday demand for
money active, owing to the extent to which bills had been held back
in anticipation of reduction of Bankrate. Again £288,000 in gold
taken from the Bank in gold
for New York; no compensating influx from other quarters.
Week ending 15 Sept.
Aus:
The Money Market Review,
15. September 1866. S. 312.
Schließen With diminution in
bullion, large diminution in active circulation of the B.o.E.,
amounting to 3/4
of a million. Daher, daß country bankers, who during the recent
crisis crammed their tills with B.o.E. notes, are now sending them
back to B.o.E. Dieß besonders heavy notes of £100 and
upwards. Bk.o.E. has während der
week parted mit £262,000 in gold, sent chiefly to
the U. St.; only a small portion of this decline has made up through
reflux of coin from the internal
circulation.
Week ending 22 September.
Aus:
The Money Market Review, 22. September
1866. S. 327.
Schließen On 21 Sept. 50,000£ in gold taken out for
New York, but same amount received from Continent, ausser £5000 in bars.
Zugleich, trotz des gold drain nach U. St., gold shipped from New
York to England etc.
Aus:
The Money Market Review,
22. September 1866. S. 336/337.
Schließen Mercantile Embarrassments:
Failure of the great native speculator,
Premchund
Roychund (Bombay where
he was director of a bank.) Liabilities 2 or 3 mill. £. St.
Failure of the Bank
of Upper Canada, established 1822.
Week ending 6 October.
Aus:
The Money Market Review,
6. Oktober 1866. S. 390.
Schließen Increase of £1,189,359
in the advances on private securities; this movement usual in the
closing week of each quarter. The sudden demand has caused
diminution of £1,136,090 in the Reserve; but in corresponding week
1865 it was nearly 2 × as great, and at beginning of Oct. 1864, it
was about £1,300,000. Decrease of £219,732 in the Gvt. Deposits
consequent to the payment of salaries and other quarterly accounts.
As usual at this season, a large amount of coin has been transmitted
to the provinces, and, consequently, although £.509,000 newly
imported gold sent into the Bank during the week, increase of coin
and bullion only £149,875. A very large amount of Indian bills fell
due on Saturday last, gave life to the discount market.
Aus:
The Money Market Review,
6. Oktober 1866. S. 391.
Schließen
Failure of Asiatic
Banking Co
(announced durch telegrams on 28 Sept.) Agencies and branches
at Bombay, Calcutta, Madras, Kandy, Colombo, Penang, Shanghai,
Singapore, Hong Kong, and Melbourne; headoffice at London;
liabilities expected to 31/2 Mill. £. St. Einer
der Hauptshareholders und sehr connected
mit der bank since its foundation der
oben sub 22 Sept. für 2 or 3 mill. fallirte
Roychund. On the
establishment at Bombay of the Back Bay Reclamation
Co., of which Roychund was the chief promoter,
500 shares offered to Gvt., but refused by them. These shares
subsequently sold by auction and realised in the mania the almost
incredible sum of 1 Mill. £ profit, lent to the Asiatic Banking
Corporation by the Reclamation Co., to be repaid on July next. The
position of the bank weeks weak for months past, owing to a constant run upon its
resources at Bombay, promoted by the suspension of Roychund.
Connection of this individual with all sharespeculations of Bombay
well known. Eine Quelle für diesen Satz konnte
nicht ermittelt werden.
Schließen Fall in cotton and in the
value of „Back Bay Shares“ had great effect.
Week ending 20 October:
Aus:
The Money Market Review, 20. Oktober 1866.
S. 446.
Schließen The payment of the Dividends began on Saturday. The draught on the Gvt. Deposits
largely made up to the Bank by the influence of private deposits, and the
diminution in the advances on private securities; yet decrease in Reserve of
£447,513. The coin and bullion present likewise a decrease of £334,143,
chiefly caused by withdrawals of coin by the receivers of the dividends,
since the import and export transactions of the week, resulted, on balance,
in a withdrawal of only £60,000 from the Bank. Gold withdrawn for Alexandria
to pay cotton. An unusually large proportion of the funds (paid in dividends
by the Bank) is on the market seeking temporary employment, in
consequence of the quarterly advances from the Bank during the last 2 or
3 weeks, and now repayable to that establishment, having been much below the
average.
Aus:
The Money Market Review, 20. Oktober 1866.
S. 447.
Schließen Failures announced from Melbourne.
Week ending 27 Oct.
Aus:
The Money Market Review,
27. Oktober 1866. S. 475.
Schließen Failures:
Preston:
Wilding and Strachan, spinners and
manufacturers. Birmingham.
G. Pell, Heyford Ironworks, liab. £.160,00 £.160,000.|
The Money Market Review, 8. September 1866. S. 279/280.
Schließen
Bankminimum, Prices of Wheat and Cotton.
Prices of 1847, 1856 und 1866.
Bk. Minimum Dsct. Rate. | Average Price of Wheat per qr. | Average Price of cotton per lb. | |
---|---|---|---|
1844 | 21/2 | 50s. | Normal Prices troughout |
1845 | 21/2 to 31/2 | 50 | |
1846 | 31/2 … 3 | 54 | |
1847 – Panic | 3 … 8 | 68s. | |
1848 | 5 … 3 | 50 | |
1849 | 3 … 21/2 | 43 | |
1850 | 21/2 … 3 | 40 | |
1851 | 3 | 38 | |
1852 | 3 … 2 | 40 | |
1853 | 2 … 5 | 54 | |
1854 | 5 … 51/2 | 72 | |
1855 | 31/2 … 6 | 74 | |
1856 | 41/2 … 7 | 68 | |
1857 – Panic | 51/2 … 10 | 56 | 6d to 7d. |
1858 | 10 … 21/2 | 43 | 6 |
1859 | 21/2 … 41/2 | 42 | 61/2 |
1860 | 21/2 … 6 | 53 | 6 |
1861 | 8 … 3 | 56 | 71/2 |
1862 | 3 … 2 | 56 | 1s. 2d. |
1863 | 3 … 8 | 44 | 1s. 8d. |
1864 | 6 … 9 | 37 | 1s. 10d. |
1865 | 3 … 7 | 39 | 1s. 4d. |
1866 – Panic | 10% (3 months, reduced to 5% in a month.) |
The Money Market Review, 8. September 1866. S. 282/283.
Schließen
Profits of B. o. England. for 22 years.
Hubbard’s Reply to Watkin that „while borrowers have suffered, that lenders had gained, and that as both are citizens of this country, the gain, as well as the loss, would be felt throughout the empire“ would also justify the practice of the usurer who trades on the weakness and folly of profligates by discounting their acceptances at 50 and 60%. The real question, whether it is proper that those who, as directors of the B.o.E., manifestly make large profits out of a time of panic, should be left to |12 regulate matters the decision of which affects so materially the duration and even the creation of panics.
Half Year ending. | Amount of Rest or Surplus Profits. | Dividends paid. |
Rate Discount Minimum |
Number of Changes | Addition made to Rest in the last week of each half year | |
---|---|---|---|---|---|---|
Amount. | Rate p. annum. | |||||
1) | 2) | 3) | 4) | 5) | 6) | 7) |
Saturday | £ | £ | P.Ct. | PCt. | Number of Changes | £ |
Sept. 7, 1844 | 3,564,729 | 509,355 | 7 | 21/2 | 1 | |
March 1, 1845 | 3,575,172 | 509,355 | 7 | ― | ― | 322,891 |
August 30, 1845 | 3,588,888 | 509,355 | 7 | ― | ― | 239,606 |
Feb. 28, 1846 | 3,689,430 | 509,355 | 7 | 3, 31/2 | 2 | 212,414 |
Sept. 5, 1846 | 3,864,479 | 509,355 | 7 | 3 | 1 | 330,109 |
Feb. 27, 1847 | 3,899,220 | 654,885 | 9 | 31/2, 4 | 2 | 236,088 |
Sept. 4, 1847 | 3,986,593 | 654,885 | 9 | 5, 51/2 | 2 | 302,390 |
March 4, 1848 | 3,980,840 | 654,885 | 9 | 8, 7, 6, 5, 4 | 4 | 241,451 |
Sept. 2, 1848 | 3,826,382 | 509,355 | 7 | 31/2 | 1 | 269,696 |
March 3, 1849 | 3,855,368 | 800,415 | 11 | 3 | 1 | 340,803 |
Sept. 1, 1849 | 3,574,361 | 509,355 | 7 | ― | ― | 284,809 |
March 2, 1850 | 3,592,934 | 582,120 | 8 | 21/2 | 1 | 332,789 |
August 31, 1850 | 3,536,662 | 509,355 | 7 | ― | ― | 300,101 |
March 1, 1851 | 3,610,954 | 582,120 | 8 | 3 | 1 | 337,082 |
Aug. 30, 1851 | 3,566,965 | 509,355 | 7 | ― | ― | 278,505 |
Feb. 28, 1852 | 3,604,186 | 582,120 | 8 | 21/2 | 1 | 323,316 |
Sept. 4, 1852 | 3,549,003 | 509,355 | 7 | 2 | 1 | 323,239 |
March 5, 1853 | 3,617,702 | 582,120 | 8 | 21/2, 3 | 2 | 370,366 |
Sept. 3, 1853 | 3,634,523 | 582,120 | 8 | 31/2, 4 | 2 | 343,083 |
March 4, 1854 | 3,713,915 | 654,885 | 9 | 41/2, 5 | 2 | 330,666 |
Sept. 2, 1854 | 3,689,563 | 654,885 | 9 | 51/2, 5 | 2 | 294,353 |
March 3, 1855 | 3,634,524 | 582,120 | 8 | ― | ― | 331,283 |
Sept. 1, 1855 | 3,628,723 | 582,120 | 8 | 41/2, 31/2 | 2 | 301,374 |
March 1, 1856 | 3,779,752 | 727,650 | 10 | 4, 41/2, 5, 51/2, 6-7 | 5 | 309,706 |
August 30, 1856 | 3,688,406 | 654,885 | 9 | 6, 5, 41/2 | 3 | 272,083 |
Feb. 28, 1857 | 3,719,854 | 654,885 | 9 | 5, 6-7, 7, 61/2, 6 | 5 | 198,468 |
Sept. 5, 1857 | 3,895,251 | 800,415 | 11 | 61/2, 6, 51/2 | 3 | 308,241 |
Wednesday | ||||||
March 3, 1858 | 3,883,852 | 500,415 | 11 | 6, 7, 8, 9, 10, 8, 6, 5, 4, 31/2, 3 | 11 | 198,149 |
Sept. 1, 1858 | 3,689,972 | 654,885 | 9 | ― | ― | 314,237 |
March 2, 1859 | 3,647,589 | 582,120 | 8 | 21/2 | 1 | 345,365 |
August 31, 1859 | 3,689,021 | 654,885 | 9 | 31/2, 41/2, 31/2, 3, 21/2 | 5 | 245,231 |
Feb. 29, 1860 | 3,680,876 | 654,885 | 9 | 3, 4 | 2 | 235,814 |
Sept. 5, 1860 | 3,777,723 | 727,690 | 10 | 41/2, 5, 41/2, 4 | 4 | 295,813 |
March 6, 1861 | 3,803,199 | 727,650 | 10 | 41/2, 5, 6, 5, 6, 7, 8 | 7 | 366,984 |
Sept. 4, 1861 | 3,783,761 | 727,650 | 10 | 7, 6, 5, 6, 5, 41/2, 4 | 7 | 307,490 |
March 5, 1862 | 3,656,299 | 618,502 | 81/2 | 31/2, 3, 21/2 | 3 | 321,578 |
Sept. 3, 1862 | 3,639,646 | 618,502 | 81/2 | 3, 21/2, 2 | 3 | 308,431 |
March 4, 1863 | 3,659,178 | 618,502 | 81/2 | 3, 4, 5, 4 | 4 | 342,642 |
Sept. 2, 1863 | 3,674,187 | 654,885 | 9 | 31/2, 3, 31/2, 4 | 4 | 262,111 |
March 2, 1864 | 3,778,873 | 764,032 | 101/2 | 5, 6, 7, 8, 7, 8, 7, 6 | 8 | 242,779 |
August 31, 1864 | 3,859,557 | 836,797 | 111/2 | 7, 8, 9, 8, 7, 6, 7, 8 | 8 | 216,030 |
March 1, 1864 | 3,831,656 | 800,415 | 11 | 9, 8, 7, 6, 51/2, 5 | 6 | 229,159 |
Sept. 6, 1865 | 3,739,107 | 727,650 | 10 | 41/2, 4, 41/2, 4, 31/2, 3, 31/2, 4 | 8 | 231,070 |
Feb. 28, 1866 | 3,775,794 | 764,032 | 101/2 | 41/2, 5, 6, 7, 6, 7, 8, 7 | 8 | 183,707 |
Sept. 5, 1866 | 3,987,417 | 6, 7, 8, 9, 10, 8, 7, 6 | 8 | 171,724 |
(verte)|
13The dates given in the first column (1) are those of the Bank’s returns which include the last days in the months of Febr. and August in each year, the practice being to strike the half yearly profit balances of the B.o.E. on the last day of those months.
Rest now (Sept. 5, 1866) £3,987,417, allows declaration of 13% p.a., which would absorb £945,945. This is the largest amount earned and available since 1844, and a balance of about £3,041,000 would remain to be carried forward.
The actual increase in the amount of „rest“ during the period of 14 weeks when minimum rate discount 10%, was £583,605, and in the remaining portion of the half year, or 12 weeks, excluding the present week’s return (nämlich that of Sept. 5, ’66), it was £220,327, i.e., less than 1/2, although there was not a very great difference in the average Bankrate of the 2 periods. If we apportion the increase in the last or balance week, between the 14 and the 12 weeks, the result is as follows, there being 27 weeks included in our figures:
14 weeks of 10% rates give Profits | £627,648 |
13 weeks average of 61/2 P.Ct. rate | £303,007 |
£975,655. |
In other words, during the 14 weeks of pressure or period of distress in the commercial world the B.o.E. earned at the rate of 17.16 P.Ct. p. annum, and in the remaining period only 8.32 P.Ct. p.a.
The Money Market Review, 13. Oktober 1866. S. 412/413.
Schließen
The B.o.E. Rates of Discount for
22 years.
The only periods during which anything like a steady rate prevails is when value of money is extremely low, or when trade is stagnant, or has become paralysed from the effects of a crisis. A continuous increase in the rate of discount to a high point is invariably followed by a severe reaction to the other extreme. Thus, after 4 weeks of 8% in 1847, the rate successively declined without interruption to 21/2%. After 6 weeks of 10% in 1857, the rate again, without a break, fell to 21/2%. Early in 1861 there were fears that a crisis would occur; numerous failures were taking place among the Greek Houses engaged in the Levant trade, Bankrate placed at 8% for 6 weeks, after which another fall to 21/2% repeated. In the 2 last months of 1863 and during all 1864 Bankrate high, between 6 and 9%. It was generally thought that the rate of money was had permanently risen, owing chiefly to the numerous new lending and borrowing Cos. established; but the revolution in the cotton trade accounted for the increased value or demand for money. The new cotton-producing countries required payment in specie, and not in manufactures, for the raw material they sent us. After the exaction of 9% for 9 weeks, towards the close of 1864, a reaction followed, |14 ultimately carrying the rate to 3%. Lately 10% for 14 weeks, and the reaction has already made rapid progress.
After the crisis of 1847 we had 6 years of very cheap money, and during more than 4 of these years the rates oscillated between only 2 and 3%. After the crisis of 1857 we had nearly 3 years of very low rates, 21/2 and 3% prevailing for 97 weeks during that period.
Rates of Discount before
and after the Gold discoveries.
1st Period, ending Dec. 31, 1851, before the new gold arrived in quantity. 2 Period ends with 4 May 1859. Whatever may have been the immediate effect of the actual receipt of the gold on the rates of discount, it must have been shown or felt in that period. Third Period 7 years and 4 months the ending with the present week. On the 2 occasions when there were the 2 rates of 6 and 7% at the same time, both occurring in the 2nd period, average of 61/2% is taken in the following analysis:
Minimum Bankrate. | 1 Period. | 2nd Period. | Third Period. | Whole 22 years 7 Sept. 44 to 10 Oct. 1866 |
||||
---|---|---|---|---|---|---|---|---|
Sept. 7, 1844 to 31 Dec. 1851. | Jan. 1 1852 to 4 May, 1859. | 5. May 1859 to 10 Oct. ’66. | ||||||
Weeks. | Days. | Weeks. | Days. | Weeks. | Days. | Weeks. | Days. | |
2 | ― | ― | 37 | ― | 14 | ― | 51 | ― |
21/2 | 115 | ― | 38 | ― | 48 | ― | 201 | ― |
3 | 131 | ― | 62 | ― | 42 | ― | 235 | ― |
31/2 | 63 | ― | 27 | ― | 12 | 5 | 102 | 5 |
4 | 31 | ― | 10 | ― | 83 | 5 | 124 | 5 |
41/2 | ― | ― | 21 | 6 | 20 | 2 | 42 | 1 |
5 | 22 | ― | 74 | 5 | 27 | 6 | 124 | 4 |
51/2 | 11 | 4 | 26 | ― | 2 | ― | 39 | 4 |
6 | 3 | ― | 21 | 4 | 49 | ― | 73 | 4 |
61/2 | ― | ― | 49 | 3 | ― | ― | 49 | 3 |
7 | 1 | 3 | 4 | ― | 35 | 4 | 41 | ― |
8 | 4 | ― | 4 | 3 | 28 | ― | 36 | 3 |
9 | ― | ― | ― | 4 | 11 | ― | 11 | 4 |
10 | ― | ― | 6 | 3 | 13 | 6 | 20 | 2 |
382 | ― | 383 | ― | 388 | ― | 1,153 | ― |
In the 1st Period of 382 weeks only 20 weeks during which rates over 5% prevailed; nearly 5 years of 21/2% and of 3%, or more than 2 years of each. 21/2% the lowest, 8% the highest.
In 2nd Period low rates of shorter and the high rates of longer duration than in the first period. 5% prevailed longer than any other rate, lasting for nearly 11/2 years. Lowest rate 2, and highest 10%.
In 3d Period: Further reduction in the duration of the lower rates, and another very considerable increase in that of the highest rates of 7, 8, 9 and 10%. 2% again the lowest and 10% the highest rate. Rate most prevalent in this 3d period 4%, lasted more than 18 months.
Aus der lezten column (die whole 22 years) folgt, daß 41/2 years of 3% rates, nearly 4 years of 21/2%, 1 year of 2%, and about 2 years each of 31/2, 41/2, and 5%. (verte)|
15There were 17 alterations in the rate in the 1st period, 24 in the 2nd , and 86 in the third, or over 5 × the number of the first. The total number of alterations is 145.
The average Bank Rate for the whole Period has been £4. 4s. p.C.; in the 1st period it was £3, 5s. 11d., in the 2nd Period £4, 8s. 2d., and in the 3d Period it was £4, 17s. 11d. The 2nd period is 33% and the 3d is 50% higher than the average rate of the 1st period; so that – against the general expectation – the great discoveries of gold have not reduced the Rate of Interest.
The Money Market Review, 20. Oktober 1866. S. 442.
Schließen
Gold and Silver Production in U. St. (1866)
Estimated at from $82 Mill. to $106 Mill. Davon figures California for 25 Mill. $, Montana for 18 Mill. $, Idaho for 17, Nevada 16, Colorado 17, Oregon 8 Mill. $.
Produce of Goldfields of the Province | Export during quarter ended 30 June 1866. | Export during year ended 30 June 1866. | Total exported from New Zealand to 30 June 1866 | |||
---|---|---|---|---|---|---|
Quantity. (oz.) | Value (£) | Quantity. (oz.) | Value. (£) | Quantity (oz.) | Value. (£) | |
Auckland | 2,070 oz. | 7,251£ | 5,410 oz. | 17,197£ | 17,864 oz. | 55,763£ |
Marlborough | 34 | 132 | 2,418 | 9,373 | 32,932 | 126,597 |
Nelson | 32,654 | 126,532 | 135,277 | 524,202 | 221,323 | 857,720 |
Canterbury | 103,982 | 403,026 | 390,237 | 1,512,263 | 455,895 | 1,772,282 |
Otago | 45,008 | 174,405 | 203,850 | 789,918 | 1,983,845 | 7,687,400 |
Southland | 1,603 | 6,211 | 1625 | 6,296 | 1625 | 6,296 |
Totals | 185,351 | 717,557 | 738,817 | 2,859,249 | 2,713,484 | 10,506,058| |
The Money Market Review, 27. Oktober 1866. S. 466/467.
Schließen
Evils of two distinct departments in the B.o.E. shown by her weekly Returns.
Banking Department. | Issue Department. | |||||
---|---|---|---|---|---|---|
1866. | Liabilities to Public. | Reserve. | Proportion P.Ct. | Active Circulation or Liabil. to Public | Issue Reserve. | Proportion P.Ct. |
May 9 | £.19,760,000 | £5,812,000 | 29%, about 5s. 10d. in £ | 22,344,000 | 7,344,000 | 33% or 6s. 8d. in £ |
16 | 25,087,000 | 1,203,000 | 43/4, under 1s. 0d. | 26,121,000 | 11,121,000 | 43 or 8s. 7d. |
30 | 27,199,000 | 860,000 | 31/4 under 0s. 8d. | 26,019,000 | 11,019,000 | 42 or 8s. 5d. |
While the Banking Department was so much weakened, the Issue Department was actually strengthened, despite increasing liabilities.
Total Liabilities to Public. | Total Coin and Bullion. | Proportion P.Ct. | |
---|---|---|---|
May 9 | £42,104,000 | £.13,156,000 | 31% or 6s. 3d. in the pound |
16 | 51,208,000 | 12,324,000 | 24 … 4s. 10d. |
30 | 53,218,000 | 11,879,000 | 22 … 4s. 5d. |
From 3% of July 1865 to 10% of May 1866 (15 months). Principle: on every occasion of an increase in the rate of discount a decrease in the comparative strength of the Banking Department is shown in the returns; and again, each reduction in the rate has been preceded by an increase of strength. But one main evil is that these frequent alterations, so detrimental to the commerce of the country, very often occur irrespective of the General Position of the Bank. Z.B. The serious and unexpected advance von 41/2 to 7% 12 months ago, caused by sudden reduction from 33 to 24% in the strength of the Banking Department, whereas, at the same time, the position of the Bank in its entirety was but slightly affected.
Important and long continued decline in the private securities, which commenced with June, after the first 3 weeks infliction of the 10%. The demand for loans and discounts was reduced considerably through an uninterrupted settlement of outstanding engagements, while comparatively few fresh ones were entered into.
Date of Return. 1866. | Amount of other Securities. | Amount of Weekly Reduction. | Increase. | |
---|---|---|---|---|
June | 6 | £.31,772,000 | £.1,675,000 | |
13 | 31,270,000 | 502,000 | ||
20 | 31,209,000 | 61,000 | ||
27 | 30,844,000 | 325,000 | ||
July | 4 | 30,750,000 | 134,000 | |
11 | 29,040,000 | 1,710,000 | ||
18 | 27,752,000 | 1,228,000 | ||
25 | 26,742,000 | 1,010,000 | ||
Aug. | 1 | 26,567,000 | 175,000 | |
8 | 26,157,000 | 410,000 | ||
15 | 25,224,000 | 933,000 | ||
22 | 24,888,000 | 336,000 | ||
29 | 23,937,000 | 951,000 | ||
Sept. | 5 | 23,226,000 | 711,000 | |
12 | 22,482,000 | 744,000 | ||
19 | 22,124,000 | 358,000 | ||
26 | 21,752,000 | 372,000 | ||
Oct. | 3 | 22,941,000 | 0 | £.1,189,359 |
10 | 22,150,000 | 791,000 | ||
17 | 21,245,000 | 905,000 | ||
24 | 20,553,000 | 692,000 |
Total Net Reduction on the above 21 weeks: £12,894,276
At the close of each quarter the advances on other
securities invariably augment by 2 or 3 mill. Daher on
Oktober 3 Unleserlich wegen Tintenfleck.
Schließen xxx|
Bank of
England (1866 November and December.)
Week ending Nov. 7 | Week ending 14 Nov. | Week ending 21 November | Week ending 28 Nov. | Week ending 5 December | Week end. 12 December | Week ended 19 December | Week ended 26 Dec. | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1) Circulation Issued | 30,937,245 | I. 174,360 | 31,084,720 | I. 147,475 | 31,744,190 | I. 659,470 | 32,141,275 | I. 398,085 | 32,226,360 | I. 84,085 | 32,497,700 | I. 271,340 | 32,699,545 | I. 201,845 | 33,307,880 | I. 608,335 | |
2) Circulation Active | 23,561,330 | D. 249,125 | 23,276,845 | D. 284,485 | 22,944,315 | D. 332,530 | 22,486,750 | D. 457,565 | 22,713,175 | I. 226,425 | 22,093,795 | D. 619,380 | 22,100,485 | I. 6690 | 21,933,365 | D. 167,120 | |
3) Bullion | 15,937,245 | 16,084,720 | 16,744,190 | 17,142,275 | 17,226,360 | 17,497,700 | 17,699,545 | 18,307,880 | |||||||||
4) Reserve | Notes | 7,375,915 | I. 423,485 | 7,807,875 | I. 431,960 | 8,799,875 | I. 992,000 | 9,655,525 | I. 855,650 | 9,513,185 | D. 142,340 | 10,403,905 | I. 890,720 | 10,599,060 | I. 195,155 | 11,374,515 | I. 775,455 |
Coin | 954,361 | 1,059,887 | 1,008,724 | 1,033,295 | 1,010,684 | 1,053,771 | 1,116,169 | 939,979 | |||||||||
5) Total Reserve | 8,330,276 | I. 417,135 | 8,867,762 | I. 537,486 | 9,808,599 | I. 940,837 | 10,688,420 | I. 880,221 | 10,523,869 | D. 164,951 | 11,457,676 | I. 933,807 | 11,715,229 | I. 257,553 | 12,314,494 | I. 599,265 | |
6) Public Deposits. | 4,375,714 | I. 454,561 | 5,145,772 | I. 770,058 | 5,830,843 | I. 685,071 | 6,161,157 | I. 330,314 | 6,837,783 | I. 676,626 | 7,388,241 | I. 550,458 | 8,070,235 | I. 681,994 | 8,706,361 | I. 636,126 | |
7) Private Deposits. | 17,150,191 | D. 709,280 | 16,687,127 | D. 463,064 | 17,435,349 | I. 748,222 | 18,252,795 | I. 817,440 | 17,740,867 | D. 511,928 | 18,425,551 | I. 684,684 | 18,181,096 | D. 224,455 | 18,592,224 | I. 411,128 | |
8) Public Securities. | 12,299,812 | I. 105,953 | 12,304,391 | I. 4,579 | 12,670,738 | I. 366,347 | 12,846,363 | I. 175,625 | 12,956,269 | I. 109,906 | 13,011,222 | I. 54,953 | No change | No change | |||
9) Private Securities. | 19,330,391 | D. 748,467 | 19,061,233 | D. 269,158 | 19,184,781 | I. 123,548 | 19,186,008 | I. 1227 | 19,395,744 | I. 209,736 | 19,636,741 | I. 240,997 | 19,825,202 | I. 188,461 | 20,241,256 | I. 416,054 | |
10) Coin et Bullion in both Departments. | 16,891,606 | I. 168,010 | 17,144,607 | I. 253,001 | 17,752,914 | I. 608,307 | 18,175,570 | I. 422,656 | 18,237,044 | I. 61,474 | 18,551,471 | I. 314,427 | 18,815,714 | I. 264,243 | 19,247,859 | I. 432,145 |
Week ending 10 November.
Aus:
The Money Market Review, 10. November
1866. S. 530.
Schließen Rapid decline in the Bank’s Discount has
chiefly prompted the reduction to 4% on 8 Nov. Owing to the extent to which
bills had been held back, in anticipation of reduction in the Bankrate,
increased demand for discounts on 8 und 9 Nov. Moderate Remittances
to the East (Alexandria, Madras, Calcutta, Singapore and Hong Kong, all
silver except £20,175 gold für Alexandria. The
whole: £38,046)
Aus:
The Money Market Review,
10. November 1866. S. 531.
Schließen
Mercantile
Embarrassments: Dent et Co (influential China Merchants),
their drafts refused acceptance by their London agents, Dent, Palmer
et Co. House has agents at Hong Kong, Shanghai, Foo-chow-foo. Liab. 2 to 3 Mill. £. St. Bradford, failure of spinner mit £25,000. Burnley, suspension of Uttley et Lee, manufacturers, Liab. about £20,000. Wednesbury:
James Russell et Sons, Crown Tube Works,
liab. about £40,000. Russell was director of
New Zealand Banking Co
, which suspended during recent panic.
Week ending 17 November.
Aus:
The Money Market Review, 17. November
1866. S. 558.
Schließen
Increase of Reserve owing to diminution of
Discounts (Loans) and influx of Gvt. Deposits. Amount
of gold gained to Bank by Import und Export
transactions only £57,000 und daher die
Increase of 253,001 indicates reflux of coin from the provinces.
Aus:
The Money Market Review,
17. November 1866. S. 559.
Schließen
Mercantile
Embarrassments:
Adelaide
(South Australia) Suspension of Philip Levi et Co, merchants, liab. over
£300,000. Largest mercantile failure ever known in the colony. Sidney:
Love et Sons, wholesale grocers (liab. £46,000) und
Drynan et Co, warehousemen, liab. £42,000.
Gillespie, Churchill et Co, most
extensive merchants, failed on 23 April, deficiency now shown of £489,490, which has resulted from
4 years trading, £263,831 by bad debts, £212,863 lost on ships,
produce etc. Creditors will have 8d. in £.
Week ending 24 November.
Aus:
The Money Market Review,
24. November 1866. S. 587.
Schließen
Increase of Reserve durch influx of public
und private deposits. Mercantile
Embarrassments:
Will. Dargan, Extensive Irish
contractor.
Week ending 1 December.
Aus:
The Money Market Review, 1. Dezember 1866.
S. 616.
Schließen
Increase of Reserve: Owing to influx of Deposits, including lodgments in the Bank by the
liquidators of failed Cos. Notwithstanding some little absorption of
sovereigns in Ireland, there is, on balance, a steady reflux of coin to the
Bank from the provincial circulation.
Aus:
The Money Market Review,
1. Dezember 1866. S. 617.
Schließen
Mercantile
Embarrassments:
Liverpool failure of firm
of wine brokers, owing to transactions in China trade. Scott et Co, extensive shipbuilders of
St. Nazaire, declared bankrupt. They built 5 of the extensive
steamers of the Transatlantic Co., employed large number of
people.
Week ending 8. December:
Aus:
The Money Market Review,
8. Dezember 1866. S. 648.
Schließen
Increase in Gvt. und diminution
[in] private deposits,
usual at this season. Mercantile
Embarrassments:
Manchester, Abraham
Troost et Sons, old mercantile house. Stirling: Suspension of G. Shand et
Co, Petroleum trade. Liab. about
£100,000. Acceptances of Ramsay, Elder, et Co, Barbadoes,
of J. et A. Elder (Antigua) und
Elder, Stevens et Co, Bushlane (City) returned. Liab. of H.
A. Holden, contractor for public works, about £800,000.
Week ending 15 Dec:
Aus:
The Money Market Review,
15. Dezember 1866. S. 681.
Schließen
Mercantile
Embarrassments:
Great Towerstreet (City), failure of Mitchell and Aspinal, teabrokers, liab.
considerable. Wm. Alphonse, of Newgate
Street, importer of foreign goods. Liab. over £10,000. Liverpool et
Singapore:
Grant, Murdoch et Co, Indian and African
Merchants, liabilities about 300,000. Glasgow:
Liddell, M’Gillivray et Co, spinners et
manufacturers. Glasgow:
Scott et Co, of Cartsdyke, extensive
shipbuilders. Owing to this stoppage and that of Scott et Co., of
St. Nazaire, the Greenock Foundry Co.
compelled to suspend payment.
Aus:
The Money Market Review,
15. Dezember 1866. S. 681.
Schließen
The advises from Australia by present mail
show general revulsions in trade, accompanied by numerous large
failures at Sydney, where the pressure for
money and consequent sudden contraction of credit by the banks has
brought down about 13 establishments mit aggregate
liabilities of mindest £800,000. The most important
failures
were Threlkeld et Co, auctioneers
(£400,000), Wilkinson brothers, merchants
(£100,000) Joubert et Boucher, merchants,
J. et E. Row, wholesale druggists and
chemists, Church Brothers.
Week ending 22 Dec.
Aus:
The Money Market Review,
22. Dezember 1866. S. 712/713.
Schließen
Addition to Stock of Bullion et
Coin almost exclusively from return of coin from provincial
circulation. Mercantile
Embarrassments:
J. Schofield et Sons, cotton spinners, Oldham. James Barber et
Co, East India Merchants. This due to debt of
£36,000 owing by the Calcutta agent of the firm (i.e. Gordon, Stuart et Co. who caused the
stoppage.)
Week ending 29. December.
Aus:
The Money Market Review, 29. Dezember
1866. S. 740.
Schließen
Increase of Reserve, owing to continued influx of
deposits. Augmentation of coin et bullion £432,145,
about £120,000 less than amount sent to the Bank during the week from
abroad. Difference due to withdrawal of coin by
bankers et others to meet Christmas and New Years payments.|
Bank of
England and Moneymarket. 1867.
