Gesamtausgabe (MEGA): BAND 14 November 1857 bis Februar 1858 9783110561289, 9783110517651

This volume includes Marx’s three previously unpublished "Crisis notebooks" with excerpts, newspaper clippings

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Gesamtausgabe (MEGA): BAND 14 November 1857 bis Februar 1858
 9783110561289, 9783110517651

Table of contents :
Inhalt
KARL MARX: EXZERPTE, ZEITUNGSAUSSCHNITTE UND NOTIZEN ZUR WELTWIRTSCHAFTSKRISE (KRISENHEFTE)
1857 France
Book of the Crisis of 1857
The Book of the Commercial Crisis
REGISTER UND VERZEICHNISSE
Firmenregister
Literaturregister
Verzeichnis der im Apparat ausgewerteten Quellen und der benutzten Literatur

Citation preview

å

KARL MARX FRIEDRICH ENGELS GESAMTAUSGABE (MEGA) VIERTE ABTEILUNG EXZERPTE · NOTIZEN · MARGINALIEN BAND 14

HERAUSGEGEBEN VON DER INTERNATIONALEN MARX-ENGELS-STIFTUNG AMSTERDAM

KARL MARX EXZERPTE, ZEITUNGSAUSSCHNITTE UND NOTIZEN ZUR WELTWIRTSCHAFTSKRISE (KRISENHEFTE) NOVEMBER 1857 BIS FEBRUAR 1858 T E X T / A P P A R AT

Bearbeitet von Kenji Mori, Rolf Hecker, Izumi Omura und Atsushi Tamaoka unter Mitwirkung von Fritz Fiehler und Timm Graßmann

DE GRUYTER AKADEMIE FORSCHUNG

2017

Internationale Marx-Engels-Stiftung Vorstand Anja Kruke, Marcel van der Linden, Herfried Münkler, Andrej Sorokin

Redaktionskommission Beatrix Bouvier, Fangguo Chai, Marcel van der Linden, Jürgen Herres, Gerald Hubmann, Götz Langkau, Izumi Omura, Teinosuke Otani, Claudia Reichel, Regina Roth, Ljudmila Vasina

Wissenschaftlicher Beirat Andreas Arndt, Birgit Aschmann, Shlomo Avineri, Harald Bluhm, Warren Breckman, James M. Brophy, Aleksandr Buzgalin, Gerd Callesen, Hans-Peter Harstick, Axel Honneth, Rahel Jaeggi, Jürgen Kocka, Hermann Lübbe, Bertell Ollman, Alessandro Pinzani, Michael Quante, Hans Schilar, Gareth Stedman Jones, Immanuel Wallerstein, Jianhua Wei Dieser Band wurde im Rahmen der gemeinsamen Forschungsförderung im Akademienprogramm mit Mitteln des Bundesministeriums für Bildung und Forschung, der Senatskanzlei des Regierenden Bürgermeisters von Berlin – Wissenschaft und Forschung, des Thüringer Ministeriums für Wirtschaft, Wissenschaft und Digitale Gesellschaft sowie des Ministeriums für Wirtschaft, Wissenschaft und Digitalisierung des Landes Sachsen-Anhalt erarbeitet.

ISBN 978-3-11-051765-1

Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress. Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.dnb.de abrufbar. © 2017 Walter de Gruyter GmbH, Berlin/Boston Satz: pagina GmbH, Tübingen Druck und Bindung: Hubert & Co. GmbH & Co. KG, Göttingen ∞ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com

Inhalt Text

Apparat

Verzeichnis der Abkürzungen, Siglen und Zeichen

505

Einführung

511

Entstehung der Krisenhefte

561

KARL MARX: EXZERPTE, ZEITUNGSAUSSCHNITTE UND NOTIZEN ZUR WELTWIRTSCHAFTSKRISE (KRISENHEFTE) 1857 France 1857 France Crisis Bank of France French Trade Bank of France French Corntrade (Agricultural Produce) Ex- and Imports French Trade Governmental Measures Italy Spain Boursequotations Strasburg 24 Dec. Traffic on the Rhine French Trade Railways Northern Europe etc.

3 4 12 13 16 31 41 45 46 56 57 59 61 65 67 70 72

V

Inhalt

French Bourse French State Revenue

72 75

Apparat zu 1857 France Entstehung und Überlieferung Korrekturenverzeichnis Erläuterungen

Book of the Crisis of 1857 Failures. (London hauptsächlich) Bank of England London Moneymarket I) General aspect of the Moneymarket II) Bullion market a) Bullion in the Bank of England b) Export and Import of Precious Metals c) Price of Silver d) Foreign Exchanges. (Wechselmarkt.) III) Security Market a) Public Funds b) Share market Bank Deposits. London. 22 January. 1858 (Bezieht sich auf S. 491/492) Bills with documents and without IV) Producemarket V) Industrial market IX. United States (Siehe S. 160) Banks and Crises Accounts relating to trade and navigation VI) Hamburg, Northern Kingdoms, Prussia, Austria. (Germany.) III. Producemarket (Fortsetzung von S. 238–242) Board of Trade Returns IX. United States The Failures. I) (Fortsetzung von S. 172–177) I) Failures II) Money market 1) Bank of England 2) London Loan market 3) Bullion market a) Efflux and Influx of Bullion b) Price of Silver c) Foreign Exchanges. Miscellaneous

VI

571 572 573 77 78 82 90 90 93 93 93 95 96 105 105 105 105 108 111 111 111 111 114 118 151 154 160 166 172 177 177 180 183 183 188 192

Inhalt

4) Security market a) Consols b) Railway-Jointstockbank–mining shares III) Produce Market a) Rawmaterials for textile fabrics 1) Cotton 2) Silk 3) Wool 4) Hemp and flax 2) Raw materials not für textile fabrics a) Metals b) Hides and leather c) Mincing lane commodities d) Mark-lane (Corn) IV) Industrial Market Labourmarket

194 194 200 210 210 210 217 219 223 224 224 228 230 242 251 275

Apparat zu Book of the Crisis of 1857 Entstehung und Überlieferung Korrekturenverzeichnis Erläuterungen

584 586 588

The Book of the Commercial Crisis

295

I) Money market 1) Bank of England 2) Bullion market a) Efflux and Influx of Bullion b) Price and Movement of Silver g) Foreign Exchanges 3) Loan market Continuatio (von S. 332). Public Funds 4) Failures 5) Security Market a) Public Funds b) Share market II) Produce market 1) Raw materials for textile fabrics a) Cotton b) Silk g) Wool d) Hemp and flax Loanmarket. Railways und Funds (Fortsetzung von S. 341) 2) Metals 3) Hides and leather 4) Mincing-lane 5) Cornmarket (Marklane)

296 296 306 306 308 309 312 318 321 328 328 332 341 341 341 348 350 351 351 356 359 359 399

VII

Inhalt

III) Industrial Market IV) Labourmarket United States (Fortsetzung von S. 484) China and India, Egypt etc (Fortsetzung von S. 481) V) Miscellaneous I) Comparative statements II) Railway Receipts Crisis of 1857 Financial condition of India. (Economist.) Englische Staatseinnahmen. 1857 Liverpool Shiptrade in 1857 China and India United States Crisis of 1857 (31 Dec.) Import and Consumption of Wool The recent crisis Bank Deposits The recent crisis Australia et Colonies Brazils Alexandria Apparat zu The Book of the Commercial Crisis Entstehung und Überlieferung Korrekturenverzeichnis Erläuterungen

412 447 457 460 465 465 468 471 474 475 476 477 481 484 488 491 492 497 497 500 501 618 619 620

REGISTER UND VERZEICHNISSE Namenregister

639

Firmenregister 1. Banken, Versicherungen, Wechselmakler 2. Eisenbahngesellschaften 3. Industrieunternehmen 4. Reedereien 5. Schiffe und ihre Routen 6. Landwirtschaft, Handel mit landwirtschaftlichen Produkten 7. Handelsunternehmen 8. Weitere Unternehmen

647 647 651 655 657 658

Literaturregister 1. Nicht-periodische Publikationen 2. Von Marx benutzte Periodika

665 665 665

VIII

658 659 663

Inhalt

Verzeichnis der im Apparat ausgewerteten Quellen und der benutzten Literatur 1. Archivalien 2. Gedruckte Quellen 3. Nachschlagewerke und Bibliographien 4. Forschungsliteratur

670 670 671 675 675

Verzeichnis der Abbildungen 1857 France. Seite [1] 1857 France. Seite [7] 1857 France. Seite [27] 1857 France. Seite [37] Book of the Crisis of 1857. [1. Umschlagseite] Book of the Crisis of 1857. Seite 1 Book of the Crisis of 1857. Seite 5[7] Book of the Crisis of 1857. Seite [28] Book of the Crisis of 1857. Seite [29] Book of the Crisis of 1857. Seite [34]/[35] Book of the Crisis of 1857. Seite [36] Book of the Crisis of 1857. Seite [39] Book of the Crisis of 1857. Seite [44] The Book of the Commercial Crisis. Seite [1] The Book of the Commercial Crisis. Seite [2] The Book of the Commercial Crisis. Seite [20] (Auszug) The Book of the Commercial Crisis. Seite [35] The Book of the Commercial Crisis. Seite [36] The Book of the Commercial Crisis. Seite [37] The Book of the Commercial Crisis. Seite [47] The Book of the Commercial Crisis. Seite [57] The Book of the Commercial Crisis. Seite [67] Engels’ Diagramm des Rohbaumwollpreises The Economist, 25. Dezember 1857. Seite 1439 The Book of the Commercial Crisis. Seite [35]

7 21 73 74 79 80 103 133 134 161 162 185 186 301 302 339 385 386 387 415 469 470 519 543 544

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KARL MARX EXZERPTE, ZEITUNGSAUSSCHNITTE UND NOTIZEN ZUR WELTWIRTSCHAFTSKRISE (KRISENHEFTE)

1857 France

[1. Umschlagseite]

1857 France.

Karl Marx · Krisenhefte

[1]

1857

October 29 – Dec. 17 etc –

Bourse

France. [Hier folgt Tabelle S. 5.2–17.]

Bourse. Dec. 18 buoyant on a report that the rate of discount would be reduced to 5 P. C. on 31st Dec. Sales for realisation caused a slight downward movement towards the close.

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Dec. 19 rise of 3/8 in Consols. Buoyancy of the market. Dec. 21 Monday. Market buoyant. Speculators for a fall to settle their accounts with heavy losses; principal agents of the advance of all the securities, influenced dtto by rise of 1/2 on English consols. Rise at the ˙˙ ˙ close checked by realisations for profits. Threes schwankten: 67f. 85, 55, 60, 70, 75c. Mobilier: 800, 785, 770, 775; 777. 55; 792. 50; 797. 50; 800; 805; 795; 785.

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[Hier folgen Tabellen S. 5.18–32, 6.1–16.] Paris Bourse, Dec. 1.—The settlement of the Rente account has been flat in consequence of the failure of MM, Ulberg and Cramer, at Hamburg, whose liabilities are rated at 12 millions of marcs banco. Other failures have also taken place in Germany and at Genoa. Meanwhile, the bills falling due yesterday in Paris were only honoured, and they amounted to nearly three millions of pounds sterling. The market continued heavy to the close, when then following Paris Bourse, Dec. 2.—The failures at Hamburg, Dantzig, and Stockholm continue to have an unfavourable effect upon the market, and check the favourable dispositions of speculators. A sudden rally took place towards the close of the market on a report that the railway companies had agreed with the Bank of France on the conditions on which they can obtain advances on deposits

3 Dec. The Bourse to-day was in the doleful dumps at the commencement of business, but there was a rally towards the close, and you will see by the last quotations that the final prices were higher.

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Threes B. o. F. Credit Mobilier Credit Foncier Northern Railway (old) (new) Western Railway Eastern Railway old ˙ ˙ new Mediterranean old new Orleans Railway ˙˙ Southern Russian Railway ˙˙

Threes Bank of France Credit Mobilier Northern Railway, old — — new 10 Western Railway Eastern Railway, old — — new Mediterranean Railway, old — new 15 Orleans Railway Southern Railway Russian

5

842 1/2 832 1/2 1315 540

852 1/2 835 1335 543 3/4

933 3/4 770 672 1/2 670 865 852 1/2 1377 1/2 557 1/2

950 775 675

831. 827. 1285 527. 492.

1355 545

857 1/2

680 680

945

855 835 1340 540

675

940 765

855 837 1/2 1350

677 1/2 857 832 1352 547

950 770 676

/2 /2 1 /2 1 /2 1

1

26 Dec. 67. 80 3150 810

836. 25 835 1287. 50 517. 50

837. 50 822. 50 1305. 532. 50

Dec. 10 Dec. 17 f. c. f. c. 66. 15 ex.div. 67. 15. 3125 3150. 0 712. 50 730. 0 895 932. 50 730 762. 50 650. 660. 0 650 660

Dec. 24 67. 55 3150 802. 50 570 943 3/4 775

862. 50 860 1295 526. 25.

Dec. 23 67. 60 3250 787. 50

50 50

25 50

Dec. 3 f. c. 67. 70 3025 727. 50 896. 25 730 655 652. 50

Bourse quotations. Nov. 26 f. c. 67. 40 3000 757. 50 880. 0 720. 640. 637. 50

Dec. 22 67. 60 3250 790

820 815 1270 530 495

791. 25 785. 0 1260 525

Dec. 21 67. 65 3250 785

Nov. 19 f.˙ ˙ c. 67. 05 2940 750 875 720 637. 50 632. 50

Nov. 12 f. c. 66 60 2950 0 757 50 860 0 712 50 620 0 615

Dec. 19 67. 15 3155 740

Thursday, Nov. 5 f c 66 80 2980 0 770 0 870 0 715 0 640 0 622 50 ... 806 25 802 50 1282 50 527 50 500 0

Friday. 18 Dec. 67. 10–15 3150 732. 50 570 940 772 1/2 660

Thursday, Oct. 29 f c 67 0 2985 0 792 50 875 0 717 50 657 50 675 0 662 50 832 50 817 50 1310 0 545 0 502 50

Bourse quotations.

1857 France

5

6

15

10

5

Threes Bank o. F. Credit Mobilier Credit Foncier Northern Railway old new Western Railway Eastern Railway old new Mediterranean Railway old new Orleans Railway Southern Railway Russian Railway

836. 25 835 1287. 50 517

895 730 650 650

66. 15 ex div 3125 712. 50

Thursday 10 Dec. 66. 70 3125 725 to 730

12 Dec.

1297 1/2

655

66. 50 3140 730 590 930

14 Dec.

830 817 1/2 1297 1/2

922 1/2 757 1/2

66. 40 3140 720

15 Dec.

840 821 1/4 1297 1/2

925 760 655 660

16 Dec. f. c. 66. 80 3150 735

837. 50 822. 50 1305. 532. 50

932. 50 762. 50 660

67. 15 3150 730

Thursday 17 Dec.

Karl Marx · Krisenhefte

1857 France. Seite [1]

1857 France

Paris. Bourse, Dec. 3, Two o’Clock. The market has been unsettled. Large sales were effected on the Cre´dit Mobilier, in consequence of reports of every kind being circulated about the situation of that company and of the Southern Railway Company. 5

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Mobilier declined for some time from 745f. to 717, 50c. Southern (Railway) to 515f. ˙˙ 3 Dec. Bourse. 3 Dec. The Paris correspondent of the Daily News, writing on Friday evening, says:—“The Bourse has again been very heavy. The alarming rumours concerning the Credit Mobilier continue. It is certain that this institution is compelled to sell part of the immense amount of securities it holds at enormous sacrifices. The shareholders who got 200f. interest for their money the first year, and 100f. the second, are in a state of consternation, being told that they are not likely to have any dividend. There is a rumour that the Credit Mobilier may be, perhaps, suppressed altogether. The Rente for account fell 20c. closing at 67f. 50c.; Mobilier fell 37f. 50c. the Lyons Railway fell 15f. and the other lines from 5f. to 10f.” Paris Bourse, Dec. 8.—The market has been very flat, with a limited amount of business doing. Speculators are gloomy on account of an important failure having taken place at Zurich. It was reported that several banking houses of Paris have suffered heavy losses by that failure. The market became rather more steady towards the close, when considerable purchases were made in Mobilier.

25

Paris Bourse, Dec. 9.—The market has been still very shaky, and quotations looking down, as new failures have been announced in Germany and Switzerland.

30

Bourse, Dec. 10, Two o’Clock. The market has been heavy both in Rente and shares, but there has been a brisk demand for railway debentures, as it was shown that the directors of the railway companies had yesterday signed their treaty with the Bank of France, and that it was to be submitted to-day to the signature of the Bank.

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Paris Bourse, Dec. 12.—The market has been buoyant; large purchases have been effected on railway debentures, and the improvement in those securities had a favourable influence on Rente and shares. It was generally believed that the Bank of England would on Monday next reduce its rate of discount to 8 per cent., and that the Bank of France would afterwards fix its rate uniformly at 6 per cent. Paris Bourse, Dec. 14.—The opening of the market was flat, but afterwards acquired some little animation, and rather large purchases were effected in Rente and in several railway lines, but chiefly in the Northern shares. Sales for realisation produced a little reaction towards the close.

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Karl Marx · Krisenhefte

Paris Bourse, Dec. 15.—The market has been very flat and inanimate, and prices about the same as yesterday. There was, however, afterwards a slight rally, as it was announced that the bills falling due to-day (Dec. 15), had been duly honoured. But it was stated that several firms of Nantes, Bordeaux, and Marseilles, were embarrassed. The market continued in the same state to the close,

5

Dec. 9. A Marseilles letter speaks of the Greek firm Ralli, in that city, as one of the

houses whose failure was announced.

13 Dec. Paris letters mention a number of failures at Marseilles. Paris Bourse, Dec. 16.—Securities have been in good demand, in consequence of a report that the Bank of France would to-morrow reduce the rate of discount to 6 per cent. The account of the railway shares passed off easily. The market continued buoyant to the close,

10

[2] France

Week ending Nov. 5. (Tuesday to Thursday.) Paris. Nov. 5. ˙˙ Report of the Minister of Finance in the Moniteur. Minister states in detail the deficits of the budgets since 1847 up to 1854, and makes the total 886,000,000f. (35,440,000l.) “With 1854 the budgets”, he says, “ceased to present a deficit; and that of 1855 left an excess of receipts of 394,000,000f. (15,760,000l.) to 1856,—that of 1856 one of 106,000,000f. (4,240,000l.) to 1857; while that of 1857 will leave one of 20,000,000f. at least (800,000l.); and that of 1858 will have one much larger. In the said 886,000,000f. of accumulated deficit, 292,000,000f. are set down to Louis Philippe’s Government, 359,000,000f. to the Republic, and only 235,000,000 to the present Government. But the Minister remarks that the said 235 Mill. fc. “are not a deficit properly so called”, inasmuch as they were occasioned partly by the Eastern war, and partly by the extensive public works that have been executed. As to the floating debt, it consists not only of the aforesaid 886,000,000f, but of 78,000,000f which the Treasury had to pay in 1852 to such of the holders of 5 per cent. stock as would not consent to accept the conversion of that stock into 41/2, on the terms offered by the Government. The total of the floating debt is consequently 964,000,000f (38,560,000l). But “though under present circumstances this situation is not of a nature to inspire very serious disquietudes,” arrangements have been made for reducing it “in a short time and without a shock” to about 750,000,000f (30,000,000l sterling), which sum, according to the Minister, “is not excessive, regard being had to the existing movement in business and in capital.” The next subject touched on by the Minister is the consolidated debt,

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1857 France

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and here he makes the important announcement that no loan is intended to be raised for a long time to come. “No new rente will be issued,” says he: “the grand livre will be closed; and everything causes it to be hoped that it will be so for a long time, and that nothing will occur to embarrass the classification of securities recently negociated.” Nor is this all:—the Minister actually proposes to begin paying off the debt by the re-establishment of the amortissement, and he says that next year 40,000,000f (1,600,000l), out of an expected excess of receipts of 48,000,000f, may be taken for the purpose. The remaining 8,000,000f, added to the increase of taxes, which he anticipates will be considerable, will, he thinks, be sufficient to meet unforeseen expenses. The Minister, after testifying that the “situation of the Treasury is excellent,” and that the crops are abundant,—and after noticing the extraordinary increase in the value of imports and exports which has taken place since 1847 (in 1847 they were 1,664,000,000f, and last year were 3,884,000,000f), also the increase in navigation, and in the imports of the precious metals,—together with the decline in the amount of liabilities in bankruptcies,—the Minister, after noticing all these matters, states that though, from the situation of foreign countries, the Bank of France has raised its discount, that measure is “essentially temporary,” and that as it has a metallic reserve of upwards of 50,000,000f more than it had last year, without having to meet the same requirements, it has no need to have recourse to the various “empirical measures” which may be proposed to it, and which are not only condemned by the reason and experience of all countries, but will be rejected with as much energy by the Bank of France as by the Government. The Minister next makes two important announcements,—one is, that the “difficult situation” in which the public funds have for some time been placed is about to cease, by the securities of the recent loans having become “classified,” by purchases of rente being about to be made for the dotation of the army, and by the fact that as regards railway bonds which have formed a competition with the rente, “the urgent wants of the companies tend to decline in proportion as the works advance,” and that besides he “has the hope that measures may be taken to regularise the issue of bonds by an understanding between the companies, the Bank of France, and the Government.” In one respect the Minister’s report has occasioned great disappointment:—it does not announce an extensive reduction in the army, as it had been hoped it would do; and it says that in addition to the extra 11,000,000f allowed to the Ministry of Marine this year for transforming sailing ships into screws and terminating the fortifications of ports, the like sum, and one of 8,000,000f to be added to it, will be taken next year. It also announces an increase in the salaries of functionaries, but says nothing of the much-needed measure of a sweeping diminution in the number of them. The re-establishment of the sinking fund, and the setting apart to it of the paltry sum of 1,600,000l, provided there be a surplus next year, does not excite unbounded admiration:—reductions of taxes

11

Karl Marx · Krisenhefte

would, it is thought, be a more legitimate consequence of a surplus than such an employment of it.

Week ending Nov. 5. Financielle Prosperitätslügen im Moniteur. 15 Jan. ’58

5

The Moniteur publishes the official return of the proceeds of the indirect taxes for 1857 as compared with the results of the years 1856 and 1855. The total amount of the receipts in 1857 amounted to 1,052,713,000fr., being an increase of 26,506,000fr. over 1856, and of 101,834,000fr. over 1855. In drawing the comparisons between the receipts of 1857 and of the preceding year, the items which show the greatest improvement are potable liquors, 11,593,000 francs; foreign sugar, 10,405,000fr.; tobacco, 9,835,000fr.; sundries 1,280,000fr.; salt, 1,860,000fr.; navigation dues, 633,000fr.; postage, 569,000fr.; ditto on transit of foreign letters, 432,000fr.; stamp duties, 199,000fr.; export duties, 141,000fr.; sale of gun-powder. 485,000fr. Those on which there has been a falling off are French colonial sugar, 3,998,000fr.; beetroot sugar, 3,933,000fr.; registration dues, 2,034,000fr.; import duty on corn, 1,437,000fr.; sundry customs dues, 138,000fr.; charge for conveying money, 57,000fr.

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[3] Crisis.

[Crisis]

20

Wednesday. Week ending Nov. 5. Paris 5 Nov.

Crisis (American)

The crisis in America naturally excites painful interest here. The relations between France and the United States are very considerable, and it is certain that the failures and embarrassments there, will create embarrassments and perhaps failures in this country. Bills drawn by French houses on the States have already been returned dishonoured to, it is said, a very large amount, and it is feared that many others will have the same fate. Orders from the States have, of course, diminished in importance, and it is not without hesitation that some of those received are being executed, whilst others are altogether declined. It is alleged that in order to obtain specie to send to the States, where it can be employed very advantageously, bullion dealers and bankers have put into circulation a larger amount of paper than bona fide operations warrant.

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Call upon Railway Companies. The Paris and Lyons Railway Company is now getting in the second call of 6l and 4l per share on its new shares—115,500 in number. The Austrian Railway Company is requiring the payment of 3l per share, the Saragossa of 2l, the Line of Italy 2l, the Lausanne and Friburg 2l, and the Franco-Suisse 2l. Added to the

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1857 France

calls previously made, and not yet paid up, these sums will form a rather heavy pull on the market.

[4] B. o. France

Bank of France 5

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From Week ending 5 November. Paris Nov. 5 ˙˙ Bank of France and Railway companies ˙ ˙ ˙ ˙ ˙˙

With regard to railway bonds, you are aware that the companies have for some time been very seriously embarrassed indeed with respect to the means of raising the large sums they require for executing the prolongations and embranchments that have been conceded to them; and it is believed that the arrangement which the Minister indicates will be come to between the companies, the Bank, and the Government, will be that the Bank will advance, with the guarantee of the Government, sums sufficiently large to supply the wants of the companies, receiving in return debentures which it will send into the market when circumstances may be more favourable than at present. I see that one of the newspapers alleges that the Government will probably authorise the Bank to employ in advances to the companies the sum of 59,000,000f, which, in virtue of a treaty entered into some time ago, it had to hold at its (the Government’s) disposal. It appears that the Bank has already entered into negociations with the railway companies for making the advances on their bonds. The companies are required to be as moderate in their demands as possible, and not to issue any more bonds on their own account.

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11 November (Wednesday Raising of the Bankrate. 8% f. bills of 30 days, 9% f. bills of 60 days, 10% for bills of 90 days, von 71/2 P. C. 26 Nov. Paris B. o. Fr. and Railways.

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You will remember that in the report addressed recently to the Emperor by the Minister of Finance on the financial situation of the country, it was intimated that measures might be taken by the Government, the Bank of France, and the railway companies, for aiding the latter in raising the funds they require to continue the extensive works they have undertaken. Within the last few days the Bank of France has begun to stir in the matter. It has proposed to advance the companies 250,000,000f (10,000,000l) in instalments on deposit of bonds, which it reserves to itself to issue at such periods and in such quantities as from the state of the market may appear opportune; but it has, it is said, imposed the conditions that it shall be paid the ordinary rate of discount for its advances, and that the companies shall pay their receipts into its hands. This last condition

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Karl Marx · Krisenhefte

seems rather exorbitant, but it is stated to have been made. Be this as it may, the various companies have, at the request of the Government, deputed delegates to settle the amount which each company shall receive in the advance to be made by the Bank, and also to examine the conditions on which the advance shall be accepted. These delegates have held one or two meetings under the presidency of M. Bartholony, one of the oldest and ablest of railway directors; and if we can believe what is reported, some do not care about receiving an advance from the Bank at all, whilst others think the terms proposed by the Bank extremely unfavourable. In a short time, however, an understanding of some kind will, no doubt, be come to; for on the one hand, the companies must be anxious to complete their works as quickly as possible, under pain of losing interest on the capital they have already sunk in them,—and on the other hand, the Government must be desirous to see the works continued, in order that large numbers of labourers and workmen may not be thrown out of employment during the winter.

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Paris Nov. 12. The anxiety in the commercial world during the past week has, as you will conceive, in presence of the disastrous news from the United States and from England, been extraordinarily great; it may almost be compared to that which prevailed just after the Revolution of 1848. “What,” everybody asked, “was to be done to diminish, as much as possible, the ill effects to France of the American and English disasters?” Hundreds of persons instantly stepped forth, each with a remedy which he pretended to be infallible, and loud and vehement were the discussions to which the various remedies gave rise;—and in the meantime bankers, and politicians, and speculators, and crotchet mongers, gathered a dozen at a time around the Minister, and even forced themselves into the presence of the Emperor, to press the adoption of this or that scheme. In the opinion of reasonable men, however, there was but one thing to be done for the moment,—and that was tomake the Bank of France raise its discount above 71/2 per cent., so as to prevent its metallic reserve from being drained entirely away. But anything so simple was not to the taste of the financial doctors; and the Government on its part feared that that rate of discount was already considerably higher than French commerce,—which in general is far from being constituted on so solid a basis as that of England,—could bear without the most serious inconvenience. Accordingly, some other plan was sought for, and from the hubbub of discussion there arose these two:—First, to decree the forced circulation of Bank of France notes,—next, to impose a duty more or less heavy—some suggested 3 or 5 per cent., others 20 or 25—on the export of specie and of the precious metals. Against the first scheme, it was urged not only that the Government had already (as mentioned in my last letter) repudiated it, by a solemn declaration in the semi-official newspapers, but that it would have the effect of plunging all France into such consternation, by making her believe that the crisis was infinitely more serious than it is, that it would create irreparable disasters. Against the second, it was urged that it was not only scandalously dishonest

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towards the foreign creditors of French merchants, but that it would create a perturbation in all the financial relations of France, of which the grave consequences would eventually fall on her, and that besides it would be of extremely difficult execution at the Custom-house. All these objections, however, made no impression on the mass of the public, and the two measures were insisted on. Even some men of note did not hesitate to give them their sanction. Among these was M. Delamarre, proprietor and conductor of the Patrie evening newspaper—a journal of large circulation and a semi-official organ of the Government. This gentleman, in an article in that newspaper, expressed the opinion that the two measures in question were desirable and even necessary, and that the adoption of them would enable the rate of discount to be reduced from 71/2 to 6 per cent. What M. Delamarre wrote created immense sensation, as apart from the prestige which the possession of the Patrie gives him, he is well versed in financial matters, having formerly been extensively engaged in banking business. At length the public excitement rose to such a height that the Emperor summoned a Council of Ministers at Compie`gne, and sought the advice of some of the leading Bank directors, and of some eminent financiers. Conflicting counsels were given His Majesty, but, after due consideration, the Emperor came to the conclusion which the more sagacious and prudent of his advisers recommended—namely, that the forced circulation of Bank of France notes, and the imposition of a tax on the export of precious metals, should be scouted, and that the Bank of France should, in imitation of the Bank of England, simply increase its discount. The morning following the adoption of this important resolution, all the newspapers contained an announcement from the Bank of France, that the rate of discount was raised to 8 per cent. for bills of thirty days, to 9 per cent. for bills of sixty days, and to 10 per cent. for those of ninety days. Moreover, the Moniteur contained a letter from the Emperor himself to the Minister of Finance Such, then, is la situation at this moment:—the rate of discount on three months’ bills placed on a level with that of the Bank of England,—“empirical measures” disavowed. That this situation, under existing circumstances, has been created by the Government and the Bank of France, will, I think, afford satisfaction to all sound thinking and prudential men in England. It is certainly in accordance with the teachings of experience, which should never be disregarded. But it gives anything but universal satisfaction in this city:—in fact, I little doubt that if polled, the vast majority both of speculators and of regular traders would vote against it. The former would do so, because they honestly believe either that the adoption of paper money is desirable in itself, or that the adoption of it for a time would give—what they want to see above all things—new elasticity to the speculating mania. The regular commercial classes would do so, because 10 per cent. discount is to them both unexampled and stupendous. Ten per cent., they say, is only the average profit of business in France,—and it is impossible to carry on business, even for a time, without profit. Ten per cent. means, they assert, that only very few of the bills which

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they present for discount will be accepted; for, of course, when money is so dear, the grant of it to each applicant is limited as much as possible. Ten per cent. at the Bank of France means, they add, considerably more in reality at all private bankers, and it is with private bankers, after all, that the far greater part of them deal. In short, in the words of M. Delamarre, in the article of the Patrie above referred to, “Commerce, already embarrassed by the rate of 71/2 per cent., cannot support the new augmentation of interest without serious embarrassments and inevitable disasters.” Now that there is great truth in all that the trading classes say is unquestionable:—10 per cent. is an exorbitant rate of discount in France, and we may, therefore, expect that it will cause many failures, will to a certain extent altogether paralyse trade, will have the effect of throwing a number of workmen out of employment, and will create embarrassments which will weigh on the future. But could these evils be avoided without falling into others that would have been infinitely more disastrous? That is the question, which commercial men should ask themselves. One measure is earnestly pressed on the directors of the Bank which is perhaps worthy of their serious attention: it is, that the privilege which they now possess of issuing notes of 50f (2l) should forthwith be acted on. Unquestionably an issue of such notes would be willingly accepted by the public as a substitute for coin, and would thereby relieve immensely the pressure on the Bank for specie.

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[5] French Trade

French trade v. Nov. 4— Week ending Nov. 5 (Thursday.) The retail trade of Paris has declined during the past week in most branches. The sale of goods has not yet become as active in the fancy shops as is usual at this season of the year. The slight advance which has taken place for the last eight days in corn has been succeeded by a general decline. The offers are not solely the natural result of the abundance of the last harvest and the accumulation of stocks. Many holders of grain and flour have decided on disposing of their stocks for the simple reason that they are pressed for money. Wheat was offered on Wednesday last at a decline of from 1f to 1f 50c the hectolitre and a half for seed. The extreme prices varied from 28f to 31f. The sale of wines has been considerable at Bercy for the last 15 days. Prices were very firm, though for a long time past so great a supply has not been seen in the stores. Wines of the new crop are constantly brought up by the Orleans and Lyons Railroads. Those of 1856 begin to be scarce. Most of this year are of excellent quality; though some which are the produce of grapes gathered too early, and before they were completely ripe, are very inferior. The price of meat for the first fortnight of November is fixed as follows:—Ox beef, first class, 1f 84c the kilogramme; 2nd,

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1f 44c; 3rd, 1f 4c; 4th, 73c (all 3c lower). Cow and bull beef, 1st class, 1f 45c; 2nd, 1f 2c; 3rd, 62c; 4th, 41c (all 4c higher). Veal, 1st class, 2f 4c; 2nd, 1f 84c; 3rd, 1f 43c (all 6c lower). Mutton, 1st class, 1f 79c; 2nd, 1f 33c; 3rd, 1f 9c (all 13c lower). The price of bread for the first fortnight of November is fixed at 33c the 2 lb loaf first quality, being a decline of 2c.

Week ending Nov. 13. Manufacturing towns.

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Advices from the manufacturing towns in France announce a complete stagnation in business. Purchasers have been at Rouen, Roubaix, Lille, Lyons, and St Etienne, but their offers were so disadvantageous that little or no business could be done. Lyons and St Etienne have still orders to complete for Paris and South America, and it is hoped that the consequences to these two great manufacturing places of the American crisis will be less than was at first supposed. In Paris sales are slack, and the manufacturers have, on account of the difficulties experienced in the money market, and in the discount of their paper, adjourned their preparations for the winter season. The fall continues on various other articles, particularly oils, sugars, and unwrought cottons.

Week ending Nov. 20. Paris, 19 November. 20

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Paris, Thursday. The crisis thus far has had less influence on French commerce than was expected. Failures it has occasioned to be sure; but they are, with one or two exceptions, of little consequence. It has, it is true, compelled several firms of more or less importance to solicit time to meet their engagements, but it is not doubted that with time, which has been readily granted, they will be all right. In fact the French, yielding to their usual tendency of taking the extreme view of everything, are beginning to proclaim that as things have not turned out desperately bad, they are splendidly good, and that consequently France will pass through the crisis which has caused such disasters in the United States, in England and Scotland, and in Germany, if not entirely unscathed, at least with only a few slight scratches. This, however, is an assumption which is already erroneous, and to which it is to be feared the next two or three weeks will give a decided contradiction. Already, indeed, has a marked slackening taken place in all commercial transactions; already have orders to manufactories been retracted or diminished, and purchases of raw material limited as much as possible or altogether abstained from; already have stocks of all kinds on hand undergone a heavy depreciation; and already have several houses (partricularly, it appears, in the ribbon trade) been obliged to sell at a loss in order to raise funds to keep their engagements. Already, too, has the system of mutual forbearance and accommodation between traders been proclaimed absolutely essential, and been acted on to a considerable extent; and already it is easy to see that even a short prolongation of this strained and violent state of things cannot fail to produce the most serious consequences.

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Although, as you are aware, a considerable number of bills drawn in this country on the United States have been returned dishonoured, the number on the whole is not so great as was at one time feared. One cause of this is, it appears, that a large portion of the trade between France and the United States is not carried on directly between them, but through merchants in London; and French merchant have thereby divided many of the losses which English merchants trading with the United States have had to sustain. (Econom.)

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[6] French Trade

French trade v. Nov. 4— 19 Nov. (Paris.)

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The increase in the rate of discount by the Bank of France has been productive of considerable inconvenience among commercial people, and several commission houses have ceased to transact business under the pressure of the crisis. This again has caused a good deal of embarrassment in the manufacturing districts. A letter from Lyons says that, although a few large orders were received there last week, trade is dull, and, what is worse, no improvement worth speaking of is expected there for some time to come. Thrown silk from Piedmont is quoted at Lyons as follows:—Nos. 22 and 23 from 98f to 102f the kilogramme; Italian raw silk from 85f to 90f; Chinese ditto from 48f to 63f.

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Commercial letters from Paris state that last week retail business was more satisfactory, particularly in the ready-made and nouveaute´s shops. The first symptoms of cold produced a great effect in stimulating winter purchases. Nevertheless, the sales are generally less considerable than they usually are at this time of the year. The factories are in a complete state of stagnation. Manufacturers do not seek for orders, because they could only execute them on disadvantageous terms, and with the prospect of payment at a long date. The great object with all commercial people seems to be to limit business for the present, and to husband their resources for a more favourable period. The Paris manufacturers have suspended their preparations for New York’s-day. They are not disposed to give any credit. This state of things was inevitable with discount at 10 per cent. No fears are, however, entertained about the bills becoming due next month. The 31st of December is a less important day than the 31st of October and the 30th of November, because it is very usual in those two months to settle transactions by bills for the end of January. Advices from the provinces show that the crisis is very generally felt. Limited production is the order of the day everywhere; buyers are few, although what few bargains are made any where are all to the advantage of the buyer; but prices are by no means uniform. It frequently happens that the very same goods are sold at a reduction of from 15 to 20 per cent.

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by a particular house, while another will submit to no reduction whatever. Letters from Rouen, Mulhouse, Roubaix, and Lyons, state that the quantity of goods manufactured is far from being sufficient to supply the average wants of consumption, and it is therefore to be expected that whenever the revival of business may come, there will be a very great demand. The upward movement in grain and flour which occurred when the decree permitting the exportation and distillation of cereals was issued, is checked, and prices have been very weak latterly, both at the Paris Halles and in the principal country markets.

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25 November Paris. ˙ ˙ crisis here is far from becoming less menacing, but the contrary, The financial and a danger has sprung up that was certainly not adverted to, and the cause whereof is to be found in the Emperor’s letter to M. Magne. You will have remarked that the principal theme of that letter was the assertion that there was no substantial ground for any alarm; that the condition of the finances of the empire was excellent; and that it was senseless to conceive any serious apprehension in such a situation. This is the usual way of proceeding of Louis Napoleon and of his government; they establish the exact contrary of what is the real truth, and boldly at once affirm that which they desire should pass for the truth. Now, this time the Emperor’s letter has had, upon the high commerce of France, somewhat about the same effect that the famous articles of the Moniteur had upon the army in 1855, when they stated that, instead of 100,000 men, France had only lost in the Crimea about 14,000. The high ranks of commerce and trade in France are incensed at seeing the gravity of a crisis denied, which is, in fact, putting them within an inch of utter ruin, and which they have constantly foreseen and predicted ever since the year 1852. But, besides this, the harm done by the imperial letter has been of another sort; it has raised up the spirit of the employed against their employers. The working classes now turn upon their masters and say, “You see clearly that you are deceiving us. Here, in his own handwriting, the Emperor says that little or nothing is the matter; and it is evident that all your talk of a ‘crisis’ is merely meant to afford you the means of taking advantage of us!” This feeling of ill will grows every day, and the high employers are more than ever annoyed at what they regard as Louis Napoleon’s readiness to sacrifice them, and to flatter, at all costs, the masses of the populace. M. G.

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[7] French Trade.

French trade. 26 Nov. Paris. “French commerce, on the whole, has borne up infinitely better than was to have been expected under the crisis to which the high rate of discount, the general falling off in commercial activity, the return of bills dishonoured from the U. St., and, to a certain extent, the numerous failures in England have subjected it. The failures that have taken place have not been considerable in number or important in amount; and there has not been the slightest disposition to have a panic, though circumstances certainly appeared to justify one, and though the French have heretofore been extremely ready to rush into panics on the smallest pretexts. The manner in which they have acted certainly does them credit. They have, nevertheless, suffered extreme inconvenience, and will have to suffer more yet. The high rate they have had to pay for money during the last fortnight, the impossibility of obtaining all the discount accommodation they required, the necessity of accepting renewals of bills on the United States, and the losses they have sustained by failures there, the time to meet engagements they have been obliged to grant amongst themselves, and the depreciation in the value of stocks of goods on hand—all this has told, and will tell. But now that the worst seems to be over, it will, no doubt, be borne cheerfully. At Lyons, unfortunately, the state of things is extremely grave; many manufacturers have had to diminish or suspend altogether their operations, and the consequence is that several thousand men have been thrown out of work, and are suffering such great distress that the clergy have had to organise public subscriptions for their relief. The accounts from Lille, Rouen, and other large manufacturing towns testify to the existence of great scarcity; but the reduction of discount by the Bank will, no doubt, afford relief.

26 Nov. Paris. Receipt der Railways. ˙ ˙ continue, for the most part, to present a decline on The receipts of the railways

Week ending those of the corresponding period of last year. It may be remembered that, 19 Nov. ˙ ˙ months ago, I pointed out that this was an inevitable consequence of the open-

ing of prolongations and embranchments to places, of which the traffic is not, and cannot possibly be made, so great as that of the main lines. The decline of the last week of the present month of which returns have been given, compared with the corresponding week of last year, was as follows: Upwards of 141/4 per cent. on the Orleans Railway, 51/2 per cent. on the Western, 111/4 on the Eastern, upwards of 7 on the Lyons, upwards of 131/2 on the Mediterranean, and upwards of 161/2 on the Southern. The Northern line alone presented an increase, and it was only 33/4.

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Trade and manufactures in France do not appear to be particularly affected by the crisis which has produced such ruinous results elsewhere. The manufacturers generally have limited their operations, and are extremely cautious in their dealings, and this lucky timidity will prove the cause of comparative safety. They have not their warehouses overstocked with goods not yet paid for; they have no formidable engagements to meet, and they may, without the fear of ruin, wait for better times.

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Accounts from Lyons state that the price of raw silk has fallen in that market from 1f to 5f the kilogramme, according to quality. The silk markets in the Drome and the Ardeche are described as unusually heavy. Half the spinning mills are closed. Raw silk of the best quality was offered at 75f the kilogramme. The stock of cocoons at Marseilles arrived from Italy and the Levant is estimated at 300,000 kilogrammes.

28 Nov. Paris. 3 Dec. Paris. The receipts of the railways do not improve. For the week ending the 28th (the Week last made up) the receipts of the Orleans line presented a diminution of 221/2 per ending cent. compared with those of the corresponding week of last year; of the West- 28 Nov. ern Railway, of 41/2; the Eastern, 41/2; the Mediterranean, 141/4; and the Southern, 173/4:—the Northern, on the contrary, showed an increase of rather more than 1/2.

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M. de Morny something more specious to say with reference to the steadiness with which the credit establishments of France, and its commercial houses generally, have met the present crisis. As I have recently explained, however, this arises chiefly from the small development of commercial enterprise, and the narrow and suspicious character of the French. In no country is there so low an estimate of human nature held as in this. No man having the slightest claim to the title of practical refrains from sneering at his kind as at a vast scoundrel. Our law believes innocent every man not proved to be guilty; and our commerce is almost as lenient. Here every man is supposed guilty until proved to be innocent; and commerce will trust no one who has not received the prix Monthyon for honesty—if then. This is the deep-seated reason why trade on a vast scale never has and never can exist in France. There is, too, an element in the character of the French and most Latin nations, which, by great talk of generosity and enthusiasm, they have managed to conceal from the sight of all but very attentive observers. They are essentially mean in money matters. I remember that many persons shrugged up their shoulders at the “small amount” of our subscriptions for the victims of the inundations; and thought that England had not shown herself very generous. We often find that very paltry people have very grand ideas of the duties of others. But where is the national subscription in

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France for the sufferers in India? If we compare dates we should find that the first loud acknowledgment by the Paris press that they beheld with “satisfaction” the massacre of our women and children in India followed the announcement made in England that a subscription would be required. May we not suppose that French hearts were closed as an excuse for keeping French pockets in the same condition? When there is a subscription here, the amounts given are ludicrously small, and the “poverty of the country” is alleged. Yet we are assured by M. de Morny that its resources are “prodigious”. When an Englishman subscribes, he is sometimes forced seriously to curtail his expenditure to satisfy a feeling that may in part be vanity. A Frenchman shakes a few old sous out of his pocket, and talks for an hour about the pleasure of doing good to his fellow creatures. In such a country, therefore, we must not be surprised to find credit but slightly developed, or existing in company with such precautions as to render it almost nugatory. The immunity of France from disaster at the present crisis, shows that it is as isolated in material interests as it is in sympathies from the rest of the world. It feeds on its own wine and corn just as it feeds on its own admiration, and fattens, and is happy, after its own fashion, in a corner—with the profound conviction that the eyes of all the world are upon it. (D. T.)

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French trade.

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Paris. 29 Nov. Commercial letters from Paris say that the money market has decidedly improved this week, and there is reason to hope that the reduction of 1 per cent. in the rate of interest made by the Bank of France will, before long, produce a favourable effect upon trade. Our commercial classes have made head against the difficulties of the crisis with admirable perseverance, supporting enormous losses with firmness, and meeting all their engagements. The measure adopted by the Bank of Thursday last has been received as an instalment towards a return to a normal situation, for 7, 8, and 9 per cent. is still a rate of interest so high that the slight reduction made from the extreme point of the crisis will afford but little relief. During the last fortnight but few bills with more than fifteen or twenty-five days to run were brought to the bank for discount. It was only at the last extremity that any house would ask the Bank to discount a three months’ bill, because it was feared that the fact of their being ready to pay 10 per cent. would injure their credit with the Bank. The consequence has been a general disposition to do as little business as possible. The Paris manufacturers, following the example of those of the departments, have decided either to turn off a certain number of their hands or to reduce wages. Many factories are now working short time. The retail shops either do not buy, or pay ready money for articles they want, on the condition of being allowed a very large discount. The

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retail sales in the nouveaute´s houses, which were very dull in October, have been still worse this month. People do not, however, despair of an improvement in December, particularly if circumstances should permit the Bank of France to reduce its discount to 61/2 and 6 per cent. In Faubourg St. Antoine, where business was very active in August and September, there is now nothing doing. We may say the same of the manufacturers of “Paris articles”, in which many orders that were given have been rescinded. Some of our manufacturers have been heavy losers by failures in England. The last packet from New York brought remittances to several houses. Some Lyons firms, which had capital at command at the time of the crisis, took measures from the first, which have resulted in large profits. They bought up their own goods at New York at a reduction of from 40 to 50 per cent., and are now only waiting a favourable opportunity to dispose of them, while their credit with American houses remains intact. There is nothing doing in cereals. Flour does not fall any lower, but wheat is offered in almost all the markets. This state of things is, however, rather owing to the scarcity of money than any superabundance of grain for sale. The wine trade is active at Bercy, without any change in prices. It is doubted, however, whether the present quotations will be long maintained. M. St.

Paris. 30 Nov. 30 Nov. The Paris correspondence of the Times contains the following review of ˙˙ commercial affairs:—“The reduction by the Bank of France of 1 per cent on its rate of discount, has produced a beneficial effect on the commerce of Paris. This measure is regarded as demonstrative of the commercial crisis having arrived at its decreasing stage. There is still, however, much prudence observed among the trading classes, for according to the close of the year approaches their engagements become more heavy. The month of December is always a difficult period among the merchants, even in the most prosperous times, and a reduction of 1 per cent in the rate of discount, which leaves it still at 7 per cent for short bills, is not sufficient to relieve the small tradesmen, who are compelled to seek such accommodation, in order to meet their engagements. As a further measure of relief for themselves, the manufacturers of Paris, as well as those in the departments, have reduced the number of their operatives. The shopkeepers on their part, have caused to give orders to the manufacturers; they confine themselves to the renewal of their stock in small quantities, for which they pay in coal, and require a heavy discount. The retail trade, which was not very animated among the fancy shops in Paris during the month of October has become more dull during the present month. The shopkeepers, however, live in hopes that the merry times of Christmas may bring them more customers. Many orders which were given to the manufacturers of the Faubourg Saint Antoine have been withdrawn since the accounts of commercial difficulties in the neighbouring countries reached Paris.

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[9] French Trade.

French trade. Paris. 4 December. Paris. 4 Dec. I regret to say that, notwithstanding all the efforts of the Government to alleviate it, great distress begins to prevail throughout the country among the labouring classes. Notwithstanding the bounteous harvest which has blessed the whole of Europe, the cessation of work, resulting from the crisis, has reduced the artisans in most of the large towns to a state of impending destitution. The Constitutionnel this morning makes an appeal to private charity, but in France fortunes are too small to enable individuals to come forward with sufficient liberality to be of much use, if they were inclined to do so, and they never are. The French are not a subscribing nation, and the bureaux de bienfaisance, praiseworthy establishments, but on too small a scale to be productive of much good, expend almost as much money in sending out circulars as they receive in consequence of these appeals. (Standard.) The reported disturbances at the Barrie`re d’Enfer turn out, as I led you to expect, a gross exaggeration. They did not even assume the proportions of a strike. (St.)

Paris 2 December.

Population. 500,000 600,000 524,186 622,636 885,538 1,000,000

Oxen Slaughtered. 70,000 77,000 70,000 72,268 71,654 71,718

So that, in the middle of the much-decried regency, the Paris population of 500,000 souls had, within 1,718 oxen, as much beef to eat as just double that number in 1846, in the prosperous monarchy of Louis Philippe; and the proportion has gone on, and is going on, diminishing every day, of what animal food a man has to live upon in France. Before the revolution of 1789–93, the statistical reports of the provincial authorities give 35 kilogrammes (70 lb) of meat a year, as the average consumption of each individual; in the present day the average has fallen to 20 kilogrammes (40 lb) a head! and even this is chiefly

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The Union has a very curious article upon the agglomeration of population in towns, and the diminution of the rural population in France. It proves that the decrease in the proportion of food per head is something frightful, and the deterioration of the race a necessary consequence. For instance, official statistics give the following figures upon the consumption of animal food in Paris, during a period of one hundred and twenty-four years, from 1722 to 1846. Paris. 1772 1779 1789 1812 1835 1846

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absorbed in the towns. The rural population are reduced principally to what are termed the “lean cattle”, and, above all, to pork and cow beef. No wonder agriculture is at such a low ebb, and that the human race so dwindles away. (Paris. Dec. 2.) M. X. 5

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3 December. In presence of the numerous and formidable bankruptcies that the commercial crisis has occasioned in London, Hamburg, Vienna, Berlin, Stockholm, and numerous other places, it is not without interest to put those that have been declared in Paris during the past fortnight:—Tuesday, 17th November, 5; Wednesday, 18th, 2; Thursday, 19th, 1; Friday, 20th, 6; Saturday, 21st, none; Monday, 23rd, 3; Tuesday, 24th, 3; Wednesday, 25th, 3; Thursday, 26th, none; Friday, 27th, 5; Saturday, 28th, none; Monday, 30th, 1; Tuesday, 1st December, 5. The number declared yesterday and to-day have not yet been published. The total for the fortnight from the 17th November to the 1st December, both inclusive, is then only 34. This number is not at all beyond the usual average, and it is actually three less than in the corresponding fortnight of last year. Of the 34 bankruptcies, not fewer than 24 are of dealers in second clothes, milk dealers, tailors, artificial flower makers, cabinet makers, reticule makers, watch makers, gilders, skin dealers, jeweliers, fringe makers, public-house keepers, lodging-house keepers, tool makers, vinegar makers, cap makers, wood dealers, fruiterers, carpenters, or dealers in ready-made linen—that is to say, only petty traders; 1 is of a company for making paste-board, of no great importance; the rest are of “merchants,” “exporters,” or “commission agents.” It is really surprising that Parisian trade bears up so well amidst the wreck and ruin that are occurring on all sides. Is its doing so to be considered a proof that it is far more solid than was generally thought?—or that its time has not yet come—that, in fact, it is enjoying the calm which proverbially precedes the storm? I will not take on myself to answer these questions; but I hear everybody complaining that traders en masse are suffering very severely from the prevailing crisis,—that many are tottering on the brink of failure,—and that many more have begun to “set their houses in order,” by restricting their ventures and largely reducing their personal expenditure. It must, besides, be remembered that the close of the year always presents certain difficulties. I have not before me a complete list of the bankruptcies at Havre, Lyons, and other large towns; but there is no reason to believe that they are either extraordinarily numerous or important. Nevertheless, the situation everywhere causes straits and creates anxiety.—This seems to be particularly the case at Havre. At Lyons the number of workmen out of employ is so great as to occasion much alarm, and the authorities have deemed it necessary to take military precautions.

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7 December Paris. The Journal des Actionnaires has the following remarks on the financial situation of France.— “For our part, we must again congratulate ourselves on seeing that our country, up to the present time, has been so slightly affected by the disasters in America, England, and Germany. It may be now predicted with certainty that France will go through this severe trial without any catastrophe. We have not a single failure to mention, and the 1st of December has passed off with remarkable facility as regards the payment of bills due at that period. The firmness of our situation is proved by the reduction in the rate of discount by the Bank of France. Far from that measure having affected the metallic reserve, the stock of specie has increased during the past week. It is positively stated that the Bank has not less than 216,000,000, and there is every reason to believe that the next return will present favourable results. The general reduction in the rate of discount is only a question of time, and, when it becomes possible, it will inevitably produce a considerable activity in business. In order to be convinced of this, it is only necessary to call to mind that, but for the financial thunderclap which suddenly burst in the United States, the year 1857 would have been one of the most prosperous that could have been hoped for. France, thanks to the abundant harvest which she has had, will have nothing to expend abroad; but, on the contrary, will from the surplus of exports have considerable sums to receive. The price of articles of food is every day declining. All these elements of prosperity only wait for the restoration of steadiness in other States to develope themselves, and produce their natural consequences. We should even at present look forward to a serious improvement, if the ordinary embarrassments at the end of the year were not superadded to the bad news from abroad. This state of things calls for great reserve on the part of speculators, and a degree of prudence which it is important not to depart from.”

Paris 10 Dec. Bevorstehnde Dividendens With some anxiety, calculations are made as to the probable falling off in the dividends of the various great companies this year. That in the Credit ˙ ˙ ˙ ˙ heavy; ˙˙ Mobilier will be, it is not doubted, very and that in the railway companies will be considerable, as is proved by the diminution which week after week exists in the receipts, compared with those of the corresponding period of last year. On the whole, it is supposed that the average depreciation may be set down at 25 p. c. (Econ.)

28

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[10] French Trade.

French trade.

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Paris. 10 December. “As on the 26th Nov. the B. o. F. thought fit to reduce its rate of discount 1 p. c., without waiting for a corresponding reduction in those of the B. o. E, so on Saturday last (5 December) it resolved that from Monday, ˙ ˙ 1 p. c. though the B. o. E. had the 7th, the rates should be further reduced taken no step in that direction, and though a crisis of even a more serious character than that which caused such disasters in the United States and in Great Britain had broken out in Germany, and had extended to Sweden, Norway, Poland, and even Russia. The rates of the Bank are consequently 6 per cent. for bills of 30 days, 7 per cent. for those of 60 days, and 8 per cent. for those of 90 days. It is not improbable that in a few days a further reduction may take place, even though the Bank of England continues to maintain its rates unchanged. The reason assigned for the diminution of the discount of the Bank of France, is that its metallic reserve has largely increased, and that money generally is abundant. The reason may be true, and in ordinary times is a very good one; but it is not the less certain that it is not the sole one on which the Bank acted. The pressure of the Government had more to do in promoting the resolution of the Bank than the flow of coin into its coffers; and that pressure was occasioned by the belief that unless commerce were relieved from the heavy rates of discount before the end of the year, the gravest disasters would ensue, and that those disasters would cause an [outbreak of polit]ical discontent which would embarrass, perhaps endanger, the Government. In point of fact, therefore, the reduction of discount may be said to have been effected from political as much as from commercial considerations. Nevertheless, it is an undoubted fact that the American, English, Hamburgian, Prussian, Austrian, Swedish, Norwegian, Polish, and Russian crises have not produced the effect that was to have been feared in this country. Whilst every post, and almost every telegraphic despatch has for a long time past brought tidings of failures considerable in number, stupendous in amount,—French commerce has borne itself right bravely. But can it continue to do so much longer? It is to be feared from what is taking place and what is said, that the question cannot be answered in the affirmative. In the first place, I observe that at Paris alone bankruptcies have begun to be rather numerous:—from the 1st up to the 8th of this month, both inclusive (the 8th is the last date for which a return has been published), there were not fewer than 31. It is true that none of the 31 are of any great importance; but the existence of so large a number in one single town is a most unpleasant symptom. From Lyons, Lille, Havre, Rouen, Marseilles, Nantes, and Bordeaux, we learn that serious embarrassments prevail, and that at more than one of these places failures have occurred. Then, it is to be remembered that a great part of the trade of Paris,

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Karl Marx · Krisenhefte

and of some other towns—Havre in particular—is in the hands of Germans; and it seems impossible that they can escape the contre-coup of the disasters in their own country, with which of course they maintained extensive relations. German capitalists in Germany are, too, large holders of all sorts of French securities, and the misfortunes that have befallen them will undoubtedly cause the greater part of these securities to be forwarded to Paris to be turned into money on any terms. Nor must it be forgotten that though the bills which fell due on the 30th ult. were well paid, it is not certain that those which become due on the 15th will be so, and still less certain is it how the e´che´ance of the end of the year will be met. It should be noted, too, that not only have commercial transactions been limited as much as possible for some time past, but that manufactories at Paris, Lyons, and other places, have had to begin working short time, whilst not a few have been under the painful necessity of discharging a great many of their hands. Another circumstance which is certainly not without signification in the present situation is, that the withdrawals from the Savings Bank have begun to exceed the deposits. From all these incidents, many persons of authority declare that, notwithstanding the recent proceedings of the Bank of France, and the manner in which commerce and even the Bourse have withstood the crisis, France, like England, America, and Germany, will yet be visited by that crisis, and will suffer proportionally as severely from it. It would hardly be worth while to state such a self-evident conclusion, were it not that great efforts are being made here to create the belief that France will pass through the European crisis entirely scatheless. It is not unimportant to see at this juncture what are the calls on shares of companies which have to be paid up. Excluding those of petty affairs, they stand thus:—Mercantile and Industrial Company of Madrid (Messrs Rothschild’s), 6l per share; Franco-Americaine Compagnie (Navigation), 2l per share; Victor Emmanuel Railway Company, 6l per share; Herserange Iron Works Company, 4l per share. The companies in which the payment of calls has to be completed are—the Mediterranean, 6l per share; the Austrian Railways, 3l; the Saragossa, 2l; the Franco-Swiss, 2; the Lausanne to Friburg, 2l; the Nassau, 2l; Socie´te´ Generale des Tanneries, 2l; Compagnie de la Carbonisation des Huilles, &c., 2l. At the beginning of the year, a payment of 4l per share on the shares of the Chimay to Marienburg Railway, of 2l 12s on the Lombardo-Venetian Railways, and of 4l in the Belgian and South American Steam Navigation Company will have to be paid. These calls in the aggregate form a large sum,—larger certainly than it is convenient to pay.

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Paris 10 Dec. Notwithstanding many favourable appearances, trade in Paris is far from being in a satisfactory state, while the number of workmen thrown out of work at Lyons and elsewhere shows that in the provinces matters are not much better. The progressive diminution of commercial bills offered for discount at the Bank of France would show that credit is becoming more difficult. The decline in commercial transactions in the departments would appear from the falling-on in

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1857 France

the receipts of the railway companies. But it is from the stagnation of the retail trade that we may judge of the unsatisfactory condition of trade in general; in shops where not long since the receipts were some thousand francs a day, as many hundreds are not now received.

Paris. 16 Dec.

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Trade of Paris—Although the financial situation of Paris is steadily improving, general business does not manifest any proportionate amelioration and even the approach of the jour de l’an fails in producing anything like its ordinary animation. Manufacturers are fabricating but little, and the stocks in hand are gradually diminishing. At Lyons however, some transactions in silk goods are taking place, and the accounts from Roubaix, Lille, and Tourcoing are a shade better than those of the preceding week. Letters from Rouen declare that complete stagnation prevails among the manufacturers of that place. The opinion seems to prevail that the great reserve exhibited at present by the French manufacturers is the effect of exaggerated apprehension, and that as soon as the money market becomes decidedly buoyant, business will revive with redoubled activity.—Galignani.

[11] B. o. France

B. o. France. 20

V. week ending 14 Nov. Monthly account of the B. o. Fr. made up to Nov. 12. 1857 ˙˙˙ 10 Dec.

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Debtor. Capital of the Bank Ditto, New Reserve of the Bank Ditto, New Reserve of the Bank in landed property Bank notes in circulation Ditto of the branch banks Bank notes to order Receipts payable at sight Treasury account current creditor Sundry accounts current Ditto with the branch banks Dividends payable Discounts and sundry interests Commission on deposits Rediscounted during the last six months

November. f c 91,250,000 0 91,250,000 0 12,980,750 14 9,125,000 0 4,000,000 0

October. f 91,250,000 91,250,000 12,980,750 9,125,000 4,000,000

c 0 0 14 0 0

December. f 91,250,000 91,250,000 12,980,750

c 0 0 11

4,000,000

0

531,678,000 49,581,800 6,911,147 3,247,286 72,376,955

0 0 92 0 94

554,959,000 50,391,000 6,822,230 4,453,686 87,444,110

0 0 13 0 80

488,343,900 43,960,000 5,042,337 2,436,541 73,741,686

0 0 15 0 82

199,168,322 25,445,346 421,987 2,804,725 15,985,862 2,268,387

64 0 25 66 7 81

137,818,690 24,321,877 527,022 1,455,331 12,041,551 2,268,387

33 0 25 70 51 81

128,384,859 23,339,794 229,472 1,531,598 18,069,206 2,268,387

24 0 25 49 33 81

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Karl Marx · Krisenhefte

[Debtor.]