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 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2 January | 33,429,100 | I. 121,220 | 23,286,845 | I. 1,353,480 | 18,429,100 | 10,142,255 | D. 1,232,260 | 986,262 | 11,128,517 | D. 1,185,977 | 8,162,130 | D. 544,231 | 20,592,230 | I. 2,000,006 | 13,111,068 | I. 99,846 | 22,816,503 | I. 2,575,247 | 19,415,362 | I. 167,503 |
9 Jan. | 33,461,685 | I. 32,585 | 23,313,810. | I. 26,965 | 18,461,685 | 10,147,875 | I. 5620 | 977,167 | 11,125,042 | D. 3475 | 4,444,468 | D. 3,717,662 | 23,049,592 | I. 2,457,362 | No change | 21,750,978 | D. 1,065,525 | 19,438,852 | I. 23,490 | |
16 Jan. | 33,272,645 | D. 189,040 | 23,300,420 | 18,272,645 | 9,972,225 | D. 175,650 | 1,008,200 | 10,980,425 | D. 144,617 | 4,467,001 | I. 22,533 | 21,064,710 | D. 1,751,260 1,984,882 | No change | 19,999,718 | D. 1,751,260 | 19,280,845 | D. 158,007 | ||
23 Jan. | 32,881,875 | D. 390,770 | 22,918,965 | D. 381,455 | 17,881,875 | 9,962,910 | D. 9,315 | 1,009,673 | 10,972,583 | D. 7,842 | 5,298,679 | I. 831,678 | 19,637,846 | D. 1,426,864 | No change | 19,411,773 | D. 587,945 | 18,891,548 | D. 389,297 | |
30 Jan. | 32,917,120 | I. 35,245 | 22,807,285 | D. 111,680 | 17,917,120 | 10,109,835 | I. 146,925 | 973,302 | 11,083,137 | I. 110,554 | 6,161,542 | I. 862,863 | 18,643,429 | D. 994,417 | No change | 19,190,383 | D. 221,390 | 18,890,422 | D. 1126 | |
6 Febr. | 33,094,940 | I. 177,820 | 23,024,170 | I. 216,885 | 18,094,940 | 10,070,770 | D. 39,065 | 929,253 | 11,000,023 | D. 83,114 | 5,997,437 | D. 164,105 | 18,267,595 | D. 375,834 | No change | 18,716,418 | D. 473,965 | 19,024,193 | I. 133,771 | |
13 Feb. | 33,218,080 | I. 123,140 | 22,630,785 | D. 393,385 | 18,218,080 | 10,587,295 | I. 516,525 | 959,302 | 11,546,597 | I. 546,574 | 6,870,680 | I. 873,243 | 17,476,265 | D. 791,330 | No change | 18,317,542 |
D. 398,876 |
19,177,382 |
I. 153,189. | |
20 Febr. | 33,281,075 | I. 62,995 | 22,295,590 | D. 335,195 | 18,218,075 | 10,985,485 | I. 398,190 | 1,030,338 | 12,015,823 | I. 469,226 | 6,203,868 | D. 666,812 | 18,559,453 | I. 1,083,188 | No change | 18,201,850 | D. 116,192 |
19,311,413 |
I. 134,031 | |
27 Febr. | 33,406,285 | I. 125,210 | 22,375,835 | I. 80,245 | 18,406,285 | 11,030,450 | I. 44,965 | 984,027 | 12,014,477 | D. 1346 | 6,734,959 | I. 531,091 | 17,847,021 | D. 712,432 | No change | 18,045,819 | D. 155,531 | 19,390,312 | I. 78,899 | |
6 March | 33,391,075 | D. 15,210 | 22,497,230 | I. 121,395 | 18,391,075 | 10,898,845 | D. 136,605 | 982,890 | 11,876,735 | D. 137,742 | 7,246,023 | I. 511,064 | 17,583,972 | D. 263,049 | No change | 18,653,252 | I. 607,433 | 19,373,965 | D. 16,347 | |
13 March | 33,236,990 | D. 154,085 | 22,049,515 | D. 447,715 | 18,236,990 | 11,187,475 | I. 293,630 | 1,019,245 | 12,206,720 | I. 329,985 | 8,237,911 | I. 991,888 | 16,789,161 | No change | 18,604,404 | D. 48,844 | 19,256,235 | D. 117,730 | ||
20 March | 33,427,710 | I. 190,720 | 21,849,895 | D. 199,620 | 18,427,710 | 11,577,815 | I. 390,340 | 1,033,736 | 12,611,551 | I. 404,831 | 8,780,499 | I. 542,588 | 16,925,565 | I. 136,404 | No change | 18,876,738 | I. 272,334 | 19,461,446 | I. 205,211 | |
27 March | 33,584,170 | I. 156,460 | 22,337,715 | I. 487,820 | 18,584,170 | 11,246,455 | D. 331,360 | 1,043,062 | 12,289,517 | D. 322,034 | 9,323,556 |
I. 543,057 |
17,169,812 | I. 244,247 | No change | 20,017,989 | I. 1,141,251 | 19,627,232 | I. 165,786 | |
3 April | 33,474,265 | D. 109,905 | 23,217,380 | I. 879,665 | 18,474,265 | 10,256,885 | D. 989,570 | 1,034,673 | 11,291,558 | D. 997,959 | 8,619,051 | D. 704,505 | 17,671,100 | I. 501,288 | 13,110,675 | D. 393 | 20,751,596 | I. 733,607 | 19,508,938 | D. 118,294 |
10 April | 33,178,750 | D. 295,515 | 23,229,605 | I. 12,225 | 18,178,750 | 9,949,145 | D. 307,740 | 1,120,569 | 11,069,714 | D. 221,844 | 5,710,748 | I. 2,908,303 | 19,045,560 | I. 1,374,460 | 12,826,158 | D. 284,517 | 18,960,410 | D. 1,791,186 | 19,299,319 | D. 209,619 |
17 April | 33,342,455 | I. 163,705 | 23,447,000 | I. 217,895 | 18,342,455 | 9,895,455 | D. 53,690 | 1,045,059 | 10,940,514 | D. 129,200 | 5,398,266 | D. 312,482 | 18,800,517 | D. 245,043 | 12,876,158 | I. 50,000 | 18,523,872 | D. 436,538 | 19,387,514 | I. 88,195 |
24 April | 33,226,265 | D. 116,190 | 23,125,385 | D. 321,615 | 18,226,265 | 10,100,880 | I. 205,425 | 1,110,662 | 11,211,542 | I. 271,028 | 6,345,829 | I. 947,563 | 17,883,892 | D. 916,625 | No change | 18,249,701 | D. 274,166 | 19,336,927 | D. 50,587 | |
1 May | 33,167,410 | D. 58,885 | 23,229,665 | I. 174,280 | 18,167,410 | 9,867,745 | D. 233,135 | 1,081,485 | 10,949,230 | D. 262,312 | 7,052,501 | I. 706,672 | 17,793,917 | D. 89,975 | 12,886,314 | I. 10,156 | 19,169,324 | I. 919,618 | 19,248,895 | D. 88,032 |
Week ending 5 Jan. | Week ending 12 Jan. | Week ending 19 Jan. | Week ending 26 Jan. | Week end. 2 Febr. | Week end. Feb. 9 | Week ending 16 Febr. | Week ending 23 Febr. | Week ending 2 March | Week ending 9 March | Week ending 16 March | Week end. 23 March | Week ending 30 March | Week ending April 6 | Week ending April 13 | Week ending April 20 | Week ending April 27 | Week ending May 4 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1) Coin et Bullion. | D. 1,580,000 | D. 706,640 | D. 106,640 | I. 496,000 | I. 200,000 | I. 848,000 | I. 500,000 | I. 760,000 | I. 180,000 | I. 733,500 | I. 306,640 | I. 236,000 | I. 512,000 | I. 293,820 | D. 356,000 | I. 33,200 | I. 316,000 | I. 520,000 |
2) Discounts (Loan) | I. 2,413,320 | D. 500,000 | I. 560,000 | D. 440,000 | I. 1,666,640 | D. 3,040,000 | D. 500,000 | D. 1,266,650 | I. 1,200,000 | D. 2,960,000 | D. 180,000 | D. 810,000 | I. 36,000 | D. 112,000 | D. 488,000 | I. 650,000 | I. 380,000 | I. 400,000 |
3) Minimum Rate of Disc. | 3%. England 31/2. | 3%. Engl. 31/2 | 3%. Engl. 31/2 | 3%. Engl. 31/2 | 3%. Engl. 31/2 | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3% | 3%. Engl. 3%. | 3%. Engl. 3%. |
4) Notes mit Public | I. 3,180,000 | I. 644,000 | I. 832,000 | I. 12,000 | I. 1,944,000 | D. 2,580,000 | D. 24,000 | D. 600,000 | I. 1,640,000 | D. 2,128,000 | D. 133,320 | D. 426,640 | I. 220,000 | I. 540,000 | D. 133,320 | I. 440,000 | D. 312,000 | I. 827,000 |
5) Stock of coin et bullion. | 27,000,987 | 26,295,518 | 26,184,973 | 26,676,949. | 26,879,920 | 27,725,620 | 28,225,960 | 28,989,320 | 29,167,713 | 29,900,526 | 30,206,773 | 30,445,699 | 30,957,086. | 31,251,714 | 30,892,951 | 30,926,150 | 31,222,260 | 31,222,602.| |
Notizen über Money
Market.
Week ending January 5.
Aus:
The Money Market Review, 5. Januar
1867. S. 8.
Schließen
B.o.E.: Government payments at the end of the
year have caused diminution of £544,231 in Treasury Balance, and
tended to swell the circulation. £800,000 became payable for
dividend to creditors of Overend. Yet, owing to anxiety of commercial firms to
have good balances at their bankers on 31 Dec. combined with the
efforts of the Jointstock Banks to draw in money, private deposits increased 2 mill. At the same time the
demand for money usual at turn of year caused increase of more than 21/2 Mill. in discounts
(Loans). Hence Decrease in
Reserve.
Aus:
The Money Market Review, 5. Januar 1867.
S. 16.
Schließen
Rise in Home Railway Shares, traffic returns good,
trotz slackness of trade in the North. Renewed demand for
Jointstockbank Shares, nearly all somewhat scarce in market.
Week ending 12 January, 1867.
Aus:
The Money Market Review,
12. Januar 1867. S. 47.
Schließen Advance in Railway
shares for some weeks past. Upward Tendency for Bank Shares. Australia: Improvement from Melbourne, under influence of wool export.
At Sydney better feeling, in expectation of
early improvement of business, owing to more favourable news from
England. It was thought that the natures of the advances sent home
would tend to diminish shipments to Australia, and enable holders at Sydney to relieve the markets of the
surplus stocks which had been accumulating for months.
Several additional failures, important nur der of A. Morris mit liabilities for 103,000l.
Week ending 19 Jan. 1867
Aus:
The Money Market Review,
19. Januar 1867. S. 78.
Schließen Return shows the effect
of completion of dividend payments. About 2 mill. withdrawn from
private deposits; almost wholly made up by repayments on advances on private securities (the decrease
in these advances being £1,751,260); and result is a draught of only
£144,617 upon Reserve.
Aus:
The Money Market Review,
19. Januar 1867. S. 79.
Schließen Mercantile
Embarrassments: Telegrams from China, via Galle, dated Hong Kong, 15 Dec. (1866) announce that Dent
et Co. have provided for their draughts, which were refused
acceptance by their London correspondents at beginning of
Nov. last, through the assistance of Msrs. Jardine, Matheson et Co. and
others.
Week ending Jan. 26. 1867.
Aus:
The Money Market Review,
26. Januar 1867. S. 114.
Schließen The heavy
retrenchments of private deposits von B.o.E. counteracted
by considerable influx of Gvt. deposits. The decrease of coin et
bullion by £389,497 is by £96,000 less than the amount of gold
withdrawn from the Bank during the week for exportation. Hence coin must still be flowing back from the internal
circulation. – Failure of firm in Sugar
Trade, liab. £30,000.
Week ending February 2, 1867.
Aus:
The Money Market Review,
2. Februar 1867. S. 135.
Schließen
9 Jan. stock of gold and silver coin and
bullion in B.o.E. the enormous amount of £19,438,000. Since then up
to 30th reduced by withdrawals for the
Continent to £18,890,420, a decrease of £547,578.
Week ending Febr. 9. 1867.
Aus:
The Money Market Review,
9. Februar 1867. S. 171.
Schließen On 8 Feb. Bk.o.E. minimum rate of discount reduced
to 3%. This lowest point since 15th June
1865. A 3% rate has prevailed at the Bank only 3 times since 1860
and 4 times since 1853.
Aus:
The Money Market Review, 9. Februar 1867.
S. 182.
Schließen
Improvement in Foreign Stocks: Brazilian, Russian,
and Egyptian all quoted higher. Colonial bonds
continue favourite medium for investment. Bankshares
higher prices. English Railway
Stocks dagegen less than dull. (Collapse of
London, Chatham and
Dover
.)
Week ending 16 Febr. 1867.
Aus:
The Money Market Review,
16. Februar 1867. S. 214/215 u. 217.
Schließen During the
week the Bank parted mit £51,000 in gold for export,
dennoch increase of £153,189 in coin et bullion; shows that the reflux of coin from the provinces is
considerable. Mercantile
Embarrassments:
Manchester:
N. J. Amies, smallware manufacturer, liab. about 30,000£. Bradford:
Edward Craven et Co, stuffmerchants. Australia:
Sydney: failure of G. A.
Lloyd et Co., merchants, liab. about £200,000. At Adelaide
Younghusband et Co stopped payment, liab.
£65,000.
Week ending 23 Febr. 1867.
Aus:
The Money Market Review,
23. Februar 1867. S. 244.
Schließen
B.o.E. Government deposits diminished, large
increase in private deposits, accompanied by repayment to the Bank
of a further portion of its advances on private securities. Increase of £134,031 in coin and bullion, in
face of the fact that the import and export movements of the week
were almost exactly balance balanced, shows continued reflux of coin from
the internal circulation.
Week ending 9 March 1867.
Aus:
The Money Market Review, 9. März
1867. S. 308.
Schließen
Discount market characterised by the
increased movement often noticed in the last month of each quarter.
Good deal of money transmitted from Paris to this country to be
invested in the best bills, though, in some cases, on such
transactions.|
Notizen über
Moneymarket.
Aus:
The Money Market Review, 9. März 1867.
S. 308, 301 u. 309.
Schließen Diese Angabe
bezieht sich noch auf den „Discount Market“, der von Marx am
Ende der vorangegangenen Seite des vorliegenden Hefts
exzerpierten Rubrik.
Schließen Only
21/4%
obtainable.
Railway Market gloomier than ever. (This week
the
Great Western
announced its inability to pay the 1% dividend it had declared.
Fall of 2% in
Midland
, 21/2 in Gr. Western, 2 in
London and North Western
, 11/2 in
Lancashire
and Yorkshire etc[.] Hopes founded on Paris Exhibition traffic continue to
support South Eastern,
which has declared only 3/4. – Failure of Th. Gaskell
jun, an underwriter at Lloyd’s.
Week ending March 16. 1867.
Aus:
The Money Market Review, 16. März
1867. S. 327.
Schließen The falling off of £117,730 in
coin and Bullion (B.o.E.) is almost exclusively due to demand for coin for Ireland, the Bk.
having parted mit only £13,000, on balance, for export
during the week.
Aus:
The Money Market Review, 16. März
1867. S. 339.
Schließen
Mercantile
Embarrassments:
Failure of a dealer on Stockexchange on 14
March. Manchester:
Laurence, Hindle, et Son commission agents
at Manchester, and cotton spinners at Accrington. Australia:
Marsh, Cumberland et Co, warehousemen,
liabilities in Melbourne 3000£, in England
£17,000; ditto Chalk and Price, in the same
business, liab. £24,550 (Assets:
£22,300)[.] At Sydney failure of Dibbs et Co,
merchants, liabilities 31,624.
Week ending March 23, 1867.
Aus:
The Money Market Review, 23. März
1867. S. 368–370.
Schließen During the week, on balance,
£113,000 in gold sent into the Bank from abroad, and increase of £205,211, this difference must be represented by the coin
returned from the country. Mercantile
Embarrassments:
London, Goodyear et Co, St. Paul’s
Churchyard, straw-hat warehousemen, liab.
more than £200,000. Leeds failure of Wilkinson et Co, flax spinners of Hunslet.
The difficulties have chiefly arisen from connection mit
Leeds Banking Co
, in which one of the partners was large shareholder.
Aus:
The Money Market Review,
23. März 1867. S. 360.
Schließen In British Railway Stock speculation
considerable. The tone, upon the whole, steadier, with some
disastrous exceptions. After a prolonged mania, during which any
concocter of a prospectus could realise a fortune out of public
credulity, months of unwarrantable distrust, when even the soundest
securities could find no purchasers. Now all streams into channel of
Indian Guaranteed securities. Investors
rush wildly into the India 5% stock, good, but whose present price
about its merits. With the same unreasoning concord a large number
of proprietors willfully sacrifice, good, bad, and indifferent
railway stock etc. Is all originality, all discrimination in such
matters utterly out of the question?
Week ending 30 March 1867.
Aus:
The Money Market Review, 30. März
1867. S. 387 u. 401.
Schließen
B.o.E. Increase in bullion and coin
of £165,786; there must, over the gold received
from abroad, have been between 60 and
70,000l. returned from the
provinces. Embarrassments:
Ch. Newton, brothers, Australian
trade (London). Liab. 240,000. (consequent
upon failure of F. Goodyear et Co in
Australia, and inadequacy of remittances from Australia to meet
engagements.) Leeds:
S. Sykes, flax spinner, liab. about £30,000. Glasgow
failures of Weir, brothers, wine and spirit trade, liab. about
£100,000.
Week ending April 6, 1867:
Aus:
The Money Market Review, 6. April
1867. S. 432/433.
Schließen
B.o.E. Heavy Gvt. and other payments at end
of quarter. Hence, trotz increased deposits, advance on private
securities has trenched upon Reserve to nearly 1 Mill. Bank received during week about £289,000 from abroad (gold), but owing to temporary demand for coin at this season
the whole has disappeared in addition to further sum of
£118,294. Mercantile
Embarrassments:
Manchester W. Horsfall, of Albert Mill,
liab. £20,000, chiefly due to mortgages. Ditto Leming, spinner und manufacturer, Glossop.
Week ending
April 13. 1867:
Aus:
The Money Market Review, 13. April
1867. S. 456/457.
Schließen B.o.E.
Payment of dividends began on 9. April, has
produced only diminution of £221,844 in Reserve. What Bank lost
through payment on Gvt. Account, made up by influx of private
deposits and repayment of its quarterly advances. Failures
etc:
S. Lella, merchant, City, direct liab. £30,000, for endorsements about £50,000.
Aus:
The Money Market Review, 13. April
1867. S. 456.
Schließen B.o.E:
The 209,617£ withdrawn from coin and bullion consists fast nur of
coin taken by the receivers of dividends.
Week 20 April
1867:
Aus:
The Money Market Review, 20. April
1867. S. 482.
Schließen B.o.E:
Some coin withdrawn for internal circulation,
since Bank received from abroad about 200,000 in
gold und its increase in coin
and bullion nur £88,198. Failures:
Halifax; Rothery,
brothers, worsted spinners, liab. about £9000. Stockport, Robinson et Co. manufacturers, considerable liab. Australia, one failure only of importance: Strachan and Co, Sydney and Maitland.
Week ending 4 May, 1867:
Aus:
The Money Market Review, 4. Mai
1867. S. 534.
Schließen
B.o.E. Reflux of gold from provinces, da
falling off nur 88,032£, obgleich gold
export withdrawn £192,000.|
[The Money Market
Review, Januar bis Juni 1867]
The Money Market Review, 5. Januar 1867. S. 3–5.
Schließen
Currency Theories and Currency Facts. (Money Market Review 5 Jan.
1867)
All bankers etc believe still that high rate of interest the only specific for too little gold and too many notes. Nun confer the following facts:
1866 | ||||||
---|---|---|---|---|---|---|
Bank o. E. | Bank o. France. | Both together | ||||
Commenced year mit coin und bullion | £.13,106,183 | £16,747,095 | £29,853,278 | |||
Closed year mit coin und bullion | 19,247,859 | 28,580,987 | 47,828,846 | |||
Smallest amount of coin and bullion | 11,857,786. (May 23, ’66) | 15,503,172 (Jan. 18, ’66) | 27,360,958 | |||
Largest amount of coin and bullion | 19,247,859 (Dec. 26, ’66) | 29,876,779 (Sept. 6, ’66) | 49,124,638 | |||
Smallest amount of coin and bullion held at the same moment | Jan. 17 et 18: 28,535,006 | |||||
Largest amount of coin and bullion held at the same moment | Dec. 26 et 27: 47,828,846 | |||||
Rate of Discount. | Minimum. | 1865 3%. | 1866 31/2% | 1865: 3%. | 1866: 3 | |
Maximum | 1865 7 | 1866 10 | 1865: 5. | 1866. 5 | ||
Average. | 1865. 4.74. | 1866 7. | 1865 3.70. | 1866: 3.69 |
1866 closes mit maximum of coin and bullion, and minimum rate of discount. As soon as B.o.E. lowered discount rate, it accumulated coin and bullion. The B.o.F. accumulated coin and bullion with low rate, B.o.E. obtained little or none mit high rate.
That in times of panic depositors get frightened gilt nicht für B.o.E. Before 11 May B.o.E. had deposits of about 18 Mill., they rose after failure of Overend und Peto immediately to 28 Mill. Ebenso mit Loans (Discounts) der B.o.E. on private securities: At the beginning of 1866 £34,621,837, at its close: £33,699,478. Lowest point on 21st February, when securities, private et public, 27,935,943; highest £44,312,101, on 30 May, just after panic. Immediately before the panic the securities held by the Bk.o.E., mit 6 und 7% interest, about 30 mill.; immediately after panic, mit 10% interest, they rose to 44 millions. From 25 April to 30 May they increased £15,109,993. Ferner: Active Circulation on 25 April, before Panic, £22,161,115 with 6% rate; after the panic, or rather during its continuance, on 30. May £26,018,795 mit 10% rate. Bullion and Coin on 25 April £13,855,776 und on 30 May £11,878,775.
The panic of May 1866 shows therefore: Sudden
increase of money lent to Bank o. E. The Money Market
Review: on deposit
Schließen in form
of deposits; correspondingly sudden increase
of money lent by B.o.E. on securities; Rapid addition
to notes in the hand of public, material decrease in store of coin
and bullion, Advance in Discount Rate to 10%.
The sudden increase in Deposits of B.o.E. due chiefly to growth of balances of bankers and other money dealers who curtailed their loan business and augmented their reserves. Also due to transfer of accounts from other banks to B.o.E. by frightened depositors. Sudden increase in money lent by B.o.E., wegen difficulty of obtaining money elsewhere. Borrowers driven to the B.o.E. by distrust prevailing in the general market. Addition to Circulation for bankers tills, large notes almost alone increasing. Diminution in bullion and coin partly from additional reserves of sovereigns kept by provincial bankers, partly from distrust of continental creditors who would only accept gold in payment of debt. The advance of rate to 10% due to the Overstone theory, to contract active circulation und attract gold; the remedy failed nach beiden Seiten. Notes in hand of public did not decline materially, nor bullion increase until after 15 Sept., when discount rate reduced von 10 to 8%.
Now as to the Accounts of Bank of France: As a
rule the deposits lent to B.o.Fr. less than the
money lent to B.o.E. 1866 commenced mit
£10,011,417 deposits at B.o.Fr., closed mit £20,938,445. The
Minimum was £9,267,141 on 25 Jan. ’66, Maximum £.22,627,120 on
28 June ’66. Deposits same course wie in England. On 26 April £.12,000,683 und on 31
May £19,398,308. French Moneylenders thought that the
English crisis demanded caution and increase of their
reserves. But B.o.F. did not raise interest. Ebenso amount of securities (loans) on 20 April £36,073,336 (at Bk. o. Fr.)
und on 31 May £43,250,463. Good
deal of borrowing on English account at Paris. Bullion increased at B.o.F.
during English Panic von £20,706,955 on 26 April to £22,523,808 on 31 May. The
English 10% drove money away, the French 4% attracted it. Zusatz von
Marx.
Schließen (Gegen die
Overstone
Theory).
Ferner:
Notes in Circulation of B. o. France
889,969,375 fcs, on 26 April, und 919,872,775 fcs on 31 May,
also stieg von 35,598,775£ auf 36,794,911. Nach der
currency school hätte die Note Circulation bedeutend steigen
müssen mit 4%, did not in any appreciable degree.
Divested of all superfluous figures, the facts stand as under:
B. o. England | Deposits | £27,298,585 | Notes with the Public. | 21,933,365 |
B. o. France. | Deposits | 20,938,445. | Notes mit dem Public. | 37,478,793 |
B. o. England. | Securities. | £33,699,478 | Coin and bullion | 19,247,859 |
B. o. France. | Securities. | 39,618,728 | Coin and bullion. | 28,580,987 |
Die B.o.E. hold more Deposits than B.o.F. und much less Note Circulation. Und B.o.F. verpumpt mehr zu niedrigerer Rate of Discount. The panic yielded Profit to Bk. o. England in proportion to its intensity.|
The Money Market Review, 5. Januar 1867. S. 6.
Schließen
Board of Trade Returns.
Value of Imports. Month ended October 31. | |||||||
---|---|---|---|---|---|---|---|
Enumerated Articles. | 1864: | £20,309,746 | 1865: | 23,606,789 | 1866: | £19,530,442 | |
Imports. Ten Months ended October 31. | |||||||
Enumerated Articles. | 1864. | £.181,283,856 | 1865: | 160,909,954 | 1866: | 193,698,047 | |
Less Raw Cotton. | 62,098,915 | 43,899,564 | 67,175,970 | ||||
119,184,941 | 117,010,390 | 126,522,077 | |||||
Less Corn | 17,054,343 | 15,928,658 | 23,143,400 | ||||
102,130,598 | 101,081,732 | 103,378,677 | |||||
Exports. Declared Value. Month ended November 30 | |||||||
All articles: | 1864: | £12,065,213 | 1865: | 15,567,742 | 1866: | 15,080,430 | |
Exports 11 months. Ended Nov. 30 | |||||||
All articles | 1864: | £148,340,865 | 1865: | 150,832,344 | 1866: | 173,913,222 | |
Less cotton yarn and manufactures: | 50,908,229 | 52,030,217 | 68,267,228 | ||||
Exports, exclusive of manufactured cotton: | £97,432,636 | £.98,802,127 | £.105,645,994 |
Cotton as usual 1/3 of the entire exports of Gr. Brit., and throughout 1866 the proportion of 1/3 has been very far exceeded.
The Money Market Review, 5. Januar 1867. S. 22/23.
Schließen
The Aberaman Iron Works
Co. (limit.) (Meeting of Shareholders. Jan. 5. ’67)
(Money Market Review)
Mr. Henry Pawle (London stock broker exposed the case).
On 4. May, 1864, a certain financial agent met
another financial agent, stated that he had entered into an agreement to
purchase Mr.
Crawshay Baily’s
works; that he required a person to take up to take up 2000 shares, so that the intended Co. could go
before the Public with a certain amount of shares taken up; he had
already got first-class names for directors. Certain persons associated
together as promoters; C. Baily wanted 10,000£ caution or deposit money,
difficulty to get them. Attempt to get it from Msrs. Barclay et Co, but without
success. Object der promoters so to
bring out the Co. as to make £100,000 out of it, by buying Baily’s estate and reselling it to
the Co. Recourse to the London
Bank of Scotland, to get loan from it. Capital of the
proposed Co. was to be £600,000, in 30,000 shares of £20 each, and to place 10,000 shares before the Co. came out,
so as to make it look well with the public. To get these 10,000 shares
placed, commission of £16,000 was to be given
for placing 8000 shares, being at the rate of £2 per share, besides
which about £10,000 profit to be given for the loan of 10,000£ deposit money, and £5000 each to the 2 gents. for finding a party
to take £16,000 for placing 8000 shares, and for raising the loan, and for raising loan, thus making a total
charge of 36,000£ for the loan of £10,000 and placing 8000
shares. However this agreement appeared to have been broken off, and
then Mr. Josiah Wilkinson (of the firm of
Wilkinson, Stevens and
Wilkinson), connected with the getting up of many cos.,
appeared on the scene, lent himself £10,000 to pay the deposit money,
all the previous parties being now excluded from the arrangement.
Capital of the new Co. fixed at £500,000, in 10,000 shares of £50 each;
1£ to be paid on application and £4 on allotment. At this time William Sarl and James Joseph
Ludlow advanced their claims as having also a right to purchase
Baily’s property; to avoid litigation, compromise effected; Sarl and
Ludlow should share in the concern with Msrs. Wilkinson
and Wickens. 23 June
1864 agreement made, by which Baily sold all his property to
Wickens for £250,000
with proviso that Baily should „not be called upon to deduce any prior
title, or to substantiate or verify the same, otherwise than by the
production of the said conveyances, and the said 3 bases on any pretence
whatever“, and also „The estate as to acreage and other matters of this
description shall be taken as exclusively shown and defined by the said
deeds of conveyance and leases without further evidence.“ In the prospectus stated was carefully surveyed by
Joshua Richardson, and contained 1530 acres of land, but whose estimate
of the value of the property was only £302,000. Application first made
to Credit
Mobilier Co to bring the Co. out, failed;
then the promoters applied to the Financial Corporation to bring
them out for £2000. The agreement made on 17 August; on 18 Aug. prospectus issued, agreed mit
Financial Corporation that they should find subscribers for 4,000 shares, for the sum of
£8000 or so p. share, with the proviso: „That the Corporation should not
be bound to take the shares unless they liked, and that their manager,
Mr. Walford, should be present at and have a voice in the allotment of
the shares.“ Also arranged that the Finance Financial Corporation should buy shares on the Stock Exchange,
they were promised £15,000 to cover losses incurred in such
transactions. Financial Corporation, however, only
dealt in 400 shares, sold out on the settling day by them at 3 disc.
Lost £1335, 17s. 6.d., repaid them by Wickens. Wilkinson, the promoter,
also dealt in the shares, lost |25 £987, 10s., likewise repaid
to him by Wickens. Consequence was, that altogether 12,817 shares
applied for up to 3d Sept. 1864, and the
allotment took place on 5 Sept., total number of shares allotted being
5,300 or 5,629, although prospectus stated that half the capital, or
5000 shares had been previously applied before the issue of prospectus,
as was prominently printed in it in red ink. The directors applied
altogether for 2,670 shares, allotted themselves only 600 shares, which
in most instances was their mere qualification, some
of them did not even pay for the shares themselves, the deposits
being paid by the promoters, in fact two of the directors never
had any shares in their names. On 27 Sept. final
agreement for the purchase made between the directors and Wickens, for the
property for £350,000, in this way: £30,000 cash down, £40,000 cash
payable 15. Oct., £80,000 cash payable 15. Jan. 1865, in all £150,000
cash; then £75,000 in 6% bonds of £50 each, interest payable quarterly,
half redeemable in 3 years, and half in 5 years; and these bonds to be
delivered to the vendor 14 days after the allotment of shares in the
Co.; then £125,000 was left on mortgage at 5% for 2 years from 23d. June, 1864, making in all £350,000. Also
agreed that if the purchase not completed by 15. Jan. 1865, the above
sums of 30 000 und 40 000 should be absolutely forfeited to
Wickens for his private use. Wickens on his side
purchased the estate of Baily on these terms: £10,000 deposit
money (already paid), 40,000£ cash on 18 Oct. 1864, and £75,000 in cash
on 20 Jan. 1865, in all £125,000 in cash; then 125,000 mortgage at 5%
for 2 years from 25 June 1864, zusammen £250,000; if purchase
not agreed by 20. Jan. 1865, the £10,000 and £.40,000 absolutely
forfeited to Baily, thus giving Wickins Wickens a profit of £20,000 cash and £75,000 bonds on the forfeiture
clause above. On October 26, 1864, the £75,000
bonds were handed over to Wickens, appearing anxious to get funds to
complete his arrangements with Baily. Eventually the London and Country
Bank advanced 25,000£ as a loan on £40,000 of
bonds for the 3 months, the directors of the Iron Works Co. backing up
this loan by agreeing to make a call within 3 months to meet payment of
the loan. Thus the directors and promoters were acting in concert. On
12 Jan. 1865, just 3 days before Wickens’s
forfeiture clause came into operation, and 8 days before that of
Mr. Crawshay Baily, a meeting of a full board of directors was held, and
agreed that the payment to „Wicked“ should be made thus: £30,000 in
cash, paid 27 Sept., 1864; £20,000 in cash, paid 10 Nov., 1864; £20,000
in cash, paid 17 Nov. 1864, part proceeds of loan raised at London and
County Bank on £40,000 bonds, £5000 in cash paid 15 Jan. 1865; making
£75,000 total cash paid to „Wicked“; also £75,000 in bonds of £50 each,
bearing 6% interest, already delivered to Wicked; £40,000 of which being
in hands of London and County Bank as security for loan; finally,
£200,000 left on mortgage – total £350,000. This
arrangement between promoters and directors ensured their
making £100,000 between them, a purpose steadily kept in view, the
promoters having been mostly present at the directors’ meeting. On 20 January (1865) W. Sarl, one of the promoters, informed the directors that
there was a grave discrepancy in the acreage. (But this, as above
proviso shows, known before.) Directors give notice to „Wicked“ that
they repudiated the purchase, and demanded back the money they had taken
such care to tie up in „Wicked’s“ hands. Correspondence ensued; ended in
Baily repaying to „Wicked“ £25,000 in cash, and giving him bills for the
remaining £25,000, to the total amount he had received from „Wicked“.
„Wicked“ retained in hand the £75,000 in cash, and £35,000 in bonds,
refused to give them up, as he stated that the directors had concluded
their purchase mit ihm on 15 Jan., and that as they had bought
the property as it stood he was not responsible. The directors then
presented a petition to wind up the Co., granted on 10 June, 1865,
Quilter appointed liquidator on 26 July. Shareholders liable for calls,
at least on the bonds in the hands of the London and County Bank … as
there were only good holders of 4000 shares the £40,000 in the hands of
the London and County Bank, represented loss of £10 per share.
Out of the £75,000 paid to „Wicked“, only £5000 had as yet been
recovered. Zusammenfassung von Marx.
Schließen (The same promoters in the Aberaman Iron and Estate Investments Cos., worin durch
Urtheil die shareholders entbunden to pay calls wegen
fraudulent misrepresentation.) In the prospectus there was no
reference to any intervening purchaser or contractor. Obgleich
no purchase of the estates made, „Wicked“ returns the money and
the bonds, darüber der process in Chancery.
The Money Market Review, 12. Januar 1867. S. 36–38.
Schließen
Money Investments. Zusatz von
Marx.
Schließen (Shares) (Panic) (Limited Liability
Cos)
(Money Market Review.
12 Jan. 1867)
Difficulty to invest money 6 or 700 Millions. Consols not a sufficient field now. Railways securities and Shares of all sorts distrusted.|
26In a recent letter to Times Messrs. Spackman and Sons give these figures:
Numbers of Cos. | Capital nominally Created. | Capital offered. | Deposits | |
---|---|---|---|---|
1863: | 263 | £.100,053,000 | £.78,135,000 | £8,875,550 |
1864: | 282 | 155,887,500 | 106,523,000 | 12,545,800 |
1865: | 287 | 106,995,000 | 75,578,900 | 12,174,790 |
1866: | 44 | 10,295,000 | 7,920,000 | 2,052,500 |
Total 4 years: | 876 | £373,230,500 | £268,156,900 | £35,648,640 |
These figures show not amount called up on these 876 Cos. irrespective of deposits on allotment. Some of these Cos. have also made allotments since their first issue of shares, whereby the amount of capital offered, or the liability of the public to pay calls, is increased, worüber giebt Spackmann:
To the capital offered of | £268,156,900 | |||||
Add new issues by existing companies in | 1864 | 35,315,000 | ||||
Do | Do | 1865 | 15,090,600 | |||
Do | Do | 1866 about. | 300,000 | |||
Total capital offered | £318,862,500 |
The new issues of 1863 here omitted; but the liability on account of deposits and calls upon the 876 Cos. at least 320 Millions. Objects of these 876 Cos thus stated:
Numbers of Cos. | Capital authorised. | Capital Offered. | Deposits. | |
---|---|---|---|---|
Manufacturing and Trading. | 283 | £.84,770,000 | £64,902,900 | £10,114,040 |
Banking | 58 | 72,950,000 | 51,950,000 | 5,252,750 |
Financial and Discount | 50 | 69,350,000 | 45,750,000 | 4,391,250 |
Railways | 44 | 36,796,000 | 25,516,000 | 3,385,250 |
Assurance | 33 | 28,775,000 | 15,375,000 | 1,677,500 |
Shipping | 43 | 25,238,000 | 19,353,000 | 1,869,100 |
Building and Investment | 38 | 13,485,000 | 9,745,000 | 1,810,000 |
Mining | 147 | 12,448,500 | 11,145,000 | 3,018,800 |
Hotels | 82 | 7,640,000 | 6,752,000 | 1,293,350 |
Gas | 17 | 3,875,000 | 3,185,000 | 587,500 |
Miscellaneous | 81 | 17,903,000 | 14,483,000 | 2,249,100 |
Total | 876 | £373,230,500 | £268,156,900 | 35,648,640 |
The Investor’s Manual giebt folgendes Statement, worin Foreign Loans, Foreign Cos., Railways etc eingeschlossen:
Capital created | Capital called | ||
---|---|---|---|
1865 | Shares. Foreign Loans etc | £.135,735,814 | £73,332,876 |
1866 | 49,288,800 | 59,695,719 | |
£185,024,114 | £133,028,595 | ||
Deduct Spackman’s figures für 1865 und 1866: | 83,438,900 | 14,229,296 | |
Apparent balance of foreign et colonial loans, calls etc | £101,585,214 | £118,799,299 |
Some portion of these calls and subscriptions of 1865 and 1866 were made on the Continent, but the Continental portion is comparatively trifling. Ferner: the statement does not include investments in Great Britain in previously existing foreign securities. During 1865 and 1866 these have been large, particularly in U. States Securities of all kinds. Ferner: these statements of calls made in 1865 et 1866 do not include the large sums invested in limited Liability Cos. which are never brought before the public; nor the calls made by the Liquidators of companies defunct, nor money raised on Lloyd’s Bonds. Probably the calls made upon investors in limited Joint Stock Cos., foreign und other securities during 1865 and 1866 much more than £133, und die commitments of British public contracted within past 4 years very much more than 320 Mill., probably nearer 500 millions. … Corporate breach of trust ought to be held criminal, as in Wilkinson’s case. As the matter stands, a director of a Joint St. Company or an Auditor has imagined that he may indorse with impunity almost any swindle whereby honest investors may be robbed of all they possess, to the amount of millions, while a poor clerk who steals a £5 note is transported.|
The Money Market Review, 26. Januar 1867. S. 118.
Schließen
Petroleum. Zusatz von
Marx.
Schließen (Demand und
Entdeckung neuer nützlicher Anwendbarkeit einer
Waare.)
The American papers, referring to the statistics of the production of the oil regions during 1866, hope that science may do something to bring petroleum into use for other things than illumination. Yield of 1866 so far in excess of demand that it is calculated the present year commenced with a surplus on hands in the various markets of the word world of 733,000 barrels of refined, „which will have to be consumed before the production of 1867 can be brought forward“.
The Money Market Review, 26. Januar 1867. S. 108.
Schließen
The State of Minnesota.
Zwei Hauptgründe des quick development of U. St: 1) rich land und the facility with which possession of it can be obtained; 2) extraordinary advances made of late years in facilities for internal and external communication by railway and steamboat.
The Co. of the St. Paul and Pacific Railway Co (Minnesota) has, by legislative grant from Congress to the State, and from the State to the Co, about 1,600,000 acres of the most desirable land in the State. They may be bought for immediate payment or on credit; and actual settlers may locate on lands not yet subject to sale, yet with an indefensible title. Germans have flocked to Minnesota. Minnesota chiefly settled by Germans; 4th State in the order of area in Union, and 30th in population, nach Census von 1860. Danach:
Area. □ miles. | Population. | |
---|---|---|
Texas | 237,321 | 604,215 |
California | 188,982 | 379,994 |
Oregon | 95,274 | 52,465 |
Minnesota | 83,531 | 143,855 |
1850 | 1860 | Increase P.Ct. | ||
---|---|---|---|---|
Minnesota: | Flour and Meal. Value | $500 | $1,310,000 | 2619 |
Illinois: | Ditto | $5,781,483 | $18,104,804 | 213 |
1850 | 1860 | |
---|---|---|
Wheat | 1401 bushels | 2,195,812 bushels |
Rye | 125 | 124,259 |
Indian Corn | 16,725 | 2,987,570 |
Oats | 30,582 | 2,202,050 |
Tobacco | 0 | 38,510 lbs |
Wool | 85 lbs | 22,740 dtto |
Peas and Beans | 10,002 bushels | 18,802 bushels |
Irish potatoes | 21,145 | 2,027,945 |
Barley | 1216 | 125,180 |
Buckwheat | 515 | 27,677 |
Butter | 1100 lbs | 2,961,591 lbs |
Value of farming implements | 15,981 dollars | 1,044,009 dollars |
Value of live stock | 19,403,662 | 10,245,079 |
Acres of Ploughed Land. | 1900 | 433,276 |
Area: □ 83,000. Population: 173,855 |
Her prairie grasses are as well adapted for the grassing as her corn and other grains for the fattening of cattle, as those of Illinois or Iowa. From the northern boundary of Iowa, itself a sheep breeding State up to St. Paul, the country is perfectly adapted to sheep husbandry. The growth of wool may be made almost next to that of wheat. Only danger, that the increase of production may exceed the means of transport.
The Money Market Review, 2. Februar 1867. S. 144.
Schließen
Rate of Discount in 1866.
- Amsterdam: Year 1866 opened mit 8% discount rate; Second week 61/2, Eighth Week 6, Eleventh 51/2, Eighteenth 6, Nineteenth 61/2, Twenty seventh 7, Thirty Second 61/2, Thirty Third 6, Thirty Ninth 51/2, Forty Third 5, fifty first 41/2.
- Berlin. 1st week 7%, 8th week 6, 16th week 7, 19th week 9, 29t week 7, 30 week 6, 32 week 5, 44 week 41/2, 51 week 4%.| 28
- Brussels: Commencement of year 5%, 9th week 4, 20th week 5, 22nd week 6, 33d week 4, 38th week 3%.
- Frankfurt: 1st week 6%, 2nd week 7, 3d week 51/2, 4th week 5, 7th week 41/2, 10th week 4, 12th week 41/2, 16th week 5, 19th week 6, 20 week 7, 26th week 6, 33 week 5, 34 week 4, 41 week 41/2, 46 week 31/2.
- Hamburg: 31 changes in rate of discount during 1866. First quarter fluctuations from 41/2 to 7%, Second quarter von 51/2 to 81/2, Third quarter von 31/2 to 61/2; Fourth quarter von 31/2 to 41/2.
- Paris commenced mit 5%, 7th week 41/2%, 8th week 4, 12 week 31/2, 19th week 4, 30th week 31/2, 35th week 3%.
- London: 1st week 8%, 8th week 7, 11th week 6%, 18th week 7, 19th week 9, 20th week 10%; Continued to 33d week 8%, 34th week 7, 35th week 6, 36th week 5; 39th week 41/2, 45th week 4, 51st week 31/2.
The Money Market Review, 16. Februar 1867. S. 205/206.
Schließen
Minimum Rates of B.o.E. Minimum Bankrate of 3% (8. Febr. 1867)
(Money Market Review)
B.o.E. Rate ranged from 4 to 5%, not more nor
less, during 134 years von 1704 to 1838 Zusatz von Marx.
Schließen (we(?)nn
usury
laws abolished.)
1839 6%, fell almost immediately to 5, and then
to 4, and in 1844 to 21/2%. Nach den
Tables of McHaffie
and the „Investor’s Manual“,
Average Rates of Discount of Bk.o.E: 1864 71/16%, 1865 4.74%, 1866: 7%, average of the 3 years more than 61/4%. In 1857 average 62/3%, in 1847 51/3, in 1856 51/2, but before 1864 never average of more than 7%, and never any 3 consecutive years with average of more than 6%.
Maximum Rate of discount of B.o.E. from 1704 to 1846 never more than 6%, only once and for a very short time, minimum mostly 4%. Since 1844 minimum 2 und maximum 10%, while on the average Bankrate gradually increased. During the last 3 years minimum average rate of B.o.E. higher than maximum of the 140 years before Act of 1844, and much higher than the average of any 3 years that ever passed before.
Andrerseits niedrigeres Minimum.
1845 and chief part of
1846 21/2%,
with a concomitant mania for railway speculation. 1847 panic mit
nominal
Zusatz
von Marx.
Schließen (!)
minimum maximum of 8%. (few would lend and few could borrow on any terms.) 1848 3%, 1849, 1850, 1851,
1852 fluctuated between 2 und 3%. Next interest rose
continuously until 1857, other panic; average
minimum 62/3%
mit maximum of 10%. 1858 minimum of
21/2%, averages
of 1858 und 1859 3% und 2.66%
respectively. After 1859 the minimum average
rate rose. It was 1860 41/5%, 1861
51/6%, 1862 27/12%, 1863 45/12, 1864 71/16, 1865 4.74%
und
1866 7%. After 1857 panic recovery much more
rapid that than after 1847, and the average value of money much higher in
succeeding years. In 1866 extreme of dear money as in 1847 et 1857,
und in 1867 extreme of cheap money as in 1848, 1858 sq.
The Money Market Review, 2. März 1867. S. 267/268.
Schließen
Beispiele
of successful Joint Stock Cos. (Money Market
Review 2 March 1867)
African Merchants Co, just declared dividend of 15% p.a., with rest (of profits) of £33,000. Shares £10 each, 3£ paid, market price a merely nominal premium.
Anglo-American Telegraph Co just paid dividend of 10% „on account“, being at rate of 20% p.a., £10 shares fully paid up, with about now £15.|
29Birmingham Financial Co 10% dividend p.a. Shares £20, £5 paid, to be had at considerable discount.
Berlin Waterworks Co, paid just dividend 8% p.a.; shares with £10 full paid, at a nominal premium; City of London Brewery Co dividend 9% p.a. Price of the £100 stock is about £130. The Electric and Telegraph Co 10% dividend. Price of 20£ stock about 130l. Forestreet Warehouse Co dividend of 10%. Price of 20£ share, 12 paid, is about par, i.e. 12£. Lion Brewery Co dividend of 8%. The 25l. share, with £10 paid, at small discount. London General Omnibus Co pays just 71/2% p.a. Price of 4£ share mit 4£ paid up, is about 31/4. Westminster Palace Hotel Co dividend 6% p.a.; 10£ share, mit £10 paid, is worth about £7. Alhambra Co dividend of 15% p.a. (average of past year 171/2%). The gross revenue of this undertaking 1866 no less than £39,237, an almost incredible sum for this sort of undertaking. York-street Flax spinning Co, Dividend and bonus of 20% p.a., mit reserve of undivided profits of £100,000, which is equal to all the capital paid up. Price of the £50 share, mit £10 paid, about £20. John Crossley et Sons (lim.) has just issued his annual report, dividend for 1866: 20% p.a. 15£ share, with 10£ paid, about 20£.
The Money Market Review, 23. März 1867. S. 357/358.
Schließen
Full Board of Trade Returns. 1864. 1865. 1866.
(Money Market Review 23 March
1867.)
1864 | 1865 | 1866 | |
---|---|---|---|
Total Imports | £226,161,840 | 219,393,987 | 238,714,094 |
Total Exports | £160,449,053 | 165,835,725 | 188,827,785 |
Difference | £65,712,787 | 53,558,262 | 49,886,309 |
Diese numbers of course far from literally conclusive. The imports represent nearly all the commodities brought into the market at the computed values of the importers, and that, too, with continuously falling markets during the later period, and rising markets previously. The exports represent in value merely the articles of British et Irish manufacture which are enumerated at the declared values of the exporters, excluding all raw produce brought into the market and again exported. Still shows that exports increase relatively more rapidly than the imports. Ferner folgendes über den Charakter der Imports:
1864 | 1865. | 1866. | |
---|---|---|---|
Enumerated Articles | £226,161,840 | 219,393,987 | 238,714,094 |
Deduct raw cotton | 78,203,729 | 66,032,193 | 77,521,406 |
147,958,111 | 153,361,794 | £161,192,688 | |
Deduct silk, raw and manufactured. | 12,925,347 | 17,692,499 | 15,894,333 |
135,032,764 | 135,669,295 | 145,298,355 | |
Deduct sugar unrefined. | 14,404,150 | 11,302,624 | 10,799,591 |
120,628,614 | 124,366,671 | 134,498,764 | |
Deduct Tea. | 9,438,760 | 10,044,462 | 11,129,741 |
111,189,854 | 114,322,209 | 123,369,023 | |
Deduct Timber. | 10,960,244 | 11,500,960 | 10,459,904 |
100,299,610 | 102,821,249 | 112,909,929 | |
Deduct Wool. | 17,667,441 | 17,071,017 | 19,858,476 |
£.82,562,169 | £85,750,232 | £93,051,453 |
(Hierzu ist zuzufügen aus den Statistical Abstracts Import von Corn und Cattle etc)
The values of our merchandise imported during the last 3 years as shown above have not increased much, and the increase is attributable chiefly to silk, tea, and wool. The import of raw cotton has not varied much during the 3 years, constitutes about 1/3 of the whole, amounting in the 3 years to the astounding sum of 222 millions £. Then putting together the few items of raw cotton, sugar, silk, tea, wool, timber, they comprise 6/10 of our entire import values, or in round numbers 423 Millions out of 684 millions in the 3 years.|
301864 | 1865 | 1866 | |
---|---|---|---|
Declared values | £160,449,053 | 165,835,725 | 188,827,785 |
Deduct: Cotton Manufactures | 45,799,090 | 46,923,384 | 60,685,022 |
114,649,963 | 118,912,341 | 127,962,763 | |
Deduct: Linen Manufactures: | 8,172,813 | 9,156,990 | 9,576,163 |
106,477,150 | 109,755,351 | 118,386,600. |
The export values risen from 1601/2 mill. in 1864 to 189 mill. in 1866, or about 29 mill., of which cotton manufactures constitute more than 1/2, or nearly 15 Millions. Aggregate export values of the 3 years in round numbers 515 millions, of whic which cotton manufactures constitute 153 millions, or about 30%.
The Money Market Review, 23. März 1867. S. 360/361.
Schließen
Indian Exchanges. (Past and Present) Money
Market Review 23 March 1867.
When the merchant prices of Leadenhall Street held rule over our Indian Possessions, they ruled in a great measure the „Course of Exchange“ with and from the 3 Presidencies. 3 to 4 millions £ were required annually for home disbursements, which, after the commercial privileges of the Co. had been put an end to, was generally raised by 60 days’ sight drafts on the Treasuries of Bengal, Madras, and Bombay. These drafts were offered to the public at such rates as the authorities of Leadenhallstreet deemed it proper to fit fix. The rates of exchange for such undoubted paper varied from about 1s. 10d. to 2s. 1d. per rupee, according to circumstances, and, until the overland route became available for the conveyance of specie and bullion to India, this mode of remittance was almost the only one that could be resorted to, except bullion remittances, via the Cape, occupying a period of 3 to 4 months.
The fixing of the rates of exchange by the old East India Co. was a preventive to speculation and uncertainty in Indian exchange, such as exists under the present arrangements of the Indian Council. The old Co, virtually declared to Public: „Here are our drafts on India, at a certain price; take them or not, as you think proper.“ The India Council, after feeling the market, and ascertaining the probable demand, in secret fixes a minimum rate for each Presidency, and invites tenders for bills to be sent in on or before the 1st and 3d Wednesdays in each month. Of course the highest tenders the most successful, tenders at the same rates receiving pro rata allotments, according to the amount of the bills tendered for and to be drawn. The sums allotted to the respective applicants are required to be paid for on or before the 15th and 29th of each month. No tenders are admitted for less than 10,000 rupees, nor drafts drawn for less than 5000 rupees each. The rate of 1s. 10d. per rupee, at which the capital of the Indian railways should be received at the Indian Treasury in London, was fixed by the Old East India Co under contract with each railway, favourable to the railways, rate below what in ordinary times prevails.
The exceptional circumstances connected with the Bombay Presidency, for the last 3 or 4 years – arising from the great increase of wealth in the first place, and the speculative mania which set in at Bombay, followed by numerous failures of banking and finance Cos., both in London and India – reduced, for the time, all calculation of exchange dealing to a matter of great uncertainty, risk, and frequent fluctuation. Not 6 months ago, the drafts of the Indian Council on demand were almost unsaleable at 1s. 10d. to 1s. 101/4d., and the Indian Gvt were compelled to resort to the unfavourable expedient under ordinary circumstances of importing gold from India, and the still more unprofitable and obsolete mode of supplying themselves with funds, by the importation of silver.
The opening of banks in London (whether as head offices or agencies), in connection with India, has tended to equalise exchange, and afford greater facilities for the negotiation of mercantile drafts against outward shipments, as well as for effecting remittances by means of bank drafts, than previously existed. The exchange for of money on this side for money to be paid in India, after expiry of 30 or 60 days’ sight, involves question of two |31 different currencies. The Bank granting drafts must make provision for them at a remote place, either by sending out funds, or redrawing from India. The currency, in which provision has to be made for drafts on India, in the absence of other modes of remittance, is silver rupees, coined in India, not be had to any extent here. The silver out [of] which it is coined is all shipped in bars, Mexican dollars, or 5 fcs pieces, from the country or from France. Hence the actual cost of placing the money to be given in exchange in India for money received in London has always to be clearly ascertained from this source, mainly, which suffices to a great extent to regulate the course of exchange between the 2 countries under ordinary circumstances. During the late crisis and the high rates of discount the silver shipments to India were almost nil, there being as little demand for this metal as for the Indian Council or bank drafts.
Commercial bills against indents or shipments to India from a large portion of bank remittances against their own drafts drawn, and are taken at a difference, according to quality, to yield a larger profit than silver remittances, allowance being made for corresponding risk. Bills drawn on this side against outward shipment have almost invariably a currency of 60 days’ sight, while on the other side bills drawn against produce shipped homewards are drawn at 6 months’ sight. This custom had origin mit Old East India Co; first 10 months’ date from India, then 8, then 6 months. The contraction in the currency of bills drawn from India has no doubt arisen in great part from accelerated communication, via Cape, and the overland route. Faster sailing vessels. Also greater expediency through the aid of machinery and other appliances in loading and unloading cargo at the ports of shipment and discharge than 20 or 30 years ago. Andrerseits even 6 months bills often mature before the produce they represent can find a market. No such usance in the Australian trade as 6 months’ sight. All shipments of wool and other produce are drawn against at 60 days’ sight, or, at the utmost, in exceptional cases, at 90 days’ sight. Average passage for sailing vessels from Australian colonies is less than from India, but nothing like this difference. Australian Exchanges remarkably steady compared mit Indian ones, from the shorter usance, and the moneys of the 2 countries nearly the same, the rates varying from about 11/2 discount to 11/2 premium.
The Money Market Review, 30. März 1867. S. 389/390.
Schließen
Railway Discredit (30 March 1867. Money
Market Review)
is at its acme. The crisis more damaging to railway credit than we anticipated. Extent was not known to which railway financing had gone, aided by the newly created capital of finance Cos. Zahlungsfähigkeit of Great Eastern, Great Western, Manchester, Sheffield, and Lincolnshire, and North British.
The Money Market Review, 30. März 1867. S. 390/391.
Schließen
Railway Solicitor Bills. Why not have salaried solicitors?
(30 March 1867 Money Market
Review)
Our railways have all had their origin in expensive Parliamentary
campaigns. The cost of the land required for the
lines and stations, and the enormous additions made
to prices paid to noble lords and influential land owners to buy off
their opposition, or enlist their Parliamentary
support, swallowed up millions of capital in excess of the
amount legitimately required. Then, the making of the
great original trunk lines of railway had called into being –
and a very active state of being too – numbers of
engineers, surveyors, and contractors, whose business it became
to stimulate as well as to supply the public want of additional railway
accommodation, and hence a perpetual succession of subsidiary and branch
lines. Every one of these became the subject of a fresh Parliamentary Campaign, with a little
army of solicitors, Parliamentary agents, and counsel to support
it, and another little army of
solicitors, Parliamentary agents, and counsel to
oppose it. Jedes Board of directors suchte to monopolise as
many of these schemes as possible, and oppose those of every either Co.
and the railway solicitors, with the true
instinct of their profession, stimulated and |32 encouraged
this greedy monopolist spirit in their respective boards, for every one
of these annual campaigns became the certain source of a huge addition
to their annual bill of cost. The amounts expended in these
Parliamentary Campaigns during the last 30 years almost
incalculable. Absolutely ruinous system of railway cos. in employing
„eminent firms“ and „influential solicitors“, instead of employing able
men at fixed salary. It is not uncommon for the solicitor bills of a
large railway Co. to amount to £40,000, £50,000 or £60,000 a year; dieß
nicht das Ganze der legal expenses, for most railways
employ one of the great firms of „Parliamentary
agents“ to do what one of their own clerks could do just as
well. Diese Parliamentary agents are entitled to make out
separate bills of large amount, and arrangements are generally made
under which the solicitors become participators in the profits of the
Parliamentary agents. Solicitors might be had at fixed
salaries of £1000 bis £2000. Take the
„eminent firm“ of Msrs. Freshfield and
Newman, solicitors to the Bk.o.E. and many other of the
most eminent mercantile establishments in the City. Of what use were
they to the
London, Chatham and
Dover
, who paid them about 50,000£ a year. They received within the last
few years closely to1/4 Mill. £ for their own charges, not including the amounts
paid to other parties. Zusammenfassung von Marx.
Schließen Unter dem
„responsible“ advice dieser und ähnlicher solicitors
all das illegal swindling der boards of
Railway Directors carried on.
The Money Market Review, 30. März 1867. S. 391/392.
Schließen
Dealings in Bank shares. (30 March. ’67. Money
Market Review.[)]
It is very well to say that, as time bargains are entered into for a fortnight only, they must be entered into afresh at the expiration of every fortnight; but there are such things as „contangos“ and „backwardations“, with the aid of which a speculative account may be kept open for months. Bear accounts in bank shares, it is well known, are kept open for several months during the recent pressure, by „carrying them over“, and that part of the Stock Exchange practice enabled a parcel of unprincipled scoundrels to prompt the depositors of some banks to demand immediate payment of their money, whereby failure of the Bank effected.
The Money Market Review, 30. März 1867. S. 392.
Schließen
Stock Markets. (Week ending 30 March 1867.)
Again almost general fall in English Railway Stocks, in which the daily transactions, bona fide, and speculative, important. The disgraceful revelations on London, Chatham, Dover and Co. and the serious financial embarrassments of the Great Eastern, Great Western, and North British lines. Unfortunately, the halfyearly accounts have shown at the same time diminished profits in the face of increasing receipts. Fearing further reduction of their income, many holders have sold, and the decline in prices has increased the anxieties of the debentures holders. Zugleich strike der engine drivers und firemen threatened throughout the country, has actually occurred upon the Brighton line.
The Money Market Review, 20. April 1867. S. 473/474.
Schließen
Railway Collapse.
„Railway Accounts, A letter to Lord Redesdale. By John B. England.“ (London 1867) Money Market Review (20 April 1867.[)]
England giebt folgendes:
1860. | 1867. | |||||
---|---|---|---|---|---|---|
Ordinary Stock | Loans and Preferences. | Total Capital | Ordinary Stock | Loans and Preferences | Total Capital. | |
South Eastern | £7,400,000 | £4,200,000 | 11,600,000 | 7,600,000 | 12,100,000 | 19,700,000 |
Brighton | 4,600,000 | 3,800,000 | 8,400,000 | 5,400,000 | 13,200,000 | 18,600,000 |
Chatham | 900,000 | 300,000 | 1,000,000 | 2,000,000 | 10,700,000 | 12,700,000 |
Summa | £12,700,000 | 8,300,000 | 21,000,000 | 15,000,000 | 36,000,000 | 51,000,000. |
Also in a comparatively small district Railway
Capital raised in 7 years by 30 millions Zusatz von Marx.
Schließen ! (verte)|
1860 | 1866 | |||
---|---|---|---|---|
American Lines. | Capital. | Traffick. | Capital. | Traffick |
New York Central | £7,700,000 | £1,250,000 | £.7,800,000 | £2,900,000 |
Pennsylvania Central | 5,600,000 | 1,100,000 | 7,200,000 | 3,500,000 |
Philadelphia et Reading | 4,800,000 | 600,000 | 5,100,000 | 2,200,000 |
Totals | 18,100,000 | 2,950,000 | 20,100,000 | 8,600,000 |
1860 | 1866 | |||
English Lines | Capital. | Traffick | Capital | Traffick |
Great Western | £.27,000,000 | £1,800,000 | + £45,000,000 | £3,600,000 |
Great Eastern
(E.C. (Eastern Counties Proportion) |
11,300,000 | 950,000 | 24,000,000 | 1,800,000 |
North British | 4,600,000 | 290,000 | 20,000,000 | 1,310,000 |
South Eastern | 11,600,000 | 1,050,000 | 18,000,000 | 1,360,000 |
Brighton | 8,400,000 | 820,000 | 16,500,000 | 1,190,000 |
Totals | 62,900,000 | £4,910,000 | £123,500,000 | £9,260,000 |
+ Besides £270,000 a-year rent charges |
England explains, that it is the practice more or less with all British Railway Cos. to pay out of capital charges for reproduction and maintenance and other matters which ought to be paid from revenue, and that the closing of a capital account would in such cases be almost equivalent to the closing of the dividend.
The Money Market Review, 27. April 1867. S. 499.
Schließen
The Bullion Movement. (April 27, 1867 Money
Market Review)
9 Jan. 1867 | Bullion and Coin in both Bank departments: | £19,438,000. | |
27 March 1867 | 19,627,232 | ||
24 April 1867 | 19,336,927 | ||
4 September 1852 (year of the first full development of Australian Gold discoveries | 21,838,000 | (quarterly average of the weekly amount of bullion in Bank, against average active circulation for the same period of £23,982,000) |
A great cause for the large stock of gold in the Bank, is the continued absence of the usual demand for silver for India. A slight temporary movement took place in that direction 2 or 3 mails ago, consequent on reports by telegram of a considerable rise in the exchange on England. The demand immediately supplied by shipment of £200,000, chiefly from Continent, without any marked effect being produced on foreign exchanges, or causing shipments of gold from this country to France. The demand for India has again, to a great extent, subsided.
With such a large stock of gold, and no probable outlet for it, the Bankrate seems likely to undergo further reduction at no distant period.
The absorption of money in investments in securities to a greater extent would temporarily relieve bankers of a portion of their surplus funds, but not materially affect the Bank of England, as regards its stock of gold, more particularly as the Bk. o. France is overburdened with gold. Circumstances beyond the pale of our home transactions must supervene to bring about the exportation of gold. … Exports of gold at this moment taking place in payment for stock which foreign holders, frightened at the idea of war, have precipitately sent here. Withdrawals of gold from the Bank for this purpose will only go on for a few days.|
The Money Market Review, 4. Mai 1867. S. 526/527.
Schließen
Week ending 4 May 1867. Railway
Collapse.
Die Enthüllungen des Investigation Committee, Brighton Railway und South Eastern, [haben die Angst] vor neuem Railway Panic vergrössert.
The Money Market Review, 11. Mai 1867. S. 555.
Schließen
The Stock Markets. 10 May 1867.
Friday, 10 May 1867 has
been the very antithesis of Friday, 11 May
1866. The turn for the „speculators for the
rise“ seems
Zusatz von Marx.
Schließen (!) to have begun, railways, of course, excepted.
The Money Market Review, 11. Mai 1867. S. 559.
Schließen
Movement of gold.
First quarter of 1867 | imported £2,153,182, | |
of 1866 | £2,425,989 | |
of 1865 | £2,651,237. | |
The largest imports were from Australia, | sent £1,168,510 | (first quarter of 1867) |
1,309,178 | (corresponding 3 months of 1866) | |
533,032 | (--------------- 1865) | |
From United States Gold receipts: | £210,524 | (to March 31, 1867) |
353,522 | (--------------- 1866) | |
987,829 | (--------------- 1865) | |
Exports of Gold from U. Kingdom | £1,471,794 | (to March 31, 1867) |
1,396,364 | (--------------- 1866) | |
1,470,514 | (--------------- 1865). | |
Von diesen gold Exports largest to France: | £1,078,848 | (to March 31, 1867) |
943,759 | (--------------- 1866) | |
881,361 | (--------------- 1865) |
The Money Market Review, 25. Mai 1867. S. 607.
Schließen
Caledonian Railway.
(17 Years ago) (Money Market Review
25 May 1867)
Vor 17 Jahren a committee of investigation into affairs of the Caledonian Railway Co. made a report, in which the same outline of facts was given as that which is now reproduced, though at this moment not in one case but in many.
Even before opened as a through line from Carlisle to Edinburgh and Glasgow, the Caledonian Railway was committed, by the policy of the board, to a host of leases and guarantees, which, under any circumstances must have absorbed the whole revenue of the line. The Investigation Committee directly charged the directors with personal interest in these guarantees and leases, supported by the significant fact they brought to light that, while the Caledonian Railway was undergoing this process of insolvency at the direct investigation of the board of directors, the directors themselves reduced their holdings in Caledonian Original shares to a bare qualification. Astonishing that after so many years’ experience of interested antagonism between Directors et Shareholders, the same wrong should be perpetrated up to this hour. The Caledonian 50£ share of that day fell, upon the report of this committee, to something like £6 or 7, or to about 12 or 14% of the money paid; but since that time its value has risen to a great deal more than |35 the shareholders paid originally, and the £100 stock at one time touched nearly £140. Dieß dadurch hervorgebracht, that the injudicious or iniquitous bargains were for the most part cancelled. (Repudiation.)
The Money Market Review, 25. Mai 1867. S. 608/609.
Schließen
Debt. (Money Market
Review. 25 May 1867.)
Kommentar
von Marx.
Schließen Debt ist nach diesem
writer das wahre Geheimniß des Reichthums,
Civilisation, and so forth!
The debts of Gr. Britain et her Colonies: 945 Millions St; in British Railways et Canals: 500 Mill.
£. St; Joint Stock Banks: 85 Mill. £. St. Finance Cos., 15 Mill. £. Other Joint Stock Cos 70 Millions £; zusammen debt
and investments of British Empire,
public and private, in a marketable form, about 1715
Mill. £. Then the debts of the Foreign
States, contracted chiefly within the last half century,
estimated at 2,566 mill. £.; Aggregate: 4,281.
Mill. £. Foreign railway capital hier nicht
included (much davon British). Altogether, as a
mere estimate, world’s debt 5000 or 5,500 Mill. £. St. All this
virtually created since commencement of present century und
Debt increases now much more rapidly. A few years ago Egypt owed nothing, Turkey very
little, Italy and Mexico were comparatively
small debtors, France owed in 1860 less by 125 Mill. St., and U. States has entailed debt of 670 Mill. £. St. (federal and
confederate) Kommentar von Marx.
Schließen Wenn das kein „Progress“ ist, meint dieß Orakel des Money
Market, wo the devil soll Progress herkommen?
Half the debt of the universe is ours Zusatz
von Marx.
Schließen ! Here lies one secret of the
rapid progress of the Anglo-Saxon race. We trust our colonies with our
money … they apply our money to useful and reproductive purposes.
The Money Market Review, 1. Juni 1867. S. 632.
Schließen
Committees of Investigation. (Money Market Review June 1.
1867)
At recent special meeting of the Great Western Railway shareholders, a very intelligent shareholder, referring to the appointment of a committee of inquiry or investigation said: he had a great faith in committees, they were generally the result of some previously packed arrangement, when such committees issued their reports, they seldom gave really valuable information, and resulted in the appointment of the committeemen as directors. There is much general truth in this outline of railway investigations. As a rule they have been little better than a farce, and the truth has been bought off by a set seat in the board-room, or some other method by which damaging facts may be concealed or compromised.
The Money Market Review, 1. Juni 1867. S. 633.
Schließen
Investment of Money Zusatz von Marx.
Schließen (Funds.
Increase in their Price) (Money
Market Review June 1. 1867)
Some part of the existing supplies of capital – very small part, indeed – invested in selected things, chiefly Government securities and guaranteed securities of colonial dependencies. Hence a considerable advance during the last 3 or 4 weeks in the prices of the soundest stocks. Within that period, f.i., the value of the Funded Debt has increased no less than £23,000,000. The fundholders are richer by that amount than they were a few months back. In Railways during the last fortnight average rise of fully 5%. This change means about £5,000,000 in value. Vastness of their unemployed resources has compelled B.o.E. and B.o.F. to reduce their rate of discount to 21/2%. Indian Gvt Securities during the month have advanced fully 2%. The most solid securities are first selected after the country has emerged from a collapse. Present Plethora.
The Money Market Review, 1. Juni 1867. S. 634.
Schließen
Pre-Preference Railway Stock. The North British Bill before
Parliament. (Money Market Review June 1
’67)
In defiance of all expostulation, the directors of the North British Railway Co. persist in promoting their bill before Parliament for raising £1,875,000 by „pre-preference“ stock – that is, a security which, in order of priority, is to |36 override all other priorities excepting debentures or mortgage-bonds. It would amount to wholesale confiscation of existing right. Not yet even shown that this little less than 2 millions required for any legitimate purpose. No doubt, wanted for somebody – lawyers, perhaps, or contractors, or Parliamentary agents, or bankers … their money is to be raised in somebody’s interest, and that interest is not the interest of the existing proprietary … If the doctrine of pre-preference is permitted at all by Parliament, where is it to stop? Lawyers, contractors, Parliamentary agents, and bankers have only to run up long bills, and pre-preferences may be created ad libitum. The last priority holds good until the next is created; and then „the devil take the hindermost“.
The Money Market Review, 1. Juni 1867. S. 634/635.
Schließen
London and
Westminster Bank. Its Progress. Proposed issue of new
shares. (Money Market Review June 1,
1867)
On 1st April, 1864, business of James Loyd et Co purchased by the London and. Westminster. On
On 30 May 1867 directors of London and Westminster make known, through the medium of the press, intention to propose at shareholders meeting in July (1867) increase of £1,000,000 to the paid up capital. At present Nominal Capital £5,000,000, in 50,000 shares, at £100 each, of which 1 Mill. £, or 20£ p. share, is called up. Besides, Reserve fund of £480,000, entirely formed by banking profits, reserved from time to time, except £40,313. They propose to double the subscribed capital to 10 Mill. and the paid up to 2 Mill.
Bank began business in March, 1834, with paid up capital of about 50,000£. By the end of that year 17,713 shares had been subscribed, and 15£ called up on each, the amount actually received being £182,255. April 1836 the last call of £5 per share was made, and a new issue of 9,333 shares took place at a premium of £4 10s. each. In 1841, 10,000 shares were offered at par, and taken up, with the exception of a few sold at a premium in 1842. The last addition to the capital in 1847, 20 years ago, when 10,000 shares issued at par. (The items under the heads of deposits, in following table, money really deposited, payable on demand; the acceptances of the London and Westminster have always very properly been kept distinct.)
Paid up Capital. | Deposits (Circular Notes etc) | Increase of Business | |
---|---|---|---|
Year ending December 1836 | £597,255 | £643,332 | |
1846 | 800,000 | 3,287,589 | £2,644,257 |
1856 | 1,000,000 | 11,438,462 | 8,150,873 |
1866 | 1,000,000 | 22,672,559 | 11,234,097. |
For London and Westminster | 6.28% |
London and County | 7.33 |
Union | 7.79 |
London Joint Stock | 9.23 |
A paid up capital of 2 mill. and reserve of 1 Mill. für die London und Westminster would be equal to 12.72 of the business now transacted.
Net Profits. | Dividends paid | Rate of dividend p. ann. | Profits reserved. | |
---|---|---|---|---|
1860 | £.219,565 | 200,000 | 20% | £19,565 |
1861 | 254,567 | 220,000 | 22 | 34,567 |
1862 | 232,426 | 220,000 | 22 | 12,426 |
1863 | 277,738 | 250,000 | 25 | 27,738 |
1864 | 472,438 | 300,000 | 30 | 172,438 |
1865 | 333,847 | 300,000 | 30 | 33,847 |
1866 | 463,685 | 300,000 | 30 | 163,685 |
Average annual net profits of the last 7 years have been 321/4%, dividend paid 251/2 p.c., amounts undivided nearly 63/4%. The shares of the bank have for 3 years past stood in market at average of £95 each, equal to £75 premium, whereas the 50,000 new shares are to be offered to the shareholders at £30 each, or only 10£ premium.|
The Money Market Review, 1. Juni 1867. S. 659.
Schließen
Unprecedented Accumulation of Gold. (June 8, ’67
Money Market Review)
This week, B.o.E. holds nearly 21 Mill., B.o.F., 341/4 Mill. gold, together more than 54 Mill. Between 1856 and 1866 the maximum amount of bullion and specie in B.o.E. about 20 Mill. £, and in B.o.F. about 25 Mill. Maximum Discount Rate (i.e. the rate at which these great banks are content to lend money on the best bills) therefore put down to 21/2%. Commerce does not care to borrow money just now at 21/2%, though a few months ago it clutched it greedily at 10%.
The Money Market Review, 8. Juni 1867. S. 661.
Schließen
The Rebound in the Stock Markets. (June 8, ’67,
Money Market Review)
There seems to have been a good deal of „bear“ slaughtering of late … Distrustful investors began to buy Gvt. Securities, and Indian Stock, then colonial securities, then dividend paying foreign stocks, now they are even absorbing our railway investments.