Protested bills Sundries Total Creditor. Cash in hand Cash in the branch banks Commercial bills overdue Commercial bills discounted, but not yet due Ditto in the branch banks Advanced on deposit of bullion Ditto by the branch banks Advanced on French public securities Ditto by the branch banks Advanced on railway securities Ditto by the branch banks Advanced on Credit Foncier Scrip. Ditto on branch banks scrip Advanced to the State on agreement of June 30, 1848 Government stock reserved Ditto disposable New shares, not settled Hotel and furniture of Bank Landed property of branch banks Expenses of management of the Bank Premium on purchases of gold and silver Sundries Total

[November.] [f] [c]

[October.] [f]

[c]

[December.] [f] [c]

6,945 2,908,146 1,041,837,915 f 73,935,884 115,609,028 769,855 307,435,839

90 18 46 c 89 0 48 99

4,390 3,012,911 1,094,126,238 f 107,029,078 118,536,074 790,900 316,471,622

12 17 96 c 24 0 27 61

.. 2,820,013 995,153,133 f 82,597,109 153,424,483 768,352 269,908,201

56 96 c 42 0 60 62

281,196,516 2,908,400

0 0

292,240,194 2,112,400

0 0

241,567,095 2,620,600

0 0

2,030,500 23,079,036

0 10

1,538,600 23,305,836

0 10

2,210,900 18,932,436

0 10

6,682,350 21,255,200

0 0

6,420,650 19,130 800

0 0

5,865,750 21,117,200

0 0

11,275,700 160,900

0 0

9,230,350 139,300

0 0

10,321,800 166,400

0 0

45,200 50,000,000

0 0

46,400 50,000,000

0 0

34,100 50,000,000

0 0

12,980,750 52,189 360 67,148,400 4,000,000 5,364,609

14 83 0 0 0

12,980,750 52,189,482 70,293,300 4,000,000 5,128,211

14 3 0 0 0

12,980,750 52,189,482 55,867,625 4,000,000 5,635,592

14 3 0 0 0

1,607,190

49

1,141,510

4

2,058,988

23

1,327,443

6

949,656

8

1,576,029

3

1,025,635 1,041,837,915

28 46

451,124 1,094,126,238

45 9

1,260,239 995,153,133

79 96

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Paris October Gesammtcirculation 605,350,000 Gesammtcash 225,565,152 Discounts (Total) 608,711,816 Advances on bullion (Total) 3,651,000 Advances (total) on Funds 29,726,486 Advances (total) on Railways 28,361,150 Advances total 61,738,636 Priv. Deposits. total. 166,594,253

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November 581,259,800 189,544,912 588,542,355 4,938,900 29,761,386 32,530,900 67,231,186 227,860,954

December 532,303,900 236,021,592 511,475,296 4,831,500 24,798,186 31,439,000 61,068,686 149,160,694

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Also f. Dec. verglichen m. October u. November ergiebt sich: gegen Oct. Nov. Cash: Increase: 10,456,440 46,476,680 Premium of gold: Increase: 626,373 248,586 Circulation: Decrease: 73,046,100 48,955,900 Discounts: Decrease: 97,236,520 77,067,059 Advances on funds: Decrease: 4,928,300 4,963,200 ˙ ˙ ˙˙ In Advances on Railways ist increase gegen Oct. 3,077,850 decrease gegen Nov. 1,091,900. In private deposits:

Decrease gegen: October 17,433,559

November 78,700,260

12 Nov. Paris. Wirkung der Increase of Interest on Private Bankers. ˙ ˙ of discount to 10 per cent. places private bankers in a still more The increase 15

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embarrassing position than they were in before under the usury laws. When the discount of the Bank of France was at 71/2 per cent., they might venture to add to the legal interest of 6 per cent. 11/2 or 2 per cent. for “commission” without very grossly violating probability—especially if the courts of justice were disposed to be indulgent; but they cannot well swell their “commission” to 5 or 6 per cent. above—that is, to about double—the legal interest, and yet they cannot provide money cheaper. Their anomalous position has, it appears, attracted the attention of the Government, and it is announced that it will present a bill to the Legislative Body in the next session for relieving them from it. In the meantime, the usury laws will, it is to be presumed, be allowed to fall into abeyance.

14 Nov. Wirkung auf French trade. The Paris correspondent of the Times, writing on Monday evening, says:—“The increase in the rate of discount by the Bank of France has been productive of considerable inconvenience among commercial people, and several commission houses have ceased to transact business under the pressure of the crisis. This again has caused a good deal of embarrassment in the manufacturing districts, but I do not find that failures to much extent are at present apprehended. Much caution has been observed since the commencement of the crisis, otherwise many of them must have given way. These facts probably account for the great diminution in the amount of the commercial bills held by the Bank of France which appears in the monthly account, as published in the Moniteur of Friday. A most inconvenient result of the high rate of discount at the bank is, that purchasers who have hitherto paid cash to the manufacturers on a reduction of three per cent discount, now refuse to accept less than ten per cent, which naturally has a corresponding effect of the profits of the sellers. When forced to submit to these hard conditions in order to meet their engagements, they declare they are selling

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Karl Marx · Krisenhefte

at a loss. The retail dealers also complain that their receipts were never so low as this season of the year. Many of their best customers find their incomes so much reduced by the fall in the value of produce, and securities of almost every description, that they limit their expenditure to what is strictly necessary. In the regular progress of re-action the pressure has extended to the labouring classes. The accounts from the commercial towns in the provinces are not more favourable. A letter from Lyons says that, although a few large orders were received there last week, trade is dull, and what is worse, no improvement worth speaking of is expected there for some time to come. The distress is so general among the working population of Lyons, that Cardinal de Bonald, archbishop of that diocese, has addressed a letter to the clergy under his jurisdiction, recommending that a collection should be made in their respective parishes, in aid of the silk weavers, who are suffering principally from the crisis. It is said that several chambers of commerce are preparing addresses to the Emperor, in order to explain to him the situation of affairs.”

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[12] B. o. France

B. o. France 11 November. Maßregeln des Bonaparte in Verbindung m. d. raising d. discount to 10%. ˙˙ 1) Polizeimaßregeln gegen Bullionhändler. The authorities have again been warning money changers and bullion dealers not to melt down silver coin, as it is represented some of them have been doing for some time past, and not to make larger exports either of gold or silver than legitimate commerce warrants. It is stated in the newspapers that M. Monteaux, a well-known money changer, and two other persons of the same calling, have been summoned before the judicial authorities for alleged infringements of the laws and regulations relative to coin. On the other hand, the Mint is represented to be coining large sums every day—from 80,000l to 120,000l it is said.

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2) Brief v. Boustrapha. No crisis. The Moniteur publishes the following letter, addressed by the Emperor to the Minister of Finance, in reference to the financial crisis in France:—“Monsieur le Ministre,—I see with pain that, without an apparent or real cause, public credit is assailed by chimerical fears and by the propagation of soi-disant remedies for an evil which only exists in the imagination. In preceding years it must be owned, there were some grounds for apprehension. A succession of bad harvests compelled us to export annually many hundreds of millions in specie to pay for the quantity of corn of which we stood in need, and yet we were able to meet the crisis and to defy the sad predictions of alarmists by a few simple measures of prudence taken momentarily by the Bank of France. How is it, then, that at the

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present moment it is not understood that a similar measure, rendered still more easy by the law which allows an increase of the rate of discount, must suffice a fortiori to preserve to the Bank the specie which it wants, as we are in a much better condition than we were in last year, having had an abundant harvest and a most considerable metallic reserve in the Bank? I therefore beg of you publicly to deny all the absurd projects attributed to the Government, the propagation of which so easily causes alarm. It is not without some pride that we may state that France is the country in Europe where public credit rests on the broadest and on the most solid basis. The remarkable report you addressed to me thereon is the proof thereof. Give heart to those who are vainly alarmed, and assure them that I am firmly resolved not to employ those empirical means which have only been had recourse to in circumstances, happily so rare, when catastrophes beyond human foresight have befallen the country—Napoleon.”

3) Aufhebung der Prohibitions Gesetze über Kornexport etc ˙ ˙ ˙ ˙˙˙1857, ˙ ˙ ˙ is revoked (rapporte) as regards the The decree of the 22nd ˙September, prohibition of the export of grain and flour, potatoes and vegetables (legumes secs), chestnuts and the flour of the same. The decree of the 26th of October, 1854, which prohibits distillation from corn and from any other farinaceous substance used as food is revoked (rapporte). The distillation from corn or from any other farinaceous substance used as food must be so managed that the residue thereof may be used as food for cattle. Any disregard of the above regulations may lead to a prohibition to distil from farinaceous substances. The decrees of the 11th of February and the 30th of July, 1857, are also revoked (rapportes) as regards the distillation from rice and foreign grain. The above decrees were productive of a much better feeling in the flour trade in the Paris market on Wednesday, and one report states:—The decree which has appeared in the Moniteur has produced animation in the demand for flour. The four marks have realised 53 to 55 francs. The same prices have been paid for December.

19 Nov. Paris. 35

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Die Korndecrees.

˙ my last) which permit the exportation and The imperial decrees (mentioned ˙in distillation of French corn, are most highly approved. It is calculated that, if these decrees had not been issued, about 20,000,000 hectolitres of grain, the surplus of the last harvest, would have been laid up spoiling in barns, and that a very large sum would have been sent abroad to pay for alcohols; but that now the permission to export corn will cause some 350,000,000f to flow into France, and the permission to distil will prevent some 150,000,000f from flowing out. Here, then, we have a total of 20,000,000l sterling to be brought into use in a comparatively brief period; and the prospect of it has not been without a beneficial effect on the crisis. The figure certainly seems large, but good authorities say that it is not exaggerated.

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Bullionhändler. Paris. 19 Nov. The Government is continuing to make perquisitions in the offices of moneychangers and even of bankers, for the purpose of obtaining proofs of the melting down of silver coin and other offences against the coinage laws. Some of the first changers and some of the principal bankers of the capital have, greatly to their indignation, been subjected to these perquisitions; and it is said that some of them will figure in the batch of offenders ordered for prosecution.

Nov. 27 Paris. Morny in seiner Eröffnungsrede des Corps Le´gislatif sagt u. a.: ˙ ˙ trials, when peace was established, “At home, having so happily traversed severe the series of bad harvests over, were about to give us repose and prosperity, the reaction of an unexampled financial crisis has fallen upon our labour and industry. “The establishments of credit and French commerce now prove their solidity and gather the fruit of their prudence. France, after three successive loans, after three years of scanty harvests, having followed up the execution of public works, having endowed Paris with wonderful monuments, is not touched by the disasters which afflict so many other states. All this indicates prodigious resources, and must give to the whole world a high idea of her power. “Let us hope that this crisis will be of short duration. “The solicitude of the Emperor for the popular interests cannot fail to dissipate alarm; the Emperor must also rely upon us. Was it not we who seconded his efforts in days of difficulty? Did not we enthusiastically vote all the measures of public interest brought forward by his government; and did we not communicate to the country the enthusiasm by which we ourselves were animated?

Paris 26 Nov.

4) Aus Brief v. Boustrapha durch Billault an sich selbst gerichtet 12 Dec. (D. T.)

The Government itself is at length obliged to admit generally—not with reference to Lyons only, but to all France—that the commercial crisis ”in spite of the prudence of French trade and the vigilance of the Government”, has been severely felt in France by the industrious classes. There appeared yesterday in the Moniteur a report from M. Billault, addressed to the Emperor on this subject:—

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Bullionhändler.

The measures which the Government has taken against money changers and bankers are stated to have had the good effect of checking the export of silver coin, and of causing it to flow to the coffers of the Bank of France. The next Customs return will show whether or not this statement be correct. The Government has published in the Moniteur and other journals, a long article, in which it explains its reasons for preventing the money changers from tampering with the coin.

12 Dec.

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“Constrained”, he says, “by the bad situation of the foreign market, by the temporary elevation of the conditions which the state of the foreign banks imposed on our credit, many branches of industry have been obliged, if not to suspend work, at any rate to shorten their time or lower their wages. At the approach of winter many workmen suffer in consequence of this forced idleness; and your Majesty, who always compassionates their sufferings, has ordered me to seek the means of allaying them.” I will observe, in passing, how the cringing flattery of these servants of the Empire tends to make forms ridiculous which are not so of themselves. The Minister of the Interior, for fear of appearing to seek the slightest credit to himself, informs the Emperor that the Emperor has ordered him to do that which he asks permission to do in this document! Is M. Billault only a clerk? I am afraid so; but at any rate, for the sake of the impression produced in foreign countries, the fact should be more carefully hidden. In whatever rank of life, a person employing another to write a letter to him, and telling him what to say, produces the impression of simplicity. The object of this document is, therefore, to say,—what is more clearly said in the decree which follows it—that no extraordinary credit of a million francs is granted to the Minister of the Interior, that he may enable certain communes, where people are out of work, to open ate´liers and kitchens for the necessitous. Forty thousand pounds will not go far;

Governmental Measure. Paris 13 Dec. 13 December France. ˙ ˙ of one million francs towards alleAn extraordinary decree grants the credit 25

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viating the sufferings of the workmen, and finding them in the communes means of employment and food.

10 Dec. Paris. Boustrapha has ordered, to relieve the distress at Lyons, 20,000l. worth of silk-goods, to be paid for by his civil list, and has directed that measures shall be adopted for enabling manufacturers to dispose of large quantities. (Econ.)

[13] B. o. France.

B. o. France. 35

B. o. F: 19 November. Paris. It was alleged to-day on the Bourse that the specie of the Bank of France has increased during the last few days, and is now at 187,000,000f (7,480,000l).

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Karl Marx · Krisenhefte

26 Nov. Paris B. o. F. reduced its rates of discount 1%, that is to say 7 P. C. for 30 days, 8 P. C. for 60, 9 P. C. for 90 days. Its metallic reserve increased to 202–203 Millions fcs (8,080,000l. or 8,120,000l.). 30 Nov. Paris, 30 November.—The treasure in the Bank of France continues to in˙ ˙ 206,000,000f. and as the bills payable to-day are very crease. It now exceeds

5

considerable, amounting it is said, to about 72,000,000f, the result will be to reduce the amount in hand and that of the circulation, and to add to the metallic reserve.

Paris. 30 Nov. French Bank and Railways. Under these circumstances the position of the operative classes is not satisfactory, but particularly in the departments, when some of the railway companies have suspended their works. The government, however, has not lost sight of this subject, and it is said that negotiations are at present in progress with the Bank of France to procure for the railway companies the assistance they require. It is calculated that the continuation of the works on the principal lines will absorb a sum of 250,000,000f. during the year 1858. It is said the bank is ready to advance this sum on condition that it alone shall be empowered to issue railway bonds and to sell them whenever the moment may appear favourable. It will advance 50,000,000f. the fifth of the sum required, at the ordinary rate of discount, but it will require that the receipts of the companies borrowing be lodged in the bank. These conditions appear to the railway companies more severe than the bank is justified in imposing. The lodging their receipts in the bank would deprive the great companies of a portion of their revenues, as the Bank of France allows no interest on deposits. Many of the railway companies employ their cash in hand in loans on the security of government rentes, or in deposits which bear interest until the period arrives for the declaration of a dividend, and this source of revenue the companies are not disposed to abandon to the Bank of France. The Northern and Strasburg Companies are said not to require assistance from government—the one not having occasion to issue bonds and the other having obtained all the cash it needs. Some other companies have obtained from private bankers the assistance they require. Under any circumstance, however, it is expected that the companies will be able to resume and continue their works, by which means employment will be found for the operatives in the departments during the season of the year they most require it.” (Paris

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30 Nov.) Paris 5 Dec. New Reduction in the rate of interest. The Directors of the Bank of France on Dec. 5 reduced the rate of discount on commercial bills 1 per cent. The rates now are—6 per cent. on bills having 30 days to run; 7 per cent. on bills at 60 days; and 8 per cent. on bills at 90 days.

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Paris 5 December Die Bank u. die Railways. ˙ ˙˙ the Bank˙˙of France, the Government and the railway The negociations˙between

5

companies, relative to advances to be made to the latter, are progressing favourably. The amount to be advanced is now, it is said, to be 200,000,000f. You are aware that it is to be made on deposit of bonds of the company, which bonds the Bank is to issue when if may think fit.

7 December. Influx of Specie. Marseilles. 23 Dec. 10

A telegram from Marseilles of the 23rd inst. is as follows:—The Carmel has arrived with accounts from Constantinople to the 16th inst. She brings 2,600,000fr. in specie on freight.

Paris 24 Dec. (Bullionhandel)

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As regards the special metals, it appears that in spite of the harsh measures of the Government, the export of silver still continues at an extraordinary rapid rate. In November last, 1,786,440 hectogrammes were exported, and only 505,558 were imported:—that is to say, in English money the exports exceeded the imports by 1,024,705l. In the month of November, 1856, the excess was 613,932l, and in that of 1855, 415,310l. For the eleven months of this year the exports were 21,814,427 hectogrammes, and the imports, 4,213,439—excess of exports upwards of 14,800,000l sterling; for the eleven months of 1856 the excess was upwards of 9,400,000l, and of 1855 upwards of 6,800,000l. With respect to gold, the position, as heretofore, is different: the imports in November last having exceeded the exports by 854,328l; and November, 1856, by 1,730,232l; and in November, 1855, by 568,484l: whilst for the eleven months of this year the excess of imports was 16,625,424l; of the same period last year, 13,470,000l, and of the same period of 1855, 8,041,644l. Econ.

Paris 10 Dec. The B. o. Fr. and the Railway Companies have come to a ˙ ˙ ˙ the ˙ ˙˙ loans on bonds definitive understanding as to the terms on which shall be made and the latter shall be issued; but the terms have not yet been made public. Paris. 17 Dec. New Reduction in the rate of interest. 6% for all descriptions of bills.

[14] B. o. France.

B. o. France. 35

29 Dec. Tuesday. Reduction of rate of interest to 5 P. C. stock of bullion in the B. o. F. computed at nearly 11 Millions L. St.

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Karl Marx · Krisenhefte

The fall in the value of money continues to make progress on the Continent. On Tuesday the Bank of France reduced their rate of discount from six per cent., at which it was fixed on the 17th December, to five per cent. The coin and bullion in that Bank are stated to have risen to 11,200,000l. The Bank of Belgium have lowered their rate of discount to five per cent. This day, as we learn by telegraph, the Bank of Holland have reduced their rate from seven to six per cent. At Hamburg the rate is as low as 41/4 per cent. London. 1 Jan. ’58.

5

14 January. (’58). The Moniteur has published the following monthly debtor and creditor account of the Bank of France, made up to Thursday last. The corresponding figures of last month are added: Debtor. Capital of the Bank Ditto, New Profits in addition to capital (Art. 8, Law of June 9, 1857) Reserve of the Bank New reserve Reserve of the Bank in landed property Bank notes in circulation Ditto of the branch banks Bank notes to order Receipts payable at sight Treasury account current creditor Sundry accounts current Ditto with the branch banks Dividends payable Discounts and sundry interests Commission on deposits Rediscounted during the last six months Sundries Total Creditor. Cash in hand Cash in the branch banks Commercial bills overdue Commercial bills discounted, but not yet due Ditto in the branch banks Advanced on deposit of bullion Ditto by the branch banks Advanced on French public securities Ditto by the branch banks Advanced on railway securities Ditto by the branch banks Advanced on Credit Foncier Scrip Ditto on branch banks scrip Advanced to the State on agreement of June 30, 1848 Government stock reserved

40

January. f c 91,250,000 0 91,250,000 0 1,435,505 74

December. f c 91,250,000 0 91,250,000 0 1,310,088 17

12,980,750 9,125,000 4,000,000 534,687,500 46,780,750 5,674,431 2,982,311 62,779,723 146,078,672 28,955,815 5,601,445 3,405,202 2,188,723 2,209,982 2,270,455 1,053,656,267 f 70,90,076 108,453,690 715,011 292,119,080 251,815,490 2,614,200 2,133,300 24,092,700 7,613,700 37,045,858 12,130,550 263,800 71,900 50,000,000

14 0 0 0 0 38 0 38 29 0 25 19 52 52 32 73 c 69 0 82 29 0 0 0 0 0 0 0 0 0 0

12,980,750 9,125,000 4,000,000 488,343,900 43,960,000 5,042,337 2,436,541 73,741,685 123,384,359 23,339,794 299,472 1,531,598 18,069,206 2,268,387 2,820,013 995,153,133 f 82,597,109 153,424,483 768,352 269,908,201 241,567,095 2,620,600 2,210,900 18,932,436 5,865,750 21,117,200 10,321,800 166,400 34,100 50,000,000

14 0 0 0 0 15 0 82 24 0 25 49 33 81 56 96 c 42 0 60 62 0 0 0 10 0 0 0 0 0 0

12,980,750

14

12,980,750

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40

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50

1857 France [January.] [f] [c]

[Creditor.]

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10

Ditto disposable New shares, not settled Hotel and furniture of Bank Landed property of branch banks Expenses of management of the Bank Premium on purchases of gold and silver Sundries Total

52,189,482 45,621,848 4,000,000 5,641,334 110,228 1,153,858 ...

3 0 0 0 40 36

1,053,656,267

73

[December.] [f] [c]

52,189,482 55,867,625 4,000,000 5,635,592 2,056,988 1,576,029 1,260,239 995,153,133

3 0 0 0 23 3 79 96

14 Jan.

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The monthly return of the Bank of France, made up to yesterday, shows the following results:—Coin and bullion. 10,054,000l—increase, 613,000l; bills discounted, 21,757,000l—increase, 1,290,000l; notes in circulation, 23,258,000l—increase, 1,960,000l; Treasury deposits, 2,511,000l—decrease, 438,000l; private deposits, 7,000,000l—increase, 1,132,000l; advances on French Government securities, 1,268,000l—increase, 276,000l; advances on railway securities, 1,967,000l—increase, 710,000l. This return shows that the Bank have not retained the whole of the specie purchased by them, for their total stock is known to have reached, at one period, fully eleven millions sterling. The increase in the discounts is usual at the end of the year, and mainly accounts for the large increase in the circulation. The Bourse is also shown to derive considerable support from the Bank; but, on the whole, the return may be considered satisfactory. [15] Corntrade.

25

French Corntrade. (Agricultural Produce) ˙ ˙ ˙˙ Week ending Nov. 13.

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35

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Grain is offered for sale in all the markets. Prices are maintained better on flour than on wheat, and a fall has occurred in the latter below 20f the hectolitre in all the markets, and more grain is brought to market than the farmers had kept for two years. In the Paris market transactions in flour are calm. Some sales have taken place at 2f per sack less than the previous week’s quotations, but only on second quality. Wheat was abundant at the corn markets on Wednesday, and the farmers were obliged to submit to a fall of from 1f to 11/2 f per hectolitre and a half. Choice wheat was from 291/2 f to 30f; good quality, from 28f to 281/2 f; and ordinary, from 27f to 271/2 f; Lorraine wheat, to be delivered in December, from 271/2 f to 28f. An adjudication of 12,000 quintals of wheat, to be delivered by the 15th December for the military intendance, has been effected. The provincial markets have all fallen, with the exception of Lyons, where there is a rise of 1f; and at Marseilles, where every effort has been made to keep up the market. The arrivals of the new Burgundy and Bordeaux wines were consider-

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Karl Marx · Krisenhefte

able during the past week at Bercy, and a good deal of business was done in them.

Paris Nov. 19 The progressive fall in the price of corn in the Paris market has been checked by the Imperial decree permitting the export of grain. (Econ.)

5

Week ending Nov. 19: In Paris have been some considerable failures this week. (Econ.) Paris 26 Nov. The upward movement in the price of corn which followed the appearance of the Imperial decree permitting its exception has not been of long duration. The few buyers who presented themselves at the last Paris market wanted a reduction of 2f per sack on flour. The demand was resisted, and prices remained nominal at from 46f to 53f the sack of 157 kilogrammes, according to quality. The Minister of War has advertised to receive proposals for the delivery in Paris of 12,000 metrical quintals of wheat previous to the 1st of January next, the wheat to weigh 77 kilogrammes the hectolitre.

10

15

throughout France, both wheat and flour, owing to increased supplies, have given way in price, and the demand has become heavy.

Wine: The price of wine has slightly declined at the market of Bercy. Financial difficulties have induced some wine-growers to abate their demands. Nevertheless, it appears that the wines of last year are nearly exhausted, and it is feared that the late vintage, though abundant, will not be sufficient for the demand. There is no business doing in brandies, and the price is merely nominal.

20

Paris The first market for the sale of olives was held at Aix, in Provence, on Sunday Dec 2. last. The price obtained was 8f. the measure of eight gallons. The crop of olives 2 Dec. this year is equal a fair average, but the fruit is excellent and the oil of this year

25

will be of the very best quality.

3 Dec. An enormous quantity of Bordeaux wine has arrived at the market of Bercy by the Lyons Railway, and much business has been transacted. Prices have hitherto been well maintained, but it is doubted if they can long continue to be so in the face of the arrivals. (Econ.)

30

7 December. Paris. Paris 7 Dec. The corn markets throughout France have been plentifully supplied during the

X X last week, and the price of wheat has fallen 1f. the hectolire. The best wheat has been offered in the Paris market at 28f. and 29f. the 120 kilogrammes; good quality, 27f.; and inferior samples at 25f. and 26f. 50c.

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1857 France

2 Jan.

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The demand for wine has been checked at Bercy in consequence of the considerable arrivals by railway. Prices, however, have not varied. Brandies are unsaleable in consequence of want of orders from abroad. The Moniteur Vinicole states that very little business is now doing in brandies, and that prices have generally a downward tendency. The wine trade is also without much animation, but, with some few trifling exceptions, prices are maintained. At Bercy stocks are still unusually large, and arrivals continue, but purchases by the trade are confined to the supply of immediate wants.

Paris. 7 December. Paris 7 Dec. 7 Dec. Accounts from Marseilles state that last week was remarkable for a continued fall in all kinds of grain, and particularly in African wheat. Taganrog wheat is quoted at 36f. the 130 kilogrammes; maize from Galatz at 22f.; oats from Odessa, 17f. 50c. the 110 kilogrammes; barley from the Levant at 13f. the 100 kilogrammes. Spun silk has again fallen at Lyons from 2f. to 6f. the kilogramme. Raw silk from China is quoted at from 47f. to 62f., according to quality. There has been a fair share of business transacted at the winemarket of Bercy, with a slight reduction in prices. Macon wine of the last vintage is quoted at from 125f. to 140f. the cask of 212 litres; Bordeaux from 110f. to 150f. the cask of 228 litres; wine from the Cher, from 80f. to 105f. the 230 litres; Burgundy from 90f. to 110f. the 272 litres. There is but little business doing in the Bordelais, and prices are not well established. The following are the quotations:—Entre-deuxMers, white, 180f. to 220f. the cask of 212 litres; Grasse, red, 300f. to 400f.; Bergerac, ordinary, 380f. to 400f.; superior, 550f. to 600f.; St. Emilien, 1,000f. The vintage on the Rhine has exceeded all expectation, and prices are daily declining. There is no business doing in brandies.

Week ending 17 Dec. In France the transactions in wheat and flour for export have been only on a moderate scale, although there is a fair margin of profit on sales in London. 21 Dec. Cotton, sugar, and oil have fallen. Wheat and flour have declined. The factors in the Paris market entered on Saturday (19 Dec.) 3683 sacks of first quality for delivery within 30 days, at prices varying from 46 to 55 fcs. Flour offered on Saturday at 51f. 50c. the sack but no buyers. Week ending Dec. 28.

40

The Paris corn and flour market was unusually quiet last week. It is not expected that there will be much activity in the corn trade before the end of January, when the preceding year’s accounts are closed. Flour of the best quality has fallen to 50f 50c the sack of 157 kilogrammes. Good quality from the Beauce, the Sarthe, and Brie, are quoted at 50f and 49f the sack. There was very little

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business done in the corn market. Samples of wheat from Sens and Montereau, for which 27f 50c and 28f were asked, were sold at 27f and 27f 50c the hectolitre. The fall in the price of wheat during the week may be set down at 50c the hectolitre on prime wheat, and 1f on ordinary qualities. There was hardly anything done in rye. The price is nominal at 17f and 17f 50c the weight of 115 kilogrammes. Barley is likewise dull of sale at 17f the 100 kilogrammes for samples from Champagne. There is little variation in oats, though prime samples are scarce. Light oats from Burgundy, weighing 122 kilogrammes the three hectolitres are unsaleable. The cattle markets of Sceaux and Poissy were well supplied last week, and prices lower. The following are the auction prices for beef, mutton, and veal in the Paris market:—Ox beef, ordinary quality, from 94c to 1f 42c the kilogramme; ribs and sirloins, 1f 22c to 2f 2c. Cow beef, ordinary quality, 74c to 1f 48c; ribs and sirloins, 74c to 1f 48c. An entire sheep, 40c to 1f 28c; hind quarter, 60c to 1f 72c. Veal, entire or half, 72c to 1f 60c. There was very little business done at the wine market of Bercy last week. In the meantime the stock in the stores is daily increasing. Wines were in good demand at Bordeaux during the week. The wines of Blaye of the last vintage were sold at from 410f to 450f the hogshead. The wines of Narbonne and Cahors are not much wanted. A sale by auction of 90 casks was effected at 255f the cask of 225 gallons. At Pezenas there were a few sales made at 158f the cask of 175 gallons. At Cette both French and Spanish wines are heavy in the market. French wines of the neighbourhood are quoted at from 140f to 150f the cask of 175 gallons, and Spanish wines from 42f to 45f the hectolitre, according to quality. At Nimes, and in the towns throughout the Gard, we hear complaints of a complete stagnation in trade. In Burgundy, on the contrary, business is brisk, and all the Beaune, first quality, has been bought up by the trade. The sale of brandy is very difficult at Cognac at present, though there are many small proprietors who want money and would willingly sell, but they cannot find buyers.

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[16] French Cornmarket.

Paris 3 January. Notwithstanding the fall in the price of grain and flour within the last few weeks, the settlement at the Paris corn-market at the end of the year was effected more easily than was supposed. As the country markets have of late shown a tendency to rise, the millers refuse to make any further concession, and choice samples of flour are held at 53f. the sack of 157 kilogrammes, the four marks at 51f. and 52f., the first marks of the Beauce, the Sarthe, and Brie at 50f. and 51 francs, and the first of Picardy and Lorraine at 49f. and 50f. Wheat from Sens was sold at 27f. 50c. and 28f. the hectolitre, wheat from Montereau at 27f. 50c. the sack of 120 kilogrammes. Rye is almost unsaleable, and prices are nominal at 17f and 17f. 50c. the sack of 115 kilogrammes. Barley is not much better, at from 15f. 50c. to 16f. the 100 kilogrammes for inferior quality, and

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1857 France

5

17f. and 17f. 50c. for prime samples from the Beauce and Champagne. Oats are stationary, at from 29f. to 31f. the 150 kilogrammes, according to the place they are grown in and the quality. Not much change is observable in the provincial markets. In the northern districts a slight rise has taken place, and the others are more firm.

[17] Ex- and Imports.

Ex and Imports. Paris 19 Nov. Bullion Ex- and Imports. 10

15

The monthly Customs returns just published, show that in the month of October last, 346,132 hectogrammes of silver, of the value in English money of 276,905l, were imported, and 2,606,604 hectogrammes, of the value of 2,085,283l, were exported. Thus you see the drain of silver from the country continues unchecked. On the other hand, the value of gold imported was 2,343,660l, and of gold exported 294,440l. In definitive then, the stock of silver last month decreased by 1,808,378l, and that of gold increased by 2,049,220l. For the first ten months of the year the value of the silver exported exceeded that imported by 13,056,804l, and the value of the gold imported exceeded that exported by 15,768,528l.

Other Custom returns for October 1857.

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From the Customs returns mentioned above, it appears that the total amount of import duties in October last was only 14,402,894f, whereas in the corresponding month of last year it was 16,524,783f, and of the year before 13,187,273f. Compared with October of last year, cotton, wool, silk, indigo, cochineal, tallow, oleaginous seeds, coffee, cocoa, colonial sugar, cast-iron wines and brandies, present a decline:—in coal, live stock, copper, tin, zinc, foreign sugar, and some minor articles, there is an increase. In exports for the month of October, modes, skins, porcelain, and silks, present an increase:—machinery, wheat, glass and crystal, silk, linen and hemp fabrics, and wines and brandies, a decline. These results testify to the check which the crisis has given to trade. For the first ten months of the year the import duties amounted to 157,583,432f; in the corresponding period of last year they were only 148,302,963f; but in that of the year before they were 164,326,548f. The following were some of the principal imports during the ten months’ periods of the three years:—

35

Wheat Cotton Coal

1857. Quintals. 4,011,683 664,873 35,765,676

1856. Quintals. 5,873,800 730,935 32,021,296

1855. Quintals. 2,332,953 684,384 31,590,398

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Karl Marx · Krisenhefte

Wool Cast-iron Bar-iron Colonial sugar Foreign do Coffee

[1857.] [Quintals.]

[1856.] [Quintals.]

[1855.] [Quintals.]

338,630 839,309 197,589 743,343 432,375 241,945

321,763 1,075,588 525,007 831,227 268,123 193,555

304,873 1,018,573 445,016 776,963 546,701 243,282

The shipping returns continue to show a steady increase both in the number and tonnage of French ships. The week’s quotations on the Bourse stand thus:—

Threes Bank of France Credit Mobilier Orleans Railway Northern Ditto new Western Eastern Mediterranean Ditto new Southern Russian

Thursday, Nov. 12. f c 66 60 2,950 0 757 50 1,260 0 860 0 712 50 620 0 615 0 791 25 785 0 525 0 ...

Thursday, Nov. 19. f c 67 5 2,940 0 750 0 1,270 0 875 0 720 0 637 50 632 50 820 0 815 0 530 0 495 0

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This table is certainly more satisfactory than under the circumstances might have been anticipated.

Anfang December Specie Arrivals in France ˙˙˙ Specie Arrivals in France.—Letters from Marseilles state that there has just been received these specie the amount of twelve millions of francs from the Levant; 2,000,000fr. from Egypt; 2,500,000fr. from Italia; 3,000,000fr. from Spain; and 500,000fr. from Algiers.

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[18] French Trade.

French trade Paris. 17 Dec. Thursday. Paris, Thursday. As was expected, the Bank of France has this day made another reduction in its rate of discount:—it is now at 6 per cent. for bills of two and three months date instead of 7 and 8 per cent., and the discount of bills of one months’ date remains at 6 also. In making the rate uniform for bills of all dates, the Bank will afford almost as much satisfaction to commerce as by the reduction itself. It is

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said that the metallic reserve of the Bank has increased to 10,000,000l sterling, but that its discounts continue to be restricted. From to-morrow, however, when the new rates come into operation, discounts will probably be more freely made. The effect of this reduction will have to be noticed in my next letter. En attendant, I have to state that the situation in this city remains this week what it was last:—that is to say that “the crisis” which has been causing such ravages in England and Germany and other countries, has not yet produced a disastrous effect. Nevertheless, trade continues seriously embarrassed, and the settlement at the end of the year continues to excite apprehension, though it will be greatly facilitated by the reduction of discount. The number of bankruptcies, too, appears on the increase—from the 1st to the 8th it was, as stated in my last, 31; and I find that from the 9th to the 15th, it was 34. In the latter number, moreover, are some of greater importance than in the former:—Messrs Bourdon-Dubuit, and Co, bankers; the General Company of Hired Carriages (voitures de remise); a company for constructing Jacquard looms; an oil company, &c. Accounts from the great provincial towns are good and bad. At Bordeaux, up 14 Dec. ˙˙ to Monday, no important failures had been recorded, and none were expected. At Marseilles, Messrs Constantine Ralli and Messrs Apalyra have stopped, and as they had an extensive business at Constantinople and the Levant generally, it is feared that their failure will bring down houses there, andthat this will react at Marseilles. Several other firms at Marseilles, in the corn, silk, and sugar trades, are reported to be in some embarrassment. As regards Lyons, M. Arles Dufour, the great silk merchant, has published a letter in the newspapers to declare that, “thanks to the prudence, order, and economy of the manufacturers and traders of that city, it is traversing without sinistres the present terrible crisis.” But private letters do not represent things quite so couleur de rose, and I read in the Lyons newspapers that within the last few days the project of establishing a sort of Mont de Piete´, for lending money on deposit of silk goods, has been started by influential persons; but that it has not been acted on for the present, in consequence of a notification having been made that money can be obtained by traders on deposit of goods from an existing establishment. And whilst such expedients have to be had recourse to in commerce, we know that considerable numbers of the working classes are out of work, and that public subscriptions have had to be opened for their relief. At St Etienne some large houses in the ribbon trade have, on account of American failures, had to demand time from their creditors, and numbers of workmen are unemployed there also;—the latest accounts, however, say that things seemed about to take a more favourable turn. From Havre, Nantes, and other places, we hear of the existence of embarrassments; but of no serious failures. The arrangement come to between the Bank of France and the railway companies is in substance this:—The railway bonds remaining to be issued on the loans authorised for 1857, and those to be issued for loans to be raised in 1858, are to be confided to the Bank, and are to be issued by it on account of the companies at such periods as may be advisable. What is called a syndicate of

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Karl Marx · Krisenhefte

directors of the railway companies is to co-operate with the Bank on the issue or sale of the bonds. The Bank is to advance at once 2,000,000l to the companies. The prices that will be obtained for the various bonds will necessarily not be the same, but the Bank is to strike an average between all the prices, and that average is to be accepted by all the companies: so that the smaller companies will profit by the better credit of the greater. In proportion to the bonds issued, new credits will be opened to the companies. The companies which have taken part in this arrangement are the Lyons, Orleans, Eastern, Southern, and Western, which are great companies; and the Ardennes, Saint Rambert, and Geneva, which are little companies. The Northern Railway has declined to accede to the arrangement: its bonds for the present year being all placed, and the resources it derives from the recent issue of 125,000 shares being sufficient to enable it to dispense with the assistance of the Bank. The advantages of the plan are represented to be various:—the principal are, that it will prevent in the issue of bonds the competition between the various companies, which are injurious to them and oppressive to the money market; that it will consequently increase the value of the bonds already issued and to be issued; that this increase will prevent the bonds from being what they have been for some time past, a serious check on the rente—the present price being such as to yield a revenue of some 6 per cent., whereas the rente only yields 3; and lastly, that the companies will not be again obliged to suspend or slacken their works, by the difficulty of obtaining funds, by the issue of bonds, when required, since the Bank will make advances. Amongst the minor conditions of the arrangement is, it is said, one to the effect that the companies shall exchange daily the specie they receive for Bank notes, so as to augment the metallic reserve of the Bank. The reports mentioned in my last, as to the probability of an amalgamation of the Credit Mobilier, the Credit Foncier, and the Comptoir d’Escompte, continue; and it is now added that it is not unlikely that the “Union Financie`re” of MM. Calley Saint Paul will form part of the amalgamation. I repeat, however, what I said in my last, that I attach little credit to the reports. The operations in the establishments mentioned are, in fact, so diverse, that they could not be amalgamated, without serious inconvenience, and even to a certain extent counteracting each other; and, besides, their union would form a larger agglomeration of capital and influence than perhaps the Government would be disposed to tolerate. Reports are also current that several of the great bankers have schemes of amalgamation more or less gigantic on hand; but they seem not to repose on any substantial basis. E.

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Paris 18 Dec. Friday. There are rumours of grand financial schemes as being in contemplation among the princes of finance. It is said that M. Pereire is negotiating a fusion of the Cre´dit Mobilier, the Cre´dit Foncier, the Comptoir d’Escompte, and an important though less known establishment than the three foregoing, the Caisse St. Paul. MM. Rothschild, Bartholony and others—who are called the syndics of the bankers—have on foot a rival scheme, according to which the Comptoir

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d’Escompte would be reorganized and started afresh, with the enormous capital of 200,000,000f.

5

The state of distress of the manufacturing populations everywhere, but above all in Lyons, is something very alarming, and the government is by no means tranquil on this point.

Paris 21 Dec. Marseilles: cornmarket dull during the last week, and sales difficult notwithstanding the low prices. Silk and cotton unsaleable, prices nominal. 10

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Paris. Monday Evening. It will not surprise your readers to hear that, now that the commercial crisis is passing away, and certain signs of coming prosperity appear, the Bonapartist organs are endeavouring to make political capital out of the circumstance. We are told accordingly that the reason France has suffered so little comparatively, is to be sought in the wisdom of the government and its general policy. To the Emperor is attributed “the evident superiority of the commercial state of France over that of other nations, and the fact that France is, and always will be, less injured in a time of crisis than countries which are put forward as its competitors”. These words are used by the Pays, which believes, perhaps with reason, its readers to be sufficiently ignorant not to know that the reason France does not suffer from commercial crises to the extent of other nations is, that it has, comparatively speaking, no commerce. You will perceive that there has been a great rise this day at the Bourse. Impatient speculation has seized the first opportunity, and has begun its mad career. We now know that these sudden changes in France have little relation to the state of business generally. This is a country of speculation, and is threatening to become a country of blacklegs. It would be a great mistake to suppose that capital only plays on the Bourse. Every one does so more or less. When a great bankruptcy takes place, it is almost always found not to be caused by disappointments in the regular course of trade, but by unauthorised speculations of some of the partners. The smallest insolvent who is sent to Clicky is invariably found to have dabbled in shares. Porters leave their lodges to go and ascertain the price of the funds; servants, from the butler to the scullion, dispose of their savings in the same manner. The desire to be rich suddenly and without labour has seized on all classes. We cannot unfold a paper, or open a book, without reading statements to this effect. Can the financial condition of a country in which such is the case be sound? I am not partial to prophecies, but the extravagant tone of triumph adopted by the Paris journals, because France has not “perished” in the crisis which has shaken Europe, induces me to express the conviction, which careful study of the signs of the times suggests, that a catastrophe is preparing here in which not only wealth, but honour, may be lost.

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[19] French Trade The resources of the country are great, but, in the hands of furious gamblers, they may utterly melt away. At any rate, it is admitted on all hands that from the steps of the throne, down to the very depths of society, the only good news that is anxiously waited for is the rise or the fall on the Bourse, as the case may be. All France— “parties being dead”—is divided into Bulls and bears. (D. T.)

5

The “feeling of absolute delight” expressed by the Pays simply absurd. (Times.) Paris 21 Dec. The commercial situation of Paris is not worse since I wrote last on the subject; indeed, matters are rather improved since it has been ascertained that the bills due on the 15th inst. have been paid. The “feeling of absolute delight” expressed by the Pays at the state of commercial and financial affairs in France is simply absurd. The Ministerial organs are always in extremes; they no sooner get the order to say something to tranquillize the public than they fly off into transports. It is true that no failures of a serious description have occurred, but this is attributable, as I have already observed, to the comparative timidity of speculators, who are to the English and Americans what the ancient navigators, creeping along the shores of the Mediterranean, were to the bold mariners of later times. An uneasy remembrance of 1848 still clings to them, and, though tranquillity and order now prevail throughout France, yet it is but one firm hand that maintains it. The crisis is not felt with much severity, because men are not venturous, and they have ever in their thoughts the uncertainty of human life. Be this as it may, the engagements for the end of the year are said to be comparatively light, as the Paris bankers arrange that the payments shall be made either before or after that period, with a view to avoid difficulties in closing their accounts on the last day of the year. With respect to the commercial bills falling due on the 15th of January, it is evident from the last monthly return of the Bank that they are light as compared with those that fall due in December. It is expected—indeed, it is affirmed—that the Bank will give facilities for the renewal of such bills as the acceptors may be unable to meet. The returns show that money is not scarce in Paris, but clearly it is not in the hands of the trading classes of the community, for the warehouses are overstocked with merchandise, for which there is but little demand. Hitherto there has been tightness in the money-market and embarrassment; the tightness is relaxed, but the embarrassment following the difficulty of realizing sales still continues. It will require some time yet before trade is restored to its former condition. Several persons are of opinion that trade has suffered quite as much from the measures adopted to keep gold in the country as anything else, and that the caution exercised by the Bank was carried too far. They refer, in support of their views, to the fact that while the Bank of England maintains the rate of discount at 10 per cent., that of France has gradually reduced its own rate to six, without

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inconvenience or diminution in its stock of bullion. Some remarkable variations are observable during the past week in the price of many articles of produce. Cotton, sugar, and rape oil have fallen. Spirits have risen since the publication of the imperial decree imposing an additional duty of 25f. the hectolitre of foreign brandies. Tallow has also risen. Wheat and flour have declined. The factors at the Paris market entered on Saturday 3,683 sacks of first quality for delivery within 30 days, at prices varying from 46f. to 55f. the sack of 156 kilogrammes, and 3,024 sacks for bakers’ use. Flour of the four marks was offered on Saturday at 51f. 50c. the sack, but there were no buyers. There was no variation in the price of wheat. Rye was offered at a reduction of 50c. the hectolitre. The rates are 18f. and 18f. 50c. for superior quality. Barley was likewise offered at a reduction. Barley from Nogent-sur-Seine is quoted at 17f. 50., and from Champagne at 17f. the 100 kilogrammes. There is a better demand for good oats, but inferior are unsaleable. Oats from the Beauce and Brie are quoted at 31f. the 150 kilogrammes. Accounts from Marseilles state that the corn-market was dull during the last week, and sales difficult notwithstanding the low prices. 4,000 hectolitres of hard African wheat were disposed of at 21f. 25c.; 5,600 hectolitres from the Sea of Azoff, at 19f. 50c.; and 800 hectolitres of Polish, at 17f. 25c. The sugar-market was more animated, and crushed lump sold freely at 46f. Silks and cotton were unsaleable, and prices nominal. Spirits, which had fallen at the beginning of the week, rose on the publication of the decree imposing an increased duty. Languedoc is quoted at 115f. the hectolitre; beetroot, 95; American, 80. Advices from Bordeaux state that the good wines of the present year are firm, but inferior are unsaleable. Ordinary wines of the present year are quoted at from 400f. to 600f. the hogshead. At Narbonne buyers refrain from purchasing in expectation of a fall in prices. The wine-growers in general maintain their pretensions, but some have yielded, and purchases have been made at 30f. the hectolitre. Large orders have been received at Langlade from Germany and Holland for the wine of that country at 40f. the hectolitre. At Nantes the wines of 1856 are becoming scarce, and are worth 52f. the hectolitre. (Times)

Paris. 24 Dec. settlement at the end of the year discussed with anxiety, nämlich der ˙˙ 31st; it is certain that a great many houses which were embarrassed have succeeded in obtaining renewals of their bills to the end of January, and even to the end of February; and others are straining every nerve to meet their engagements. It seems probable that nearly all the great firms will, by some means or other, tide though the terrible 31st, and that if there be disasters they will be exclusively amongst the small tradesmen, who are now, and have for some time past been, in sore straits. With regard to the great commercial towns, uneasiness is felt. At Nantes and Havre it is known that there have been rather wild speculations, especially in sugar,

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and that they have turned out unprofitably. Marseilles is not considered “safe”, though it came tolerably well out of a panic with which it was recently afflicted: the stagnation of business at Mühlhouse, Rouens, Lyons, and Lille continues: and it is feared that Bordeaux will suffer from the failures in Northern Germany, Sweden, Norway, and Denmark, with which its transactions are considerable. Bankruptcies in Paris 28 from the 15th up to the 22nd Dec.—of ordinary tradesmen. Question of agricultural assurances; Boustrapha more than ever decided to have it answered in the affirmative; in spite of the recommendation of the Council of State, he is resolved to make the assurances obligatory… rank Socialism, cannot fail to be mischievous. Affair of the Docks, notorious from the swindling committed in connection with it, also again on the tapis. Government is said to want the great Railway Companies to execute the docks and carry them on, offers ˙ ˙ ˙ ˙ ˙them in return to˙ ˙finish˙ for the railway round Paris which unites their respective lines. Effort is being made to induce the Government to allow time bargains in railway bonds to take place, and be quoted in the official lists of the Bourse. This to make the bonds the subject of speculation like the rente, to increase their marketable value. As they amount to 60,000,000l. St., they would absorb such a large position of speculation as to be injurious to the rente and other securities. Increase of duty of f. 25 the hectolitre on foreign alcohols imported into France. (Zeigt die Schwäche der Burschen.) Government is not so bold in ˙ it used to be. ˙˙ tariff questions ˙as The monthly Customs returns, published yesterday, testify to a falling-off in commercial activity. For the month of November last the import duties amounted only to 12,356,773f. whereas in the corresponding month of last year they were 13,232,800f, and of the year before 12,556,505f. The falling-off is in ordinary wines, brandies, cocoa, coffee, wheat, cotton, flax and hempen threads, indigo, wool, cast iron, bar iron, steel, lead, pepper, silk, and colonial sugar. In the following articles the diminution is remarkable:—

Wheat Cotton Flax and hempen threads Indigo Wool Cast iron Bar iron Steel Coffee Colonial sugar

52

Nov. 1857. metrical quintals. 100,761 27,079 327 204 16,792 71,827 14,981 561 17,114 52,849

Nov. 1856. metrical quintals. 645,691 42,395 758 651 27,758 102,578 37,678 856 20,074 59,209

Nov. 1851. metrical quintals. 345,333 39,916 540 351 23,046 82,128 20,278 655 11,408 65,390

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In oxen and sheep, alcohol, coal, foreign sugar, and some other articles, there was an increase. In exports, the month of November last, compared with the same month of the two preceding years, presents a decline in brandies, machinery, soap, silks, salt, cotton fabrics, woollen fabrics, silk fabrics, skins, glass and crystal; and an increase in oxen and sheep, ordinary wines, inferior ditto, pure alcohols, wheat, modes, porcelain, refined sugar, and flax and hempen fabrics. For the first eleven months of the years 1857, 1856, and 1855, the total import duties were respectively 169,940,205f, 161,535,763f and 176,883,053f. In these totals, oxen and sheep, cocoa, coffee, wheat, cotton, oils, wool, cast iron, bar iron, steel, lead, salt, colonial sugar, and fresh and salt meat, present a decline:—wines, brandies, pure alcohols, flax and hempen threads, oleaginous seeds, indigo, copper, tin, silks, and foreign sugar, an increase. In exports, there is a decline in ordinary wines, brandies, pure alcohols, wheat, madder, skins, salt, silks, woollen fabrics, and glass and crystal: and an increase in cotton fabrics, silk fabrics, hempen fabrics, and flax fabrics, in porcelain, machinery, modes, fine wines, oxen and sheep. At this juncture, it may be interesting to state what were the stocks of the principal articles on hand in the entrepots at the end of November last:—Cocoa, 18,859 metrical quintals; coffee, 89,475; wheat, 419,451; cotton, 79,514; copper, 1,773; tin, 1,806; cast iron, 127,914; indigo, 2,764; wool, 39,246; lead, 52,802; pepper, 17,912; silk, 79,900; colonial sugar, 77,349; foreign ditto, 104,019.

(Economist)

[20] French Trade. 25

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Paris. 31st December. Staatsrath gegen die Aufhebung der Wuchergesetze. ˙ discount was effected by the Bank of Another reduction˙˙of 1 per cent in˙ its France from the day before yesterday, and the rate is consequently now 5 per cent. As this sum is not, under the circumstances, onerous, and as the Bank has vast resources on hand to discount with, it is hoped that the commerce of Paris will, after all, pass through the crisis infinitely better than any one could, at the commencement of it, have possibly hoped. In a few days we shall know how the much dreaded settlement of the end of the year has gone off: and if it be well we may expect a general return of confidence, and with it a revival of commercial activity. Already has the Bourse, with its usual impetuosity, given the signal of a reprise:—but trade is more cautious. In the opinion of some persons, the best thing that could be done would be to accept frankly the heavy fall which has taken place in all descriptions of goods, and which, in not a few, exceeds 25 per cent.:—by so doing it is said traders would, it is true, have to submit to a loss, but they would clear out their warehouses, and could enter into new transactions: whereas by waiting and waiting in the hope of an improvement in

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prices, they keep up commercial stagnation, which is disastrous to themselves and to all. The number of bankruptcies from the 22nd to the 29th, both inclusive, has only been 23, and none are of importance. The returns of the savings banks show that the withdrawals exceed the deposits: but, on the other hand, I hear that the working classes are making rather extensive purchases of all sorts of the little articles which, on the occasion of New Year’s-day, the French are accustomed to give in presents. These purchases certainly testify to the absence of distress. The Bank of France has fixed its dividend for the second half of the year at 87f per share; the Credit Mobilier has resolved to pay from to-morrow 25f per share on account of the year’s dividend. Last year the Mobilier announced at the beginning of December its intention to make a distribution of the same amount in January, and some uneasiness was felt at its not having made a similar announcement at the same epoch this year: but it waited until things should take a more favourable turn; this turn having come, its shares, it will be seen from the table below, have undergone a marked advance.

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Paris 28 Dec. Opinions are divided with respect to the commercial crisis which has prevailed in Paris and the departments. Some assure us that all difficulties have ceased among commercial people; others maintain the contrary. It appears certain that the French merchants have not been as yet so severely affected by the embarrassments which have arisen in neighbouring countries as might have been expected. Before it can be said, however, that all difficulties are surmounted, it is necessary to wait till the bills due on the 31st inst., and those coming due in January, are all paid. It is now ascertained that many of the commercial bills due on the 15th inst. were renewed. This mode of settlement neither places the cash in the hands of merchants and manufacturers, of which they have much need, nor has it diminished the amount of the bills payable. It has merely postponed payment. Everybody in France appears to be possessed of cash at this moment, except the merchants and manufacturers, and the best proof that the latter are in want of this essential element of commerce is that labour is to a great degree suspended in the manufactories, that the bonding stores are encumbered with articles of primary necessity—such as cotton, coffee, sugar, silk, and wool—and that traffic is diminishing on the railways.

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Paris 31st Dec. It is much desired that there shall be at least an appearance of great gaiety this season, and attempts are being made to set the whole population of Paris a-gigging. The papers constantly tell us that the masked balls are more than ever frequented. The truth, however, seems to be that there is a great falling-off in the money spent on pleasure this year. Even the restaurants complain bitterly of the diminution in the number of their customers. Wine-dealers also say that their attempts to procure orders are met by statements that all cellars are full.

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Everybody, high and low, seems to be economising. The consequence of all this is a general stagnation of business. It is true that there is a little more movement than there was a month ago; but the true state of things can only be ascertained by a comparison with the corresponding period of last year. D. T. 5

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Paris, Sunday, Jan. 3, 6 P.M. Commercial people in Paris appear to congratulate themselves that 1857 has closed without bringing the serious embarrassments which had been anticipated. Though business is not very flourishing, they are yet encouraged to look forward to better times by having escaped great losses. All, however, are not so sanguine. It is certain that many of the commercial bills which fell due in December were not paid, but were merely renewed, and there is still some apprehension that the month of February will not pass over as quietly as many expect. That trade has not yet resumed its former activity is shown, for instance, by the fact of the large speculations on the Bourse, in which capital is now particularly employed. Before commerce can recover from the effects of the crisis through which it has passed the real value of products must be more clearly ascertained. It is the uncertainty on that head which contributes to the present timidity, and, as long as it exits, no important speculation can be engaged in with hope of success. On the one hand, no one ventures to make extensive purchases, or contract new engagements, but contents himself with the supply necessary for his immediate wants; while, on the other, the holders of goods, the merchants and manufacturers, will not sell at a loss as long as they can avoid it, but continue to exist on their capital, as they have already done. No failures to any amount may take place, but the proprietors of accumulated stores of merchandise will have to pass through a painful ordeal till prices shall have found their level. The facilities afforded by the Bank will, no doubt, enable merchants and manufacturers to struggle through the difficulty, but the difficulty does not the less exist. The position of dealers in money is more favourable. When suspicion or uncertainty attaches to credit capitalists prefer investing in Government securities, hence the great rise in the Three per Cents. yesterday and for some days previous. When credit is restored, capital returns to its more legitimate application,—the purchase of the merchandise with which the bonding stores are encumbered. Among the measures of relief a negotiation is spoken of as going on between the Directors of the Bank of France and those of the National Discount-offices, for the advance of 60,000,000f. to the Paris merchants on the security of goods in store. This advance, together with the amount of the dividends payable on the Three per Cents. on the 22d of last month, and of the interest on the bonds of the various railway companies due and payable next month, will throw a considerable amount of money into circulation. The only intelligence worth notice from the departments is a rise in the price of sugar at Bordeaux, Havre, and Lille, and a similar advance in raw silk in the southern markets. A few orders have been received at Mulhouse from Paris for printed cottons and stuffs. Trade is dull at Rouen, but an improvement is expected in the course of the month.

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An article in the New York Herald, in which it is coolly stated that the recent crisis has enabled the States to escape payment of the debts to Europe, and that consequently it has been profitable to them,—has excited general indignation in this country. Never it is said, was commercial morality more scandalously outraged than by such a declaration.

5

[21] Governmental Measures.

Governmental Measures.

˙˙

Paris 26 Dec. The Moniteur publishes a decree approving of the proposition of the municipal council of Paris, fixing the personal tax for 1858 on the following bases:— Persons paying rent less than 250 francs a year will continue to be exempt from the above tax, unless they are patente´ (have licenses to carry on business), in which case they will be charged at the rate of 8 per cent. on the rent; from 250 francs to 499 francs the charge will be 3 per cent; from 500fr to 999fr 5 per cent; from 1,000fr to 1,499fr. 7 per cent; and from 1,500fr upwards 9 per cent. The sum necessary to be added to the produce of the tax, to make up the contingent assigned to the city of Paris for 1858, will be taken from the credit inscribed for that purpose in the communal budget for that year. 26 Dec.

Paris 31st Dec. Sollen keine prosecutions angestellt werden gegen die ˙˙ money changers u. bullion dealers, on the charge of melting down the silver coinage. After keeping the matter in hand for several weeks, the Government found that the only laws u. ordinances from a date anterior to 1789. Debats beweis, daß silver-coin etc private property. Government frightened at the rapid exportation of silver, and substitution of gold for it. Kein remedy als daß der relative value of silver to gold fixed by law ˙˙ 50 years ago should be modified: the present goldpiece of 20 fcs reell nicht mehr werth 20 fcs silver. Bonaparte’s plan of a gigantic insurance office for the agricultural productions of France u., in order to swell the profits of the Government, to make assurances compulsory, in 2 divisions rejected by the Council of State by tremendous majorities (68 to 4 u. 70:2) The whole scheme was, in fact, contemptuously rejected. Bonaparte wanted to become the Assurer-General. Während die private Insurance companies ruinirt haben. ˙˙ ˙ ˙ ˙ ˙ ˙˙ Taking advantage of the low prices of flour, the Government, through the Prefect of Police, has ordered the bakers of Paris to re-establish in the public granaries a seventh of the reserve of flour they are legally bound to have, but which reserve, from 1854, they have been dispensed from making. This obligation imposed on bakers is another of those bits of meddling with private trade,

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of which the French laws are so fond. The order of the Prefect has had little effect on the market.

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Hitherto the gold coinage of France was calculated on the assumption that one ounce of gold is equal to 151/2 ounces of silver, a proportion which does not hold good now, and this has given rise to the speculation of purchasing French silver coin for gold, and melting it down.

Woche endend 8 Januar. (’58)

10

It is again rumoured that an endeavour will be made to assist the commercial community by means of a fund of fifty or sixty millions, to be formed by the joint efforts of the Bank of France and the Discount Bank. The loans will be granted on the security of merchandise.

Paris. 7 Januar.

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Some influential persons, and even some journals, are trying to convince the public, and through in the Government, that the great moral to be drawn from what has recently taken place is, the necessity of making a large augmentation of paper money. In addition to the usual arguments in favour of such a circulating medium, they say that a large issue of notes would relieve the Bank of France from the necessity of making incessant efforts, as at present, to keep up its metallic reserve at a certain large figure; and from ever again, in the event of a new crisis, fixing its discount at 10 per cent., which is a heavier rate than commerce can possibly pay. And they assert that it is a delusion to suppose that the notes of the Bank are guaranteed by the metallic reserve,—the real guarantee being, they declare, the bills discounted.

[22] Governmental Measures.

˙ ˙ ˙ ˙ ˙˙

[23] Italy.

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Italy. Milan. 15 Dec

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A private letter from Milan takes a very gloomy view of the prospects of commercial affairs in that city. It says that the economical crisis continues to rage there, and that great disasters are expected for the end of the year. The attempt to establish a silk bank is a measure tardily taken, and which, moreover, is very difficult to carry out, under the pressure of a crisis which renders capital hard to obtain. As to the Bank of Discount (Caisse d’Escompte), of which so much has been said, this will be of no avail under the restrictions imposed upon it. In the first place, it cannot be considered a regular bank, because it is not allowed to issue ordinary bank-notes, having constant currency, but only bills or promissory notes at short dates, subject to the stamp, and of these it is not permitted to issue more than are equal to the amount of cash in the coffers of the Bank. The

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Milanese capitalists and bankers are represented as indisposed to assist in the foundation of an establishment thus restricted and limited, and the very persons who signed the request for the concession declare that unless fundamental changes are made in the institution they themselves will abstain. The plan adopted seems to have been a sort of middle term, intended to preserve untouched the privileges of the National Bank of Vienna, and at the same time to appear to comply with the urgent demands of the Lombardo-Venetians. But the expedient results in a delusion, unless (which does not seem by any means confidently anticipated) the Austrian Government makes such concessions as shall render possible the existence of this ardently desired institution.

The Turin Opinione publishes a letter d. d. Milan 15 Dec. to this effect: “The difficulties of the present times are very, very great; failures are occurring on a frightful scale, and after those of Palleari, of Ballabio and Co, of Cighera, of Redaelli, of Wechler and Mazzola, after the Contrecoup of foreign cities, after the suspensions of the best houses of Verona, Venice, Udine and Bergamo, our strongest firms also begin to waver, and to make up their accounts. And the accounts are very sad. Let it suffice to remark that among our great silk-houses there is not one that has in warehouse a less quantity than 50,000 lb of silk, whence it is easy to calculate that at present prices every one of them must lose from 1/2 to 2 millions of fcs—the stock of some of them exceeding 150,000 lb. The firm of Brambilla, Brothers, was supported by a loan of 11/2 mill. fcs; Battista Gavazzi is liquidating, and others are doing the same. So many fortunes vanished, so many reduced by 1/2, so many workmen without work or bread, or means of subsistence of any kind.” Turin, Dec. 30. Things begin to look rather better here in the commercial world. The Bank has not yet lowered its rate of discount, but is expected to do so in a day or two; and meanwhile money is to be had at 1 and even 2 per cent. less than the Bank rate. The silk-market is also improving; there have been purchases for speculation, and some persons expect that by the middle of January the improvement will be very decided. The reason alleged for the Bank’s not having lowered its discount is that it was afraid of too heavy a pull on its coffers at the close of the year. At least, such was the apprehension at Genoa, but I believe it is now agreed that the Bank shall lower to 9 per cent. on the 1st of January. The accounts from Milan are also better. The new Silk Bank has afforded some relief. It appears that that bank and the Discount Bank, originally distinct projects, are to be merged in one.

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[24] Italy. [25] Spain.

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Madrid 22 November. (’57) The financial crisis, which is so general in other countries, is beginning to be felt among us. The funds are low, and the fall in the 3 p. cts. is especially owing to the influx from abroad of a mass of paper of the consolidated debt, the holders wishing to turn it into cash with a view to the large profits presented by the exportation of the precious metals. It is strange that the Spanish Bank has not raised its rate of interest on discount which is still at 5 p. cts. Finding, however, that houses who have their representatives in Madrid discounted largely by means of deposits in Government Stock, and withdrew from the establishment an enormous quantity of specie for exportation, the Bank, instead of raising its discount, contracted it within very narrow limits. This abrupt change has placed in a difficult position several of the principal merchants of Madrid, who have abundance of paper but very little specie. Before the Bank Council adopted that resolution the holders of Government securities deposited them on account of advances at 5 p ct, which they negotiated afterwards and realized a profit of 21/2 p. ct. as Government 3 p. ct. in reality pay an interest of 71/2 p. ct. Now that the Bank will not discount, those who bought stocks with the view of making their 21/2 p. ct., exclusive of the profits on exportation, cannot re-sell their 3 p. ct paper, as the funds fell considerably in the course of 2 days. They consequently find themselves embarrassed and the result is much perturbation in the market. One well known capitalist in particular is said to have lost 4,000,000 of reals (40,000 £) on the 200,000,000 which he holds as the proceeds of the negotiation on the loan. He cannot discount this paper at the Bank, neither can he dispose of it at the Bourse without considerable loss, for the simple reason that if it were sold the funds would fall lower, and an enormous quantity of stock is offered at this moment. For the last day or two numbers of people have been to the Bank demanding cash for their notes, and yesterday crowds assembled at the doors. The Bank paid its rates yesterday in peseta pieces, and not in 5 francs pieces or Spanish dollars with the view of obstructing the exportation as much as possible. In addition to this state of affairs, it is to be observed that the usual great exportation of our excellent fruit from the provinces of the South and the East, where the crop was so abundant this year, has not taken place this autumn. No foreign ship has yet arrived in those ports and the fruit is beginning to rot. The

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export of Malaga and Alicante raisins, and of the figs and almonds of Murcia and Valencia, has failed in consequence of the commercial crisis throughout Europe. Spain loses by this alone 8,000,000 dollars, which were annually distributed through the country. Yesterday M. Mon remonstrated with the representative at Madrid of a capitalist of European celebrity on his exportation from Spain of the precious metals. “If our friends”, said M. Mon, “treat us so, what may not our enemies do!” M. M has always been a sincere friend of the capitalist, but he cannot approve operations which are so injurious to the interests of his country, particularly on the part of friends.”

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[25a] B. o. Engl. to give them relief.

The Board of Trade returns issued for October, and still show an increase in the declared value of our exportations as compared with the corresponding month of last year. The total augmentation is 318,838l., and it has principally arisen in the large class of miscellaneous goods placed under the head of unenumerated articles. Cotton and linen manufactures and silks are all on the adverse side. The falling off in the shipments to America and India has, of course, been very considerable, and as regards the former will be still more apparent in the returns for the present month. Probably for the next year or 2 the figures presented by these tables will be such as to allow of conclusions being drawn from them as to the real state of the trade of the country. During the past 3 or 4 years they have appeared to indicate extraordinary prosperity, and the inference has been that our transactions must have been profitable, or that they would not have been continued. No one was then aware that enormous shipments were being made month after month at a loss by fraudulent firms, supported by the funds of joint-stock banks. Increase Apparel and slops (£. 31,612); Beer and ale (14,044 £.); Candles (5,422); Coals and Culm (35,084) Cotton yarn (139,466l.) Earthenware (8,068) Glass (6,553) Linen yarn (14,896); Machinery (64,589); Copper and brass (90,432) Wool (23,247l.) Woollens (40,786l.) Woollen Yarn (3,159) Unenumerated articles (186,343l.) Dieß die increase of the Oct. 57 ˙˙ 10 months has been gegen Oct. 56. The total of our export for the first 106,721,381l., showing an increase of 11,147,825l. or about 111/2 %. The changes have occurred in the following manner:

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Minimum Discount der B. o. E. ˙˙ January 6 P. C. 5

Aprl 3. Jun. 18 July 16 10

6,7,8%

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61/2 61/2 (May) 6% 51/2 51/2 51/2 (8,12,22 Oct.)

February March April May June July August September October

Increase. Decrease. £. St. £. St. 1,083,319 1,587,293 1,007,778 560,918 2,648,904 (Indian Mutiny) 30,247 2,233,306 885,513 852,203 318,838

Compared with the corresponding 10 months of 1855 the increase is 28,633,944 or about 37 P. C. With regard to importation falling off in the consumption of almost all articles of food and luxury. V. den imports taken for Home Consumption. ˙˙ Month ending Month ending Oct. 31, 1856 Oct. 31, 1857 Grain, Wheat qrs 434,692l. 389,977 Grain of other descriptions qrs. 263,656 328,290 Indian Corn qrs 152,066 156,989 Flour and meal cwt 161,504 122,496 Egypt No. 7,504,600 7,226,400 Cocoa lb. 411,808 232,900 Coffee lb. 3,237,695 2,844,453 [Sugar, cwt.] [781,237] [663,0]62

[27] Bourse.

Boursequotations. [Hier folgt Tabelle S. 62/63. – Siehe Abbildung S. 73.]

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5

Satur- MonTuesWednes.. day day day day .. .. 26 Dec. 28 Dec. . . 29 Dec. . . 30 Dec. .. Threes. (Div. 22 March 67. 80 67. 80 68. 5 68. 55 u. 22 Sept.) B. o. F. div. 1 Jan. u. 1 Jul. Cred. Mob.

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3 150 810

Cred. Fonc. Northern Railway . . Old 950 New 770 Western Railway 670 .. Eastern . . . Railway . . Old New Mediterranean 857 ½ . . . Old New 832 ½ Orleans 1 352 ½ Southern 547 ½ Russian Great Central

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3 070

3 065

3 110

Thursday 31 Dec. ..

Thursday .. 7 Jan.

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70. 45 70. 15

3 150

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3 300

850

962. 50 955

965 792. 50. 690 670

980 822 712 720

865 910 852. 50 890 1 365 1 440 568. 75 580 515 525 650 655

1857 France

Saturday .. 9 Jan. .. 70.

Monday .. 11 Jan. 40

3 300

70

3 250

1 010. close: 1 040. account 1 000 1 050 975 810 715 722. 907 ½ 885 1 437– 35 585 530 647 ½

965 800 725

Tuesday 12 Jan.

Wednesday .. 13 Jan. ..

69. 80

69.

3 250.

1 425

69. 60 end of month 80

3 225

3 200

905

910–15

600 950 800 690

50 892 ½

65

Thursday .. 14 Jan.

885 850 1 410 550

955 795 695 707 887. 50 860 1 415 557. 50 520

Friday 15 Jan. 69. 70

Saturday .. 16 69.

85

3 200 about 900

940

close 920–25

600 950 805 692 ½

885 860 1 410

645

63

Karl Marx · Krisenhefte

Standen am 24 Dec. (’57): Threes B.o.F. Mobilier Northern Railway old. ˙˙ ˙ ˙ ˙ New. Western Railway ˙ ˙ ˙ ˙ ˙˙ ˙ ˙ ˙ Orleans Eastern Mediterranean old. New.

67. 75 3150. 800 945 775 675 1347. 50 675. 855. 837. 50

Southern. Great Central Russian. ˙ ˙

547. 50 647. 50 507. 50. 5

10

Week ending 31st Dec. (Thursday.) Yesterday the Three per Cent. Rentes closed at 68.30 for money, and 68.40 for the present settlement. The rise established during the week is about 3/4 percent.

[28] Bourse.

15

Paris. 7 Jan. In spite of the many unfavourable circumstances with which the last year was marked, the Three per Cents. on the 31st of December last were 1f 80c more than on the corresponding date of the previous year, the respective quotations of the two days being 66f 55c and 68f 35c. The augmentation is certainly very trifling, but it is perhaps greater than, all things considered, was to have been expected.

B. o. F. Cred. Mob. Cred. Fonc. Northern Railway Old ˙˙ ˙ ˙ ˙ ˙ New Western Eastern Old New Orleans Southern Russian Great Central ˙ ˙˙

64

Monday. 18 Jan. 3,200 917. 50

Tuesday 19 Jan. 3,200 895 600 950 795 692 1/2 700 710 1400 545

Wednesday 20 Jan.˙ ˙ ˙ 3,200 875 942 1/2 785 675 685 690 1390 935

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30

35

1857 France

Mediterranean Old —˙ ˙ ˙ ˙ ˙ ˙ New Threes

875 850 69. 10

69f. 40

865 840 68. 40

[Weitere Datumsspalten im Tabellenkopf:] 5

Thursday 21 Jan. / Friday 22 Jan. / Saturday. 23 Jan. / Monday. 25 Jan. / ˙ ˙Jan. / Thursda ˙ ˙ y 28˙ ˙Jan. / Friday 29 Jan. / Tuesda˙y˙ 26 Jan˙ .˙ / Wednesday 27 ˙ ˙ y 30 Ja ˙ ˙n. / Monday. ˙ ˙ ˙ ˙ ˙ 1 Feb.˙ ˙/ Tuesday ˙2˙ Feb. /˙ ˙Wednesday 3 Fe˙ b˙ . / Saturda ˙ ˙ ˙ ˙ ˙b. / Monday. ˙ ˙ ˙ ˙ ˙ 8 Fe˙b˙. / ˙ Thursday 4 Feb. / Friday. 5 Feb. / Saturday 6 Fe ˙ ˙ ˙ ˙ ˙ ˙ ˙ ˙ ˙˙ ˙ ˙ Tuesday 9 Feb. / Wednesday 10 Feb. / Thursday 11 Feb. ˙˙ ˙˙ ˙˙ ˙˙ ˙˙

10

Paris Bourse, Jan. 18th.—The inconsiderate speeches of Count de Morny, M. Troplong, and M. Baroche, on Saturday, have sent down the prices of the rentes fully 20 per cent., and the glowing description, given by the Emperor in his speech, of the French finances, has been unable to check this downward tendency.

15

[29] French German Rhine-Traffick

˙˙˙˙

˙˙

Strasburg 24 Dec. Traffic on the Rhine

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35

“The present year, which is drawing to a close, has been one of the most unfavourable which the river traffic has for some time experienced. The drought of last summer reduced the Rhine, the waters of which are ordinarily so abundant, to the proportion of a petty river, and the navigation of the stream was often seriously impeded. The accidents were numerous. Frequent collisions occurred between steamers and sailing vessels. Several laden with merchandise went to the bottom. Some were with great difficulty raised, and many, in order to escape a similar disaster, took only half a cargo on board. There were some, too, that did not venture to leave the Rhenish ports, but remained idle the greater part of the summer. At Manheim, Mayence, Coblentz, Cologne, and Emmerich the navigation was greatly interfered with, and the boats were laid up. This inactivity was, however, not wholly unattended by advantages. In certain parts the shallowness of the water allowed the execution of works which the Rhine in its ordinary state would render impossible. Near Bingen and St. Goar, for instance, rocks were blasted which lay in the bed of the river. These and other similar improvements did not, however, indemnify the parties interested in the navigation of the Rhine for the losses they otherwise sustained. It may be confidently stated that the official returns of the commercial movement of the Rhine for 1857 will show a falling off as compared with the average returns of preceding years, and that the deficiency of water has produced a result such as has not as yet been caused by the parallel lines of railroad on the right and left banks of the river.

65

Karl Marx · Krisenhefte

“For a series of years the river traffic showed a rapid and sustained progress; in the course of 20 years it has more than doubled. Manheim, for instance, where in 1836 the imports and exports amounted to 530,000 quintals, had in 1856, 5,000,000. In 1836 the trade of Mayence was about 2,000,000 of quintals; it reached 3,000,000 in 1856. In the course of these 20 years Coblentz increased from 1,000,000 of quintals to 2,000,000, and Cologne from 4,000,000 to 7,500,000. Owing to the cause I have just mentioned namely, the failure of the waters, that advance has met with a serious interruption. Of course, the receipts will offer a similar decrease. In 1855 the navigation dues of the Rhine produced 2,562,931f.; in 1856, 2,910,548f. The present year will certainly not be equal to 1856, nor even to 1855. “Comparatively with the receipts of the German offices those of the French are low, and yet France spends considerable sums in the works she carries on for the security of the navigation and the promotion of the traffic. In 1856 the river States of the Rhine expended a sum of 4,400,000f. in the conservancy of the channel and the banks. This sum was assessed as follows:— Baden Bavaria France Hesse Holland Nassau Prussia

Francs. 891,000 130,000 914,000 105,000 1,300,000 110,000 950,000

France, then, contributes to a very large amount in proportion to the commercial interests she possesses in the navigation of the Rhine. “The Central Navigation Commission, which some time back held its annual meeting at Mayence, took into consideration the lowering of the dues on vessels in the river. The delegates from Baden and Bavaria in particular insisted on that reduction, and they showed very clearly the inconvenience of the present dues, and the danger that would result hereafter from their continuance. They were supported by the French and Dutch delegates. Prussia was inclined to make concessions, but the representatives of Hesse and Nassau persisted in their wonted opposition to any material modification of the dues with a view to their reduction. Those two petty States, which only possess a small patch of territory on the Rhine, thus paralyse the favourable disposition of other States far more considerable. “The consequences produced by this system of high duties on the Rhine are very severely felt. Formerly the transit trade of England with Switzerland was by the Rhine, and formed one of the most important resources of the navigation. Some years ago it changed, and it now goes by another route. The cotton embarked at Liverpool for Switzerland is forwarded from Havre by railroad to Basle, viaˆ Paris and Strasburg. In a short time the line from Paris to Mulhouse will open a new route for the transport of goods, and the Rhine will then be deprived of all its gains, to the profit of the French railroads.

66

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1857 France

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“While the commercial development of the Rhine is thus deeply injured, the works of the railroad on the left bank, which will connect, by a direct line, Cologne and Strasburg, are actively going on. There is already a line of rails between Cologne and Bonn. The section from Bonn to Rolandseck was opened some months ago, and the one from Rolandseck to Remagen will be opened in a few weeks, that from Remagen to Buhl in the spring, and by next autumn we expect it will reach Coblentz. The only part wanting to complete the line on the left bank is from Coblentz to Bingen, and this will be finished in the course of 1859. “The navigation of the Rhine has therefore lost one of its elements of activity—namely, the carrying trade, in consequence of the competition of the French railroads. If the river States do not suppress the dues the navigation is gone for ever. A continuous line of rail along the left bank of the river, and parallel to its course, from Cologne to Strasburg and Basle, will command the whole of the commercial movement between all the towns on the Rhine.”

[31] French trade

French Trade. Paris 7 Jan. 20

25

30

35

40

Paris, Thursday. The commercial bills which fell due at the end of the year, were, on the whole, met much more readily than at one time could have been considered possible. An excellent proof of this is that in the last two days of the old year only six bankruptcies were declared, and that in the first four of the new year there were none at all; whilst on Tuesday the 5th, there were only six. And these 12 were besides perfectly insignificant. It must not, however, be forgotten that, as stated in a previous letter, timely renewals prevented the presentation of a great number of bills that were to have been fallen due at the end of the year:—and that with warehouses encumbered with goods, a heavy fall in prices, and no very active demand, traders have still “hard times” to encounter. On the other hand, it is not doubted that the Bank of France will shortly again reduce its rate of discount, and the Bank is, at the instigation of the Government, showing every disposition to assist commerce as far as possible,—an example which is, it appears, being followed by the Discount Bank (Comptoir d’Escompte), and even the Credit Mobilier. The Discount Bank is, besides, about to establish branches at Nantes, Havre, Bordeaux, Marseilles, and in other towns, and in this it proposes not only to discount bills, but to make large advances on warrants and other securities. Another favourable feature in the situation is, that the railway companies did not, contrary to expectation, draw at once from the Bank any portion of the 2,000,000l sterling it has consented to advance them, their own resources being sufficient to meet their engagements for the end of the year,

67

Karl Marx · Krisenhefte

heavy though they were; and it is alleged that in the course of the present month they will not have occasion to take any very large portion of the loan. On the whole, things are in an infinitely better position than even the most sanguine dared to hope when the crisis began, and when the Bank of France established the rate, unexampled in this country, of 10 per cent. for its discounts. From the turn things have taken, it may, perhaps, now be predicted, that French commerce, though it is not yet at the end of its troubles, and though it will certainly have to support losses, will escape altogether the great disasters that have befallen the trade of Great Britain, the United States, Germany, Sweden, and Norway. As to the Bourse, ever ready to “go ahead”, it is taking advantage of the improved situation to cause the funds and all securities to rise rapidly;—some people think that it is, perhaps, going rather too fast. The “Compagnie Franco-Americaine,” one of those which was formed with a loud flourish of trumpets some time ago, for navigation between France and America, and which obtained the support of Lyons capitalists, has, by a resolution of the share-holders, just been dissolved, owing to the discovery that its losses at the end of the year amounted to 4,500,000f (180,000l). It appears that the sugar manufactories of the North have already abandoned the making of alcohol, to which a short time back many of them turned in the hope of obtaining rapid fortunes, and have re-commenced purement et simplement the fabrication of sugar from beetroot. At the end of November there were 49 manufactories at work more than at the corresponding period of the preceding year, the total number being 320, and the quantity produced up to the same date was 54,582 tons,—an increase of 34,318 tons. In the course of last year France, it appears, lost 61 merchant ships, and 273 vessels engaged in the coasting trade.

5

10

15

20

25

Paris 8 Jan. Business in Paris articles has been active during the past week, owing to the demand for the Jour de l’An, but general commercial transactions have remained without much animation. The only remarkable circumstances which have occurred in the commercial movement in the other parts of France are a rise in the price of sugar and a revival in the silk markets of the South. Other kinds of merchandise do not show any material variation. At Havre, the demand for cotton has been pretty regular, the sales of the week amounting to 7,500 bales, and the arrivals to 9,000. The stock on hand is 82,200 bales, being 35,400 more than at the corresponding period of last year. Prices have undergone but little variation. Business at Rouen has been calm, but purchasers have begun to make their appearance, and an improvement is shortly expected. The manufacturers and calico printers at Mulhausen have received considerable orders from Paris and other parts of France, and prices have become firm. Trade is reviving at Lyons, and this improvement has had an influence on the silk markets of the South, as stated above, and in Italy, where prices are generally looking up. In the Paris corn market flour was rather offered, but prices remain without much

68

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1857 France

5

variation. The four marks were sold at 52f the sack of 159 kilogrammes; and fine qualities from Beauce, the Sarthe, and Brie at 51f and 50f 50c. Wheat remains at 28f 50c, without much movement. From the country markets the accounts state that prices are firm. The Northern ports are taking advantage of the low duty on exportation to send considerable quantities of wheat to England, and Nantes is despatching cargoes to Ireland.

Paris 14 Jan.

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40

Another reduction in the rate of discount by the Bank of France was expected this day, but none has been made. The monthly return of the Bank to be published to-morrow will, it is believed, show a not inconsiderable increase in discounts. Symptoms of improvement in commerce have presented themselves, but thus far, they are little more than symptoms: if, however, traders had the courage to consent at once to a reduction in prices, so as to get rid of their stocks on hand, a permanent improvement would, it is not doubted, take place. To accept that reduction would of course cause them loss, as they bought when prices ruled high; but it is said that they cannot hope to escape loss, and that the sooner they submit to it the better it will be. The Bourse since Saturday has not presented so favourable an aspect as it did last week, and prices have declined. Realisations of profits are stated to be the principal cause of this. There has been some wild speculation in Credit Mobilier shares, and unfavourable reports have been spread about that establishment: one of those reports was, that M. Emile Pereire, its most active director, was dead; and another, that he and M. d’Eichthal had been obliged to borrow 450,000l for the Credit Mobilier. For the first report there was no foundation, and the latter, M. Pereire has contradicted in a letter to the newspapers. On one day, the oscillations in the Mobiliers was so violent, that they fell upwards of 3l. The amalgamation system is still in favour here. It appears that all the navigation companies of the Seine, instead of continuing to compete with each other, are about to form themselves into one company and to amalgamate with a steam navigation company of some importance. A modification of the tariffs will be the first consequence of this measure, but it is not certain that it will be favourable to the public. The Comptoir d’Escompte has determined to establish branches in the principal seaports to make advances on acknowledgments (recipisse´s) of the deposit of goods. Now if the same or any other company were to do the same sort of thing in every great commercial town, the warrant system would be inaugurated with scarcely any expense, and without any delay. But if any grand centralised project be adopted, it will take a long time to organise it, and when organised, years will be spent in the execution of prodigious works, and money will be foolishly squandered.

69

Karl Marx · Krisenhefte

Week ending Jan. 15. The commercial advices from the departments in France state that the buyers who present themselves are very difficult in their dealings; nevertheless, some sales in cotton goods were effected at Rouen on better terms than might have been expected under existing circumstances. The price of stuffs at Mullhouse is more firm, and there is a greater demand, but the improvement in calicoes is not so preceptible. The wool trade is dull, prices low, and will continue so till trade revives in the other manufacturing towns. No improvement is to be noticed in the silk markets of the Drome and Ardeche; this is attributed to the cold weather and the Christmas holidays. A favourable reaction is, however, shortly expected. The Paris flour market has continued inactive. The bakers show no desire to buy, and there are consequently more offers than demands; still there is but little variation in prices. The cattle markets of Poissy and Sceaux were well supplied last week with sheep and cattle, and prices were firm. Several large cargoes of wine arrived at Bercy, and prices are looking down. Advices from Bordeaux announce a fall in the Bordelais. 15 Jan.

Paris Week ending January 21. Das Attentat v. 14 January has given a sharp and sudden check to specu˙ ˙ and trade, it has shaken confidence etc. What it has already done lation show the quotations of the Bourse.

Threes Bank of France Credit Mobilier Orleans Railway Northern Railway Ditto, new Eastern Mediterranean Ditto, new Western Railway Southern Russian

Thursday, f 70 3,200 915 1,415 955 795 707 887 860 695 557 520

Jan. 14. c 0 0 0 0 0 0 50 50 0 0 50 0

Thursday, Jan. 21. f c 68 85 3,200 0 890 0 1,397 50 945 0 790 0 690 0 867 50 837 50 685 0 540 0 513 75

[33] Railways.

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[Railways] Paris. 7 Januar. An official return just published contains some interesting facts relative to railways. At the end of September the total length of railway worked was 7,359 kilometres (4,588 miles), and at the same date of the preceding year it was only 6,079 kilometres (3,788 miles). It follows that in the space of one year no less

70

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1857 France

5

than 1,280 kilometres of new railway were brought into use. Of these 1,280, 66 are of the Northern line, 283 of the Eastern, 52 of the Ardennes, 74 of the Western, 221 of the Orleans, 134 of the Mediterranean, 101 of the Lyons to Geneva, 280 of the Southern, and 89 new lines in Dauphine´. During the first nine months of of the year the average length of railway worked was 6,698 kilometres, and the gross receipts were 231,882,647f: the length for the corresponding period of last year was 5,703 kilometres, and the receipts 202,982,873f. The average receipts per kilometre were consequently 34,620f in the first nine months of this year, and 35,222f in the same period of last year.

10

French Railways.

First Quarter Second Quarter Third Quarter 15

Or in sterling money

1857. 71,693,603 77,094,213 83,094,831 231,882,647 £ 9,275,306

francs.   francs.

1856. 59,154,416 63,947,724 79,880,733 202,982,873 £ 8,119,316

francs.   francs.

Although the aggregate receipts are thus shown to be greater for 1857 than for 1856, it should be noticed that the length of line had then been increased, for the relative average length open for traffic during these two years respectively was— 20

And the receipts for kilometre were Which is equivalent in sterling per mile for nine months to

25

30

35

1857. 6,698 kil. 34,620 frs. £ 2,226

1856. 5,763 kil. 35,222 frs. £ 2,267

An increased length of 935 kilometres shows here a diminished receipt of 602 francs per kilometre, which should serve as a caution to French railway proprietors not to be too eager for further extensions, as such frequently prove to be rather a drawback than an advantage. The returns on French lines would thus appear to be better than those on the English, for the former yielded £ 2,267 per mile for nine months of 1856, while, according to official returns, the recepts of the latter did not exceed £ 2,759 for the whole twelve months of the same year; but it may be better to reserve our further remarks on this subject until we can institute a comparison for the whole period. In other districts the traffic returns are very favourable, which indicates that the rail now supersedes other modes of conveyance; but we must confine ourselves at present to a statement of the comparative returns for the first 11 months of 1856 and 1857 of the Cologne and Minden.

Goods and passengers, and all receipts for 1857 Ditto ditto 1856 40 Increase Thalers

Thalers. 4,054,622 3,526,153 508,469

or  or

£. 602,182 526,291 £ 75,891

71

Karl Marx · Krisenhefte

We have not yet received official returns for the other Prussian or for the Hanoverian lines, but we have reason to believe that, with the exception of some falling off during the last two months, the result will not greatly differ in proportion from the above, which, under all circumstances, may be deemed very satisfactory.

5

[35] Northern Europe etc

[Northern Europe etc.] Hamburg, January 9. Several additional commercial failures are mentioned as having recently taken place in Sweden and Norway; and throughout the Danish monarchy fresh failures have been announced; so that the effects of the monetary crisis are still being felt, and cannot fail in influencing, more or less, the commercial community here. The navigation of the Elbe has been interrupted, and partially closed, since Thursday; and even yesterday morning persons could pass over the ice in tolerable safety; but the wind having veered round to the south-west, a sudden change has taken place in the temperature, and we have had, this morning, thaw, with a little rain, and a cloudy sky. Consequently, it is not improbable that the navigation may resume its usual course again to-morrow.

London 12 Jan.

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At Hamburg, discount has advanced to 3 per cent.

London. 22 January Friday. The fall in the value of money on the Continent continues. The Bank of Belgium yesterday reduced the rate of discont to 4 P. C. At Hamburg the quotation is 2 P. C. On Tuesday the Bank of Holland reduced the charge from 6 to 5 P. C. On Saturday the Bank of ˙˙˙ Prussia lowered the rate from 51/2 to 5 P. C.

25

[37] French Bourse.

[French Bourse] [Datumsspalten im Tabellenkopf – siehe Abbildung S. 74.]

12 Feb. Friday. / Sat. 13 Feb. / Monday 15 Feb. / Tuesday 16 Feb. / Wednesday 17 Feb. / Thursda˙y˙ 18 Feb. ˙/˙ Friday 19 Feb. ˙ /˙ Sat. 20 Feb. / ˙ ˙ ˙ ˙ ˙ y 22 Feb. / Tuesda ˙ ˙y 23 Feb. / Wedne ˙ ˙ sday 24 Feb. / Thursday Monda ˙ ˙ ˙ ˙ ˙ ˙ ˙ ˙ ˙ ˙y˙ 1 March. ˙ ˙ / Tuesda˙y˙. ˙ ˙ 25 Feb. / Friday 26 Feb. / Sat. 27 Feb. / Monda ˙ ˙ ˙ ˙ ˙ ˙ ˙ ˙ ˙˙ ˙ sday 3 March. / Thursday 4 Mar˙ch. 2 March. / Wedne ˙ ˙˙ ˙ ˙˙ ˙ ˙ ˙ ˙ ˙˙ ˙ ˙˙˙ ˙ ˙˙ ˙ 72

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1857 France. Seite [37]

1857 France

[linke Spalte]

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Threes / B. o. F. / Cred. Mob. / Cred. Fonc. / Northern Railway Old / ˙ ˙ ˙ New ˙ ˙˙ ˙ ˙/˙ Medi[Northern Railway] New / Western / Eastern Old / [Eastern] terranean Old / [Mediterranean] New / Southern / Russian / Great Central ˙˙ ˙ ˙˙ ˙ / Orleans

[39] French State Revenue.

[French State Revenue]

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The Government has published a return relative to the indirect and direct taxes. The amount of indirect taxes got in last year was (including a sum of 6,218,000f not yet paid up), 1,052,713,000f, which was 26,506,000f more than in 1856, and 101,834,000f more than in 1855. The total of 1,052,713,000f is thus made up:—Registration and mortgage dues, 283,735,000f, stamp duties, 54,590,000f; customs duties on wheat, 1,233,000l; ditto on different descriptions of goods, 115,217,000f; ditto on colonial sugar, 36,953,000f; ditto on foreign sugar, 29,810,000f; various customs duties not included in preceding items, 2,442,000f; export duties, 1,802,000f; navigation duties, 4,147,000f; salt duty, 37,122,000f: duty on wines and spirits, 152,899,000f; on manufacture of beetroot sugar, 41,577,000f; various duties and receipts, 51,849,000f; sale of tobacco, 173,268,000f; sale of gunpowder, 11,254,000f; Post-office, 52,004,000f; tax on money orders, 1,664,000f; places in mails, 15,000f; transit dues on foreign mails, 1,108,000f; occasional receipts, 24,000f. Compared with 1856, wines and spirits present an increase of 11,593,000f; and tobacco the enormous one of 9,835,000f. Foreign sugar increased by 10,405,000f; the other items of increase are insignificant. In colonial sugar there is a decrease of 3,998,000f; in the manufacture of native sugar of 3,933,000f; and in registration and mortgage dues of 2,034,000f. On the whole, the return is very satisfactory. The return of the direct taxes shows that the amount got in, in the course of last year, was 440,044,000f,—which, the taxes having only to be paid in monthly instalments, and a month’s grace being allowed, was more by 22,490,000f than could have been legally exacted. The amount of direct taxes remaining due at the end of the year was only 15,470,000f. In 1857, the expenses of proceedings to enforce payment of taxes was at the rate of 1f 60c per 1,000f; in 1856, it was 1f 62c the 1,000f. These figures also are satisfactory.

75

Paris, week ending January 21.

Book of the Crisis of 1857

[1. Umschlagseite]

Book of the Crisis of 1857 Lond. 12 Dec. 1857 (commenced)

Karl Marx · Krisenhefte

1 Failures. (London hauptsächlich) 3 Dec.–10 Dec. (1857) (Thursday–to Thursday) London failures. (2 Dec. 1) Hirsch, Strother et Co (Produce trade) (Wednesday)) ˙˙ 2) Mendes da Costa, and Co. General Merchants. (Brasilian Trade) ˙ ˙ ˙ ˙ 3 Dec. 3) Kieser and Co. (German House) ˙˙ 4 Dec.

5 Dec. (Monday) 7 Dec.

Failures. 60,000 300,000 50,000 410,000

4) Bovet (China (i. e. silk and German trade) (vom fall in silk prices) ˙ ˙ 5) Jonas and Co. (Swedish trade) 100,000 6) W. Wieler 7) Sewell and Neck (Northern trade) (about) 500,000 8) Albert Pelly and Co (Norwegian trade) 170,000 ˙˙ ˙

9) Krell and Cohn (German trade) 10) Lichtenstein and Co. (ditto) 8 Dec. (11–16) (Nämlich 4 failures am Stockexchange, 2 am 7t) 17) Hadland and Co (Manchester trade) 18) Couvella and Co (Greek merchants) 19) Baird and Co (Australian Merchants, will wind up under inspection. 20) Stobart and Co 9 Dec.) 21–22 2 more failures on the Stockexchange. 10 Dec. No failures. (Thursday)

10

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100,000 80,000 20

40,000

(7 December. Glasgow. Failure of Mr. J. G. Adams, calico printer, with liabilities variously stated at £ 100,000 to £ 120,000. Some of the liabilities lie in Manchester.)

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Book of the Crisis of 1857. Seite 1

Book of the Crisis of 1857

V. 28 Nov. (Saturday)–2 Dec. (Wednesday)

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1) Hermann Cox and Co. General Merchants ˙ ˙ ˙˙ ˙ ˙˙ 2) H. Hoffmann and Co. (Australi an ˙ and ˙ ˙ ˙ Continental trade) ˙ ˙ ˙˙ 3) Barber,˙ Rosenauer and Co

Liabilities. £. St. 50,000–60,000 100,000 40–50,000.

7 Nov.–14 Nov. 1st Week. In der Woche endend 14 Nov. (Saturday, beginning 7 Nov.) ˙˙ 12 Nov. Donnerstag Palmerston u. Lewis’ letter f. Suspension des Bank˙˙ acts: Chief failures: Sanderson, Sandeman et Co (Lond. great discounthouse, liabilities about 3 Mill. £. St. £. 3,000,000. Dennistoun, Cross and Co (American merchants) 2,000,000. ˙ ˙ Rigg; Broadwood and Barclay; London: +Bennoch, Twentyman, and J. Foot and sons. Liverpool: Hoge and Williamson; Babcock and Co; H. Dutilh and Co. + Dundee: Mackenzie, Ramsay, and Co. Glasgow: Monteith and Co; Paris: Munro and Co; Guimaraes and Co Amsterdam. Messrs Gallencamp. London + Draper, Pietroni and Co. (Mediterranean trade) £. 350,000. 2 t Week. (12 Nov.–21 Nov.) Wolverhampton and Staffordshire Banking Co; authorised note issue £. 35,378. Paid-up capital £. 100,000; Nominal: 500,000, Liabilities: £. 769,000; Estimated assets: £. 926,800. Most important Mercantile Failures at London: Hoare, Buxton and Co; + Sieveking and Co (both Swedish Trade); Ed˙˙ ˙Co; Bardgett wards and Mathie (produce brokers); Gorissen, Hüffel and and Picard; Brocklesby and Wessels; (all corntrade); Jose P. de Sa et Co (Brazilian merchants); Svensden and Johnson; (Swedish merchants); Al˙˙ ˙ len, Smith and Co; Thomson and Co (African merchants); Jellicoe and Wix, Turkey merchants. 3t Week, 21–28 Nov. Stoppage of the Northumberland and Durham District Bank; paid up capital 652,891l. (Circulation: B. o. E. notes) Mercantile Failures chiefly in the German trade: London: Herman, Sillem, Son and Co; A. Hinz and Co; Rehder and Boldemann; + Carr, Josling and Co. (last mentioned house chiefly Swedish ˙˙ ˙ trade)

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Midland counties: some fresh failures, especially in the iron trade, affected by the stoppage of the Wolverhampton and Staffordshire Bank. Manchester: L. Sampson, African Merchant. Leeds: J. Hubbard and Son (wool trade at Leeds.) Wechselreiterei: „Die Manier Geld zu machen durch Tratten auf einen ˙˙ Bankier od. ein „Wechselgeschäfte machendes Haus, u. diese vor Verfall zu datiren, od. auch nicht, je nachdem es arrangirt war, auf dem Conti˙˙ nent u. den continentalen Häusern in England Regel. Die Commissions˙˙ colossalste in häuser in˙ ˙Manchester thun es alle. Diese Manier auf’s Hamburg, wo über 100 Mill. Banco Wechsel liefen. Sieveking and Co (London, Swedish trade) Sillem and Co (London), Carr, Josling and Co ˙˙ ˙ Pietroni and Co u. andre Londoner Häuser daran zu (London), Draper, Grunde gegangen; sie waren hauptsächlich die Bezogenen in dieser line.“ ˙˙ (Engels) (18 u. 19 Nov. the embarrassments of a leading American House in London (Peabody) common topic of conversation. Its liabilities über 2,000,000l. St. Bank o. E. gab ihm Support Nov. 20 Friday.) ˙ winding up of some of “The revelations made in connection with ˙the the Glasgow and Liverpool houses which suspended at the beginning of the crises, and which show dividends of 1sh., 2sh., and 3sh. in the pound, are sufficient evidence of a reckless and utterly unsound system of trading. It would really appear that commerce requires to undergo the purifying process of a monetary crisis every 10 years or so.” (Econ. 28 Nov. 1857) “The balance sheet of Messrs Sanderson, Sandeman et Co shows liabilities of the firm on bills rediscounted to no less than 2,015,585l.” (Econ. Dec 5.)

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25

B. o. England. (Nov. 14–Dec. 9.)

Bank of England. V. week ending November 11, 1857 to week ending Dec. 12, 1857 (Saturday to Saturday) Minimum rate of discount 10 P. C. for all four weeks. I) First Week endend Nov. 14, beginnend Nov. 7 Saturday. 12 November (Brief Pam’s wodurch die Bankakte suspendirt.) ˙˙

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Book of the Crisis of 1857

5

10

Bank returns made up to the evening of Nov. 11 (Wednesday) (Gegen noon v. 12ten suspension der Bankakte.) Nov. ˙4,˙ 1857. Nov. 11, 1857. £. £. Total Bullion: 8,498,000 7,171,000 Note Reserve: 2,155,000 957,000 Coin Reserve 550,720 504,443 Public Deposits 4,876,944 5,314,659 Other Deposits 11,910,670 12,935,344 Government securities 10,120,104 9,444,828 Other securities 22,628,251 26,113,453 Note circulation 21,080,000 21,036,000 Total issue of notes 21,141,065

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25

Bullion Reserve (notes) Reserve (coin) Deposits (Private) Private securities

Bank returns, 1847 and 1857. Oct. 23, 1847. Nov. 11, 1857. £. £. 8,313,000 7,171,000 1,547,000 957,710 447,000 504,443 8,580,000 12,935,000 19,467,000 26,115,000

Die Bankaccounts up to 11 Nov. (week ending on) 1857 ˙˙ Liabilities Assets Circulation (incl. Bank Postbills) £. 21,036,430 Securities: £. 35,480,281 Public Deposits 5,314,659 Bullion 7,170,508 Private Deposits 12,935,344 39,286,463 42,650,789 Amount of bullion in the Issue Department: (11 Nov.) 6,666,065. I Week. 7–14 Nov. (Wednesday)

30

35

Die Bankreturns d. d. Nov. 11 show: reduction of bullion: 1,327,000l., in ˙˙ aggregate reserve £. 1,243,567 (trotz sale in the week of Government the securities of £. 675,276); Increase of private securities: £. 3,485,202. That sum daher, in addition to all the receipts from bills and notes falling due, advanced to the public within the week: altogether über 5,000,000. Total reserve (notes and coin) on Wednesday night: £. 1,462,153 gegen Deposits v. £: 18,250,003. Dieß position of the B. o. E. on Thursday Morning (12 Nov.) In consequence of the stopping of the Western Bank of Scotland and the City of Glasgow Bank, on account of Scotch, Irish and

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country Banks with the view of strengthening themselves, early in the Morning of Thursday der Bank entzogen (durch selling of stock) of nearly 500,000l.; the demand˙ ˙ upon the Bank for discounts by persons of undoubted credit greater than the day before. (One single firm obtained 750,000l. Its reserve at least reduced from Wednesday to 1/2, i. e. about 730,076l., m. über 19 Mill. deposits (public and private.) (Economist, 14 Nov. abridged)

Diese accounts der Bank, compared with the week ending Oct. 31, exhib˙˙ it: Decrease. Increase £. in Circulation: £. 13,152 Public Deposits: 442,715 Bullion: 1,327,272 Private Deposits: 1,042,674 Reserve 1,243,882 Securities: 2,809,926 Rest: 58,777 The monetary crisis has this week reached its climax. Throughout all the earlier part of the week the feeling of distrust continued to increase. The demand for money at the Bank o. E. was unprecedented; yet, notwithstanding the immense sums obtained from that establishment, the difficulty of obtaining accommodation in the open market became more decided than ever. By Thursday morning there was danger of commercial affairs coming to a stand-still. By half-past 3 officially notified on the stock-exchange on behalf of the B. o. E. the suspension of the Bankact of 1844. The great discount houses and other firms enabled to procure a large supply of money from the Bank, and at once began to grant liberal accommodation. On Friday the applications at the Bank, though still large, greatly below those of yesterday (Econ. Nov. 14) Am 14 Nov. denkt der Economist die false hopes entertained as to the ˙˙ consequences of the suspension of the˙˙Bankact sowie: “There is an impression in good quarters that the Bankact of 1844 will not be really infringed on the present occasion.” II) Second Week (November 14–21 Saturday) ˙ ˙ ˙ ˙ ˙ (Wednesday) Bankreturns (18˙ ˙Nov.) Liabilities: Assets. (Notes issued: 22,554,595) Securities: 38,628,404 Notes circulat22,235,954 (Private securities) 30,299,270 ing: (incl. B. P. B.)

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Book of the Crisis of 1857

(Reserve: 318,641) Public Deposits: 5,483,881 Private deposits: 13,959,165 41,679,000 5

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40

(Gov. securities) 6,407,134 Bullion: 6,484,096 (Im Issuing Department) (6,079,595) ˙ ˙ ˙ ˙ 45,112,500

Comperative statement for the last 7 weeks. (10 Oct.–18 Nov.) 1857

Circulation.

Bullion.

Oct. 10. 17 24 31 Nov. 4 11 18

£. 19,990,000 20,133,000 19,766,000 20,371,000 20,266,000 20,183,000 21,406,000

£. 10,110,000 9,524,000 9,370,000 8,732,000 8,498,000 7,171,000 6,484,000

Private Deposits. £. 9,667,000 11,132,000 11,263,000 11,489,000 11,910,000 12,935,000 13,950,000

Gvt. Securities. £. 10,560,000 10,254,000 10,254,000 10,254,000 10,120,000 9,444,000 6,407,000

Priv. Secur. £. 22,898,000 20,539,000 20,404,000 22,197,000 22,628,000 26,118,000 30,299,000

Rate of Interest. P. C. 6% 7 8 8 9 10 10

In 7 weeks decrease of Bullion: 3,616,000 £. Decrease of Govern- 4,153,000 (davon 1/2 sold, 1/2 überment Secur.: reicht an Issuing Department) Increase of Discounts 7,401,000 and Advances: Increase of private 4,292,000 (great portion Deposit deposits: of bankers) Increase of circula1,507,000l. tion: II Week (14–22 Nov.) (Wednesday) Diese accounts der Bank, compared with the week ending Oct. 31 show: ˙˙ Decrease Increase Bullion: 686,412 Public Deposits £. 169,122 Private Deposits 1,023,621 Securities 3,148,123 Reserve 90,533 Rest 69,144 Circulation: £. 1,199,524 (The actual infringement des Acts less than 1/2 million, insofern das Bank˙ ˙ department übermachte 2 Millions ˙of ˙ Goving department dem Issuing ˙ ˙ ernment Securities) “With the single exception for last week, the demand this week has been large beyond precedent.” (Econ. Nov. 21) So “continued pressure for money at the B. o. E., and necessity for the directors of infringing the Bankact.” (l. c.)

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Die increase of deposits in the Bank during the last 2 weeks (mit 10 P.˙˙C. Discount, während die Bank kein interest zahlt) besteht haupt˙˙r Joint-Stock banks u. private bankers, die sächlich aus d. private hoard de ˙˙ ˙˙ diese deposited in order to strengthen their reserves. What the bankers have deposited (for nothing) the B. o. E. has freely advanced (for 10 P. C. and more.) Die Decrease in the Government about 3 Mill. 2 of them transferred to ˙˙ ˙˙ the Issue Department. One million sold by the ˙Bank, to procure notes for the aid of the trade. Notes in the hand of the public increased by 1,223,000l., caused in the main by their being taken into the country in order to strengthen the reserves of country banks. Great part of the Decrease of Bullion (about 2 Mill. £. St.) shown in the Comparative Statement, took place after the foreign drain had ceased in a great degree; was chiefly caused by a demand in Ireland and Scotland.

3

Bank of England (Nov. 11–Dec. 9.)

III Week (21–28 November Saturday) Bank returns on 25 Nov. 1857. (Wednesday.) Issuing department. Notes issued (2 millions on Pam’s letter) £. 23,259,145 Bullion. 6,784,145 Reserve of notes of coin Also waren altogether: Bullion in der Bank: ˙˙ Notes in circulation:

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Banking department. £. 1,918,140 479,527 7,263,672 21,341,005.

Der Bank account in the old form: Liabilities ˙ ˙ £. Assets. Circulat. includ. Bank Post Bills 22,156,143 Securities: Public Deposits: ˙ ˙ ˙ ˙ ˙˙ ˙˙˙˙ 5,788,998 Bullion: Private Dep.: 14,951,566 42,896,657 Rest: 3,447,179 V. den securities sind private: government

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5

31,350,717. 5,807,447.

25

£. 39,080,164 7,263,672.

30

46,343,836

35

Book of the Crisis of 1857

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III Week ending 25 Nov. Diese Accounts, compared with the week ending Nov. 18 exhibit: £. Increase of Bullion: 779,576 Decrease of circulation: 65,995 Increase of Private Securities: £. 1,051,717. Decrease of Public Securities: £. 599,553. Increase of Private Deposits: £. 1,001,566. Die Decrease of Public Securities shows that the Bank continued to sell ˙˙ Government Stock to a very large extent. Die Increase of Bullion and Decrease of Circulation denotes improvement˙˙in the situation of the Bank. ˙ ˙ ˙ up Wednesday. Daher entsprechen die Die Bank returns immer made ˙˙ ˙˙ Bankverhältnisse nicht den übrigen, die wir immer bis Saturday (exclu˙ ˙ siv) führen. Die Increase of Private securities zeigt d. fortwährende Pressure. ˙˙ IV Week 28–5 December. (Saturday) Bank returns. 26 Nov.–2 Dec. (Wednesday.) Issue department. Notes issued: £. 23,370,770 Bullion. 6,895,770 Reserve of notes: coin: Also: Bullion in Bank: Notes in Circulation:

Banking department. £. 2,268,340 460,697 £. 7,356,467 £. 21,102,430

D. Bank account in der old form: ˙˙ Liabilities Assets. Circul. (incl. Bank Post Bills) £. 21,943,691 Securities: 38,555,033 Publ. Deposits: 6,072,267. Bullion: 7,356,467 Private Deposits: 14,436,186 42,452,144 45,911,500 V. den securities sind private ˙˙ Public

£. 31,191,386 £. 5,441,647

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IV Week. 25 Nov–2 Dec. This accounts compared with the week ending 25 Nov. exhibit: Increase of bullion: £. 92,795 Decrease of circulation: £. 238,575. Decrease of Priv. Securities: £. 159,331. Decrease of Private Deposits: £. 515,380 Decrease of Public Securities: £. 365,800 Increase of Reserve: 330,670 Real Reserve of the Bank nach Act v. ’44: 729,037 ˙˙˙ Reserve also noch exceedingly small. Die increase of Bullion schwach; ˙ whole of the gold bought indicates that the Bank did not retain ˙the during the weeks: there must have been some withdrawals of sovereigns. The favourable tendency of the moneymarket would have become more decided but for the check interposed by fresh failures, coupled with the unprecedentedly severe panic at Hamburg. Die Decrease of Private ˙˙ securities verbunden m. dem noch grössrem v. Private Deposits shows ˙ ˙ that the private u. Jointstockbanks had entzogen der B. o. E. Theil ihres ˙˙ Discountgeschäfts. Die Decrease of Public securities zeigt daß die ˙ ˙ ˙˙ Bank o. E. fortfuhr auf d. Stockexchange Public funds zu verklopfen, um ihr loanable Capital zu vermehren.

Notes Issued: Bullion:

V week. 6 Dec.–9 Dec. (Wednesday) Bank returns on Dec. 9. Issuing Department: 24,043,255 7,568,255

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Banking Department. Reserve of notes: of Coin: Also waren altogether: Bullion in the Bank: Notes in circulation:

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£. 3,900,485 501,234 8,069,489 20,142,770

30

Book of the Crisis of 1857

5

D. Bank account in der old form: ˙˙ Liabilities Assets Circulation (incl. Bank Post Bills) £. 20,953,992 Securities: 37,467,207 ˙ ˙ ˙ ˙ ˙˙ Public Deposits 6,648,062 Bullion: 8,069,489 Private Deposits 14,440,724 42,042,778 45,536,696 V. den securities sind private: public:

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30,113,185 5,434,022

V week 3 Dec.–9 Dec. (Wednesday) Ziehn wir ab v. der Reserve v. 4,401,740 (notes and coin) die 2 Mill., die ˙ ˙ den Act v. ’44 ausgaben, bleibt reserve˙˙v. 2,401,740. die Kerls zu viel über ˙˙Die accounts compared ˙ ˙ with the week ending 2 Dec. show: ˙˙ of bullion: Increase 713,022. Decrease of circulation: 959,660 Increase of Deposits (private) 4,538 Decrease of private securities: 1,080,201 Decrease of Public Securities: 7,625 Großes Improvement der Bank. Unemployed notes increase: 1,632,145. ˙ ˙ zeigt, daß das Discountgeschäft der Bank Die Decrease der Securities ˙ ˙ ˙ ˙ ˙ ˙ of other discounters; ˙ ˙ ohne bedeutend gefallen u. increasing competition Entziehung (vielmehr schwache Vermehrung v. private deposits.) Die Decrease of Publ. Securities zeigt, daß die Bank zu schwachem ˙˙ (4,538l.) fortgefahren Funds zu verklopfen. ˙˙ ˙ ˙ ˙ amount The state of things here indicated points to an approaching reduction in the Bank rate of Discount. In proportion to the magnitude of the amount of bills held by the Bank is the sum falling due from day to day at establishment, während ihre Ausgabe v. notes vermindert. (of advances u. discounts) So ihre resources will continue to augment. Dazu enormous influx of gold u. nearly the whole of the receipts retained here. Aber the payment of dividends, which will constitute the next great call upon the Bank, usually involves, during a period of 2 or 3 weeks! a diminution of about 2 millions in the reserve. Hence the Bankdirectors ˙ ˙ cry for a will not hastily reduce the rate of discounts. Hence the rising reduction in the rate of discount will be disregarded; is confined to speculators (Econ. Dec. 12)

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4

London Moneymarket

V. Week ending 14 Nov. bis 12 December. (Saturday exclusive des lezten) ˙˙ ˙ ˙ ˙

I) General aspect of the Moneymarket. te

1 Woche Nov. 7–14 (Saturday) climax der monetary Panic; 11 Nov. ˙ C. erhöht; Bank o. E. am Bankrate v. 9 (worauf am 4t Nov.) zu 10˙P. Bankerott; Peel’s Akt suspendirt am 12 Nov., officiell auf der Stockex˙˙ change bekannt gemacht um 31/2 Uhr Nachmittags. (Donnerstag). Das ˙˙ ganze Discountgeschäft auf die Bank geworfen; alles business zuvor zu ˙ ˙ deadlock gekommen. Zunächst verursacht durch die Bankstoppages in ˙˙ Illusionen nach Schottland (Western Bank u. City of Glasgow Bank). Suspension des Akts. Die großen failures v. Dennistoun u. Sanderson ˙ ˙ week. Während ˙˙ während dieser der pressure on the B. o. E. zunimmt, ˙ zugleich Wachsen ihrer Deposits. ˙(Reserve der Joint Stock u. Private ˙˙ banks.) 2te Woche, Nov. 15–21. Andrang f. Discount unprecedented, obgleich ˙ ˙ wie vorige Woche; Discounts u. loans wachsen, ebennicht so gewaltsam so die Private Deposits. Bankrotte in London fahren fort, obgleich nicht ˙˙ so bedeutend. Drain des Bullion dauert fort, über halbe Million. Drain ˙ ˙ den Bankakt faktisch zu verletzen. Circulation internal. Nothwendigkeit ˙ ˙ bank. wächst. Failure of a provincial 3 Woche, 22–28 Nov. Bankrotte bedeutender, wie in der vorigen Woche ˙ ˙ return des bul(bes. German trade) Circulation fällt, bullion steigt durch ˙˙ lion v. Schottland, Irland u. des country. Allgemeines Distrust fortdau˙ ˙ ernd, wie die bedeutende u. gleichzeitige Increase of Private Securities u. ˙˙ private deposits zeigt. Failure of a provincial bank. Das improvement in der Lage der Bank v. England noch by no means hier˙ ˙improvement des ˙˙ ˙ ˙ in general. ˙˙ money market 4 Woche. 29 Nov.–5 Dec. Sehr bedeutender Wiederausbruch der Bankrotte (bes. German u. Northern trade, aber auch China-trade (im˙ ˙Seiden˙ ˙ bedeutenden Bullion Imports, die Bullion increase geschäft etc)). Trotz ˙˙ turn des moneyder B. o. E. schwach, noch nicht 100,000 £. Favourable ˙ ˙ ˙ private market checked by the Hamburg Catastrophe. Die decrease ˙v. ˙ ˙ securities u. die noch größere v. private deposits zeigt, daß d. distrust nicht mehr so ˙˙groß: das Monopol der B. o. E. f. discounts u. advances ˙˙ contrecarrirt durch resumption dieses˙ ˙Geschäfts on the part of the Joint Stock-private bankers. Die Fortdauer v. failures hemmt die kühnen ˙˙ ˙˙ 90

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Book of the Crisis of 1857

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„sows“. Reserve der Bank noch schwach. Circulation fährtfort abzuneh˙ e Hamburg Catastrophe u. die Northern Crisis. men. Check durch˙ di 5 Woche 6 Dec.–12˙˙Dec. Circulation fällt; ist nun˙˙gefallen v. dem höch˙ ˙ £. St.) sten Punkt (worin sie stand in der 2 t Woche) (nämlich 21,406,000 ˙ ˙ auf 20,142,770l. od. um £. 1,264,130; zeigt, zugleich m. dem Steigen des ˙˙ ˙˙ Bullion in den vaults der Bank, das sich bedeutend vermehrt hat, v. ˙ ˙ 18 Nov.) ˙ ˙ auf 8,069,489l. od. um £. 1,585,489, daß das 6,484,000 £. (am ˙˙ Geschäft im ganzen Land bedeutend abgenommen hat. Zugleich sehr bedeutende decrease der securities; its Unverhältnißmässigkeit zu den De˙ ˙ bleiben, zeigt daß der Competition der andern ˙˙ posits, die fast stationär ˙ ˙ ˙ ˙ ˙ ˙ discounters wächst, aber nicht so, um ferner die sehr bedeutenden private ˙˙ m. denen sie wagen zu deposits der Bank zu entziehn; weil die Categorie, ˙ ˙ ˙ ˙ discountiren u. avanciren, sehr limited. Bedeutender influx v. Gold u. daher Vermehrung des Bankbullions, direct v. Aussen, nicht wie in der ˙ ˙ v. Schottland u. Irland. “We hear of numerous ˙˙ 3ten Woche durch reflux 1 transactions of 9 /2 P. C.” (in open market. Econ. 12 Dec.) Continued caution in scrutinising 2nd and 3d class paper. Bedeutendes Wachsen der ˙˙ Reserve der Bank. Cry for reduction der Rate of Interest (by “specula˙ ˙ ˙ ˙ tors” sagt der Economist) withstood by the Bank o. E. Trotzdem, daß nun die Lage de˙r˙ Bank positiv sehr verbessert, u. auch der eigentliche Mo˙˙ ˙(insofern ˙ ˙ ˙ verschlechtert neymarket firstrate-papers leichter discontirt), t t sich in der 4 u. 5 Woche alles im Produce- u. Industrial market; Großer ˙˙ Einfluß allerdings v. Hamburg, Schweden, German u. Baltic Crisis. Sehr bedeutende Bankerotte in der 5t Woche, setzen ein m. verdoppelter Ener˙ ˙ Friday.) Die Verbeßrung des moneymargie an ihrem Schluß. (11 Dec. ˙˙ panic“ einerseits ˙ ˙ aufgehört kets heißt nichts, als daß die bloße „monetary ˙ ˙ u. Bullion sich vermehrt hat, aber gleichzeitig die industrielle u. com˙˙ mercielle Thätigkeit gelähmt ist u. f. die sehr abgenommnen Transactio˙ ˙ nen zu enorm gesunknen Preissen weniger Circulation erheischt ist. Die 10 P. C. Discont müssen dabei bitter schmecken. Der Bankerott einer pri˙˙ vate issuing bank of Worcester krönt das improvement. ˙˙ The following statement shows the state of the Note-Circulation in the Un. Kingd. during the 4 weeks ending Nov. 21, compared with the previous Month:

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B. of Engl. Private Banks Joint Stockbanks Total in England Scotland Irland United Kingdom

Oct. 24 1857 £ 19,971,724 3,845,853 3,138,692 26,956,269 4,248,221 7,261,959 38,466,449

Nov. 21 1857 £ 20,557,120 3,655,577 3,062,590 27,239,287 4,344,222 6,772,645 38,356,154

Increase £ 585,396

Decrease £ 190,276 112,102

5

283,018 96,001 480,314 110,295

Also: increase of 283,018l. in the note-circulation in England Also: decrease of 110,295 in the U. Kingd. Verglichen m. Month endend 22 Nov. 1856 increase of notes of 207,389 in Engl. decrease 546,186 in U. Kingd. The average stock of bullion held by B. o. Engl. during Month ending Nov. 18: £. 7,720,984 compared m. Octob. decrease 2,195,743 verglichen m. Nov. ’56 decrease 1,956,086; Scotch and Irish Banks during month ending Nov. 21: £. 4,471,731; ˙˙ ˙ ˙ ˙ compared m. October Increase: 413,209; Nov. ’56 Increase 94,262. In September last, the minimum Bank rate of discount was 51/2 per cent, per annum, at which it had stood since the 16th July. On the 5th of September we received the news of the failure of The Ohio Life and Trust Company in New York, an institution that had enjoyed such high credit that respectable houses in London were willing to trust them for 30,000l. This intelligence was followed by each succeeding steamer, twice a week, by the announcement of other failures of large mercantile houses and bankers in New York, Boston, and Philadelphia; and on the 8th October we received the news of the banks in Philadelphia and Baltimore having suspended specie payments. On that day only, the 8th October, the Bank raised the rate of discount to 6 per cent, followed by a further rise at short intervals, as is well known, to 10 per cent.

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9 November 9. Several extensive failures of commercial houses in London, Liverpool and Glasgow. Two banks in Glasgow suspended payment. The Bank of England raised the rate of discount to 8, 9 and at last 10 per cent.

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London Moneymarket v. Week ending 14 Nov.–12 Dec. ˙˙ II) Bullion market.

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a) Bullion in the B. o. E. Date. Amount of bullion. £. Decrease. £. 11 Nov. 7,171,000 1,327,272 18 Nov. 6,484,096 686,412 25 Nov. 7,263,672 2 Dec. 7,356,467 9 December 8,069,489 11 Nov.–9 Dec 2,013,864 Excess of 428,471

Increase. £.

779,576 92,795 713,022 1,585,393

Since the above date–12 Dec. beyond 300,000 £. added to the Bullion stock of the Bank, so that it will amount about as high as on November 4, when the Bullion amounted to 8,498,000 £. St. b) Export and Import of Precious Metals. Import £ St.

Export. £ St.

Date. 20

7 Nov.–14 Nov.

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35

About 300,000 Gold u. 300,000 silver 15 Nov.– 21 Nov. 867,000 22 Nov.–28 No˙v˙. Unbestimmt. etwa ˙ ˙ 200,000l. 29 Nov.–4 Dec. 330,000l. Gold u. silver 5 Dec.–11 Dec. about 1,200,000

Excess of Excess of ExImport port. £. St. £. St.

Principal exports: 146,000l. silver 431,717 Unbestimmt. Etwa 80,000 510,085 (meist silver) about 90,000

b) Export and import of precious metal. 1) Nov. 4–17. V. d.˙ ˙300,000 gold (7–14 Nov.) 206,000 from Melbourne, 35,000l. from Russia; d. 300,000 silver imported from the Continent. V. Silver Export d. 146,000l. f. America. 2) Nov. 15–21. V. d. 867,000 £. importirt: Gold: 525,000l. (Australien Gold via Egypt); 155,600 from the Westindies; nearly 80,000 from Russia; 47,000 from New York. Rest Silver (35,000 from the Continent.)

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Die Exports: Gold: 80,000 to New York; 15,000 to the Peninsula; 18,000 ˙˙ Westindies; 318,717l. nearly all in silver for Alexandria and the to the East. “Owing to the continued disorganisation of mercantile affairs, gold is being simultaneously shipped from New York to England and from England to New York, but there seems now to be received more gold from that quarter than despatched thither. The drain of silver to the East has nearly ceased apart from the fortnightly remittance of a quarter of a million on account of the East India Co. Continent was only able to withdraw a very moderate proportion of the newly imported gold. Meanwhile, there is every prospect that gold will flow back from Scotland and Irland, and considerable arrivals are taking place from Australia.” (Econom. 21 Nov.) 3) Nov. 22–28 Nov. D. about zu 200,000 £ belaufende: ˙˙ Import: Gold: 120,000l. from New York; 10,000l. from the Peninsula, and numerous small remittance of gold, representing a considerable aggregate, derived from various parts of the Continent. The influx of continental gold forms a novel and important feature! íIn dieser Woche v. 22t Nov.–28t, der 3 ten beginnt also erst d. screw der B. o. E. to sell on the ˙˙ ˙˙ ˙˙ continent, während in der vorigen noch shipments dahin stattfanden. ˙ ˙ Russland bildet Ausnahme.î (Diese Wirkung wächst in Woche 4 u. 5.) (Econ. 28 Nov.) Export: 32,000 £. for New York: 30,000l. for the Brazils. 4) 29 Nov.–4 Dec. Imports: l. 295,000, wovon about 98,300 gold u. 197,600 silver from the Westindies and Mexico; 35,000l. gold from New York; some limited amounts of silver from the Continent; beständiger influx v. Gold daher. Exports: 11,000l. gold for the U. St., 409,085l. (nearly all silver) by the forthnightly packet for the East; 90,000l. Silver for Hamburg. Goldexport f. den Continent fast ganz ceased. The principal gold˙ the numerous small parcels of gold from various imports consisted ˙of parts of the continent by nearly every steamer. Principal features dieser week: Bedeutender influx of gold v. Continent; revival of demand for silver (wenn auch small) for the East; bedeutendes shipment of silver f. Hamburg. 5) 5–11 Dec. Goldimports: 470,000l. from Australia; 340,000 in Australian Gold from Alexandria; 296,000l. from New York; 80,000 from Russia. some considerable amounts of gold from the Continent; auch 40,000l. silver from the Continent. Exports: 20,000l. to New York, 55,000l. in Silver to Hamburg, 10,000l. to the Peninsula, some small parcels of gold for the continent. (Hauptfea-

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ture: Grosser Influx v. Australian u. American Gold; reviving pressure ˙˙ for silver f. East u. Hamburg) ˙ ˙ ˙ ˙˙˙ c) Price of Silver. Date. Standard bar Mexican dollars. rise. fall. Silver. 7 Nov. 5sh. 17/8 d. p. oz. 3 1 Woche 13 Nov. 5sh. 11/2 d. /8 d. 1 t 2 Woche 20 Nov. 5sh. 1 /2 d. Am 17 Nov. verkauft Mexican dollars at 4sh. 115/8 d. p. oz. fall of 5/8 d. 3 Woche id. 21 Nov.–27 Nov. ˙˙ ˙ ˙ id. 4 Woche. 28 Nov.–4 Dec. 7 ˙˙ 5sh. 01/2 d. (rise of /8 d. 5 Woche. 5sh. 23/8 d. 7 /8 d.) 5 Dec.–11 Dec. Also das Silber fiel in der ersten Woche der Crise um 3/8 d. p. oz auf ˙ ˙ bars; in der 2t ˙Woche ˙ ˙ ˙ 5/8 d. p. oz auf Mexican standard der Crise um ˙ ˙ ˙ ˙ dollars; blieb stehn auf diesem Point during the 3d u. 4t week; u. stieg auf bars u. Mexican dollars um 7/8 d. p. oz, theils in Folge der demand f. den ˙˙ East, aber hauptsächlich in Folge der fames argenti in˙ ˙ Hamburg. (Im ˙ ˙ selben Grad, wie die Crisis auf dem ganzen Continent wächst, wird die ˙˙ ˙˙ Nachfrage f. Silber˙˙wachsen – abgesehn v. Indien; u. damit der Goldt ˙˙ drain set in a need.) Das Steigen des Silberpreises in der 5 Woche ist ˙˙ spezifische Wirkung der Hamburger˙ ˙Crisis auf den Londoner Bullion˙ ˙ ˙ ˙ market.

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4 [6]

Moneymarket v. Week ending 14 Nov. bis 12 Dec. II) Bullion market.

d) Foreign Exchanges. (Wechselmarkt.) (erst gegeben die Foreign rates of ˙˙ exchange on London.) d a) Foreign rates of Exchange on London. Locality Date Rate of exchange on London. Paris. 5 Nov. f. 25. c. 30 at 3 days’ f. 24. 80c. p. sight: 3 months sight. Hamburg. 3 Nov. 13.41/2 m. at 3 days’ 13 p. 3 months’ sight. sight Amsterdam. 3 Nov. 11.72 u. 11.75 at 11.55 11.571/2 p. 2 months’ sight. 3 days’ sight. Antwerp. 5 Nov. 25f. 25.: 25f. 20 at 3 days’ sight. St. Petersburg. 2 Nov. 351/2 3 months’ date. New York 24 Oct. 102.105 60 days’ sight. Dieß sind die wichtigsten quotations vor der Woche der Panic ˙˙ New York prices being below the˙ ˙Mint Par between ˙˙ (7–14 Nov.). The the 2 countries, there is at present an advantage in sending gold from here, as compared with drawing bills from America. (Econ. 7 Nov.) Consequently, bullion continued to flow out from England to the U. St. (Sieh über die übrigen quotations Econ. 7 Nov.) Zinsfuss am 4 Nov. heraufgesezt ˙˙ 9% v. 8%, auf denen er stand seit dem 24 Oct. auf ˙˙ 1. Woche Nov 7–13 Locality. Paris

Date. Nov. 12

Hamburg

Nov. 10

Amsterdam

Nov. 10 ˙˙

Antwerp St Petersburg New York

Nov. 12 No˙ v˙ . 10 ˙ ˙ 29 Oct.