The Money Market Review, 8. Juni 1867. S. 661/662.
Schließen
Pre-Preference Stocks. North British Railway
(June 8, ’67 Money Market
Review) (H. o. Commons).
The Expiring H.o.C., of course, ready for every infamy. That House passed the „North British (Carlisle Deviation) Railway Bill“, by which it is empowered to to create „Pre-Preference Stock“ of £1,800,000. The H.o.C. condones past misconduct and grants a premium upon it in future.
The Money Market Review, 8. Juni 1867. S. 662.
Schließen
The War between Railway Shareholders and the Board
Rooms.
Midland Railway
(8 June
’66 ’67 Money Market
Review)
The battle between railway officialism and railway proprietorship is still waged with ever increasing violence, but … up to the present time officialism seems to have the upper hand. So in Meeting 3 June (adjourned später until 13 June durch die shareholders) der Midland Railway Co. Directors insist to wage war upon London und Northwestern durch competing line to the Scottish border (to cost on paper 2, in reality at least 4 Mill.); they make no concession as to proposed amalgamation mit Glasgow and Southwestern Co., by which the Midland Co. literally guarantees minimum of 4% upon a capital of something like 8 Mill. £.
The Money Market Review, 8. Juni 1867. S. 659–661; 15. Juni 1867. S. 694.
Schließen
The Report of the Parliamentary Committee on
Limited Liability. Zusatz von
Marx.
Schließen (Watkin) (Société
en commandite“ ).
Marx’ Worte. The Money Market Review,
8. Juni 1867, S. 659: „[...] we must say we have persued it with
considerable disappointment.“ Ebenda, S. 661: „insufficient
report“.
Schließen Miserable thing.
Watkin Chairman of it. Wahrscheinlich Marx’ Worte. The Money
Market Review, 15. Juni 1867, S. 694: „I observe that the
Committee also report in favour of the unlimited liabilty of the
executive portion of a company, coupled with the limited status
of the non-executive members. This recommendation is, in fact, a
modified form of the French ‘commandite’ system
[...]“
Schließen That a Co. may be advantageously established
en commandite, or with no liability
beyond the paid-up capital, the gerants gérants or managers being the additionally
responsible parties, is know from French etc
The Money Market Review, 15. Juni 1867. S. 693/694.
Schließen
British Mining. The Cost-Book System etc
(Money Market Review 15 June
’67.)
In the whole circle of share investments mines unquestionably the most speculative. Copper at 100£ and Tin at £115 healthy speculation, at recent prices das Gegentheil. For some time past British mining has been under a cloud, owing to disturbed state of markets for minerals and metals. Coal and iron, copper and tin, all heavily smitten by European political complications and Panic-crisis. Pressure more severely felt in Cornwall, Devon, and North Wales than in South Wales, Durham, and Northumberland. The minerals with which the huge furnaces of the ironmasters fed are geologically more concentrated than those which supply the furnaces of the copper smelters of Swansea, and the tin and lead smelters at Cornwall. Much greater still, moreover, required for the production of 100 tons of sulphuret of copper, or black tin, than like quantity of iron ore or coal. A good vein of iron stone once reached may and probably will last for a generation, but a lode of copper-ore is quite a different thing. A few fathoms of a good vein, comparatively speaking, will amply repay the miner for such time and labour expended in patient exploration. It is the coyness of these more precious metals which renders metalliferous mining so attractive to speculators, and it is to their possession that the county of Cornwall owes its pre-eminence as a mining |38 district. The state of the metal market is, therefore, a matter of prime importance to the Cornish miner … . … In mining, where it is impossible to predicate whether 500 or 5000£ may be needed, and where the unremunerative expenditure of to-day may be superseded by the profitable returns of to-morrow, a fixed nominal capital (wie bei limited liability Cos) seems to be singularly out of place. – Not one of the dividend-paying mines either in Cornwall or Devon is constituted under the Cos. Act of 1862, that distinction being exclusively reserved for the „progressive“ or non-dividend concerns.
The Money Market Review, 22. Juni 1867. S. 715–717.
Schließen
Brighton
Railway Co. Report of Committee of
Investigation. Money Market Review
22 June ’67.
Brighton Railway Scandal shows greater moral delinquency than even London, Chatham and Dover . Falsehood and deliberate concealment and suppression of facts, practised upon shareholders, public, and Parliament itself, not in a single case only, but habitually and systematically, during a period of several years. Not only Leo Schuster, the late chairman, and the directors, but the Officials of the Co., have been implicated in these transactions, and become obnoxious to these imputations. The main charges against the directors are grounded upon unimpugnable Acts of Parliament, and legal and other documents, and upon their own printed and published reports. The Committee of Investigation presided over by Lord Westbury, ex Chancellor. Report over 50 closed folio pages. During Laing’s chairmanship, from 1849 to 1854 incl., the increase in the capital of the Co. only £735,000, and the increase in net profits £125,000. From 1855–1866 (Leo Schusters Regirung) increase in Kapital £8,072,000, whilst increase in net profits £113,000 only. This increase of Capital to £8,072,000 raised almost entirely by preference stocks and debentures, by which the revenues of the Co. subjected to a permanent charge of nearly £400,000 in order to earn the additional net income of £113,000 a year. The capital at the end of the years was:
Ordinary Stock | Preference Stock | Debentures and Debentures Stock | |
---|---|---|---|
1854 | £4,615,000 | £1,237,000 | £1,837,000 |
1866 | 5,373,000 | 6,345,000 | 4,042,000 |
Increase | £758,000 | 5,108,000 | £2,205,000 |
But, in addition to this, the Co. stood committed in March (’67) to fresh liabilities for further extensions amounting to £3,093,000. Nur verhindert durch Zwischenkommen der Shareholders.
But even these figures fail to show the whole truth, for the committee discovered that the increase of 113,000£ in the net income shown by the accounts was to a considerable extent fallacious, da the whole expense of renewals of permanent way and rolling stock had latterly not been charged against revenue, and nearly 1/2 Mill. £, representing interest on outlay on works in progress, had been paid out of capital, thus relieving revenue and increasing dividends. Outlay on Victoria Station and the Westend and Crystal Palace, and some 42 other new lines, of nearly 7 Mill. £ zwischen 1855 and 1860. In The history of the Surrey and Sussex, the Chichester and Midhurst, and the West Sussex Junction Railways, the cennurable censurable conduct of Leo Schuster and the other directors most manifestly appears. In regard to |39 these 3 lines, Peter Northall Laurie, the late chairman, asserted and published in his letter to the proprietors of 13 April (’67) „that each of them was promoted originally by independent parties, without the concurrence and assistance, and against the wishes of the Co“ und daß nur feeling it [to be ] the interest of the Co. daß sie nicht should fall into hostile hands, die directors „submitted proposals for their absorption into the Co’s system“. Mr. Laurie, therefore, in 13 April letter „submitted to the shareholders that the honour as well as the interest of the Co. required that these engagements should be fulfilled“. Now, the Committe Committee of Investigation conclusively shows that these statements were utterly untrue. It states:
In regard to the Surrey and Sussex line „the scheme was formed and the Bill originally promoted in the Session of 1864 by Mr. Carnsew, a solicitor who had been previously connected with the Brighton Co. in other lines; Mr. Hood, one of the Brighton Co’s engineers, Mr. Fuller, the Co’s land surveyor, with Msrs. Wilson as contractors“. The Committee publishes in extenso a long letter from Msrrs. Messrs. Faithfull, Son, and Coode, the solicitors of the Brighton Co. which confirms the Committee’s conclusion, viz: „That the Surrey and Sussex line was a sham Company, got up by persons connected with the Brighton Board, adopted by that Board, and palmed off on the shareholders of the Brighton line as a real and independent Co.“ When the bill of this sham Co. had received the Royal assent, Mr. Slight, the secretary, by direction of Schuster, the chairman of the Brighton Co., writes to Carnsew, the solicitor of the sham Co., „that looking to the fact that all the money is to be found by us, we shall infinitely prefer that the Surrey and Sussex board should consist only of members of the Brighton board“. And to keep up the farce, L. Schuster, James Scott, John Nix, Peter Northall Laurie, William Coningham, James Wishaw, and Colonel Barttelot, M.P., were appointed directors, with an allowance of £500 a year; Sir Fred. Arthur and Mr. Lushington were appointed auditors, with £100 a year; Mr. Slight became secretary at 150l. a year; Carnsew and Hood were confirmed in their positions as solicitor and engineer. Yet, notwithstanding all this, the shareholders of the Brighton Co. were told by these same directors, in the report presented at their general meeting a few days after these events, that „the Surrey and Sussex line was promoted by an independent Co, but that the directors had taken such steps as would result in the Brighton Co. being authorised to subscribe towards the Capital of the Surrey and Sussex Railway“. At that moment, as we have seen, they had bound the Brighton Co. to provide all the capital. The same deception was practised upon Parliament also. Msrs. Faithfull were instructed in the ensuing session to take power in a Bill of the Brighton Co. „to contribute 500,000£ towards the capital“ of this sham Co., and that power was taken accordingly. „This deception“, the Committee say, „is the more unjustifiable, as on the 18. May |40 previously Mr. Schuster and his colleagues, as directors of the Brighton, went through the form of sealing an agreement with the same Mr. Schuster and the same colleagues as directors of the Surrey and Sussex for an entire amalgamation of the two Cos.“
That agreement, however, the Committee state „was unknown to the shareholders when they sanctioned the subscription of £500,000. It had never been presented to their notice, and the very fact of its existence had only recently been disclosed“. They regret that „it is impossible not to feel that the report presented to that meeting, as well as Mr. Schuster’s speech on that occasion, were purposely designed to conceal from the proprietors the true nature of the engagements entered into, and that those who penned that report, and are responsible for its issue, and more particularly Mr. Schuster, were guilty of a deliberate misrepresentation of the origin and character of the undertaking“. It remains to be seen whether chairmen and directors of a railway, or any other Co., can be permitted to practise such deceit upon their shareholders with impunity. The sum of £277,144 has been abstracted from the funds of the Brighton Co. on account of the authorised subscription to this „Sham Co“. Muß sich zeigen ob diese Schweinhunde can, by a series of gross misrepresentations, practised upon their shareholders and the Legislature, thus divert or misappropriate those funds without being held responsible in a Court of Equity for their repayment. Another matter mentioned in the Report of the Committee, in regard to this „Sham Co“. It appears that „during Mr. Slight’s absence, Mr. Jenkins, a clerk in the Brighton Co’s service, acted as secretary until very recently, when Mr. White, a clerk of Mr. Faithfull’s, was appointed to succeed Mr. Slight, and, a few days before the appointment of the Committee, removed all the books and papers from the Brighton Company’s Office“. Mssrs. Faithfull were the responsible solicitors to the Brighton Co, were originally connected with the „Sham Co.“, and were parties to its socalled amalgamation with the Brighton Co. These books and papers were the property of their clients, the Brighton Co. How could they remove them?
The histories of the „Chichester and Midhurst“ und the „West Sussex Junction“ Railways auch full of „abundant matter for comment“. To the controversy between Mr. Mackenzie and the Brighton Co. the shareholders are immediately indebted for the investigation. At the close of 1866 the Union Bank not only refused any further advance to the Co., but were pressing for a reduction of the existing balance. To raise money for this purpose, Schuster, through Mssrs. Scrimgeour, the Co’s brokers, induced Mr. J. T. Mackenzie, on 15 January 1867, to purchase £300,000 of their preference stock upon the express „condition that no further stock was to be sold, directly or indirectly, by the Co. for 6 months from that date“. On the faith of that contract, Mackenzie advanced some £200,000 to the Co., and he then discovered that, in breach of that contract, Mssrs. Scrimgeours Scrimgeour, the brokers, had themselves been supplied with £33,000 of stock by the Co. on the day of its date, that the Union Bank had |41 at the same time an open power of sale over £700,000 at 30% below par. Mackenzie, therefore, refused to carry out his contract, in consequence of the directors having committed a breach of the terms, and the directors instituted legal proceedings to compel him to do so. Thereupon, Mackenzie filed a Bill in Chancery praying for an injunction, and that the contract might be declared void. The matter was subsequently arranged upon terms which leave a balance of nearly £75,000 owing to Mackenzie, and „the Committee are of opinion that, if by this illegal and irregular transaction any loss be incurred by the Brighton Co., the directors are liable to indemnify the Co. against such loss“.
In order to support dividends, the directors paid them out of capital
instead of revenue. At the same time, the proprietary body were willing
supporters of the malpractice. »We Zusatz von
Marx.
Schließen (sagt Money Market
Review)) do not know one single instance, in which
railway shareholders do not gladly shut their eyes in order to get
dividends.« They play thus into the hands of the
directors. Die
Brighton Railway has a
lot of unprofitable branches – no less than
12 branches – costing 100% to work. Its prospect on 2 or 21/4% dividend,
therefore, a mere myth and idle vision.
The Money Market Review, 22. Juni 1867. S. 718/719.
Schließen
City Buildings Cos. (22 June ’67. Money
Market Review) (Colonial Loans)
These building Cos have, with the aid of the credit and finance cos., beautified and improved our City to an extent which private enterprise could not, possibly, have done; but they have helped, at the same time, to bring about a scale of expenditure in the shape of rent and attendant charges which has acted to some extent oppressively upon the merchant and private trader.
It is to [be] expected that in the present state of the money market new colonial loans will come forward.
The Money Market Review, 29. Juni 1867. S. 739–741.
Schließen
Schuster’s Reply. (Money Market
Review 29 June ’67.[)]
Most impudent, but mere trash. Abuse and malignant insinuations against
the Committees of Investigations which are „the most favourable mode of
injuring a property, and it might be the most lasting method of
destroying the prosperity which others had build up“. Wahrscheinlich Zusatz von Marx.
Schließen In legitimem Regierungston beschuldigt
der würdige Jud Schuster die
Investigation Committees as being composed „either of ignorant
or designing men“. Vulgar claptrap in Schuster’s style and manner of
defence. With all that, he leaves the main facts uncontroverted.
Schuster sucht herauszulügen die
Surrey and Sussex line als independent undertaking of Wilson, contractor, Fuller
etc[.] Bestätigt, in fact, nur
die Anklage des Committee. The Bill having passed,
Faithfull et Co, their solicitors, wrote to
the Brighton Board: „We have much pleasure in formally announcing that
this Bill has received the Royal assent, and this pleasure is increased
as, by the Bill being passed, the whole of the scheme
which we submitted to the directors in June, 1863, has been
sanctioned.“ Also: für mehr than
2 years the directors had under their consideration a scheme,
of which this Surrey and Sussex Junction formed
the last link, and, when the
Act
for that last link had been passed, their solicitors congratulate them
officially.
Schuster, of course, sittlich
entrüstet über die Anklage, daß the Directors Report to the meeting of 29 July,
1865, und Schuster’s speech (as Chairman) on that
occasion were „purposely designed“ to „palm off the sham Co. as an independent Co“. Schuster sagt selbst in his
Reply that „on the 29th May, 1865, we entered into a provisional agreement with that Co., to take over their line,
and your directors and officers became the
provisional Co. for its promotion“. By that agreement and the
subscription contract which |42 they executed in pursuance of
it, as we learn from Faithfull’s letter, the directors not only became
the actual promoters of the Co., but they bound themselves, within
3 months after the passing of the
Act,
to pay to Mssrs. Waring all moneys they had paid or become liable to pay
in connection with the Bill, with 5% interest; and to pay Mssrs. Wilson
the expense of the Bill of the previous year, not exceeding £6,800; and
also to pay to Carnsew and Hood and any other persons all their costs in
the promotion of this Bill. On 29 July
(shareholders general meeting) the Directors’
Report stated that „the Surrey and Sussex was promoted by and an independent Co.“, und daß für die
advantage et Security der
Brighton Co, the
directors „had entered into a working arrangement
with that Co. and, subject to the approval of the proprietors,
had taken such steps as would result in this Co’s being authorised to
subscribe towards the capital“. The
directors of the Brighton Co being at that moment the promoters and
directors of that Co. and the subscribers of the whole of its
capital Zusatz von Marx.
Schließen !
Schuster’s speech (29 July 1865) was even more
explicit and precise in its misstatements. „An independent Co.“, he
said, „went to Parliament for and obtained that
line“, and further on: „It was, as I have said, introduced into
Parliament by an independent co., totally unconnected
with us“, and, after dilating on the advantages of the line, he
continued: „On these considerations, therefore, we come to the
consideration to make terms with that Co. for working
the line (which terms will be submitted to you by-and-by) at a certain percentage“ Zusatz von Marx.
Schließen !
Schuster declares cooly that that ex[-]Lord Chancellors (Westbury) know nothing of railway affairs.
The Money Market Review, 11. Mai 1867. S. 563.
Schließen
Clearing House. 1839.
Sir John Lubbock in his letter to Money Market Review, May 9 (worin erste officielle Clearing House bulletin since 1839) giebt für 1839 (Aus Babbage in Journal of the Statistical Society for 1856[)]:
Average of each day of the Week | Average of each days of Week (1839) omitting 4th of each month and settling day. | |
---|---|---|
Thursday | £.2,725,000 | 2,367,400 |
Friday | 3,098,000 | 2,912,900 |
Saturday | 3,621,700 | 3,575,000 |
Monday | 3,927,700 | 2,653,200 |
Tuesday | 3,292,600 | 3,123,200 |
Wednesday | 2,734,400 | 2,514,700 |
Total | 18,400,200 | 17,146,400 |
The largest amount which passed through the Clearing House in any one day in 1839 was £6,209,900 und the smallest £1,529,700.|
[Bank of England and Money Market. 1867.
(Fortsetzung)]
Week ending | 1) Circulation Issued | 2) Circulation Active | 3) Bullion et Coin. Issue Dpt. | 4) Reserve Notes | 5) Reserve Coin | 6) Total Reserve | 7) Public Deposits | 8) Private Deposits | 9) Gvt Securities | 10) Private Securities | 11) Both Departments Total of Coin and Bullion |
---|---|---|---|---|---|---|---|---|---|---|---|
8 May |
£.32,963,230 D 204,180 |
23,146,810 D. 152,855 |
17,963,230 |
9,816,420 D 54,325 |
1,167,127 |
10,983,547 I. 34,317 |
7,406,357 I 353,856 |
17,535,100 D 258,817 |
12,886,314 No change. |
19,220,896 I 51,572 |
19,130,357 D 118,538 |
15 May |
33,092,655 I. 129,425 |
23,184,505 I 87,695 |
18,092,655 |
9,908,150 I 91,730 |
1,152,622 |
11,060,772 I 77,225 |
7,534,212 I 127,855 |
17,513,823 D 21,777 |
No change |
19,258,506 I 37,610 |
19,245,277 I 114,920 |
22 May |
33,532,965 I 440,310 |
22,771,450 D 413,055 |
18,532,965 |
10,761,515 I 853,365 |
1,131,103 |
11,892,618 I 831,846 |
8,584,864 I 1,050,652 |
17,185,452 D 327,871 |
No change |
19,122,322 D 136,184 |
19,664,068 D 418,791 |
29 May |
34,287,765 I 754,800 |
22,929,170 I 157,720 |
19,287,765 |
11,358,595 I 597,080 |
1,129,518 |
12,488,113 I 595,495 |
8,843,011 I 258,147 |
17,309,383 I 123,931 |
No change |
18,883,405 D 238,917 |
20,417,283 I 753,215 |
5 June |
34,806,080 I 518,315 |
23,178,990 I 249,820 |
19,806,080 |
11,627,090 I 268,495 |
1,148,246 |
12,775,336 I 287,223 |
9,179,707 I 354,696 |
17,187,204 D 122,179 |
No change |
18,873,580 D 9825 |
20,954,326 I 537,043 |
12 June |
35,181,655 I 375,573 |
22,767,730 D 411,260 |
20,181,655 |
12,413,925 I 786,835 |
1,148,745 |
13,562,670 I 787,334 |
9,804,049 I 606,342 |
17,172,723 D 14,481 |
No change |
18,650,101 D 223,479 |
21,300,400 I 376,074 |
19 June |
35,710,870 I 529,215 |
22,699,670 D 68,060 |
20,710,870 |
13,011,200 I 597,275 |
1,171,900 |
14,183,100 I 620,430 |
10,500,391 I 696,342 |
16,987,972 D 184,751 |
No change |
18,516,348 D 133,753 |
21,882,770 I 552,370 |
26 June |
36,102,250 I 391,380 |
23,204,910 I 505,240 |
21,102,250 |
12,897,340 D 113,860 |
1,184,434 |
14,184,774 D 101,326 |
11,105,413 I 605,022 |
17,854,106 I 866,134 |
No change |
20,098,076 I 1581,628 |
22,286,684 I 403,914 |
Week ending 8 May | Thursday. May 2. | Friday. May 3. | Saturday. May 4. | Monday. May 6. | Tuesday. May 7. | Wednesday. May 8. | Total | |
£8,767,000 | 10,188,000 | 12,900,000 | 7,302,000 | 8,647,000 | 9,220,000 | £57,024,000 | ||
Week ending 15 May | Thursday. May 9. | May 10 | May 11 | May 13 | May 14 | May 15 | Large increase on May 15 caused by settlement in Stock Exchange. | |
£9,554,000 | 9,453,000 | 9,321,000 | 8,301,000 | 8,968,000 | 18,177,000 | 63,774,000 | ||
Week ending 22 May | 16 May | May 17. | May 18 | May 20 | May 21 | May 22 | ||
£10,155,000 | 11,309,000 | 11,685,000 | 7,580,000 | 8,451,000 | 8,288,000 | 57,468,000 | ||
Week ending 29 May | 23 May | 24 May | May 25 | May 27. | May 28. | May 29 | ||
£7,986,000 | 9,112,000 | 9,653,000 | 8,293,000 | 9,348,000 | 7,679,000 | 52,071,000 | ||
Week ending 5 June | 30 May | 31 May | 1 June. | 3 June | 4 June | 5 June | Large amount. Settling day on May June 3 (Stock exchange) und Bills due on 4th. | |
£7,793,000 | 18,329,000 | 11,206,000 | 9,281,000 | 13,132,000 | 8,639,000 | 68,380,000 | ||
Week ending 12 June | 6 June | 7 June | 8 June | 10 June | 11 June | 12 June | ||
£9,749,000 | 10,862,000 | 12,443,000 | 9,118,000 | 9,392,000 | 8,140,000 | 59,704,000 | ||
Week ending 19 June | 13 June | 14 June | 15 June | 17 June | 18 June | 19 June | On 14 (Friday) Settlement day in Stock Exchange und falling due of many Australian bills on Saturday. | |
£7,652,000 | 19,125,000 | 14,086,000 | 9,765,000 | 11,233,000 | 8,216,000 | 70,077,000 | ||
Week ending 26 June | 20 June | 21 June | 22 June | 24 June | 25 June | 26 June | ||
£8,247,000 | 9,030,000 | 10,708,000 | 8,996,000 | 10,102,000 | 7,704,000 | 54,787,000 |
Week ending 8 May. | Week ending 15 May | Week ending 22 May | Week ending 29 May | Week ending 5 June | Week ending 12 June | Week ending 19 June | Week ending 26 June | |
---|---|---|---|---|---|---|---|---|
1) Coin et Bullion | I 405,000£ | I. 352,000£ | I. 768,000£ | I. 528,000£ | I. £1,140,000 | I. 107,000£ | I. 272,000£ | I 556,000 |
2) Discounts (Loans) | D 700,000 | D. 392,000 | D 440,000 | I 1,380,000 | D. 2,240,000 | D. 27,000 | D 244,000 |
No change in Bills discounted |
3) Minimum Rate. | 3% England 3% | No change. | No change | 21/2 Engl. 21/2 | No change | Diese Angabe nicht in der Quelle.
Ergänzung von Marx. Schließen No change |
No change | No change |
4) Notes mit Public. | D 260,000 | No change | D 300,000 | I 920,000 | D 1,120,000 | I 290,00 290,000 | D 66,500 | D 460,000 |
5) Stock of Coin et Bullion | 31,638,933£ | 31,991,379 | 32,759,000 | 33,285,000 | 34,431,635 | Diese Angabe nicht in der Quelle.
Ergänzung von Marx. Schließen 34,438,635 |
34,545,110 | 34,821,002.| |
Notices to Money Market von week ending May 11 –
June 29 1867.
Week ending May 11:
Aus:
The Money Market Review, 11. Mai
1867. S. 563.
Schließen
Failures:
Dent et Co, China, pay, after all, 2s. 6d.
in lb, payable only within 21/2 years from 30 June next. Manchester: Stoppage of G. C. Harrison, spinner and manufacturer, Bacup; ditto W.
Jamieson, cotton spinner and machine maker, Ashton under Lyne, owing to depression in
cotton trade.
Week ending May 18:
Aus:
The Money Market Review, 18. Mai
1867. S. 590.
Schließen
B.o.E: Increase of £114,920 in the stock of
precious metals, only owing to return from the
provinces, the import and export transactions of the week
showing a balance of £40,000 against the Bank. Exchanges: With the establishment of peace a check has
been given to the drawing of Continental bills on this country,
hence improvement in the Exchanges.
Aus:
The Money Market Review, 18. Mai 1867.
S. 591.
Schließen
Mercantile Embarrassments:
Harrison (Bacup) pays 5s. in £. Liabilities
£30,000.
Week ending May 25:
Aus:
The Money Market Review, 25. Mai
1867. S. 616.
Schließen
B.o.E. Received in imported gold only £120,000; and, hence, increase in coin
to £418,791, indicates a strong reflux from the
internal circulation.
Aus:
The Money Market Review, 25. Mai 1867.
S. 617.
Schließen
Mercantile Embarrassments:
Stoppage of 3 underwriters at Lloyd’s. Considerable
liab. Liverpool: suspension of large firm in Brazilian trade with heavy liab., ferner: Suspension of Fraser, Trenholm, et Co,
American merchants, largely connected with operations in the Southern
States. London:
Robert Smith et Co, China trade, owing to heavy
losses in tea. New York:
Watts, Crone et Co liab. nearly £1,200,000; some of the New Orleans Banks will lose heavily. In
consequence of the stoppage of this firm, failure announced of Mssrs. Gibbons, Jones, et
Co. brokers.
Week ending June 1.
Aus:
The Money Market Review, 1. Juni
1867. S. 642.
Schließen
B.o.E. Increase in precious metals nearly
£600,000, wovon nearly £200,000 must have been
received from internal circulation.
Week ending June 8.
Aus:
The Money Market Review, 8. Juni
1867. S. 670.
Schließen
B.o.E.: The reduction in the rate [of] discount to 21/2% has failed
to bring any addition to its business, as seen from absence of any
increase in advance on private securities. Increase of precious metals of
£537,043; about 387,000£ received from abroad; remainder represents coin returned from the provinces.
Aus:
The Money Market Review, 8. Juni 1867.
S. 671.
Schließen
Mercantile Embarrassments:
Failure of Msrs Harford, old
and highly respectable underwriters of Lloyd’s. Heavy
liabilities.
Week ending June 15.
Aus:
The Money Market Review, 15. Juni
1867. S. 698.
Schließen
B.o.E. discount and loan business further reduction of £223,479 trotz der
21/2
discount rate. Increase in
precious metals £376,074, while only £60,000
reached Bank from abroad. Thus Coin must still be
returning in large quantities from the provinces, Ireland, and
Scotland.
Week ending June 22.
Aus:
The Money Market Review, 22. Juni
1867. S. 724.
Schließen
B.o.E:
Discount and Loan business still falling
off.
Increase in precious
metals of £552,370; gold sent in from abroad only £238,000.
Difference of 314,370l. due to return of coin
from internal circulation and the tills of the bankers.
Aus:
The Money Market Review, 22. Juni 1867.
S. 725.
Schließen
Mercantile Embarrassments: The failure of Frys, Rigge et Co, underwriters at Lloyd’s and China
merchants originated through a clerk in China having absconded with
£53,000.
Week ending June 29.
Aus:
The Money Market Review, 29. Juni
1867. S. 750.
Schließen
B.o.E: Owing to the increase in the demand
of money, usual at this period of the quarter, the advances on
private securities have risen by £1,581,628, but, owing to extensive
influx of deposits, Gvt. and private, the diminution in reserve only
£101,326. Increase in precious metals of £403,914 exceeds by about £230,000 amount of
gold sent into the Bank from abroad during the week, showing continued reflux of coin from the
provinces.
Aus:
The Money Market Review, 29. Juni 1867.
S. 751.
Schließen
Mercantile Embarrassments:
Failure of Sabel et Co,
Belgian Glass and Paper Trade, liabilities to £18,000, assets to about 5s. in £.|
[The Money Market
Review, September 1867]
The Money Market Review, 7. September 1867. S. 263.
Schließen
Contango und Backwardation.
Contango[:] a rate of payment by the purchaser of shares of stock to the seller, who agrees to delay delivery for a fixed period.
Backwardation[:] payment by the seller (to purchaser) unable to procure stock or shares except by a payment in consideration of their being lent to him for a fixed period of time.
The Money Market Review, 7. September 1867. S. 263.
Schließen
Foreign Trade of the U. Kingdom (1854–1866)
(incl.)
1854: | Imports of Foreign and. Colonial Produce: | £152,389,053, being 5£ 10s. 2d per head of population. |
1866 | Ditto: | £295,204,553, being 9£. 17s. 2d. p. head of population. |
1854 | Exports of British and Irish Produce and Manufacture: | £97,184,726 being £3, 10s. 2d. p. head of population |
1866 | Ditto: | £188,827,785 being £6, 6s. 2d. p. head of population. |
Including also Exports from United Kingdom of foreign and Colonial Produce, Total Value of Imports and Exports | ||
1854: | £268,210,145, being £9, 14s. p. head of Population | |
1866: | £534,011,453 … £17, 16s. 10d. p. head of Population |
The Money Market Review, 7. September 1867. S. 258.
Schließen
Railway Capital in Un. Kingdom during the last
15 years.
a) Growth of the Capital.
1852: £264,165,672. 1853: £273,324,514. 1854: £286,068,794. 1855: £297,584,700. 1856: £307,595,086. 1857: £315,157,258. 1858: £325,375,507. 1859: £334,362,928. 1860: £348,130,127. 1861: £362,327,338. 1862: £385,218,438. 1863: £404,215,802. 1864: £425,719,613. 1865: £455,478,143.
b) Percentage of Growth. (increase) of
Capital.
Between 1852 and 1862 average increase of railway Capital (yearly average) 11 to 12 Millions p. annum. | |
1863: | £18,997,364 |
1864: | 21,503,811 |
1865: | 29,758,530 |
It is this tendency to exaggerated railway investment which induced the troubles which afflicted the railway interest 1866, and still continues to some extent, the growth of capital accounts having outstripped the progress of traffic receipts.
c) Railway Revenue of U. Kingdom during last
15 years.
1852: £15,710,554. 1853: £18,035,879. 1854: £20,215,724. 1855: £21,507,599. 1856: £23,165,491. 1857: £24,174,610. 1858: £23,956,749. 1859: £25,7435,502. £25,743,502. 1860: £27,766,622. 1861: £28,565,355. 1862: £29,128,558. 1863: £31,156,397. 1864: £33,911,547. 1867: 1865: £35,751,655.|
[Bank of England and Money Market. 1867.