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Rate of Exchange on London. f. 25 : 371/2 at 3 days f. 24. 80c. at sight. 3 months’ sight. (13.45/8 p. c. at) (short exchange) 25.30 (3 days’ sight) 25.50 (521/2) 2 months’ date. f. 25.25 (3 days’ sight) 353/4 3 months’ date. 106. 60 days’ sight.

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Gold about 1/10 % dearer in Paris than in London; about 1/10 P. C. dearer in London than in Hamburg. The quotation of the exchange at New York on London for bills at 60 days’ sight is about 106 P. C. for first class-paper, but prices much below that are named for other descriptions. The rise in the rate of discount at London to 10 P. C. will prevent any profit on the transmission from England. 2 Woche Nov. 14–20

10

Locality. Paris

Date. Nov. 19 ˙˙

Hamburg

Nov. 17 ˙˙

Amsterdam

Nov. 17 ˙˙

Antwerp Petersburg New York.

Nov. 19 No˙ v˙ . 17 No˙ v˙ . 7 ˙˙

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Rate of Exchange on London. f. 25.371/2 3 days’ sight. f. 24.75 at 3 months’ date. 13.61/4 at 3 days’ sight. 12.151/4 at 3 months’ date. 25.80 at 3 days’ sight. 25.60 at 2 months date. 25f. 40 at 3 days’ sight. 351/2 at 3 months’ date. 108–109 at 60 days’ sight.

Gold about 2/10 dearer in Paris than in London; nearly 5/10 dearer in London than in Hamburg. The quotation of the exchange at New York on London for bills at 60 days’ sight about 108 P. C. for firstclass paper, and 103 to 104 for other descriptions. The present rate of discount will therefore prevent any profit on the transmission of gold from this country. (Also in der 2 Woche drain nach America stopped.) ˙˙ 3 Woche Nov. 21–27. ˙˙ Locality Date Rate of Exchange on London Paris Nov. 26 25.45 3 days’ sight. 24.80 3 months’ date. Hamburg 24 13.8 3 days’ sight. 13 3 months’ date. Amsterdam 24 11.871/2 : 11.90 3 days’ 11.671/2 : 11.70 2 months’ date. sight. Antwerp 26 f. 25.45 : 25.471/2 3 days’ sight. Petersburg 24 341/2 3 months’ date. New York 14 107–108 60 days’ sight Gold about the same price at Paris and London. (also d. Exchange f. Paris sich verbessert gegen Woche 1 u. 2, aber die Bank of France hatte ˙˙ 97

Karl Marx · Krisenhefte

den Zinsfuß auf 8% erhöht). Gold is 13/10 dearer in London than in ˙˙ Hamburg. At 10% Discount, no profit on the transmission of gold from England to the U. St. 4 Woche. Nov. 28–Dec. 4. ˙˙ Locality Date Rate of Exchange on London Paris Dec. 3 f. 25.421/2 at 3 days’ 24.771/2 at 3 months’ sight. date. Hamburg 1 nominal 3 days’ sight. nominal 3 months’ date. Amsterdam 1 11.921/2 3 days’ sight. 11.70 u. 11.75 at 2 months’ date. Antwerp 3 f. 25.35 u. 25.40 at 3 days’ sight. St Petersburg Nov. 23 341/2–35 at 3 months’ date. New York 23 1091/2–110 at 60 days’ sight.

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Gold about 3/10 p. c. dearer in London than in Paris, 9/10 P. C. dearer in London than in Hamburg; no profit on gold transmission to the U. St. 5te Woche. Dec. 5–11 Locality Paris Hamburg Amsterdam Antwerp Petersburg New York

20

Date Dec. 10 8 8 10 8 Nov. 26

Rate of Exchange on London f. 25.40 3 days’ sight– 24.75 3 months’ date. nominal. 11.85 at 3 days’ sight. 11.621/2 : 11.65 at 2 months’ date. f. 25.30 : 25.35 at 3 days’ sight. 343/8 at 3 months’ date. 1081/4 : 1091/4 60 days’ sight.

gold about 3/10 p. c. dearer in London than in Paris. No profit on the gold-transmission from England to the U. St.

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II) Bullion market 14 Nov.–12 Dec. d) Foreign Exchanges. (Wechselmarkt.)

b

d ) London rates of Exchange. [Hier folgt Tabelle S. 100/101.] 5

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In Week I steigt d. Londoner exchange auf Holland (Amsterdam u. Rotterdam); Belgien (Antwerp u. Brussels); (Hamburg; Frankfurt a/M (bedeutend); Wien (bedeutend), Triest (dtto); i. e. Deutschland; Frankreich (Paris nicht bedeutend, Marseilles bedeutend); auf Livorno (Toscana) bedeutend; Sardinien (Genoa) auch, nicht so bedeutend; fällt: auf Petersburg (bedeutend); Neapel u. Sicilien, (Naples, Palermo, Messina); Spanien (Madrid and Cadiz); Portugal (Lisbon) (Oporto) eher gefallen als gestiegen im Verhältniß m. 3 Nov. u. 6 Nov. In Week II. steigt u. hält sich auf Holland (Amsterdam u. Rotterdam) a little; auf Belgien (ziemlich: Brüssels u. Antwerp.); Deutschland (Hamburg unbedeutend, Frankfurt a/M niedriger als am 10 Nov. aber höher als 3t u. 6t); Oestreich steigt bedeutend (Wien u. Triest); Frankreich (Paris u. Marseilles bleiben ziemlich diesselben); steigt eher auf Livorno, Genoa; steigt eher auf Oporto. Fällt auf Madrid u. Cadiz; Naples, Palermo (bedeutend); Messina; Lisbon. Bleibt stationär auf Petersburg. In Week III: Steigt gegen Amsterdam, gegen Rotterdam steigt 24 Nov., fällt relativ 27 Nov.; Antwerp steigt 24 Nov., fällt relativ 27 Nov.; steigt gegen Brussels; steigt gegen Hamburg, Wien, Triest,˙ ˙Paris, steigt gegen Marseilles 24 Nov.; fällt 27. ˙˙ Fällt gegen Petersburg; Cadiz; Naples; Palermo; Messina, stationär Frankfurt a/M, Madrid, Leghorn; steigt gegen Genoa, Lisbon; stationär Oporto. In Week IV steigt gegen: Rotterdam, Brüssels; Antwerp; Marseilles; Fällt gegen Amsterdam (eher ebenso gegen Hamburg; Paris; Triest; Petersburg; Naples; Palermo; Messina;)

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In Week V Fällt gegen Amsterdam (unbedeutend), Rotterdam; Brüssels; Antwerp; Frankfurt a/M (unbedeutend) Paris; Marseilles; Leghorn; Genoa; Palermo; Oporto. stationär: Frankfurt a/M, Wien,

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3 ms 3 ms 3 ms 3 ms short

3 ms dtto dtt dto dto dto dto dto dto dto dtto dto dto dto 60 ds dto

Marseilles Fkft a/M Vienna Trieste Petersburg Madrid Cadiz Leghorn Genoa Naples Palermo Messina Lisbon Oporto Rio Janeiro New York

Time short

Rotterdam Antwerp Brussels Hamburg Paris

Locality. Amsterdam

Prices negotiated on Tuesday. 3 November 11.193/4 f. (Amster3ms 11.16 dam 3. Nov. 12.01/4 f. 3ms.) 11.17 11.193/4 12.01/4 25.521/2 25.571/2 1 25.52 /2 25.571/2 13.93/4 13.101/4 25.221/2 f. 25.321/2 3ms. 25.85 24.771/2 25.771/2 25.871/2 3 119 /4; 120 10.42. 10.46. 10.43 10.47 341/4; 343/4 48 481/4 49 491/4 30.35 30.45 25.80 25.85 421/8 417/8 126 127 126 127 52 521/8 1 52 /4 523/8 date 12.03/4 25.55. 25.55. 13.101/2 25.271/2 für 3ms: 25.85 25.85 1191/2 10.47 10.48 34 473/4 483/4 30.50 25.85 417/8 1251/2 1251/2 52 521/8 25.95 121 10.50 10.52 341/4 481/4 491/4 30.60 26 421/8 1261/2 1261/2 521/8 523/8

12.11/4 25.70 25.70 13.121/2 25.40; 25.95

’Change. Friday. 6 November 121/4 f. 123/4 11.163/4 3ms: 11.171/2

12.11/2 25.75 25.75 13.12 25.35 f. 3ms: 25.95 26. 1201/2 10.48 10.50 341/4 471/2 481/2 30.60 25.95 417/8 1251/2 1251/2 515/8 521/8 26.20 122 10.54 10.54 34 48 49 30.70 25.10 421/8 1261/2 1261/2 521/8 523/8

12.21/4 25.85 25.85 13.14 25,45 26.20 26 121 10.54 10.55 331/4 473/4 48 30.60 26 417/8 1251/2 1251/2 513/4 521/8

12.11/2 25.70 25.70 13.12 25.30 26. 26.20 122 10.58 11 333/4 48 49 30.75 26.10 421/8 1261/2 1261/2 521/8 523/8

12.2 25.85 25. 85 13.13 25.45 26.20

1st week. Prices negotiated on ’Change. Tuesday. Friday. 10 November 13 November 11.17 f. 11.18; 11.16 f. 11.18 3ms: 12.21/4 3ms: 12.2 1 12.1 /2 date: ˙ ˙ ˙1/2 12.1

26.5 1211/2 10.58 11 341/4 471/2 481/2 30.60 26.21/2 411/2 1241/2 1241/2 513/4 523/8

121/2 25.75 25.75 13.113/4 25.35 3ms 26

26.15 122 11.4 11.6 333/4 48 49 30.70 25.171/2 42 1251/2 1251/2 521/8 523/8

12.2 25.85 25.85 13.121/2 25.50 26.15

26.5 1211/2 11.5 11.8 331/2 472/4 481/4 30.65 26.15 411/2 1231/2 1231/2 513/4 521/8

12.2 25.80 25.80 13.123/4 25.25 3ms 26

473/4 481/2 30.75 26.30 42 1241/2 1241/2 52 521/4

26.20 122 11.10 11.15

12.21/2 25.95 25.95 13.14 25.45 26.15

2nd week. Prices negotiated on ’Change. Tuesday. Friday. 17 Nov. 20 Nov. 11.17 f. 11.18 11.171/2 f. 3ms: 12. 2 3ms: 12.2 11.181/2 1 12 /2 u. u. 12.21/2

Karl Marx · Krisenhefte

[Amsterdam]

15

[Marseilles] [Fkft a/M] [Vienna] [Trieste] [Petersburg] 20 [Madrid] [Cadiz] [Leghorn] [Genoa] [Naples] 25 [Palermo] [Messina] [Lisbon] [Oporto]

[Rotterdam] [Antwerp] 10 [Brussels] [Hamburg] [Paris]

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3nd week. Prices negotiated on ’Change. Tuesday. Friday. 24 Nov. 27 Nov. 11.18 12 11.18 12.3 12.3 3ms. 12.3 3ms. 12.2 12.21/2 12.2 12.3 12.21/2 12.3 25.85 26 25.80 25.90 25.85 26 25.80 25.85 13.13 13.14 13.13 13.141/2 25.40 3ms 25.65 25.35 25.55 26.5 26.15 3ms 26.5 26 26.10 26.20 26 26.10 1211/2 122 1211/2 122 11.10 11.20 11.10 11.12 11.10 11.20 11.10 11.20 323/4 331/4 33 331/2 471/4 473/4 471/2 473/4 473/4 481/4 473/4 481/4 30.65 30.75 30.65 30.75 26.25 26.25 26.30 26.40 411/4 413/4 411/4 413/4 1 1 123 /2 124 /2 124 1241/2 1231/2 1241/2 124 1241/2 1 3 3 51 /2 51 /4 51 /4 521/8 1 1 1 52 /8 52 /4 52 /4 521/2 26.5 1211/2 11.6 11.10 323/4 471/4 473/4 30.65 26.30 411/8 123 123 511/2 521/4

26.15 122 11.15 11.15 33 473/4 481/8 30.75 26.45 415/8 124 124 52 521/2

26 1211/2 11.10 11.12 323/4 471/2 473/4 30.60 26.30 41 122 122 511/2 521/4

26.15 122 11.15 11.18 331/4 473/4 481/4 30.75 26.40 411/4 122 1/2 123 523/4 521/2

4th week. Prices negotiated on ’Change. Tuesday. Friday. Dec. 1 Dec. 4 11.181/2 11.191/2 11.181/4 11.191/2 n. 3ms. 12.31/4 n. 3ms. 12.31/2 3 12.2 /4 12.23/4 12.23/4 12.31/2 12.23/4 12.31/2 25.80 25.90 25.821/2 25.95 25.80 25.90 25.821/2 25.95 13.123/4 13.131/2 13.123/4 13.14 25.40 3ms 25.50 25.35 25.50 26 26.10 26 26.10

5th week. Prices negotiated on ’Change. Tuesday. Friday. Dec. 8 Dec. 11 11.181/2 12.191/2 11.18 11.181/2 n. 3ms. 12.3 n. 3ms 12.31/2 12.2 12.23/4 12.23/4 12.31/2 12.2 12.3 25.80 25.85 25.75 25.85 25.80 25.85 25.75 25.85 13.13 13.14 13.121/2 13.131/2 25.30 n. 25.45 25.30 n. 25.40 3ms 26.5 3ms 26 25.95 25.95 26 26.10 25.95 26.5 1211/2 1213/4 1211/4 122 11.12 11.20 11.8 11.12 11.14 11.22 11.10 11.14 323/4 331/4 323/4 331/4 47 473/4 467/8 473/4 471/2 48 471/2 48 30.60 30.70 30.60 30.65 26.20 26.45 26.20 26.40 401/2 41 401/2 411/4 123 1231/2 123 1231/2 123 1231/2 123 1231/2 1 3 51 /4 51 /4 51 513/4 1 1 52 /4 52 /2 52 523/8

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[In Week V]

Madrid; Cadiz; Leghorn; Genoa; Lisbon; Oporto. Steigt gegen Petersburg; Messina; stationär Hamburg, Wien; Triest; Naples;

Die Quotations beziehn sich immer im Vergleich (steigen od. fallen auf di˙e˙ leztvorhergehnde Woche) ˙˙ 6 [8] d b) (London Rates of Exchange (zu Seite 5.) London Economist, dessen Urtheile rather zu prüfen an dem fact of p. 5, macht folgende Commentaries: Woche endend 7 Nov. (vor der Panic, aber Heraufsetzung der Rate of ˙˙ interest am 4 Nov. auf 9%). New˙ ˙York Exchange on London remained at a point which forbids to entertain the idea that remittances of gold from this side will cease” Considerable advance in the exchanges on nearly all the leading continental cities; consequent upon the rise in the value of money here. On Nov. 6 the quotations for bills were much higher, and very irregular; according to the quality of the paper.” (Econ. 7 Nov.) 1 Week (of the panic) Continental Exchanges on 10 Nov. attained a further considerable rise. On 13 Nov. these rates firmly maintained, and the tendency still favourable.” (Econ. 14 Nov.) The current quotations on several continental markets now stand on a point that has not been witnessed for a long time past.” (l. c.) 2 week. “The foreign exchanges are generally still higher than last week, and, owing to the distrust of the stability of continental houses, it is very difficult to effect sales of any but the best bills.” (Econ. Nov. 21) 3d week. The foreign exchanges have been in an extraordinarily unsettled state throughout the week. First-class drawers, whose bills alone are sought after at a time when so much distrust is abroad, asked very high rates, and on Tuesday (24 Nov.) there was really very little business done ˙ ˙ the 27th more confidence was shown, and in bills on the Continent. On the market regained something like its ordinary appearance. Further rather considerable advance in the rates on Holland, Vienna, and Trieste. Short bills on Paris were more inquired for to-day, and were quoted rather lower. (Econ. 28 Nov.) 4th week. “The foreign exchanges this week have maintained the advanced quotations lately established; but, owing to the general distrust, great difficulty is still experienced in placing bills. The rates on Holland and Paris rather higher than those current on Nov. 27; but, as regards Belgium, the quotations are somewhat lower. The exchange on Petersburg continues to decline, owing to the obstacles which are interposed by the Government to the exportation of Specie.” (Econ. 5 Dec.)

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5th week. “The Exchanges between England and the Continent are still maintained at an unusually high range, but during the present week the tendency has been rather downwards in some cases, chiefly as regards paper on Paris and Belgium, and long bills on Holland. Bills on Vienna are quoted higher. The chief feature of the market, however, is still the difficulty, or rather impossibility, of placing other than first-class bills.” (Econ. 12 Dec.) (Im u. um Wechselmarkt besteht die eigentliche „monetary panic“ da˙˙ nicht mehr convertibel in Geld rin, wenn bills nicht mehr discontirbar, (notes or coin) sind; im Foreign Exchange dauert daher panic also zu gewissem Grade, d. h. für alle nicht first-class papers fort.) On Friday 11 Dec.:

15

The Continental exchanges, this afternoon, were extremely irregular. Bills were negotiated with great caution, and the rates, on the average, were lower than on Tuesday. (M. St.)

7 [9]

III) Security Market.

(a) funds. b) share market. 1) railways. 2) jointstock banks 3.) mining shares. a) Public Funds.

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8 [10] [Bank Deposits. London. 22 January. 1858] London. 22 January. 1858. “The rationale of the recent crisis amounts to this, namely—that in this country, and in most of the great trading communities with which it is connected, there had grown up gradually during the last 5 or 6 years a wide circle of firms who carried on an enormous trade in exports and imports, not by means of capital of their own, but by means of capital raised by the systematic fabrication and discount of accommodation bills of exchange; that, after several narrow escapes from collapse since the summer of 1855, the crash came at last in its most sweeping form by the simultaneous breaking up (and whence this simultaneous breaking up?) of several of the great centres upon which the coherence of the system depended; and that, in point of fact, when all mysteries of drawing and re-drawing, discounting and rediscounting, are cleared away, it becomes perfectly plain that the masses of actual capital really wielded by these

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adventurers were obtained by them in the form of discounts and advances, and at high rates of interest, out of the reservoirs of deposits held by such concerns as the Western Bank of Scotland, and out of the reservoirs of capital at the command of the manufactures, brokers and dealers from whom the adventurers obtained credit, and to whom, of course, there remains only as much satisfaction as is conveyed by an infinitesimal dividend. It will be a great misfortune if any part of the public are led into the belief that it is possible to devise or conduct any system of mere paper credit, which for several years shall be equal to fostering and conducting an enormous trade, and especially a foreign trade. Credit cannot make something out of nothing. For a large trade there must be a supply of ready money from somewhere. Wages must be paid in gold and silver, or its equivalents; machinery must be kept going; custom and port duties must be settled; and fifty other classes of disbursements must all be kept in subordination to the end of the enterprise by a command of hard, actual cash. And this is the narrowest view to take. When the operations become larger, extend over long periods, or stretch into distant countries, there must be a vast capital at the bottom. It may be the capital of men who, as trading with their own money, and guided by their own knowledge and judgment of each special case, fulfil all the conditions which attach to a substantial and prudent merchant; or it may be capital scraped together by the devices of adventurers whose proper vocation is not commerce but gambling;—still, whether it be capital owned by principals or by creditors of those principals, it is capital which has been obtained from somebody and has been saved somewhere. The fabric of credit which may grow out of the dealings with this capital may be large or small; but let us assure ourselves, once for all, that no depth of infatuation in favour of accommodation bills, no density of mental darkness or moral perception as regards prodigality of fictitious promises, can of itself create the means even of sharpening the point of one of the pens employed to propagate the mischief. In return for commodities or labour, other commodities or labour, the property of some one—that is capital—must sooner or later be given, and we may profitably endeavour to find out from what quarter the capital actually wielded by the fictitious houses has been drawn, and how it happened that it was obtained so easily and left so long. In 1845, the total amount of the deposits and balances in the five Joint Stock Banks then existing in London was about 10 millions sterling. In 1853, the amount had become 22 millions, and early in 1857 it is probable that it was very nearly 42 millions. There is no means of arriving at the same class of results as concerns Joint Stock Banks in the country; but there is no great rashness in assuming that during the last seven or eight years the amount of funds lodged with these Banks and with private Banks, upon deposit and at various rates of interest, has been very much greater than at any former period—and that it has gone on increasing year by year. In some cases the Banks do not allow interest

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on the balance of current accounts—in others, interest is allowed on those balances, subject to certain conditions of amount and time—and the rate allowed is nearly always materially less than the market rate of the day. But all the Joint Stock Banks in London allow interest on sums of money lodged with them on deposit, and it has been a sort of rule to fix the deposit rate of interest at some given per centage below the varying rate of discount of the time being. The higher, therefore, the rate of discount, the greater the inducement on the part of the public to become depositors. In point of security, the unlimited liability of all the shareholders of the Banks, to say nothing of the trading resources of the concerns themselves, has been regarded as placing the depositors beyond peril. In point of convenience, no investment could be more attractive—for in the most emphatic sense, it was speedy, inexpensive, and simple. The whole process could be gone through in five minutes. It required neither lawyer, broker, notary, nor witness—and the handsome piece of engraved paper called the deposit receipt, was as easy to understand and as agreeable to look at as an opera ticket. Moreover, there was another consideration which was not overlooked, namely—that not only was the interest on the deposit paid with admirable punctuality, but also that the payment was made in full, and without any abatement of income tax on the part of the Banks. The effect therefore has been, that deposits in Joint Stock Banks have, to a great extent, assumed a new character and new dimensions. Formerly it was a general impression on the part of the public that it was desirable only to leave in the custody of bankers such floating and casual sums of ready money as were indispensable for current wants of business or household expenditure. The account of the bankers was a larger sort of strong box, very safe and very convenient as the receptacle of all odd sums which could not be spared for some ultimate purpose of investment; and so long as bankers did not allow interest on current accounts, and did not allow more than a moderate rate of interest on sums left with them on deposit, there were constantly in operation strong reasons of profit and loss against the employment for any but temporary occasions of the facilities afforded by Banks. The Banks were confined to their original function of taking charge of floating balances for short periods,—and all persons possessing accumulations of money seeking investment, made their own inquiries in their own way as to the kind of investment—land, consols, ships, houses, bonds, or produce—which would best suit them. The judgment, observation, knowledge, and technical skill, therefore, of every person having money to lend or apply was continually exercised in finding out the best and safest mode of application. Every investor did his own business, and did not depend upon the banker. But in their new character, as the centres of these large deposits, the Joint Stock Banks have in a great measure relieved the holders of ready money from all necessity of exercising this vigilance and discretion. During the last few years a man who happened to receive two or three thousand pounds, or any larger or smaller sum, say as the repayment of a mortgage, has found it much more to his advantage to place the money as a deposit than to incur the annoyance, risk,

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and expense of seeking another permanent security,—and hence it is that the resources of the Banks as obtained from deposits have taken so rapid an increase. In other words, the character of the Banks has been gradually changed. They have still retained the functions of Banks, and by virtue of that function their leading peculiarity still is to undertake enormous liabilities claimable on demand or short notice, and to cover their liabilities by assets capable of being realised under similar prompt conditions. But the growth of their deposits has gradually superadded to these ordinary functions of banking, the function of finding employment in a variety of forms for no small part of the ready money capital of the country. The most obvious and profitable kind of employment which has presented itself to the Banks has been the discount of bills of exchange and advances under various forms and names on mercantile credits. The process has, then, resolved itself into a circle of action and reaction. The influx of deposits has given facilities for the discount and establishment of bills and credits;—the necessities or the expectations of the borrowers under these bills and credits have led them to pay readily a high rate of interest;—that high rate of interest has increased the profits of the Banks and led them to offer better terms to their depositors;—still larger and still more inordinate proportions of the ready-money capital of the country have thus been drawn into the money market;—the former and ordinary system of individual investments by individual holders of money capital has been interfered with and suspended;—and the end has been what we have just seen, namely—that the unnatural scope given to fictitious and adventurous houses, has led to a more appalling example than ever occurred before, of the extent to which credit misapplied may enable the most worthless part of a commercial community to waste in gigantic follies and disgraceful frauds, millions of capital gradually amassed by years of industry and self-denial on the part of others.

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9 [11] [Bills with documents and without] Bills with documents and without (Polemik im Oekonomist v. 22 Jan. 58 sqq.) “the leading jointstock bank connected with India and China is believed to have instructed its agents to confine themselves to the purchase of document bills only; and further, they have intimated their intention after a certain date in the present year to purchase bills drawn at 4 months’ sight only.” Dagegen polemisirt nun “A Merchant”, as follows: It is familiar to most of your readers, that certain houses in England, possessed of large capital, grant “credits” to their correspondents abroad, under which they are authorised to draw to a certain defined extent, against consignments of produce, and the issuers of these credit bills affix to them a special letter of guarantee to accept, addressed to the holders. Houses granting these

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credits, being composed of men of large capital (assuming that to be the case) and earning a very moderate commission upon the transactions, of course exercise a vigilant discretion as to the standing and respectability of the parties to whom they afford such facilities. Houses carrying on this class of business generally are not, and ought not to be, interested in any purchases of produce on their own account. They sell produce belonging to others on commission, and employ their large resources in providing the needful margins for securities, discounting sales, &c., for their constituents. Assuming such a house to be provided with a capital of 300,000l unfettered cash, and its engagements to represent liabilities spread over six coming months, of 400,000l, all covered by produce and bills of exchange, then it is clear that there are convertible assets under their control of 700,000l, and this, with the modification of figures, the proportion being preserved, is the position of many leading houses. Now it is equally evident that purchasers of bills abroad, if exercising due vigilance and caution, ought to be well acquainted with the character of the drawers of these credit bills, and the standing and the means of the issuers of the credits can be accurately ascertained. Bills, therefore, drawn by parties of prudence and respectability upon drawees such as I have described, having the legitimate trade in produce as their basis, appear to me to constitute mercantile securities of the highest character, by the aid of which alone the vast trade of this country can be successfully carried on. In the case of document bills, in the large majority of instances, I believe I might say in all, the drawers and drawees enjoy so little credit, that they are unable to get their drafts taken in the market without the accompanying security of shipping documents, and the purchaser relies upon the value of the shipment covering his interest. Now, in cases where the produce is bought at moderate prices, and the advance represented by the bill is a moderate one,—that is to say, leaves a fair margin,—while the parties to the bill are respectable, the risk run would be confined to the probable inability of the drawer to pay in “hard times” with a great depreciation in the value of produce. But it is quite notorious that throughout the East, and notably in Bengal and China, vast speculations have been carried on by the aid of document bills, generally purchased by the banks, drawn up to the full amount of cost by men entirely without means. By the natives of India gross deceptions have been practised. Produce of inferior quality has been invoiced at the highest price of the best without the possibility of check, for the produce is shipped before the bills are drawn. Speculators without means are invariably bold (reckless); by them prices are forced up to an exaggerated height, and a margin of even 20 per cent., nominally preserved between the amount of a document bill and the cost of the produce it represents, is frequently dangerously above the limit of an average market value. In China it is stated to be a fact that immense transactions have been entered upon by the clerks of the different houses, who get their bills secured by documents taken for amounts representing the full cost of their shipments even at the prices lately ruling for silk.

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Thus merchants find themselves frequently engaged in a ruinous competition with those who are alike destitute of capital and prudence. Wild speculation is fostered, while a “fine exchange business” is apparently carried on by the banks. It may be argued that, admitting credit bills to be first class, they would be rendered still more secure to the holders by the accompaniment of documents. But no merchant with an extensive business would conduct it on such terms. He must have his produce unfettered, and shipping documents in his own hands form an indispensable item of his available assets in times of need and pressure. The real security to the “credit” bill-holders consists in the large surplus capital and the character of the parties on whom the bills are drawn. In the proposal to reduce the usance of East India and China bills from 6 to 4 months, there appears to me to be little wisdom, and a fancied security originating in fright. Bills from the East are generally drawn against produce, and from the origin of the purchase to the realisation of the proceeds of the goods the time occupied will generally be six months. Now, as the produce should generally meet the bills, as it is the substantial substratum against which they are drawn, fortified by reserves in the hands of the drawees, as undue haste certainly does not tend to security, it appears to me that the substitution of a four months’ for a six months’ eche´ance would be simply to create a pressure upon consignees which is not desirable, and is uncalled for. But putting produce bills out of the question, what is to be said of those bills drawn by bankers abroad upon their correspondents here against their own cash balances? Are operations of this nature to be suspended for want of documental security? The business of the (exchange) banks would be annihilated if they were unable to sell drafts; but does recent experience of some joint stock banks lead to the conclusion that they need no security attached, and are entitled to a preference over the credit bills of our first-class mercantile houses? The rule which some such institutions would apply to others, how would they propose to apply to themselves?

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IV) Producemarket.

V) Industrial market. [21] America

Banks and Crises 5

[IX. United States]

Banks and Crises The American President on the American Crisis.

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Economist. Dec. 26, 1857. During the long suspension of cash payments, many such periods, and especially in 1810, occurred, when an extended system of vicious commercial credits broke down: and it was then the fashion of the day to ascribe all monetary evils and all commercial crises to the unsound state of currency. The Act of 1819 was expected to apply a perfect cure to all these mischiefs. It restored the standard, and, in the belief of those who passed it, established a perfect barrier against excessive issued of paper. In the short space of five years, a panic occurred, worse than any which had happened at any former time, accompanied with losses more extensive. The circulation of one-pound notes, and the insecurity of Private Banks, were the prominent evils at once fixed upon, as accounting for foreign loans to bankrupt States; for foreign mining companies to explore lands which contained no metal; for extravagant and speculative trade to the new markets in South America, with no sufficient population to consume and with no means to pay; for new towns erected at home without tenants to inhabit them; for speculation in every single article of foreign produce, which doubled the price and doubled the importation in a single year. For all these evils Parliament abolished one-pound notes in England, and passed a law permitting the establishment of Joint Stock Banks, and it was gravely contended that a security had thus been found for the future. The new system succeeded. One-pound notes disappeared. Joint Stock Banks were established. Private Banks failed, retired, or were absorbed. Prosperity returned, and all saw the expanding trade of the country with confidence in its permanency. Convertibility had been secured:—one-pound notes had been abolished:—private Banks had given way to Joint Stock Banks, which at least presented ultimate security. The currency was sound, and trade therefore could not but be sound also. But, again, just at the moment when the country was being congratulated upon having reached the highest point of prosperity, came the panic of 1837, which again disturbed all received opinions as to the foundation of commercial security. The Joint Stock Banks, which in 1826 were to be the true security, were in 1837 charged with being the chief cause of the evil. Excessive issues of paper money on the part of Joint Stock and Country Banks, were then said by theorists to have disturbed all

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calculations; caprice and mismanagement on the part of the Bank of England, were the explanation by ruined speculators of the cause of their losses. It was in vain that the facts of official records were referred to as discrediting the theory as well of the one as of the other. The only thing in the entire range of commercial operations, which for some years had been nearly uniform and unchanged, was the amount of Bank notes in circulation. In January 1834, it was 37,855,000l;—in January 1837, immediately before the crisis, it was 38,549,000l;—and the highest point it had reached at any one time in the interval was upon the payment of the dividends in April 1836, when it amounted to 39,540,000l, being an increase of rather less than 5 per cent, upon the amount at the commencement of the period when trade was in a depressed state. Nevertheless it was under this pretence that the wildest speculations in the American trade, and in every species of foreign and colonial produce throughout 1836, escaped detection and exposure. But the currency theory fructified, and although at the commencement of 1844 the aggregate circulation of notes at 35,774,000l in place of 37,855,000l in 1834; and that of the Bank of England at 18,964,000l in place of 19,234,000l; and that of country issues at 8,057,000l in place of 10,078,000l—while, with this circulation smaller by upwards of 2,000,000l in 1844 than it was in 1834, the bullion then held by the Bank was 14,867,000l against 9,952,000l in 1834,—the Legislature was again in 1844 invited to a new effort to place the trade of the country upon a more secure basis, by again legislating for the currency. The result was the Act of 1844. We had then enacted convertibility, we had abolished one-pound notes, we had stifled private Banks which afforded no security, we had regulated and restricted the issues of paper money upon a purely scientific and self-acting system:—and once more we witnessed the rising prosperity of 1845 and 1846 with confidence that at last our system contained timely checks against ultimate disasters. But again and at an earlier day came the crisis of 1847, the Act of 1844 was suspended, and Sir Robert Peel acknowledged that for the object of checking commercial speculations, the Act had failed. But speculators took refuge in the Act, and blamed its provisions for all their losses; while the supporters of the theory of the Act asserted that its provisions were not understood, that the Bank of England had grossly mismanaged their affairs, and that under better management and more experience the Act would still be found to accomplish all that its warmest supporters had predicted. That experience has run over ten years more. According to the evidence of all, including the greatest supporters of the Act, the conduct of the Bank has been perfect;—but a crisis more serious than any former one has just occurred, and the Act of 1844 has again been suspended. Speculators would fain once more excuse themselves, and account for the failure of the rashest and most improvident schemes by blaming the Act of 1844. At last, however, public opinion is enlightened. The error of confounding capital with currency throughout all these various efforts of legislation is now well understood. Imprudent and extravagant credits which end in ruin to all connected with them, are at length seen to have no connection with, and to be entirely unaided at any particular time by, excessive issues of notes:—it is seen that in

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places where no Banks of Issue exist, and that with regard to Banks of Deposit only, the chief abuses have existed; and that in Hamburg, where a purely metallic currency only is in use, the crisis has been more severely felt than in any other place; and now at last we are likely to have a more searching scrutiny, with more practical conclusions, into the causes of all these calamitous transactions which have scattered so much ruin upon the country. But after this recital of our own experience, can we be surprised at the artful way in which Mr Buchanan has diverted the attention of Europe and the world from the true cause of the late crisis? “A vicious system of paper currency” has been the cry under which the wildest speculations and the most fraudulent transactions have been constantly hid from public observation. But let us put Mr Buchanan’s statement to the test. The State of New York is the chief commercial State of the Union, and, as such, has chiefly figured in the late crisis. Moreover, it is the State most extensively and intimately connected with this country and with Europe, and especially in monetary transactions. It so happens that we have perfect means of testing Mr Buchanan’s theory with regard to that State. The Superintendent of the Banking

[22] America.

Banks and Crises. 20

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Department of the State of New York, in accordance with law, publishes an annual statement as to the progress and relative position of all the Banks in the State from year to year. We have before us the report for January 1847, the date to which Mr Buchanan refers. This report has the advantage of containing a comparative statement of the position of these Banks for several successive years. It is enough that we should go back for five years to 1852, before the late period of speculation commenced. The main elements which show the management and condition of a Bank are:—1, the capital; 2, the circulation; 3, the deposits; 4, the amount of loans and discounts; and 5, the amount of specie. We extract these from the accounts before us for the month of June 1852, the same month in 1856, and the month of September 1857, immediately before the crisis broke out.

Capital Circulation Deposits Loans and discounts Specie

State of New York Banks. June, 1852. June, 1856. dols dols 59,705,000 92,334,000 27,940,000 30,705,000 65,634,000 96,267,000 127,245,000 174,141,000 13,304,000 18,510,000

Sept., 1857. dols 107,507,000 27,122,000 84,529,000 170,846,000 14,321,000

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Thus, between the extreme periods we find an increase of capital of 47,802,000 dols,—an increase of specie to the extent of 1,017,000 dols, and a decrease of note circulation of 818,000 dols. Of loans and discounts the increase is barely as much as the increase of paid-up capital. If ever there were accounts which exhibited moderate and prudent banking, we find them in these returns. But still Mr Buchanan attributes all the evils of the crisis to a “vicious system of paper currency”. The whole amount of the note circulation in the State of New York was 27,122,000 dols, or about 5,424,000l.,—while the specie held against it was 2,864,000l:—and it is on the ground of a suggested reform in this state of things that Europe is invited by the President of the United States to hope that no repetition of the losses of the last year will occur again. One word of warning. It is estimated upon good data, that the amount of railway bonds, and of bonds of other public speculative works in the United States, a great majority of which, according to an American authority, are next to worthless, but which have been placed in Europe, principally in England and Germany, at their full nominal value, during the last five years to which the New York Bank accounts just quoted refer, exceeds one hundred millions sterling!! Mr Buchanan is entirely silent upon this subject. He makes no reference to the railways constructed exclusively upon borrowed money; to the land speculations, conducted only upon bonds and bills; to the large extension of commercial operations with all the world upon open credits and bills of exchange, for which no means of payment have been furnished to the correspondents of American houses. All these are covered over in an abuse of an oft-reformed banking system, and the suggestion of further reforms, which Congress has no power to make, and which he hints that the States will not make for themselves. The New York press is somewhat more frank and candid when it shamelessly boasts that America has been enriched by the gullibility of Europe to the extent of nearly a hundred millions sterling; but it might have added, by operations through which, as is more than probable, American citizens have themselves lost quite as much if not more. Economist.

[23]

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Accounts relating to trade and navigation (for the 11 months ended November, ’57)

Wir bemerken davon: Un. States Cotton cwts. Wheat qrs Wheatmeal and flour cwts

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Imported. Quantities 1856 1857 6,585,787 5,216,452 1,051,240 520,833 2,570,275 1,168,562

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China (and other countries. f. Tea) Tea lbs 73,686,052 59,289,423 Silk lbs 3,257,994 5,278,039 Eastindia. Hemp cwts 40,768 36,447 Cotton cwts: 1,206,712 1,974,773 Hides untanned. (dry) 119,901 170,130 Indigo (and other Countries) cwts 75,920 62,800 ˙ ˙ lbs Silkmanufactures 487,437 344,696 Sugar cwts 419,348 452,141 (2nd quality) dtto 3d quality. 341,135 393,305 ˙ ˙ ˙ Indian corn or Maize 1,687,380 1,014,353 Saltpetre cwts 336,227 391,747 Silk (and Egypt) lbs 2,681,619 3,640,691 Wool lbs 11,964,414 16,922,118 Import: Burn war Derby’s Authority f. statement relative to the Excess of Engl. Imports over Exports; he answers to the Manchester (Urquhart) Com˙ ˙˙ mittee:

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22, Bowden-terrace, Broughton-lane, Manchester, Dec. 26, 1857. Sir,—I am in receipt of yours of the 24th inst., and from which I find that a doubt has been cast upon my statement, as quoted by the Earl of Derby in the House of Lords; viz., that in 1854–5–6 our imports exceeded our British exports by 150,000,000l., and that from Lord Stanley of Alderley, President of the Board of Trade, it has received a positive contradiction; viz., “The statement is incorrect”. In reply to which I beg to state, with all due deference to his lordship, that as regards the industrial interests of this kingdom my statement is indisputably correct. The total imports in those three years amounted to 468,000,000l., and the export of British productions only to 308,000,000l., leaving an Excess of imports over British exports of 160,000,000l. But by deducting the re-export of foreign productions, i. e. the reshipment of foreign imports, the amount is reduced, to a balance against us of 97,000,000l. Thus it will be seen that our exports of British productions only reach two-thirds of the amount of our imports. But if the exports of the products of our own industry equalled, as they rationally ought to do, the amount of our imports, we should be able to consume the whole of the imports within ourselves, and the reason they are reexported is, in a great measure, our incapacity to do so from our impoverished position, from the inroads that are made upon the full and remunerative employment of the people through foreign competition.

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But Lord Stanley of Alderley has advisedly placed the case in a most unfair shape. He first states that the Earl of Derby was “incorrect”, and then puts it himself in the following form:— Imports Exports Difference

£ 468,000,000 371,000,000 97,000,000

5

Now the exports here include the re-exports of foreign produce. But it is made to appear to the uninitiated as if they wholly consisted of British exports. But to cloak the facts of the case in this way would appear as if they were afraid of the country becoming acquainted with the state of our commerce, and seeing it in its true light, which is a tacit acknowledgment that they are aware our position is far from being satisfactory. I therefore present you with a fair Total imports British exports Excess of imports over British exports Re-export of foreign produce Balance of trade against Great Britain

£ 468,000,000 308,000,000 160,000,000 63,000,000 97,000,000

Thus there is actually an excess of foreign imports over British exports of 160 millions, and after a re-export of 63 millions of foreign productions, it leaves a balance against us of 97 millions, amply sufficient to show the loss the nation is annually sustaining. In fact, the Times, on the 21st of December, states, “The actual losses sustained by the nation have been going on for the last five or six years, and it is only now that we have found them out”. The fact is, one-half the re-exports consist of foreign raw materials used in manufactures which only serve to increase foreign rivalry against our own industrial interests, and are in a great measure returned to us in manufactured goods for our home consumption; and as regards raw wool this was admitted by the Times in a City article about two years since, when it called the attention of the trade to the fact that the exports of raw wool to Europe were becoming very extensive, and that it was returned to us in the shape of woollen manufactures. As regards the balance of trade, you will find that our imports from Europe in 1856 exceeded our British exports (by this I mean the products of British industry, for it is only upon this that we can exist as a nation), by 19,564,228l., and the exports of foreign productions amounted to 15,028,244l., leaving a balance against us of 4,535,984l. But if we take the grainexporting countries as a whole, viz., Europe, Egypt, and the United States, our position will be found as follows:—

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Imports of foreign produce. 1856 £ Europe 57,035,648 Egypt 5,753,518 United States 36,047,773 98,836,939 Exports of British produce. 1856 £ Europe 37,471,420 Egypt 1,587,682 United States 21,918,105 60,977,207 Exports of foreign produce. 1856 £ Europe 15,028,244 Egypt 43,151 United States 698,772 15,770,167

Thus, in 1856, our imports from Europe, Egypt, and the United States—the countries which have received the greatest advantages from our one-sided system of free trade—exceed our exports of British productions by 37,859,732l.; and if we deduct the re-exportation of foreign productions, there is a balance against this kingdom, in her trade with those grain-exporting countries, of 22,089,565l. And we have imported from Europe, Egypt, and the United States, grain, cattle, provisions, and seeds, as follows:—

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1856 1845 Increase—1856

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£ 32,214,858 8,113,129 24,101,729

And this is independent of a large increase in the import of cotton, woollen, silk, and other manufactures, and a variety of other articles. Now, compare this increase with the balance against us in our trade with those countries. In Spain, up to the year 1852, before they had fully availed themselves of the advantages of our one-sided free trade, her imports greatly exceeded her exports. But from that date her balance of trade has been as much the other way, and now her exports exceed her imports by about twenty three per cent., and she pursues the policy of the strictest protection.

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[25]

VI) Hamburg, Northern Kingdoms, Prussia, Austria. (Germany.)

Hamburg’s Ein u. Ausfuhr. 1855: 12,081,221 Mk Bco mehr als 1854; 1856: 232,526,020 Mc Bc. Zuwachs; noch glücklicher Fortgang im Anfang 1857 bis zur americanischen ˙ ˙ ˙˙ ˙Bco ˙˙˙ Crisis. Der in Hamburg 1856 umgesezte Werth von 1268 Millions nur in Waaren. Aber Hamburg handelt auch m. seinem Credit; hat als der „erste Wechselplatz des Continents Wechselverbindlichkeiten über˙ nommen, die durch keine ˙Waaren gedeckt u. durch das grosse Wachsen ˙ der Waarenpreisse zu enormen Beträgen angewachsen˙sind. (K. Z.)“ ˙˙ Aus den „tabellarischen Uebersichten des Hamburger Handels im Jahr ˙ ˙ ˙ schen Bureau zu Hamburg)˙ ˙ ˙ 1856“˙ (herausgegeben vom handels-statisti ˙ ˙1˙/2˙ Kilogr.; Mc Bco = 1/2 Th. (Nettocentner = 100 hamburger Pfund =˙˙48 per Courant.) Einfuhr Seewärts Land u. Flußwärts Nto Ctr Mc Bco Nt Ctr Mc Bc 1851 15,493,362 212,633,710 10,904,820 160,644,230 1852 17,162,748 236,192,830 11,870,880 155,835,990 1853 15,218,427 259,334,420 12,647,205 184,545,110 1854 16,228,737 285,649,100 14,573,024 245,018,930 1855 19,402,093 299,444,440 13,373,389 229,113,750 1856 23,062,032 372,033,590 14,923,774 282,838,490

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Ausfuhr Seewärts [1851] [1852] [1853] [1854] [1855] [1856]

Nt Ct. 5,989,426 6,890,412 7,832,097 9,582,373 8,227,822 9,495,533

Mcb. 136,785,230 161,705,520 193,065,690 234,378,510 199,338,460 236,829,060

Mehrumsatz v. 1856 gegen 1855 im

Gewicht: Werth:

Gegen average v.1851–55 betrug die Gewicht: ˙˙ Zunahme (1856) in Werth:

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Land u. Flußwärts Nt Ctr Mc Bc 10,336,011 201,378,140 11,622,338 210,789,930 10,408,284 228,607,800 10,174,034 258,651,330 12,039,031 307,883,140 14,314,671 376,604,670

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8,733,675 Ctr. 232,526,020 Mk Bco 13,800,707 Ctr. od. 28 P. C. 388,106,558 Mk Bco od. 44 P. C.

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Anlangend die Richtungen fallen: ˙˙ 1856 5

1855

Ctr. v. der Einfuhr seewärts auf den 3,298,077 ˙˙ transatlanti schen Verkehr: ˙ ˙ ˙ ˙˙ fielen auf de˙n˙ ˙transatl. Verkehr nur 2,353,527 ˙˙

Mc Bco 71,816,560 52,962,640

Australien fiel 1855 bei der Einfuhr ganz weg; dießmal (1856) 111 Ctr zu ˙˙ 2990 Mk Bco)

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Die transatlantische Ausfuhr: 1856 1,639,982 1855 1,247,672

66,255,890 50,365,980

First Week. (19 Nov.–26 Thursday to Thursday.) 19 November. Thursday. Hamburg. 19 November a panic took place on our exchange, in consequence of the intelligence received from London concerning the failure of some houses in that city, having, in some instances, especially the old firm of Messrs Sieveking and Son business transactions with firms here; but it passed over speedily on its being ascertained that no very material monetary consequence would be experienced by the mercantile community in this place. 21 November. Saturday. Some three minor firms have suspended payment since Nov. 19, ˙˙ but the collective amounts are of no importance, and the names scarcely known to the public at all. The one firm, of only a couple of years’ standing, Messrs. Stobart and Hughes, are dealers in leather and coals, and whose means were very limited, and credit corresponding. The greatest sensation, however, has been caused by the suspension of the extensive monetary operations of Messrs. Ullberg and Cremer, commission agents for Sweden, paid to the amount, in all, of about 14 millions of marks banco, of which bills to the amount of some six millions have been returned here protested; having been endorsed by a first-rate bill broker, Mr. Seist, of this city, who has been compelled to stop in consequence. Reports say that the house will be aided to carry on its business again, but the affair, at present, looks questionable to many. The conduct of the Hamburg joint-stock banks in uniting to give every facility in their power to aid the mercantile community under present circumstances, which they announced on ’Change yesterday at the commencement of business hours, has given especial satisfaction, and done such good in allaying the growing alarm.

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[26]

VI Hamburg etc.

Hamburg. I) First Week. (xxx xx.) 19 Nov. Thursday–26 Nov. Thursday. 24 Nov. Tuesday. I have just heard that the extensive firm of Müller and Kessler, in the timber trade, connected with America, have failed. The amount which has been subscribed towards the discount association has reached to about 13 millions of marks banco. Dtto: Roosen; I. Müller; Geb. Ruben. E. Thiel et Co.

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25 Nov. Wednesday. Notwithstanding the endeavours that have been, and or still being made to stem the widely spreading panic which has existed on our Exchange since last Saturday, and although the total amount of the fund subscribed towards the support of the Guaranteed Discount Association has reached the sum of twelve millions of banco, of which ten per cent is being paid to the committee, either in banco or valuable securities, in order that confidence may be restored in such bills and notes as may receive the stamp of the association—notwithstanding all this, several failures have again occurred, and many more are expected, so that there remains almost the same state of gloomy forebodings of further calamity among the commercial community as heretofore. Discounts are nominal, and money extremely difficult to be had upon the very best paper of the place on almost any terms. In short, there never has been experienced such an awful state of alarm in this ancient city of Hamburg among its commercial community as has existed for two days; and the great question now pending is where and when it will end. The bill broker Gorva, who was supposed to have gone off with a large sum of money which he had in his possession belonging to some friends, having been missed at his usual place of business on ’Change since Monday last, has destroyed himself. His body was found in the Alster this morning. He was for several years the managing clerk in the house of Solomon Heine, the rich banker, whose employ he was compelled to leave in consequents of malversation three years ago.

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26 Nov. Thursday. Hamburgh, Nov. 26th.—At the Stock Exchange to-day M. Charles Heine, of the house of Solomon Heine and Co., told the bill brokers to bring their bills to him to discount, and he took an equal amount from each of them. The tone of the market afterwards improved, and business became animated.

27 Nov. Friday (sieh folgende an)

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Hamburg. II) Sec. Week. 27 Nov.–4 Dec. (Friday.) Hamburg letters mention the failure of Leirn, Hertz, and Sohne, a very old and respectable firm. 5

Hamburg, Friday Evening.—At an extraordinary meeting of the civic council, held to-day, it was unanimously agreed to accept the proposition of the senate to create Exchequer Bills to the amount ot 15,000,000 marks banco, to be lent on the security of imperishable merchandise, state bonds, or railway shares.

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28 November. Saturday. Hamburg, November 28.—The freehold burgesses of this city assembled yesterday morning, in consequence of an unusually short summons from the senate, to receive and consider important and extraordinary proposals relative to the measures of relief deemed necessary to be afforded to the mercantile and trading community under the existing crisis. After being made acquainted with these proposals—which were simply “that the sum of from 10 to 15 millions of marks banco should be granted to the government, in the shape of exchequer notes or in ready money, for the purpose of making advances upon goods, not of a perishable description, or upon state securities, to be repaid (verfallbar) at latest by the end of July, 1858, such advances to be from 50 to 662/3 per cent of the respective value of such goods and state securities”—the burgesses retired to their respective parishes to vote, and by three o’clock they unanimously decided in favour of the senatorial proposals. A committee of men of high standing in the commercial community, will at once be formed to draw up the best plan to administer the relief thus afforded. As many as 56 firms have decided upon redeeming their acceptances due in from one week to a month from the present time, and many among them without even deducting any interest for the time wanting to arrive at maturity, others again merely taking a small nominal interest. The director of the Austrian Credit Bank, Mr. Schiff, arrived yesterday in this city, in order to take 1,000,000 of bills, long or short, out of the market, which will contribute also to relieve some houses from the extreme pressure from want of banco; and in consequence of this and other favourable circumstances occurring almost hourly, the feeling of the public mind is beginning to assume greater tranquillity. The committee of the “Credit Discount Society” has been extremely active, and the number of applicants to have their paper stamped by them very considerable. The bills stamped, however, by the committee are very carefully selected; for any bearing the least impress of irregularity upon them are promptly refused. Mr. Charles Heine has received the amount of a million and a half banco in silver from Paris, and Messrs. T. H. Merche and Co. expect an immediate supply of another million of banco in silver roubles from Russia, which are required to support the present banco circulation here.

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For the last three days there have been no failures at all, and, upon the whole, only 22 occurring; the majority of which by no means involve any large sums, being unimportant houses, some of which have been engaged in “kite flying”, on which account they have been allowed to fall unaided.

Hamburg. 30 November. Monday. A day of the greatest gloom, that the Hamburg Bourse ever yet experienced, resulting in the suspension of payment by the following prominent firms of this place and Altona: 1, C. J. Johns, Sohn, tea and colonial house;

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2, C. von Leesen, banking-house, whose operations are extensive with Sweden; 3, Reimarius Nachfolger, insurance affairs; 4, Bussee and Halske, banking business with Sweden; 5, G. Kruhers and Co., Russian and Finland merchants; 6, T. P. N. Jahnke, money-changers; 7, Cordes and Grönemeyer, corn affairs; 8, Ullberg and Kramer, Swedish agents, failed as expected; 9, Krüher and von Oven, large export trade; 10, T. F. Kalckmann, insurance agency; 11, Wagener and Enet; 12, Bach and Raspe, a young but highly respectable corn and butter house, stopped in consequence of the suspension of the house of Jahnke, the money-changer; 13, T. P. Christie and Co.; 14, Lomer and Uhde, South American trade (all these Hamburg houses); 15, C. T. H. Eschells, banking operations with Sweden and Norway; 16, Barbech and Wall, the same kind of business as the above-mentioned; and 17, Eschelles Söhne, colonial trade, of Altona. The first-class firm, C. M. Schröder and Co., of which Senator Schröder is the chief, was for some hours also on the suspended list, but at a later period received sufficient assistance to go on. The great majority of the above-named houses are said to be only in temporary embarrassment, holding acceptances of houses that, up to the present moment, were supposed to be quite firm, but which are suffering from the effects of the want of confidence. All the prompt and energetic steps hitherto taken have so far availed but little. Only imagine the amount of close upon 500 millions’ worth of goods of all kinds being at this moment warehoused and in port on account of the merchants, and such a general want of confidence existing! There is said also to be about 60 millions of silver in the bank; but, on the other hand, up to only a few days ago local bills, amounting to the sum of 310 millions of marks, were passed through the Stamp-office preparatory to being accepted, long and short; and, besides these, there is a mass of returned and protested bills from all quarters, the real amount of which is not known.

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Some of the remaining first houses of the place are also spoken of as likely to stop. The discounting of bills in a general way is of course out of all question, as public confidence is now so low that the result of this state of things cannot be foreseen by anyone. Messrs. Ullberg and Cramer of whom so much has been said, have been obliged to stop altogether, and are not likely to resume, in

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consequence of which we may expect the most alarming reports from Sweden and Norway. The whole amount involved in the failures above alluded to I cannot precisely state, but it will be a great many millions of marks banco. A telegram dated Hamburg the 1st of December, which appears in all the Paris and Belgian papers, says:—“In one day twenty failures of important houses have been announced here and at Altona. There is a general panic. Many brokers have failed. The Bourse is in dismay. Merchandise and scrip are without any fixed quotation. No bills are discounted.”

Uebriges Deutschland. In der lezten Woche November. ˙ ˙ 27 Nov. Berlin. Letters from Berlin, alluded to in the Handelsblatt, of this city, mention the suspension of the corn house of Hirsch, Moses, and Co. of Stettin. This failure is to the amount of 1,500,000 thalers, and promises very little effects remaining to the creditors. I have heard from other very reliable sources that no less than eight different firms have suspended their payments in Stettin; and no less than 36 houses in Berlin, among which is one to the amount of 1,400,000 thalers; and the chief partner of the house, Julius Cohn, having forged a cheque upon the Berlin Money Society (Cassen-Verein) for 18,000 has committed suicide. The Bank of Prussia has been empowered by the minister of finance to advance loans on merchandise. A royal decree, of the 27th November, suspends for three months all legal restrictions on the rate of interest.

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In consequence, says the New Prussian Gazette, of the temporary suspension of the laws regulating the rate of interest, the Bank of Prussia has decided on lending on shares and bonds at 8 per cent., and on merchandise at 7. Bills are at 71/2. The immediate effect of the suspension of the usury laws here has been a resolution on the part of the Bank of Prussia to make further advances on securities, vis., on stock, shares, &c., at 8 per cent., and on goods (raw and manufactured) at 7 per cent., the rate of discount for bills remaining at 71/2. This rise in the cost of money on loan has, however, been welcomed as a great advantage to the commercial world, inasmuch as with the rate of interest for loans fixed by law at 6 per cent. no money is now to be had at all, and both the goodwill and the ample means of the Bank were of no avail to increase the amount of accommodation to the public. The indirect consequences of this repeal of the usury laws, temporary as it is, will be to render available a quantity of private capital, which had hitherto been kept aloof from trade and commerce by the necessity of taking a rate of interest disproportionate to the risk, or else of entering into illegal transactions; and thus, after a short time, this accession of private capital

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to the wants of the commercial world will bring down the price of money to as low a figure as before, without the aid of the usury laws. Another effect of the usury laws being altogether abolished would be, that a very large portion of the capital now invested in mortgages on house property in Berlin at from 4 to 41/2 per cent. will be called in. (The total amount of the mortgages on house property here amounts to seven-eighths of the entire value.) Many of the present proprietors, who are almost without exception retired petty tradesmen, with little or no means of their own, will be compelled to sell, and house rent may then possibly come down to a less unreasonable figure than it stands at present, where all the capital is borrowed.

At present law requires all trustmoneys to be invested in the public funds of the state, hitherto bolstered up to a disproportionally high price by the discouragement extended by the usury laws to all employment of money on commercial securities, and when these laws are abolished the funds will necessarily come down grievously in price, the result of which will be that all the widows and orphans throughout the country will be subjected to a fearful loss. St. Petersburg. Great demand for specie has arisen there, for taking advantage of a premium on the export of specie. The Government has consequently ordered that where notes of large value are presented for change, the various banks and public treasuries shall give in return only a portion in specie and the rest in small notes. Vienna: Manufacturing distress. Several large manufacturers intend to close their establishment at the end of November, and to discharge their workmen, because they can no longer carry on their business. The merchandise which they supply is not paid for in ready money, but in bills, the signers of which are every day liable to become bankrupt, and yet cash must be found to pay their hands. As to the workmen, their situation is most distressing with winter fast approaching.

[27]

VI Hamburg etc

II Second. Week–4 Dec. (xxxx.) Hamburg, Stockholm, Copenhagen. 1 December Tuesday. Hamburg. 1. Dec. Upon visiting the ’Change at the usual business hour I was informed of the following further stoppages:—Conrad Warnecke, a very old-standing firm, con-

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sidered to have been worth 2,000,000 marks. His business was confined principally to colonial produce, especially sugar. This failure will involve an immense circle of friends in Germany, Denmark, and Sweden, with which latter country he was connected in bill transactions. T. C. Bahre, a shipowner and general merchant, has this morning committed suicide, in consequence of his embarrassments. Lorent am Ende and Co., a very old firm, carrying on business with Denmark, Sweden, and Norway, and several other firms have been mentioned as having suspended payment to-day. Besides Hamburg there are a number of Altona firms mentioned of great consideration. A law extending a respite of one month to all bills payable at maturity will be introduced immediately, thus placing all upon an equal footing. ––– A telegram from Hamburg, dated the 2d inst., announces that the failures in that city had led to failures at Stockholm. Among others MM. Johns and Co., John Berger, Strœhmberg and Sons, J. H. Menck, and other firms are mentioned as having stopped payment. The “Credit Society” was to commence operations on the 2d. Great depression was felt. A general meeting of the burghers of Hamburg has been convoked, to devise measures to stay the panic.

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2 December. Wednesday. Hamburg. One of the principal failures that of C. M. Schroeder. “The Chamber of Commerce has recommended the merchants to apply less strictly Art. 29 of the law on bills of exchange. It is the too rigorous execution of the text of the law which is the principal cause of the present crisis. The Bank is constantly receiving money, and nevertheless the suspension of payments by the best and most highly esteemed houses continues. The Senate and the bourgeoisie are now engaged in discussing the proposition already mentioned for granting a delay of three months to houses which have suspended their payments.” “Hamburgh, Dec. 2 (Evening). “The Senate and the bourgeoisie have decreed that insolvent merchants, before being declared bankrupt by the Tribunal of Commerce, shall be placed under an administration named by their creditors.” II.) Second Week–4 Dec. 2) Dec. Wednesday. Hamburg, Stockholm, Copenhagen ˙˙ ˙ ˙ ˙ ˙ ˙a degree of discredit ˙ The advices from ˙Hamburg, to-day (Wednesday), indicate

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such as, perhaps, has scarcely ever before been witnessed in a commercial city. All the efforts of the leading merchants, combined even with those of the gov-

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ernment, seem powerless to create the slightest revival of confidence. The warehouses are choked with unsaleable produce; and, so far as instant availability is concerned, the acceptances, even of respectable houses, are treated as little better than blank paper. The list of failures received on Monday and yesterday are so long and so indiscriminate that it is useless to publish them. The currency remains sound because it consists of specie. A large number of new and very considerable failures have been announced. Many stock brokers have suspended their payments, and the mistrust is general. No bills can be discounted, and the price of goods and securities cannot be fixed with precision.

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Mercantile affairs at Hamburg appear, notwithstanding all the efforts made to avert the calamity, to be in a bad state of disorganisation. Credit appears to be entirely destroyed, and money unattainable on acceptances of any kind. A long list of failures has been received, and the letters speak of many more to follow. Hamburg, Dec. 2, Four o’Clock, p.m.—There was a better feeling on ’Change today, and as no fresh failures of consequence were reported, there was a faint glimmering of returning confidence perceptible amongst the merchants. Some sales also took place both on the Stock Exchange and in the produce market, although at greatly reduced quotations. The Board of Commerce has issued an address to the merchants, recommending the absolute necessity of exercising mutual forbearance, and not pressing claims with too great a rigour in this unparalleled state of affairs, strongly appealing to their patriotic feelings, and imploring them to consider as suspended for the present that paragraph of the regulations in force about bills of exchange which permits the holder of a bill not honoured at maturity, to demand collateral security from the last endorser. A letter from Stockholm of the 2nd instant says:—The accounts which reach this city daily from the principal commercial towns in the interior and from the ports in the Baltic are most deplorable. All the warehouses are literally crammed with merchandise, such as corn, iron, and timber, and no market can be found for them. In the present state of affairs in England, it is impossible to export thither, and that country has always been the principal market, particularly for iron and timber. Fresh failures have just been announced among of the first merchants here. The lands placed at the disposal of the committee to guarantee the payment of bills have been found quite insufficient, to such an extent has speculation been carried. It is feared by well-experienced persons that the crisis has not yet reached its height. The mortgage bank of Schonen, one of richest agricultural provinces in Sweden, labours under very severe embarrassment. The principal part of the capital with which it carries on its operations is furhished partly by shareholders and partly by the State Bank at a very reasonable rate of interest. That establishment now calls for the repayment of its advances, which the Schonen Bank cannot comply with. One of its directors is about to proceed to Paris, in the hope of being able to negotiate a loan of six millions of francs, as

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security for which a mortgage would be given on landed property in the province of Schonen.

Several new failures at Stockholm of very large amount. 5

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II) 2. Week London. 2 Dec. London Dec. 2. About £ 60,000 in gold was taken to the Bank to-day. About 15,000 sovereigns were withdrawn to purchase silver to send to Hamburg. £ 80,000 in silver was also transmitted this afternoon to Hamburg, chiefly to take on bills which have been drawn and endorsed by persons on this side and which the Hamburg acceptors are unable to meet. (Dec. 2)

On Tuesday, 1 Dec. 300,000 ounces silver despatched from London to Hamburg; further amounts followed on Dec. 3, Thursday. 15

3 Dec. Thursday. Hamburg. (Copenhagen) “A general meeting of Hamburg merchants has been held at the Exchange. A proposal of the senate has been accepted, that in the case of a house stopping payment, the majority of the creditors shall decide whether such house is to be managed by a committee or declared bankrupt.

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Hamburg, December 3.—I intimated in my last communication, that there was a probability of the hereditary burgesses being called together forthwith, to receive further proposals from the senate relative to the present crisis. The great number of insolvencies, both here and at Altona, on Monday, Tuesday, and Wednesday, amounting to upwards of forty, hastened the determination of the senate to execute their design without delay. The object in view was the renewal of the bankrupts’ law of 1789. It was further thought advisable that the senate should be empowered to appoint an extra number of judges of the Court of Commerce, to meet the vast accumulation of business which will be brought before it; and an extra number of clerks in the public offices would also have to be engaged for the same purpose. These proposals were sanctioned by the meeting. A proposal in reference to a loan of 40,000,000 of marcs banco met with the most decided opposition. With respect to the 15,000,000 already granted, the people are generally well pleased that 19 of the best houses here, among whom may be mentioned Messrs. T. H. Merck and Co. and Behrens, Gossler, and Co. have absorbed the whole of this disposable sum, and have been enabled to pull through their difficulties in consequence of this and other assistance. Copenhagen, Dec. 3.—The commercial crisis in Stockholm has made a serious impression in this capital. The government has lent 5,000,000f. to the directors of the bank to sustain credit; they have sent to Hamburg to honour their bills.

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(to redeem some of the protested bills.)

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4 December. Friday. Hamburg. losses caused to that place alone by the recent bankruptcies are calculated to amount to 100,000,000 marks banco, that is, nearly 8,000,000l. The same letter announces that deplorable news had been received from several towns in Poland, and that failures in the corn and oil trades at Stettin, Kœnigsberg, and Dantzic were expected to cause financial disasters in that country.

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14 new failures II Week. 4 Dec. Friday.

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Hamburg, Dec. 4.—The senate has just convened another extraordinary convocation of the Burgherschaft for to-morrow, to empower the former to establish a government discount institution, with a capital of 30,000,000 marks. There is sufficient money in this city to meet all demands, even were they greater than they are, were public confidence on anything like a par with the means that private parties, and even many merchants, might employ in the discount line; but nothing can prevail upon these persons to afford any aid in the face of the failures of such firms as are daily appearing in the list. In short, such is the effect of the present panic, that it is with the greatest difficulty Prussian Royal Bank notes, however small the amount, can be exchanged for silver; and then only by allowing 25 per cent. discount.

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Copenhagen, 4 Dec. The National Bank of Copenhagen has issued a notice that it grants a renewal of three months to all Hamburg bills it has in its houses

London. 4 December.

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An additional sum of about £ 100,000 in silver will be sent to Hamburg to-day (Friday). It is also expected that nearly the whole of the £ 190,000 of silver announced by the Orinoco will be despatched thither next week. Money has been in increased demand to-day to meet the commercial engagements due to-morrow; but the applications have been readily met both at the Bank and in Lombard-street. Full rates have been required. Although much anxiety has been caused by the long list of failures at Hamburg, Dantzig, and Stockholm, none have been reported here to-day. There are, however, rumours of one or two suspensions of not much importance.

29 Nov. Russia. Commercial Affairs in Russia.—A letter from St. Petersburg states that the crisis prevailing in different parts of Europe and in the United States had begun to affect the export trade, but not so much as it would have done a few months back, owing to the navigation being interrupted by the ice. The discount of bills

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was easily obtained, but even good houses had to pay from 6 to 7 per cent. The price of gold was rising, but that of merchandise was falling; in tallow and sugar the decline was rather considerable. (M. St.)

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Warsaw, Dec. 1. The monetary crisis has reached our banking firms. In the last 48 hours from six to eight important failures have been announced.

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Several houses have already stopped payment, and among them that of Balden, whose liabilities amount to about a million of roubles. Serious apprehensions are felt for Warsaw, and the houses in relation with Poland. The decisive moment has not yet, however, arrived for Russia, as the worst time will be when the calls are made on the shares in the different undertakings commenced recently

2 Dec. Vienna. large failures here and in the provinces have discontinued work; severe suffering of the whole urban population is the result. 2 Dec. From Berlin, Stettin etc accounts come worse; great number of firms failed; the greatest number very small affairs; liabilities in some cases only 2–5000l.

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3 Dec. 3 houses in Holland stopped. (verte)

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Hamburg etc.

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Berlin, Dec. 2.—Happily there is very little to report to you from here of any monetary panic; the evil results of what is taking place elsewhere have not even yet extended here, beyond the failures of a few manufacturers, whose transactions were never founded on any substantial and sufficient capital, and the dealers who have supplied them with materials. The business which is done by the bankers of Berlin is, as I have on several occasions mentioned, little more than agency and commission business, money-changing and bill discounting, and so the worst that falls to their lot on occasions like the present is the return of bills on which their names stand as endorsers. One of the largest and best reputed houses here had, a day or two back, bills to the extent of 80,000 thalers returned to it for payment, all of which, however, were duly covered. The not very surprising fact that the said house, under those circumstances found itself obliged to resort to the assistance of another banking-house for an advance of specie, on security, has been unduly blazoned forth, as though the house had

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been in a strait, though only for a short time. Another of the first bankinghouses has also had its name bandied about from mouth to mouth very unjustifiably, for, as far as I have been able to acquire, there was not the same small ground for a report of the kind that existed in the other case. The money trade of Berlin appears not to be exposed to either of the streams that are at present spreading devastation in the commercial world. The Swedish trade draws on Hamburg, and Hamburg on London; the Baltic trade passes through Dantzic, which draws also on London. There are only a very few of these Hamburg and Dantzic bills that stand in any connection with this place, which does business with the whole of the rest of Germany, chiefly in agency and commissions, without having any overwhelming amount of capital embarked preponderantly in any one interest. There has as yet been but one suspension of anything like a banking-house, and that is of so small a dimension as hardly to merit the name, and certainly deserves no mention as likely to affect the credit of the market, and the only side from which disquietude is likely to come now is Hamburg, the news from which place becomes worse and worse. Yesterday evening a meeting was to take place of eminent members of the commercial world here to devise means for securing general credit against the inroads of a possible panic; what may have been settled I have not heard. At a previous meeting for a similar purpose it was agreed, pretty nearly nem. con. that for any house in possession of good paper or undeniable goods there was no difficulty in getting assistance in case of need; and for those who were not in a position to offer either of these it was not to be expected that others should put themselves forward to protect them. Berlin, December 3. All other subjects are forgotten here in the monetary crisis which has befallen Hamburg and Stockholm, which is extending the effects to Prussian Baltic ports, and pressing heavily upon industry and commerce in other parts of the country, and thence greatly affects our money market. In proof of this, Prussian state stock, which has heretofore exhibited remarkable firmness, fell upwards of one per cent yesterday, and carried down with it, but in large proportions, all bank and railway shares. The 6th Russian five per cent loan remains tolerably firm at 1011/2, but the 5th, which does not offer the same facilities for payment of interest, has gone down to 981/2, whilst Russian railway shares, not officially quoted, are shunned by the most sanguine. No more stoppages or failures of importance have been notified this day, but the greatest distrust and apprehension is prevalent.

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Berlin, 3 December; A meeting of several of the most eminent bankers, brokers, and financial men was convened, and met last evening, for the purpose of taking into consideration the best means of guarding against the evil results of the crisis; but, I believe the meeting separated without being able to adopt any practical measures calculated to ensure the desired object. Bremen has not escaped, one house is declared to have failed with deficits of 198,000 rix dollars.

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Vienna, Dec. 4. The Oesterreichische Zeitung (the non-official organ of the Austrian Finance Department) contains an article on the proposed “Bank Paper Currency Conferences,” in which there is more than one misstatement. According to the Vienna publicist, “Austria resolved to have nothing to do with the Berlin Conference,” but the fact is, she had no choice but to remain passive. Some time since the Berlin Government took measures for restricting the circulation (in Prussia) of the notes of the various private German banks, and on the 15th of October last it addressed a circular to the various members of the German Zollverein (Customs-Union) inviting them to meet at Berlin in order to agree on the amount of paper to be issued by the private banks, companies, &c. Austria was not invited to attend the Conference, and it will not appear strange that she was omitted when it is considered that the Metallic Currency Treaty, which she concluded with the Zollverein on the 24th of January, 1857, has not yet come into force. At present there is but one kind of paper currency in this country*—that of the National Bank—and it would therefore have been supererogatory on the part of Prussia, whose measures are directed against the issues of private banks, had she invited Austria to attend the Paper Currency Conferences. Bavaria has declined to send a representative to Berlin, because Prussia has not clearly enough expressed her intentions. Hanover is likely to follow the example of Bavaria and Wurtemberg; Hesse-Cassel and Frankfort have not yet decided whether to accept or reject the invitation of the Berlin Government. Subjoined is a list of the private banks in Germany which are privileged to issue notes. The Brunswick Bank, which was founded in 1853. In 1856 the nominal capital was 5,000,000 dollars (at 3s.), but only 10 per cent. has been paid up.+ The Weimar Bank, which was founded in 1854, has agencies and offices for exchanging its notes in Leipsic, Magdeburg, Dresden, and Chemnitz. At Greiz, in the territory of Prince Reiss-Plauen, and at Pösneck, in the Duchy of Meiningen, it has branch banks. The Frankfort Bank, which was founded in 1854. The Bremen Bank, which was established in the summer of 1856, has a paid-up capital of 2,500,000 dollars in gold, and can issue notes to three times that amount. The Thuringian Bank at Sondershausen was established in 1856, and has a nominal capital of 15,000 shares, of 200 dollars. The Gera Bank, concessioned in November, 1855, has a nominal capital of 4,000,000 dollars. The Bank for Southern Germany in Darmstadt, established in November, 1855. The nominal capital of 20,000,000 of Rhenish florins, in 80,000 shares, was subscribed in the following way:—1. The Darmstadt Bank for Commerce and Industry, 5,000,000; the Hessian Government, 3,000,000; the Hessian Ludwig’s Railroad Company, 4,000,000; the founders, 8,000,000. The capital actually paid up is 2,654,150 fl. The Hessian Bank at Hombourg, established in 1855. Its nominal capital is 1,000,000 of florins, and it is privileged to issue notes for 5, 10, 25, 50, 100, and 500 florins, “to the amount of the paid up capital.” The International bank at Luxemburg was established in March, 1856, with a nominal capital of 40,000,000 florins. The Gotha Private Bank, established in the summer of 1856;

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the nominal capital of 4,000,000 dollars was taken in the following way:—The Leipsic Credit Bank, the Berlin Discount Company, and the mercantile community of Gotha took a million of dollars each, and the fourth million was “reserved.” The Credit and Insurance Bank at Lubeck was established in May, 1856, and has a nominal capital of 3,000,000 dollars. The Hanoverian Bank, established in May, 1856, has a nominal capital of 12,000,000 dollars. Half the 48,000 shares, of 250 dollars, were taken, but no balance-sheet has yet been published. I do not know what amount of paper the above-mentioned banks have in circulation, but altogether their paid-up capital does not amount to more than 12,000,000 dollars. Almost all the German “note-issuing banks” (ZettelBanken) have hitherto paid large dividends, but the impression on my mind is that all of them have weakly constitutions. For obvious reasons, no names can be mentioned; but I know that the Vienna Bank has, by order of the Minister of Finance, saved more than one Hamburg firm from falling. No less a sum than 4,000,000 marks banco was advanced to one house. M. Schiff, the second director of the Vienna Credit Bank, has taken with him a great number of short Hamburg bills, which he is to exchange for bills at a longer date. About 10 days ago you were informed that trade was completely stagnant here, and the balance-sheet of the Bank for the month of November proves that my statement was but too correct. The stock of specie is 97,807,903fl. 191/4 k., which is 757,507fl. more than in the preceding month. The amount of paper in circulation is 386,450,503fl., which is 10,155,825fl. less than in October. The bill portfolio was smaller by 7,143,517fl. in November than it was in October. The present position of the Bank, as compared with the close of October, shows in 1. 2. 3. 4. 5. 6. 7. 8.

Notes in circulation, a decrease of Deposits, ditto Credits of public bodies and private persons, increase Specie and bullion, ditto Cassen-Anweisungen, ditto Bills discounted, decrease Securities for advances, increase Government paper, &c., decrease

Thalers. 5,275,000 390,000 780,000 220,000 245,000 4,813,000 214,000 353,000

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The various “officious” organs of the Government in the press point with great delight to the satisfactory position of this public institution, the Royal Bank; they show that while its liabilities into circulated notes have decreased by 5,250,000, and its

Berlin 5 Dec. The Bank of Prussia is just now at liberty, according to the terms of its charter, to extend its issues of paper by 30,000,000 thalers, or half as much again as it has at present in circulation; it has not done so, but, on the contrary has contracted them.

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The numerous instances and the extent of mutual accommodation between bankers here within the last few days preclude the idea of aid not being wanted anywhere. The amount of the loans on security shows an increase of only 2 1–7th millions of thalers, for the recent suspension of the usury laws allowing money being lent on security at its market value had at the making up of the statement hardly come into operation; since then the increase has probably been rapid, inasmuch as the street in which the Bank stands, the Jäger-strasse, has within the last few days been frequently blocked up with waggons and carts unloading goods to be deposited against loans.

Berlin. 5 December. As there has been no business doing on ’Change for the last week prices are little more than nominal; the lower quotations that have been made show but a slight depression in railway shares, but in banking shares the retrogression of prices is more considerable, varying with the amount the concerns in question are supposed to be involved in with the various branches of trade here now detected to be rotten. The prices of bank shares have in many cases to-day experienced a rise, which is, however, nothing more than a rebound from the fall they had experienced previously. The notices of bankruptcy or suspension of payment made every day at the Town Court (of law) here continue to be confined to manufacturing houses, or dealers known to have been anything but firm for some time past, and contain no names of more than local interest. The news from Hamburg, although of nature to inspire some little confidence in the eventual victory over the difficulties that beset that money-market just now, has not till to-day exercised any inspiriting influence on the Berlin money merchants; the number of failures that have actually taken place there seems to overbalance already the amount of probable prospective good; and in fact there are not wanting persons here to suspect that the want of time alleged by a number of brokers there as an excuse for not having allowed the operation of the security clauses in the Hamburg process connected with bills of exchange is little more than a feint to cover some ulterior motives. The telegraphic news from that place of a discount fund about to be raised to the amount of 30 millions of marks banco, may have contributed to reanimate this place a little. Senator Möhring has arrived here from Hamburg, and had an interview yesterday at the Foreign-office. It is understood that the object proposed by his visit is obtaining supplies of silver for that place. From Dantsic also we hear that a committee of men of business there, that has been constituted for the purpose of arranging the affairs of the house of S. J. Joel, has reported very favourably on the prospects of the winding up. The amount for which the house failed turns out now to have been not 3,000,000 of thalers, but about 500,000, and certainly not more than 800,000. This is not the only case by a good many in which the amount of disaster has been magnified either by ignorance or ill-will. The monthly report of the Stettin Bank is just as favourable as that of the Bank of Berlin as regards its own stability; and in Bremen the question of whether it was necessary under the present circumstances to suspend the action of the usury

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laws there has been answered in the negative, thus implying that there is no unusual demand for money there. Very considerable quantities of gold arrived here the day before yesterday from St. Petersburg, and passed through the next day, partly to Hamburg and partly to Paris, to the address of Rothschild.

[29]

Hamburg etc.

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III Week v. Dec. 5 (Saturday–Dec. 12 Sat.) 5 December Saturday. Hamburg. Now, although the renewal of obsolete laws that were enacted during the fearful crisis which the community underwent in the year 1799 may have been wisely conceived in favour of the general mass of creditors under present circumstances, and may prevent much unjust preference being given to one creditor over another, yet nothing has been done to prevent an accumulation of failures, the number of which had already seem fearfully augmented, and consequently the state of the public mind is extremely gloomy, no less than 30 additional bankruptcies having taken place, among which are many firms of old standing. The fact, too, of many of the bankers and bill discounters having been compelled, in consequence of runs upon them, to suspend all further payments, has caused a still greater excitement, among all classes; and, so far has this deplorable state of things increased, that on Thursday a plan was proposed by some of the merchants and others on the Exchange, that, unless the Senate did something to re-establish public confidence, they should all of them suspend their payments at once, in preference to seeing houses absolutely forced to do so by dozens at a time, when a trifling monetary aid might have prevented the necessity. In the meanwhile the Prussian Minister, Von der Heyde, and Prince Esterhazy, have been here, it is said to consult with the Senate upon the best means for remedying the present difficulties, and to cause a speedy return of mercantile confidence; but anything beyond this is not known. However, the hereditary burgesses are again assembled to receive the proposals of the Senate for establishing a temporary State Discount Bank, with a capital of 30,000,000 of marks banco, and to give their immediate sanction thereto. But the burghers are generally of opinion that, as the mercantile community have been the main cause of bringing the difficulties upon themselves by over-speculation, they must do the best they can to get themselves out of the mess, and have no right to call upon the freeholders to pay their losses.

5 Dec. 4 o’Clock p.m. Another failure has just been announced as having taken place this day—Messrs. Watty and Co., the bankers and bill discounters. It is, however, supposed to be only temporary.

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5 Dec. Copenhagen.

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“We are still labouring under the effects of the commercial crisis; all attention is turned towards Hamburgh, for it is from that city that will come the saving or the ruin of our commercial credit. All the palliatives which have been hitherto adopted have been powerless to ward off the danger. Old and good houses fall, others are tottering, and all are more or less threatened. The supreme council or general diet of the country is convoked for the 14th January.”

5 Dec. Berlin. 10

Senate of Hamburg has sent a special envoy to that capital, in the person of Senator Moehring, instructed to ask the Prussian Government if it would not be kind enough to help the republicans of Hamburg out of their present difficulties.

5 December. Hamburg. Saturday. ˙ favour of the senatorial plan expressed their fears that any other The party ˙in 15

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mode, and especially the issue of circulating banco notes upon a par with the Bank of England and other similar establishments, would cause the withdrawal of silver from the Bank, and thereby materially injure the real basis of the credit of the State. These arguments were, however, combated by men of great experience, and a final decision was therefore delayed until the further determination of the Senate should be known. The latter were to meet the commission at 8 o’clock on the 6th. and make its decision known to the deputation, after which the burghers will again assemble at 2 o’clock. The general feeling among the merchants and tradespeople is in favour of a banco-note circulation, and nothing less than such a plan will be of any avail in restoring any degree of confidence in this city. The Assembly of the Hereditary Freehold Burghers continued their discussion on the question of the grant of 30 millions up to 8 o’clock evening, without having come to any definite conclusion. The majority is in favour of granting the sum demanded, under the present circumstances, but as the Board of Commerce is desirous of having bank-notes placed in general circulation, to be given out by the State in payment of any bills of exchange that may be approved by the Commission of the State Discount Board, the Senate has rejected the proposal of the Board of Commerce, and will only grant payment through the medium of Exchequer-bills of 1,000 marks each, bearing interest of 6 27–32 per cent. annually, or at the rate of 3 schillings upon each warrant of 1,000 marks daily, and repayable at certain fixed periods as shall be determined upon.

Hamb. 5 Dec. Saturday

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Since my last communication 16 more houses have stopped, making 41 firms within the last three days. Among them are, however, two who have resumed their payments,—that is Messrs. Mützenbecker Sohne, and Grohemann and Krüger.

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The commission will propose for the final adoption of the Assembly some further plan, which will be entertained by them this day, and laid before the Senate. The principal desire is now the establishment of a Government discount office, and the issue of banco-notes in payment of bills; and it is asserted on ’Change that nothing less will remove the mistrust, on all sides hourly increasing. The proposed plan of a respite of one month, or even 14 days, on bills due, has not been entertained after all; therefore, pay or stop is the order of the day.

Hamburg Dec. 6 Sunday.

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“After a stormy sitting, which lasted 10 hours, the Assembly of Burgesses rejected all the proposals of the Senate for relieving the commercial crisis by the creation of a new Bank. Another sitting will be held to-morrow. The majority proposed a forced circulation of notes for a limited period.” “Hamburg, Dec. 6.—In its second sitting the burgherschaft accepted the propositions of the senate. Consequently there will not be a forced circulation of new notes. A further sum of 15,000,000 marks has been placed at the disposal of commerce, the first 15 having been absorbed. “Hamburg, Sunday Evening.—The burgherschaft has decided that 15,000,000 marks banco shall be granted to the discount bank. The state will to-morrow deposit at the bank railway shares of the Berlin and Hamburg and Hamburg to Bergdorf lines to the amount of 5,000,000. The bank will open an account with the treasury for these shares, and will to-morrow make discounts to the amount of 5,000,000. Negotiations are on foot by the state to borrow ten other millions of marks banco in specie, which will also be placed in the discount bank. The proposal for the issue of notes had been totally abandoned. The senate of Lubeck has suspended article 29 of the law on bills of exchange. The notes of the private Lubeck bank are to be taken at the public offices.” D. Arnow, Altona; F. C. Bahre; Barbeck and Wall, Altona; Barwasser and Co.; Berger’s Nachfolger; Blass and Schomburgh; Boas and Richter Brönstedt and Co.; Busse and Halste; Cordes and Gronemeyer; Custer, Brunswig, and Co.; Eschels, Altona; August Feddersen and Co.; John Gowa; E. Grinn; J. F. Gross; Hansen and Johansen; Levi Herz and Son; J. F. Hinck; J. M. S. Hoffmann; Huber and Haupt; Hugher Stobart and Co.; Hülse and Co.; J. C. Jacoby and Son; J. P. N. Jahncke; E. J. Johns Söhne; Gebr. Kalkmann; G. Krafft; J. P. Langmack; Von Leesen and Co; J. Lomer and Co.; L. F. Lorent am Ende and Co; P. E. Meyer; P. A. Milberg; Müller and Kessler; H. Ottenström and Co.; J. and W. Peters; E. F. Pinckernelle; Prale and Wubbe; W. Ree; Raimarius Nachfolger; J. J. Riemenschneider; B. Roosen, jun.; Gebr. Ruben; Schmidt Son; Th. Schmidt; Anton Schroeder; C. M. Schroeder and Co.; J. C. Schultze; W. Seitz; Sieveking and Co.; J. B. Spengel; L. Steenfadt; Thiel and Co.; Ullberg and Cramer; Vogt and Schmidt; Wagener and Enet; Conrad Warneke; J. C. We-

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dekind, Altona; Weissflog and Cordes; Wettern Manke Nachfolger; Winckler and Nagel; Winterhoff and Piper; Vitte and Kammel; Zahn and Vivie´.

Hamburg 6 Dec. Sunday. Stopping of Pontopidan and Compagny. Copenhagen 7 Dec. Monday 5

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In Copenhagen the King of Denmark convoked a Ministerial Council on the 7th forenoon, with a view to deliberating on the best means of meeting the present crisis. The day previously 400,000 rixdollars had been forwarded to Hamburg, in the hopes of propping up the house of Pontopidan and Co. The excitement in Copenhagen had been very great on hearing of the suspension of the above-mentioned house in Hamburg, which, however, was somewhat tranquillized on its transpiring that the National Bank had taken this step towards relieving it.

8 December. Tuesday. Hamburg. 15

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A telegram from Hamburg of the 8th inst. announces that the Discount Bank of the State has commenced operations, its rate being 10 per cent. The bank discounts only the bills of such persons as declare on their honour that they have payments to make that day or the next. The affairs at the Bourse were unimportant, the news of fresh failures having put a stop to all business there. Another telegram, dated the evening of the 8th, says:—The financial state of this city has again become very alarming; the assistance afforded is insufficient. Several important houses have been declared insolvent, with considerable liabilities. Fears were entertained respecting several Danish houses, but hitherto without sufficient cause.

8 December: Christiania: 25

M. Homann, an advocate, and M. Halow, an extensive manufacturer, had started for England, for the purpose, if possible, of effecting a loan of one million of rixdallers (41/2 millions of francs).

9 December Wednesday. 30

Hamburg, Dec. 9 Afternoon. It has just been announced at the Exchange that the affairs of the house of Pontoppidam (the head of the firm is the Danish consul general in this city) have been arranged by assistance from the National Bank of Copenhagen. This news has produced a very favourable impression.

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appears to be firmer, but nevertheless the quotations, particularly of shares in recently created banking-houses supposed to be more or less implicated in commercial and manufacturing circles, continue to sink. From the Dresdener Journal we learn that the Saxon Government, in pursuance of an authorization extended to it by the Chambers, is about to open a Bank for advances on goods

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in Leipsic. Such an institution was resorted to in 1848, and it was found efficacious on that occasion. [30] Week III–Dec. 12 (Saturday)

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Hamburg, December 9. No less than 14 additional firms are announced as having stopped payment since Saturday; and one among them has given rise to as much alarm as the failure of Ullberg and Cramer. This firm has immense liabilities, and if it does not resume its payments speedily, the crisis will be terribly increased. It is the house of H. Pontoppidan and Co. the first partner of which is the consul-general for Denmark. The dealings of this house extend to all parts of Denmark, and Sweden, and it carries on an extensive trade in the productions of these kingdoms to England and other parts of Europe. For two days it was not able to make some heavy payments, which became due; but yesterday a telegram from Copenhagen announced that the Danish National Bank had sent, by steamer, the sum of 400,000 rix dollars in silver, to support the firm, which will arrive, or has arrived, this day. The news of the suspension of the house having reached the Danish capital, caused an almost immediate panic, but people became more tranquilised on hearing that the government had granted to the national bank a further sum of 11/2 million of thalers, beside the million already alluded to. State of Trade at Hamburg.—A Paris despatch, received in London on Wednesday, asserts that, notwithstanding the arrival of about 100,000,000f. in silver at Hamburg during the past week, and notwithstanding the decision come to by the senate on the 8th, failures have succeeded one another without intermission. The amount of bills of exchange protested since the commencement of the crisis is estimated at 140 to 150 million marks banco.

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December 10 Thursday. A private letter from Hamburg, of the 10th inst., says:— “The financial condition of our town, far from having improved since the 4th, has, on the contrary, grown worse—so much so that this day, six or eight firms of high standing have been compelled to stop payment. Other failures are expected, and the reaction will be felt in all the commercial cities of Europe. The consternation is so great that the savings-banks are crowded with persons, anxious to draw out even the smallest deposits. The authorities have found it necessary to have recourse to the military to keep order.”

Advices from Stockholm and other towns announce a new series of failures.

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Stockholm 10 Dec. “With a view to meet the crisis, the following measures have been proposed to the diet:—A state loan of ten millions rix dollars. Employment of the disposable portion of the loan for railways to the amount of ten millions. Permission for

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the banks to issue notes bearing interest. A delay of three months to be granted to the debtors of the National Bank. Modification of the bankruptcy law.” Five additional houses have suspended payment at Stockholm. A great number of workmen have been discharged in the wood yards and saw mills. 5

Dec. 10 Vienna, Thursday Evening. The National Bank has to-day come to the decision of lending, at 6 per cent. interest, a sum of 10 millions of marcs banco in silver, to the city of Hamburgh, under the guarantee of the Senate. The capital lent is to be repaid in the course of the year.

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banco have been already sent to Kiel. Respecting the firm of M. Pontoppidan and Co., the sum of 1,000,000 marks banco has been forwarded to it from Copenhagen, but it is presumed that a larger sum will be required. The crisis is beginning to be felt at St. Petersburg. The Austrian Government has advanced a loan of 10,000,000 florins to the city of Hamburg at 6 per cent. The amount is to be paid into the Hamburg Treasury in silver. The loan is for 12 months.

11 December Hamburg Friday. Hamburg, Dec. 11. The following particulars are mentioned in the Copenhagen reports up to the 9th inst. which have come to hand here:— “On the receipt of a telegram from Hamburg this morning, drawn up and signed by State Councillor Westenholz, Mr. Levy, agent of the Mint, and Mr. Tietgens, a director of the Copenhagen private bank, in which it was stated that the firm of H. Pontoppidan and Co. would be enabled, with the help of 1,000,000 marks banco (75,000l.), to resume its payments, the National Bank, in conjunction with the Department of Finance, have agreed to grant this amount of money, as they clearly perceived the great and significant importance, in furtherance of the interest of the Danish trade, of supporting the firm. The bank will therefore advance one-third and the Finance Administration two-thirds of the million required for the purpose, but the latter demanded the guarantee of the mercantile community, in solidum, for the repayment of the half of their advance. For this purpose subscriptions were opened immediately on ’Change, and within half an hour the amount of 540,000 marks banco were subscribed. Several of the most influential merchants next joined in the expression of their opinion that, notwithstanding they were highly delighted at the aid rendered to so highly influential and respectable a firm, it should, however, not be forgotten that in Hamburg, as well as in their own city, there existed a great many other firms in the greatest difficulties, and if immediate assistance were not rendered to them also a speedy end by bankruptcies would be put to a great portion of

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the firms in question, and Danish commerce and enterprise suffer the greater injury. It was, consequently, received to hold a meeting the following morning, on the Exchange, to consult whether it would not be better to grant a portion of the amount subscribed for as the guarantee for the Finance Minister—that is above the 330,000 marks to complete the half of the two-thirds, the sum required—or 210,000 marks—to other purposes of aid, and to subscribe further sums for the same purpose.” A telegram, of which the following is a translation, appeared here this morning, giving the result of the meeting alluded to in the foregoing:— “The result of to-day’s meeting on the Exchange was to the effect that the association of the first merchants should speedily entreat the Government to grant the further sum of 4,000,000 rix thalers, for the purpose of discounting.” There was great commotion yesterday among a number of our first-rate firms, and Mr. Carl Heine has been consulted, among others, relative to negotiations pending and plans suggested in order to prop up the still tottering fabric of Hamburg’s commercial existence, but little or nothing has transpired beyond interviews said to have taken place between some of the most influential members of the firms in question and the Senatorial authorities with respect to the urgent necessity that speedy and effectual aid should be given to prevent a further continuation of failures, which, if they take place, will bring down with them a vast number more. It is reported that Messrs. Baring, Brothers, have offered to advance to a dozen firms of this city a sum effectually to secure their safety against coming events, provided they agree to guarantee the repayment thereof individually as well as collectively, or in solidum, as the term is used. All this is, however, rumour. The mail from the Brazils is most anxiously expected, and, should evil tidings come by it, another hard blow may fall upon the houses connected with that trade, and thus increase the difficulties of the hour immensely. 4 o’Clock p.m. I have just learnt that the Bürgerschaft will assemble to-morrow, by order of the Senate, to consider proposals for raising a further sum of money to aid several first-rate firms under the most pressing difficulties. Any sum proposed and granted will be guaranteed by certain firms in solidum. Within the last few days bills to the amount of from eight to nine millions have been protested, which were drawn by Rio Janeiro houses on merchants at Hamburg for coffee sent to them six months ago. This article has since that period undergone a fall of at least 40 per cent, and a still further depreciation may be expected. As to the drafts for the cargoes of sugar shipped from Bahia and Pernambuco, most of them do not come due until next month, but there is every reason to fear that they will meet with the same fate as those of Rio. Great uneasiness still prevails in all classes, and the offices of the Savings’ Banks are every day besieged by a crowd drawing out even the smallest sum they may have

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there. The authorities have been compelled to call in the aid of the armed force to maintain order.

Week III 12 December Saturday. 5

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the assembly of citizens had adopted the proposal of the senate not to place the 10,000,000fl. received as a loan from Austria in the Discount Bank, but to employ them in giving pecuniary aid to some great houses on the point of stopping payment, which stoppage would be a heavy blow to commerce in general. A “Commission of Confidence” has been formed to distribute the money. On the other hand, the Treasury is authorised to lend to the Discount Bank the surplus over what it requires, not exceeding 5,000,000 marks.

Hamburg. 12 Dec. Saturday.

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Advices of the 12th inst. announce that the Assembly of Citizens had adopted the proposal of the Senate not to place the 10,000,000 received as a loan from Austria in the Discount Bank, but to employ them in giving pecuniary aid to some great houses on the point of stopping payment, which stoppage would be a heavy blow to commerce in general. A “Commission of Confidence” has been formed to distribute the money. On the other hand, the Treasury is authorised to lend to the Discount Bank the surplus over what it requires, not exceeding 5,000,000. A proposition has been made to the Swedish Chambers to contract a loan of $ 10,000,000 to support commerce. Norway has contracted a loan of $ 2,000,000 for the same purpose.

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Hamburg, December 13—This is the first time, for several weeks, that I have the pleasure to communicate a certain revival of that mercantile spirit and confidence the waste of which has created such melancholy results among the trading community of this city, and the effects of which will be severely felt for a considerable time to come. The decision of the senate, sanctioned by the unanimous approbation of the hereditary burgesses, in yesterday’s assembly, to use the ten millions of banco so generously advanced by Austria,—and for which aid the assembly gave their public thanks to the Emperor,—has ultimately turned the scale, and all classes are now quite satisfied that the senate could not have acted with greater wisdom than in upholding those strong pillars of the mercantile community, Merck and Co. Gossler and Co. Goddofroy and Sons, Lutterroth and Co. C. H. Donner, of Altona, with some others, who have not only been keeping up their own credit hitherto, but doing much to assist others to effect the same purpose. Accounts from Copenhagen, Stockholm, Christiania, and other towns in 13 Dec. Denmark, Sweden, and Norway, state that parties are doing their utmost to Sunday. meet the crisis, when called upon by their respective governments and other civic

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authorities. At Stockholm some important failures have taken place. The government is expected to grant a loan of some millions, to put a speedy stop, if possible, to any more. We learn from Copenhagen that during session of the Folkthing, on the 11th inst. the minister of the interior made a proposal with respect to the sympathy entertained by the government so far as the kingdom of Denmark is concerned, and in relation to the sum of 450,000 rix thalers to be granted in aid of the present monetary difficulties. It was almost unanimously adopted. The following firms have suspended payments in Stockholm according to the last accounts:—Stark; Brussel; Unmann; Thalin; and Granbour. Accounts from Christiania of the 8th instant mention that a guarantee fund was established by the members of the Loan Society in that town yesterday, amounting to the sum of 200,000 specie thalers. In other Norwegian towns similar associations have been formed, with equal success. The government has entertained the proposal submitted by the department of finance to the King, to allow a state loan of 500,000 species in silver thalers to be made.

[31]

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IV Week–20 Dec. 14 December Monday Hamburg letters received to-day state that the improvement manifested during the last few days has been lost and that confidence is now totally gone. 14 Dec.

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the Danish council of state has authorised the minister, Herr Krieger, to bring in a bill for a loan of £ 300,000 sterling, at eight per cent, secured on the finances of the whole kingdom.” 14 Dec.

15 December Tuesday. Companies for lending money on merchandise forward and chartered at Bremen and Antwerp. Stockholm was panic struck for 24 hours, and there was a run on all the private banks. The declaration of the State Bank, however, that it would cast the notes of the private banks, put a stop to it.

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Paris, Dec. 15. The effects of the crisis are now showing themselves in Prussia, where a great number of manufacturers are obliged, more or less to suspend their works. A Berlin letter says:— “The 1st of January is approaching with rapid strides, and it is then that, in conformity with the law voted by the Chambers, and sanctioned by the King, the circulation of bank-notes belonging to the various financial establishments

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of Germany will be interdicted in Prussia. However, looking at the money crisis, and taking into consideration the numerous representations sent in every day, the Minister of Finance seems to hesitate to carry out the measure. The moment certainly does not appear well chosen. The calculation is that there are banknotes of foreign banks now in circulation in Berlin and the Prussian provinces to the extent of 10,500,000 thalers (nearly 40,000,000 francs). If the Government executes strictly on the 1st of January the enactments of the new law, there can be no doubt that these millions will leave the strong boxes and manufactories of the country without being replaced by specie, which circumstance could only tend to aggravate a situation already alarming. No astonishment need be felt at most of the industrial centres of Prussia having sent in petitions for the postponement of the enforcing of the new law, and it is thought not improbable that the Prussian Government will, at the last moment, take into consideration the present difficult position of nearly all the states of the Germanic Confederation.”

16 December. Wednesday. Hamburg rate of discount herabgefallen zu 6% for best bills. Failures continue to take place there, despite the endeavours of the authorities to instil confidence. Vienna 13 Dec.

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The Silver Sent from Vienna to Hamburg.—On Sunday the 13th instant, 27 waggons, which were escorted by gendarmes, were driven out to the Northern Railroad. Each waggon contained 60 cwt. of silver in ingots, which were about half as broad and thick as a common brick, and a foot and a half long. The treasure, when on its way to Hamburg, was stopped by the employe´s on the Prussian frontier. Those gentlemen declared that precious metals could only be forwarded in Prussia by post; but the minister of commerce, who was informed by electric telegraph of the difficulty which had arisen, gave orders that the silver should be left in the hands of the persons who had brought it from Vienna.—Vienna Correspondent of the Times. A Copenhagen letter of the 13th says:— “The First Chamber has followed the example of the Second, and voted almost unanimously the sum of 450,000 rix-dallars asked for by the Minister of Finance, to be devoted to the most pressing wants of the commercial community. A fresh sum of money has just been sent to the banking-house, of which the Danish consul general at Hamburgh is the head, and one of the directors of the Bank of Copenhagen still remains at Hamburgh to take up the bills overdue, and which the Bank had put into circulation after they had discounted them. Yesterday a deputation of four of the principal merchants went to the Palace of Fredrichsborg, to request the King to grant, out of the reserve fund of the monarchy, a temporary loan of four millions of rix-dallers (nearly 12 millions of francs), on good guarantee and on the deposit of merchandize. The King replied that he had been made aware of the present deplorable condition of

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Danish commerce, that he hoped, those sufferings would be but of short duration, and that as a constitutional sovereign he would arrange with his government for the prompt adoption of measures to ward off the effects of the crisis which weighs so heavily on the whole country.”

Hamburg 17 December. stoppage of Schulte and Schemmann, largely en˙˙ gaged in the metal trade. The rate of discount for the best bills has fallen to 5 P. C., and there is a disposition to invest largely in all the leading securities.

5

Berlin Dec. 17. The market here is decidedly more busy. The failures at Hamburg, Leipzig, Posen, and Breslau have not produced so much effect as might have been anticipated. Although bank and credit shares exhibit depression, those of railways in general exhibit an upward tendency. The general opinion is, that the crisis has reached its climax at this place. Great sympathy is felt, meantime, for the failure of the much-esteemed house of Gentz and Schultz, of Hamburg, and the more so as it is understood that the cause arises, in great part, from the large assistance furnished by that house to others of minor substance. The Sixth Russian Stieglitz Five per Cent Loan has gone up to 1011/2, or not more than half below the English-Russian loan. Russian railway shares are a drug, at from three to four below par.

London. 21 December. The Government of Sweden and Norway, anxious to promote certain measures for obtaining financial aid in England, in order to prevent the permanent break-up of some of the extensive establishments which have lately failed. Deputation now in London: 500,000l. asked from the B. o. E. Such concerns in Sweden and Norway as can make out security for the amounts requisite to resuscitate them or carry them through will hand that security to the Government who will cause its value to be investigated, and then guarantee the B. o. E. from all loss. The Swedish ˙˙ ˙ Diet are said to have granted the necessary powers. In Norway the Storthing meet only once in 3 years, and it will be some time before the next session takes place. The executive government will assume the necessary responsibility. The plan will be carried out as rapidly as possible, the great object being to lessen the numbers threatened with loss of employ˙ ˙ ˙mills, ˙ ment from the stoppage of the chief furnaces, and other works. (Times.)

10

15

20

25

30

35

Hamburg 19 Dec. “Business has required much activity, since yesterday, and the funds and railway shares have been negotiated at improved prices. There has not been much speculation in merchandise, for most of the houses which have the largest stocks are

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those which are now having their accounts wound up, and therefore are not at liberty to make sales. It is said that the Bank of Darmstadt has offered to this city a loan of two millions of marcs banco, and the discount bank has been authorised to borrow five millions more.” 5

Vienna. 17 Dec.

10

The monetary and financial crisis is far from being at an end in Austria, and during the last day or two very many applications for assistance have been made to the Credit Bank. Among other persons who asked for help were a respectable Trieste merchant and a great manufacturer in the Southern Tyrol, and there is reason to believe that both of them received the required accommodation. Some Berlin correspondents have stated that the Vienna Credit Bank has Hamburg bills in its possession of the nominal value of 40,000,000 marks banco, but they are in error. That the institution in question was in connexion with several Hamburg firms is a fact, but it is not likely to suffer serious loss by any of them.

15

Warsaw 17 Dec. A Warsaw letter of the 17th inst. says that a dozen firms have suspended payment there, and great uneasiness prevails, as it is thought that the commercial crisis will extend to Russia.

Hamburg 20 Dec. 20

The commission charged with the examination of the condition of the different compromised firms are conscientiously acquitting themselves of their duty. It is generally reported that the last house which demanded the assistance of the State was only relieved yesterday, and that, too, after the withdrawal of a claim by the Duke of Augustenbourg which he had preferred.

25

Berlin. 21 Dec. A telegram from Berlin of the 21st announces that the Bank of Prussia has reduced its discount on commercial bills to 61/2 per cent., and its rate of interest on loans on goods to 71/2 per cent.

Hamburg 22 Dec. 30

At Hamburg, owing to the commercial derangements, no foreign exchange quotations have been published. 22 Dec. At Hamburg the rate of discount for the best bills ranges between 4 and 6 per cent. 22 Dec.

Stockholm. 22 Dec. 35

A telegram from Hamburg announces that the Danish Chambers closed on the 22nd. The Supreme Council of the monarchy is to meet on the 10th January. Several resignations have taken place. Many failures continue to take place in Denmark, Sweden, and Norway.

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Karl Marx · Krisenhefte

A letter from Stockholm says:— It has been stated at the Exchange that the minister of finance has received offers from a banking house in Paris to furnish the Swedish Government with three millions of thalers banco (6,000,000fr.) as a loan, to be paid within six weeks from the day the agreement is signed. The conditions on which this sum is to be lent have not yet transpired, but it is said in financial circles that the terms are such as may be accepted, particularly in the situation in which Sweden is now placed. The number of failures which have taken place up to this time amounts to 22. Among them the most to be deplored are some large saw mill establishments founded by shares, and having a very large capital. Timber was exported by them to England in enormous quantities, and the bills drawn for these supplies having been returned unpaid, the directors found it necessary to declare themselves insolvent, and consequently to discharge more than 2,000 men, who are now out of employment.

Amsterdam. 22 Dec.

5

10

15

Usury in Holland.—The First Chamber of Holland adopted, on Tuesday, a bill abolishing the legislation of 1807 relative to usury and several local bills.

22 Dec. Prussia. It has been decided that all the branch houses of the Bank of Prussia shall take the notes of the private Prussian banks, and that some exceptions shall be made as regards the prohibition to take foreign notes. Denmark. A letter from Copenhagen states that the Bill authorising the Minister of the Interior to contract a loan for Denmark of £ 300,000 was adopted on the third reading by a majority of 66 to 7.

20

25

London. 1 January 1858 Zinsfuß in Hamburg auf 41/2 P. C. [32] Russia. Ende December. Recent financial advices from Russia furnish some interesting particulars. It is said the total of bullion in the fortress of St Petersburg and at Moscow exceeds 30,000,000l. On the other hand, the paper circulation is estimated at nearly 120,000,000l, and the rate of exchange continues at a point that must involve great loss to all who have to make foreign payments. With regard to the grand railway scheme, of which, according to report, the English public may expect to hear more the moment they may be again disposed to get rid of their money upon any invitation, the latest particulars are as follows:—The company have about 4,000 versts of line to construct in 10 years, at a cost of about 45,000,000l. Their first issue was about 12,500,000l. Of this they retained onefourth for Russia, on which 371/2 roubles was required as a first instalment on each share of 125 roubles. When the Government reduced the rate of interest on

148

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35

40

Book of the Crisis of 1857

5

bank deposits, on the first October last, from 4 per cent. to 3 per cent., the directors took the opportunity of offering 5 per cent. on all payments in full, and of this the shareholders readily availed themselves. At the present moment, therefore, about 96,000 out of the 150,000 shares reserved for Russia have been entirely paid up. Of the shares issued in other countries only a small proportion have been paid in full. On the Warsaw line the road is finished for about 120 versts.

Warsaw. Ende December. 10

15

20

The Monetary Crisis in Poland.—The money crisis is now seriously felt at Warsaw. All metallic currency has vanished, and trade is at a stand, for the only, or almost only, paper currency—the notes of the Bank of Warsaw—are only taken at a discount of six per cent. A silver rouble costs nine kopeks premium, and the price of a half imperial is five silver roubles, sixty to sixty-five kopeks. A draft for one hundred thalers on Berlin or Breslau costs one hundred and thirteen or one hundred and fourteen thalers. The official journal at Warsaw attributes the scarcity of money to the travelling mania which took 70,000 travellers from Russia and Poland into foreign countries, and led to an expenditure there of forty millions of silver roubles—to the import of foreign goods caused by the cessation of home manufactures during the war—to the falling off of the export of corn which was paid for in gold—and lastly to the derangement of the monetary affairs in foreign countries.—Aachener Zeitung.

Berlin, 27 Dec.

25

30

The American crisis has caused such a serious effect on the commerce of Thuringen that the Government of Weimar has thought it necessary to convoke an extraordinary session of the Diet to regulate commercial affairs. Apolda, which is the principal manufacturing town of the Grand Duchy, contains a great number of stocking weaving establishments, the productions of which are exported to the United State and Hamburg. A telegram, dated Hamburg, December 23, says:—“The Danish chambers closed yesterday. The supreme council of the monarchy is to meet on the 10th January. Several resignations have taken place. Many failures continue to occur in Denmark, Sweden, and Norway.”

Jan. 5, 1858. 35

The Daily News’ correspondent, writing from Berlin on the 5th, says:— “The Central Committee of the Bank has this day reduced its discount on commercial bills to 51/2 per cent, and on advances to 61/2 per cent.”

Jan. 2, ’58

40

Hamburg, January 4. Accounts from the Danish capital up to the 2d inst. state that, in almost every town throughout the whole of the Danish monarchy, loan and discount societies have been, and are being, formed to meet the pending crisis. The town of Rand-

149

Karl Marx · Krisenhefte

ers, in Jutland, has demanded the sum of 300,000 rix dollars from the government fund, and other places in proportion; so that the sum allowed by the national diet for the purpose of general support of the mercantile classes will soon require an addition to meet even more moderate demands made for aid. A provisional law has been passed by the government, therefore, permitting loans to be made upon mortgage, and at any rate of interest required. Hitherto the interest for such loans was limited by law; but, under the present circumstances, any rate is allowable by simply asking the permission of the minister of the interior. The new municipality regulations for Copenhagen will be in force from the commencement of the new year, and a new burghermaster will be chosen immediately. The fourth instance of fire in the capital having occurred since Christmas night took place to wind up the New Year’s Day. The nominal rate of discount at Hamburg is given at 31/2 to 8 per cent; but, of course, only very first-rate paper is the order of the day, and but little business is done in consequence. Public confidence is very far from being re-established, which may be the case for some time to come. Hamburg, Wednesday Evening, Jan. 6.—The winter has set in in good earnest. We have had, since Monday, from six to ten degrees of frost (from 13 to 21 degrees below freezing of Fahrenheit); and the navigation of the Elbe is threatened with immediate interruption. The wind continues easterly. The fall in the value of money on the Continent continued. This week the Bank of Prussia have lowered their rate of discount from 61/2 to 51/2 per cent.; the Bank of Turin from 10 to 8 per cent.; and the Bank of Belgium to 41/2 per cent. At Hamburg the rate has fallen to 3 to 31/2 per cent. The trade of Leipzic during 1856, according to the report of Mr. Ward, the English representative, was in a state of remarkable activity, and a great increase was exhibited in the importations and sales of foreign manufactured goods. It appears that the entire trade of this city during and between the fairs in 1856, exceeded the average of the previous five years by 46 per cent., and that its foreign trade increased no less than 421 per cent., as compared with the average of the same years. The entire quantity of goods, German or foreign, imported at and between the fairs on an average of the five years 1851 to 1855, was 387,003 centners; in 1856 it reached 568,237 centners. The quantity of foreign goods imported on an average of the five years 1851 to 1856, was 35,915 centners; in 1856 it amounted to the high figure of 189,994 centners. The British portion of the trade, it is stated, appears to have increased in a ratio rather greater than that of other countries. The quantity of British manufactures imported into Leipsic in 1856 is estimated at not less than 127,121 centners, which exceeds the average of the five previous years 1851 to 1855—viz., 23,656 centners—by 438 per cent. The imports of cotton and woollen yarn from Great Britain were

150

5

10

15

20

25

30

35

40

Book of the Crisis of 1857

5

10

15

20

25

unusually large, and the imports of British cotton and woollen manufactures generally had also much increased. The causes of this sudden extension of the foreign trade of the Leipzic fairs, which for the preceding ten years had been rather on the decline, were attributed to the conclusion of the peace with Russia, and the abundance of the last harvest. The Commercial Crisis in Sweden and Norway.—The formation has been announced of a guarantee association at Stockholm, under the auspices of the principal merchants, with the view of supporting the credit of the various houses compromised by the failures at Hamburg and elsewhere. The proposed by-laws are now before the Swedish government, and the moment these are sanctioned the operations of the association will commence. The directors are—M. Benedicks, of the firm of Michaelson and Benedicks, bankers; M. Berg, one of the members for Stockholm in the Swedish diet; M. Schön, of the mercantile house of Schön and Co.; Dr. Sieveking, representative of the Hamburg billholders; and M. Schartau, director of the State Bank of Sweden. It is also stated that the Swedish diet have authorised the government to raise a loan of between £ 600,000 and £ 700,000 exclusively for the relief of such members of the commercial body as may be able to deposit security and give full evidence of their solvency. The loan is to be for three years, and is to be raised on any terms the government may deem proper. Agents have accordingly left Stockholm for Hamburg with full powers. As the rate of discount in that city has fallen to 31/2 per cent, the probability is it can be concluded there without difficulty. Should this expectation not be fulfilled, the agents will doubtless visit London. The loan for Norway, subscribed through Messrs. Baring, is only £ 220,000, the whole of which has already been remitted.—Times.

[33] [III.]

Producemarket.

Statement for stock on hand of some articles in port of London on Dec. 19, 1856 and 1857. and 26 Dec. East and West India produce etc 30

British Plantation Westindia 35

East India Mauritius 40

Total:

1) Sugar. tons tons Foreign Stock. 1856 Stock. 1857. Sugar 6 064 18 028 Cheribon, Siam, and Manilla 11 698 13 955 Cuba or Havana 8 208 6 974 Porto Rico Brazil 25 970. 38 957.

1) Sugar. tons Stock. 1856 4 518

tons Stock. 1857. 3 065

8 183

10 206

1 305 1 822 15 828

4 173 3 005 20 449

151

Karl Marx · Krisenhefte

26 Dec. ’56 27,489

26 Dec. 39,838

The average price of Brown or Muscovado Sugar, exclusive of duties, from

Westindia

Mauritius

Westindia

1 331 26 Dec. ’56: ˙˙ 1 283

Westindia Eastindia Total

1,752,345 152,460 (26 Dec. ’56: 2,154,060)

British Plantation Total

British Plantation Ceylon Total British

Total f.

2001 (26 Dec. ’56 2212) 2 370 83,655 86,025

Grand Total

(26 Dec. ’56: 139,111)

(26 Dec. 54,739)

(26 Dec. ’57: 63,212)

26 Dec. 1856: 16,602

dto 1857 20,515

26sh. u. der average 91/2 d. p. cwt price˙ ˙of the two: 26sh. 63/4 d. 26 Dec. ’57 av16 53/4 erage price of sugar: 31sh. 73/4 d.

Black

152

10

2) Molasses (tons) 8 444 26 Dec. ’57: 9 952 3) Rum. gals. 1,563,660 Foreign 247,725 Vatted (26 Dec. ’57: 2,016,990) 3) Cocoa Cwts 3 767 Foreign (26 Dec. ’57: 7 011) 4) Coffee. Cwts. 7 126 Mocha 85,817 92,943

Foreign E. I. Malabar St. Domingo Havana and ˙ ˙Rico ˙ Porto Brazil and Costa Rica ˙ ˙˙ ˙ African Total Foreign

(26 Dec. ’57: 176,108)

15

182 700 160 020 2,247,525

108 450 116 685 2,036,520

260

2 637

2 261

6 404

10,551

14,903

7 745 649 355 2 544

7615

1 191

34 353

58 594

236 56,433

1 085 83,388

142,458

176,331

52 863

62,232

204

218

2 484

1 676

20

25

30

5) Rice. Tons.

White

5

6) Pepper (tons) (26 Dec. ’56: (26 Dec 57: 202) 236) (dto: 2 532) (dtto: 1 905)

35

40

45

Book of the Crisis of 1857

Nutmegs dto. wild 5

10

15

20

Cassia ligne˙˙a˙ ˙˙

7) Nutmegs, Cassia Lignea, Cinnamon (pkgs) Pimento (bags) ˙˙ ˙ 2 163˙ ˙ 1 725 (Dec. 26. ’56: (Dec 26: ’57: 1779) 2 149 651 620 Cinnamon 2 910 4 028 (26 Dec. ’56: (26 Dec. ’57: 26. Dec. 56: ˙˙ ˙˙ 668) 621) 3 141 dtto 57: 3 976 10 464 5 997 Pimento 6 557 9 877 (dtto (dtto: (bags) 11 370) 5 997)

8) Raw materials, Dyestuffs (Cochineal, Lac Dye, Logwood, Fustic.) Cochineal 6 853 7 873 Logwood 3 004 4 205 (Serons) (26 Dec. ’56: (26 Dec. ’57: (tons) ˙˙ ˙˙ 6 866) 8 040) Lac Dye 13 678 12 802 Fustic 672 405 (Chests) (dtto. (dtto (tons) 13 802) 12 803) East India (Chests)

20,225 26 Dec. ’56: 20,372

Nitrate of Potass

2 338 2 228 (26 Dec. 56)

25

American Brazil 30

Total

58 4 (26 Dec. 56: 374,748)

Zuckerstock

35

40

45

Molasses (tons) Cocoa Coffee Rice Nutmegs mehr:

9) Indigo. 19,730 Spanish 26 Dec. 57: (Serons) ˙˙ 19,698 10) Saltpetre (tons) 6 623 Nitrate of (6 535 Soda 26 Dec. ’57) ˙˙ 11) Cotton. (bales) 57 East India 4 Liverpool of all kinds (26 Dec. ’57: ˙˙ 439,081)

also 19 Dec. ’57 vgl. mit 19 Dec. ’56: Grösser (Britisches Wachs˙ ˙ ˙ ˙ ˙ 4621. thum) 12,987 tons;˙foreign: dtto dtto dtto dtto 407 (pkgs): Cinnamon mehr:

1 874

1 594

2 017

1 635

42 525 355 790

35 740 393 370

398 377

429 171

Zus. 17608 tons

7113 tons 4143 cwts 33873 cwts 9369 tons 1118 pkgs. Pimento mehr: 3320 bags. Cochineal mehr: 1020 Serons. Logwood mehr: 1201 tons Nitrate of Potass mehr 4285 tons Cotton dtto 30794 bales Abgenommen war der Stock in Rum, Cassia Lignea, Lac Dye, Fustic, Indigo, Nitrate ˙˙ ˙˙ ˙˙ of Soda, Pepper.

153

Karl Marx · Krisenhefte

[34] [Board of Trade Returns]

London. 25 Dec. Board of Trade Returns. The Returns of the Board of Trade, which we publish this week for the eleven months, brought down to the end of November last, still show an increase in the total amount of our exports, as compared with the last two years, but a marked diminution for the month of November 1857, as compared with the corresponding month of 1856 and even of 1855 also. The declared value of the total amount of our exports for the eleven months ending with the 30th Nov. last is 115,007,196l, while for the eleven months ending with November 1856 the same return shows 105,845,631l, and in 1855, 86,847,280l. But when we compare the month of November 1857 alone, with that of 1856 and 1855, we observe at once the effect of the late depression of our commerce. For while the return for November 1857 shows 8,285,815l, that for November 1856 is 10,272,075, and for November 1855 is 8,759,849. When we come to look at the details of this decrease, we find, as we should expect, that the main falling off of our exports is in the trade with the United States. We gave last month a detailed analysis of the exports to the United States in October,—we now present the same for November, in which the fuller effect of the causes partially operating in October will be clearly seen.

5

10

15

20

Exports to the United States in the Month of November.

Beer and ale Coals Cottons Earthenware Haberdashery Hardware and cutlery Linen Iron—Pig Bar Cast Wrought Steel Sheets Lead Plates Oil seed Salt Silk manufactures Ditto, other Stationery Wollen cloths Ditto, stuffs Worsted stuffs Total

154

1855. £ 13499 14915 420426 34640 92156 87372 193213 18968 159472 1385 62276 33876 16689 20022 51862 8836 17620 10104 5197 5879 37120 114098 40990 1,460,451

1856. £ 18102 10626 482407 57126 105421 139084 251733 16415 102017 2788 56381 50968 13330 5084 102629 18142 22048 11662 13283 7879 53302 85292 52462 1,688,173

1857. £ 4760 14395 129453 20279 17749 61685 47817 4732 62734 7311 29161 14779 33 35 9501 7426 2598 757 1119 11440 19613 7197 474,574

25

30

35

40

45

Book of the Crisis of 1857

5

10

15

20

25

From this it will be seen that of the two millions decrease in the value of our exports in November 1857, as compared with November 1856, more than onehalf has arisen from the decrease in our exports to the United States,—which have fallen from upwards of a million and a half in November 1856, to less than half a million in November 1857. The diminution of our exports to the Hanse Towns in November; as compared with the same month in previous years, is also marked, as we might have anticipated from the nature of the commercial difficulties recently experienced. In our exports to the British East Indies there appears to be a general and considerable increase for the month, no doubt due to the export of goods for the support of the large army we have sent out thither. With regard to the imports, we may notice that the supply of East Indian commodities is considerably increased, while the supply from China has fallen off. The cotton from the British India is returned at 330,693 cwts in the last month, as compared with 131,807 cwts in November, 1856, and 181,599 cwts in November 1855; while the East Indian silk imported has increased also in a similar proportion. Indeed, not merely with regard to the one month, but taking the eleven months of the year together, we note a considerable increase in the import of British Indian commodities. Is it wonderful that we should have a financial crisis when our year’s exports have been 115 millions, while our imports have been 127 millions? It appears that, within the same time, our exports of specie to the East alone have been £ 17,064,507; and that in seven years the East has drawn from Europe £ 56,677,333! Nearly 12 millions have gone to India alone this year. It is clear, therefore, the natives have hoards of our money, out of which taxes may be levied. Gentlemen have told us that the payments of silver they receive from natives are of coins very new and quite black with having been bidden in the earth. (ibid.)

London. week ending 24 Dec. 30

35

40

The Railway Trade Returns for the past week, as compared with those of the same period of last year, show the following results:— Lines. London and North Western Chester and Holyhead Great Northern Lancashire and Yorkshire East Lancashire Manchester, Sheffield & Lancash. Bristol and Exeter Oxford, Worcester & Wolverhmp. Newcastle on Tyne and Carlisle Monmouthshire Rail and Canal Birkenhead, Lancash. & Ches. Jnc. Great North and Scotland Limerick and Foynes

1857. £ 55,286 4,552 26,830 17,669 4,696 9,044 5,521 4,154 3,125 2,408 2,512 1,061 113

Corresponding week 1856. £ 60,775 4,458 26 235 22,434 6,556 9,720 – 3,998 3,021 2,363 2,614 1,105 110

155

Karl Marx · Krisenhefte [Lines.]

[1857.]

Waterford and Limerick Waterford and Kilkenny Dublin and Belfast Dublin and Wicklow North British North Eastern Bedale and Leyburn Maryport and Carlisle Londonderry and Enniskillen Londonderry and Coleraine Eastern Counties East Anglican

[Corresponding week 1856.]

868 288 1,124 1,186 4,733 33,364 99 867 721 264 23,570 924

1,062 266 1,082 1,110 4,967 31,333 – 853 761 293 23,389 979

5

10

Lord Derby declared at the opening of Parliament, that the value of British imports during the last 3 years had exceeded that of British exports to the amount of 160,000,000l. Darauf (Dec. 5) fragte Urquhart’s Manchester “Foreign Affairs Association” an beim President of the “Board of Trade”, whether this statement was correct? Dieser Lord Stanley of Alderley schickte ihnen darauf (Dec. 11) folgendes statement, wonach sich folgende Rechnung herausstellte: £ Importations 468,000,000 Exports 371,000,000 Difference 97,000,000 Alderley of Stanley accounts for his statement from Derby’s one as follows: “Lord Derby having taken the total value of our imports including our imports from the colonies and foreign countries, while he has excluded the re-export of merchandise, which has been received from the colonies and foreign countries.” Er giebt folgendes officielle: Comparative Statement of the value of Imports and Exports of the U. Kingd. from and to the Principal Foreign Countries and British Possessions ˙˙ ˙ ˙ ˙˙ ˙ ˙˙ ˙ ˙ in 1854, ’55, and ’56. Computed Real Value of Imports.

Foreign Russia

156

{

1854 1855 1856

£ 4,252,288 473,169 11,561,924

Value of Exports. Declared Value of Computed Real Value Produce of the United Kingdom. of Foreign and Colonial Produce. £ £ 54,301 19,738 1,595,237

1,775,617

15

20

25

30

35

Total.

40

£ 74,039 3,370,854

Book of the Crisis of 1857

Sweden 5

Norway Denmark

10

Prussia Hanse Towns 15

Holland 20

Belgium France

25

Spain Cuba et Portorico 30

Portugal

[35] 35

Two Sicilies Turkey Proper

40

Egypt

45

Unit. St. (California incl.) Brazil

50

Buenos Ayres Chili

{ { { { { { { { { { { { { { { { { {

1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854

1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856

2,509,539 2,825,171 2,031,861 1,369,440 1,099,642 947,934 2,706,186 3,086,979 2,201,831 9,055,503 10,242,862 4,534,815 6,221,524 4,816,298 5,302,739 6,731,141 6,460,932 7,433,442 3,631,161 2,533,732 2,936,796 10,447,774 9,146,418 10,386,522 3,594,501 4,799,728 3,645,083 3,369,444 2,332,753 2,654,580 2,101,126 1,962,044 2,164,090 1,411,457 1,281,940 1,505,582 2,219,298 2,294,571 2,383,029 3,355,928 3,674,682 5,753,518 29,795,302 25,741,752 36,047,773 2,083,589 2,273,819 2,229,048 1,285,186 1,052,033 981,193 1,380,563 1,925,271 1,700,776

334,518 545,384 629,697 402,290 487,400 488,489 758,228 756,967 1,033,142 798,434 1,100,021 933,715 7,413,715 8,350,228 10,134,813 4,573,034 4,558,201 5,728,253 1,406,932 1,707,693 1,689,975 3,175,290 6,012,658 6,432,650 1,270,464 1,158,800 1,734,483 1,073,861 1,077,745 1,398,837 1,370,603 1,350,791 1,455,754 563,033 921,220 1,202,183 2,758,605 5,639,898 4,416,029 1,253,353 1,454,371 1,587,682 21,410,369 17,318,086 21,918,105 2,891,840 3,312,728 4,084,537 1,267,125 742,442 998,329 1,421,855 1,330,385 1,396,446

249,792 279,515 300,795 106,244 102,551 143,080 230,010 260,624 352,173 1,717,285 2,016,650 624,908 2,720,274 3,344,416 3,260,543 2,320,877 2,611,767 2,434,278 1,948,740 2,239,514 2,323,042 3,216,175 4,409,223 4,038,427 165,642 135,192 377,820 4,727 22,933 25,190 148,997 184,580 433,470 109,258 175,221 197,925 317,476 419,119 291,991 113,895 117,235 43,151 923,034 744,517 698,772 119,982 128,550 179,979 32,565 26,383 43,892 43,589 56,688 64,492

584,310 824,899 930,492 508,534 589,951 631,569 988,238 1,017,591 1,385,315 2,515,719 3,116,671 1,558,623 10,133,989 11,694,644 13,395,356 6,893,911 7,169,977 8,162,531 3,355,672 3,947,207 4,013,017 6,391,465 10,421,881 10,471,077 1,436,106 1,293,992 2,112,303. 1,078,588 1,100,678 1,424,027 1,519,600 1,535,371 1,889,224 672,291 1,096,441 1,400,108 3,076,081 6,059,017 4,708,020 1,367,248 1,571,606 1,630,333 22,333,403 18,062,603 22,616,877 3,011,822 3,441,278 4,264,516 1,299,690 768,825 1,042,221 1,465,444 1,387,073 1,460,938

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Karl Marx · Krisenhefte [Foreign]

Peru China (Hong Kong incl.)