(Fortsetzung)]
Week ending | 1) Circulation issued | 2) Circulation active | 3) Bullion. Issue Dpt. | 4) Reserve Notes | 5) Reserve Coin | 6) Total Reserve | 7) Public Deposits | 8) Private Deposits | 9) Gvt. Securities | 10) Private securities | 11) Total Bullion et Coin. Both Departments. |
---|---|---|---|---|---|---|---|---|---|---|---|
3 July |
£.36,442,570 I 340,320 |
24,353,860 I. 1,148,950 |
21,442,570 |
12,088,710 D 808,630 |
1,053,285 |
13,141,995 D 939,779 |
9,356,727 D 1,748,686 |
18,868,210 I 1,014,104 |
12,830,773 D. 55,541 |
20,465,251 I 358,175 |
22,495,855 I 209,171 |
10 July |
36,390,030 D. 52,540 |
24,053,080 D 300,780 |
21,390,030 |
12,336,950 I 248,240 |
1,151,201 |
13,488,151 I 346,156 |
5,121,309 D 4,235,418 |
21,232,551 I 2,364,341 |
No change |
18,361,530 D 2,094,721 |
22,541,231 I 45,376 |
17 July |
£36,559,685 I 169,655 |
24,199,430 I 146,350 |
21,559,685 |
12,360,255 I 23,805 |
1,127,041 |
13,487,296 D 855 |
4,618,373 D 502,936 |
20,895,525 D 337,026 |
No change |
17,576,507 D 785,023 |
22,686,726 I 145,495 |
24 July |
£36,557,895 D £1,790 |
24,102,715 D 196,715 |
21,557,895 |
12,555,180 I 194,925 |
1,213,969 |
13,769,149 I 281,853 |
4,697,247 I 78,874 |
20,775,813 D 119,712 |
No change |
17,248,489 D 328,018 |
22,771,864 I 85,138 |
31 July |
£36,725,265 I 167,370 |
24,182,960 I 180,245 |
21,725,265 |
12,542,305 D 12,875 |
1,201,188 |
13,743,493 D 25,656 |
4,898,151 I 200,904 |
20,593,817 D 181,996 |
No change |
17,322,457 I 73,968 |
22,926,453 I 154,589 |
7 August |
£.37,042,835 I 317,570 |
24,343,480 I 160,520 |
22,042,835 |
12,699,355 I 157,050 |
1,212,729 |
13,912,084 I 168,591 |
5,189,684 I 291,533 |
19,856,932 D 736,885 |
12,812,373 Decr. 18,400 |
16,763,303 D 559,154 |
23,255,564 I 329,111 |
14 August |
£37,287,810 I 244,975 |
24,113,270 D 230,210 |
22,287,810 |
13,174,540 I 475,185 |
1,203,703 |
14,378,243 I 466,519 |
5,508,038 I 318,354 |
19,947,453 I 90,521 |
No change |
16,723,849 D 39,454 |
23,491,513 I 235,949 |
21 August |
£37,358,310 I 70,500 |
23,931,890 D 181,380 |
22,358,310 |
13,426,420 I 251,880 |
1,174,351 |
14,600,771 I 222,528 |
6,526,514 I 1,018,476 |
19,468,445 D 479,008 |
No change |
17,052,659 I 328,810 |
23,532,661 I 41,148 |
28 August |
£37,325,395 D 32,915 |
23,693,810 D 238,080 |
22,325,395 |
13,631,585 I 205,165 |
1,249,331 |
14,880,916 I 280,145 |
7,350,218 I 823,704 |
18,870,130 D 598,315 |
No change |
16,976,823 D 75,836 |
23,574,726 I 42,065 |
4 Sept. |
£37,859,110 I 533,715 |
24,062,940 I 369,130 |
22,859,110 |
13,796,170 I 164,585 |
1,213,172 |
15,009,342 I 128,426 |
7,673,107 I 322,889 |
18,866,324 D 3,806 |
12,845,272 Incr. 32,899 |
17,456,518 I 479,695 |
24,072,282 I 497,556 |
11 Sept. |
£38,126,665 I 267,555 |
23,720,295 D 342,645 |
23,126,665 |
14,406,370 I 610,200 |
1,221,867 |
15,628,237 I 618,895 |
7,944,522 I 271,415 |
19,154,778 I 288,454 |
No change |
17,359,943 D 96,575 |
24,348,532 I 276,250 |
18 Sept. |
£38,329,665 I £203,000 |
23,706,425 D 13,870 |
23,329,665 |
14,623,240 I 216,870 |
1,168,782 |
15,792,022 I 163,785 |
7,974,897 I 30,375 |
19,165,910 I 11,132 |
12,895,272 I. 50,000 |
17,216,262 D 143,681 |
24,498,447 I 149,915 |
25 Sept. |
£38,237,860 D 91,805 |
23,408,105 D 298,320 |
23,237,860 |
14,829,755 I 206,515 |
1,209,983 |
16,039,738 I 247,716 |
8,361,152 I 386,255 |
18,919,280 D 246,630 |
No change |
17,121,694 D 94,568 |
24,447,843 D 50,604 |
Week ending 3 July | Thursday June 27 | Friday June 28 | Saturday Sat. June 29 | Monday July 1 | Tuesday Tuesd. July 2 | Wednesday Wd. July 3 | Total for week | Settlement on Friday; Saturday last business day of half year. |
£.8,505,000 | £16,234,000 | £13,779,000 | 12,094,000 | 10,739,000 | 8,787,000 | £70,138,000 | ||
Week end. 10 July | July 4 | July 5 | July 6 | 8 July | 9 July | 10 July | This Returns Return includes the Dividend Period. | |
10,903,000 | 10,487,000 | 11,467,000 | 11,306,000 | 10,704,000 | 12,622,000 | £67,489,000 | ||
Week ending 17 July | July 11 | 12 July | 13 July | 15 July | 16 July | 17 July | Payments on Tuesday (16 July) in connexion with Stock Exchange Settlement. | |
£10,161,000 | 11,415,000 | 11,738,000 | 11,894,000 | 17,261,000 | 9,284,000 | £71,753,000 | ||
Week ending 24 July | July 18 | 19 July | 20 July | 22 July | 23 July | 24 July | ||
£10,764,000 | 8,874,000 | 9,992,000 | 9,926,000 | 10,146,000 | 8,428,000 | £58,130,000 | ||
Week ending 31 July | July 25 | 26 July | 27 July | 29 July | 30 July | 31 July | 7 or 8 millions on Wed. (31 July) from settlement in shares and stock et Foreign Stocks. | |
£.8,278,000 | £9,168,000 | 9,787,000 | 8,385,000 | 9,034,000 | 16,033,000 | £60,685,000 | ||
Week ending 7 August | August 1 | 2 Aug. | 3 Aug. | 5 Aug. | 6 Aug. | 7 Aug. | ||
£.9,541,000 | 10,601,000 | 12,510,000 | 9,416,000 | 9,024,000 | 9,410,000 | £60,502,000 | ||
Week end. 14 August | 8 Aug. | 9 Aug. | 10 Aug. | 12 Aug. | 13 Aug. | 14 Aug. | ||
£10,701,000 | 9,696,000 | 10,590,000 | 9,101,000 | 10,431,000 | 9,777,000 | £60,296,000 | ||
Week end. 21 August | 15 Aug. | 16 Aug. | 17 Aug. | 19 Aug. | 20 Aug. | 21 Aug. | ||
£16,309,000 | 11,242,000 | 11,275,000 | 9,145,000 | 8,175,000 | 7,583,000 | £63,729,000 | ||
Week end. 28 August | 22 Aug. | 23 Aug. | 24 Aug. | 26 Aug. | 27 Aug. | 28 Aug. | Shows that business flat. | |
£8,093,000 | 9,036,000 | 10,068,000 | 7,176,000 | 7,812,000 | 8,254,000 | £50,439,000 | ||
Week end. 4 Sept. | 29 Aug. | 30 Aug. | 31 Aug. | 2 Sept. | 3 Sept. | 4 Sept. | Over Average. Settlement in Share und Foreign Markets. Payment of Railway Dividends, and exceptional requirements for 4th of Month. | |
£7,027,000 | 15,762,000 | 11,233,000 | 9,948,000 | 8,438,000 | 11,887,000 | £64,295,000 | ||
Week end. 11 Sept. | 5 Sept. | 6 Sept. | 7 Sept. | 9 Sept. | 10 Sept. | 11 Sept. | Amount fallen back to the recent low average. | |
£8,045,000 | 8,289,000 | 10,036,000 | 8,660,000 | 10,786,000 | 8,427,000 | £54,223,000 | ||
Week end. 18 Sept. | 12 Sept. | 13 Sept. | 14 Sept. | 16 Sept. | 17 Sept. | 18 Sept. | Slight Increase by Stock Exchange Settlement. | |
£6,804,000 | 14,341,000 | 10,699,000 | 8,863,000 | 8,451,000 | 8,808,000 | £57,996,000 | ||
Week end. 25 Sept. | 19 Sept. | 20 Sept. | 21 Sept. | 23 Sept. | 24 Sept. | 25 Sept. | Total even below the recent low average. | |
£6,870,000 | 8,074,000 | 10,484,000 | 7,649,000 | 8,191,000 | 8,989,000 | £50,257,000 |
(Verte)|
Week ending 3 July. | Week ending 10 July. | Week ending 17 July. | Week ending 24 July. | Week ending 31 July. | Week ending 7 August | Week ending 14 August | Week ending 21 August | Week ending 31 Aug. 1867. | |
---|---|---|---|---|---|---|---|---|---|
1) Coin et Bullion | I £82,840 | D 1,026,500 | I 253,300 | I. £460,000 | I £272,000 | I £700,000 | I 480,000 | I £752,000 | I £662,065 Total Stock: £37,970,432 |
2) Discounts. Loans. | I 592,000 | D 80,000 | I 173,300 | D 306,640 | I 266,600 | No change | D 320,000 | D 246,500 | I 120,164 |
3) Minimum Discount Rate | 21/2 both Banks | Diese Angabe nicht in der Quelle.
Ergänzung von Marx. Schließen No change |
No change | 21/2 English: 2% | 21/2% Engl. 2% | 21/2 Engl. 2% | 21/2% Engl. 2% | 21/2% Engl. 2% | No change |
4) Notes mit Public | I. 1,786,640 | I 627,000 | I. 773,300 | I 306,640 | I. 1,066,600 | D. 840,000 | D 20,000 | D 360,000 | I 180,000 |
5) Stock (Coin, Bullion) | £.35,460,960 | Diese Angabe nicht in der Quelle.
Ergänzung von Marx. Schließen £34,434,460 |
£34,685,970 | £35,145,320 | £35,417,530 | £36,119,095 | 36,600,000 | 37,350,291 | Week ending 24 July. Wenig increase in discounts, aber much in notes for circulation. |
Week ending 4 Sept. | Week ending 11 Sept. | Week ending 18 Sept. | Week ending 25 Sept. | ||||||
1) Coin et Bullion | I. 500,000 | I 344,000 | I. £100,000 | D. £608,000 | |||||
2) Discounts. Loans. | D 96 000 | D 653,500 | D. 13 500 | I 240,000 | |||||
3) Minimum Rate Discount | 21/2 English 2% | No change | No change | No change | |||||
4) Notes mit Public |
I. 160,000
Notes Total
|
D 560,000
Notes Total
|
£333,500
Notes Total
|
D 27,000 Total of Notes |
|||||
5) Stock of Coin et Bullion | £38,467,800 | £44,297,765 | £44,635,150 | £38,299,700 | Both Bank o. E. und F. £62,747,543 |
Notices to Money Market von Week ending 3 July 1867 to
week ending 10 August 1867
Week ending July 6. 1867.
Aus:
The Money Market Review, 6. Juli
1867. S. 14.
Schließen
B.o.E. at this period a large amount of coin
usually quits the Bank for the purpose of
internal circulation, yet the coin and bullion on this
occasion show increase of £209,171.
Aus:
The Money Market Review, 6. Juli
1867. S. 15.
Schließen
Mercantile Embarrassments:
Sir Morton
Peto, Bart. M.P.,
Edward Ladd Betts
, and Thomas Russell [Crampton]
, railway contractors,
adjudged bankrupts. Assets of George Beard in Iron Trade, who recently
failed, not 5s. in £.
Week ending July 13, 1867:
Aus:
The Money Market Review, 13. Juli
1867. S. 40.
Schließen
B.o.E. Glut of money. The payments on
dividends, which commenced on 9 July, attended with increase of £346,156 in the
Reserve, instead of the decrease usual on such occasions.
Ditto Increase of coin et bullion
in Bank.
Aus:
The Money Market Review, 13. Juli
1867. S. 40.
Schließen
Mercantile Embarrassments:
Liverpool: Failure of Mellor et Southall, old respectable firm in Brazilian trade. Liab. £300,000. Manchester et Bradford:
W. Brunner, of New
York, mit establishments at above said places.
Liab. to 1/4
Mill. £.
Week ending July 20.
Aus:
The Money Market Review, 20. Juli
1867. S. 64.
Schließen
B.o.E. The decrease of £785,023 in private
securities shows how steadily the Bank’s Loan and Discount Business
is falling off trotz 21/2 Minimum discount Rate, but
owing to Gvt. and private Deposits
withdrawal, Reserve almost
stationary. Increase of precious metals –
£145,495 – is equal to double the amount
received by Bank from abroad during week;
also
1/2 of it
due to reflux of coin from provinces.
Week ending July 27.
Aus:
The Money Market Review, 27. Juli
1867. S. 79 u. 92.
Schließen
B.o.E. Reduction on
25 July of Minimum Rate of Discount to 2%. The
Stock of bullion and coin is still steadily increasing, loans and
discounts decreasing, public require a smaller amount of notes, and
in the general market the current rate for short dated paper is 13/4%. Amount of gold sent into the Bank during
week £202,000, but increase in coin and bullion only £85,138.
A 2% Minimum Rate of Discount
früher only 22nd April 1852 (lasted 37 weeks) und
24 July 1862 (lasted 14 weeks.) On 22nd April
1852 stock of bullion held about 31/4 Mill. £ less than at
present, and the reserve was about 1 Mill. St. less. On 24 July 1862 the bullion was nearly
5 mill. less and Reserve 3 mill. less.
Week ending August. 3.
Aus:
The Money Market Review, 3. August
1867. S. 122.
Schließen
B.o.E.
Increase of Precious Metals of £154,589, amount of gold sent in from abroad
about £37,000; thus the bulk of £117,589 must
consist of coin received from the provinces.
Aus:
The Money Market Review, 3. August
1867. S. 134.
Schließen
New Russian Loan for 12 Mill. £ St. (Baring
Brothers et Co)[.]
Dulness characterises every department of
the Stock Exchange.
Week ending August. 10.
Aus:
The Money Market Review, 10.
August 1867. S. 144/145.
Schließen
Sharemarket: Increase of Business. Decided
Recovery in various stocks und besonders Stocks of
our home Railway Cos. The „bulls“ have carried everything; „bears“
forced to close at great sacrifices, and thereby increase the force
of the upward movement. In this game of railway speculation the
public are transacting a very small part. Sales for actual delivery and bona
fide investments are equally rare. Almost proverb on the
Stock Exchange: the public never sell till they have received their
dividends. (London and South Western Co pay
halfyearly dividends 17/8% instead of 2 in same period last year;
Great Northern 21/4 against 21/2, Mitland 23/4 against 3.⦘ )
Week ending August 17.
Aus:
The Money Market Review, 17.
August 1867. S. 178.
Schließen
B.o.E: Amount of gold sent in from abroad
less than 1/2 of
its increase; hence sovereigns are coming in from
the provinces, unusual circumstance at this time when coin
is required for the harvest.
Aus:
The Money Market Review, 17.
August 1867. S. 172 u. 179/180.
Schließen
Stockmarket: Rise in meisten leading Railway
lines; meist speculativ. Bears beaten. Still game of
speculation.|
Notices to Money Market von 24 August to 28 Sept.
1867.
Week ending August 24. 1867.
Aus:
The Money Market Review, 24.
August 1867. S. 206.
Schließen
B.o.E.: Augmentation in Bullion less than
1/2 of
foreign gold sent in (£85,000) during week, showing that coin is
temporarily required in the provinces for the harvest.
Week ending Sept. 7, 1867.
Aus:
The Money Market Review,
7. September 1867. S. 260.
Schließen
B.o.E.: Increase in bullion less £360,000
than amount of gold sent in from abroad, shows
that coin is still wanted for harvest. Augmentation in Private Securities in
preparation for bills due on 4th. This
week’s return: the notes with the
public, payable in gold on demand, actually amount to less than the gold and silver held.
This situation never before occurred, except for a short time on
26 June in 1852.
Aus:
The Money Market Review,
7. September 1867. S. 251 u. 261.
Schließen The accumulation of precious metals at Bk.o.E. larger than ever before. B.o.E. und Bk.o.F. haben in Joint Stock to joint store over 621/2 Millions £. This week announced
suspension of Veronin Brothers, Moscow,
due chiefly to large speculations in cotton. Liabilities
heavy, some London firms among the creditors.
Aus:
The Money Market Review, 7. September
1867. S. 256.
Schließen
Sharemarket: After a long protracted period of
depression, shares of the best known
English mines have been in request at advanced questions.
Week ending 14 Sept. 1867.
Aus:
The Money Market Review,
14. September 1867. S. 285.
Schließen
Mercantile Embarrassments:
Coventry:
W. Chappell, silk broker. In Folge davon
failure of Peters and Warburton, ribbon and
small ware manufacturers at Coventry et London. Liabilities
in each case large. These disasters will open the way for other
smaller failures in one of the chief staple trades of Coventry which
has only recently recovered in a measure from an almost chronic
state of inactivity and depression. Australia: Failure of W. Forlonge,
squatter in Victoria, New
South Wales und Queensland. Liabilities
£283,000, including £66,000 due to Bank of Australia.
Week ending 21 Sept. 1867.
Aus:
The Money Market Review,
21. September 1867. S. 308.
Schließen
B.o.E. Gold sent from abroad into Bank
£287,000; Increase only £149,915 … Difference [must be
represented by] Coin withdrawn for internal
circulation.
Aus:
The Money Market Review, 21. September
1867. S. 309.
Schließen
Mercantile Embarrassments:
Liverpool: Failure of J. Hewitt et Co, cotton importers.
Were large holders of American cotton.
Coventry: Failure of several small firms, owing to stoppage of Peters and
Warburton.
Week ending 28 Sept. 1867.
Aus:
The Money Market Review, 28. September
1867. S. 328/329.
Schließen
Stockmarket. Stagnation again the feature of the
week. Unsettled Foreign Policy hat auch damit zu thun. The Funds have receded. Railway
Stocks have mostly declined; besonders
Protest raised against accounts
of Caledonian Railway
is another Blow to confidence in this class of enterprise.|
[The Money Market
Review, Juni bis Oktober 1867]
The Money Market Review, 6. Juli 1867. S. 4/5.
Schließen
The closing of Railway Accounts. (Money
Market Review 6 July. 1867)
Never has been any Railway Capital Account of any Railway Co. in this country closed excepting by absolute compulsion. When the necessity has arisen, the dividend has invariably stopped. Nehmen wir Railway Cos, nicht nur jezt als bad acknowledged, but auch very best.
30 June 1864 | £644,807 |
31 Dec. 1864 | 711,864 |
30 June 1865 | 656,263 |
31 Dec. 1865 | 802,751 |
30 June 1866 | 669,823 |
31 Dec. 1866 | 987,226 |
Total | £4,472,734 |
31 July 1864 | £.179,060 |
31 Jan. 1865 | 329,197 |
31 July 1865 | 466,164 |
31 Jan. 1866 | 587,893 |
31 July 1866 | 549,432 |
31 Jan. 1867 | 297,032 |
Total | £2,408,778 |
30 June 1864 | £389,082 |
31 Dec. 1864 | 793,472 |
30 June 1865 | 834,580 |
31 Dec. 1865 | 687,078 |
30 June 1866 | 822,884 |
31 Dec. 1866 | 1,163,911 |
Total | £4,691,007. |
30 June 1864 | £168,590 |
31 Dec. 1864 | 894,153 |
30 June 1865 | 487,232 |
31 Dec. 1865 | 1,786,274 |
30 June 1866 | 738,308 |
31 Dec. 1866 | 613,789 |
Total | £4,688,346 |
Diese 4 Railways together in 3 years more than 16£ St. (Millions) gepumpt. Difference between them: with The Brighton et South Eastern , the last dividends paid palpable illusions, whilst with London and North Western und Great Northern , there was something real, if not all.
The Money Market Review, 6. Juli 1867. S. 7.
Schließen
Pre-Preference Stock. – Great Eastern in
Chancery.
This „Railway Cos. Bill“, read a second time in H. o. Lords on 25 June (67) originally introduced by Sir Stafford Northcote und Watkin. It is now no secret that various Railway Cos. in this country have contracted mit bankers, lawyers, contactors, and other creditors, debts which they cannot pay und these Creditors the chief instigators of the Bill before Parliament, whereby they seek, at the cost of others, payment of their claims.|
52„Receivers“ have been appointed by the Court of Chancery for the Great Eastern Railway Co. Adopting the explanation given by Mr. Baxter, this signifies that the Court takes to itself the net revenue of the railway, and pays both principal and interest to debenture holders with that net revenue. … We cannot have Vice-Chancellors and „Receivers“ as our railway managers, and the nation will sooner or later demand that, whatever the existing condition of the law between railway debtors and creditors, we must have the means of locomotion in its fullest efficiency. Terminable debt must be exchanged for funded or permanent debt. Railway debentures must be changed into Railway Consols, the principal of which will never fall due, but may always be obtainable on the Stock exchange.
The Money Market Review, 6. Juli 1867. S. 8.
Schließen
The London,
Chatham, Dover Railway
Account with Peto et
Co. (Money Market Review 6
July, 1867)
When Peto et Co stopped payment, they classed amongst the assets a sum of more than a million claimed as due from Chatham and Dover Co., und jezt the Directors of the Co claim more than 6 Mill. £ from Peto et Co. Shows how accounts may be muddled and meddled. As means of settling the question, Mssrs. Peto et Co have at last been thrown into the Court of Bankruptcy.
Folgendes die precise figures des accountant employed by the directors. Peto et Co. are charged with stock and shares issued at par thus:
1) General Undertaking |
stocks and shares issued at par |
£2,571,551 | |
2) Metropolitan Extensions | 6,733,000 | ||
3) City Lines | 700,000 | ||
4) Victoria improvements | 520,000 | ||
5) Eastern Section | 1,070,000 | Summa: £11,594,551 | |
6) Cash paid to Peto et Co. | 4,403,443 | ||
7) Total. | £15,997,994 |
For work done | £2,993,265 | |
For cash | 2,171,337 | |
£5,164,602 | ||
Balance to be accounted for | £10,838,392 | |
Deduct, received from the public by the Co | 4,171,450 | |
Balance due by Peto et Co exclusive of interest et liabilities not ascertained | £6,661,942. |
The Money Market Review, 13. Juli 1867. S. 34/35.
Schließen
British Exports of Cotton Goods to East Indian
Empire. (Money Market Review July, 13,
1867)
Mostly during last months bad news from the various seats of trade, but cotton manufacture considerably expanded. This Trade ever overdone; namentlich in exports of gray and white shirtings, or, as they are described in the returns, plain cottons, to India, under this description being included the chief portion of our manufactures consigned to that country. It is also interesting to remark the shipments now going forward, by comparison with those for the corresponding period of last year, especially when viewed in relation to the falling off in the total extent of the export trade of the country as shown by the returns of the Board of Trade. Thus total value of British Exports for the 5 months ending 31 May 1867, was £72,123,393, and for the corresponding 5 months of 1866 was £78,227,710, showing for this year falling off in value of £6,104,317, almost 81/2%. But the figures published by Samuel Mendel (of Manchester) – which do not give values – show that the exports of plain cottons to India alone, for the 6 months ending on 30 June, 1866 1867 = 356,806,060 yards, against |53 only 221,606,571 yds in the same period 1866. The increase in quantity, therefore, for this year, = 135,199,489 yds, no less than 61% more than the shipments for the corresponding 6 months of 1866.
The relative value of Manchester goods, coupled with the state of the Money Market now, accounts in a great measure for the increased quantity of cotton manufactures lately exported. F.i., in 1866 prices 23 to 25% higher than this year, and rate of discount 1866 between 6 and 10%, this year from 31/2 to 21/2.
Trotz den very material differences in the quotations for cloth, 1867, as compared with 1866, the total value of exports of Manchester goods to India considerably larger than for same period 1866; therefore, the reduction in aggregate value of the export trade of the country must be accounted for in other departments of business than that connected with India.
From India exported cotton to England, 1859–60: £5,570,000 worth of cotton, 1865–66: £33,500,000. Indian mutiny of 1857 for short period almost paralysed our trade with that country; this was followed, however, by a remarkable rebound in the shipments of cotton goods.
Year | Total Exports in Yds | Average Export per month in yds |
---|---|---|
1857 | 318,461,238 | 26,538,436 |
1858 | 611,172,943 | 50,931,078 |
1859 | 742,535,638 | 61,877,970 |
1860 | 587,849,719 | 48,987,477 |
1861 | 588,920,874 | 49,076,740 |
1862 | 376,581,472 | 31,381,789 |
1863 | 420,630,376 | 35,052,531 |
1864 | 346,764,580 | 28,897,048 |
1865 | 418,140,905 | 34,845,076 |
1866 | 550,894,854 | 45,907,904 |
Six Months ending June 30, 1867 | 356,806,060 | 59,467,676. |
These figures show an average yearly export of more than 496 millions yds; we ship, also p.a. to India 281,929 miles calico to India, a quantity which, if placed in a line, would extend beyond the moon, and encircle the earth nearly 12 times. Is the present increased trade to India sound?
The Money Market Review, 29. Juni 1867. S. 744.
Schließen
Board of Trade Returns. Month ended April, and
4 months ended April.
Imports In the month ending 30 April | |||
---|---|---|---|
Imports. | 1865 | 1866 | 1867 |
Enumerated articles | £13,078,755 | 22,455,968 | 18,701,332 |
In 4 months ended 30 April | |||
Enumerated articles | £45,337,850 | £68,804,895 | £60,166,150 |
Less Raw Cotton | 13,967,469 | 29,244,760 | 17,579,628 |
£31,370,381 | £39,560,135 | £42,586,522 | |
Less wheat | 1,089,367 | 3,531,492 | 6,285,401 |
£30,281,014 | £36,028,643 | £36,301,121 | |
Exports | British Exports in Month ended 31 May | ||
All articles | £13,194,758 | 15,870,131 | £15,936,864 |
In 5 Months ended 31 May | |||
All articles | £60,901,576 | £78,227,710 | £72,123,393 |
Less Cotton manufactures | 18,116,058 | 25,535,520 | 22,781,049 |
£42,785,518 | £52,692,190 | £49,342,344. |
The Money Market Review, 20. Juli 1867. S. 58.
Schließen
Amalgamation of Brighton and South Eastern Railway.
(Money Market Review July 20,
1867.[)]
Diese 2 Scheiße amalgamated. South Eastern Co. is to take 55% of the Net Revenue, Brighton 45%; these terms being subject to alteration mit change of time und circumstances.|
The Money Market Review, 27. Juli 1867. S. 81/82.
Schließen
Pre-Preference Shares. H. o. Lords. 23 July. 1867. Zusatz von Marx.
Schließen (H.o.C. Private Interests)
H. o. Lords rejects on 23 July principle of Pre-Preference Shares – the Confiscation Scheme, sanctioned by H.o.C. Der existing British Railway Preference Stock – that would be attacked by Pre-Preference Shares – 150 Mill. St. Aber alles, priority und other property together, 500 Mill. £. St. Ferner hat das H. o. Lords expunged from the Railway Cos. Act, 1867 just those clauses, whereby railways might be put up to auction and knocked down summarily to the highest bidder. Economist vertheidigte dieß. There was the passing of the Bill through the House of Commons „in most mysterious Manner“, smuggled through it with almost no challenge. Private interests in the H.o.C. sufficiently powerful to carry this bill through, for their own special advantage, and without any apparent opposition. Deputation of railway Proprietors to Duke of Richmond, President, and Cave, Vice President of the Board of Trade, showing that that Bill amounted to confiscation. The memorialists, in regard to the compulsory sale of a railway state, that it must end in the sacrifice of the property, inasmuch as its intrinsic value is too great for ordinary and legitimate competition. Consequently, there being no purchaser, a railway which has cost 20, 30, 40, or perhaps 50 mill. St. must be knocked down at a price far below its price. Ferner: the intrinsic worth of a railway can only be ascertained by a very slow process, so daß value schwer zu bestimmen. Als Beispiel führen die Memorialists an: sale of the Bagnalstown, New Ross, and Wexford line, sold by compulsion; for £25,000 or £1,110 p. mile, while cost £220,000 or £10,000 per mile. In fact, the net sum realised, did not even pay for the cost of rails and sleepers. And a railway which has cost 22 Mill. £. might sell for a smaller relative value than the one which cost only £220,000.
Kommentar von
Marx.
Schließen Es war
also Bande im H.o.C., die durch Confiscation sich zu Spottpreis
in Besitz der Railways setzen und die
existirnden Proprietors expropriiren wollte und diese
Bande powerful enough to carry clauses to this effect, ohne
House of Lords, in Railway Cos. Act,
1867. Die Geschichte wegen der Pre-Preference Shares kam
vor das Haus of Lords nicht mit dem
Railway Act, 1867, sondern mit Bill der North
British Railway
Co., zu diesem Behuf.
(Vor H.o.L. Committee)
The Money Market Review, 3. August 1867. S. 111/112.
Schließen
Extraordinary Position of the Money Market.
(Money Market Review 3 Aug.
1867)
Dieß 2% Minimum Rate of Discount occurs at a period of widespread discredit.
First Reduction to Minimum der Rate to 2%. April, 17th 1852. | Compared State mit July 31st 1867. | ||
---|---|---|---|
Coin et Bullion in both Departments. | £19,560,000 | £22,926,000 | Increase £3,366,000 |
Total Reserve in banking department | 11,504,000 | 13,743,000 | Incr. 2,239,000 |
Government deposits | 3,265,000 | 4,898,000 | Incr. 1,633,000 |
Private deposits | 13,907,000 | 20,594,000 | Incr. 6,687,000 |
Private securities | 11,086,000 | 17,322,000 | Incr. 6,236,000 |
Gvt securities | 13,396,000 | 12,831,000 | Decrease 565,000 |
Active circulation. | 22,056,000 | 24,183,000 | Incr. 2,127,000 |
In both occasions Private deposits have exceeded Private securities, in 1852 by £2,821,000 und this week by £3,272,000. I.e., the B.o.E. received more money from the commercial classes who lend, than it advanced to its discounting customers. The variations shown between the two items of private deposits and private securities (loans, discounts etc) is generally a good index of the State of the Money Market. In 1852, April 17, Total Reserve = 623/4% of the liabilities of the Banking Department to Public; it is now only 53%; but in 1852 the Reserve was £5,391,000 more than 1/3 of the liabilities, and now it is £5,082,000 more than the one third.|
56Comparison of July 23 1862 | und July 31, 1867. | |||
---|---|---|---|---|
Total Coin and Bullion both Dpts. | £18,061,000 | £.22,926,000 | Increase £.4,865,000 | |
Total Reserve Banking Dpt. | 10,508,000 | 13,743,000 | Increase. 3,235,000 | |
Gvt. Deposits | 5,291,000 | 4,898,000 | Decrease 393,000 | |
Private Deposits | 17,203,000 | 20,594,000 | Increase 3,391,000 | |
Private Securities. | 19,582,000 | 17,322,000 | Decrease 2,260,000 | |
Gvt Securities. | 10,953,000 | 12,831,000 | Increase 1,878,000 | |
Active Circulation. | 22,203,000 | 24,183,000 | Increase 1,980,000 |
The increase now shown in reserves as compared mit 1862, £4,865,000 in total coin et bullion, £3,235,000 in Reserve of notes et coin and £1,878,000 in amount of Gvt securities.
In 1862 Private Deposits £2,379,000 less than private securities, giebt für this week (67) Überschuß (verglichen mit 1862) der Private Deposits over Private Securities of £5,651,000.
In 1862 banking Reserve £2,763,000 more than 1/3 of liabilities to public = 45% of the total amount, against £5,082,000 and 53% respectively at the present date.
In 1852 2% lasted for 37 weeks, in 1862 for 14 weeks. In 1852, notwithstanding the almost nominal nature of the terms for accommodation, there appear to have been very few alterations in the amount of private securities, other than those which occur at the close of every quarter. The tendency was undoubtedly to decline in this item until after the payment of the October dividends. The private deposits also afforded evidence of sluggish demand for money. The Reserve consequently continued to augment, and on 20 June (1852) was £14,700,000 – an increase in 10 weeks of £3,196,000. The coin and bullion attained its highest point of that year on July 10: amount was £22,232,000, being an increase in 12 weeks, after the reduction in rate of discount, of £2,672,000. 1852 year of remarkable ease in money market, also year of general prosperity; trade was active in almost every department, the working classes were earning good wages, and prices of commodities were high. Cheap money, concurrently with these facts, caused large orders to be sent abroad for all kinds of produce. The reaction in the value of money which occurred at the clause close of the year was mainly caused by the payments for this produce.
On the second occasion of the 2% Minimum Rate discount, 24th July 1862, it was followed by a partial increase of strength in the accounts of the B.o.E. The fall of value of money in 1862 chiefly to be attributed to the fact that we received gold instead of cotton from America in payment for the large exports of our manufactures. An abundant harvest also assisted the money market. The reaction occurring in the autumn was caused by the demand for bullion and specie for export to the East in payment for cotton.
It will thus be seen that the circumstances which relieved the depression in monetary circles at former periods of extreme ease of money market are not likely to come to our assistance on the present occasion. There are few, if any, inducements for merchants to send out orders abroad for |57 produce, unless the negative one that prices are so low that very little room is left for further reduction. There is probability of average harvest; no chance of foreign loans or undertakings being entertained by capitalists; the late disclosures in the railway would close opening in that quarter; strikes and discontent amongst the working classes interfere with investments in manufactures; in addition, unsettled state of Continental politics checks new enterprise.
The Money Market Review, 3. August 1867. S. 115/116.
Schließen
Pre-Preference Shares. (Money
Market Review Aug. 3, 1867.)
In der North British Railway Co. Bill wegen Pre-Preference Shares Gladstone vertheidigte diese Maßregel; in seiner Evidence vor Lord’s Committee (26 July 1867). Lord House Committee announced 27 July that they had come to the conclusion to strike out all that portion of the Bill relating to Pre-Preference Stock. Nach Times (22 July) Pre-Preference Stock „simplest and most straightforward, and therefore the most honest way of meeting the difficulty.“ Die Times sagt, der case of North British Railway Co „a case of ordinary indebtedness, must be dealt with – upon first principles.“ Danach also its „first principles“ die des pick[-]pocket, that the simplest and easiest way of dealing mit difficulties zugleich the most honest.
The Money Market Review, 3. August 1867. S. 117/118.
Schließen
Board of Trade
Returns.
(Money Market Review Aug. 3,
1867)
We are importing much less cotton and much more corn. Apart from these items our imports of the 5 months are valued at about 41/2 Mill. less than in the same 5 months last year, and about 5 millions more than 1865, or about a million difference by month. As to Exports: greater in June 1867 than June 1866, and very much than June 1865 or any preceding June. Diminution in the values of our exports of cotton, linen, woollen, and iron manufactures during the first 6 months of 1867, as contrasted mit corresponding 6 months of 1866 to amount of about 5 Mill.; but apart from these special items, which constitute more than 1/2 [of] our exports, figures of 1867 and 1866 nearly identical. Im Ganzen die Exports of first 6 months of 1867 131/2 millions more than in corresponding months of 1865, or more than 18% increase. (Verte)
1865. | 1866 | 1867 | |
---|---|---|---|
Enumerated articles | £14,595,979 | £.23,225,301 | £23,275,243 |
Five Months ended May 31. | |||
1865. | 1866. | 1867 | |
Enumerated articles | £59,890,063 | £.92,030,712 | £83,441,393 |
Deduct cotton | 17,182,887 | 38,397,752 | 25,883,272 |
£42,707,176 | £53,632,960 | £57,558,121 | |
Deduct cereals | 5,703,897 | 6,891,134 | 15,375,190 |
£37,003,279 | £46,741,826 | £42,182,931 |
Import Values of May 1867 larger than May 1866 und much larger than May 1865. Import Values of 5 months smaller than 1866, much larger than in corresponding months of 1865. Chief item of immediate increase in Imports are Cereals, including all farinaceous food.|
58Month ended June 30. | |||
---|---|---|---|
1865 | 1866 | 1867 | |
All articles | £13,227,062 | £.14,630,120 | £15,490,091 |
Six months ended June 30 | |||
1865 | 1866 | 1867 | |
All articles | £.74,128,638. | £92,857,830 | £87,613,484 |
Deduct cotton manufactures. | 21,629,845 | 30,418,414 | 27,500,523 |
£52,498,793 | £62,439,416 | £60,112,961 | |
Deduct linen manufactures | 4,056,196 | 4,917,668 | 3,796,828 |
£48,442,597 | £57,521,748 | £56,316,133 | |
Deduct iron and steel | 5,828,545 | 7,497,609 | 6,964,213 |
£42,614,052 | 50,024,139 | £49,351,920 | |
Deduct woollen manufactures. | 8,034,020 | 10,534,581 | 9,877,715 |
£34,580,032 | £39,489,558 | £39,474,205. |
Trotz depression of commerce, exports für June 1867 exceed those of June ’66, 65’ and any preceding June. Chief declined decline, compared with 1866, in cotton manufactures. Deducting cotton, linen, woollen und iron manufactures, exports almost same as in 1866, und much more than in same 6 months of 1865.
The Money Market Review, 10. August 1867. S. 142/143.
Schließen
( „The Railway Cos. Act, 1867“ (schließt Scotland aus, England
und Irland ein) und Pre-Preferences.
(Money Market Review 10 Aug.
’67)
In diesem Akt
(durch die Lords) die Pre-Preferences ausgeschlossen,
aber The Money Market
Review: „on Thursday week“. – Die dritte Lesung der „North
British Railway Bill“ fand am 1. August 1867 im House of Lords
statt. Siehe
https://parlipapers.proquest.com/parlipapers/docview/t71.d76.lds3v0189p0-0005?accountid=8584.
Schließen on
August 8
ließ das
H. o. Lords sie durch a sidewind zu, North British
Railway Bill.
One amendment introduced into the Act by the Lords: that no dividend to be
declared by Railway Co. until the auditors have certified that
in their judgment it had been really earned, und daß, wenn
difference between them und directors, the question
shall be stated in the Report to the shareholders. Zusatz von Marx. The Money Market
Review: „This would be all very well it if could possibly be
carried into effect, but, much as we respect the honesty of Lord
Redesdale’s intention, we fear he has attempted an
impossibility.“ – Lord Redesdale war der „chairman of committees“
des House of Lords.
Schließen Dieß alles Nonsense! Among directors, auditors, and
shareholders there is one common interest and object – the support of the dividend and the advancement of the market value of the share.
Above all things they seek to prevent any
depreciation in the value of the stock.
Money employment.
(Money Market Review
24 August 1867)
Aus:
The Money Market Review, 24. August
1867. S. 197/198.
Schließen The circulars of the Mincing-lane
brokers show that though an occasional inquiry for certain articles of
produce, no business in any market. In many of the great staples, f.i.
cotton, coffee, sugar, tea, silk – though the stock comparatively low as
regards some of them – demand is languid. It might be supposed that,
tempted by the cheapness of money, speculators would come forward and
impart something like a tone to the unduly depressed produce markets;
but such is not the case. There are few, whether wholesale dealers or
retailers, who care to look far beyond immediate wants and the daily
supply of their customers, speculators for the present remaining quiet
in the background.
Aus:
The Money Market Review, 24. August
1867. S. 197/198.
Schließen Obgleich Zins 2%, a good bill
arising out of a bona fide transaction with
three good names to it will scarcely pass muster in some (banking)
quarters. The extreme points of accommodation, together with high
dividends, having been attained prior to the crisis of 1866, we must now
rest satisfied until the past is forgotten, and
shareholders become clamorous for increased risks and higher
returns.|
Aus:
The Money Market Review, 24.
August 1867. S. 197/198.