[£]

{ { { {

1854 1855 1856 1854 1855 1856 1854 1855 1856 1854 1855 1856

3,138,527 3,484,288 3,048,694 9,125,040 8,746,590 9,421,648 1,528,896 1,516,729 1,657,375 118,239,554 109,959,539 129,517,568

{ {

1854 1855 1856 1854 1855 1856

4,007,052 2,296,277 3,779,741 2,079,674 1,379,041 1,891,707 £ 3,977,271 3,978,278 4,157,098 1,636,267

Africa Westcoast (exc. British ˙˙˙Posse ˙ u. Frenc˙h ssions) ˙˙˙˙ ˙ ˙ ˙˙ ˙ ˙ ˙ Total Foreign Countries

[£]

949,289 1,285,160 1,046,010 1,000,716 1,277,944 2,216,123 646,868 839,831 666,374 63,800,605 69,524,475 83,327,154

[£]

[£]

22,236 60,278 26,154 26,400 26,052 70,611 174,073 219,827 223,842 15,645,612 18,710,749 20,035,442

971,525 1,345,438 1,072,164 1,027,116 1,303,996 2,286,734 820,941 1,059,658 890,216 79,446,217 88,235,224 103,362,596

180,569 90,298 123,591 40,273 27,718 34,322 £ 166,690 136,022 180,799 31,779

4,137,654 1,606,121 2,541,841 903,977 398,278 606,864 £ 2,037,364 1,526,014 1,642,955 31,779

35,189 41,248 1,474,634 942,659 1,759,814 493,154 404,321 478,328 31,228 20,321 22,660 17,936 14,772 16,977 63,309 45,437 73,127 2,990,754 2,292,466 3,357,963 18,636,366 21,003,215 23,393,405

456,587 452,489 13,405,986 7,221,625 11,672,389 9,620,710 10,353,475 11,024,518 413,504 325,897 411,095 401,146 317,945 437,157 985,266 836,750 1,417,465 36,374,875 28,456,076 35,857,757 115,821,092 116,691,300 139,220,353

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British Possessions. Canada New Brunswick

Br. West India Islands Br. Guiana Br. Settlements in Australia ˙ ˙ ˙˙ Br. East Indies Ceylon Mauritius Cape of Good Hope. Br. South Africa Total Brit. Poss. Total Foreign Countries u. Br. Poss.

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{

{ { { { { { { {

3,957,085 1,515,823 2,418,250 863,704 370,560 572,542 £ 1854 *1,870,674 1855 1,389,992 1856 1,462,156 1854 Included with West Indies. 1855 1,491,934 421,398 1856 1,418,264 411,241 1854 4,301,868 11,931,352 1855 4,500,200 6,278,966 1856 5,736,043 9,912,575 1854 10,672,862 9,127,556 1855 12,668,732 9,949,154 1856 17,262,851 10,546,190 1854 1,506,646 382,276 1855 1,474,251 305,576 1856 1,304,174 388,435 1854 1,677,533 383,210 1855 1,723,807 303,173 1856 2,427,007 420,180 1854 691,352 921,957 1855 949,640 791,313 1856 1,502,828 1,344,338 1854 34,149,499 33,384,121 1855 33,583,311 26,163,610 1856 43,026,586 32,499,794 1854 152,389,053 97,184,726 1855 143,542,850 95,688,085 1856 172,544,154 115,826,948 * Including British Guiana.

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Ausgelassen unten gegen England Canada: 1,808,454 (kömmt vor Norwegen) New Brunswick: 3,431,303 kömmt vor Denmark

Handelsbilanz in den 3 Jahren gegen ˙˙ ˙ ˙ ˙˙ ˙ England 5) f. Rußland 12,842,488l. St. 10) Sweden 5,027,934 16) Norway 1,686,962 13) Denmark 3,391,144 4) Preussen 16,642,167 15) France 2,696,291 7) Spain 7,146,917 11) Cuba u. Portorico 4,853,484 18) Portugal 1,283,075 19) Two Sicilies 1,030,139 6) Egypt 8,214,941 1) U. St. 28,571,764 21) Buenos Ayres 107,676 20) Chili 693,155 9) Peru 6,282,382 2) China 22,675,432 Also Handelsbilanz gegen England der ˙˙ Reihe nach: 1) U. St. 2) China. 3) East Indies. 4) Prussia 5) Russia. 6) Egypt 7) Spain 8) British Westindies ˙˙˙˙ ˙ 10) Sweden. 9) Peru. 11) Cuba u. Portorico 12) Mauritius 13) New Brunswick 13) Denmark. 14) Ceylon. 15) France. 16) Canada 16) Norway. 17) Africa (Westcoast) 18) Portugal. 19) Two Sicilies. 20) Chili. 21) Buenos Ayres

17) Africa (Westcoast Not British ˙˙ ˙ or French) 8) British Westindies u. Guiana ˙˙˙˙ ˙Indies 3) East 14) Ceylon 12) Mauritius

Gegen England.

6,906,314 19,605,742 3,134,575 4,672,099

1,432,195

Handelsbilanz f. England. 1) Hansetowns. 2) Australia. 3) Turkey 4) Brazil. 5) Belgium 6) Holland 7) Cape of Good Hope

1) Hansetown 18,883,428l. St. 6) Holland 1,600,904 5) Belgium 2,214,207 3) Turkey 6,947,220 4) Brazil 4,131,160 2) Australia 17,761,889 7) Cape of good Hope 59,661

Handelsbilanz for England.

Book of the Crisis of 1857

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[36]

IX. United States. ˙ ˙˙ ˙ ˙

Anfang December (57) Exports und Imports. New York Shipping List, furnishes the following official figures of the commerce and navigation for 1857, in advance of the Secretary’s report to Congress. The figures present several prominent points for remark, one of which is the large preponderance over all other countries presented by Great Britain in the trade with the United States, the balance in the exchange of the ordinary products of the two nations being this year 12,723,882 dols in favour of the United States. The second point is, that notwithstanding this balance in the direct trade with Great Britain, we settle 47,143,214 dols in specie with other countries through London. Another feature of the return is, the enormous increase in our import trade with Spain and her islands Cuba and Porto Rico alone having added 18,284,085 dols in sugars since the previous return in 1856, and Cuba about 3,348,566 dols in molasses. The present value to Spain of the trade of the United States with her West India and Philippine (Manilla, &c.) dependencies is 56,846,803 dols; placing her second to Great Britain only in the magnitude of her sales to this country:—

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The Foreign States we Trade with—1857.

Britain and her Colonies France and her Colonies Spain and her Colonies Zollverein and Free Cities Switzerland Holland and her Colonies Belgium Sweden and Norway Denmark and her Islands Russia Austria Sardinia Tuscany Two Sicilies Turkey Portugal and her Islands Africa Hayti Brazil Uruguay New Granada Venezuela Peru Buenos Ayres Chili

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Goods bought from dols 151,692,667 45,737,804 56 846,803 21,568,590 6,822,634 4,409,707 3,711,972 756,894 285,368 1,519,420 796,505 217,287 1,755,002 1,575,953 731,850 583,714 1,521,665 2,290,242 21,460,733 368,297 2,315,104 3,860,518 208,746 2,784,473 3,742,439

Produce sold to dols 164,416,549 31,820,810 21,218,846 13 593,860 Indirect 4 819,234 3,691,628 1,449,711 1,164,547 4,474,842 2,173,065 3,057,901 337,400 1,093,951 527,481 1,797,841 2,308,165 2,216,147 5,268,166 976,370 1,292,674 1,024,048 449,743 1,202,376 2,473,228

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Book of the Crisis of 1857. Seite [34]/[35]

Book of the Crisis of 1857. Seite [36]

Book of the Crisis of 1857 [Goods bought from dols]

Mexico China Sandwich Islands 5 Other States and Islands Total imported Foreign goods re-exported Total exported

[Produce sold to dols]

1,049,267 8,356,932 204,416 1,307,777 348,428,342

3,017,640 1,723,987 803,084 523,736 278,906,713 14,905,509 293,812,222

The Specie Exchanges of the Year 1857. 10

London Paris North of Europe 15 West Indies Mexico South America China Miscellaneous 20 Total

Received from dols 4,069,054 1,987,833 132,624 635,517 4,958,984 406,882

Remitted to dols 51,212,266 6,655,018 764,133 6,564,260 857,615 2,383,699 702,901 69,136,922

270,895 12,461,799 The Foreign Trade Recapitulated—1857.

25

Exchange of products Exchange in specie Grand total Last year

Inward. dols 348,428,342 12,461,799 360,890,141 314,639,942

Outward. dols 293,812,222 69,136,932 362,949,144 326,944,978

New York. 9 Dec. 30

The following is a statement of the movement in cotton since the 1st September, as compared with the previous four years:—

Receipts at the ports Exports to Gt. Britain Exports to France 35 Expts. to other foreign ports Total exports Stock on hand

1857. 616000 222000 56000 38000 316000 328000

1856. 947000 172000 89000 43000 304000 510000

1855. 964000 327000 114000 76000 517000 432000

1854. 620000 223000 68000 34000 325000 330000

1853. 569000 155000 35000 38000 228000 333000

85000 47000 7000 4000 58000

72000 24000 8000 5000 37000

Of which during the past week, included in the above:— 40

45

Receipts at the ports Exports to Gt. Britain Exports to France Expts. to other foreign ports Total exports

107000 21000 8000 4000 33000

103000 24000 18000 3000 45000

124000 45000 18000 13000 76000

Summary.—Receipts: Decrease at the ports compared with last year, 331,000 bales. Exports: Increase to Great Britain, 50,000; decrease to France, 33,000; decrease to other foreign ports, 5,000. Total increase in exports, 12,000 bales.

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9 Dec. New York. Since I last wrote, an important suspension in the cotton trade has transpired—that of Robert Lewin. Mr. Lewin was one of the parties who went deep into cotton during the past exciting season, and who openly boasted that he would clear $ 200,000 by his operations. His shipments to Liverpool were large, and his figure for selling was 91/2 d. for middling. But, unfortunately, just as that figure was within his grasp, the financial blast came on, and he went down in the general wreck. Most of his cotton in Liverpool has been sold at an enormous loss, to meet the advances made upon it. I also hear of a single cargo sold in the Liverpool market at a loss of $ 70,000. The market here and at the south is in a very unsettled condition, and entirely dependent upon the nature of the advices from your side. Even some of the New Orleans journals admit that there is too small a basis of coin in that city for any successful opposition to the combinations of English spinners and jobbers; and yet it was in this very city that propositions were on foot, awhile ago, for a bold stand in favour of cotton, not a pound of which was to be sold under 15 cents! The banks helped speculators last year to carry their game, but they are too crippled now to have a hand in any such movement, and the great staple must, therefore, take care of itself. To all appearances, the best portion of the present cotton season will be the most hazardous ever known, and 6d. for middling will, doubtless, be quite a common figure in Liverpool ere long. Should the manufacturing interests of this country and England make up sooner than is expected, however, there would, in all probability, be a gradual recovery in the price of the raw material; and, with a crop of only 3,000,000 bales, which seems now to be the favourite figure, the end of the season might find the figures where they were in September last. Much will depend upon the speed with which trade revives and the healthfulness of the means employed to bring about a revival. Many of our own manufacturers declare that there never was so favourable a moment for the successful establishment of home industry as the present. (New York. Dec. 9.)

American Grain and Flour market. New York. Dec. 12 Flour and Meal: The demand for State and Western flour is restricted to the wants of home trade, and, with heavy receipts, and a rapidly increasing stock, the market has a downward tendency, a decline of 5–10 cents having been established since Tuesday last. Southern flour continues dull, but prices are no lower, the receipts being moderate. Grain receipts of wheat large, but with an increased demand both for export and home use, prices are fully sustained, and it is 2–3 cents above last Tuesday’s currency. ... The receipts of new corn have been quite extensive, and the stock is accumulating, but old is scarce and wanted—the closing prices are 3–5 cents below those current at the date of our last. (Econ.)

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The New York Shipping List observes:— General trade is in a state of quiesence incident to the season, but a much more cheerful feeling with regard to the future is clearly perceptible. The chaotic state of excitement engendered by the late financial and commercial storm has about subsided; people now relieved of that unnecessary alarm which served as an effectual barrier to business or negotiation, are vigorously at work clearing away obstacles preparatory to setting the wheels of trade again in active motion. Liquidation and settlement have been the order of the day for many weeks past; business has undergone great contraction; credits have been materially curtailed and economy and retrenchment have taken the place of extravagance and expansion. The money market is gradually working easier, but the demand is light, and likely to continue so until after the holidays. Second-class paper is abundant, but there is not sufficient confidence in the community to warrant its free negotiation, except at such exorbitant rates as the makers can ill afford to submit to. On call, money is superabundant at 6 to 7 per cent. We quote choice 60 day notes, 7 to 9 per cent.; prime 3 to 6 months. ditto, 10 to 12 per cent.; and ˙˙˙ second class signatures, 24 to 36 per cent., according to circumstances. Several of the leading banks—that is to say, the Manhattan Bank, National Bank, and Bank of Commerce, have resolved to formally resume specie payments on Monday next,—a gratifying and most opportune step, the beneficial influences of which must speedily be felt in all the ramifications of trade. The commercial advices at hand from the United States this week are decidedly more favourable. The bank statement for the week prior to the departure of the steamer shows the extraordinary specie average of 26,069,832 dols. On the 14th of October last the banks suspended with about 5,000,000 dols in their vaults. The Bank statement shows:—Increase in loans, 1,370,448 dols; increase in specie, 1,766,417 dols; increase in deposits, 136,944 dols. The following is an abstract of the report of the Treasury department:—

The Government spent this last fiscal year ending June 30, 1857 On the civil list dols Interior department War department Navy department 35 Public debt

dols. 70,822,722

30

27,531,922 5,358,274 19,261,774 12,726,856 5,943,896 70,822,722

The budget of expenditure for the current fiscal year, to end June 30, 1858, is made Actual first quarter dols 40 Estimates three quarters The balance in the Treasury at the beginning of the year, July 1, was Revenue to the 30th of Sept. Estimated to the 30th of June 45 Total

74,963,058 23,714,528 51,248,530 74,963,058 17,710,114 20,929,819 36,750,000 75,389,933

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This would leave 426,875 dols, provided the revenue is not overestimated nor the expenditure underrated; to provide against which contingencies and to guard the public credit, the Secretary asks for authority to employ Treasury notes, not to exceed the sum of 20,000,000 dols. The Customs revenue for the first quarter was 18,573,729 dols. The Secretary calculates on only 33,000,000 dols for the remaining nine months. Instead of 231,000,000 dols in dutiable merchandise for the year entered for consumption (as the first quarter would indicate), he looks for no more than 174,000,000 dols, owing to the recent revulsion. The land and miscellaneous revenues of the year he sets down at 6,000,000 dols, of which 2,356,090 dols was realised the first quarter. The public debt was reduced on the 1st of July to 29,060,386 dols. The department has since purchased 3,895,232 dols, leaving the amount outstanding 25,165,154 dols. The department has collected anew the railway capital and debt of the country. These amount in— Capital Debt Total

dols. 491,435,661 417,243,664 908,679,325

The annual income is reported at 48,406,488 dols. Interest on the debt, 25,093,203 dols. According to the Washington correspondent of the New York Herald, the Treasury Department had suspended payment. Requisitions to the amount of nearly half a million dollars were held in the Department. “This”, says the Herald, “will doubtless lead to the immediate passage of an Act authorising an issue of Treasury notes, in accordance with the suggestion of Secretary Cobb.”

[37] V. 11 Dec. (Friday)

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The Failures. I) 10 Dec. Thursday. Failure in the Cotton Trade.—We regret to state that Mr. R. Ashworth, cotton spinner, of Walton-le-dale [the Preston Guardian says R. and E. Ashworth, of School Lane Mill], near Preston, has stopped payment, and made an assignment of his estate for the benefit of his creditors.—Preston Chronicle.

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18 Dec. London. Numerous meetings of the creditors of failed firms have taken place this week. Messrs Hoare, Buxton, and Co., show liabilities to the amount of 257,000l, and assets, 119,500l; Mr G. H. T. Hicks, liabilities, 151,900l, and assets, 23,747l; Mendes Da Costa and Co., liabilities, 231,673l, the liquidation depending chiefly upon the result of a large claim upon Messrs Da Costa and Co., at St Thomas’s; Messrs Gorrissen, Hüffel, and Co., liabilities, 125,310l, assets, 83,980l; Messrs Alexander Hintz and Co., liabilities, 101,439l, with a deficiency of

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59,893l; Messrs Allen, Smith, and Co., liabilities, 20,306l, deficiency, 15,762l; and Messrs Barber, Rosenauer, and Co., liabilities, 32,488l, deficiency, 28,738l. The meetings of the three last-mentioned firms were held this day. In nearly every instance resolutions have been passed to wind up the various estates under inspection.

Stafford v. der week ending 19 December:

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South Staffordshire.—At present no mitigation of the state of depression experienced in the iron trade can be reported. We alluded last week to additional firms in difficulties, and their names are now freely mentioned. The following are the firms alluded to, and some whose inability to meet their engagements has since been made known:—Messrs. Pearson and Kendrick, iron merchants, Staffordshire Iron Wharf, Bilston-road, Wolverhampton; Mr. T. H. Pemberton, ironmaster, Deepfields; Messrs. Wright and North, ironmasters, Moumore Green, Wolverhampton; Dr. Mannix, coalmaster, Wolverhampton; Messrs. Bate and Son, of Kingswinford and Willenhall; Messrs. Hodgetts and Son, iron merchants, Westbromwich; the Bradley Hall Company, Bilston; Messrs. Richards and Son, Dudley Port; and Messrs. Gregory, Spon Lane. Other firms are mentioned, but in the absence of any authoritative statement proceeding from themselves the publication of their name is undesirable. Doubtless some of the failures are owing to merely temporary difficulties, the result of the crisis, and to the series of stoppages which have occurred, and it is impossible for so many to succumb at once without drawing after them or involving in difficulties firms whose transactions have been perfectly legitimate. Orders are scarce, consequently few works are in full operation. Suspension in Glasgow.—The suspension of Messrs. Schwabe and Co. of Glasgow, was announced on Thursday afternoon. The firm has lost, we understand, by one or two of the German failures in London. The liabilities are said to be about £ 30,000.—North British Mail.

Bradford. 19 Dec. 30

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Mr. James Dalby, stuff manufacturer, Bradford, has called his creditors together this week. At the meeting a statement was submitted showing his liabilities to be about £ 4,000, and his assets exhibited a deficiency of £ 800. The estate is to be wound up under inspection. Mr. Dalby is a highly-respectable man. Foreseeing his difficulties, he has been for some time endeavouring to bring his affairs into a narrower compass, and hence his creditors will be gainers. Messrs. Goldstein and Kappele, a German house, engaged in the commission business, have suspended payments. In their case no balance sheet has been prepared as yet, but it is understood that their liabilities are not large. The firm of Messrs. Thomas Taylor and Son, worsted spinners and stuff manufacturers, Ovenden, has stopped. It appears that Messrs. Taylor became insolvent about three years ago, and an arrangement was made with the creditors by which the firm were enabled to carry on the business; but the concern

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not having been profitable, two of the largest creditors—namely, Mr. William Cheesebrough and Messrs. S. C. Lister and Co.—have seized the mill and other property under a bill of sale, and the probability is that the general creditors will get nothing.

Liverpool 19 Dec. Klingender and Brothers. American trade liabilities large (shipowning and cotton trade) 240,000l. Isaac, Reeder and Co (African trade) 10,000l. The Western Bank.—The Scotsman observes, of the Western Bank:—“There is at least one of the disclosures which is more a matter for public or Government inquiry than for the shareholders, whose interest indeed it may be to pass it over as lightly as possible. The notes of the Western Bank in circulation are 720,083l. The returns made by the bank just before the stoppage stated the circulation at 454,983l., provided for by 182,522l. of coin in addition to the authorised circulation of 337,938l. How the 265,000l. of increase?—how authorised?—how secured? Are there not some recent events in Scotland which would be better inquired into by a commission on the spot than by an overworked Parliamentary committee?”

23 Dec. Edinburgh, William Reid, wholesale grocers—liabilities to 20 or 30,000l. 24. Dec. Nottingham 23 Dec. Large failure in the lace trade, which will fall very heavily upon the “commission agents.” 24 Dec. Bradford. W. C. Haigh, wooltrade; considerable liabilities.

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24 Dec. Nottingham The firm of Oliver and Sons, a large lace house, has suspended payment; their liabilities are estimated at 40,000l. and the bulk of these will fall upon small houses, commission agents, and machine holders. Messrs. Oliver have offered 7s 6d in the pound.

19 Dec. Saturday. London. 1) Spyer and Co, merchants in the Australian trade chiefly 21 Dec. 2) Failure of a dealer upon the Stockexchange. 22 Dec. Nicholson. shawl trade (Manchester trade) Lloyd brothers (pictures dealers and exporters to the U. St. Several Small firms. 23 Dec. Small failure in the oil trade. 19 Dec. (Saturday–25 Friday) a large number of small houses are com˙ ˙ make arrangements with their creditors. pelled to íDie Gazette enthält u. a. unter Bankrupts in ihrer Nummer von: ˙˙

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Dec. 22: Harris and I. G. Costa, London, Whitechapel, Starkey and Adcock, Birmingham, W. and C. Crossley, Elland, Yorkshire, Sharp, Bingley and Bradford dtto, D. R. u. W. J. Hanson, Halifax J. Raynes, Liverpool and Cork. W. S. Walker, Liverpool Worsdell, Warrington, Lancashire Anderson, Glasgow, P. M’Laren, dtto W. Cameron, dtto Dec. 25: Sevenster (London, Marklane) Heldmann, (dtto, City), Eddy, Deptford G. Scott. Uxbridge T. Roe Nottingham J. Potter dtto Hasell Bristol Taylor and Segar, Soundwell (Gloucestershire) ˙˙ ˙ Horsfall, Langfield, Yorkshire, Eastburn, Halifax, dtto, Topham, Wakefield dtto Baker, Liverpool, Eccles dtto Howard, Macclesfield Hamilton, Bacup, Lancashire Lloyd etc, Staffordshire ˙˙ ˙ Urwin, Newcastle-upon-Tyne,

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Dean etc near Burnley, Lancashire ˙˙ ˙

40

wholesale clothiers. percussion cap makers. cotton spinners. worsted spinners dtto shipowner. shipbroker. ironmanufacturer. ironmonger. shipcarpenter. commission merchant. merchant. lace manufacturer. smith and iron manufacturer. wharfinger. machine builder. lace manufacturer. soap and candle manufacturer indigomanufacturer. cottonspinner. dyer and stover. dyer. shipbroker and commission agent. cottonbroker silkmanufacturer cottonspinner. fryingpan manufacturer. chain and iron merchant. stone masons and contractors.î

[38] During the remainder of the year, the attention of the mercantile community will be principally directed to the ordinary routine of the counting-house, the completion of outstanding contracts, &c, and beyond the proceedings at the

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various meetings of creditors, there is little commercial intelligence to communicate to the general public. These assemblages constitute the principal and distinguishing feature of business transactions at the present moment. The revelations are, in most cases, very unsatisfactory, but in a few instances the cause of failure is proved beyond all doubt to have been the depreciation of produce and the suspensions of foreign houses. In these particular cases, which, however, form the exception, good dividends are promised, and the creditors are tolerably satisfied. On reference to the various price currents issued in Mincing-lane, it will be observed that all the leading staples have fallen considerably, and weak holders of produce—those who have no capital to fall back upon—were necessarily compelled to stop payment, because even if they realised their goods at forced sales, the proceeds would have been insufficient to meet the claims against them, which, in many instances, have been increased through accommodation paper accepted for others. A small proportion only of these houses have yet held their meetings, and as they severally take place it will be interesting to note the explanations given, in order to ascertain how far indiscretion has been the cause of the late embarrassment, and to what extent credit has been unduly forced.

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28 Dec. London. The failure of a large dealer in Options was declared in the Stock Exchange this afternoon. His engagements are described as of a very large amount. (28 Dec.)

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29 Dec. London. Although the financial crisis is virtually at an end, it is feared that its effects will yet continue to be manifested by the fall of many minor firms. To-day two suspensions have been announced—the first being that of Messrs. Lupton, Hooton, and Co., an old house of good repute in the Manchester trade, with liabilities for about 32,000l., while the other is that of Messrs. Hinton, Brothers, and Co., Italian merchants, of Old Broad-street. In neither case, however, are the prospects of liquidation unfavourable. Lupton, Hooton, and Co., it is said, show a nominal surplus of 5,000l., and little doubt is entertained of their paying nearly, if not quite, 20s. in the pound, the stoppage having been resolved upon for the protection of the general creditors, upon a loan which constituted part of the working capital of the establishment having been called in. Hinton Brothers, and Co., are said to have been brought down by the failure of a correspondent at Venice. They had a respectable business, their liabilities are believed to be small, and a satisfactory dividend seems to be anticipated. Times The Western Bank of Scotland and its Savings Bank Depositors.—A large number of persons who hold deposit receipts from the savings bank branches of the Western Bank have been applying at that institution for relief under the distressing circumstances in which they are placed. Many of them have been several weeks out of employment, and now they are without money to procure even the necessaries of life; and, moreover, several of them are threatened with expulsion

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from their dwellings, as their Martinmas rents are still unpaid. The Western Bank, though not formally bankrupt, is justly enough regarded by its directors as in an insolvent position; and in these circumstances, they cannot legally give one class of creditors a preference over another, notwithstanding the strong claim which these humble people can urge for relief. The other banks do not so readily take up these deposits as those of larger amount, simply because, in a business point of view, the trade is not worth cultivating.—Glasgow Herald.

22 Dec. 10

The Daily News reports the return of the bills of Pinto and Basto, Spanish merchants, and Van Specht and Co. foreign merchants. Their liabilities are small. 22 Dec.

Week ending 31st December.

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A few additional mercantile failures have been announced this week, but they are not of general importance. The list includes Mr Greenslade, corn factor, of Bristol, with liabilities estimated at about 25,000l; Messrs Lupton, Hooton, and Co., in the Manchester trade—liabilities, 30,000l; Messrs Hinton Brothers, and Co., Italian merchants; Messrs T. M. Waters, and Co., wine and general merchants; Mr E. L. Goetz, wine merchant; and Mr R. C. Polhill, in the wine trade. The last mentioned was announced to-day. The liabilities of all these firms are very limited. Econ.

The “Gazette” v. Dec. 29, Tuesday bringt u. a. folgende Bankrupts: J. and R. Hills, Gravesend and Dartford, bankers. W. Cullemore, London, Eustonsquare, Draper. W. etc Wellsted dto Cabinetmakers. A. Jackson, Peterborough, Corn merchant. Rolling, Palterton, Derbyshire Cattle dealer. R. u. J. Blow, Great Grimsby, Lincolnshire, Corn merchants. Shorland, Manchester, ironmonger. Tetlow, Oldham cotton waste dealer. Haigh, Dukinfield, Cheshire, enginemaker. Ramsey and Smart, Arbroath, manufacturers. Liddell, Glasgow Commissionagent. Connell and Taylor dto sewed muslin manufacturers. Fraser, Muirfield, Invernesshire shipowner. Strapp, Pollockshields, Renfrewshire contractor. Renwick, Glasgow Tea merchant. J. M’Lintock, Livingston, Linlithgowshire, merchant.

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[39] Von Dec. 11 (Friday bis—)

I) Failures. London

Dec. 11 (Friday.) London. 1) The chief house in the list is an old and most respectable one, Messrs. Heine, Semon, and Co., largely engaged in the trade with the North of Germany, Moldavia, &c. Their liabilities are supposed to amount to about 700,000l. (Times)

5

—700,000 2) Messrs. Weinholt, Wehner, and Co., a German house connected with the trade to the East Indies and Australia, have also stopped. Their liabilities range between 250,000l. and 300,000l., and the prospects of the liquidation appear to be doubtful, since they depend on realizations from produce and collections from abroad, as well as upon the proceeds of bills on other failed houses. At the beginning of the year the firm had a considerable surplus. 250,000–300,000

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3) Messrs. T. H. Elmenhorst and Co., German merchants, trading principally to the North of Europe. They hold the paper of other suspended houses, and the immediate cause of their embarrassment has consisted in the failure of Messrs. Albert Pelly and Co. 4) Montoya, Saenz, and Co., an old Spanish firm of respectable standing as general merchants. South American Merchants. One of the partners in the London House Vice-Consul for˙ ˙New Granada.

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5) Worcester Bank of Farley, Lavender, and Co. The bank was established more than 60 years ago, and has for some time been in a state of decay. It enjoyed a privileged circulation of 15,463l., but the amount of notes at present outstanding is said to be only about 4,000l.

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6) T. G. Ward, of West Smithfield, who appears in [the] list of London bankers, but whose business was principally that of agent to cattle salesmen.

7) J. Gallard (Commission Merchant). Provinces. Dec. 11. (Friday) Manchester It is understood that Messrs. Robert Smith and Co., of Manchester, a firm very largely connected with the silk trade, regarding whom some anxiety has been felt during the past few days, have obtained aid from the Bank of England.

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The application for aid to the B. o. E. by the Wolverhampton and Staffordshire Banking Company, which stopped on the 17th of November with liabilities estimated at about 1,000,000l., has been acceded to.

It reopened on Tuesday last for the redemption of its note circulation. 5

Liverpool The liquidators of the Liverpool Borough Bank have made a call of 5l. per share.

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In the crisis of 1847 the bank failures numbered four of importance, viz.—the Royal Bank of Liverpool, the Liverpool Banking Company, the North and South Wales Bank, and the Newcastle Jointstock Bank; besides the Abingdon and Wantage, the Oldham Bank, and six other small private firms at St. Alban’s, Salisbury, Shaftesbury, Shrewsbury, Honiton, and Bridport. The pressure at this period took place in August, when the suspensions in the corn trade were announced, and continued with unabated severity through September and October, the Government letter having been issued on the 25th of the latter month, and withdrawn on the 23d of November. During this interval the minimum rate of discount was 8 per cent. The extent of the liabilities of many of the firms which then suspended may be contrasted with the details previously given by reference to the annexed list:— Alexander, L. and Co., corn trade £ 573,188 Barclay Brothers, and Co., Mauritius trade 389,504 Booker, Sons, and Co., corn trade 40,000 Bruce, Buxton, and Co., bill brokers 347,000 Bensusan and Co., Mogador trade 57,961 Boyds and Thomas, East India trade 38,684 Cockerell, Larpent, and Co., East India trade 619,393 Castellain, Sons, and Co., general merchants 69,651 Cotesworth, Powell, and Pryor, Brazilian and Spanish American trade 350,000 Cruikshank, Melville, and Co., East and West India trade 182,984 Covertry and Sheppard, corn tade 200,000 Douglas, C., and Son, corn trade 250,000 Fraser, W. T., East India trade 33,665 Fry, Griffiths, and Co., colonial brokers 90,979 Gower, A. A., and Nephews, Spanish and Mauritius trade 450,832 Giles, Son, and Co., corn trade 152,824 Hastie and Hutchison, corn trade 50,451 Johnson, Cole, and Co., East India trade 122,666 King, Melville, and Co., corn trade 200,000 Kingston, J., and Co., West India trade 25,245 Lackersteen, A. A., East India trade 185,529 Lackersteen and Crake, East India trade 133,091 Leaf, Barnett, Scotson, and Co., warehousemen 85,575 Lyall Brothers, and Co., East India trade 340,387 Morley, J. and W., warehousemen 119,731 Nevins and Allen, corn trade 69,907 Perkins, Schlusser, and Mullens, East India and Baltic trade 127,327 Phillips, S., and Co., East India trade 101,474

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Karl Marx · Krisenhefte Phillips, L., and Co., East India trade Reid, Irving, and Co., West India and Mauritius trade Rickards, Little, and Co., East India trade Rougemont Brothers and Co., general merchants Robinson, W. R., and Co., corn trade Ryder, Wienholt, and Co., East India trade Reay and Reay, wine trade Scott, Bell, and Co., East India trade Sargant, Gordon, and Co., colonial brokers Sanderson and Co., bill-brokers Thurburn and Co., East India trade Thomas, Son, and Lefevre, Russia trade Trueman and Cook, colonial brokers Usborne, T., and Son., corn trade Woodley, W. and J., corn trade

18,368 660,432 144,626 109,450 94,362 34,587 47,788 99,629 65,254 2,683,000 109,139 401,760 379,104 59,457 99,509

Times 26 Nov. Announcement of new failures. Northumberland and Durham District Bank. Their paid-up capital is 652,891l.; the liabilities probably not much less than 3 millions; the general opinion as to the character of their assets is far from favourable. They are understood to have made enormous advances on collieries and ironworks. The head office is at Newcastle, and there are branches at Alnwick, Berwick, Hexham, Morpeth, North and South Shields, Sunderland, Durham. The concern has been in existence 21 years, and at the date of the last return the number of shareholders was 408. Terrible distress is likely to be felt throughout the entire district and among all classes. The average weekly amount paid for wages alone through this bank is stated to have been about 35,000l., and it is feared that by the catastrophe several 1000 persons will be thrown out of work.

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[40] London, Saturday 12 Dec.–

I) Failures

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London. 12 Dec. Saturday. 1) Within the last few days the failure has occurred of Messrs. H. and M. Toldorph and Co., Swedish merchants in London, but the amount of their liabilities has not transpired. A large firm in the East India trade is reported to be embarrassed. (M. St.)

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18 Dec. Friday London. 1) W. J. Powell and Son, Manchester Warehousemen,—60,000l. liabilities. 2) Sabel and Co foreign commission agents. 3) W. Dray and Co., engineers and agricultural implements makers about 60,000–70,000 4) Sabell and Co. (Belgian Glass trade.) 17 Dec. Thursday. 1) Failure in Kidderminster: James Holmes, Tapestrymanufacture. (carpets)

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1) Suspensions of a Brewer’s Firm—We regret to announce the suspension of Messrs. G. and A. Wood, brewers, of Lewes, whose liabilities are estimated at 40,000l.—Sussex Express 2) Tooth and Co, of Mincing lane. 3) Messrs. Jonathan Hills and Son, private bankers (no bank of issue) of Dartford and Gravesend.

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14 Dec. Monday. 1) The firm of Messrs. Rew, Prescott. and Co., largely engaged in the trade with Sweden, suspended to-day. The liabilities are heavy, as much, it is said, as 700,000l.

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“The assets, it is feared, will be limited, as their stoppage has been precipitated by that of several foreign firms not likely to pay very satisfactory dividends.” (D. T. Daily Telegraph) “In most cases of failure or stoppage there are just grounds of complaint, reckless trading being generally the primary cause of the stoppage. Some of them, it is true, are purely accidental; when, for instance, one house holds an immense mass of the paper of another already suspended; but even then it is shown that undue credit has been given, and that the prudence which ought to govern all commercial men has been wanting. A ruinous system of over-trading, which seems to owe its origin to a spirit of rivalry and a love of display, has sprung […] the meetings of creditors, which are now becoming numerous, bear ample testimony to the truth of our statements. (D. T.) 2) Richard Willey and Co, extensive silk mercers—£. 50,000(Times) 16 Dec. Wednesday. Edward Smith, woolstapler, of Bermondsey; liabilities of some Magnitude. Saturday 12. Dec. Provinces.–12 Dec.–

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Glasgow. (City of Glasgow Bank, Western Bank.) The City of Glasgow Bank have obtained the full assistance necessary to enable them to re-open, and will therefore not have to apply to the Bank of England. The Western Bank have formally notified that they cannot resume business.

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Manchester 10 Dec. Many failures among the occupiers of weaving sheds in the country districts. (15 Dec. H. S. Bright, Liverpool merchant convicted of forgery; and sentenced to 10 years’ penal servitude. Aehnlicher case in Preston mit einem Kerl früher mayor der Stadt, wegen forging of will.) ˙˙ 12 Dec. Sat. Birmingham. The re-opening of the Wolverhampton and Staffordshire Bank on Tuesday for the payment of its notes tended to re-establish confidence; but the subsequent failure of more than one firm of standing cost a still deeper gloom over the neighbourhood than has hitherto prevailed. We have already announced the failure of Messrs. Riley and Son, Messrs. Solly Brothers, Messrs. Fletcher and Rose, and to these are now to be added Messrs. Pemberton, of Deepfields, Messrs. Pearson and Kendrick, of Wolverhampton, Messrs. Gregory, of Sponlane, and Messrs. Wright and North, of Wolverhampton. There appears to be little doubt that these disasters will precipitate others

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12 Dec. Bradford. J. B. Sharp, agent for hops etc—9000l. liabilities. 14 Dec. Monday. worsted Leeds. Halifax Lister: (fabricant) Messrs. Lister and Co., whose liabilities are spinners presumed to be large. The head of the firm, Mr. Samuel Cunliffe Lister, em-

barked some time ago very largely in the spinning and combing business, having at his command a capital of great magnitude, and having secured several very valuable patent rights. The Halifax concern is only one of several establishments of which he is the principal. Besides mills at Bradford, Keighley, and Addingham, all in the West Riding, he has a large manufactory at Paris, and a smaller one at Berlin, nor do we believe that we have yet enumerated all the concerns over which this large manufacturer presides, although we are ignorant of the localities of his other operations. We understand that very large profits have been realised during the past year from the Paris establishment, and are informed that the Halifax mill is the only one which has hitherto stopped working. There seems to be very good reason for believing that notwithstanding the present embarrassments, the house of S. C. Lister and Co. is in possession of ample means to meet all its liabilities, and even to leave a surplus, but that for this purpose time will be necessary. We learn that they are about to issue a circular announcing their suspension, and stating their intentention to lay before their creditors a full statement, from which it will be seen that they are perfectly solvent; and then to ask the opinion of their creditors as to the course which they should pursue. The suspension of operations by a firm carrying on such vast concerns, and employing so large a number of hands will, we fear, be severely felt by this district, and the greatest prudence and forbearance will be necessary on the part of all persons having claims upon it. Leeds Mercury.

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Saalfeld, brothers, of Leeds, London and Hamburg, about £. 200,000 (Woollen trade) 16 Dec. Wednesday. Cheeseborough and son, largest woollen dealers in Bradford. 5

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Leeds Leeds. Yewdall and sons. The letters from Leeds announce the suspension of Messrs. Yewdall and Sons, in the wool trade, and the difficulties of Mr. William Cheeseborough in connection with that firm. The liabilities in either case will be very heavy, but it is alleged that the affairs of Mr. Cheeseborough may be yet arranged without involving positive failure. The return of 200,000l. of bills upon Messrs. Yewdall, and a depreciation of 25 per cent. in the value of home-grown wool, are stated to be the immediate causes of the suspension of that house; but the embarrassments have, it is asserted, originally sprung from speculations in silk, Mr. Cheeseborough having assisted them in their operations. It is stated that the resources of the latter party are fully equal to all demands, some estimates reaching as high as 40s. to 50s. in the pound, but that he is unable to raise supplies in the existing condition of the Money Market. The temporary interruption to the business of these firms will prejudicially affect the neighbourhood, and should the whole of the hands employed be discharged the distress experienced will be severe and protracted.

[41] London. Saturday 12 Dec—

II) Money market. 1.) Bank of England. 25

30

B. o. England Returns for week ending 16 Dec. (Wednesday) ˙˙˙ Issue department. Notes issued: £. 25,400,735. Gold Coin and Bullion. £. 8,925,735 Banking Department. £. Rest 3,524,832. Gov. Securities. 5,446,131 Public Deposits 6,944,352 Other Securit. 29,264,940 Private Deposits. 15,077,428 Notes. 5,757,175 Seven day and other bills 893,754 Gold and Silver Coin: 525,120.

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Accounts in the old form. Liabilities. £. Assets. Circulation incl. Bank post bills 20,537,314 Securities: Public Deposits: 6,944,352 Bullion: [Private Deposits] 15,077,428 42,559,094

36,633,071 9,450,855 5

46,083,926

a) Bank of England. 16 Dec. Nachstehnde Accounts zeigen folgende changes mit denen voriger Woche verglichen: Decrease in Circulation Increase in Public Deposits Increase in other Deposits Increase in Government Securities Decrease in other Securities Increase in Bullion Increase in Rest Increase in Reserve

£ 416,678. 296,290 636,704 12,109 846,245 1,381,366 30,914 1,880,576

Die increase of 1,880,576l. in the reserve of coin and notes arrived at by a ˙˙ addition to the deposits, coupled with a decrease of more than large 800,000l. in the “other securities”. To be remarked, however, that the private securities still stand at more than 29 mill.—an amount altogether unprecedented previous to the recent panic. An important decline in this item will be the best sign of a return to a healthy state. The magnitude of the private deposits, too, denotes the existence of an abnormal state of feeling in commercial and monetary circles, leading to great disinclination to lend money upon ordinary mercantile securities. The Bank are now in a position to pay off the 2 millions of notes over-issued, retaining an adequate reserve in hand. The symptoms of an approaching reduction in the value of money have this week become still more decided, yet, as we anticipated, the Bank of England have refrained from lowering the rate of discount. Before quitting the protection of the Act of Indemnity, the Directors are evidently desirous of seeing the institution in a strong position; and as the demand upon it in connection with the Government disbursements incidental to the close of the quarter and with the payment of the January dividends will involve the temporary withdrawal of a large sum, their caution is generally viewed with approbation. Judging from present appearances, however, a very short time will elapse before the position of the Bank will be thoroughly strengthened. Week after week, the demand upon the establishment slackens, owing to the increasing competition of discounters “out of doors”, who take choice bills readily at 91/2, 91/4, and 9 per cent. In more exceptional cases transactions have taken place at 83/4 and 81/2 per cent. So long as bills can be discounted at these reduced rates, they will not be carried to the

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Bank, where, meanwhile, very heavy sums fall payable from day to day, as bills discounted arrive at maturity, and as loans expire. We are not disposed to attach too much importance to the example set by the Bank of France, who, on Thursday last, announced a fresh reduction in the rates of discount, fixing them at 6 per cent. for all classes of bills; for the position of financial affairs in France differs in some essential respects from the position here, especially as regards the influence exercised by the French Government on the policy of the Bank. But it must be remembered that a reduction in the value of money in foreign markets must tend to confirm a similar tendency here. The Directors of the Bank of England might postpone a reduction from a fear that the early adoption of such a measure would check the influx of foreign gold, and, perhaps, promote the efflux of a portion of the gold imported from Australia. A downward movement in the continental markets is calculated to dissipate this apprehension, and thus the fall in the value of money in France and at Hamburg must accelerate the return to an easier state of things here. A general view of the situation irresistibly induces an impression that we are now arrived at a period when a reduction in the rate of discount at the Bank of England may be looked for from week to week. The necessity of cancelling the over-issue of two millions of notes has hitherto formed an impediment, but the Bank will now be in a position to accomplish this without the slightest inconvenience.

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B. o. Engl. Returns for week ending 23 Dec. Wednesday. Issue Department. £. £. Notes issued: 26,683,790 Gold coin, u. 10,208,790 bullion.

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Banking Department. £. Rest: 3,542,040 Gov. Secur. Public Depos. 7,428,807 Other Secur. Priv. Dep. 15,151,818 Notes. Seven day and other bills: 876,438 Gold and Silver Coin Accounts in the old form Liabilities Assets Circul. (incl. Bankpostbills) 20,133,558 Securities: Public deposits˙ ˙ ˙ 7,428,807 Bullion: Private deposits 15,151,818 42,714,183

5,492,756 28,088,186 7,426,670 544,491.

£. 35,502,942 10,753,281 46,256,223

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Dieser Bankbericht exhibits; when compared with that of last week: Decrease in Circulation £. 403,756 in Private Secur. 1,176,754 Increase in Public Deposits: 484,455 Gov. Securities. 46,625 Bullion 1,302,426 Rest 17,208 Reserve 1,688,866. Priv. Deposits 74,390 Securities are gradually running off, still they exhibit a large amount; the bulk of the bills now running off at the Bank are those which were discounted 2 or 3 months ago before the great increase of demand upon the Bank during the crisis, and therefore, even though the present demand upon the Bank for advances were reduced to its ordinary amount ˙ ˙ ˙ would not be any material reduction in the aggrebefore the crisis, there gate of the private securities, till the time comes when the extraordinary amount of securities taken during the crisis shall begin to mature and be paid off. the pressure of the crisis is still indicated by a further though small advance of the private deposits on the unusually large amount they had reached last week. (Econ.) B. o. E. 24 Dec. (Thursday.) B. o. E. reduced its minimum rate of discount from 10 to 8 P. C. Zurückbezahlt d. overissue; (u. als) securities f. die Summe returnirt vom Issuing ˙˙ v. 28 Dec. erklärt damit die Department zum banking department. Times ˙˙ crisis f. beendigt. (!)

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[42] Friday 11 Dec.—

II) Money market 2) London Loan market. London. 11 Dec. (Friday.)

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The demand for money at the Bank to-day was good but not excessive. Out of doors there was a greater disposition manifested to make advances; but the —Standard. numerous failures occasioned increased anxiety. An active demand has been prevailing for money, and for the most part full rates have been required, but the stringency of the market is perceptibly relax-

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ing, though the continuance of commercial failures induces the greatest possible caution. —M. St.

12 December (Saturday.) 5

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The demand for discount at the Bank continues active, but not to such a degree as to prevent a steady recovery in its resources. (Times) The general character of the Money market has been much the same as yesterday. The demand was good, with an ample supply, and rates for the very best bills were nearly 1/2 per cent. lower than the Bank minimum. But this relaxing tendency is confined to the very best bills; no other can be negotiated on anything like such terms, and all are taken with exceedingly great caution. In fact, a large amount of paper is now in the market which cannot be done at all, but [(M.] St.) which a few weeks ago would have been readily taken. The failures reported yesterday have given strength to the distrust which was previously disappearing. (M. St.)

14 December. Monday. 15

The demand for money has again been active, and in some quarters there has been considerable pressure, particularly in connection with advances falling due. The market is well supplied. Rates are unchanged. The best bills have again been done to 91/2 per cent, but paper of an inferior description is not taken under the Bank minimum, and then with the greatest possible caution. (M. St.)

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15 December. Tuesday. The market has been irregular, with occasional tendencies towards extreme rates; but no difficulty is experienced in negotiating the best bills at 91/2 to 3 /4 per cent. The supplies are ample at all the discount houses. M. St.

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The money market retains a considerable amount of ease, because the supplies are good, and the regular mercantile demand is falling off. The current rates for the best paper are about 1/2 per cent. below the Bank minimum. The diminished number of commercial bills, in conjunction with the improved position of the Bank, must shortly produce an important effect upon the discount market; but meanwhile much distrust is manifested as to a good deal of the mercantile paper now afloat, in consequence of the apparently increasing difficulty of remunerative prices being procured either for produce or manufactured goods. M. St. The chief subject of conversation in the City this afternoon has been the probability of an immediate reduction in the terms of discount. Affairs have so far improved as to have created the impression that they may be lowered to the extent of 1 per cent. to-morrow (this) afternoon, and although the directors may postpone the measure until the 24th, or perhaps the week after, there are certainly strong reasons for anticipating a speedy course of action. It will have been observed that the flow of gold into the Threadneedle-street vaults has not only been extensive, but continuous, and that at least a million sterling has been

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added since the last accounts were laid before the public. Not only has the bullion been strengthened by the influx, but the reserve of notes received a sensible accession through the liquidation of a portion of the enormous mass of paper from time to time discounted. As these “run off”, the necessity for their renewal will be lessened, through the circumstance that trade in its depressed state will require a much smaller amount of capital. The immense failures which have occurred have withdrawn a considerable quantity of paper from circulation, which, together with the curtailment of business and the decline in the marketable value of goods and produce, is now operating upon the Money Market. (D. T.)

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16 Dec. Wednesday. The Discount Market to-day has been remarkably quiet. At the Bank the demand has fallen off considerably, because accommodation can be produced on much better terms in Lombard-street. The discount houses for some time past, although in the possession of ample funds, have been too cautious to transact much business. They were restrained by the frequency of failures, and the impossibility of telling who was solvent and ought to be trusted. This forced the bulk of the discount business of the country upon the Bank, and the extent of the securities lately held by that establishment—viz., upwards of £ 32,000,000—shows the extent to which the public have been accommodated. Now, however, the bill-broking firms show less reserve, and being anxious to employ their means, while the terms are high they discount more freely. It is clear that money will get cheaper, and they wish to participate in the benefits of the existing terms while they continue. Bills of a first class character are therefore discounted at 91/4, and in some cases at 9 per cent., and the pressure at the (D. T.) Bank has ceased. The trade of the country has recently been brought within such narrow limits that the employment of capital must for some short time to come be comparatively restricted, but it will allow, meanwhile, for an adjustment of those relations which have been disturbed by the progress of recent events. During the next month, however, suspensions, both in London and the provinces, may be anticipated, but these will arise from the consequences of the late over-speculation and the fall which has occurred in the various descriptions of produce.

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(Standard) Thursday 17 December. Money has been but in moderate demand, either at the Bank or in Lombardstreet. Rates are easier for the first class of paper, cases having occurred where only 83/4 per cent. has been charged. But on the general run of paper the rate in Lombard-street is from 91/2 to 3/4 per cent. The discount establishments are, however, doing comparatively little business, and at the Bank the applications are extremely restricted.

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Friday. 18 Dec.

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The money market has again been easy, the best bills, of which the supply is very moderate, having been easily negotiable at fully 1 per cent. below the Bank minimum. The Bank under these circumstances is doing little or no business, and it is understood that the directors are not anxious at present to increase the amount of their securities. Good ordinary bills are commonly done now at 91/2 per cent, but they are scarce, the demand for capital for new commercial ventures being extremely restricted. The continuance of mercantile failures in London and the provinces, and abroad, is the chief check to reviving confidence, the more especially as it is feared that many more disasters of this description will yet occur. The heavy failures on the Continent cannot fail to affect houses here; to say nothing of the effect which they must produce upon the communities in the West Indies, Southern America, and other quarters, between whom and England, Hamburg, and Sweden, the commercial relations are of so intimate a character. Moreover, there are certain branches of trade which have as yet betrayed few symptoms of weakness, but which must be severely stricken by the continued and severe fall in produce. Econ.

[43] Saturday 12 Dec.

II) Moneymarket.

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3) Bullion market. a) Efflux and Influx of Bullion. London. Saturday. 12 Dec. 25

About 12,000l. of gold, chiefly Russian, was taken to the Bank to-day.

Ariel, from New York, brought: 4,300 £. St. Monday. 14 December. The Niagara has arrived to-day, with $ 800,000, or about £ 160,690 sterling.

30

About 220,000l., Australian gold, brought by the Essex, was taken to the Bank to day, and the remainder is expected to be sent in to-morrow.

Tuesday. 15 December. The remainder of the Australian gold by the Essex was sent into the Bank today, and nearly the whole of that from the United States, by the Niagara, is expected to be delivered there. Silver is scarce but the price is not changed.

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Wednesday. 16 Dec. The Atlantic has arrived at Liverpool from New York. She has brought a considerable amount of specie, but the exact amount was not made known during regular business hours. The Centurion has arrived from Sydney, with 107 ounces of gold and 10,000 sovereigns, making a total of 10,428l.

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Royal West Indian Mail Steamer Magdalena will take out 12,000l., of which 10,000l. is silver. Thursday. 17 Dec. The Atlantic, which arrived at Liverpool from New York yesterday, brought 340,000l. in gold. The whole of this amount is expected to be taken by the Bank. The next steamer due is the Africa, and it is believed she will bring about 400,000l., the exchanges being favourable for further shipments.

Friday. 18 Dec. The royal mail steamer Parana, has brought 117,236l. in specie; the Indian mail steamer Nemesis 11,339l.

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Saturday. 19 Dec. ˙ About ˙120,000l. gold was taken to the Bank to-day, and a further quantity of sovereigns have returned, principally from Ireland. An impression is entertained that the large reserves hitherto required by the Scotch, Irish, and provincial banks, will not now be much longer retained, and that the influx from these sources will be considerable.

Export and Import of Bullion. V. 9–16 Dec. (Wednesday–Wed. Gazette return): Export. Imports of Gold: £. 1,091,987. gold: 71,535l. silver: 420,908. silver 86,556 total: 1,512,895. total: 158,091l.

20

25

Bullion movement during the week ending. Dec. 18. The anticipation, expressed in our last, of large arrivals of specie from the United States has been fully realised, no less than 500,000l having been received from that quarter since last Friday evening; and there seems no reason to anticipate any cessation of the supply. The other imports have comprised 10,000l from Sydney, 10,000l from the Peninsula, 43,000l from the Levant, 70,000l in silver from the Continent, and a considerable amount of gold from the same quarter, chiefly from Russia. To-day was also announced the arrival of the Parana, from the West Indies, with 117,000l in specie, chiefly gold. The principal shipments of the week have comprised a quantity of silver to Hamburg, 10,000l in specie to New York, and 10,000l to the West Indies. Econ.

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Export and Imports during the week ending 19 Dec.

5

10

The movements of the precious metals during the past week have been important. The imports have amounted to about £ 866,511, comprising £ 360,000 by the Atlantic, £ 160,708 by the Niagara, and £ 6,000 by the Ariel, from the United States; £ 117,236 from the West Indies, by the Parana; £ 10,800 from the Peninsula, by the Tagus; £ 11,339 from the Mediterranean, by the Nemesis; £ 10,428 from Australia, by the Centurion; about £ 40,000 from the Levant; £ 80,000 in gold from Russia, and £ 70,000 in silver from the Continent. The exports have also been large, viz, £ 10,000 to the United States, by the Persia; £ 10,000 to the West Indies, by the Magdalena; £ 384,059 to the East Indies and China, by the Pera; and shipments to the Continent, through the London Customhouse, estimated at £ 86,232; the total being £ 560,291.

Imports: 866,511l. Export: 560,291

21 Dec. Monday. 15

The Africa brought 338,302l. in specie, the greater part of which is expected to be sent into the Bank in the course of a day or two. Further large shipments of specie are expected from New York by the next and succeeding packets.

Silver. (Movement in the Silvermarket.) 20

Friday. 11 December

Price. 5sh. 23/8 d. for bar silver. (oz.)

The precise amount of silver shipped by the steamer Caledonia to sail for Hamburg to-morrow morning is 50,148l. (Times) —50,148l. St.

11 Dec. Friday. 25

The state of the Eastern exchanges, so far as they can at present be ascertained, appears to be unfavourable, and, if the quotations given for Bombay and Shanghae prove correct, shipments of silver will be further stimulated. The demand for silver continues, and the quotation is 5s. 23/8 d. for bar silver;

30

The exceptional accounts (nämlich v. dem von Australien angelangten ˙˙ Gold), taken for the Continent, are in payment for silver purchased for transmission to Hamburg. (M. St.) Saturday 12 December.

35

The demand for silver for Hamburg continues. About 50,000l. was despatched there to-day. The inquiry for India is increasing. Under these circumstances the late advance is maintained with firmness, and the present price is 5s. 23/8 d. per oz. standard. (M. St.)

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Monday. 14 December. Silver has been in rather more demand to-day both for Hamburg and the East. The price, however, remains the same, 5s. 23/8 d. per ounce for bars. The Silver Market has been firmer, and a moderate amount has been taken for Hamburg to-day.

5

16 Dec. Wednesday. The amount of silver taken out by the John Bull to Hamburg to-day was 22,000l. The demand for silver this day not active.

17. Dec. Thursday. There is little or no enquiry for silver at present, but the price remains steady, at 5s. 23/8 d. per ounce.

18 Dec. Friday. Since the arrival of the Parana silver has declined. The present price for bars is 5sh. 21/4–1/8 d. p. oz., and for Mexican dollars 5sh. 01/2 d. p. oz. It is believed that the shipment of specie to the East by the Pera on the 20th instant will be about 350,000l., inclusive of another quarter of a million in silver shipped by the East India Company. ˙˙˙ 25 Dec. Friday. Price of Silver bars: 5.15/8 p. oz.

[44]

10

15

II) Moneymarket. 3) Bullion market.

20

b) Price of Silver. (Movement in the London Silvermarket.) 19 Dec. Saturday ˙ The amount of ˙silver transmitted to Hamburg by the packet of to-day has not exceeded 8600l.

Ex- and Import of Bullion. Week ending 25 Dec. (Friday) Large imports from the U. St. continue to form an important feature. This week: 440,000l. from New York; 40,000 from the Levant; some considerable sums from Russia and other parts of the Continent. Also 60,000 in silver from the continent. Exports trifling. The return of the exports and imports of bullion and specie, published in the Gazette of last night, shows that in the week ending Wednesday last, the 23d inst., the gold imported amounted to the value of 1,048,897l., of which about one-half came from the United States. The value of the silver imported was

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5

99,688l., most of which was brought from France, Belgium, and South America. The total value of the imports, therefore, was 1,148,585l. The exports amounted to 411,341l. of which 37,063l. only was in gold, and 374,278l. in silver. A large portion of the gold went to France, and nearly the whole of the silver to India via Egypt.

26 Dec. Steamer Great Britain from Australia with 5,708l. (gold) Imports of gold and silver in Great Britain for the last 7 years. Aggregate imports of gold and silver into Great Britain for the last seven years:— 10

1857.,

15

20

25

From – – – – – – Total – – – – – –

Africa American (U. S.), Australia Brazils Mediterranean Mexico and West Indies Russia imports for – – – – – –

gold

gold and silver gold 1857 1856 1855 1854 1853 1852 1851

£ 114,000 7,224,000 11,226,000 18,000 818,000 6,354,000 574,000 26,328,000 26,571,000 23,881,000 26,499,000 27,106,000 20,333,000 13,796,000

The above does not attempt to estimate the large imports from the Continent arising out of exchange operations, of which no exact account can be obtained.

Total shipments of specie to the East (1857).

30

35

40

45

Total quantity of specie shipped from England for the year 1857, by the steamers of the Peninsula and Oriental Steam Navigation Company, commencing 4th January, and ending 20th December:—

January February March April May June July August September October November December Total for 12 months’

Gold. £. 9,973 25,163 19,486 19,625 4,588 7,457 4,854 21,727 22,209 86,411 18,038 29,744 269,275

Silver. £. 787,550 1,623,280 1,560,261 1,508,852 1,297,634 1,866,771 1,395,177 2,086,250 1,341,175 1,300,715 1,260,397 737,169 16,795,232

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Total specie from Great Britain to the East for seven years.—

1851 1852 1853 1854 1855 1856 1857 Total for seven years

Gold. £. 102,280 921,739 880,202 1,174,299 948,272 404,749 269,275 4,700,816

Silver. £. 1,716,100 2,630,238 4,710,065 3,132,603 6,409,889 12,118,985 16,795,232 47,513,112

5

10

Total specie from the Mediterranean ports to the East for five years:—

1853 1854 1855 1856 1857 Total

Gold. £. 93,528 48,456 243,239 74,039 259,986 719,248

Silver. £. 848,362 1,451,014 1,524,240 1,989,916 3,350,689 9,164,221

(From which we have the following summary: From Gr. Br. Gold: £. 4,700,816. Silver: 47,513,112. From the Mediterranean: Gold: £. 719,248; Silver: 9,164,221. Zus.: 62,097,397. In 1857 alone the aggregate exports of Precious Metals from Gr. Br. u. Mediterranean 20,675,182l.) ˙ ˙˙ ˙ ˙ ˙ ˙ ˙ c) Foreign Exchanges. 24 Dec. Thursday. The exchanges between England and the Continent lower, a natural consequence of the fall in the value of money here. There is still an indisposition to deal in long paper ... The effect will be to check the influx of gold from the Continent, but we do not yet hear of any portion of the newly imported gold being shipped from this side thither.

15

20

25

30

[Hier folgt Tabelle S. 191.]

Dec. 18 As the monetary pressure relaxes, the continental exchanges exhibit a drooping tendency. Lower rates are current this week for bills on Holland, Belgium, Paris, Hamburg, Frankfurt, Vienna. Great difficulty is still experienced in selling any but bankers’ or really first class-bills. (Econom.)

35

15 Dec. Tuesday. The Foreign Exchanges were rather lower this afternoon, and only the best bills could be negotiated. M. St.

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40

25

20

15

10

5

Friday – Friday Dec. 11–18 Friday 11 Dec. Tuesday 15 Dec. Friday 18 Dec 15 Dec. 15 December 11.18 11.181/2 11.171/2 11.18 11.16 11.18 12.2 12.3 12.2 12.21/2 12.11/2 12.21/2 12.2 12.3 12.2 12.21/2 12.11/2 12.21/2 25.75 25.85 25.70 25.90 25.70 25.80 25.75 25.85 25.70 25.90 25.70 25.80 13.121/2 13.131/2 13.13 13.133/4 13.113/4 13.121/2 25.30 25.40 25.25 25.50 25.25 25.50 25.95 26 25.80 26.5. 25.75 25.85 25.95 26.5 25.85 26.5 25.80 25.90 1211/4 122 121.1/4 122 121.1/4 122. 11.8 11.12 11.10 11.14 11.7 11.10 11.10 11.14 10.12 11.16 11.9 11.12 32.3/4 331/4 323/4 331/4 33. 331/2 7 3 1 46. /8 47. /4 47. 47 /2 47. 47.1/4 1 1 3 1 47. /2 48 47 /4 47 /4 47. /4 47.3/4 30.60 30.65 30.60 30.70 30.55 30.70 26.20 26.40 26.15 26.35 26.20 26.35 40.1/2 41.1/4 401/2 403/4 40. 405/8 1 1 123 123. /2 122 122 /2 122. 1221/2 1 1 123 123. /2 122 122 /2 122. 1221/2 3 1 51. 51. /4 51 51 /2 51. 511/4 3 1 3 52. 52. /8 52 /8 52 /8 52. 521/2

Friday 1 January / Tuesday 5 Jan. / Friday 8 Jan.

[Weitere Datumsspalten im Tabellenkopf – siehe Abbildung S. 186.]

short 3 ms 3 ms 3 ms 3 ms 3 ms Short 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 60 day.

Time Amsterdam dtto Rotterd. Antwerp. Brussels Hamburg Paris dtto Marss. F. a. M. Vienna Triest Petersb. Madr. Cadiz Leghorn Genoa Naples Palermo Messina Lisbon Oporto Rio Jan.

Locality 11.161/4 12.1 12.11/4 25.70 25.70 13.9 25.321/2 25.75 25.771/2 121 10.55 10.58 331/4 471/4 471/2 30.60 26.10 403/4 123 123 511/4 521/4

11.151/2 12.01/2 12.03/4 25.60 25.60 13.8 25.221/2 25.70 25.721/2 1203/4 10.48 10.48 323/4 463/4 47 30.50 26. 401/4 122 122 51 52

11.151/2 12.1 12.1 25.60 25.60 13.91/2 25.221/2 25.70 25.75 121 10.50 10.52 323/4 463/4 47 30.50 26. 401/2 122 122 51 52

11.161/2 12.11/2 12.11/2 25.80 25.80 13.101/2 25.321/2 25.80 25.85 1211/4 10.55 10.58 333/4 471/4 471/2 30.70 26.15 41 1221/2 123 511/4 523/8

Thursday 24 Dec.

Tuesday 22 Dec.

c) Foreign Exchanges. London rates of Exchange.

11.151/2 12.01/4 12.01/4 25.55 25.55 13.73/4 25.20 25.65 25.671/2 120.1/2 10.44 10.45 33 471/4 47.3/4 30.35 29.95 40.1/2 122 1221/2 51 523/8

11.161/2 12.03/4 12.03/4 25.621/2 25.621/2 13.81/4 25.30 25.70 25.75 1203/4 10.48 10.50 34. 47.3/4 481/4 30.55 26.95 403/4 123 1231/2 511/4 523/8

Tuesday 29 Dec.