Schließen Stocks, shares, and
other marketable securities, when largely dealt in, no doubt absorb
considerable amounts of surplus money, which do not pass into
trading and commercial channels. The interest and dividends derivable
from such modes of investment, as forming a portion of the incomes
of the investors, are distributed chiefly for the supply of daily or
weekly requirements. … if such incomes fail, the retail trade as
well as the wholesale, languishes.
Aus:
The Money Market Review, 24. August
1867. S. 199/200.
Schließen In the heyday of speculation in
1864 and 1865 even the most cautious investors were selling their India
Stock or their Consols because they were not satisfied with the income
yielded, and wished, as others appeared to do, to obtain for the same
capital 2 or 3, or, perhaps, 4 × their previous means of annual
expenditure. … Now, umgekehrt, the price of Consols, of India Stock, of Bk.o.E. Stock, and other first-class securities,
is getting too high even for timid investors … Two or 3 years ago the interest received on deposit of money with
bankers or other moneyholders, who guaranteed a return of the principal,
suggested almost as good a channel for investment as could be found; but
that channel now is closed. Bankers pay but little for deposits, because
they can make but little by them. After previous panics, when Gvt
securities and other solid means of investment have been absorbed, it
has been our custom to turn to foreign stocks, and wherever this symptom
has been manifested it has been the practice of our foreign debtors to
offer us some new loan at what appears to be a tempting price. With
millions upon millions lying idle, we are prone to snatch at the
opportunity, but the result … almost uniformly disastrous. We invariably lose our money over those foreign loans.
The Money Market Review, 24. August 1867. S. 201/202.
Schließen
London Joint Stock Banks during last half year
(ending 30 June) 1867.
Aus diesem Account folgendes:
Deposit and Current Accounts. | PCt of Current Deposit Accounts to Paid up Capital and Reserve | Acceptances | Ratio of Acceptances to paidup Capital et Reserve Fund. P.C. | Ratio P.Ct of Acceptances to Current, et Deposit Accounts. | Liabilities to Public on Deposits and Acceptances | P.Ct of Total Liabilities to Capital und Reserve Fund | |
---|---|---|---|---|---|---|---|
London and Westminster | £21,858,958 | 1457 P.Ct. | £784,250 | 53 P.C. | 31/2% | 22,643,208 | 63/4% |
London and County | 12,032,334 | 953 | 1,397,185 | 111 | 111/2 | 13,429,519 | 91/2 |
London Joint Stock | 10,864,926 | 766 | 3,868,839 | 273 | 351/2 | 14,733,765 | 91/2 |
Union | 10,614,719 | 708 | 7,742,404 | 489 | 69 | 17,957,123 | 81/4 |
City | 2,285,068 | 394 | 1,777,529 | 306 | 773/4 | 4,062,597 | 141/4 |
Alliance | 1,241,579 | 125 | 222,521 | 23 | 18 | 1,464,100 | 671/2 |
Imperial | 1,072,448 | 217 | 90,863 | 18 | 81/2 | 1,163,311 | 421/2 |
London and South West | 479,564 | 236 | 15,850 | 8 | 31/4 | 495,414 | 41 |
Consolidated | 2,159,710 | 241 | 128,588 | 14 | 6 | 2,288,298 | 39 |
East London | 382,605 | 342 | 0 | 0 | 0 | 382,605 | 291/4 |
The total deposits and current accounts of these 10 banks £62,991,911, acceptances to £15,628,029, making a total liability to public of £78,619,940. The total paidup capital and reserve fund of the whole of the 10 banks amounts to £8,954,292; is in course of augmentation. Capital and Reserve Fund of London and Westminster is to be increased to £3,000,000 by Nov. 16, 1868, of the London Joint Stock Bank to £1,67,839 £1,617,839, by Dec. 31, 1867; und London and County Bank to £1,500,000 by Febr. 27, 1869.
The Money Market Review, 24. August 1867. S. 203/204.
Schließen
Exports of British Cotton Goods to Indian
Empire. (Money Market Review 24 Aug.
1867)
It is impossible, in the face of a continued decline in the quotations in India for cotton manufactures to say that the large exports of the last few months will result in satisfactory results to all shippers. Losses appear inevitable |60 on these particular shipment shipments, but, where the business has been based on ample resources, they will be small compared to the losses of those who, in addition to the ordinary commissions of buying and selling, have had to pay bankers’ commissions and other charges for accommodation. If any portion of our Eastern trade unsound, it is that carried on by weak capitalists. It is to be hoped that in general previous gain will have more than counterbalanced any previous losses. … The fall in prices, caused by the recent heavy shipments, will promote an increased demand, and consumption of English made cloths. So large advantages may be ultimately obtained.
In the following quinquennial table before 1853 Madras not included, but its shipments not more than 2 or 3% of the whole, daher of little consequence. Increase et decrease are given of each cycle, as compared with the one immediately preceding it.
Five years ending | Average monthly exports in yards | Yards. | |
---|---|---|---|
1846 | 13,910,000 yds | Yards | |
1851 | 16,418,333 | Increase of | 2,508,333 yds or 18% |
1856 | 28,110,487 | 11,692,154 or 711/4% | |
1861 | 47,482,340 | 19,371,853 or 69% | |
1866 | 35,216,869 | Decrease of | 12,265,471 yds or 253/4% |
Eight months ending August 1867 | 60,782,006 | Increase of | 25,565,137 yds or 721/2% |
The Exports during 1840 and 1841 averaged a little more than 6 mill. yds per month. Thus progress in 26 years not quite tenfold. The period 1847–51 decidedly checked the export trade to India, and considerably affected the average for the 5 years. Cycle of 1852–56 includes Crimean war; period of ease in money market, export of plain cottons to India increased by 711/4%. Cycle of 1857–61 embrace panic of 1857 and Indian mutiny of 1861, interfered very little with the average export of that period, as they are again nearly 70% more than average of the preceding cycle.
The values of plain cotton manufactures exported to India during the 20 years ending 1861 varied between 1s. und 1s. 3d. per lb. During the 5 years ending 1866 average value was about 2s. p. lb., but exports decreased only 253/4%, small diminution in comparison to the large increase in the cost. The value of cotton manufactures for India at present 1s. 4d. per lb, and we do not look for material reduction for longtime to come. It is a matter for the consideration of exporters, who have the option, whether they will support the Indian markets by holding their stocks, or still further depreciate values by forcing sales at a sacrifice. There are times to hold and times for selling.
In the summer 1861 Col. Baird Smith made Report to the Gvt. of India on the British piece good trade between Calcutta and North Western Provinces. He stated that 30 millions of people supplied from Calcutta alone mit our manufactures; that vigour of demand determined by the facilities of transport; „the agricultural and poorer non-agricultural population had at that time scarcely become the customers of Manchester at all[“]; he pointed to the serious effects of the periodical famines in India und said in regard to the Manchester piece good trades: „I am inclined to believe that less than 1/3 of the field open to its operations has yet been taken possession of.“ In 1854 there were but 35 miles of |61 railway open in India in 1860 734 miles, in 1865 2747 miles. The receipts from passenger traffick in 1854 £13,647, in 1860 £231,071 und in 1865 £1,302,432. The receipts from the goods traffick in 1854 £604, in 1860 £339,469 und in 1865 £1,815,243. The amount expended on railways at the close of 1859 £23,559,632 und 1865: £58,679,990. The Population of India, European and native, under British administration, nearly 150 millions; but the total population of all India 193,100,963, und extends over area of 1,553,282 □ miles.
The Money Market Review, 31. August 1867. S. 227–229.
Schließen
The Brighton
Railway: The Reports of the (new) Directors, Auditors,
and Accountants. Dividends Suspended. (Money
Market Review 31 Aug. 1867)
They tell us, that is in 12 years the capital has increased from 73/4 to 153/4 mill., so that in this interval the capital outlay has been more than doubled. Ostensibly increase of revenue of £113,000 p.a., but we are told that this was not so, and that the dividends on both the preference stocks and on the original or ordinary stock were fallacious, because interest was charged to capital, and other revenue payments were also charged to capital, which in effect means that dividends were paid out of capital. Ja, the dividends of this Co. for many years past have not only been more or less fictitious, but the Co’s net income for 1866 actually less than 12 years ago, notwithstanding the expenditure in the interval of more than 8 millions, which amounts to more than half the Co’s entire capital.
The new board will have no „suspense accounts“, which mean, in effect, charges to revenue deferred for the time, and ultimately placed to capital.
Dividend, however paid, keeps the directors in seat, wards off committees of investigation, humours the shareholders, supports the market values. Hence!
In April 1849 there was a Report from a committee of investigation upon Eastern Railway Co; and from this it transpired that Hudson had converted a dividend of 3sh. p. share, earned with difficulty, into 9sh., by a few scratches of the pen, and after this „the accounts were made up in accordance with the books, and did not show that any such dividend had been earned“. The committee also discovered that „out of £545,714 paid as dividends, £320,573 was taken from capital or held in suspense“. Above all, the assistant accountant declared in evidence that „it was a generally understood thing that capital was to bear what revenue would not“. All this happened 181/2 years ago. At that momentous period in our railway history there were committees of investigation into the affairs of the Lancashire and Yorkshire, Midland, North British, South Eastern, the York, Newcastle, and Berwick, the York and North Mitland, and other cos; and „financial statements“ were put forth by the Great Western, the London et Southwestern, the London and Northwestern, the Brighton, and others. Result of all, nearly without exception, was either a decline in the dividend, or its absolute suspension; and this, too, from one cause alone – the extravagant outlay of capital, and systematic payment of dividends out of capital, in order to conceal the relatively small accession of profit.|
62 Kommentar von Marx auf Grundlage von
Angaben aus: The Money Market Review, 31. August 1867.
S. 225.
Schließen Nehmen wir die 5 Railways –
London and
Northwestern,
London, Brighton etc
,
Midland
,
Lancashire and
Yorkshire, Great Northern, so
haben sie in den 18 months
von
31 Dec. 1865 bis 30 June 1867 ihr Kapital (dessen Gesamtsumme am lezten
Datum £136,026,509) raised um nearly 17 Mill. £ oder 14.11%, Gross
Revenue not quite increase of 3/4 Mill. £. oder
5.01%, but at the same time this addition to the gross revenue
has been more than absorbed by the cost of working. In a word,
net profits are smaller after the outlay
of 17 millions than they were without it. The Preference Charges increased in this
brief interval no less than £407,324 or 10.78%. Result that
there is less for the ordinary dividend by £412,652, or 10.19%,
trotz outlay of nearly 17 millions.
The Money Market Review, 31. August 1867. S. 229/230.
Schließen
The Board of Trade Returns. (Money
Market Review 31 Aug. 1867)
Danach seems that Value of Imports much smaller in this year than 1866 und Value of Exports about the same, or little less. This points to a further accumulation of precious metals. Zugleich growing Commerce. Guter Herbst, less cereals und import of cotton (value) smaller.
Month ended June 30. | |||
---|---|---|---|
1865 | 1866 | 1867 | |
Enumerated articles: | £15,409,877 | 23,243,939 | 20,054,958 |
Six months ended June 30 | |||
Enumerated articles: | £75,299,940 | 115,274,651 | 103,496,351 |
Deduct raw cotton: | 20,478,572 | 47,348,759 | 32,367,199 |
£54,821,368 | 67,925,892 | 71,129,152 | |
Deduct cereals | 7,409,782 | 13,465,994 | 18,101,524 |
£47,411,486 | 54,459,898 | £53,027,628 |
Nearly 12 Mill. less for cotton than 1866. The import of cereals was 51/2 mill. more than first 6 months 1866, but now good harvest.
Month ended July 31st | |||
---|---|---|---|
1865 | 1866 | 1867 | |
All articles declared value | £14,113,410 | 14,957,834 | 15,562,430 |
7 months ended July 31 | |||
All articles. Declared Value. | £88,242,048 | 107,815,664 | 103,175,914 |
Deduct cotton yarn | 5,062,047 | 7,577,085 | 8,413,869 |
83,230,001 | 100,238,579 | 94,762,045 | |
Deduct cotton manufactures | 25,428,024 | 35,258,375 | 32,117,439 |
£57,801,977 | 64,980,204 | 62,644,606 | |
Deduct linen manufactures | 4,775,619 | 5,634,616 | 4,437,795 |
53,026,358 | 59,345,588 | 58,206,811 | |
Deduct iron and steel | 7,016,527 | 8,799,681 | 8,413,810 |
46,009,831 | 50,545,907 | 49,793,001 | |
Deduct woolen and worsted yarn | 2,924,233 | 2,465,035 | 3,326,526 |
43,085,598 | 48,080,872 | 46,466,475 | |
Ded. woolen and worsted manufactures | 9,953,550 | 12,397,896 | 11,846,369 |
£33,132,048 | 35,682,976 | £34,620,106 |
Obgleich in the 7 months ending 31 July 1867 smaller than in 1866, in month July greater. This shows increasing trade. Exports of cotton, linen, yarn and manufactures, iron and steel = 2/3 of the whole, are on a scale far in excess of any estimate 6 months ago, and point to revival of our foreign trade.|
The Money Market Review, 7. September 1867. S. 253/254.
Schließen
Diminution in Profits of B.o.E. Forthcoming
Dividends. (Money Market Review 7 Sept.
1867)
Profits for 6 months ending Aug. 1866 exceeded those of any former half year. Rest on 5. Sept. (1866) of that year £3,987,417, and shareholders received dividend of 13 p.Ct. p.a. for the half year, highest amount since passing of Act of 1844. The Rest now amounts to only £3,658,068, being £329,349 less than 1866. It is only £18,422 more than the amount returned at 3d Sept. 1862, which was the smallest sum stated at the close of any half year during the last 15 years.
The gains during the 14 weeks’ infliction of the 10% Rate £672,648. The profits during the whole of the last 6 months not exceeded £650,00 £650,000.
The Money Market Review, 7. September 1867. S. 255/256.
Schließen
London Joint Banks last half year. (Money
Market Review 7 Sept. 1867)
Continuatio (S. 59)
Cash in hand and at Call | Total cash, Consols and other Investments | Ratio p.Ct of Cash and Investments on | Bills discounted, advances, et Loans to Customers. | Ratio per Cent of Bills disc. Advances etc, on | |||
---|---|---|---|---|---|---|---|
Capital and Reserve Fund | Liab. to Public | Capital et Reserve Fund | Liab. to Public | ||||
London et Westminster | £2,718,481 | 6,370,796 | 425% | 28 | £.17,944,367 | 1196 P.C. | 79 |
Lond. et County | 3,284,352 | 4,263,148 | 338 P.Ct. | 32 | 10,334,328 | 819 | 77 |
Lond. Jt. Stock | 1,602,601 | 2,682,601 | 189 | 18 | 13,568,704 | 957 | 92 |
Union | 3,419,647 | 5,301,168 | 353 | 30 | 14,172,609 | 945 | 79 |
City | 502,967 | 821,115 | 142 | 20 | 3,819,136 | 658 | 94 |
Alliance | 317,503 | 357,228 | 36 | 24 | 2,060,145 | 208 | 140 |
Imperial | 272,990 | 325,440 | 65 | 28 | 1,360,746 | 275 | 117 |
Lond. et Southwest | 43,501 | 43,501 | 21 | 9 | 638,290 | 314 | 129 |
Consolidated | 492,664 | 600,267 | 67 | 26 | 2,428,355 | 271 | 106 |
East London | 110,450 | 110,450 | 101 | 29 | 341,899 | 305 | 89 |
The amounts under „Cash in Hand und Call“ include bei London und Westminster und London Joint Stock Bank nur Cash in Hand und in Bk.o.E., bei den andern cash lent „at call“ or „notice“ with the discount houses.
Net Profits. | Rate p.Ct. per annum of Profits on | Balance from previous Halfyear | Amount of Dividend for Half Year | Rate Pct p. annum of Dividend. | Balance carried to next Half Year. | ||
---|---|---|---|---|---|---|---|
Deposits and Acceptances. | Paidup Capital. | ||||||
London et Westminster | £.146,066 | 1.29 | 29.21 | £.45,899 | £.140,000 | 28 | £31,955 |
Lond. et County | 82,058 | 1.22 | 20.19 | 14,468 | 89,445 | 22 | 7,081 |
Lond. Joint Stock | 97,169 | 1.31 | 17.99 | 0 | 90,000 | 16.66 | 2,176 |
Union | 122,043 | 1.36 | 20.34 | 99,437 | 150,000 | 25 | 11,479 |
City | 27,344 | 1.35 | 10.94 | 0 | 25,000 | 10 | 700 |
Alliance | 17,055 | 2.33 | 3.45 | 2,757 | 14,846 | 3 | 3,966 |
Imperial | 13,885 | 2.39 | 6.17 | 4,224 | 13,500 | 6 | 4,608 |
Lond. et South West | 4,362 | 1.76 | 4.36 | 1,003 | 5000 | 5 | 365 |
Consolidated | 33,039 | 2.89 | 8.71 | 9,107 | 18,958 | 5 | 8,188 |
East London | 2,293 | 1.20 | 4.59 | 1,509 | 2,500 | 5 | 201 |
In some cases special losses have occurred during the half year which have been charged to reserves in hand; f.i., the Union Bank has deducted from the £99,437, brought forward from the previous |64 half year £60,000, this being, as stated in the report, an „amount now written off to doubtful debts account“. Properly speaking, therefore, the net profits accruing to that Bk. during the past half year were only £62,043 instead of £122,043. Für Alliance Bank depreciation has taken place on „the value of the securities held against previous bad debts“, which has necessitated the taking of £60,000 from the Reserve Fund. If debited to the past 6 months’ accounts, would have absorbed all the profits, and there would have remained a further debit of £42,945. The Imperial Bank experienced an unfortunate mishap on the last day of the half year which resulted in loss of £19,000, and, by charging the past half year with this item, result would have been loss of £1115.
Net Profits for the whole of the 10 Banks. £545,314; very large sum, considering that trade was inactive, and average Bank Rate only 3%. The 4 largest establishments hold deposits of money to £55,370,937, and an average margin of net profit of 1% p. annum on the employment of this sum would yield in 6 months £275,000.
The Money Market Review, 7. September 1867. S. 256/257.
Schließen
India Trade and Four Months Usance. (Money
Market Review 7 Sept. 1867)
Seit einiger Zeit die usance reduced to 4 months.
The circumstance of a shipper of produce being able to pay for it to a large extent by the negotiation of his draft at 6 months’ sight on his consignee in England, makes many a speculative person a shipper who would not be so, if he had to keep in view the probability of his consignee in England having to come under advance by accepting a bill at shorter usance.
Why are bills of exchange drawn at all against shipments of produce from India and other countries, and why does the shipper not pay for his produce out of his own resources, and wait to be reimbursed by remittances from the country where his produce has been turned into money? A shipper of produce to a large extent would, as the saying runs, require to have the Bk.o.E. at his back, to enable him to keep up a continuous stream of shipments if he did not draw against them. There are Bankers of the old rigid school – narrowminded beings – who look upon the purchases of such drafts as not legitimate banking business. We do not subscribe to this view of the case. Banks such as the Oriental, the Chartered Mercantile, and the Chartered of India have been established for the express purpose, amongst others, of dealing in exchanges, as set forth in their charters; what would the mercantile community do without such facility? Bills of Exchange drawn and negotiated against produce shipped from abroad, at once become representatives of value to a certain extent of that produce. They also become a circulating medium during their currency, and aid the purposes of trade and commerce, which, without such transactions, would be confined to very narrow limits indeed.
The Money Market Review, 14. September 1867. S. 276/277.
Schließen
Effects of a 10% and 2% Bank Rate. B.o.E. dividend.
Last half year. 1867. (Money Market
Review 14 Sept. ’67)
The Bk.o.E. excluded by its own regulations from discounting bills exceeding 3 months’ currency, wohl aber professes it to make advances on bills of longer currency where the holders keep an account with the Bank. The competition among other banks, discount Cos., and brokers acting for other banks is so strong, that the Bank o. E. rate is often little more than a „dead letter“, only made use of as a basis of information for others to take advantage of, and regulate their transactions.|
65In certain contracts, such as the hypothecation of bills from abroad with shipping documents, the Bankrate applies to the payment of such bills under discount, and [in] many cases to the retiring or rebating of other bills; but, as indicating what ought to be or is the rate of discount in the open market, it certainly affords no real criterion. When the rate of discount are unusually low, as at present, short dated paper is, of course preferred, as guarding against the contingency of a rise in the rate, more particularly where rediscounting is practised. A 10%, with the prospect of a speedy reduction, tells heavily against the person compelled to discount, but may turn out a considerable source of profit to the money lender. When a 2% rate prevails, the holder of long dated bills will probably find it his best policy to discount it if he can. But such an extremely low rate may entrap the discount Co or Bank bold enough to let out his money at such a charge, in the event of a rapid advance taking place.
The Money Market Review, 14. September 1867. S. 277/278.
Schließen
„ Titel von
Marx notiert in „Heft 3. 1868“ der „Hefte zur Agrikultur“
(MEGA² IV/18. S. 588.14), in
einem Exzerptheft 1878 (IISG, Marx-Engels-Nachlass, Sign. B 148) und im
Notizbuch 1878/1879 (IISG, Marx-Engels-Nachlass, Sign. B 152).
Schließen A Sketch
of the History of French Railways etc[.] By Sam. Haughton. Lond.
1867.“
(Money Market Review 14 Sept.
’67)
The pamphlet divides Railway History in France into 3 periods, 1st) von 1823 to 1842, when private enterprise was the rule; 2nd) 1842 to 1852, when cooperation of State predominant; 3d) 1852 to 1866–7, when the largest part of the capital required [has been] furnished by private enterprise, but interest on chief part of it guaranteed by State.
Neither the system in France, much less costly and better devised than ours, nor the English system, produces, as a whole, a fair average rate of interest for the capital employed.
The old arterial lines of France laid down in Louis Philippe’s time, almost as directly as possible connected Paris, the centre, with the frontiers of France, realised large profits, just as our main lines did, and still earn large profits, but the new network belonging to each of these great French systems, inaugurated under the French Empire, so far as they are completed, have not realised more than 2% upon their cost, and their construction would, therefore, have been impossible without a subsidy, both from the State, and the communes or the parishes which they traverse. In a word, it comes to this, that if, either in France or here, there is to be such a system of railway intercourse, as the development of the national resources demands, railway construction must devolve not upon shareholders, but upon the landowners and upon the districts which derive from them the chief gain, and, in the next place, upon the State. In France, the State, instead of paying for the works executed for public benefit, granted to the contractors a monopoly for 99 years, at the end of which time all railways in France become State Property. High Roads have hitherto been paid for by all alike; Railways are now our great High Roads.
After the amalgamations and agreements of the French Railways in 1859, the Cos. had repaid to the State some of the capital advanced under the laws of 1842 and 1852; but then Gvt. and communes agreed to pay subsidies; and in 1861 considerable sums advanced by the State to the Western et Southern Cos to enable them to complete works in hand. Next, in order to raise the capital wherewith to construct the new network of lines conceded to 5 out of the 6 great Cos. of France, it was found found necessary to give State guarantees, and in 1863 the capital so guaranteed amounted to £.161,540,000; but at the same time the net revenues of the old lines were made rateable with part of the interest on the new, and the State reserved the right to convert these subsidies into annuities for 92 years calculated at 41/2%. In 1865, under this arrangement, the old lines became chargeable with some of the interest on the new, and the dividends on the old were thus reduced, while in the same year the State was called upon to pay a deficiency in the guaranteed interest, amounting to £1,400,000. With all this, question debated amongst French financiers whether the profits declared to have been earned were really earned, and whether, as in our case, they were not made up more or less from capital. In 1866 the old networks paid over for the new a sum equal to more than 2% on their share capital, and the balance – £1,200,000 – paid by the State. It is more than probable, that, with a never failing deficit in the French budget, and an absolute Gvt called upon to pay annually a railway deficiency of its own creation, the precise rights of capital and revenue are not always regarded so rigidly in France as they might be. We have not the pressure here, and yet we pay |66 dividends out of capital. Wie das auch sei, official Result as rendered in the pamphlet:
Decimal Proportions. | Profits PCt on Capital | |
---|---|---|
Share capital | 0.21 | 12.75% |
Capital in Bonds | 0.20 | 5.65% |
Capital in bonds | 0.38 less than | 2% |
0.79 | ||
Capital in Bonds | 0.18 interest charged to Captial account. | |
Government subsidies | 0.13 No interest. | |
100 |
In addition the writer gives the following comparative table of the best rails in France, England, Ireland:
Northern of France | London and North Western (1865) | Great South and Western of Ireland ’65 | |
---|---|---|---|
Miles open etc. | 770 | 1274 | 387 |
Cost p. mile | £.28,000 | £42,000 | £14,400 |
Receipts p. mile p. an. | £.4,875 | £4,990 | £1,200 |
Passenger trains, percentage Receipts. | .39.5 | .44 | .62.7 |
Good trains, Percentage Receipts. | .60.5 | .56 | .37.3 |
Dividend | 141/2 | £6. 12s. 6d. | 5 |
Expenses P.Ct. of receipts | 40% | 43 | .43 |
Average Receipt per Train Mile | 6s. 11d | 6s. 0.80d. | 6s. 11/2d. |
No. of miles run by trains. | 9,875,983 | 20,692,143 | 1,539,080 |
Percentage Passenger Receipt. 1st class. | .33 | .33 | .34 |
Ditto Percentage – 2nd class. | .23 | .36 | .30 |
Ditto 3d class. | .44 | .31 | .36 |
⦗The dividends for 1866 were – on Northern 141/2, Orleans 111/5, Eastern 63/5, Paris, Lyon et Mediterranean, 12%, Southern 8%, Western 7%. The amount paidup on the Northern shares is only £19, 4s.⦘
In France, also, trains less frequent than here, receipt per train mile
greater than in England; 43% of the Capital of the Northern Railway possesses no priority to revenue,
or, is in receipt of ordinary dividend, and on Gvt Southern and Western of Ireland it is 67%.
The percentage of working expenses lower on French railways,
while the percentage of receipts from goods higher than on
English line, and yet this percentage is almost reversed on
the Irish Gt. Southern and Western. Railways in France earn larger profits than
in England or Ireland und dennoch the profits of rails
in France do not yield a sufficient commercial rate of interest for the
capital embarked, obgleich in all 3 countries dividends more or less
paid out of capital. Author proposes, that railways
public property Zusatz von Marx.
Schließen !
, and that fares and rates should not be so
calculated as to pay interest or principal on the cost of the
permanent way, stations etc, but that the permanent way and its
belonging should be kept in full efficiency by taxes levied upon the
public.
In England, landowners have not only derived special profits from the introduction of railways, but affected to have been called upon to make sacrifices, and were therefore entitled to compensation. We go with the pamphlet: instead of railways being taxed for landowners, landowners should be taxed for railways.
The Money Market Review, 14. September 1867. S. 281/282.
Schließen
Stock Markets. Week ending Sept. 14, 1867. Zusatz von
Marx.
Schließen (Railway Speculations) (Gvt. Securities)
Der Philister.
Gvt. has lately taken advantage of cheap money market to reduce rate of interest on the March Exchequer Bills from 3 to 2%.
Railway Markets firm, general advance of 1%. A plethora of money and nominal rates of interest are almost invariably taken advantage of by the great speculators in the North to obtain large loans to the purpose of taking railway stock of the market. For some weeks past this policy has met mit success. The currency of loans, however, must terminate eventually. Questionable when the bulls attempt to reap their harvest, whether so remunerative as it appears at present. Public will scarcely take off the stocks the stocks off their hands, for in nothing is there |67 less disposition to invest than in home railway undertakings, and of bears there are left few.
Joint Stock Enterprise has done wonders for this country Zusatz von Marx.
Schließen ! But Zusatz von Marx.
Schließen ! The facility with which men of wealth
utterly unacquainted with business – ladies, officers, clergymen,
lawyers, individuals of every conceivable class – can become bankers, brewers, carriers, steamboat
proprietors, and financiers has
engendered chaos. Directors are a very fallible race after all.
Scarcely 2 months ago the newspapers teemed with letters denoting a
determination to force definite accounts from the directors at the
ensuing half-yearly meetings. The meetings are over, and what results
have we? In certain cases, where the game had been carried on so long that borrowing was no
longer practicable, the inevitable crash
came, and every one was stupefied at the proven rotteness rottenness of cos. which had always been considered thriving. Kommentar von Marx.
Schließen (In diesen Fällen der gewöhnliche
Philister Indignation und Verwunderung, moralisches
Geschrei, Committees of Investigation and so
forth!) What has come of these warnings? The chairman of one Co. can
coolly announce that estimates have been
exceeded, and that further borrowing powers
must be obtained from Parliament to an amount which does not even
venture to estimate. Another Co. presents its accounts in an absurdly brief form, and
debits a proportion of the directors’ fees to capital, and yet
a protest is scarcely heard. So long as cash is
provided for dividends, and dividends are
moderately good, there is no idea of inquiry
as to whence these funds are derived. Is not the instinct
of self-preservation sufficiently strong to induce the
shareholders to demand more lucid statements of their real position,
instead of waiting until it shall be supplied to them by a committee of
investigation?
Kommentar von Marx.
Schließen So jedoch ist der moderne Geldphilister und
wird sein in seculum seculorum!
The Money Market Review, 5. Oktober 1867. S. 353/354.
Schließen
Board of Trade Returns and Money Market.
(Money Market Review 5 Oct.
1867.)
Show that Imports decline, Exports increase, hence Accumulation of Gold. We want less cotton at lesser price. More food at higher price than 1866. These 2 items about 1/2 of our Exports. But cotton so much heavier item, regularly, that corn sinks greatly in importance by contrast. Hence fall of general Imports.
1865 | 1866 | 1867 | ||
---|---|---|---|---|
Month ended July 31. | ||||
Enumerated articles | £18,964,728 | £19,597,929 | £18,166,789 | |
Deduct cotton | 4,056,267 | 6,220,925 | 3,402,210 | |
£14,908,461 | £13,377,004 | £14,764,579 | ||
Deduct cereals | 1,913,772 | 2,626,174 | 3,942,623 | |
£12,994,689 | £10,750,830 | £10,821,956 | ||
7 Months end. July 31 | £94,264,668 | £134,872,580 | £121,663,140 | |
Deduct cotton | 24,534,839 | 53,569,684 | 35,769,409 | |
£69,729,829 | £81,302,896 | £85,893,731 | ||
Deduct cereals | 9,323,554 | 16,092,168 | 22,044,147 | |
£60,406,275 | £65,210,728 | £63,849,584 | ||
Month ended July 31: | Cotton Value | £4,056,267 | £6,220,925 | 3,402,210 |
ditto | Wheat Value | £ £908,683 | 1,301,438 | 2,352,710 |
Month end. August 31. | Cotton quantity: | 866,978 cwts | 876,615 cwts | 995,576 cwts. |
ditto | Wheat quantity cwts. | 2,024,724 ctws. | 1,744,864 | 3,287,469 cwts. |
7 Months end. July 31. | (Value) Cotton: | £24,534,839 | £53,569,684 | £35,769,409 |
ditto | Value. Wheat. | £4,190,230 | £7,229,232 | £12,392,099 |
8 Months end. August. 31 | Cotton. Quantity. cwts. | 4,561,040 cwts | 8,809,601 cwts | 7,391,680 cwts |
Cereals. Quantity. cwts. | 11,565,473 | 15,529,299 | 21,031,647 |
Decrease in 7 months of 1867, compared mit same period in 1866, £13,209,480 or nearly 10% less.
Value of 7 months ended July 31: Imports. | 1865 | 1866 | 1867 |
---|---|---|---|
Aggregate. | £94,264,668 | £134,872,580 | £121,663,140 |
Less Cotton and Cereals | 33,858,393 | 69,661,852 | 57,813,556 |
Other Articles | £60,406,275 | £65,210,728 | £63,849,584| |
Thus, while in the 7 months 1865 cotton und cereals not much more than 1/3 of our import values, more than 1/2 in 1866, und nearly 1/2 in 1867. Taking the 7 months of the 3 years together; Cotton und Cereals (£.161,333,801) = 46%. Other articles (189,466,587) = 54%. (Zusammen £350,800,388 = 100%).
Striking out cotton und cereals import values of 7 months ’65, ’66 und ’67 nearly identical. Beweist daß diese 2 items chief causes affecting import values und money market. The relative proportion of cotton and cereals are changing rapidly. In 7 months of 1866 Cotton Imported valued at 531/2 mill., same months 1867 at 353/4 millions; while in same period 1866 cereals valued at 16 mill., in 1867 at 22 mill. We had more cotton in 1867 für less money und less cereals for more money. Cotton cheaper und less in demand 1867 als 1866, wheat dearer und more in demand.
1865 | 1866 | 1867 | ||
---|---|---|---|---|
Months ended August 3 | All articles | £14,158,648 | £17,450,156 | £17,880,099 £17,880,999 |
Eight months end. August. 31. | All articles. | £102,400,696 | £125,265,820 | £121,056,913 |
Less cotton Yarn | £5,926,776 | £8,744,912 | 9,789,042 | |
Less cotton manufactures | 28,848,873 | 40,843,362 | 37,311,701 | |
Total manufactured cotton. | 34,775,649 | £49,588,274 | £47,100,743 | |
Balance. Other Exports | 67,625,047 | £75,677,546 | 73,956,170 | |
Less Linen Manufactures. | 5,498,724 | 6,385,084 | 5,120,476 | |
£62,126,323 | 69,292,462 | 69,835,694 | ||
Less Iron | 8,327,857 | 10,032,283 | 9,996,476 | |
53,798,466 | 59,260,179 | 58,839,218 | ||
Less Woollen Manufactures | 12,131,587 | 14,886,071 | 14,198,731 | |
£41,666,879 | £44,374,108 | £44,640,487 |
3/4 of our
exports in value consist of cotton, linen, woollen manufactures
und
Iron. In August 1867 higher
than in August ’66 und ’65. Zusammenfassender Kommentar von Marx.
Schließen Vergleich der Imports und Exports,
(speziell cotton und cereals für Imports)
zeigt general international
Balance, foreign Exchanges, current of Bullion, Money Market.
The Money Market Review, 12. Oktober 1867. S. 375.
Schließen
The Money Market. Reduction in the B.o.E. Discount
Business. (Money Market Review 12 Oct.
1867.)
In open market for best bills rate of discount 11/4%, in B.o.E. 2%, 60% difference on the actual sum paid for discounts. On Oct. 11, 1865 the Private Securities were £6,992,000 more, banking Reserve £9,508,000 less, Gvt. Securities £3,084,000 less than the same items in present return. In 1864, 1863, 1862 the Private Securities were £21,923,000, £22,592,000 und £19,752,000 respectively, Reserve und Gvt. Securities much less than now. 2% at the Bk.o.E. means 3, 4 and 5% for manufacturers und traders Bills.
The Money Market Review, 12. Oktober 1867. S. 375/376.
Schließen
The „Times“ on Trade and Commerce and Prosperous
Condition of Country (Money Market
Review 12 Oct. 1867)
Nach Times in Art. of 1
und 2 Oct. entdeckt, daß trotz Stagnation of Money
Market etc „Trade Returns show at least an average
extent, with at least the usual profit.
In short, profits are accumulating with rapidity in
the form of capital“ und hence „result is an accumulation of unemployed capital beyond all
example or belief“. Also der enormous amount of gold in B.o.E. not capital
withdrawn from trade, but the rapidly
accumulating profits now actually to be derived from trade!
Ferner sagt die
Times 2 Oct. „It is almost humiliating to find
that the impoverishment of many hundreds, we may say thousands, of
families makes hardly any difference in the labouring
mass. Kommentar von Marx.
Schließen (And East End of London etc!) Gardeners and coachmen may not get places quite so easily, and
fashionable shopkeepers may find their customers ordering little and
paying less, but the great tide of incomings and outgoings flowing in
the deep channels of trade shows no falling off, and tells us how little
individuals, and even whole classes, are compared with the whole.“
Die
Trade Returns (sieh p. 67 und diese
Seite) zeigen für 7 months imports und 8 Monts Months Exports
falling off in exports of 4 Mill. £
und Imports upwards of 13
Mill. £. Amount of Exports no sure
guide of state of prosperity; we may be compelled to
export goods at low und unremunerative prices, tempting the
foreigners to buy, because we are too poor
to consume them at home, and have large
amount of debt abroad, and no other means to pay them. Large exports may therefore indicate poverty at home, loss et ruin among the producers of
those goods.
Large imports
, may may, under ordinary circumstances, indicate prosperity, aber nicht
so always. The nature of the imports may show that we import, not
because we have surplus wealth, but because we are
labouring under great wants. Z.B. Deficient
Harvest. Dieß Jahr 9 mill. £. (of imports) (articles of food)
to make up deficiencies in food. Manufacturers etc must go on producing, whether
they realise profits and wages of their labours or not. Capitalist und
Foreigner who buy receive more, the producer less.
If the oxen cannot eat whilst they labour, as at present, they will be
in danger of perishing in the midst of the abundance they have created.
If commerce pays 10%, this shows, nach Times
Wort, that they can pay it.
|
[Bank of England and Money Market. 1867.
(Fortsetzung)]
Week ending | 1) Circulation Issued | 2) Circulation Active. | 3) Bullion Issue Department | 4) Reserve Notes. | 5) Reserve Coin. | 6) Total Reserve | 7) Public Deposits. | 8) Private Deposits. | 9) Gvt. Securities. | 10) Private Securities. | 11) Total Coin and Bullion. Both Departments. |
---|---|---|---|---|---|---|---|---|---|---|---|
October 2 |
£38,496,565 I. 258,705 |
24,877,015. I 1,468,910 |
23,496,565 |
13,619,550 D 1,210,205 |
997,550 |
14,617,100 D 1,422,638 |
7,527,495 D 833,657 |
18,429,819 D 489,461 |
12,894,872 Decr. 400 |
17,252,746 I. 131,052 |
24,494,115 I 46,272 |
9 |
37,989,010 D. 507,555 |
24,527,035 D 349,980 |
22,989,010 |
13,461,975 D 157,575 |
1,120,024 |
14,581,999 D 35,101 |
7,557,442 I 29,947 |
18,302,800 D 127,019 |
No change |
17,164,197 I 88,549 |
24,109,034 D 385,081 |
16 |
37,134,420 D 854,590 |
24,993,745 I 466,710 |
22,134,420 |
12,140,675 D 1,321,300 |
1,126,942 |
13,267,617 D 1,314,382 |
4,456,587 D 3,100,855 |
20,432,737 I 2,129,937 |
12,891,203 D. 3,669 |
16,951,047 D 213,150 |
23,261,362 D 847,672 |
23 |
36,682,565 D 451,855 |
24,765,255 D 228,490 |
21,682,565 |
11,917,310 D 223,365 |
1,104,001 |
13,021,311 D 246,306 |
4,407,785 D 48,802 |
20,075,186 D 357,551 |
No change |
16,807,124 D 143,923 |
22,786,566 D 474,796 |
30 |
36,570,115 D 112,450 |
24,654,855 D 110,400 |
21,570,115 |
11,915,260 D 2,050 |
1,127,273 |
13,042,533 I 21,222 |
4,921,096 I 513,311 |
19,584,628 D 490,558 |
No change |
16,835,079 I 27,955 |
22,697,388 D 89,178 |
November 6 |
36,217,500 D 352,615 |
24,606,915 D 47,940 |
21,115,797 |
11,610,585 D 304,151 |
1,115,797 |
12,726,382 D 316,151 |
5,396,899 I 475,803 |
18,746,986 D 46,437 837,642 |
No change |
16,788,642 D 46,734 |
22,333,297 D 364,091 |
13 |
36,150,315 D 67,185 |
24,149,650 D 457,265 |
21,150,315 |
12,000,665 I 390,080 |
1,088,491 |
13,089,156 I 362,774 |
5,145,163 D 251,736 |
18,691,673 D 55,318 |
12,319,203 Decr. 572,000 |
16,682,646 D 105,996 |
22,238,806 D 94,491 |
20 |
36,087,615 D 62,700 |
23,899,915 D 249,735 |
21,087,900 |
12,187,700 I 187,035 |
1,148,613 |
13,336,313 I 247,157 |
5,053,907 D 91,256 |
19,053,683 I 362,010 |
No change |
16,680,990 D 1,656 |
22,236,228 D 2,578 |
27 |
35,989,975 D 147,640 |
23,551,360 D 348,555 |
20,939,975 |
12,388,615 I 200,915 |
1,118,615 |
13,507,208 I 170,895 |
5,044,482 D 9,425 |
19,232,770 I 179,087 |
No change |
16,627,914 D 53,076 |
22,058,568 D 177,660 |
December 4 |
35,603,285 D 336,690 |
23,842,570 I 291,210 |
20,603,285 |
11,760,715 D 627,900 |
1,114,157 |
12,874,872 D 632,336 |
5,330,734 I 286,252 |
18,507,007 D 725,763 |
No change |
16,786,002 I 158,088 |
21,717,442 D 341,126 |
11 |
35,563,580 D 39,705 |
23,400,985 D 441,585 |
20,563,580 |
12,162,595 I 401,880 |
1,099,977 |
13,262,572 I 387,700 |
5,783,788 I 453,054 |
18,679,523 I 172,516 |
No change |
17,026,322 I 240,320 |
24,663,557 D 53,885 |
18 |
35,786,995 I 223,415 |
22,888,620 D 512,365 |
20,786,995 |
12,898,375 I 735,780 |
1,153,714 |
14,052,089 I 789,517 |
7,146,320 I 1,362,532 |
19,000,485 I 320,962 |
13,019,203 Incr. 700,000 |
17,218,755 I 192,433 |
21,940,709 I 277,152 |
25 |
35,837,200 I 50,205 |
23,362,865 I 474,245 |
20,837,200 |
12,474,335 D 424,040 |
1,103,847 |
13,578,182 D 473,907 |
7,178,757 I 32,437 |
18,766,205 D 234,280 |
No change |
17,518,502 I 299,747 |
21,941,047 I 338 |
Week ending October 2. | Thursday Sept. 26 | Frid. 27 Sept | Saturd. 28 Sept | Monday 30 Sept | Tuesday. Octob. 1 | Wednesday. Oct 2 | Total for Week. | General average disturbed by Stock Exchange Settlement, die Revenue und other payments at end of quarter. |
£8,375,000 | £15,988,000 | 12,155,000 | 10,196,000 | 10,349,000 | 8,426,000 | £65,471,000 | ||
Week end. Oct. 9 | Thursday Octob. 3 | Frid. Oct. 4 | Sat. Oct. 5 | Mdy Oct 7 | Tuesd. Oct. 8 | Wd. Oct. 9 | Bills due on 4th. Monthly Settlement in Consols on Tuesd. 8th | |
£.8,372,000 | £12,765,000 | 11,038,000 | 9,520,000 | 11,809,000 | 7,743,000 | £61,247,000 | ||
Week end. Oct. 16 | Thursday. Oct. 10 | Frid. Oct. 11 | Sat. Oct. 12 | Mdy Oct 14 | Tuesd. Oct. 15 | Wd. Oct. 16 | Stock Exchange Settlement on Oct. 16, Payment on Dividends began 14 Oct. | |
£7,905,000 | 9,512,000 | 11,738,000 | 9,996,000 | 11,250,000 | 17,852,000 | £68,253,000 | ||
Week end. Oct. 23 | Thursday. Oct. 17 | Frid. Oct. 18 | Sat. Oct. 19 | Mdy Oct 21 | Tuesd. Oct. 22 | Wd. Oct. 23 | Low. Indicates No Revival of Business. | |
£9,557,000 | 11,385,000 | 10,361,000 | 7,913,000 | 9,694,000 | 9,711,000 | £58,621,000 | ||
Wk. end. Oct. 30 | Thursday. Oct. 24 | Frid. Oct. 25 | Sat. Oct. 26 | Mdy Oct 28 | Tuesd. Oct. 29 | Wd. Oct. 30 | Stock Exchange Settlement on Wed. 30 Oct. (The same settling day in 1865 gave total of £26,000) | |
£8,208,000 | £8,196,000 | 10,458,000 | 7,900,000 | 8,973,000 | 16,745,000 | £60,480,000 | ||
Week end. Nov. 6 | Thursday. Oct. 31 | Frid. Nov. 1 | Sat. Nov. 2 | Nov. 4 Mdy | Tuesd. Nov. 5 | Wd. Nov. 6 | Small trotz Bills falling due on 4th | |
£9,831,000 | 8,526,000 | 10,403,000 | 11,948,000 | 10,116,000 | 8,665,000 | £59,489,000 | ||
Week end. Nov. 13 | Thursday Nov. 7 | Frid. Nov. 8 | Sat. Nov. 9 | Mdy. Nov. 11 | Tuesd. Nov. 12 | Wd. Nov. 13 | ||
£11,131,000 | 10,444,000 | 11,168,000 | 9,340,000 | 9,722,000 | 9,267,000 | £61,072,000 | ||
Week end. Nov. 20 | Thursday Nov. 14 | Frid. Nov. 15 | Sat. Nov. 16 | Mdy. Nov. 18 | Tuesd. Nov. 19 | Wd. Nov. 20 | Stock Exchange Settlement on Thursd. 14t Nov. | |
£16,799,000 | 10,532,000 | 11,176,000 | 9,517,000 | 9,598,000 | 8,201,000 | £65,823,000 | ||
Week end. Nov. 27 | Thursday. Nov. 21 | Frid. Nov. 22 | Sat. Nov. 23 | Mdy. Nov. 25 | Tuesd. Nov. 26 | Wd. Nov. 27 | Unusual Smallness. Bad Trade. | |
£6,463,000 | 9,064,000 | 9,973,000 | 7,835,000 | 8,550,000 | 6,735,000 | £48,620,000 | ||
Week end. Dec. 4 | Thursday. Nov. 28 | Frid. Nov. 29 | Sat. Nov. 30 | Mdy. Dec. 2 | Tuesd. Dec. 3 | Wd. Dec. 4 | Stock Exchange settlement heavy on Frid., were driven over until Saturday. 4th Inland Bills. Sehr schwach. | |
£7,802,000 | 19,327,000 | 12,700,000 | 10,248,000 | 10,411,000 | 10,715,000 | £71,203,000 | ||
Week end. Dec. 11 | Thursd. Dec. 5 | Frid. Dec. 6 | Sat. Dec. 7 | Mdy. Dec. 9 | Tuesd. Dec. 10 | Wd. Dec. 11 | ||
£10,031,000 | 9,408,000 | 9,860,000 | 8,436,000 | 8,704,000 | 6,603,000 | £53,042,000 | ||
Week end. Dec. 18 | Thurs. Dec. 12 | Frid. Dec. 13 | Sat. Dec. 14 | Mdy. Dec. 16 | Tuesd. Dec. 17 | Wd. Dec. 18 | largest Stock Exchange Settlements on 12th. Christmas. Accounts close. | |
£8,220,000 | 19,860,000 | 11,754,000 | 11,054,000 | 10,176,000 | 9,341,000 | £70,411,000 | ||
Week end. Dec. 25 | Th. Dec. 19 | Frid. Dec. 20 | Sat. Dec. 21 | Mdy. Dec. 23 | Tuesd. Dec. 24 | Wd. Dec. 25 | This week naturally lightest in the year; expected that Stock Exchange Settlement on Monday will be largest yet known. | |
£8,644,000 | 9,419,000 | 10,349,000 | 8,652,000 | 10,675,000 | Christmas. 0 | £47,739,000 |
Wk. end. 5 Oct | 12 October | Week end. 19 Oct. | Week end. 26 Oct. | Week end. 2 Nov. |
Week end. 9 Nov. |
Week end. 16 Nov. |
Week end. 23 Nov. |
Week end. 30 Nov. |
Week end. 7 Dec. |
Week end. 14 Dec. |
Week end. 21 Dec. |
Week end. 28 Dec. |
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1) Coin. Bullion | D 1,016,000 | D 1,024,000 | D 168,000 | I 580,000 | I £88,000 | I £680,000 | I 400,000 | I 453,000 | I £480,000 | I £740,000 | I £550,000 | I £348,000 | I 224,000 |
2) Discounts Loans | I 2,120,000 | I 392,000 | I 740,000 | I 160,000 | I 2,328,000 | D 2,120,000 | I 356,000 | D 720,000 |
I 406,925 |
D 264,000 | D 840,000 | D 72,000 | D 293,000 |
3) Rate of Discount | 21/2 England 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 mit Public | I 1,364,000 | D 125,000 | I 253,000 | D 188,000 | I 1,968,000 | D 1,580,000 | I 244,000 | D 196,000 |
D 368,550 |
D 500,000 | D 624,000 | 352,000 | I 160,000 |
5) Bullion. Coin Total | 37,258,350 | 36,234,000 | 36,636,500 | 36,727,620 | 37,340,000 | 37,723,490 | 38,176,490 | 38,748,000 | 39,484,930 | £40,034,900 | 40,383,000 | £40,607,000 | |
Purchases of grain on French account abroad. | | |
Notices to Moneymarket.
Week ending 5 Oct. 1867:
Aus:
The Money Market Review,
5. Oktober 1867. S. 360.
Schließen
B.o.E. Heavy Gvt. und other
disbursements at turn of the quarter verursacht considerable draught
upon public und private deposits, entailing large increase
in the active circulation, und decline of £1,422,638 in
Reserve. Owing, however, to the abundant supply of money in the
general market, increase of demand at Bank Discount Office small, da
Increase in Private Securities only £131,052. Of £413,000 gold sent in from abroad, except
£46,272, the whole drawn out again in coin for
internal circulation.
Aus:
The Money Market Review, 5. Oktober 1867.
S. 355/356.
Schließen
Stock Markets: Unsettled Politics checks all spirit
of enterprise. Funds again lower, notwithstanding
the great facilities given to speculators for a rise by banks anxious to
employ their unprofitable balances in the present stagnation. Foreign Securities, without exception, declined. The
rise of the past month in Railway stocks
sufficient to cause many of the speculators for a fall to close their
accounts. Daher business in this department diminished of late, und
evidences to realise some of the numerous investments recently made on borrowed money. Weder rise noch fall induced the
public to take any action. Bona fide purchases und sales as rare as
ever. Unavailing attempts to sell on the part of speculators for a rise.
Fall most marked in Midland, which für some time past favourite vehicle for
speculation.
Aus:
The Money Market Review, 5. Oktober 1867.
S. 361.
Schließen
Mercantile Embarrassments:
Rumours of difficulties in Cotton Trade at
Liverpool.
Glasgow: failure of manufacturing firm und
worsted agent, liab. in each case not over 15,000£.
Ferner Failure (Glasgow) of Peter Buchanan et Co in
Folge von
Buchanan, Hope et Co (Canada West) not placing them
in funds to meet their acceptances. New York failure
of Gill, Gillets, and Noyes (Tea Merchants) for
£100,000 through buying goods for gold and selling for
currency. Boston:
bankruptcy of George L.
Schuyler, liabilities of £800,000 and no assets whatever.
Week ending 12 Oct. 1867.
Aus:
The Money Market Review,
12. Oktober 1867. S. 380 u. 386/387.
Schließen
B.o.E:
Diminution of £385,081 in coin und
bullion; und da result of exports und
Imports addition of £66,000 to Bankstock of
precious metals, good deal of coin gone into provinces,
part to Abyssina Abyssinia. Mercantile Embarrassments:
Liverpool
Suspension of Colin Campbell et Son,
cotton merchants und brokers. Liabilities at
£200,000. Due to immense fall in value of cotton. Glasgow:
Failures:
Hutton et Baird, General
Warehousemen, liab. £39,000. Davy et Co,
powerloom manufacturers (Rothesay). Stock Market: Excitement of last few months
in Home Railway Shares almost entirely subsided, shares now
in the general dullness.
Week ending Oct. 19, 1867.
Aus:
The Money Market Review,
19. Oktober 1867. S. 412.
Schließen
B.o.E. draught upon gvt. Deposits (dividends
der Staatsgläubiger); hence decrease of Reserve of
£1,314,832. Decline in coin et bullion
£847,672, wovon £462,000 sent abroad, bulk of balance taken away by
the receivers of dividends.
[The Money Market
Review, 26. Oktober 1867]
The Money Market Review, 26. Oktober 1867. S. 427/428 u. 432.
Schließen
⦗October 26, 1867.
Monetary Panics und
Lord Overstone.
In 1857, Overstone (bei Gelegenheit der suspension
des
Bank Act)
said: „It was impossible to deny that the suspension of the Act, twice
repeated, did create serious difficulty, and he thought the Gvt. were
entitled to say that the Committee, which was in existence, ought to
direct its attention to the question whether, while
maintaining the provisions of the Act of 1844, which were essential to maintaining the solidity of
the monetary system, and placing the
exchange under proper control, they could not add, without relaxing these
principles unsafely, an elastic power
applicable to peculiar and exceptional
circumstances.“ Said in another part of the same speech: „By
suspending the Bank
Act the Gvt. had intercepted the natural action and legitimate
remedy for an unwholesome system, and therefore had rendered it incumbent upon Parliament to find
some other remedy for the future.“ Verbosity and mysterious
intricacy Zusatz von Marx.
Schließen ! The „provisions“ of the Act of 1844 were
to be maintained. But to these „provisions“ which in the next sentence
have become „principles“, „an elastic power“ was to be added to relax the provisions to be maintained and the
„principles essential to preserve the solidity of the monetary system“.
But the provisions or principles were not to be relaxed „unsafely“, and,
therefore, the elastic power was to be „applicable only to peculiar and
exceptional circumstances“. Exactly those circumstances in which,
according to all the previous teaching of the Overstone school, the
principles and provisions ought to be maintained“ maintained und under which the Act had been twice suspended. By
suspending the Act, Overstone said, „they had intercepted the natural
action and legitimate remedy for an unwholesome system“ und
therefore he incontinently proposed that Parliament should in
future neutralise this „natural action and legitimate remedy“ by
providing an „elastic power to accomplish the same purpose as a
suspension of the Act namely, the restoration of an unwholesome system“.
The Act and its principles and provisions were to be maintained for the
preservation of „the solidity of the monetary system“ and, at the same
time, they were to be relaxed and neutralised to destroy that solidity,
and substitute an unwholesome system.⦘ Aus: The Money Market Review, 26. Oktober
1867. S. 432. Gemeint ist ein Fall der Aktienkurse von
Eisenbahngesellschaften.
Schließen In
Folge dieses collapse, aggravated by that of Liverpool Royal
Bank, great alarm in Railway Market.
Almost panic. Next morning panic – was discounted.
[Bank of England and Money Market. 1867.
(Fortsetzung)]
[Notices to Moneymarket
(Fortsetzung)]
Week ending 26 Oct. 1867.
Aus:
The Money Market Review, 26. Oktober
1867. S. 436
Schließen
B.o.E. Gold withdrawn for Export about £289,000;
da aber decrease £474,796 coin still absorbed in the provinces.
Aus:
The Money Market Review, 26. Oktober
1867. S. 437.
Schließen
Mercantile Embarrassments:
Braybrook und Slater, spinners
und manufacturers of Livesey near Blackburn,
liabilities £30,000. London:
Vivanti, Annett und Balfour, silk
trade, owing to speculations on Stock Exchange. Liverpool:
Royal
Bank und
Canada Commercial Bank.
Aus:
The Money Market Review,
26. Oktober 1867. S. 430.
Schließen
Corn Trade: Late
Rise in Cornmarket, natürlich prices partly forced up by
Speculation. About (Dornbusch list published
19 Oct. ’67) 247 Cargoes
of wheat expected to arrive for orders within next 3 months
from South of Europe, California, Australia; since 19 Oct. 70 cargoes have arrived, and 50
remain off the coast for sale. 21 Oct.
cornmarket written 3s. lower per qr und
floating cargoes fully 5s. cheaper, owing to
heavy arrivals mit the fact that speculators realising their
profits. Doch diese supplies nicht sufficient. France has deficient
crop, was large buyer in our homemarket. Von Americans
nichts zu erwarten bis spring; they are only shipping a little. St. Petersburg is about closing und
prices dort quoted leave positive loss to importers. In Trieste dealers were failing und
merchants in many instances have paid forfeit und cancelled
contracts.|
Week ending Nov. 9, 1867.
Aus:
The Money Market Review, 9. November
1867. S. 480/481 u. 487.
Schließen
Mercantile Embarrassments:
Mincinglane: Suspension of
Th. Kraus et Co., commission merchants (branch at Liverpool)
Hauptgrund holding about 6000 bales of cotton. Suspension of Welch Miller und Fawcett,
2 underwriters at Lloyd’s. Stockmarket: Now that
cry of repudiation has almost died away, U. States
5-20 Bonds again largely purchased, both for home et
Foreign Account. No department more want of confidence than
in British Railway Stocks.
Successively the actual condition of
North British;
London, Chatham et
Dover;
Great Eastern;
Great Western;
London,
Brighton and South East Cos. were revealed to
their proprietors. At the Midsummer halfyearly meetings a few more
questions than usual were asked, and that was all. The chairmen
und directors made plausible speeches, denounced the bears, und dividends greedily accepted.
But from that time sales began.
Speculators at Liverpool und
Manchester, reckoning on nothing the balance of interest by
borrowing money in an overstocked market, absorbed the first supply.
They thought to wait, and, with returning prosperity, to resell to the
public with a profit. Aber public show no disposition to relieve the
speculators of their engagements. On the contrary, sales continue,
und
now a „bear“
party has been organised whose object it is to foster
the prevailing distrust. Soundest line in England perhaps the
Lancashire
und Yorkshire. And they have, during
the last 2 years, added to capital an amount almost
equal to that which they paid in dividends.
Week ending 16 Nov. 1867.
Aus:
The Money Market Review, 16. November
1867. S. 507/508.
Schließen
Stockmarket:
General Fall in Joint Stock Bank Shares in Folge
der Revelations der
Royal Liverpool
Bank. Steadily declining prices of all British
Railway Stock. Decided by the
Vice Chancellor
that issue of preference Stock in lieu of dividends is
illegal. Announcement of this verdict caused fall of 1% in the
Stock of Great Western; 1% fall in
London und North Western
; 3% in
Lancashire und
Yorkshire
, 2% in
London
und South Western et
Caledonian
has closed at 78, the lowest price of the week, 9% below that current
last week.
Week ending 23 Nov. 1867.
Aus:
The Money Market Review, 23. November
1867. S. 542.
Schließen
B.o.E. Gold taken from it exceeded receipts from abroad by abroad by about £130,000,
coin is returning from the Provinces.
Aus:
The Money Market Review, 23. November
1867. S. 543/544.
Schließen Mercantile Embarrassments:
Loewe und Langford (New
London Street) „in consequence of the great falling off
in the shipment of cattle from France und general
Dullness of Trade“. Liabilities about 22,500£.
Manchester:
Yates et Corkling, commission merchants,
liabilities between £30 und 40,000.
Aus:
The Money Market Review, 23. November
1867. S. 537.
Schließen Midland Railway Co,
directors apply to raise fresh Capital over the £3,282,867 raised in Year ending July 1867. Hence fall of 3%, from
which fall price the stock has still further declined.
Aus:
The Money Market Review, 23. November
1867. S. 537.
Schließen North Eastern Railway
Co galt als Muster. Fletcher’s data – he being an
engineer of the line – held up as model. Now on the line to which
Fletcher attached, comes out, charges on
revenue under the mark by £130,000 a year; charged to capital for new rolling stock von June
1864 to June 1867 £1,002,000. Capital Account
increased in these 3 years by £6,700,000. Mileage increased by the same
Co. during this time 134 miles, £50,000 p. mile, while original cost of
the railway was £30,000 p. mile. At this rate increased mileage ought to
amount only to £4 Millions; of difference of 2,700,000 2/3 represented by
charges for rolling cost and cost of old line.
Since publication of these charges Extraordinary General Meeting of
shareholders held. Chairmen praised the concern, ditto the
chief engineer, chief accountant und auditor of the Co.
Trotter[’]s remarks in reply quite
unheeded, shareholders true of to policy to support directors so long as they declare dividends,
chairman’s explanations voted satisfactory unanimously. Main cause of flatness during week in railway
shares has been the anxiety of the bankers to lessen their engagements in this class of property.
Loans are being called up and pawned stock thus brought to market.
Week ending 30 Nov. 1867.
Aus:
The Money Market Review, 30. November
1867. S. 570.
Schließen
B.o.E. £298,000 withdrawn from it for
Exportation, aber its Diminution nur £177,600;
must have been made up by Return of Coin from the
provinces.
Week ending Dec. 7. 1867.
Aus:
The Money Market Review, 7. Dezember
1867. S. 598/599.
Schließen
B.o.E. Its resources are diminishing. Diminution
in Private Deposits, Revival of Discount Business. Amount of gold
withdrawn von Bank für Export £394,000 und
diminution in coin und bullion £314,126.
Mercantile Embarrassments:
J. Baynes, manufacturer, Blackburn,
liabilities about 80,000£; ditto a cotton spinner at Ashton-under-Lyne, liab. 10,000. Ritter et Co, timber merchants, Fenchurch
Street. Otto Hoz et Co, chiefly in
silk trade, about 10s. in £.
Week ending Dec. 14. 1867.
Aus:
The Money Market Review, 14. Dezember
1867. S. 626.
Schließen
B.o.E. Discount business reviving. Gold
withdrawn from abroad (Export) £209,000, diminution
shown only £53,000 £53,885. Hence coin reflux from provinces where
circulation swelled by requirements of the harvest.
Week ending Dec. 21. 1867.
Aus:
The Money Market Review, 21. Dezember
1867. S. 654.
Schließen
B.o.E.
Increase in Gvt. Deposits largely attributable
to the carrying to that account a sum of £700,000, which the Treasury has obtained from the Bk. as an advance
on Exchequer Bonds; hence the increase of that amount in the Gvt.
Securities. Bank, during week, received from abroad £43,000 in gold more than it parted with for exportation, and
as its Increase £277,152, Evidence of a steady reflux
of coin from the internal circulation.
Aus:
The Money Market Review, 21. Dezember
1867. S. 648 u. 655.
Schließen Mercantile
Embarrassments:
Haden et Sons, irontrade, Dudley, liabilities £60,000, Cohen (Birmingham) merchant und factor,
liab. 30,000, offers 5s. in £. Australia:
W. S. Anderson
(Melbourne), import trade, liab. £15,000,
chiefly due to creditors in England. Drymen et
Co (Sydney) warehousemen, Liab.
25,000£. Stockmarket:
Course during week generally downward.
Week ending 28 Dec. 1867.
Aus:
The Money Market Review, 28. Dezember
1867. S. 671.
Schließen Late Demand for
bullion for export has fallen off, and further supplies of gold
are shortly expected from America and other places. Another disturbing
cause the practice of Jt. Stock. Stock Bk. Cos to restrict their advances, by asking higher
terms during the few weeks preceding the issue of their reports and
balance sheets, in order to show a large amount of cash in hand. Brokers
have not been able lately to work at rates much lower than the „Parlour“ market (B.o.E. Discount)[.] Discount Rates raised von 11/8 or 1 1/4 to 17/8 or 2%.|
[The Money Market
Review, 12. Oktober bis Dezember 1867]
The Money Market Review, 12. Oktober 1867. S. 375/376.
Schließen
10% Rate of Discount. Manufacturers,
Producers, Trade. (Money Market Review
12 Oct. 1867)
Nach Overstone , Times, Hubbard , Fawcett : „there is no harm in a 10% rate, as it shows how profitable trade is, or they would not pay it.“ With pending engagements they must pay it, whether their trade is profitable or not. If they cannot pay it out of profits, they must pay it out of capital, as at such a rate is generally done. This soon eats up the capital of the small trader, and he speedily falls out of the ranks. It consumes more or less of the capital of the large trader also, but he struggles to hold on till better times come, and supplies with paper the place of the capital absorbed, and thus in too many cases commences a career which, unless he be enabled to retrieve his position in the mean time, may end at no distant time in Bankruptcy Court or deed of arrangement.
The Money Market Review, 12. Oktober 1867. S. 378/379; 26. Oktober 1867. S. 429/430.
Schließen
The Caledonian
Railway Co. (Money
Market Review. 12 Oct. 1867)
Nach last halfyearly Accounts dividends
maintained by means of charging to Capital various expenses which ought
to be borne by the revenue. If made up according to true principles, the
charges upon the 16 Millions of loans
and preferences, combined mit cost of maintenance
und renewals, would have absorbed bulk of available asset,
and left comparatively little for dividend on ordinary stock. The
directors have declared dividend of 51/4%. Net earnings, as
stated on paper, were not over £97,000. 51/4
dividends p.a. auf den
ordinary stock (Caledonian) of £4,734,000
would [require] £123,500 or £26,500 more than the directors pretend to have
earned. They say, it comes from the Premium
Account; i.e. a sum of money obtained through the premiums on
the issue of shares. It amounted at beginning of the year to £150,000.
Davon £30,000 taken on 31st
Jan. to augment the dividend for 2nd halfyear 1866 und jezt
£26,000 to raise the dividend for 1st halfyear 1867; so dwindled down
von £150,000 in 12 months to £93,000. Will soon be all
gone. The premiums arise out of transactions in
which there are heavy losses as well as gains. The losses are all put to
the debit of Capital; aber die gains nicht to credit of
capital, sondern to small dividends, to keep up appearance of fictitious
prosperity. And this premium account – apart from the losses credited to
capital – has ceased to be an income to the Co. The directors
acknowledge that they received only £2,272 for premiums in the past half
year (1867) but take away from the fund £26,500 to augment the dividend;
just 12 × the amount received in the same period. Vicious system of
dividend manufacture. Selbst 4% dividend only arrived at by starving renewals in some cases, and charging them to capital, in
others. It is said that the general manager
obtains a commission on the alleged net earnings. Zusammenfassung von Marx.
Schließen Dieß explains much! In
der That haben die
Auditors not certified
the Accounts at all. Sie sagen z.B. „£75,013. 15s.
5d. charged for new plant placed on the
line, or in course of construction, which, it is
stated, is necessary for the working of new branches
und extensions … Subject to these
explanations … the accounts contain a true statement.“ The
auditors protect themselves by these saving clause clauses, shirk the question. The bulk of the charge was for renewal of rolling stock, a charge of „wear and tear“ belonging to revenue as much as
the wages of the Co’s servants. If this sum debited to Revenue, let
alone other questions, small dividends und collapse of the Co’s
credit. Colonel Salkeld chairman of this Co.
Zusatz von Marx. Im
Folgenden Exzerpte aus: The Money Market Review, 26. Oktober
1867. S. 429/430.
Schließen Nach Money
Market Review of 26 Oct.
1867:
Caledonian Railway Stock was worth, not very
long ago, in the market £130 for every 100, and within the last few days
it has been as low as £85. 6 years ago Capital der Caledonian
Railway Co 9 mill. St., now 21 Mill. £. Gross Revenue
has kept pace; f.i. in halfyear ending
31 July 1861 it was £387,201, in halfyear ending 31 July, 1867:
£872,576. But Preference charges risen
from £135,636 to £393,843. Ebenso Premiums aufgegessen als
Dividends. In halfyear ending
31 July, 1861, the capital expended £94,216,
und in half year ending 31
July 1867 to £482,937, equal to 5 × the amount
officially declared to have been earned for dividend. Was there any dividend at all?
The Money Market Review, 2. November 1867. S. 451/452.
Schließen
2 November. 1867.
The Accidental and Marine Insurance Co. Zusatz von
Marx.
Schließen (Revelations)
Just Report issued on that Co., which during last 12 months undergoing slow process of liquidation in the Winding-up Court. This Corporation was composed of several amalgamated Cos, including Accidental Death Insurance Co, founded in 1849, führte gut Geschäft for some years. In 1862, its capital being already to too small for its proper business, it commenced underwriting; 1865 discovered that its marine insurance business checked by its inappropriate name. Directors proposed to change title, remodel its constitution, obtain larger capital, und thus „Accidental and Marine Insurance Co.“ formed. Prospectus proposed to raise capital of 2 Mill. £, 80,000 shares, £25 eaof each, of which £20,000 were to be issued at first. At the head of the directors Stephen Cave (firm: Prescott, Grote, Cave et Co, the bankers, of Threadneedle street); Alfred Smee, F.R.S., Edward Solly F.R.S., und 2 others, as chairmen und directors. Then follow Tabor (described as a director of the Imperial Bank) und two others, described as chairmen und directors of Gresham Life Assurance Society. Next Frederick Doulton, M.P., member of the Metropolitan Board von Works, G. Smith und J. C. Tollemache Sinclair, declared recently by Disraeli (at Edinburgh) as his „most intimate and particular friend“. Bankers of the New Co. London and County Bank, its bankers Mullens, Marshall et Co, the Gvt. Bankers. Array of Names und Guarantees of Respectability. By the terms of the amalgamation the new corporation acquired the business of the Accidental Death Co by the allotment to the shareholders in that Co. of 10,000 shares in the new Co., the latter taking all the assets und liabilities including considerable amount of debenture debt of the former Co. Public took only 4,752 shares, so that altogether (mit den above 10,000) 14,752 shares actually issued out of the £40,000 to be issued. This happened in July 1865. Da aber die Directors 1 Mill. Capital |74 berechnen to be raised by subscribed capital of £40,000 shares, how could they attempt to carry it on with less than 15,000 shares, without that capital? 16. Oct. 1866 it became clear that they had lamentably failed. On that day the Co. passed into the Windingup Court. The charges now made against the directors refer to certain dealings und transactions with the shares of the Co. in the interval between July, 1865 und October 1866.
Co. has many creditors at Liverpool; diese appointed Committee of Investigation, of which A. B. Forward appointed chairman. In Report of Forward’s Statement: „On or about 16 March 1866, 6 members of the board of directors transferred 21,713 shares, standing in their respective names, from themselves to various persons, but principally to a mere clerk of the Co., leaving each of those directors the holder of 250 shares only. On the 21st of the same month (March), about 5 days after the last-mentioned shares had been so transferred, the Co. made a call of £5 per share.“ „On the 3d October (’66) the directors held a meeting at which 4 out of those 6 directors were present, and they forfeited, for the benefit of the company, the shares above referred to, in respect of which the call had not been paid. The total number of shares forfeited was 5,014, which included the shares before referred to as having been transferred by the six directors.“ „Prior to this meeting (on 3d Oct.) other shares had been transferred which were likewise forfeited; and out out of the 5,014 shares so forfeited 3,213 were shares standing in the name of the clerk of the Co before referred to.“ „On 16. Oct. (’66) the Co. passed into liquidation.[“] „Apart from the shares so forfeited, 3,353 other shares had been transferred from time to time, within 12 months prior to the winding up of the Co, the larger proportion being transfers from the directors and officials of the Co, and upon the greater portion of which the calls yet remain unpaid.“ The outstanding liabilities on these shares, which were improperly forfeited, und those transferred within 12 months more than £100,000. The Committee urged the liquidators to take steps against these parties, but liquidators object, except they be provided with funds for that purpose, because „they are advised“, they say, that „whatever liability attached to these shareholders in respect to these transactions would only be applicable to debts contracted prior to and at the dates of the respective transfers“. The fact that those assets would be applicable to the debts of a sanction of the creditors only, does, jedoch, not concern the liquidators. Besides, nearly the whole of those transactions took place within, or nearly within, 12 months of the date of the winding up order. Bei „legal frauds“ ausserdem date gleichgültig. Who are the 6 directors implicated, who the 5 not implicated?
The Money Market Review, 16. November 1867. S. 504/505.
Schließen
Railway Finance and its mysteries. (Money
Market Review 16 Nov. ’67)
Whitehead und Coles have just put forth statement of figures relating to 23 British Railways, chief part of our railway system, weil at midsummer last ihr aggregate Capital 365 Millions.