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[45]

II) Moneymarket.

c) Foreign Exchanges.

Miscellaneous.

London. Friday Plundered Treasuries.—One of the most active “exciting causes” of the extensive

spread of the present revolt has no doubt been the love of loot inherent to people of every clime and country in the world, and in particular to the natives of India. The plunder of the government treasuries has been at least one of the great incentives to popular outbreaks wherever they have occurred. This fact will be abundantly established by the ruinous list of treasuries plundered, which we subjoin:—Treasuries plundered in the North-west Provinces: Allahabad, Agra, Allyghur, Ajmeer, Azimghur, Bandah, Baitool, Bareilly, Bijnore, Bhutthe, Budaon, Bholundshuhur, Cawnpore, Delhi, Dummow, Ettawah, Futtehpore, Furruckabad, Goruckpore, Goorgaon, Hissar, Humunpore, Hoshungabad, Jhansi, Jaunpore, Jubbulpore, Jaloum, Kumaon, Moradabad, Mynporee, Muttra, Mundlab, Mozuffernuggur, Nimar, Nursingpore, Neemuch, Panneeput, Rohtuck, Saharanpore, Shajehanpore, Seonee, and Saugor. Treasuries plundered in Oude: Lucknow, Seetapore, Fyzabad, Indore, and Baraitch. Treasuries plundered in Bengal: Behar, Shahabad, Singbhoom, Hazareebaugh, Loharduggah, and Manobhoom. The above gives no less than 53 treasuries that have been pillaged by the rebels, and we believe the loss of government in specie is estimated at ten crores of rupees.— 10 Millions Livres St. Phœnix, October 15.

16 Dec. Wednesday.

5

10

15

20

Singapore—Shanghae.

In the latest advices from Singapore it is mentioned that the importations of European goods had been on a limited scale, and that the prices of every description of cotton manufactures continued to advance. The arrival of native traders from the Archipelago had increased, which had caused greater activity in business. The accounts from Shanghae were not favourable as regards general trade. The operations in imports had been exceedingly limited, the scarcity of money among the Chinese, together with high prices, having checked trade. Exports being maintained at the late advance, there was little disposition on the part of foreigners to make investments. The accounts from the interior were unsatisfactory the imposts arranged by the mandarins being numerous and vexatious in their character.

25

30

London. 18 Dec. Financial Difficulties in India. Since the crash of 1847 a vast number of commercial firms have started in Calcutta without capital, and a sketch of their usual mode of business may with advantage be placed before the reader. The merchant who starts without capital commences by providing himself with a native agent, called a Banian. This man he sends into the Bazzar to buy goods, which he pays for by drawing bills against them, with a margin of say 25 per cent., the Banian taking the bills of

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lading and policies of insurance as security. If the first two or three shipments are successful, the merchant, if tolerably prudent, may get on merrily enough for a few years; but if they are unsuccessful, he must either fail, or if he has no friends to come to his relief, he commences with a load of debt, and nothing but a subsequent run of very extraordinary luck can extricate him from the hands of his Banian. For instance, let us say that a merchant without capital purchases, through his Banian, goods which, at the rate of the last English advices, are worth 100l. He draws bills on them to the amount of 75l. If on their arrival in England they sell for a profit, all is well; but if prices have fallen, the English agent of the Banian sells them, and draws bills on the Calcutta merchant for the difference, in favour of the Banian. Say that the 100l. worth of goods realises here only 50l. The agent draws on the merchant for 25l. and interest—the difference between the amount of the proceeds of sale, and the amount advanced on the bills drawn against the goods. The merchant has no capital to meet these bills, and borrows the money, if he has no friends to aid him in getting a loan from one of the local banks, from his Banian. The rate of interest charged is hardly ever less than from 16 to 20 per cent. The English trader must therefore either fail, or commence his next operations with this great load of debt upon him. The fear now entertained is, that when the news of the English and American money panic reaches India, merchants there will find that their shipments will not sell for the amount of the advances against them, and a panic will arise, in which all houses conducted on the principles which we have narrated must fall. The result is, that no one now deems it safe to take bills upon India, as it is impossible to predict with certainty what houses will be stable enough to stand the shock. Such a state of things will naturally increase the financial difficulties of Government, and will close the influx of the hoarded bullion till the holders ascertain the maximum interest which the State will have to pay for the next loan. If that loan is to be raised in India, the interest necessary to obtain the money will be ruinous beyond precedent. Public confidence in the financial good faith of the Government has been grievously shaken. Even according to the last more favourable report, the value of Government securities stands thus:—The Transfer Four per Cent. stock is quoted as “nominal;” the Company’s and Sicca Rupee Four per Cents. are at 23 to 231/2 discount; the Five per Cents. at 11 to 111/2 discount. According to the statement of the Phœnix, a journal which supports the Government, and has not received a warning, the amount plundered from the various treasures by the Sepoys is ten millions sterling. If we add to this only the usual annual deficit of the last four years, the balance against the Indian Government, without the addition of a single rupee for the extraordinary expenses of the rebellion, will be twelve millions sterling. Mr. Mead estimates the loss of revenue from present sources at six millions sterling, which he calls “a very moderate estimate;” and this only upon the hypothesis that “opium will continue to furnish “16 per cent. of the gross revenue.” The last accounts, if trustworthy, lead us to suppose that the deficit in the revenue will not be so

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great as Mr. Mead estimates; but, at the same time, it is certain that the fall in the opium revenue will be very great; so then we may take Mr. Mead’s statement of the probable deficiency as likely to be below the ultimate result. We have, then, a deficit of no less than eighteen millions. Against this must be set the saving of the pay of the Sepoy army, and of the Company’s paper belonging to Nana Sahib, and of the pensions and estates of the King and Princes of Delhi, and perhaps of the King of Oude. The saving from the pension list is a mere bagatelle in such an estimate. The saving from the Sepoy’s pay it is not possible to estimate with accuracy at present; but we believe the general opinion is that it will not exceed three millions. Let us put the possible ultimate saving from pensions to Indian princes at the extravagant amount of half a million—we then have a total deficit of fourteen millions and a half. And in this statement it will be observed that we have not reckoned one single rupee for the expenses to which the Indian Government will be put for the payment of the English troops, in substitution of the vanished Sepoy army; nor have we attempted to calculate the increased expense of pensions that will have to be paid to the widows of soldiers and civilians who have fallen in the rebellion.—M. St.

[46]

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II) Moneymarket

11 December— London.

20

4) Security market. a) Consols. Money Lowest. Highest. Friday. ˙˙ 11 Dec. Saturday. ˙˙˙ ˙˙ 12 Dec. Monday. 14 Dec.˙ ˙ Tuesday. ˙˙ 15 Dec. Wednesd. 16 Dec.

194

shut

Account Closing prise Highest (closing price) 3 3 7 ˙ ˙ ˙ ˙˙ ˙ 91 /4 91 /4– /8 92 (913/4–7/8) 5 3 3 91 /8 to /4 91 /4 917/8–92 Lowest

913/8–1/2

911/2

913/4–7/8

913/8–1/2

913/4

913/4

911/2–5/8

915/8–3/4

913/4–7/8

25

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15

Thursday. 17 Dec.˙ ˙ Friday. 18 Dec. Saturday. 19 Dec.˙ ˙

915/8–3/4

(917/8–92)

917/8–92

917/8

921/8–1/4

921/4

921/4

921/2

925/8

a) Consols. Closing price on 11 Dec. Friday 913/4–7/8 ex div. (on account) (Price for the 8 th Jan.) On Dec. 4 Friday afternoon closing price of consols 913/8 to 1 /2 (div. incl.) On 11th Dec. the price for the 8th Jan. reached 92 to 1/8 ex divid., and was last quoted to 913/4–7/8. After making allowance for the deduction of the dividend, and for the fact that, owing to the shutting of the transfer books, the present quotation is for a month hence, instead of for money, the rise established during the week is about 13/8 or 11/2 P. C., or say equal to the dividend itself. The extent to which bankers some time ago sold stock is highly favourable to the prospects of the market, since a good deal of it will be hereafter bought back. 12 Dec. Saturday.

20

25

Notwithstanding the favourable character of the Bank return, published last night, and of the prospect of the resources of the establishment being largely increased in the course of next week, the funds have been flat, with rather a declining tendency. They opened firm, however, upon the Indian news. Railway shares, with some exceptions, were much the same as yesterday. Joint Stock Banking shares are depressed by rumours of some of them having sustained heavy losses by recent failures.

Consols opened at 917/8–92 ex div., and improved to 92 buyers, but at 92

30

there was a pressure of sales, many of them to close speculative accounts, and these operations being continued there was a rapid fall to 915/8 to 3/4. This was the price at the official close. After regular hours there was a little more animation, and the final quotation was 913/4 exactly. (M. St.) The English funds opened steadily this morning at the improved prices of yesterday, but there was subsequently a disposition on the part of the speculators to effect realizations, and the market closed at a slight decline. The extent of general business was unimportant. (Times.)

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Slight decline upon Saturday.

Karl Marx · Krisenhefte

14 Dec. Monday. Decline The Funds have been depressed to day, notwithstanding the favourable conof about struction put upon the details of the Indian intelligence, and the improved po3 /8 upon sition of the Bank. They have declined about 3/8 per cent, upon the final quoSaturday.

tations of Saturday. The fall is attributed to some extensive sales of money stock, accompanied by the closing of several speculative accounts. (M. St.)

5

Fall of nearly 1/2 %. The market has presented unmistakable signs of weakness. The decline was gradual, and without doubt intimidated some of the speculators, who consequently realised. The stagnation of trade in the provinces is necessitating withdrawals from the savings-banks, and some of the sales which depressed the market to-day were on that account. At the same time, purchases on the part of the public have been checked by the recent advance, which has also tempted the speculators to realize. (Times)

10

15 Dec. Tuesday.

15 1

Decline. The funds were dull during the greater part of the day at a decline of /8 upon

the closing prices of yesterday, the reduction being owing to sales on account of the Savings’ Banks in the country. It is stated that in those districts where employment has fallen off during the present crisis, the working classes have been withdrawing their deposits.

20

16 Dec. Wednesday. The English Funds opened at prices rather below those current at the close of business yesterday, and afterwards they became flat upon speculative sales; but subsequently they recovered, and though quotations were maintained, they closed with a somewhat unsettled appearance.

25

17 Dec. Thursday. Consols, which finally left off yesterday at 915/8 to 3/4 ex. div., opened at 913/4 to 7/8. A few sales, presumed to be on account of the Savings Banks, caused them to recede temporarily to 915/8 to 3/4. Having rallied, they remained at 913/4 to 7/8, until shortly before the close, when they improved to 917/8 to 92, at which they finally left off firm.

30

18 Dec. Friday. Consols, which left off yesterday at 917/8 to 92, ex div., opened at the same, and soon afterwards they improved to 92, buyers. After a temporary relapse to the opening prices, there was a preponderance of purchasers, and quotations rapidly improved to 921/8 to 1/4, at which they stood firm. They finally left off at 911/2 to 1/4. Last week we chronicled a rise of about 11/2 per cent. in the English funds. This week the market has maintained a decidedly favourable appearance, but more

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tendency to fluctuation has been observable. Yesterday and to-day, however, great buoyancy has prevailed. Consols closed to-day at the highest point of the week, viz., at 921/8 to 1/4 ex div. for the 8th January, showing a fresh rise of 3 /8 per cent. since last Friday. A good deal of speculation for the rise is observable, based chiefly upon the anticipation of a speedy and important improvement in the money market. Subjoined is our usual list of the highest and lowest prices of Consols every day, and the closing prices of the principal English and foreign stocks last Friday and this day. Econ. Consols keep up, although there is a less hopeful feeling abroad. Gold is coming in plentifully, and the Bank may soon be in a position to lower the rate of discount, so far as regards the running off of the bills upon which advances have been made, but not as regards the unsoundness of commercial and banking credit. The shareholders and depositors are becoming more uneasy, with the full perception of the fact insisted upon in various quarters again and again that high interest can only be obtained by great risks. There is a greater disposition to sell Bank Shares than to buy them, and the sales of stock are also becoming larger than the demand for investments. There is an increasing number of small failures the direct consequence of the larger ones; and these will act again instantly upon a wider circle of tradesmen—the butchers, the bakers, the cheesemongers and the grocers.

19 Dec. Saturday. The following table shows the several prices of consols during the week. The transfer books being shut the money price is not given, and the prices for account are all exclusive of the dividend: 25

30

35

40

Monday Tuesday Wednesday Thursday Friday Saturday

Lowest prices. 913/8 913/8 911/2 915/8 917/8 921/4

Highest prices. 917/8 911/2 913/4 913/4 921/4 925/8

Closing prices. 913/8 911/2 913/4 913/4 911/4 921/2

During the week, a large and satisfactory business has been concluded in English Securities, the rise having been 1 per cent. The improved aspect of affairs in spite of failures, has encouraged the “Bulls” who have had the chief control of the market. Appearances are in favour of the Funds attaining a still higher point, and when the transfer books are re-opened it is thought that numerous investments will be made with the proceeds of the dividends and the funds withdrawn from deposits at A rather active business has been transacted during the past week in Foreign Securities, and in almost all instances higher rates have been current.

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[47]

II) Moneymarket. 4) Securitymarket.

a) Consols (Public Funds)

Saturday. Monday. Tuesday Wednesday Thursday˙ ˙ Friday Saturday Monday Tuesday Wednesday Thursday

19 21 22 23 24 25 26 28 29 30 31

Dec. Dec. Dec. Dec. Dec.

Account Lowest Price Closing Price 921/4 ˙˙ ˙ 921/2 923/4 925/8–7/8 3 92 /4 927/8, 931/8 93 931/8–1/4 1 1 93 /8– /4 931/4–1/8

931/2 937/8 933/8 935/8

Highest 92 5/8–3/4 93 1/8 931/8–1/4 93 1/4 93 3/8–1/2

94 1/8 94 93 3/4 94

5

10

15

Monday. 21 December. The Funds have been extremely well supported all day. Though they did not close at the highest point, an advance of 3/8 upon Saturday’s prices has been established in Consols, while other public stocks have improved in proportion.

20

Nearly all Foreign stocks have advanced, and a considerable amount of business was done in some of them.

Tuesday. 22 Dec. Notwithstanding a temporary reaction in prices, the Funds have exhibited renewed symptoms of buoyancy, and a large business was transacted at an advance of 1/8 to 1/4 per cent. Several of the operators realised their profits, and this caused some flatness, but the tendency of the market being favourable, a recovery was soon experienced.

25

Wednesday 23 Dec. Consols, which left off yesterday at 931/8 to 1/4 ex. div., opened at 931/4 exactly, and this was the highest price of the day. For a considerable time they stood at 93 to 1/8; and at the official close they were the same, but after regular hours some little demand arose, and the final quotation was 931/8 to 1/4.

30

Thursday. 24 Dec. The reduction in the rate of discount had been anticipated, consequently it produced no immediate effect upon the value of public securities, except to give them increased firmness. Quotations, indeed, were stationary until after regular

198

35

Book of the Crisis of 1857

5

10

15

20

hours, when there was a decidedly upward movement, almost wholly of a speculative character. Shares presented much the same features, closing at the highest price of the day. Consols, which left off yesterday finally at 931/8 to 1/4 ex. div., opened the same, and they remained almost without change until the official close, when the quotation was still 931/8 to 1/4. The reduction in the rate of discount had therefore been fully “discounted”. After regular hours there was a very firm tone, and speculative purchases caused an advance to 933/8 to 1/2, which was the latest price.

“The funds this week have attained a fresh rise of about 11/4 P. C, making a total advance of fully 3 P. C. in 3 weeks. On Thursday evening (24 Dec.) the market closed with undiminished buoyancy, at the highest point yet reached. The upwards movement is undoubtedly promoted to a great extent by speculative purchases, but the public also invest, and it is believed that many bankers who sold stock during the crisis would be very glad to buy it back upon terms not too onerous. These considerations tend powerfully to support the market, which is also greatly strengthened by the belief that, as the value of money gives way, and the rates obtainable for deposits in the banks and discount houses decline, the influx of investors in the stockmarket will increase.” (Econ.) 22 Dec.

25

30

35

The rebound in Consols from the lowest point during the pressure in October last has been equal to 71/2 per cent. The price then touched was 861/2, and, the last quotation to-day being 93 ex dividend, a difference is shown of 61/2 per cent. Reckoning the dividend at 1l. 10s., this would be increased to 8; but, as the amount of dividend which had accrued up to the end of October was only 1l., the real difference is 71/2 per cent. The rebound, therefore, has been rather more rapid than that which was witnessed after the panic of 1847. The lowest point then touched was 791/2, and by the end of the year there was a recovery to 851/2 ex dividend, which, reckoning 1l. for dividend, would give a rise of 7 per cent., or 1/2 per cent. less than on the present occasion, although, owing to the prices in that year being relatively so much lower, there was greater room for a rebound. The rate of discount, which on the 25th of October, 1847, was fixed at 8 per cent., was reduced at intervals to 7, 6, and 5 per cent. before the end of the year, and by the 15th of June following it was at 31/2 per cent. Times.

Week ending 1st Jan. 1858: (Friday):

40

We have to report a fresh rise of no less than 11/8 per cent. in the funds, making a total advance of 4 to 41/4 per cent. in four weeks. The closing quotations of Consols after the regular hours this afternoon was 941/4 to 3/8 ex div. for the 8th January. Numerous speculative purchases continue to be effected, based upon the prospect of lower rates of interest, and there is also a moderate number of

199

Karl Marx · Krisenhefte

bona fide investments. An impression that the Bank of England have lately bought a considerable quantity of stock adds to the firmness of the market.

28 Dec. Large failure auf d. Stockexchange. 30 December On the Stock Exchange the railway and foreign settlements now in progress have caused an active inquiry, and at one period as much as 10 per cent. was paid for short loans.

5

[48] London. Dec. 11–

II) Moneymarket. 4) Security-market.

10

b) Railway-Jointstockbank—mining shares. b) Jointstockbank—Railway-Jointstock Bank shares. ˙˙˙ ˙˙ ˙ 11 Dec. (Friday.) Jointstockbankshares: Moderate business, slight improvement in 1 or 2 principal undertakings. Westminsters: Ottomans: Union:

15

47 17 22

The Railway Share Market to-day has been inactive, and a downward tendency has been exhibited by most of the principal lines, although the variations have not exceeded about 1/4 to 1/2 per cent.

20

Mining Shares: No important variations occurred. 12 Dec. Saturday. Joint Joint Stock Banking shares were dull. Westminsters receded to 457/8. Ottomans stock- were done at 167/8. bank Westminsters: 457/8 ˙˙˙ shares:

Ottomans:

25

167/8

Railway- Railway shares were inactive, and the market dull. Great Western declined 3 shares: /4, but Lancashire and Yorkshire improved 1/2; Sheffields, 1/2. Several other

stocks also advanced a little, including French; but on the whole the tendency was towards reduced prices.

Mining shares: continue inanimate.

200

30

Book of the Crisis of 1857

14 December. Monday.

5

Joint Stock Banking shares were dull, with a depressed tone. Westminsters de- Australasia clined to 451/2, and Unions, which on Saturday were done at 211/4, were nego- declined tiated as low as 20, the latest transaction being at 201/4. Egypt, 133/4; London 10sh; Discount, 21/8 to 17/8 dis.; National Discount, 25/8 to 3/8 dis.

10

Business in the Railway Share Market to-day has been moderately active. The preparations for the settlement of the account, however, to some extent influenced quotations, the charge for carrying over being rather heavy. Great Northern declined 1/2, Great Western 1/4, Brighton 1/2, North Western 1/4, Manchester, Sheffield, and Lincoln 1/4, and South Wales 1. Eastern Counties improved 1 /2, North British 1/2, Midland 1/2, North Eastern (Berwick) 1/2, ditto (York) 1 /2, and South Eastern 1/2, Bristol and Exeter, Lancashire and Yorkshire, North Stafford, and one or two others were at previous quotations. The Foreign undertakings were inactive, but prices remained steady.

15

Mining Shares “were ,rather‘ active”. 15 December Tuesday. The dealings in Joint Stock Banking shares were very limited. Unions were done at 191/2, but eventually they improved, and were last negotiated at 201/4 to 201/2.

20

Railway shares were flat with Consols, but they afterwards improved, though the best prices were not maintained.

16 Dec. Wednesday.

25

30

Although the Railway market was upon the whole tolerably firm, it was quiet and inactive. The chief alterations were in Midlands, South Eastern, Eastern Counties, and Luxembourgs, all of which improved. French shares were nearly all about 1/4 lower. Lancashire and Yorkshire and London and North Western, were flat. Joint Stock Banking shares were very quiet; Union Shares have recovered, and were dealt in at 211/2; and Westminster’s were last negotiated at 451/2; Australia, 791/2; City Bank, 58 and 59. Mining shares were very dull, only three transactions being reported during the whole day.

17 Dec. Thursday. 35

Joint Stock Banking shares were considerably firmer. Westminsters were done at 46, and Unions at 221/4. London Discount, 17/8 to 15/8 dis.; National Discount, 23/8 to 21/8 dis. Railway shares opened without any particular change, but they finally closed at an advance all round. London and North Western left off at 95 to 1/4, being

201

Karl Marx · Krisenhefte 5

/8 higher; Sheffield obtained a decided improvement, closing at 373/4 to 381/4, or 11/4 higher than yesterday; North Stafford improved 5/8, and are now at a better price than for a long time past; Mining shares were extremely dull. [Hier folgt Tabelle S. 203.]

5

[49] London.

II Moneymarket. 4) Security-market. b) Railway—Jointstockbank—Mining Shares. 18 Dec. Friday. Jointstockbank-shares rather dull. Mining-shares: heaviness prevailed, and the transactions upon an extremely limited scale. Railway Shares: actively dealt in, and a general advance was established, which in some cases amounted to 1%. Those which improved the most were Great Westerns, London and Northwestern, Dovers, South Westerns, Sheffield. Rarely has a more buoyant week been witnessed in the railway share market. The feature has been an incessant demand for stock, day after day, and the consequence is a great and universal rise. The advance established since last Friday evening in the leading stocks is as follows: viz. 41/2 per cent. in Eastern Counties, 4 per cent. in South-Eastern, 31/2 per cent. in Midland, 31/2 per cent. in Caledonian, 3 per cent. in Berwick, 21/2 per cent. in London and South-Western and York and North Midland, 2 to 3 per cent. in Great Northern, 21/4 per cent. in London and North-Western, 2 per cent. in Lancashire and Yorkshire, 13/4 per cent. in Great Western, &c. The advance is general throughout the market. It is worthy of remark that the rise extends to French, Belgian, Canadian, Indian, and most foreign railway shares. In fact, nearly every description of stock meets with inquiry.

202

10

15

20

25

30

30

25

20

15

10

5

20l. P. C. 6l. P. C. … 9l. P. C. 5l. p. c. 5l. p. c. 10sh. bs 5l. p. c. 8l. p. c. 6l. p. c. 5l. p. c. 10l. p. c. 221/2l. p. c. 18l. p. c. 18l. p. c. 18l. p. c. 6l. p. c. 20l. p. c. 8l. p. c. 12l. p. c. 18l. p. c. 5l. p. c. 12l. p. c. 19l. p. c. 20l. p. c. 3l. p. c. 331/2 50 22

17 331/2 601/4

203/4

271/4 17

183/4 175/8 181/2

25 20 20 20 20 10 20 35 10 25 20 20 25 25 25 25 25 10 50 5

100 100 20 20 50 50 100 100 20 50 20 20 25 100 25 25 25 50 100 25

Colonial … Commercial of London English Scotch and Australian Bank. ˙˙ ˙Chartered Bank of ˙Australia ˙˙ ˙ ˙ Lond. London and County London Jointstock London and Westminster National Provincial of Engld Dtto New National New South Wales Ottoman Bank Oriental Bank Corporation Provincial of Ireland Ionian South Australia Union of Australia Union of London Western Bank of London National Discount co. 211/4

167/8

45 /8

7

201/4 to 1/2 25/8 disc.

20

45 /2

1

133/4

1

33–35 49–51

32–34

44–46

18–18 /2 173/4–181/4

56–60

80–82 31/2–21/2 42–45



50 211/4

44 19 32

281/4 46

201/2 181/2

82 153/4 50

Quotation. Quot. Quot. Quot. Quot. Quot. of Quot. ˙ ˙ ˙of of 12 of 14 of 15 of or price 24 Dec. of 1 11 De- Dec. Dec. Dec. Jan. ˙˙ ˙˙ cember

£. sh. d. 40 80 18. 15 50 50 10 50 58

(25 Joint Stock banks. ) Shares. Paid £

£. Australasia 40 Bank of Egypt 25 Bank of London 100 British North American 50 Chartered Bank, Ind. Austral et China 20 City ... 100

London Jointstockbanks 11 December. Dividends Names p. annum

20 000 25,000 25,000 35,000 20,000 60,000 50,000 10,000 25,000 20,000 25 000 25 000 50 400 20 000 12 000 12 000 32 000 60 000 4 000 Unter den ˙˙ „Miscellaneous“

22,500 10,000 6 000 30,000 32 200 4 500

No of shares

Book of the Crisis of 1857

203

Karl Marx · Krisenhefte

Railways.

Bristol and Exeter Caledonian Eastern Counties East Lancashire Great Northern Great Western Lancashire and Yorkshire London and Blackwall London, Brighton, & S. Coast London and North-Western London and South-Western Midland North British North Staffordshire Oxford, Worcester, & Wolver.

Closing prices last Friday. 84 6 76 3/4 7 1/4 54 5 88 90 93 5 1 1/4 50 3/4 90 3/4 1 1/4 3 5 1/2 /4 102 3 93 3/4 4 1/4 88 1/2 9 1/2 1 /2 85 47 8 3 4 5/8 /8 dis 28 30

Closing prices this day 85 7 1 80 /2 1 58 /2 9 1/2 89 91 95 1/2 6 1/2 xd 52 1/2 3 92 3/4 3 1/4 5 3/4 6 103 4 1 96 /2 91 2 88 1/2 9 49 50 3 3 5/8 /8 dis 29 30

The Railway Share Market, during the past week, has been exceedingly buoyant, and prices, which previously to the settlement on the 16th had a downward tendency, upon the satisfactory completion of the arrangements, again improved, and the advance in most of the lines has been from 21/2 to 3 per cent.

5

10

15

20

19 Dec. Mining shares dull. In the Railway Share Market to-day a larger amount of business than usual was transacted, and prices again improved to a considerable extent, the advance being equal to about 1/2 to 1 per cent. on most of the principal lines.

25

Railways and other shares named this day and Saturday last: Shares, &c. Ambergates Blackwall Caledonian South Eastern East. Counties East Lancashire Gt. Northern Do. A shares Great Western Lan. and York. London & N.W Do. Eights Midlands Berwicks North Midland Leeds Northern North British North Stafford Oxford & Worcstr

204

4 5 39 19 10 88 23 9 50 91 94 1 85 23 40 25 11 4 14

Dec. 12th. 7 /4 to /8 1–16 “ 13–16 1 1 /4 to /2 1 3 /4 “ /8 7 /8 “ 11 “ 90 3 1 /8 “ /2 7 /8 “ 10 1 3 /2 “ /4 5 7 /8 “ /8 1 3 /8 “ /8 1 /4 “ 1 dis. 5 7 /8 “ /8 1 3 /8 “ /8 1 /2 “ 41 1 1 /4 “ /2 15–16 “ 12 1–16 1 3 /2 “ /8 1 3 /4 “ /4 3

5 5 40 20 11 90 24 10 53 93 96 1 88 23 41 25 12 3 15

3

/4 /8 5 /8 3 /4 5

1

/8 /8 1 /4 5 /8 3 /8 1

3

/4 3 /4 5 /8 3 /4 5 /8 5 /8 1 /4

Dec. 19th. Differences. 1 to /8 rise of 5 0 7 “ /8 “ 1 3 7 “ /8 “ 27 6 7 “ /8 “ 27 6 7 “ /8 “ 17 6 “ 92 “ 40 0 3 “ /8 ex. div. “ 20 0 1 “ /4 “ 5 0 1 “ /2 “ 55 0 7 “ /8 “ 40 0 5 “ /8 “ 42 6 7 “ /8 dis. “ 5 0 “ 89 “ 62 6 “ 24 “ 12 6 7 “ /8 “ 2 6 “ 26 1/4 “ 10 0 1 “ /2 “ 8 9 1 “ /2 dis “ 17 6 3 “ /4 “ 20 0

30

35

40

45

Book of the Crisis of 1857 [Shares, &c.]

Sheffield South Western Antwrp & Rotdm 5 Buffalo & Lk Huron Dutch Rhenish Gt Wt of Canada Ditto New Grand Trunk 10 Geelong & Melb. Luxembourg Nrthn of France Strasbourg Lyons 15 Sambre & Meuse Turkish 6 pr Cnts Exchequer Bills Consols

20

25

30

35

40

45

[Dec. 12th.]

36 44 5 8 5 18 2 9 18 6 35 25 33 6 92 4 91

1

/4 1 /4 7 /8 3

/4 /4 1 /2 1 /4 1

1

/8 /2 1 /4 1 /8 1 /4 3 /4 dis 3 /4 1

3 “ /4 1 “ /2 “ 6 1/8 “ 7 dis 1 “ /2 dis 1 “ /2 1 “ /4 dis 3 “ /8 1 “ /2 1 “ /4 3 “ /4 3 “ /4 3 “ /8 1 “ /2 “ 93 1/4 to par just

[Dec. 19th.]

39 46 6 7 4 18 2 10 18 7 37 26 33 7 95 4 92

1

/2 5 /8 1 /8 1 /8 5 /8 3 /4 1 /4 3 /4 1 /4 1 /8 1 /4 1 /4 1 /2 1 /8

“ “ “ “ “ “ “ “ “ “ “ “ “ “ “ dis to 1 /2 “

40 7

/8 3 /8 dis 7 dis 3 /8 dis 19 2 dis 11 1 /2 1 /4 3 /4 3 /4 3 /4 3 /8 1 /2 par 5 /8

[Differences.]

“ “ “ “ “ “ “ “ “ “ “ “ “ “ “ rise of

65 47 5 10 17 10 5 30 5 20 35 20 7 17 45

0 6 0 0 6 0 0 0 0 0 0 0 6 6 0

15 0

From this table it will be seen that the improvement is uniform, and that it amounts to a considerable per centage. It is exclusively owing to the more cheerful prospects of the money market having induced the public to invest largely, while the speculators for a fall have reversed their operations, and purchased for the rise. The traffic returns of the Railways in the United Kingdom for the week ending Dec. 12 amounted to 403,260l., and for the corresponding week of 1856 to 406,266l., showing a decrease of 3006l. The gross receipts of the eight railways having their termini in the metropolis amounted, for the week ending as above, to 170,327l., and for the corresponding week of last year to 173,443l., showing a decrease of 3116l. The receipts on the other lines in the United Kingdom amounted to 232,933l., and for the corresponding period of 1856 to 232,823l., showing an increase of 110l. in the receipts of those lines, from which must be deducted the decrease on the metropolitan lines, leaving the total decrease 3006l. compared with the corresponding week of 1856.

22 Dec. Tuesday. Railway market General reaction, especially in Midland, from sales for realisation by operators for the rise. Towards the close there was a partial recovery in sympathy with the funds, but the final quotations were in most cases 1/4 to 1/2 p. c. lower than yesterday. 23 Dec. Wednesday. Railway market. further partial reaction from realisation by recent speculators for the rise. Canadian shares heavy; Indian, in greater demand, generally recovered. Mining market very dull. Jointstockbanks: rise of 20 sh. on Egypts: improvement in some others. 24 Dec. Thursday. Railway market: a general recovery of 1/4 to 1/2 p. c. Lancashire and Yorkshire show the greatest improvement. Mining mar-

205

Karl Marx · Krisenhefte

ket: transactions unimportant. Jointstockbanks: scale dull: quotations firm. The tendency of the railway share market is still towards improvement. Purchases continue to predominate, despite the less favourable traffic returns. In London and South-Western, South-Eastern, Caledonian, Great Northern, and Great Western stocks, a further rise varying from 11/2 to 2 per cent. has been established. Lancashire and Yorkshire has advanced 1/2 per cent., whilst London and North-Western, Midland, and North-Eastern present no alteration, an improvement which was attained during the earlier part of the week not having been supported. Eastern Counties stock has fallen 1 per cent. Subjoined is our usual list of the closing prices of the principal shares last Friday and this day:—

5

10

Railways.

Bristol and Exeter Caledonian Eastern Counties East Lancashire Great Northern Great Western Lancashire and Yorkshire London and Blackwall London, Brighton, & S. Coast London and North-Western London and South-Western Midland North British North Staffordshire Oxford, Worcester, & Wolver. South Eastern South Wales North-Eastern, Berwick Stock North Eastern, York Stock

Closing prices last Friday. 85 7 1 80 /2 58 1/2 9 1/2 89 91 95 1/2 6 1/2 xd 52 1/2 3 92 3/4 3 1/4 5 3/4 6 103 4 1 /2 96 91 2 88 1/2 9 49 50 3 3 5/8 /8 dis 29 30 67 1/2 8 1/2 78 80 95 6 83 4

Foreign Shares. Northern of France Ditto new shares Eastern of France Dutch Rhenish Paris, Lyon, & Mediterranean East Indian Madras Paris and Orleans Western & Nth-Wtn of France Great India Peninsular Great Central of France Gt Western of Canada

37 7 26 5 33 1/4 107 1/2 18 1/2 50 25 1/2 21 1/4 ... 18 1/2

1

/2 /2 pm 1 /2 4 3/4 dis 1 /2 8 1/2 19 1/2 2 6 1/2 1 /2 1

19

Closing prices Thursday 86 8 81 3/4 2 1/4 57 1/2 8 1/2 91 3 97 1/2 8 xd 1 54 /2 3 93 1/4 /4 5 7/8 6 1/8 105 6 1 96 /2 93 4 88 1/2 9 49 1/2 50 1/2 3 3 5/8 /8 dis 30 1 69 70 7 1/2 78 1/2 95 6 83 4

37 1/2 ... 26 1/2 4 1/2 34 110 19 52 26 1/2 21 3/4 7 19

20

25

30

8 35

7 4

dis 1

/4

11 20 4 7 1/2 2 1 /4 1 /2

The rise in Indian railway securities has made further decided progress. For the moment, they are the favourite securities in the Stock Exchange. The fall in the

206

15

40

45

Book of the Crisis of 1857

5

value of money must stimulate investments, and the proposed absorption of the government of India by the Crown is considered by many persons greatly to improve the position of these securities. Canadian, Belgian, and French railway shares have all risen. There seems a good prospect that all such Stock Exchange securities as have been neglected during the monetary crisis will now advance. It has been calculated by a railway authority that the gross revenue of all the lines in the United Kingdom in 1857 was no less than 24,000,000l. sterling; and the profits about 13,000,000l., or 31/4 per cent. per annum.

10

[50]

II) Moneymarket.

4) Security market. b) Jointstockbank—Railway—Mining Shares. ˙˙˙ ˙˙ Loanmarket. 15

20

25

30

35

19 Dec. (Saturday) ˙˙ The favourable character of the Bank returns, published last evening, has confirmed the general impression that discounts will be reduced in the course of next week, and consequently there has been a further improvement in the tone of the money market. The supplies are steadily increasing, and, while long dated paper is sought for, bills other than those of the first class are more freely done at 91/4 and 91/2 per cent. The Bank is now doing very little business. The directors are much more anxious to reduce their private securities than to increase them, and as this item remains at the enormous aggregate of 29,264,000l., while the reserve, exclusive of the 2,000,000l. of notes issued under the authority of the Government letter, is considerably less than 4,000,000l, the possibility of renewed pressure has been suggested in some quarters as a reason for delaying the reduction of the 10 per cent for a week or two longer. This opinion, however, is entertained only by a few. The demand for money at the Bank to-day was not active, owing to the disposition exhibited by the discount houses to negociate paper at a further reduction. Some selected descriptions have been taken at 81/2, and instances are mentioned of even a lower rate having been accepted; but the more general terms continue 9 to 91/2. Very few choice bills, it is stated, are now in the market, and of course for those of a more ordinary character higher rates are charged. It is feared that several important branches of trade have not yet felt the full force of the pressure. Thus, whilst the supply of loanable capital is steadily accumulating, the mass of bills, which form one great channel for its employment, is as rapidly diminishing.

207

Karl Marx · Krisenhefte

21 Dec. Monday. Railways advanced from 1/4 to 1 per cent. Large purchases of all descriptions were made under the expectation of money becoming cheaper. French shares improved from 1/4 to 7/8 per cent. in some measure through the closing of the account of an operator for the fall.

5

The dealings in Joint Stock Banking shares were upon a moderate scale, and generally quotations were well supported. Unions were last negotiated at 22, and Westminsters at 453/4. The Mining market was very quiet.

Dieß gehört zur vorigen Seite.

10

21 Dec. Monday. At the Bank the demand continues light, and in the Discountmarket the rate for the best bills 8%. 22 Dec. The Foreign Exchanges all lower this afternoon; best bills only could be negotiated. The Discount Market, this afternoon, was scarcely so quiet as it was yesterday, but no alteration worth notice can be recorded, first-rate paper being still freely negotiated at 1 to 11/2 per cent. below the terms exacted at the Bank.

15

23 Dec. Bills are scarce, but only the best paper is readily taken, and that has been done Wednesday at 8 per cent. But though it is only first class bills that are readily taken, there

are undoubted symptoms of the discount houses relaxing in the sternness of their policy with respect to those which do not rank quite so high. For such the ordinary rate is rather below than above 9 per cent. At the Bank the applications have almost ceased.

20

24 Dec. Thursday. On Thursday the Bank of England reduced the minimum rate of discount from ten to eight per cent. It is scarcely necessary to remark that this alteration has been received with great satisfaction, as indicating a conviction on the part of the Directors that they may safely dispense with the protection afforded by the Act of Indemnity. There is every prospect, moreover, that the rates of discount will yet experience a considerable and speedy fall. When the Bank rate was at 10 per cent., good bills were freely discounted “out of doors” at 9 and 8 per cent.; and now that the Bank rate is 8 per cent., the current terms in the open market are 71/2 and 7 per cent. During the last fortnight the discount business at the Bank has been daily diminishing; and yesterday, notwithstanding the reduction in the rate, the demand was still very moderate. Looking at the extent of the contraction to which trade is now being subjected, and to the steady influx of gold from various quarters, it is reasonable to infer that the Bank rate will be lowered to 7 and even 6 per cent. between the present date and the end of January. The dividend period is now near at hand, and although it will involve a

208

25

30

35

Book of the Crisis of 1857

5

10

15

20

diminution of the resources at the command of the Bank, the amount of money in the hands of the public will be proportionately augmented. The great anxiety of holders of money is now to employ it, and this they cannot do, for the channels of employment are becoming very much narrowed. The fear which prevails in mercantile circles that the embarrassments resulting from the crisis of 1857 are not yet over, is calculated of itself to check fresh enterprise, and to encourage the accumulation of idle capital; and as speculative enterprise is at the same time stagnant, the downward course of the money market is pretty clearly sketched out. It must not be forgotten that eight per cent. is an extraordinarily high rate for the English market. In consequence of the fall in the rates of discount, the joint stock banks have reduced their terms for deposits. The London and Westminster, London Joint Stock, and Bank of London allow 6 per cent. on all deposits; the London and Country, Commercial and Union Bank of London allow 6 per cent. for new deposits and 7 per cent. on old contracts. The Lombard street discount houses take in money at 61/2 per cent. at call, and 63/4 per cent. subject to notice. At Hamburg the crisis has passed away, and the rate of discount has fallen to 4 to 5 per cent. At Berlin the Bank of Prussia have lowered the rate of discount for bills to 61/2 per cent. All the other continental stock markets respond to the improved appearance of monetary affairs. In New York the rate of discount for good paper has fallen to 9 to 12 per cent., and a resumption of specie payments by the banks is shortly expected. In fact, in all the leading markets, both of Europe and America, the value of money is returning to a more natural point.

Loanmarket. Week ending 26 Dec. (Saturday) 25

30

35

40

Consols fluctuated rather rapidly and widely in the early part of the week, but on Thursday the market became steadier, and Consols may be considered fairly 1 /2 per cent. higher than on Monday morning. There have been no more large failures; the applications for discounts have greatly fallen off at the Bank; the coffers of that establishment are daily supplied with more gold, and more is on the way from Australia. America promises to continue to remit gold, and, better than all, the banks of New York have thus early resumed payments in specie. The indebtedness of the United States amounted to £ 40,000,000, at the time when the failure of a few houses, and the suspension of all the banks, quite deranged the American commerce. Remittances will now be made with greater facility, though the banks will continue to contract their issues, and mere speculators will find it exceedingly difficult to obtain help, if that class has not been already extinguished by the immense fall in the value of corn, sugar, cotton, rice, timber and railway shares. The stocks of produce of all kinds in the interior are said to be great beyond all example, and it would be folly to withhold them from Europe in the hope of returning to the late high level of prices. The improved condition of the finances of the Bank of England enabled the directors on Thursday to dispense with the additional £ 2,000,000 in notes permitted by law, and to withdraw the £ 2,000,000 worth of Government Securities from the

209

Karl Marx · Krisenhefte

Issue Department. The increase in the stock of gold entitled the directors to an additional supply of notes from the Issue Department, and this supply, with that arising from the repayment of loans, so enlarged the reserve of notes in the till that the directors were enabled to return without risk to the course limited by the Bank Charter Act. At the same time they were enabled to reduce their minimum rate of discount to 8 per cent, and the joint-stock banks will immediately follow the same course. One of them, indeed, has given notice that it will not give more than 6 per cent. on deposits brought in after Christmas. It must not be supposed that this reduction will lead to a new extension of credit to the holders of heavy stocks of produce. Such large supplies of goods will be thrown upon our markets that it will be impossible to buy them up. The banks have had a severe lesson on trusting reckless speculators and lending out deposits for uncertain but lengthened periods, while the depositors may take alarm and claim instant repayment. The directors of the joint-stock banks must be now contracting their loans as rapidly as it can be done without ruining the borrowers. Trade generally continues dull, because prices are expected to go lower. American cotton has not come down to three pounds for a shilling; nor Russian tallow to 40s. a cwt. The corn speculators are still holding out. Only rice, sugar, timber and silk seem to have fallen to the lowest point. Commercial discredit is still everywhere prevalent, though we now perceive the dawn of better times. (W.

5

10

15

20

Dispatch.)

[51] 11 Dec.—

III) Produce Market. a) Raw Materials for textile fabrics (Cotton, Wool, Silk, Flax, Hemp)

25

[1) Cotton]

Liverpool. Cotton. 1) Liverpool. Cotton Price p. lb. Price p. lb. on 3 Dec. Thursday ˙˙ s. d. Upland fair 6 5/8 dto good fair 6 3/4 dto middle 6 1/4 ˙ ˙ ordinary Upland 5 1/8

210

Price on 11 Dec.

Price on 18 Dec.

Price on 31 Dec.

Price on 8 Jan.

Price on 15 Jan.

Price on 22. Jan.

6 3/ 8 6 1/ 2 5 7/ 8 5 1/ 8

5 7/ 8 6 5 1/ 2 4 3/ 4

6 5/16 6 7/16 6 5 1/4

6 5/8 6 3/4 6 3/8 5 5/8

6 1/2 6 5/8 6 1/4 5 5/8

6 13/16 6 15/16 6 9/16 5 7/8

30

35

Book of the Crisis of 1857

5

10

15

24 Dec. ˙Quotations ˙ 20

25

30

7 1/2 7 1/8 6 7/8 6 3/4 6 3/4 7 6 3/8 5 3/4 4 5/8 4 7/8 4 1/4 3 3/4 7 7 1/4 7 3/4 8 1/4

7 5/8 7 3/8 6 7/8 6 3/4 7 7 1/4 6 11/16 6 4 3/4 4 7/8 4 3/8 4 7 7 1/2 7 3/4 8 1/4

for American Cotton This Day and for Same Period Last Year.

24 Dec.

Pernambuco good fair 8d fair 7 3/4 middle 7 1/4 ˙˙ ordinary 6 1/2 New Orleans fair 7 good fair 7 1/3 middle 6 9/16 ˙˙ ordinary 5 1/4 Surat and Madras fair 4 3/8 good fair 4 5/8 middle 4 ˙˙ ordinary 3 1/2 Egyptian ordinary 8 middle 8 1/2 fair 9 good fair 9 1/2

7 3/4 6 2/4 7 6 1/2 6 3/4 7 6 5/16 5 1/4 4 1/4 4 4/8 3 3/4 3 3/8 7 3/4 8 8 1/2 9

Upland—ordinary to middling Fair to good fair Good to fine N. Orleans—ordinary to middling Fair to good fair Good Choice marks Mobile—ordinary to middling Fair to good fair Good to fine American inferior

7 1/ 4 7 6 1/ 2 6 1/ 4 6 1/ 4 7 5 3/ 4 4 7/ 8 3 7/ 8 4 1/ 4 3 1/ 2 3 1/ 8 6 3/ 4 7 1/ 4 7 3/ 4 8 1/ 4.

7 1/4 7 1/8 6 5/8 6 1/2 6 5/8 7 6 5/16 5 3/8 4 1/2 4 3/4 4 3 3/4 6 3/4 7 1/4 7 3/4 8 1/4

7 5/8 7 3/8 6 7/8 6 3/4 6 7/8 7 1/8 6 1/2 5 3/4 4 5/8 4 7/8 4 1/4 3 3/4 7 7 1/4 7 3/4 8 1/4

1857. 35/8 to 53/4 61/8 to 61/4 63/8 to 63/4 37/8 to 6 61/2 to 65/8 63/4 to 67/8 71/4 to 71/2 33/4 to 57/8 61/4 to 63/8 61/8 to 63/4 23/4 to 4

1856. 55/8 to 71/8 77/16 to 71/2 75/8 to 73/4 57/8 to 73/8 75/8 to 73/4 77/8 to 8 81/4 to 83/4 53/4 to 71/4 71/2 to 75/8 73/4 to – 51/2 to 61/4

Friday. Dec. 11 Liverpool imports, exports, consumption, Computed stock.

35

bales bales Whole Im- Exports port Jan. 1–Dec. 11 1856. 2,213,682 257,400 Jan. 1–Dec. 11 1857. 2,125,102 242,260

bales Consumption

Computed stocks

2,041,750 1,807,210

346,500 357,410

Total sales during the week ending 11 Dec. amounting to 20,300 bales only. Quotations 1/4 lower than 5 Dec.

40

11 Dec. Liverpool Another week of great depression in the cotton market. The supply of the current qualities has been limited, as the arrivals of new cotton are not yet landed; but a concession of 1/8 d. to 1/4 d. p. lb. has

211

Karl Marx · Krisenhefte

been made. The lower classes of Americans are, if anything, slightly dearer. Longstapled kinds are 1/4 d. p. lb. lower. East India have also receded 1 /8 d. p. lb. Sales today ... 3000 bales. ˙ 12 Dec. Liverpool, Cotton.—There is no change in the market, which is exceedingly dull, Saturday. with a very small business. The sales to-day are 2,000 bales, including:—1,340

5

American, 31/2 d to 71/2 d, 400 Surat, 31/4 to 4d; 30 Egyptian, 8d to 9d; 180 Bahia, 6d to 61/2 d; 50 Pernan, 7d to 71/2 d, the trade taking the whole. To-day’s imports is 17,457 bales. 14 Dec. Liverpool, Cotton.—Our market has been exceedingly quiet to-day, with a small Monday. business, at irregular and drooping prices. The advices per Niagara show in-

10

creased receipts and shipments, but without much alteration in prices. The sales are 2500 bales—including 1,800 American, 31/2 d to 71/2 d; 400 Surat, 37/8 d to 41/2 d; 100 Egyptian, 7d to 8d; 100 Bahia, 6d to 61/4 d; 100 Maranham 6d, the trade taking the whole. The week’s import is 17,457 bales. 15 Dec. Liverpool, Cotton.—There is no change in the market from yesterday, the Tuesday. amount of business done is very limited. The sales are 2,000 bales, including

15

1,650 American, 31/2 d to 71/2 d; 300 Surat, 37/8 d to 5d; 10 Egyptian, 9d; 10 Bahia, 6d; 30 Pernam, 71/2 d—of which 500 are for speculation and export. The week’s import is 45,665 bales. 16 Dec. Liverpool, Cotton.—Our market is extremely dull, with a small business at about Wednesday. 3/8 d per lb decline from Friday’s prices. The Atlantic is off the port, but her

advices will not be received in time to affect to-day’s market. The sales are 3,500 bales, including 2,650 American, 31/2 d to 71/2 d; 500 Surat, 3d to 43/8 d; 50 Egyptians, 71/2 d to 9d; 220 Bahia, 53/4 d to 61/8 d; 70 Pernam, 61/2 d to 7d—of which 1,000 are for speculation and export. The week’s import is 54,018 bales.

20

25

17 Dec. The sales of cotton to day are estimated at 5,000 bags, including 1,500 American Thursday. and 1,500 Surat on speculation and for export; 500 Surat, 200 Egyptian, 60

Brazil, and 1,240 American, to the trade. The market is still very much depressed, and there is great irregularity in prices. The decline since Friday may be stated generally at 1/2 d. per lb, but in some cases it has been more. Trade. Liverpool, Cotton.—There has been greater want of confidence this week than last, and cotton in common with all other articles of commerce is affected by it. The money pressure not being relaxed effectually stops these facilities to which holders have been accustomed, and causes much irregularities in prices. In Manchester there are yet no signs of improvement, and the very small business transacted there reacts at once on prices of cotton here. There has this week been a considerable import of American cotton, and if these arrivals are any criterion of the quality of the crop, there is promise of a supply of good stabled clean cotton. New bowed is offered very freely, and as usual at this season,

212

30

35

40

Book of the Crisis of 1857

5

10

middling and fair approximate very closely in value, the difference not being more than 1/4 d per lb. The decline in American is 1/3 d to 1/4 d per lb, and 1 /4 d in Surat and long stapled cotton. The total sales are 20,300 bales, including 17,670 to the trade, viz., 11,780 American, 1,410 Brazil, 630 Mediterranean, and 3,850 East Indian, making the average weekly consumption 36,130 bales; for speculation 1,640 bales, all American; and for export 990 bales, viz. 140 American, 810 Surat, and 40 Bengal. The sales to-day are estimated at 3,000 bales. Whole import, Jan. 1 to Dec. 18. 1857 1856 bales bales 2186821 2268861

Consumption, Jan. 1 to Dec. 18. 1857 1856 bales bales 1831230 2084540

[52]

Exports, Jan. 1 to Dec. 18 1857 1856 bales bales 244000 260500

Computed Stock, Dec. 18. 1857 1856 bales bales 393370 355790

III Produce Markets

a) Rawmaterials for textile fabrics. 1) Cotton.

15

Liverpool. 1) Cotton. 18 Dec. 20

25

30

35

Liverpool Cotton.—The weeks’s import is 61,179; the stock previously was 851,126; the sales this week are 28,320, of which 24,020 are taken by the trade, 3,130 on speculation, and 1,170 for export, leaving a stock of cotton now in the port of 387,085, which is 32,905 bales more than at same time last year. The stock of American is 185,234, being 38,690 less than at this period last year. The apparent weekly consumption this year is 36,717 against 41,739 average weekly consumption of last year. The course of our market this week has been much the same as before; spinners still continue to buy in exceedingly small quantities, and the desire to sell having been great, prices have again receded about 1 /2 d per lb in all descriptions of American; 1/4 d to 3/8 d per lb in Brazil and Surat, and 1/2 d to 3/4 d per lb in Egyptian. Yesterday and to-day there was rather more enquiry, but prices are not affected. The sales to day are 5,000 bales. Taken for speculation during the week, 1,850 American and 1,280 Surat; and for export, 230 American, 690 Surat, and 260 Madras. The cotton market has again been greatly depressed during the week. There has been a fair import of the new crop of American cotton, which has for the most part been sold on landing, and the buyer has had a concession of about 1 /2 d per lb in this description. The lower grades have not been depreciated to an equal extent. The trade still take little more than half their full consumption. Long-stapled kinds are pressed upon the market, and a similar decline has taken place in them. East India, with a large import, have only receded 1/8 d to

213

Karl Marx · Krisenhefte 1

/4 d per lb. The sales to-day may reach 5,000 bales. The market wears a more cheerful aspect, and there is greater disposition to buy. The reported export amounts to 1,170 bales, consisting of 230 American and 940 East India.

19 Dec. Cotton Market.—We had a good demand to-day, and a good extent of business was done at 1/4 per lb. advance on yesterday’s rates for the middling and lower qualities of American, of which the supply offering is now very small. The sales are 10,000 bales, of which 5000 are for export and speculation.

5

21 Dec. Monday. Liverpool, Cotton.—The Africa advices show lower prices, large receipts, and small shipments, from the States, which has had no effect in this market. The prospect of cheaper money has caused a good business to be done to-day, at rather dearer prices; holders are not disposed to offer freely except at advanced rates. The sales are 8,000 bales, including 6,896 American, 31/2 d to 71/2 d; 800 Surat, 3d to 41/2 d; 100 Egyptian, 71/4 d to 81/2 d; 100 Pernam, 71/2 d, 110 Bahia, 6d to 61/4 d—of which 3,000 are for speculation and export. The week’s import is 9,979 bales.

10

15

24 Dec. Thursday. Liverpool, Cotton.—There has been since last Friday a marked improvement in the demand for cotton and in the general tone of the market. This alteration originated at the close of last week in a stop being put to those forced sales which during the previous days when the demand was very small, had such an injurious effect on prices and produced a feeling of panic, and also in the improved position of the Bank of England, as shown by the weekly return on Saturday. On Tuesday trade in Manchester did not respond to the improvement here, and the effect yesterday was to check the upward tendency; late in the day however the good accounts from India and the prospect of cheaper money led to a better business, and prices closed firm. Quotations are 1/4 d to 3/8 d higher than on Friday in middling to fair American, the lower classes are also dearer, and there is a great scarcity of cotton between 5d and 57/8 d per lb. Surats 1 /4 d dearer, and Brazil and Egyptians firm in price. The total sales are 40,550 bales, including 26,550 to the trade, viz., 19,040 American, 1,620 Brazil, 620 Mediterranean, 5,260 East Indian, and 10 West Indian, making the average weekly consumption 35,713 bales; for speculation 9,930 bales, viz., 6,680 American, and 3,250 Surat; and for export 4,070 bales, viz., 3,120 American, and 950 Surat. The sales do-day are estimated at 7,000 bales.—Bank rate reduced to 8 per cent. this day.

The estimates of the cotton crop in the U. St. come lower, owing to the prevalence of a severe frost. The most favourable estimates of the ultimate yield: 3,250,000 bales. Charleston: cotton further declined 1/4 cent p. lb, at which 11,033 bales were disposed of. The quotations were: Low to

214

20

25

30

35

40

Book of the Crisis of 1857

5

strict middling, 101/4 c. to 101/2 c; good middling, 105/8 c. to 103/4 c; middling fair, 11c; fair 111/4 c. Owing to the small requirements of our Northern (American) spinners this season, the surplus of the usual quantity consumed by them will find its way to Europe, and thus considerably increase the supply. New York, December 9. The following is a statement of the week’s sales here and at the chief Southern ports, with the closing prices, f.o.b., calculated in sterling at current exchange:—

New Orleans Mobile Charleston Savannah New York 15 Total 10

20

Sales. 31,000 9,000 11,000 2,000 1,000 Mid. Up. 54,000 bales

Middling 1 10 7/8 /2 d 1 10 1/2 /2 d 3 10 3/4 /8 d 3 nom. /8 d 11 1/4 3–16d Average

Freight, f.o.b. equal to 6.11–17d – 6 1/2 d – 6d – nom. – 6 1/4 d 6 3/8 d

Since our report of the 1st instant, there has been but a small business doing in this market, the European news being such as to discourage operations, except to fill a few pressing orders. Down to the latest mail dates, prices were firmly supported at the Gulf ports. At New Orleans, middling cotton was still held at 113/4 c to 12c, or precisely the quotations of a month since. The following is a statement of the movements of cotton for the past week and since 1st September last, compared with the five preceding years:—

25

1857–58 1856–57 1855–56 30 1854–55 1853–54 1852–53

35

1857–58 1856–57 1855–56 40 1854–55 1853–54 1852–53

Receipts. Week’s Since 1st Sept. Receipts. bales bales 105000 611000 108000 947000 124000 964000 85000 620000 72000 569000 138000 1002000

To Great Britain. bales. 222000 172000 327000 223000 155000 360000

To Great Britain. bales 22000 24000 45000 47000 24000 55000

Exports for the Week. To France. To other For. Pts. bales 8000 18000 18000 7000 8000 13000

Exports Since First September. To France. To other For. Total Pts. bales. bales. bales. 55000 35000 312000 89000 43000 304000 114000 76000 517000 68000 34000 325000 35000 38000 228000 54000 52000 466000

bales 4000 3000 13000 4000 5000 6000

Stock. bales. 329000 510000 432000 330000 333000 465000

Thus the receipts show a falling off 336,000 from those of last year, and 353,000 from 1855–6, and the exports exhibit the following results:

215

Karl Marx · Krisenhefte

Comp’d with last year. Comp’d with 1855–6

To G. Britain. Inc. 50000

To France. Dec. 34000

De. 105000

59000

To other F. P. Dec. 8000 41000

Total. Inc. 8000

Stock. Dec. 181000

205000

103000 5

—From Messrs Neill Bros. and Co.’s Circular, forwarded by Mr Ollerenshaw of Manchester.

Liverpool 31 Dec. In the 4 days comprising this week, animated market. Fair amount of business done for Export and Import. Supply of useful cotton still very deficient; prices of American consequently enhanced to 1 /4 d. p. lb generally; dtto East India. Brazil slightly improved. Sales today about 10,000; prices still tending upwards. Reported export amounts to 2,070 bales — 1140 American; 930 East India. (Econ.)

10

Liverpool Market. (bis 31 Dec.) Imports. Whole Import. Jan. 1 to Dec. 31 1857 1856 bales bales 2,248,430 2,308,660

Exports. Consumption. Consumption Exports Computed Stock. Jan. 1 to Dec. 31 Jan. 1 to Dec. 31 Dec. 31 1857 1856 1857 1856 1857 1856 bales bales bales bales bales bales 1,882,280 2,188,060 247630 265900 400300 281430

15

20

New York. Dec. 15. Statement of the movement of cotton for the last week, and since 1st Sept. last, compared with the 5 preceding years:

1857–58 1856–57 1855–56 1854–55 1853–54 1852–53

1857–58 1856–57 1855–56

1854–55 1853–54 1852–53

216

Receipts. Week’s Since 1st Sept. Receipts. bales bales 109000 720000 129000 1076000 144000 1108000 87000 707000 90000 659000 125000 1127000 To Great Britain. bales. 261000 211000 387000

262000 186000 404000

To Great Britain. bales 39000 39000 60000 39000 31000 44000

Exports for the Week. To France. To other For. Pts. bales 11000 13000 22000 10000 10000 6000

Exports Since First September. To France. To other Total For. Pts. bales. bales. bales. 66000 41000 368000 102000 48000 361000 136000 94000 617000

78000 45000 60000

36000 42000 54000

376000 273000 518000

25

bales 6000 5000 18000 2000 4000 2000

30

Stock.

35

bales. 377000 550000 464000

40

346000 352000 514000

Book of the Crisis of 1857

Thus the receipts show a falling off of 356,000 from those of last year, and 388000 from 1855–6, and the exports exhibit the following results: To Gr. Br. To France 5

10

Compared with last year. Compared with 1855–6

Increase ˙˙ ˙ ˙˙ 50,000

Dec. 36,000

Decrease ˙˙ ˙ ˙˙ 126,000

70000

Other Total French Pos˙s˙es˙ s˙i˙ons˙ ˙ ˙ ˙ ˙ ˙7000 ˙˙ ˙ ˙ Dec. Inc. 7000

Stock

53,000

87000

249,000

Dec. 173,000

The following is a statement of the week’s sales here and at the chief Southern ports, with the closing prices, f.o.b., calculated in sterling at current exchange:— New Orleans 15 Mobile Charleston Savannah New York Total 20

25

Sales. 35,000 10,000 8,000 5,000 2,000 60,000

Mid.Up.

Middling 10 3/8 10 10 1/8 10 11

bales

Freight, f.o.b. 15–32d equal to 1 /2 d – 3 /8 d – 3 /8 d – 5–32d – Average

6.3–16d 61/8 d 5.11–16d 5.13–16d 6.3–16d 6d

We quoted middling uplands 111/2 cents at date of our last report, and there has since been no improvement to report in this market. The dull news from Europe has checked business, and as the demand becomes lighter, there is more disposition to realise. The sales have averaged about 300 or 400 bales daily, a fair portion of which for domestic account. Prices have gradually got down to 11c for middling uplands, at which the market closed on Saturday.

[53]

III) Produce market.

a) Raw materials for textile fabrics. 2) Silk. 30

35

London. Silk. 11 December. London. The silk market continues extremely heavy, and prices have a drooping tendency. “It will not be expected”, observe Messrs Durant and Co., “that we can give any favourable report of the silk market—so far less ground for disappointment. The position and prospects do not improve. The only bright spot seems to be in the largely diminished production—that this will operate favourably for those of our manufacturers who have the courage and means to prepare. Our prices show a large reduction upon the last month, and the deliveries, small as they

217

Karl Marx · Krisenhefte

were, are even barely supported. Bengal silk participates to the full in the general depression. Italian silk remains a dead letter, although at considerably reduced prices. In Brutia and Persian silk, nothing”.

11 Dec. London.

Bengal China Canton Chinese Thrown.

State of the Silk Warehouses Sold Stock. Unsold Stock. Dec. 1, 1857 Dec. 1856. Dec. 1, 1857. Dec. 1, 1856. 2,396 3,064 4,039 2,020 10,861 7,131 15,685 2,032 1,065 779 2,807 242 2,051 1,521 2,361 380 Delivered Nov. 1856.

Nov. 1857 Bengal China Canton Chinese Thrown.