Ordinary Stock: 158 Millions. Preference Stock ⦗viz. debenture bond und stocks, guaranteed stock, Preference Stock⦘ 206 Millions.
During year ending last midsummer, the 23 Railway Cos spent nearly additional Capital of 28 Millions, 20% upon ordinary capital possessing no priority of claims upon Revenue. Nun Question: if this 20% upon the ordinary capital had not been raised und charged to Capital, would there be any dividend? Open Capital Account true source of the mystery.
The Money Market Review, 23. November 1867. S. 531.
Schließen
B.o.E. Money Market Review
23 Nov. ’67
Demand for Gold Export lately made itself felt. Culminating point 18 Sept. 67: £24,498,447; this is £2,266,309 more than in any former plethora. Since Sept. 18 Abnahme of £2,262,219. On 18 Sept. Active Circulation £23,706,425; is now £23,899,915, increase of £193,420. Aber Total Reserve at the corresponding dates £15,792,002 und £13,336,313 resp., also decline of £2,455,709. Drain, as invariably the case, entirely upon the Reserves of Banking Department. B.o.E., as discounter, has for a long time withdrawn from the Market.
The Money Market Review, 23. November 1867. S. 531/532.
Schließen
The Panic and its Extent. 23 Nov. ’67
What greatly operated to produce the Panic was the imitation from France of the Credit Mobilier System, and the perversion of Banking which ensued. Trafficking in Lloyd’s Bonds und debentures. A Lloyd’s Bonds, secured by the acceptance of a Contractor, no mercantile bill. Banks who held them, could not realise their depreciated bonds, and whatever they could sell they had to hold in reserve to meet the demands upon them consequent upon the suspicions to which they were subjected. Legitimate banking largely departed from by the banks connected mit foreign und colonial business, engaging directly and indirectly in mercantile operations, or fostering those of their directors und relatives. The mischiefs of crisis aggravated und its evil results propagated by the Bank Act. The panic of 1866 a noncommercial panic, brought about by the diversion from commerce of Bank funds. There was not the old plea about the Exchanges. How is it we have heard nothing for some time of the old recipe for winding up the Exchanges? Indeed, all the accustomed and consecrated Political Economy is out of gear just now; but it will be set going again.
One part of the measure of our loss in such an epoch the loss of labour to an enormous amount, at least of half million men in last year … Age of enlarged competition; China, India, Japan, containing perhaps half the population of globe, thrown open und new countries peopled on the shores of the Pacific. Enormous stimulus by railway, steam etc communication.|
The Money Market Review, 30. November 1867. S. 559.
Schließen
Railway Dividends. Parliamentary Return down to 1865.
Now issued. Money Market Review.
30 Nov. 67.
Now shown that the rates of dividend paid upon railway shares in 1865 were simply delusive. Nach dem Return Railway Capital Ende 1865, 4551/2 Mill. Aber Lloyds Bonds nicht included, sicher 50 Mill. more. Since that time, at the smallest estimate, 50 or 60 Mill. more spent, so bis jezt cost der Gr. Brit. und Ireland Railways to £550,000,000; wahrscheinlich mehr. Von den 4551/2 Millions said to have been spent at 31st Oct. 1865 2191/2 „Ordinary Capital“, i.e. possessing no priority over the remainder; 98 Millions in form of debenture bonds (terminable debentures, redeemable at fixed periods), debenture stock (funded debentures, only redeemable durch purchases on the Stock Exchange) diese 14 Millions stated. Next in order preference stock to 124 millions. Thus the sum total is made up, not including Lloyd’s Bonds und many millions in addition due to bankers, moneylenders, contractors, lawyer etc. Such state of the case nearly 2 years ago.
The Money Market Review, 30. November 1867. S. 562.
Schließen
Speculation in Railway Shares.
Money Market Review 30 Nov. ’66 ’67.
A buyer or holder in stock with real faith in its value, oft, ohne speculator zu sein, will take advantage of the backwardation offered by „Bears“. On the other hand, if it sought to sustain the price against the ordinary course of the market, artificial scarcity created by taking up stock in bankers’ names.
The Money Market Review, 30. November 1867. S. 562/563.
Schließen
Great Eastern Railway.
Director against Director. Money Market
Review 30 Nov. ’66. Zusatz von Marx.
Schließen (Internecine War)
The Great Eastern quarrel is becoming quite sensational. Auf meeting (shareholders) 22 Nov. ’67 for the purpose of demanding the resignation of those members of the Board, who had not yet offered to resign unconditionally und for nomination of new Board. Resolution passed reducing the directors to 11, and ejecting from existing Board 4 of the Directors. Chairman des Meeting was Mr. Turner. Another Resolution passed: continuing the powers of the Committee of shareholders recently appointed, and giving that Committee authority to accept any resignation they may think proper, and apply to Parliament for powers to reconstruct the Board of Directors in what way they pleased. Major Jervis, whose ejectment is suggested and enforced, one of the dissentient directors has published a letter: that he had declined to sign a circular for making Watkin chairman of the reconstituted board, as Watkin’s time fully employed; that now intended to keep the present chairman in office, though proved incompetent; that the solicitor is not to be removed, obgleich „severely censured by the Chairman in the Dunmow transaction“. Certain Directors who had ostensibly resigned, had done so „on the understanding to be re-elected“ und „some who signed the late circular, protected themselves by a legal document against their own signatures“. Colonel Palmer, another dissentient Director, declines to relinquish his seat into the „hands of a packed committee“ one member of which is the present „chairman’s (Turner’s) hatter at Leads Leeds “. „Certain members“, he says, „of the board of directors of the Gr. Eastern Railway obtained in 1865 the position they now occupy by effrontery, intrigue, and imposition, making use of proxies surreptitiously obtained from a portion of the owners of 14 Mill. £. Stock, to whom they applied at the expense of you, the shareholders; and who are endeavouring now, by the same course, upon the plea that it is necessary that 1 Mill. £. Stock should be represented at the meeting, their real object being to maintain their pay and power.“ Josselyn, another director refusing to resign his seat, states: the Committee nominated on 8 Nov. was selected at a private meeting of a few shareholders at Manchester „with whom the present Chairman, Mr. Turner, was in communication“. Mr. Goodson, one of the remaining dissentient directors, is a director of 19 other Cos.
The Money Market Review, 7. Dezember 1867. S. 589. Marx fasst die Angaben selbst zu einer Tabelle zusammen.
Schließen
Board of Trade Returns. Dec. 7 ’67.
Imports. | Month of September: | 1865: | 213/4 Millions £ | 1866: | 181/2 Millions £ | 1867: | 201/2 Millions. £ (Computed or Real Value) | |
9 Months ending 30 Sept: | 137 | 174 | 162 | |||||
9 Months Sept. | Wheat | 6 | 9 | 17 | ||||
Cotton | 36 | 63 | over 44 Mill. £ | |||||
Imports ohne Wheat und Cotton: | 95 | 102 | 101 | |||||
Im September ’67 grössre Imports; hence withdrawal of gold from B.o.E. | ||||||||
Exports. | October. | 1865: | £151/2 Mill. | 1866: | 17 | 151/2 Mill. £ | ||
10 Months ending 31 Oct. | 135 | 159 | 153 (dießes declared value by the Exporters |
The Money Market Review, 14. Dezember 1867. S. 615/616.
Schließen
Railway Accounts. (14 Dec. ’67 Money
Market Review)
Zusammenfassung von
Marx.
Schließen Times macht als wenn
Shareholders in Railway Cos had been altogether duped and
misled.
Fact: sometimes one is willing to be duped when
deception accords with one’s pockets and one’s interests, and this has
been pretty much case mit Railway Shareholders. Shut
their eyes to „principles of accounting“. The
cooked accounts have given dividends und dividends have given
market value. The idea of railway Co. not being able to raise
capital was considered out of question. But panic of 1866.
London, Chatham und
Dover
led the way to ruin, and could pay nobody. Then came
Great Eastern
,
North British
und
Brighton
and no one knows where it is to stop. False
Reports may damage a Bank, as everyone
knows, that banks owe at all times more than they can pay at a months
notice. All the „Bears“ in England
could not damage a railway permanently; if they sell stock they do not
possess, they must buy it back again.|
The Money Market Review, 14. Dezember 1867. S. 619.
Schließen
Cotton Price. (Money Market
Review 14 Dec. 1867.[)]
12 months ago middling Orleans over 1s. 3d., now 8d. per lb. Decline in 12 months of nearly 1/2.
Computed Stock in London und Liverpool December: 1866: 720,000 bales. 1867 about 576,000. In Europe same dates ending November: 1866: 918,000. 1867 bls 918,000 654,000 und 1865 bls 456,000
Daher decline of Gemeint ist der Baumwollpreis.
Schließen cotton nicht of the absolute quantity of supply erklärlich, aber Manchester is consuming much less cotton than
12 months ago. Consumer is becoming choked mit cotton
manufacture.
The Money Market Review, 21. Dezember 1867. S. 643.
Schließen
Railway. Wear and Tear. (Money
Market Review 21. ’67)
Von Marx
übernommen in Manuskript II zum zweiten Buch des „Kapital“
(MEGA² II/11.
S. 106.36–107.9).
Schließen Nach Paper recently read by R. P. Williams, at Institution of Civil Engineers, „On the Maintenance and Renewal of Permanent
Way“, the average cost p. mile p.a. of maintenance of
way and works, and of station, has varied, for a period of
years, wie folgt:
London und
Northwestern
has charged to its Revenue Account
for this special purpose £370 p. mile p.a.,
Northeastern
£206,
Midland
225,
London und
South Western
257,
Great
Northern
310,
Lancashire et Yorkshire
377, the
South Eastern
263,
Brighton
266 und
Sheffield
200. Dieß hauptsächlich difference of „Account“. The smaller charge is adopted because its
adoption is necessary for a good dividend and the larger charge
is put forward because it can be supported by reason of revenue
being superior.
Von Marx übernommen in Manuskript II zum
zweiten Buch des „Kapital“ (MEGA²
II/11. S. 107.9–14).
Schließen The cost of maintaining the road does not
depend so much upon the wear and tear of the traffic passing
over it, as upon the quantity of wood, iron, and bricks, and
mortar exposed to the atmosphere. A month of
severe winter will do more damage to the road of a
railway than a year’s traffick.
The Money Market Review, 28. Dezember 1867. S. 672.
Schließen
Railway Reform. – Uniformity of Railway
Accounts and Gvt Audit. (Money Market
Review 28 Dec. 1867.)
Losses of the public have been enormous. But lately Caledonian Stock selling at £115, now only £71. Brighton Stock fell with rapidity von £120 to £50, the price at which it is now quoted. Shareholders deceived and heavily mulcted whilst the directors were frittering away their property, and the auditors – the humble servants of the directors – were looking on mit subservient humility. We must have a uniform system of exhibiting the Results of the Railway Accounts; halfyearly accounts und balance sheets subjected to searching judgment of auditors appointed by, and directly and solely responsible to the Gvt of the country. Present Accounts framed to conceal as much as possible, and to reveal as little as possible, and it has been found impossible to prevail upon directors or auditors to give any better. Daher nöthig daß some general form authoritatively settled und uniformly enforced in all cases by the Legislature.
London Bullion Market, during December 1867. (Money
Market Review)
The Money Market Review, 7. Dezember 1867. S. 598.
Schließen
First Week. ending 7 December
’67.
Gold: Owing to the scarcity of bills on Paris, demand for gold has been very good, and the arrivals being but small, £525,000 withdrawn from the Bank. On the other hand £28,000, in sovereigns, chiefly from the Brazils, have been sent in. About £774,000 now on way from Australia, of which £306,000 may be considered as due. The Mandingo has brought £12,730 from the Cape; the City of Baltimore £1000 from New York; the Shannon £6,460 from Brazils, the Hammonia £2,230 £2,330 from New York, Zusammen: £22,520. The Tamar has also arrived from West Indies mit £340,000, of which about half is expected to be Gold.
Silver: The Deutschland brought £20,000 in Dore Silver. The market not active, last price 601/2d. per oz. standard.
Mexican Dollars quiet, scarcely any business since 28 Nov. owing to absence of arrivals. On 7 Dec., this day, the Mexican dollars by steamer Tamar sold to day at 4s. 11d. (also 59d.) p. ounce.
The Money Market Review, 14. Dezember 1867. S. 626.
Schließen
Second Week, ending 14 Dec. ’67.
Gold: No active Demand for export, only £107,000 withdrawn from the Bank; this, together with the undermentioned arrivals, has been sent abroad. The Rifleman brought £57,000 from Sydney; the Scotia 8000, the Denmark 11,300, both from New York. Total £76,300. The Oneida has taken £57,800 to Brazils und the Roman £30,000 to the Cape. The vessels now on their way from Australia are: The Anglesey mit £211,000; the Ninevah mit £38,500; |77 the Lincolnshire mit £336,000 und the Kent mit £130,000; total: £715,500, of which £249,500 may be considered due.
Silver: Silver ex Tamar sold at 60d.7/16 p. oz standard, but the demand is not now so active; we quote the nearest price as 603/8d. p. oz. standard. The Oneida has taken £8000 to the Brazils, but the demand is chiefly for the Continent.
Mexican Dollars remain at 59d. per oz., but as the demand is principally for refining purposes, this price not firm. The Bavaria has brought 17,000£ Mexican, and the Zeta about £20,000 of Chilian und Bolivian dollars. The St. Laurent has also arrived at Brest, mit £67,000 from New York; the portion on English Account is not yet known. On 14 Dec: Owing to a diminished demand of the Continent and expected arrivals from Mexico and New York, quotations for bar silver and for Mexican dollars have declined 1/8d. p. ounce, viz. to 5s. 03/8d. und 4s. 107/8d. respectively.
The Money Market Review, 21. Dezember 1867. S. 654.
Schließen
Third Week ending 21 Dec. ’67.
Gold: Arrived: Ninevah from Sydney mit £38,000; the Cuba from Boston mit £5,500; the America, from New York mit £18,400; City of Paris, von New York, £2000; the La Plata, from the West Indies £68,650; the Delta (overland, from Melbourne) mit £57,119; the Ethiope, from Africa, mit £5000. The whole of the above has been taken for exportation, and in addition £53,000 withdrawn from Bank, while 107,000 sovereigns have been sent in Demand for export sufficiently active to absorb all immediate arrivals. Anglesey (from Melbourne) fully due, may be daily expected.
Silver Market inanimate, but without change in price, the small amount by the la Plata sold at 603/8d. p. oz. standard, for the Continent, there being no demand whatever for the East. The La Plata, from the West Indies, brought £101,350 in bar silver and silver coin, chiefly from the West Coast of South America.
Mexican Dollars sold at 587/8 p. oz. being decline of 1/8. The Panama has arrived at St. Nazaire, from Vera Cruz, mit £19,260, on English Account.
The Money Market Review, 28. Dezember 1867. S. 680.
Schließen
Fourth Week ending 28 Dec. ’67.
Gold: Shipments of gold on a considerable scale have commenced from New York, and seem probably to continue for some time; the amounts hitherto received, detailed below, have been taken for export, but enquiries not very numerous, the continental exchanges having lately risen to a degree that somewhat diminishes the demand. The Flamsteed brought £62,650 from the Brazils; Pennsylvania £13,500 von New York und ditto von New York: Persia £121,600; Weser £28,530; Etna £60 000; France £12,000. Total £298,250. The Ripon has taken £26,990 to Alexandria. Von B.o.E. withdrawn £19,600, sold to it £.35,000.
Silver: Quiet Market. No change in rate. The Ripon has taken £6,130 to Shanghai, but the operation is quite exceptional. Demand for bar silver chiefly for the Continent, price has a drooping tendency.
Mexican Dollars. Ripon has taken £24,590 to Hong Kong on Gvt. Account; but demand for China is not general, and this description of coin taken chiefly for refining purposes. The dollars ex Panama have been sold at 4s. 107/8d. p. oz., same rate as last Week.
[The Money Market
Review, 28. Dezember 1867]
The Money Market Review, 28. Dezember 1867. S. 685.
Schließen
Th. Thornburn: Annual Report on Scotch Iron Trade,
Dated Dec. 26. 1867.
„After a cycle of 6 prosperous years, one year without buoyancy in the Iron Trade. Nach den ironmasters returns quantity of pig iron produced in 1867 is 1,031,000 tons, increase of 37,000 tons gegen 1866. The deliveries by railways, the shipments, foreign und coastwise, combined mit der local consumption, 1,068,000 tons, falling off, vgl. mit 1866 of 68,000 tons. The stock of pig iron in Scotland is 473,000 tons, decrease of 37 000 tons compared mit 1866. |78 During the year the price has fluctuated von 51s. 6d. – the lowest point to which it fell in July – to 55s. 6d. – the highest attained in October – average for the year: 53s. 6d. per ton. The malleable iron works, the foundries, and shipbuilding yards have felt increased languor.[“]
The Money Market Review, 28. Dezember 1867. S. 685.
Schließen
Australian Gold.
Imported into U. Kingdom from all sources in | October 1867 | £1,395,689, Davon: | £904,741 from Australia. |
October 1866 | 983,862 | ||
October 1865 | 246,865 |
First Ten Months ending Oct. 31, | 1867 | Imported from all Sources £13,098,861 from Australia: | £4,768,711 |
1866 | £5,623,233 | ||
1865 | £3,102,097. |
1858 | £9,064,763 |
1859 | 8,624,566 |
1860 | 6,719,000 |
1861 | 6,331,225 |
1862 | 6,704,753 |
1863 | 5,995,568 |
1864 | 2,656,971 |
1865 | 5,051,170 |
1866 | 6,839,764 |
The Money Market Review, 21. Dezember 1867. S. 685.
Schließen
Reduction of Rates stimulating Business. Atlantic
Telegraph Company.
Altered on 1 Dec. (’67) charge for message from £10 to £5. 5.s. Since that date the receipts have shown an average daily excess of £200 over those of the preceding time.|
The Standard, 4. Dezember 1868. S. 5/6.
Schließen
Standard 4 December 1868
Schließen
(FROM OUR OWN CORRESPONDENT.)
NEW YORK, Nov. 21.
The great “Erie Railway war” has been renewed. The present contest is even more remarkable than that of last year. On Tuesday Mr. August Belmont, the well known banker, and E. B. Lucke, brought suit against the Erie Railway Company and about 20 other defendants, who have been engaged in speculation in Erie shares, to restrain them from buying or selling certain shares of the common stock, said to have been fraudulently issued by the directors. The complaint is supposed to have been made in the interest of English capitalists, holders of Erie, who have become thoroughly alarmed by the manner in which the value of their property has been diminished. The complaint sets forth, in substance, that by law the directors are commanded to issue no more than $16,500,000 of common stock; but that, in violation of this command, they have issued, first 58,000 shares of common stock, and subsequently shares to the amount of $36,000,000; that the amount of common stock has been fraudulently increased to more than $60,000,000; that the directors have cleared more than $40,000,000 by these operations; that they now hold some $16,000,000; that last year, finding that Daniel Drew, treasurer of the company, had in vast speculations lost a large amount of the company’s money, they induced him to resign, and that he was permitted to settle all claims by payment of $1,000,000; that, desiring to secure the resignation of the president, Mr. Eldridge, they bought, at his request, $5,000,000 of the bonds of the Boston, Hartford, and Erie Railway (owned by Eldridge’s friends), paying in two instalments $4,000,000, toward the purchase; that they have secreted the $16,000,000 held by them; that they have used this sum to “lock up” money, and thereby create a stringency of the money market; that they have made large purchases of real estate and other property, among the transactions of this nature, specified being the purchase of Pike’s Opera House for the sum of $850,000, property in New Jersey for $300,000, another piece of property in that state also for $1,500,000, nine houses in Twenty-third-street, steam boats on Lake Erie $300,000, real estate in Buffalo $300,000, and other large purchases, taking the titles to the property, or some of it, in the names of Fisk and Gould; that they have made contracts for leases of other railroads, these three directors being interested in purchases, and receiving bonuses in stock and money to the amount of $1,500,000 for their individual use; and finally, that they have altered and falsified the books of the company, in order to cover up their transactions. These allegations are sustained, or supposed to be sustained, by affidavits of Daniel Drew and others. The statement of Mr. Drew is remarkable for its frankness. He admits that while treasurer of the company he used the stock in his hands to increase or depress the price of Erie and otherwise affect the money market; that for permitting two of the directors (Fisk and Gould) to take from the company’s office 50,000 shares, and for agreeing to sell to Fisk, at a figure below the market price, $5,000,000 of the company’s bonds, he received a cheque from Fisk for $375,000. Drew proceeds to give the history of the “Erie war” of last summer. He alleges that Eldridge, former president of the company, received $1,000,000 in cash for resigning. He says that the earnings of the Erie Company are from $14,000,000 to $15,000,000 a year. He confesses that he used the company’s money to “lock up”* the money market, and so produce tightness and panic. Upon hearing the complaint and affidavits, Judge Sutherland, of the Supreme Court, made an order forbidding the directors to issue any more stock, or to remove or conceal any of the books, papers, or funds of the company, and commanding them to pay into some solvent bank the money in their hands, retaining only a sufficient amount to meet the legitimate debts and expenses of the company.
Two sides to every question may be naturally looked for. In the Supreme Courts on Wednesday morning Mr. C. M’Intosh, who says that he owned 200 shares of stock, appeared as plaintiff in a suit in which all the parties to the suit of “Belmont von the Erie Railway Company,” are named as defendants. He asked that investigation be made to show whether or not the issue of Erie common stock is limited by law; further, that all parties be forbidden to commence the prosecution of actions founded on alleged fraudulent issues of stock; and finally, that a receiver be appointed to take, hold, and disburse the earnings of the company. An affidavit of James Fisk accompanies this prayer; it recites confessions by Mr. Drew, who is by this instrument placed in even a more contemptible position than by his admissions. Judge Barnard issued the order of injunction, stopping all suits on either side; the same order appointed Jay Gould, president of the company, receiver.
*“Lock up.” This is a new and remarkably successful invention of the Wall-street swindlers. A few speculators combine and borrow all the paper currency that can be obtained from the banks; depositing gold and stocks as “collateral” security. When merchants, dealers in produce, &c., go into the street to buy currency, they find themselves compelled to pay exorbitant prices (sometimes 2 and 3 per cent. a day); the conspirators, of course, make great profits not only on loans of greenbacks, but by operations in stocks. This is a trick that can be repeated indefinitely, and there seems to be no means to prevent it.|
Register.
Schließen
Seitenzahl.
1) Bank of
England. (resp. France) und Moneymarket.
- 1866.
- Returns of B.o.E. May. (p. 1, 2) July (p. 3) August. (p. 7, 8) 29 August – 17 Oct. (p. 9–10) 7 Nov. – 26 Dec. (p. 17) Bank o. Fr. von Week ending 15 Sept. – 29 Dec. ’66.
- 1867:
- Returns of B.o.E. (B.o.F. und Clearing House)
- Von 2 Jan. 1867 – 1 May ’67 (Clearing House) (B.o.F.) p. 19. 20. Notices p. 21, 22. May 1 – 26 June (p. 43–44) Notices (p. 45) Week ending 3 July – 25 Sept. (46, 47) Notices (p. 48–50) Oct. 2 – Dec. 25 (p. 69, 70) Notices (p. 71, 72)
- Bullion Movement 9 Jan. – 24 April 67 (Vgl. 1852) p. 33. Gold Movement ’65, ’66 und ’67 First quarter (p. 34)
- London Bullion Market during Month of December 1867 (p. 76, 77.)
- 10% Discount Producers. (73) Money Market. Nov. ’67 (p. 74) The Panic and its Extent (74)
- B.o.E. Minimum Rate, Price of Wheat and Cotton. Prices of ’47, ’57 und 1866 (p. 11)
- Profits of B.o.E. since Bank Act of 1844 (12, 13)
- B.o.E. Rates of Discount for 22 years (13, 14, 15)
- Evils of 2 distinct departments (16)
- Currency Theories and Currency Facts (23)
- Rate of Discount in 1866 (27, 28) Reduction to 3% Rate. Former Rates. (p. 28)
- Diminution of Profits of B.o.E. (63, 64)
- Effects of a 10% and 2% Rate (64, 65)
- Reduction of B.o.E.’s discount business (68)
- Unprecedented Accumulation of Gold (p. 37) (June 67)
- London et Westminster Bank (since 1862) (p. 4) Die 4 Great London Joint Stock Banks (36) (59)
- Clearing House (p. 42)|
2) Stock und Share Market.
Investments etc.
- Debt. (35) Contango, Backwardation (46)
- Stockmarket. May. 1867 (p. 34) Rise of Funds (June, ’67) (p. 35) Rebound June ’67 (37) Colonial Loans (41)
- Extraordinary Position of Money Mararket Market , Comparisons (adxxx) (p. 54–57) Money Employment Ende August 67 (58–59)
- Foreign Trade Table on Reduction of Private Securities von June 6 ’66 bis Oct. 24. [(16)]
3) Cos.
- Successful Jt. Stock Banks. (28, 29)
- Aberaman Iron Works Co. (lim.) (24, 25)
- Limited Liability Cos. Zahl und Kapital (25, 26)
- City Building Co. (41)
- Accidental and Marine Insurance Co. (73, 74)
- Dealings in Bank Shares (32)
- Parliamentary Inquiry into Limited Liability Act (37)
4) Trade.
- Board of Trade Returns: 1866: bis Oct. 31, ’66 (p. 24) Full Returns of ’64, ’65 und ’66 (29, 30)
- Foreign Trade of U. Kingd. (1854-’66 incl.) (p. 46) 1867: für March und April ’67 (p. 53) June (57, 58) etc (62, 67, 68, 75)
- The „Times“. On Trade and Commerce and Prosperous State of the Country ’67. (p. 68)
- Cotton Price. 1866 und 1867 (p. 76)
- Indian Exchanges. Past and Present (30, 31, 64)
- Petroleum (27)
- British Export of Cotton Goods to East India (53, 54, 59–61)
- Scotch Iron Trade (1867) (p. 77, 78)
- Australian Gold. ’67, ’66, ’65. (p. 78)
- Gold in New Zealand, ending July ’66. (p. 15)
- British Mining Cash Book System etc (37, 38)
- State of Minnesota (27)
5) Railways.
- Their Discredit. March ’67. (p. 31) Solicitor Bills (31, 32) Stock Market, March ’67 (32) Collapse (32, 33, 34)
- Caledonian Railway 17 years ago (34. 35.)
- Committees of Investigation (35)
- Pre-Preference Shares (35, 36, 37, 51, 52, 54, 57)
- War between Railway Shareholders und Railway Boards (37)
- Brighton Railway (38–41) Schuster’s Reply (41–42) (61–62)
- Railway Capital during last 15 years (46) Closing of Railway Accounts. July ’67 (51)
- London, Chatham und Dover and Peto. (52)
- Railways Cos Act 1867 (58)
- French Railway System (65, 66)
- Railway Speculation, Stockmarket. Philister Sept. ’67 (p. 66–67)
- Caledonian Railway Co (73)
- Railway Finance and its Mysteries (74)
- Railway Dividends (75) Speculation in Railway Shares (75)
- Great Eastern Railway Directors Internecine War (75)
- Railway Accounts (p. 75)
- Railway Wear and Tear (p. 76)
- Railway Reform (p. 76)
Inhalt:
- Money Market. 1866. Von 16 May an.
(Bank of England)
- State
14
16
May.
- B.o.E. Return. 23 May
(Wednesday)
- Bank o. England. 30 May 1866.
-
B.o.E.
18 July. 1866.
- Money Market and Bank Act.
-
B.o.E.
25. July. 1866.
- Progress of the London and Westminster Bank since 1862.
-
Bank o. E. 1 August 1866.
-
Privileges of the B. o. England, and its
Reserves.
- B.o.E. 8 Aug. 1866.
- Banks of England and France. (August und Sept. 1866)
- Banks of England and
France. 1866 (Sept. Oct.)
- Moneymarket.
- Bankminimum, Prices of Wheat and Cotton.
Prices of 1847, 1856 und 1866.
- Profits of B. o. England. for 22 years.
-
The B.o.E. Rates of Discount for
22 years.
- Gold and Silver Production in U. St. (1866)
- Evils of two distinct departments in the B.o.E. shown by her weekly Returns.
- Bank of
England (1866 November and December.)
- State
14
16
May.
- Bank of
England and Moneymarket. 1867.
-
The Money Market
Review, Januar bis Juni 1867
-
Currency Theories and Currency Facts. (Money Market Review 5 Jan.
1867)
-
Board of Trade Returns.
-
The Aberaman Iron Works
Co. (limit.) (Meeting of Shareholders. Jan. 5. ’67)
(Money Market Review)
- Money Investments. (Shares) (Panic) (Limited Liability
Cos)
(Money Market Review.
12 Jan. 1867)
- Petroleum. (Demand und
Entdeckung neuer nützlicher Anwendbarkeit einer
Waare.)
- The State of Minnesota.
- Rate of Discount in 1866.
-
Minimum Rates of B.o.E. Minimum Bankrate of 3% (8. Febr. 1867)
(Money Market Review)
-
Beispiele
of successful Joint Stock Cos. (Money Market
Review 2 March 1867)
-
Full Board of Trade Returns. 1864. 1865. 1866.
(Money Market Review 23 March
1867.)
- Indian Exchanges. (Past and Present) Money
Market Review 23 March 1867.
- Railway Discredit (30 March 1867. Money
Market Review)
- Railway Solicitor Bills. Why not have salaried solicitors?
(30 March 1867 Money Market
Review)
- Dealings in Bank shares. (30 March. ’67. Money
Market Review.)
- Stock Markets. (Week ending 30 March 1867.)
- Railway Collapse.
-
The Bullion Movement. (April 27, 1867 Money
Market Review)
-
Week ending 4 May 1867. Railway
Collapse.
-
The Stock Markets. 10 May 1867.
-
Movement of gold.
-
Caledonian Railway.
(17 Years ago) (Money Market Review
25 May 1867)
-
Debt. (Money Market
Review. 25 May 1867.)
-
Committees of Investigation. (Money Market Review June 1.
1867)
-
Investment of Money (Funds.
Increase in their Price) (Money
Market Review June 1. 1867)
-
Pre-Preference Railway Stock. The North British Bill before
Parliament. (Money Market Review June 1
’67)
-
London and
Westminster Bank. Its Progress. Proposed issue of new
shares. (Money Market Review June 1,
1867)
-
Unprecedented Accumulation of Gold. (June 8, ’67
Money Market Review)
-
The Rebound in the Stock Markets. (June 8, ’67,
Money Market Review)
-
Pre-Preference Stocks. North British Railway
(June 8, ’67 Money Market
Review) (H. o. Commons).
-
The War between Railway Shareholders and the Board
Rooms.
Midland Railway
(8 June
’66
’67
Money Market
Review)
- The Report of the Parliamentary Committee on
Limited Liability. (Watkin) (Société
en commandite
“
)
.
-
British Mining. The Cost-Book System etc
(Money Market Review 15 June
’67.)
- Brighton
Railway Co. Report of Committee of
Investigation. Money Market Review
22 June ’67.
- City Buildings Cos. (22 June ’67. Money
Market Review) (Colonial Loans)
- Schuster’s Reply. (Money Market
Review 29 June ’67.)
- Clearing House. 1839.
-
Currency Theories and Currency Facts. (Money Market Review 5 Jan.
1867)
-
Bank of England and Money Market. 1867.
(Fortsetzung)
-
The Money Market
Review, September 1867
-
Bank of England and Money Market. 1867.
(Fortsetzung)
-
The Money Market
Review, Juni bis Oktober 1867
- The closing of Railway Accounts. (Money
Market Review 6 July. 1867)
- Pre-Preference Stock. – Great Eastern in
Chancery.
- The London,
Chatham, Dover Railway
Account with Peto et
Co. (Money Market Review 6
July, 1867)
- British Exports of Cotton Goods to East Indian
Empire. (Money Market Review July, 13,
1867)
- Board of Trade Returns. Month ended April, and
4 months ended April.
- Amalgamation of Brighton and South Eastern Railway.
(Money Market Review July 20,
1867.)
- Pre-Preference Shares. H. o. Lords. 23 July. 1867. (H.o.C. Private Interests)
- Extraordinary Position of the Money Market.
(Money Market Review 3 Aug.
1867)
- Pre-Preference Shares. (Money
Market Review Aug. 3, 1867.)
- Board of Trade
Returns.
(Money Market Review Aug. 3,
1867)
-
(
„The Railway Cos. Act, 1867“ (schließt Scotland aus, England
und Irland ein) und Pre-Preferences.
(Money Market Review 10 Aug.
’67)
- Money employment.
(Money Market Review
24 August 1867)
- London Joint Stock Banks during last half year
(ending 30 June) 1867.
- Exports of British Cotton Goods to Indian
Empire. (Money Market Review 24 Aug.
1867)
- The Brighton
Railway: The Reports of the (new) Directors, Auditors,
and Accountants. Dividends Suspended. (Money
Market Review 31 Aug. 1867)
- The Board of Trade Returns. (Money
Market Review 31 Aug. 1867)
- Diminution in Profits of B.o.E. Forthcoming
Dividends. (Money Market Review 7 Sept.
1867)
- London Joint Banks last half year. (Money
Market Review 7 Sept. 1867)
Continuatio (S. 59)
- India Trade and Four Months Usance. (Money
Market Review 7 Sept. 1867)
- Effects of a 10% and 2% Bank Rate. B.o.E. dividend.
Last half year. 1867. (Money Market
Review 14 Sept. ’67)
- „A Sketch
of the History of French Railways etc. By Sam. Haughton. Lond.
1867.“
(Money Market Review 14 Sept.
’67)
- Stock Markets. Week ending Sept. 14, 1867. (Railway Speculations) (Gvt. Securities)
Der Philister.
- Board of Trade Returns and Money Market.
(Money Market Review 5 Oct.
1867.)
- The Money Market. Reduction in the B.o.E. Discount
Business. (Money Market Review 12 Oct.
1867.)
- The „Times“ on Trade and Commerce and Prosperous
Condition of Country (Money Market
Review 12 Oct. 1867)
- The closing of Railway Accounts. (Money
Market Review 6 July. 1867)
-
Bank of England and Money Market. 1867.
(Fortsetzung)
-
The Money Market
Review, 26. Oktober 1867
-
Bank of England and Money Market. 1867.
(Fortsetzung)
-
The Money Market
Review, 12. Oktober bis Dezember 1867
- 10% Rate of Discount. Manufacturers,
Producers, Trade. (Money Market Review
12 Oct. 1867)
- The Caledonian
Railway Co. (Money
Market Review. 12 Oct. 1867)
- 2 November. 1867.
The Accidental and Marine Insurance Co. (Revelations)
- Railway Finance and its mysteries. (Money
Market Review 16 Nov. ’67)
- B.o.E. Money Market Review
23 Nov. ’67
- The Panic and its Extent. 23 Nov. ’67
- Railway Dividends. Parliamentary Return down to 1865.
Now issued. Money Market Review.
30 Nov. 67.
- Speculation in Railway Shares.
Money Market Review 30 Nov.
’66
’67
.
- Great Eastern Railway.
Director against Director. Money Market
Review 30 Nov. ’66. (Internecine War)
- Board of Trade Returns. Dec. 7 ’67.
- Railway Accounts. (14 Dec. ’67 Money
Market Review)
- Cotton Price. (Money Market
Review 14 Dec. 1867.)
- Railway. Wear and Tear. (Money
Market Review 21. ’67)
- Railway Reform. – Uniformity of Railway
Accounts and Gvt Audit. (Money Market
Review 28 Dec. 1867.)
- 10% Rate of Discount. Manufacturers,
Producers, Trade. (Money Market Review
12 Oct. 1867)
- London Bullion Market, during December 1867. (Money
Market Review)
-
The Money Market
Review, 28. Dezember 1867