193 1,995 67 34

946 4,055 193 528

11 December Silk duty free Surdah per lb Cossimbuzar Gonatea Comercolly Beuleah, &c. China, Tsatlee Taysaam Canton Thrown Raws—White Novi Fossombroue Bologna Royals Trento Milan Organzines Piedmont, 22–24 Do 24–28 Milan & Bergam, 18–22 Do. 22–24 Do. 24–26 Do. 28–32 Trams—Milan, 22–24 Do. 24–28 Do. 28–36 Brutias—Short reel Long do Demirdach Patent do Persians

218

Jan. 1 to Dec. 8, 1857. 7,953 49,599 1,850 2,431

18 Dec.

s 23 14 14 14 14 16 11 10 17 42 36 30 31 32 30

d 0 6 0 6 0 0 6 0 0 0 0 0 0 0 0

s 24 22 23 22 15 19 17 16 17 45 38 0 32 36 39

d 0 0 0 0 0 6 0 0 6 0 0 0 0 0 0

s 23 14 14 14 14 16 11 10 17 42 36 30 31 32 30

d 0 6 0 6 0 0 6 0 0 0 0 0 0 0 0

s 24 22 23 22 15 19 17 16 17 45 38 0 32 36 39

d 0 0 0 0 0 6 0 0 6 0 0 0 0 0 0

36 35 38 37 33 30 36 35 33 0 0 0 28 12

0 0 0 0 0 0 0 0 0 0 0 0 0 0

40 36 39 38 0 31 37 36 34 0 0 0 32 14

0 0 0 0 0 0 0 0 0 0 0 0 0 0

36 35 38 37 33 30 36 35 33 0 0 0 28 12

0 0 0 0 0 0 0 0 0 0 0 0 0 0

40 36 39 38 0 31 37 36 34 0 0 0 32 14

0 0 0 0 0 0 0 0 0 0 0 0 0 0

Jan 1 to Dec. 8, 1856. 15,032 44,474 2,441 6,128

24 Dec. 1 Jan. Friday. ˙˙ ˙ ˙ (Thursday) ˙˙ Dtto Unchanged.

5

10

15

20

25

30

35

40

45

50

Book of the Crisis of 1857

18 Dec. London. No improvement has taken place in the demand for, or value of any kind of silk. 24 Dec. Paris. Advices from Lyons announce a recovery of about 2sh. p. lb in the price of silk. 5

10

15

24 dec. London. Great depression continues in the silk trade; prices nominally˙ ˙lower. fluctuations in the value of China and Bengal qualities during the past year:—Prices of China Silk—Tsatlee, 22s to 25s 6d; Taysaam, 18s 6d to 23s; in June Tsatlee was 22s 6d to 29s; Taysaam, 1 7s 6d to 23s; in November Tsatlee was 16s 6d to 20s 6d; Taysaam 12s to 18s, and we close Tsatlee, 15s to 19s; Taysaam, 11s to 16s. Prices Bengal silk were in January—Hurripaul, 14s to 17s 6d; Surdah, 30s to 32s; August—Hurripaul, 15s 6d, 21s to 28s; Surdah, 32s to 34s; December—Hurripaul, 15s to 20s; Surdah, 23s to 24s.

Hong Kong. Nov. 15 Total exports for this season to date 39,800 bales, against 46,414 last year.

[54]

III) Produce market

a) Rawmaterials for textile fabrics. 3) Wool. London. 11 Dec.— 20

11 December. 3) Wool.

Wool—English.—Per pack of 240 lb. Fleeces Sorts Down hogs £ 17 ˙˙˙hogs Half-bred 16 25 Kent fleeces 15 Sorts Down ewes & wthrs 15 ˙ ˙˙˙ ˙ do Leicester 15 Sorts—Clothing, picklck 19 Prime and picklock 18 30 Choice 17 Super 16 Combing—Wethr mat 18 Leonesa, R’s, F’s, & S Picklock 16 Common 14 35 Hog matching 19 picklock matching 18 Super do 15

18 Dec. 0 0 0 0 0 0 0 0 0 0 0 0 10 0 0

18 0 0 0 16 0 16 0 16 0 20 0 0 0 0 0 0 0 19 0 17 0 15 0 20 0 0 0 0 0

£ 17 16 15 15 15 19 18 17 16 18 16 14 19 18 15

0 0 0 0 0 0 0 0 0 0 0 0 10 0 0

18 0 16 16 16 20 0 0 0 19 17 15 20 0 0

24 Dec. 1 Jan. Friday. ˙˙ (Thursday) ˙˙ Dtto 13 0 13 0 0 0 12 12 10 0 13 10 14 0 0 13 0 13 0 14 0 0 16 0 16 10 0 14 10 15 0 0 13 10 14 0 0 12 0 13 0 0 15 10 16 0 0 13 0 14 0 0 12 0 12 10 0 16 0 16 10 0 14 0 15 0 0 12 0 12 10

219

Karl Marx · Krisenhefte Foreign—duty free.—Per lb Spanish:— Leonesa, R’s, F’s, & S Leonesa, R’s, F’s, & S Segovia Leonesa, R’s, F’s, & S Caceres Leonesa, R’s, F’s, & S Soria Leonesa, R’s, F’s, & S Seville German 1st & 2d Elect Saxon, prima and secunda Prussian. tertia Australian Combing and Clothing Lambs Locks and Pieces Grease Skin and Slipe S. Australian Combing and Clothing Lambs Locks and Pieces Grease Skin and Slipe Cape—Average flocks. Combing and Clothing Lambs Locks and Pieces Grease

{

sh. d.

per lb

0 0 0 0 0 3s. 2 2 1

0 0 0 0 0 4d. 4 0 8

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4s. 6d. 3s. 4d. 3 0 2 4 2 4 2 0 1 10 1 8

1 1 0 0 1

5 2 10 8 1/2 1

3 2 2 1 2

1 1 0 0 1 1 1 1 1 0

6 4 10 10 6 1/2 7 1/2 1 1/2 4 4 1/2 9 1/2

2 1 1 1 1 2 2 2 1 1

1 6 2 10 2 6 9 3 6 9 3 1 1/2 6 6 1/2 5

0 0 0 0 0 0 0 0 0 0 4s. 6d. 3 0 2 4 1 10

1 2 1/2 1 4 0 10 0 8 1/2 0 8 1/2

2 2 1 1 1

1 3 1 4 0 7 0 9 1 4 1 11 0 8 0 11 0 10 1/2 0 7 1/2

2 2 1/2 1 9 1/2 1 2 1/2 0 11 1/2 1 5 2 0 1 10 1/2 1 10 1/2 1 6 1 3 1/2

220

1 5 1/2 1 4 1/2 0 9 1/2 0 10 1 4 1 4 1 2 1/2 0 6 1 1 0 8 1/2 1 4 1 3 0 9 0 7 1 5 1/2 1 5 1 1 1/2 1 0 0 11 0 11 0 8 0 7 1/2

2 2 1 1 1 2 2 1 1 1 1 2 0 1 1 2 1 1 2 1 1 1

10

8 1 1/2 7 9 9

[24. Dezember]

Sydney—Lambs Scoured, &c Unwashed Locks and pieces Slipe and skin Port Philip—Lambs Scoured, &c Unwashed Locks and pieces Slipe and skin S. Australian—Lambs Scoured, &c Unwashed Locks and pieces V.D. Land—Lambs Scoured, &c Unwashed Locks and pieces Cape G. Hope—Fleeces Lambs Scoured, &c Unwashed

5

1 1/2 8 6 9 1/2 9 1 3 0 7 6 1/2 9 1/2 2 1/2 11 1/2 2 1/2 11 8 1/2 3 6 1/2 0 10 1/2 10 1/2 3 1/2

15

20

25

1 Jan. Unchanged.

30

35

40

45

50

Book of the Crisis of 1857

11 Dec. Friday

5

At public sale, 7,000 bales East India and other inferior wools have been offered. About 3,000 bales found buyers, at very low prices. Some of the former went at 11/2 d per lb. The stock of wool in London is now larger than at the corresponding period in 1856.

Dec. 8

10

15

(From Messrs Hazard and Sons’ Circular.) London, Dec. 8, 1857. The fourth and last series of public sales for the present year commenced on the 12th ultimo and terminated on the 4th inst. The average fall, as compared with the closing rates of the August sales, must be quoted on Port Philip, Sydney, Van Dieman’s Land, and South Australian wool at 2d to 21/2 d per lb on good and superior fleece and scoured, and 21/2 d to 31/2 d on inferior and neavy-conditioned. Cape of Good Hope wool, owing to the very large quantity, the bulk of which was of short, inferior quality, suffered most, and showed a decline of 3d to 4d per lb. The little really good Cape wool offered brought within 2d to 21/2 d of last sale’s prices. New Zealand wool was cheaper by 3d to 4d per lb.

20

11 Dec. Friday. Vorstehndes vom 8 Dec. bezieht sich auf die Colonial ˙˙ wool, nachfolgendes auf die „low“ wool sales: ˙ ˙ The London wool sales commenced on the 8th inst. and closed to-day. Ac-

25

cording to Messrs. Willans and Overbury, the attendance of buyers was limited, and biddings were languid. Prices of East India wools were fully 11/2 d. per lb. below the last Liverpool sales’ rates, and the reduction in Egyptian may be quoted at even more than this. The withdrawals were extensive, especially of Russian and Mogador wools.

14 Dec. Monday.

30

London, Wool.—Rather lower rates have been again submitted to the value of most kinds of home grown wool. The supply here is limited, yet dealers generally have shown no disposition to operate, and a further decline in value is looked forward to. The public sales of low wools have gone off heavily, and the quotations have given way from 25s to 30s per cent. Prices ruled 11/2 d. oder

2d. lower than the last sales in August on the averge.

˙˙

18 Dec. Friday. 35

40

The wool trade continues heavy, and to effect sales of any kind further depressed rates must be submitted to. Large parcels of wool, shipped to the United States in the early part of the year, are now being returned to us. Annexed are the quantities received for realisation since the commencement of the crisis:— Week ending. October 31, 1857 November 7, 1857 November 14, 1857

bales. 505 537 1817

221

Karl Marx · Krisenhefte [Week ending.]

[bales.]

November 21, 1857 November 28, 1857 December 4, 1857 December 12, 1857

250 655 709 4260 8733

5

21 Dec. Monday. London, Wool.—We have no further reductions to notice in the value of any kind of home grown wool, but the business doing is so extremely limited that the quotations are nominal. The supply in the market is tolerably good. About 8,000 bales of wool shipped to the United States in the early part of the year have been returned for immediate sale.

10

24 Dec. Thursday. (London) There is literally no demand for it, and the parcels lately received from the U. St. remain unsold. Liverpool, Wool.—There has been a little more feeling of confidence in the wool market within the last few days, both here and in the manufacturing districts, and it may be hoped that the reduction in the rate of interest will soon tend to a resumption of business. Imports for the week ending December 26:—Foreign, 4,874; previously, 172,225—total, 177,099 bags.

15

Colonial and Foreign Wool imported into London, Liverpool, and Hull from Jan. 1 to Nov. 30, 1856 and 1857, and the total imports, including Bristol, Leith, and Grimsby.

20

London. Colonial. Sydney Port Philip Portland Bay Hobart Town Launceston Port Adelaide, Port Fairy, & Moreton Bay Swan River New Zealand Cape of Good Hope:— Algoa Bay and Port Natal Port Beaufort Cape Town East Indies Total Colonial

222

1856 bales 55133 49922 5234 9893 6960 23251

1857 bales 44621 53089 7077 9934 7334 22380

1267 6740

1349 7883

34049

36145

1754 7390 10242 211835

1534 8011 8308 207665

Liverpool. 1856 bales 2361

1857 bales 162 2776

Hull. 1856 bales

28

Totals, inc. Bristol, Leith & Grimsby 1857 1856 1857 bales bales bales 55133 44783 52893 55913 5234 7077 9921 9934 6960 7334 23251 22380

1267 6740

1349 7883

217

34266

36145

77 32897 35580

1754 7467 43166 248052

1534 8011 48625 250968

40223 43161

27 27

94 94

25

30

35

40

Book of the Crisis of 1857

Foreign. Germany Spain and Portugal Russia 5 South America Barbary and Turkey Syria and Egypt Trieste, Leghorn, &c Denmark 10 Chinese Sundry Grand Total

Grand Total to Dec. 31 st 15

3385 483 952 6076 5155 984 627 38 424 1867 231824

2693 572 10392 8771 3653 1454 481 40 594 836 237151

7370 536 48949 1984 3114 2810

2599 102992

6 11764 4630 55466 3917 3380 2689

4694 129905

11196

5262

2239 1 9

5258

242

464

2925 16639

3503 14581

16687 7853 3727 55097 7146 4098 3437 300 424 7391 354212

8942 12336 20280 64435 7570 4834 3170 534 594 9088 382751

244865 248038 100400 148568 17401 16232 374714 419587

1 Jan. 1858. Wool has further declined in price, and the value of indigo is almost nominal.

[55] London. 11 Dec.—

III. Produce market a) Raw materials for textile fabrics. 4 Hemp and flax.

20

11 December (Friday) 4) Hemp and Flax. Flax duty free Riga, S P W C M per ton St Petersburg, 12 head 9 head Friesland Hemp duty free St Ptrsbg, clean, per ton 30 outshot half-clean Riga, Rhine Manilla free East Indian Sunn 35 Jute Coir, rope junk fibre 25

40

11 Dec. £ 53 42 0 50

18 Dec.

s 0 0 0 0

£ 0 43 0 65

s 0 0 0 0

£ 53 42 0 50

s 0 0 0 0

£ 0 43 0 65

s 0 0 0 0

30 0 30 10 30 0 35 0 36 0 12 0 14 0 14 0 15 0 20 0

0 0 0 0 50 15 21 25 18 28

0 0 0 0 0 0 0 0 0 0

30 0 30 10 30 0 35 0 36 0 12 0 14 0 14 0 15 0 20 0

0 0 0 0 50 15 21 25 18 28

0 0 0 0 0 0 0 0 0 0

24 Dec. 1 Jan. (Thursday) (Friday) ˙ ˙ £. s. £. s. dtto

29 10 28 27 32

London. Dec. 18 dull inquiry for hemp and flax; coir goods have fallen 20sh. to 30sh. p. ton.

223

Karl Marx · Krisenhefte

Hemp.—Both Russian and Manilla have been inactive at last week’s rates. Jute has further receded in value, 1l to 2l. 530 bales sold on Wednesday at 11l 5s to 18l 10s per ton.

London. 24 Dec. Hemp increased demand at full quotations; flax extremely heavy.

5

Week ending January 1. Flax.—Nothing doing. Hemp.—A small business done during the week, but at rather lower prices.

[56] London. Dec. 11—

III) Producemarket.

10

2) Raw materials not f. textile fabrics. A) Metals [Hier folgt Tabelle S. 225.]

11 Dec. Metals.—There is no improvement in demand, although Spelter can be bought

15

On 9th Dec. at 23l; East India tin, 103s to 105s; and Scotch pig iron, at 51s 6d.

Copper reduced 14l. p. ton on unmanufactured, 11/2 d. p. lb in manufactured. The derangement of affairs in Hamburg etc has still further depressed tin and spelter. Lead neglected; tin plates in a fair demand. 14 Dec. Monday. dull trade. Spelter at 23l. Scotch pig iron at 51sh. 6d.

20

15 Dec. Tuesday. Metals—Prices still lowering. Scotch pig iron 51s cash, spelter 22l 10s to 23l, English pig lead 22l to 22l 10s. and East India tin 103s to 105s, with not many transactions.

16 Dec. Wednesday.

25

In the position of trade for metals no change of moment, and prices for some articles appear to have reached their lowest.

18 Dec. Friday. Metals.—There is still general shyness of operations in all metals and particularly in copper and tin; but there have been some transactions in manufactured iron, and particularly in rails, induced by very low prices. Scotch pig is dull at

224

30

35

30

25

20

15

10

5

a) Metals

Metals—Copper Sheating, bolts, &c lb 1 Bottoms 1 Old 0 Tough cake, p ton £ 107 Tile 107 Iron, per ton £ Bars, &c., British 7 Nail rods 8 Hoops 10 Sheets 10 Pig, No. 1, Wales 4 Bars, &c 6 Rails 5 Pig, No 1, Clyde 2 Swedish, in bond 14 Lead, per ton—Eng. pig 22 sheet 24 red lead 25 white do 28 patent shot 27 Spanish pig 22 Steel, Swedish in kegs 22 in faggots 22 Spelter, for. per ton 23 Tin, duty free English blocks, p ton 114 bars in barrels 115 Refined 118 Banca, in bond 108 Straits, do 105 Tin Plates, per box s Charcoal, I C 34 Coke, I C 26

0 0 0 0 0 £ 7 8 10 11 0 6 7 3 16 23 24 0 0 0 0 22 23 24

0 0 0 110 107 s 36 27

0 1 10 1/4 10 10 s 0 5 0 0 0 0 10 12 1/2 0 10 0 10 0 0 0 0 10 10

0 0 0 0 0 d 0 0

11 Dec.

0 0 0 0 0 d 0 6

0 0 0 0 0 s 10 10 10 0 0 10 0 0 0 10 10 0 0 0 0 10 0 0 114 115 118 104 102 s 34 26

1 1 0 £ 107 107 £ 7 8 10 10 4 6 5 2 14 22 24 25 28 27 22 22 22 23 0 0 0 0 0 d 0 6

0 1 10 1/4 10 10 s 0 5 0 0 0 0 10 12 1/2 0 10 0 10 0 0 0 0 10 15

18 Dec.

0 0 0 105 103 s 36 27

0 0 0 0 0 £ 7 8 10 11 0 6 7 3 16 23 0 0 0 0 0 22 23 24 0 0 0 0 0 d 0 6

0 0 0 0 0 s 10 10 10 0 0 10 0 0 0 10 0 0 0 0 0 10 0 0

dtto

108 109 112 dtto

6. 0. dto

dto dt

25 Dec.

7.

0

27.

106 102 6

10.

15

6

22

0 10 0

8 9 9

28.

23

7

8 10 10

1 Jan.

0

0

0

10 0 10

(ditto immer f. unverändert.)

Book of the Crisis of 1857

225

Karl Marx · Krisenhefte

50s. Spelter has had some attention, and the low quotations caused by forced sales appear to have nearly found their end. Tin plates are in steady but moderate demand. Lead is quite neglected.

21 Dec. Monday. Metals.—The price of Scotch pig iron has fallen to 48s. A decline in English tin of 6l per ton.

24 Dec. Thursday. Increased transactions in iron; Scotch pig: 50sh. to 50sh. 6d. cash, mixed numbers. Spelter sold to a fair extent at 24l. to 24l. 10sh. It is difficult to make purchases in East India tin at previous terms. There has not been many transactions this week.

5

10

25 Dec. Friday. Scotch Pig Iron 49sh. 6d. to 50sh; about 200 tons spelter sold at 23l. 15sh. p. ton. Lead unaltered. Brit. tin reduced 6sh. on Monday, and foreign is lower, Straits selling at 99sh. p. cwt. Liverpool, Metal.—The undernoted are the prices for metals in to-day’s market: Scotch Pig Iron—Gartsherrie, No. 1, f. o. b., at Glasgow, per ton, 2l 18s; good brands No. 1, 2l 12s 0d; ditto, mixed Nos., 2l 11s; ditto, mixed Nos. 3, months’ open delivery, 2 l 14s 0d. Other iron:—Merchant Bar, f. o. b., in Wales, per ton, 6l 0s 0d to 6l 5s 0d; ditto, f. o. b., in Liverpool, per ton, 6l 12s to 6l 17s 6d; ditto, Staffordshire, 7l 0s 0d to 7l 5s 0d; hoop, 9l 0s 0d to 9l 5s 0d; sheet, 9l 15s 0d to 10l 0s 0d; nail rod, 7l 15s to 8l 0s 0d; bar, best crown, 7l 15s to 8l 0s 0d; boiler plate, 9l 15s 0d to 10l 0s 0d. Tin plates:—Charcoal, I c., f. o. b., in Liverpool, per box, 1l 13s 0d; coke, I c., 1l 7s 0d. Copper:—Bolt and sheathing, delivered in Liverpool, per lb., 1s 11/2 d; tile, per ton, 121l 10s 0d; tough cake 121l 10s 0d; best selected, ditto 124l 10s 0d. Export of Coal from the United Kingdom.—It appears from the list published yesterday by Messrs. W. and H. Laird, of Liverpool and London, that the total quantity of coal exported from the United Kingdom during the month of November was 482,981 tons, against 346,279 in the corresponding month of 1856, showing an increase in the present year of 136,702 tons. Of the total amount exported France took 97,779, Denmark 30,051, Norway 14,471, Austria 12,008, Germany 33,586, Prussia 23,644, Spain 25,807, Italy 13,766, Mediterranean 17,940, Turkey 18,582, Africa 18,246, East Indies 55,943, West Indies 23,589, North America 22,981, South America 20,536, and Belgium 6,997 tons. The Mineral Wealth of Wales.—An interesting return has just been made of the mineral produce of the United Kingdom, and we extract from it the following summary regarding Wales:— Carmarthenshire Cardiganshire Radnorshire

226

tons  

Lead Ore. 1280 9 8560 1 19 14

Lead. 932 5 6191 10 8 8

Silver. – oz. 38761  – 

15

20

25

30

35

40

Book of the Crisis of 1857 [Lead Ore.]

5

Montgomeryshire Merionethshire Denbighshire Flintshire Carnarvonshire

    

1723 349 3103 4607 237

17 10 15 5 1

[Lead.]

1342 266 2367 3513 163

5 0 10 0 6

[Silver.]

2660 572 1034 19340 –

    

Total produce of pig-iron in Wales, 1856:— South Wales (anthracite districts) North Wales Ditto (bituminous districts)

10

Tons. 62400 47682 814750

In the same return it is stated that there are 171 blast furnaces in Wales, and at a computation of 400 men to each furnace, we find that 68,400 persons find employment at the Welsh works. 15

20

30 Dec. (Wednesday) Staffordshire. ˙ ˙ quarterly meeting of the iron trade was held at Dudley, The usual preliminary on Wednesday, when it was resolved that the price of Staffordshire bars for the next quarter be 8l; hoops, 9l; and sheets and plates, 9l 10s per ton at the works. This is a reduction of 20s per ton on the published lists for marked iron. It was also resolved that 14 days’ notice be given from Saturday the 2nd of January, to reduce puddlers’ wages 1s per ton, and a corresponding reduction in millmen’s wages.

Vollständige Liste über den Export of Coals in November. ˙ ˙ Laird’s ˙˙ ˙ ˙ Coal List, we find From Messrs W. and H. (Liverpool) Monthly Export 25

30

35

that the total quantity of coal exported from Great Britain in the month of November last was 482,981 tons, against 346,729 tons in the corresponding month of 1856. Of the total quantity, 97,779 tons were shipped to France, 30,051 to Denmark, 14,471 to Norway, 5,522 to Sweden, 2,843 to Russia, against 817 tons in the corresponding month of last year; 12,008 to Austria, 33,586 to Germany, 23,644 to Prussia, 15,179 to Holland, 6,997 to Belgium, 25,807 to Spain, 6,935 to Portugal, 13,766 to Italy, 17,940 to the Mediterranean, 1,966 to Greece, 18,582 to Turkey, 18,246 to Africa, 900 to Australia, 55,943 to the East Indies, 23,589 to the West Indies, 22,981 to North America, 20,536 to South America, 6,033 to the Channel Islands, 1,401 to the Azores, 355 to the Canaries, 1,090 to Madeira, 4,731 to Ascension, 100 to New Zealand, and 664 to the Ladrone Islands. From the northern ports the quantity exported in the month was 247,886 tons; from the Yorkshire ports, 21,512; from Liverpool, 51,323; from the Severn ports, 110,263; and from the Scotch ports 47,997

tons. 40

Week ending 31st December. There has been an improved feeling in the iron market, and Scotch pig has produced rather more money—the price paid to-day being 50s cash. The following statistics, in reference to the Scotch iron trade for 1857, are extracted from Mr Thomas Thorburn’s circular:—

227

Karl Marx · Krisenhefte Average number of furnaces in blast in 1857 Stock on hand, 31st December, 1856 Stock in warehousekeepers’ and makers’ stores, 31st Dec., 1857 Increase of stock Exported foreign and coastwise from Glasgow, Frith of Forth, Ayrshire ports, and per railway Consumed in local founderies and malleable iron works here Total deliveries Add increase of stock

128 88,000 160,000 72,000 531,000 312,000 843,000 72,000 915,000 915,000

Computed make in 1857

5

10

[57] London Dec. 11 etc.

III) Produce market 2) Other Rawmaterials.

15

b) Hides and leather. Hides and Leather. 11 Dec.

Hides—Ox and Cow. p lb B.A. and M. Vid. dry Do & R. Grande, saltd Brazil, dry drysalted salted Rio, dry Lima & Valparaiso, dry Cape, salted Australian New York East India Kips, Russia S America Horse, p hide German do

s 0 0 0 0 0 0 0 0 0 0 0 1 9 8

Leather per lb Crop hides do English Butts do Foreign Butts do

30 to 45 lb 50 65 16 24 28 36 16 25 28 36

228

18 Dec.

d s 11 1 6 0 9 0 8 0 0 0 10 1 8 0 5 0 4 0 4 0 6 1 0 1/2 1 0 10 0 10

d 0 7 11 9 0 0 10 6 5 5 0 1 6 0

s. 1 1. 1. 1. 1. 1.

d. 4. 6. 6. 8. 6. 6.

1

/2

1

/2

1

/2 /2

1

1

/2

sh. 1. 1. 2. 2. 2. 2.

s 0 0 0 0 0 0 0 0 0 0 0 0 9 8

d 11 6 9 8 0 10 8 5 4 4 6 11 0 0

d. 8 9 2 3 0 2

1 1 1 1 1 1

s 1 0 0 0 0 1 0 0 0 0 1 1 10 10

4 6 6 8 6 6

d 0 7 11 9 0 0 10 6 5 5 0 1 6 0

1 1 2 2 2 2

1

/2

24 1 JaDec. nuar. Thursday ˙˙ dtto Unchanged.

20

25

1

/2

1

/2 /2

30

1

1

/2 35

8 9 2 3 0 2

40

Book of the Crisis of 1857 Calf Skins do do Dressing Hides 5 Shaved do Horse Hides, English do Spanish, per hide Kips, Petersburg, per lb do East India

10

20 40 80

35 60 100

1. 1. 1. 1. 1. 1. 8. 1. 1.

5. 8. 4 4. 6 2. 0. 7. 0.

2. 2. 2. 1. 1. 1. 17. 2. 2.

2 5 1 8 9 4 6 0 0

1 1 1 1 1 1 8 1 1

5 8 4 4 6 2 0 6 0

2 2 2 1 1 1 17 2 2

2 5 1 8 9 4 6 0 0

11 Dec. Friday. No improvement in the leather trade. Transactions very limited, former prices barely supported. 18 Dec. Friday. Bristol.

15

20

25

Bristol, Leather.—We quote the following from the monthly circular of Messrs. Hassell and Cogan, issued yesterday:—We have seen some remarks in certain circulars issued by factors, which would tend to this: that South American hides, having been lately selling at 101/2 d per lb, and now being reduced to 7d per lb, are worth the attention of the trade. We caution tanners against acting upon such advice. The only thing that should have induced such prices for hides as those ruling for some time past, should have been the direst scarcity. This is the report the trade were frightened with, and it turns out to have been a complete fiction. We understand that up to the present period, there is an excess in the import of South American hides of 179,000, and of other hides adapted to sole leather purposes of 125,000, as compared with that of last year, and that the present stock of hides held in first hands is 300,000. We think that holders of dressing hides and shaved hides have little cause for anxiety, for we believe that all that are in process will be wanted as the new year opens. Kips have declined considerably: we cannot, at present, form an opinion as to their future value. Skins of all kinds are lower.

18 Dec. Friday. Leadenhall. 30

35

Leather and Hides.—The leather market continues extremely dull, and the few sales effected during the week, as well as at Leadenhall on Tuesday, show a further decline in prices. The present is usually a flat season of the year, and with the lowering tendency of the market and the depressed state of business generally, it is not surprising that more than ordinary dulness should now prevail. In raw goods the same inactivity has been the rule in the past week. The only River Plate hides reported as sold are 300 light ox, 473/4 lbs, at 67/8 d—tare, 4 lbs.

25 Dec. Friday. 40

Leather and Hides.—The business transacted in leather during the past week has been extremely small, and at Leadenhall on Tuesday there were unusually few buyers even for this dull period of the year. The sales are so limited that it is difficult to quote any alteration in prices. In raw goods, some sales of East India kips are reported for exportation, including second heavy drysalted Calcutta at

229

Karl Marx · Krisenhefte

8d and extra heavy at 71/4 d; also 200 salted Buenos Ayres horse hides, 321/2 lbs, at 10s.

31 Dec. The Leather Trade.—We extract the following from Messrs. W. Francis and Co.’s Circular:—Crops have maintained their prices better than any other article in the trade, and there is still a good demand for them at our quotations. Butts, English of middling and heavy weights are moving off slowly, while for light there is very little inquiry, though we expect as the year opens the demand for them will revive. Foreign butts, especially of common tannage are almost entirely neglected. Shoulders and offal of all kinds are receding in price, and dull of sale. Common dressing and shaved hides are selling as well as can be expected during the stagnation of trade produced by the state of the money market. Horse hides and kips of all sorts are lower without much doing. Curried leather meets very little enquiry, and prices are almost nominal. We have had no public sales of raw goods for some time past, and we refer you to our quotations for the prices which the few sold by private contract have realised. The stock of E. I. kips has considerably increased, but as tanners have brought very few for a long time, a revival in trade might soon clear them all off. Market hides are comparatively lower than other hides. In valonea, bark, and gambier almost nothing doing, prices of all are lower.

5

10

15

20

[58] London 11 Dec.—

III Producemarket c) Mincing lane commodities. Sugar, Coffee, Tea, Cocoa, Indigo, Drugs and Dyes. 11 Dec. (Friday) Cocoa duty 1d per lb West India per cwt Guayaquil Brazil Tea duty 1s 5d per lb Congou, ord. to low bd good ord. to but mid. ra. str. and str. bk. lf. fine and Pekoe kinds Souchong Pekoe, flowery Orange

230

18 Dec. Friday.

s.

d.

s.

d.

s.

d.

s.

d.

75 90 73

0 0 0

90 95 76

0 cwt. 70 0 80 0 70

0 0 0

90 85 73

0 0 0

2 1/2 0 6 4 6 6 6

11/2 3 4 6 2 6 0

1 1 1 1 1 1 1

11/2 3 4 6 2 6 0

1 0 1 2 2 3 1

1 1 1 1 1 1 1

1 0 1 2 2 3 1

2 1/2 0 6 4 6 6 6

25

24 Dec. Thursday. s. d. ˙ ˙s. d. dtto

30

35

40

Book of the Crisis of 1857

5

10

15

20

25

30

35

40

45

50

Scented 1 6 2 6 Scented Caper 1 2 2 0 Oolong 0 11 2 0 Hyson 1 6 1 9 mid to fine 1 10 4 0 Young Hyson, Canton 0 9 1 0 fresh and Hyson kinds 0 10 2 6 Gunpowder, Canton 0 10 1 6 fresh and Hyson kinds 1 4 4 6 Imperial 1 0 2 4 Coffee duty 3d per lb Jamaica, good middling to fine per cwt 64 0 76 0 fine ord to mid 53 0 63 0 Mocha, ungarbled 53 0 64 0 garbled, com. to good 70 0 84 0 garbled, fine 85 0 90 0 Ceylon, native, ord to gd plan-49 0 54 0 tation, ordinary to fine ord 52 0 56 0 fine fine ord. to mid 56 6 63 0 good mid. to fine 64 0 83 0 Java 48 0 65 0 Sumatra and Padang 43 0 47 0 Madras and Tellicherry 51 0 78 0 Malabar and Mysore 51 0 59 0 St Domingo 48 0 53 0 Brazil, washed 43 0 55 0 good and fine ord 38 0 44 0 common to real ord 32 0 37 0 Costa Rica 54 0 68 0 Havana and Cuba 48 0 70 0 Porto Rico & La Guayra 50 0 65 0 Sugar—duty, Refined, 18s 4d; white clayed, 16s; brown clayed,13s 10d; not equal to brown, 12s 8d; molasses, 5s 0d per cwt. s d s d British plantation, yellow 25 0 33 0 brown 21 0 25 0 Mauritius, yellow 23 0 31 0 brown 15 6 23 0 Bengal, crys., good yellow and white 31 0 30 0 Benares, grey & white 29 0 37 0 Date, yellow and grey 21 0 30 0 ord to fine brown 15 0 21 0 Penang, grey and white 30 6 34 6 brown and yellow 15 6 30 0 Madras, grey yellow & white 29 0 35 0 ˙ brown and soft˙ ˙yellow 15 6 26 0 Siam and China white 30 0 35 0 brown and yellow 15 6 29 6 Manilla, clayed 21 0 23 0 muscovado 17 0 20 0 Java, grey and white 29 0 35 0 brown and yellow 17 0 28 6

1 1 0 1 1 0 0 0 1 1

6 2 11 6 10 9 10 10 4 0

2 2 2 1 4 1 2 1 4 2

6 0 0 9 0 0 6 6 6 4

63 52 50 68 83 49 52 56 63 47 42 50 50 46 43 38 32 52 48 50

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

74 62 62 82 88 53 55 62 80 65 46 76 58 52 55 44 37 66 70 65

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

s 24 20 23 15

d 6 6 0 0

s 33 24 31 22

31 28 21 14 29 15 28 15 30 15 20 16 28 17

0 0 0 0 6 0 0 0 0 0 6 6 0 0

34 36 29 20 34 29 34 26 34 29 22 19 35 27

50. 0 45. 0

62. 0 60. 0

47. 0. 50. 0 55. 0

52. 0 54. 0 62. 0

46. 40. 48. 48. 45. 42. 35. 30. 50. 46. 48.

0 0. 0 0. 0 0. 0 0 0 0. 0

65. 44. 75. 57. 51. 54 43. 34. 65. 70. 65.

0 0 0 0 0 0 0 0 0 0 0

d 0 0 0 6

s. 25. 21. 23. 15.

d. 6 6 6. 0

s. 33. 24. 31. 23.

d. 0 0 0 0

0 0 0 6 0 0 0 0 0 0 0 0 0 6

31. 6 28. 0

34. 6 35. 6

30. 0

34. 6

21. 0 17. 0

22. 6 19. 0

17. 0

28. 0

231

Karl Marx · Krisenhefte Havana, white brown and yellow Bahia, grey and white brown Pernam & Paraiba, white brown and yellow For. Mus, low to fine grocy brown Refined—For consumption 8 to 10 lb loaves 12 to 14 lb loaves Titlers, 22 to 24 lb Lumps, 45 lb Wet crushed Pieces Bastards Treacle For export, free on board. Turkey loaves, 1 to 4 lb. 6 lb loaves 10 lb do. 14 lb do.

38 21 23 17 24 17 23 19

0 0 6 6 0 0 6 6

45 33 31 23 32 23 33 23

0 0 0 0 0 6 0 6

35 20 23 17 24 16 23 18

0 6 6 0 0 6 0 6

42 32 30 23 31 23 32 23

0 0 0 0 0 0 0 0

61 59 58 55 52 48 30 18

0 0 0 6 0 0 0 0

62 60 62 56 54 50 38 19

0 0 0 0 0 0 0 0

60 58 0 55 50 45 30 18

0 0 0 6 0 6 0 0

61 59 0 59 52 48 38 19

0 0 0 0 0 0 0 0

46 43 42 42 s Titlers, 22 to 28 lb 43 Lumps, 40 to 45 lb 0 Crushed 41 Bastards 18 Treacle 17 Dutch, refined, f. o. b. in Holland 6 lb loaves 42 10 lb do 41 Superfine crushed 36 No. 1, crushed 34 No. 2 and 3 32 Belgian refined, f. o. b. at Antwerp. 8 to 10 lb loaves 38 Crushed, 1 and 2 32 Indigo duty free Bengal per lb 2 Oude 4 Madras 1 Kurpah 2 Manilla 2 Drugs and Dyes duty free Cochineal Honduras per lb 3 Mexican 3 Lac Dye—good to fine. 1 Turmeric Bengal per cwt 20 Madras 13 China 18 Terra Japonica, Cutch 60 Gambier 16

0 0 0 0 d 0 0 0 0 0

47 44 43 43 s 47 0 43 22 19

0 0 0 0 d 0 0 0 0 0

45 42 41 41 s 42 0 40 18 17

0 0 6 0 d 0 0 0 0 0

46 43 42 41 s 45 0 40 22 19

0 0 0 6 d 0 0 6 0 0

0 0 0 0 0

43 41 0 35 32

0 6 0 0 6

42 41 36 33 30

0 0 0 0 0

43 41 0 34 32

0 6 0 6 0

6 6

39 32

0 6

38 32

6 6

39 32

0 6

6 0 0 10 0

10 6 5 7 4

0 0 6 9 6

2 4 1 2 2

6 0 0 10 0

10 6 5 7 4

0 0 6 9 6

0 7 2

5 4 2

10 6 4

3 3 1

0 7 2

5 4 2

10 6 4

0 6 6 0 6

40 30 40 61 17

0 0 0 0 0

20 13 18 60 16

0 6 6 0 6

40 30 40 61 17

0 0 0 0 0

232

21. 24. 17. 25. 17. 23. 19.

0 0 0 0 0 6 0

32. 31. 23. 32. 24. 32. 23.

6 0 6 0 0 6 6

5

10

15

20

25

30

35

40

45

15. 13. 18. 58. 15.

0. 0. 6 0 6

30. 20. 23. 60. 16.

0 0 6 0 0.

50

Book of the Crisis of 1857

5

10

15

20

25

30

35

40

The sugar market has shown signs of considerable animation, and an advance of from 1s 6d to 2s per cwt has taken place in the quotations. With the relatively small stocks held by the home trade, and the prospect of a great falling off in the produce in Louisiana, a steady delivery for consumption may be expected. Refined goods have commanded more money. (1 January) Plantation coffee has changed hands to some extent, and the quotations have advanced 1s per cwt. All other coffees have sold at extreme rates. Letters from Ceylon, dated the 28th November, state that coffee was freely offered at 38s 6d to 39s per cwt for native picked and dried, and that plantation kinds could be purchased at 11s per bushel. The exports were 22,274 cwts, against 13,726 in the corresponding period in 1856. During the first six months of the past year, a rise of fully 15s per cwt took place in the value of good and fine qualities in the London market, and 12s per cwt on ordinary. Since then, however, a fall of 18s on the former, and 14s on the latter, has been submitted to, so that prices are now lower than in December 1856. The latest returns furnish the following statement of the stocks of coffee in some parts of the Continent:—

Holland—1st hands — 2nd hands Antwerp Hamburg Havre Trieste

1857. tons. 25,110 9,310 7,500 15,500 7,900 6,430

1856. tons. 14,950 9,960 3,050 7,000 1,750 4,300

1855. tons. 10,640 8,910 2,780 10,000 910 4,720

Havana, Dec. 8, 1857. Our sugar markets have been very dull during the month, owing to bad advices from all quarters abroad. Some very cheap purchases have been made, because only at low rates were there some buyers for low and middling qualities, and high grades, although a little better maintained on account of some demand for Spain, had likewise to suffer a considerable decline. As the money pressure still continues, holders, in some instances, were obliged to sell very low in order to obtain funds. Several of our principal planters are shipping their sugars, and thus our stocks are now diminishing fast. Our stocks for shipment between here and Matanzas are estimated about 135,000 boxes and 3,000 hhds. The last transaction which has come to our knowledge, as closed yesterday, was 225 boxes good strong whites at 11rs; 1,000 boxes 1st yellows, Dutch standard, Nos. 14 and 15, at 71/2 rs; 400 boxes 2nd yellow, Dutch standard, Nos. 10 and 11, at 6rs; 20 boxes Cucuruchos, Dutch standard, No. 9, at 6rs, bought by a Spaniard, with a heavy cash advance. Several sugar estates have commenced grinding, and the weather is now favourable for this operation, although there are a good many complaints about the yield of the cane regarding quantity. Exchanges—Paris, we

233

Karl Marx · Krisenhefte

quote 11/2 to 21/4 per cent. pm. New York, 60 days’ sight, 2 to 3 per cent. pm. Discount for first-class paper, 12 to 15 per cent. pm. (From Messrs Schmidt and Stern’s Circular, forwarded by Messrs Van Notten and Co.) Havana, Dec. 7, 1857. Sugar.—Since our last report, 7th ult., the successive discouraging advices from all sides having continued, caused a gradual decline of 11/2 to 2 rials in prices, and the aspect of our market became at a time very gloomy. Buyers profiting by this state of things, came more freely forward, and transactions in the space of the first three weeks were more extensive than for some time past. Prices have these days become more settled, and appear to have reached the lowest point, as there continues more demand. We quote:—Nos. 8 to 10, 16s 9d to 19s 1d; Nos. 11 to 12, 19s 1d to 19s 8d; Nos. 13 to 14, 21s 5d to 22s 8d; Nos. 15 to 17, 23s 10d to 27s 4d; Nos. 18 to 20, 28s 4d to 29s 9d; whites, from 29s 9d to 38s f. o. b. per cwt at 12 per cent. pm, and 1/4 to 1/2 r more for real dry qualities. Exchanges have improved considerably:—London, 121/2 to 13 per cent. pm.; Paris, par to 1 per cent. pm.; New York, 1 to 3 per cent. pm., short 5 to 6 per cent. pm. Advices from China by the overland mail are to the effect that the shipments of tea, to date, were 23,500,000 lbs—being a considerable deficiency compared with last season. 8,000,000 less (lbs) The tea market here has, consequently, become firm, and several parcels of common sound congou have realised 123/4 d to 1s 1d per lb. Medium qualities have, likewise, produced rather more money. (Lond. 1 January) Particulars of Tallow.—Monday, Dec. 28.

Stock this day (1 January) Delivered last week Ditto since 1st June Arrived last week Ditto since 1st June Price of Y C on the spot Ditto Town last Friday

234

1854. casks. 35,781 832 48,011 3,908 47,792 64s 6d 65s 6d

1855. casks. 19,896 639 76,889 856 49,066 68s 0d 67s 9d

5

10

15

20

25

1856. casks. 17,200 1,370 75,784 1,106 76,004 58s 3d 59s 6d

1857. casks. 31,988 2,433 66,013 949 84,890 53s 3d 55s 9d

30

Book of the Crisis of 1857

[59]

Producemarket. d) Mincinglane

5

10

15

11 Dec. Friday. The public sales of sugar were large, but very little of the quantity offered sold. The lower qualities went again cheaper, making a decline of 1sh. to 1sh. 6d. for the week, and 6d. to 1sh. upon middling good. Coffee only moderate quantities sold; quotations 1sh. to 1sh. 6d. p. cwt lower than last week. The supply of coffee now on passage from Ceylon is extensive. Sugar.—Importers have supplied the market rather largely, and up to yesterday (Thursday) some descriptions had suffered a decline of 6d to 1s. The demand is now generally inactive, both from grocers and the refiners. The bulk of the foreign Muscovado submitted, has been bought in. About 1,560 hhds West India found buyers in the three days, including a portion of 182 hhds crystallised Demerara, by auction, from 40s to 49s for brown to fine yellow; and 49s to 49s 6d for white. 105 casks Jamaica 35s 6d to 40s. 361 hhds Barbadoes were chiefly realised from 37s 6d to 45s 6d per cwt. Further supplies have come forward from America. The stock of sugar at this port now exhibits an increase amounting to 57,000 tons, and at the chief ports of Great Britain to 45,000 tons

contrasted with 1856 at same date. 20

25

30

35

In the produce-markets during the week the transactions have been of moderate extent, and towards the close the late partial advance was generally lost. Numerous public sales of sugar have been held, including a considerable quantity of foreign muscovado, but most descriptions have given way about 1s., excepting the finest grocery, while low brown Mauritius has in some cases been parted with at a decline of 1s. 6d., which corresponds with the extreme depression in November. Several arrivals have taken place from the United States. The present low quotations appear to have a favourable influence upon the deliveries for consumption. Coffee has experienced a reduction of about 1s. for plantation Ceylon. Two floating cargoes of Rio are reported at several shillings under the last sale effected. Arrivals of cocoa from the continent have still the effect of unsettling prices. In rice there has been no material alteration. The quotations of spice have suffered a further depression, cassia lignea being the only exception. Saltpetre has experienced a fall of about 2s., the prices now current being nearly the same as at the heaviest period of last month. Great flatness continues in the tea-market, and little business has transpired beyond some parcels pressed for sale. At auction yesterday 5,000 packages were realized at easier rates.

12 Dec. (Saturday)

40

The colonial produce markets have been very dull to-day. The apprehension naturally arising out of the serious mercantile suspensions of yesterday, has been increased by reports of one or two additional disasters to-day, and for the time

235

Karl Marx · Krisenhefte

such events as these engross attention, to the almost entire exclusion of business. In the generality of instances, however, the prompts of to-day have been satisfactorily arranged. In sugar, tea, coffee, rice, or indeed any of the leading descriptions of produce, the dealings were quite unimportant. Tallow was flat in the early part of the day, but closed better; spot 52s, all the month 52s, spring 52s 6d. March 53s 6d per cwt.

5

14 Dec. (Monday.) Foreign and Colonial Produce.—The markets are inactive, but they have not been much affected by the India and China letters to hand to-day. Considering the absence of demand, the supplies on the market are rather large. Several articles are obtainable at easier prices for immediate cash, but few buyers are availing themselves of the advantage. The Tallow Market is an exception to the general rule, and is quoted better in all positions. Spot, 52s 6d, same all the month; January to March, 52s 9d to 53s; and March, 53s 6d.

10

15 Dec. Tuesday.

15

The markets for colonial produce are still in a very unfavourable position, and although most articles were obtainable at a further reduction to-day, yet exporters in the home trade evinced a disinclination to purchase; and there was no enquiry from speculators. In consequence of the depression in the markets, business will be suspended at an earlier period than usual for the Christmas holidays. Trade continues active for Russian produce, and there is another advance. Stocks are on the increase of articles used in manufacturing purposes, and there is every appearance of rates going lower on account of the small home trade and foreign demand.

20

Saltpetre: prices fully 1sh. p. cwt lower. Cochineal prices scarcely sustained; 110 bags in public sale only partly sold. Sugar only moderate business; prices 6d to 1sh. per cwt. lower than on Friday for inferior and brown; small reduction for better. Coffee: Although supply small, rates scarcely sustained to-day, the home trade or export demand not improving.

25

30

16 Dec. Wednesday. The Colonial produce markets continue exceedingly dull generally, and prices of several staples have again declined. Transactions in sugar have been of small amount, at rather lower prices. Coffee steady in value but a slow sale. Tea unaltered. Jute irregular, and in some cases 30s. to 50s. cheaper. Hemp held for recent prices. Spelter rather firmer, but the metal market in general dull. Ivory in public sales of 60 tons, sold slowly at an average decline of 50s. per cwt. Rice and saltpetre have met little or no alteration. Pepper is unsaleable, except on easier terms. Large supplies of dried fruit continue to be pressed to auction, and tender qualities, of which the purchases mainly consist, go off at rather lower prices, but good old fruit is comparatively firm. Rape oil is steady, but every

236

35

40

Book of the Crisis of 1857

other description dull. Tallow, from forced sales, has given way 6d. to 1s per cwt., and is quoted on the spot, 51s. 9d. to 52s; all the year, 51s. 6d.; spring 52s. per cwt. M. St. 5

10

Sugar.—Transactions were much under those of yesterday, although a decline of 6d to 1s per cwt. was accepted for brown and inferior; the better kinds being obtainable at previous moderate terms. Only 70 hhds West India were sold privately. Of the parcels in auction a small part only found buyers. Refined.—The dulness in the market greater than for a long period, and production being rather larger, rates lowering, ruling at 55s to 58s for low to good grocery lumps; and wet lumps, 50s to 52s per cwt.

15

17 Dec. Thursday. No alteration in the features of business, which continues to be restricted to the narrowest limits, and consists principally of cash transactions, at low prices. Sales of sugar small, at about the former value. A moderately large parcel of rice had changed hands on low terms. Small sales of pepper and mace at rather lower prices. Saltpetre has again sold in small quantity on easier terms. The tallow market is without improvement, and is quoted 51sh. 9d. spot, 51sh. 3d. all the year, and 51sh. 9d. to 52sh. spring.

20

18 Dec. Friday. We have again to report a dull and drooping market for all kinds of raw sugar. Dealers generally have purchased cautiously, and the quotations have given way from 1s to 2s per cwt. Refined goods are about 1s per cwt lower than last week.

25

30

35

Very favourable accounts have just come to hand from the West Indies in reference to the sugar crop. In nearly the whole of the islands, the canes are vigorous, and promise one of the largest crops on record. The sugar market at Manilla, from whence we have letters dated the 23rd October, was heavy, and a considerable fall had taken place in prices. The crop of Louisiana sugar is likely to be small compared with the consumption. One letter states that a severe frost has inflicted considerable injury to the canes, and that the crop will fall short of an average by 225,000 hhds. Refined Sugar.—The home market for refined sugar has been very dull this week, and for most descriptions of goods 2s to 2s 6d lower than last Friday; and has a drooping appearance. Nothing worth noting either in Holland or Belgium, either in crushed or loaves.

The sugar-market closed 1sh. to 1sh. 6d. lower for the week. Tallow—The market ruled very firm until Wednesday, when signs of weakness 18 Dec. were apparent; but yesterday there appeared to be rather a better feeling again.

237

Karl Marx · Krisenhefte

This morning 1st sort Petersburg Y. C. on the spot and for the month is quoted 51s 3d to 51s 6d: first three months of 1858, 51s to 52s; March only 52s 6d to 52s 9d per cwt. Particulars of Tallow.—Monday, Dec. 14 1854. casks. 32,887 1,914 45,532 1,244 42,419 64s 3d 65s 6d

Stock this day Delivered last week Ditto since 1st June Arrived last week Ditto since 1st June Price of Y C on the spot Ditto Town last Friday

1855. casks. 19,141 2,231 74,739 2,412 46,165 68s 3d 68s 6d 67s

1856. casks. 18,576 2,449 72,078 1,399 73,674 59s 60s 3d

1857. casks. 35,124 2,947 60,732 1,192 82,744 52s 3d 56s 9d

5

10

Tallow.—Official market letter issued this evening:— s 55 2 54 39 23 17 7

Town tallow Fat by ditto Melted Russian Melted stuff Rough ditto Greaves Good dregs

d 9 11 0 0 6 0 0

15

20

Rum—There has been a limited demand this week, and prices are rather lower: Demerara proof, 2s 3d to 2s 5d; Leewards, 2s to 2s 1d per gallon. The total stock is 20,010 puns 4,476 hhds, against 23,426 puns 3,585 hhds last year at corresponding period.

[60]

25

III) Producemarket. Mincing lane.

London. 18 December. Saltpetre has suffered a further decline of 1s to 1s 6d in the public sales. 1,002 bags Bengal, refraction 8 to 51/2, realised 35s to 38s 6d: fine bought in at 40s to 41s. 200 bags Bombay have realised 30s per cwt by private contract. Accounts from Calcutta appear more favourable for this market.

30

Imports and Deliveries of Saltpetre from 1st January to Dec. 12 with Stocks on hand.

Imported Delivered Stock Delivered last week 195 tons.

238

1857. tons 16328 11802 6561

1856. tons 14670 16203 2255

1855. tons 7680 14865 4195

1854. tons 18415 10788 10433

35

40

Book of the Crisis of 1857

19 December Saturday.

5

10

15

The general features of the colonial produce markets do not exhibit any marked change, but they may be regarded as affording some slight indications that a more confident feeling is arising from the improving position of the Bank of England. The feeling is by no means so strong as to lead to the slightest relaxation of those narrowed limits to which trading has been recently confined. On the contrary, its influence is as yet negative in its character, and tends rather to restrict than to promote actual operations. The transactions of late have in the main consisted of forced sales of produce at depreciated values, a description of business that will necessarily grow smaller as confidence revives or monetary pressure subsides. The more than usual absence of anything in the shape of business to-day may in this light be regarded as an indirect evidence of a better tone in these markets, but as yet the points are only very faintly developed. The supplies announced for the ensuing week are extremely light, but this is attributable to the intervention of the Christmas recess. To-day’s transactions are too nominal to admit of detail. The tallow market maintains the improvement of yesterday:—Spot, 52s. 6d.; all the year, 52s. 3d. to 52s. 6d.; spring, 52s. 6d.; March only, 53s. 3d. to 53s. 6d. per cwt.

21 Dec. Monday. 20

25

30

35

40

Mincing-lane, Monday Evening. Colonial produce is held more firmly, and only moderate quantities were offering privately to-day, whilst few public sales are announced for the week, with the exception of coffee and sugar. The home trade demand is rather better, but shipping orders remain small, and speculators will not enter into contracts. Business will be suspended in the colonial markets on Thursday, and remain so until the 5th of January. In the value of Russian produce scarcely any change, although more business doing. Goods used in manufacturing purposes rather more in request, and less freely offered for sale. In the metal trade there is less firmness. The currency has not advanced for bread stuffs, although demand is better, and supplies have further diminished. During the past week deliveries of produce and goods were larger than in the previous one, notwithstanding the dull state of the markets. Sugar.—Previous rates are readily accepted, and there are few export buyers; but a fair quantity was purchased for home consumption to-day. As compared with last season, rates are lower by 8s to 10s per cwt: Demand for refined rather better, and the downward movement has ceased; low lumps not to be bought under 54s 6d per cwt. Coffee.—The market continues to be sparingly supplied; there are many buyers, and plantation Ceylon is 1s to 2s per cwt higher than last week. Native held firmly at 50s to 54s per cwt. Tallow.—Stock, 16,000 casks over last year, and deliveries 10,000 smaller. Only moderate quantities were sold to-day, and 52s 9d to 53s the value on spot and all year; and 53s 6d to 54s spring.

239

Karl Marx · Krisenhefte

22 Dec. Tuesday. To-day there was rather more activity displayed, and the demand for Sugar, Rum, Saltpetre, and one or two other articles, exhibited an improvement. Sugar advanced 6d per cwt. Coffee ruled firm, but Tea dull. Rice ruled at steady rates, and Tallow was firm.

5

23 Dec. Wednesday. The markets are still improving for Colonial produce; purchases to a fair extent were made by home and foreign buyers, further parcels have been withdrawn of low priced articles, and in some cases a further advance is established. In Russian produce not much doing on speculation, but a large demand for consumption, and the currency expected to range higher. A further increase in purchases in metals, and at previous quotations there are few sellers. For fibrous articles, demand steadily on the increase, and more confidence on the part of holders. The market for dye goods is firm; at present only a slight increase in transactions. For breadstuffs rates fully as high, but lowering for provisions.

10

15

24 Dec. The Colonial produce markets have not been materially affected by the alteraThursday. tion of the Bank rate, and they close for the Christmas holidays with indications ˙˙

of a favourable re-opening on the 5th proximo. Sugar marks an advance of 1s. from the lowest point. Coffee has also made 1s. advance on several descriptions. Rice has scarcely obtained higher prices, but at former rates, the demand is decidedly better. Saltpetre has not to-day been in request. Scotch pig iron improved to 50s. In other markets there was not anything material passing, but the absence of any pressure to sell marked a better tone generally. As an exceptional market that for tallow closed slightly depressed. P. Y. C. on the spot, 53s.; all the month, 52s 6d. to 53s.; spring, 53s.; and March, 53s. 6d.

—Butter has for a considerable time and in the face of increased production, been quite 21/2 d. per lb. above its proper price. It turns out the Borough Bank of Liverpool accommodated the Irish speculators in the article with £ 100,000 to buy it up, and take it out of the market by shipping it to Australia. The labouring people of England were thereby made to pay 3d. per lb. by retail more than the real value, and the people of Australia bought it at 50 per cent. below cost price! The “Daily List” gives the following comparison of prices of imports before and during the panic:— Tallow, which averaged Sugar “ Cotton “ Scotch Pig Iron “ Saltpetre “ Rice “ Silk “ Linseed “ Ditto Oil “ Tin “

240

60s. is now 55s. “ 7d. “ 60s. “ 65s. “ 15s. “ 30s. “ 70s. “ 40s. “ 135s. “

50s. per cwt. 35s. per cwt. 6d. per lb. 50s. per ton. 45s. per cwt. 10s. per cwt. 20s. per lb. 58s. per qr. 32s. per cwt. 122s. per cwt.

20

25

30

35

40

Book of the Crisis of 1857

5

Tea, Congou Pimento Turmeric Shellac Jute Hemp

“ “ “ “ “ “

1s. 3d. 5d. 60s. 120s. 28s. 36s.

“ “ “ “ “ “

1s. per lb. 3d. per lb. 30s. per cwt. 80s. per cwt. 20s. per cwt. 30s. per cwt.

Here is a fall of 27 per cent. within a fortnight. Our imports of £ 150,000,000 per annum show thus a depreciation of £ 40,500,000! What prudence can save itself under such a system? 10

The Tea Trade, Dec. 28.—The deliveries in London, estimated for the week, were 519,692 lb., which is a decrease of 181,249 lb., compared with the previous statement.

London. 18 Dec. 15

20

25

30

35

40

The stagnation that still prevails in the wholesale markets for silk, cotton and woollen goods is, in some degree, owing to the season, when tradesmen and their customers forbear giving orders; but it is attributed chiefly to the settled conviction that we may expect a further fall in the value of wool, cotton, timber, hides, tallow, sugar and other articles. There will be large forced sales of these articles as a consequence of the general failure of the speculators in them. The Americans are pushing forward shipments of corn and sugar in preference to cotton, in the hope of being able to keep up the excessive price of the latter article. The pretence that the crop is short is too shallow to make any impression at Manchester. If the stock sent to the seaboard is less than last year it is due to the suspension of the banks, and the failure of all the great speculators which has arrested the transit of all the crops. The ordinary buyers have ceased to visit the growers. The Americans have been slow in appreciating the feeling of universal distrust created in England by the unexampled crash of leading firms in the United States; and they are only beginning to discover the effect of that distrust upon our future intercourse with them. Till goods are believed to have reached their lowest level the retailers will limit their orders. Cotton has fallen 1d. per pound this week at Liverpool, but if the crop has reached 3,000,000 bales and a short supply has been found sufficient for our wants during the last four months, we shall have an immense supply thrown on our market in a few weeks, and the price will go down at least 2d. a pound. If the demand for goods is interrupted, and the consumption for a time lessened, when trade revives that deferred demand is never recovered. The public have made shift to wear their apparel longer than usual; and the consumption that would otherwise have taken place is utterly lost to the producers and sellers of the commodities. The manufacturers are only beginning to offer their shirtings for woollen cloths at materially reduced prices, and the shopowners in the metropolis have been up (W. Dispatch.) to this time paying the old prices to the warehousemen.

24 Dec. The colonial producemarkets have closed for the holidays, and will re-open on the 5th of January.

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Karl Marx · Krisenhefte

25 December. Postscript Friday Evening. Sugar.—The market was again rather firmer, and good qualities must be quoted 1s to 1s 6d, low to middling 6d to 1s, higher than on Friday last. 415 hhds West India changed hands, making 1,905 for the week. Bengal—996 bags Gurpattah date went from 34s to 38s. 300 chests 34 brls Porto Rico, 37s to 43s for low heavy to good yellow. 1,000 boxes Havana partly sold at 36s 6d to 44s for brown to fine yellow; washed in proportion. 800 mats 36 cases Guatemala partly realised 34s to 44s for brown to fine yellow. Further parcels of Cuba, &c., were reported privately.

5

10

Particulars of Tallow.—Monday, Dec. 21.

Stock this day Delivered last week Ditto since 1st June Arrived last week Ditto since 1st June Price of Y C on the spot Ditto Town last Friday

1854. casks. 32,705 1,647 47,179 1,465 43,884 64s 6d 65s 6d

1855. casks. 19,679 1,507 76,246 2,045 48,210 68s 0d 67s

1856. casks. 17,464 2,336 74,414 1,224 74,898 58s 3d 60s 3d

1857. casks. 32,473 2,848 63,580 1,197 83,941 52s 6d 55s 9d

15

20

Imports and Deliveries of Rice to Dec. 19, with Stocks on hand.

Imports Delivered for home use Exported Stock

1857 tons 72381 29230 35674 62232

1856 tons 98000 31527 25302 52863

1855 tons 39700 21764 12769 11115

1854 tons 35750 26314 19400 5556

25

[61] 11 December— Mark lane.

III) Produce market.

30

d) Mark-lane (Corn) 11 Dec. Prices Current of Corn, &c.

Wheat—English, New white — red Danzig and Kœnigsberg, high mixed — — mixed

242

s s 52 to 56 48 52 58 60 54 56

Peas—Foreign, white boilers — feeding Oats—English, Poland and potato — white, feed

s 44 38 25 23

s 46 40 27 25

35

Book of the Crisis of 1857

5

10

15

20

25

30

35

40

45

Rostock and Wismar Stralsund and Wolgast Stettin, Hamburg, and Bremen Danish St Petersburg, soft per 496 lbs — hard American and Canadian, white — — red Sea of Azoff, soft per 496 lbs Black Sea Egyptian, Saidi per 480 lbs — Behira Syrian, hard and soft Barley — English and Scotch, malting, new English and Scotch distilling — — grinding Saale malting Danish distilling — grindings old Odessa and Danube Barbary and Egyptian Beans—English Dutch and Hanoverian Egyptian and Sicilian Peas—English, white boilers — grey, dun, and maple blue

50 52 50 48 44 45 48 .. 48 42 36 34 .. 38

52 54 54 50 50 47 54 .. 50 44 38 36 .. 42

34 ... 34 30 28 24 20 38 36 36 44 40 38

35 ... 36 32 30 25 22 42 38 37 46 42 50

— black Scotch, Hopetown and potato — Angus and Sandy — common Irish, potato — White, feed — Black — Light Galway Danish Swedish Russian Dutch and Hanoverian Rye—English Tares—English, winter Foreign feeding Indian Corn, per 480 lbs— American, white — yellow Galatz, Odessa, and Ibraila, yellow Flour, per 280 lbs—Town made, delivered to the baker Country marks American and Canadian fancy brands per 196 lbs American superfine and extra superfine American common to fine — heated and sour

22 28 25 22 24 22 20 18 21 22 19 19 34 40 36 ...

24 30 27 24 26 24 21 20 24 24 24 24 35 42 38 ...

34 34

36 36

45

47

33 29

35 30

27

28

26 ...

27 ...

State of the Corn Trade for the Week 11 Dec. Mark Lane, Friday Evening. Although there has been no actual increase in the importations of foreign grain, compared with many previous weeks, the wheat trade since we last wrote, has been in a depressed state, and prices have given way from 2s to 3s per quarter. The fall is chiefly attributed to the apprehensions entertained in most quarters that we shall have an immense influx of flour from France during the next two or three months, and to numerous forced sales of wheat in granary, arising from the holders having been unable to obtain advances upon corn bills. This state of things has naturally induced great caution on the part of the millers in adding to their now limited stocks of wheat; and the bakers have, for the most part, declined to give orders for the delivery of flour beyond a period of ten days. In the event of increased supplies of French flour reaching us, it will be necessary for the town-millers to reduce the value of their flour 2s or 3s per sack, or they will have to contend with a superior article to their own, and which will, in all probability, be turned into cash immediately on arrival. Country flour can hardly be expected to go lower, because the quotations are far beneath town-made parcels, allowing for the usual difference in quality; but we may observe that the former is coming to hand in great abundance, and that, consequently, it is

243

Karl Marx · Krisenhefte

displacing most of the American arrivals, which, as a consequence, have ruled lower in price. Immense quantities of foreign barley continue to be received here in, for the most part, low condition. Prices have further receded, owing to the small number of orders now on hand for raw spirit, and to the heaviness in the malt trade. The stocks in the Lower Baltic ports are represented as extensive for the time of year, and it is stated that exports will be made both to England and France until quite the end of the season. The quantity now on passage is very little short of 50,000 quarters. The French markets have shown more firmness of late, and prices have slightly advanced, arising from some large orders having been received out from this county for flour. At present, there is a good margin of profits upon imports; but a fall of 3s per sack in the value of town-made parcels would speedily check speculation in the article, unless, indeed, there is a much larger stock of wheat in France than is generally supposed. Our latest advices from America state that both wheat and flour were drooping, and that the demand for shipping purposes, as well as for home consumption, was limited. The stocks in warehouse were very small for the time of year. The provincial markets have ruled heavy for wheat, at 2s to 3s per quarter less money. Barley has, likewise, given way 1s to 2s per quarter, and all other produce has met a dull inquiry. The supplies, generally speaking, have not been extensive. In Ireland and Scotland exceedingly little business has been transacted in wheat, at depressed currencies. Barley and all other articles have ruled in favour of buyers. The shipments to England have continued on a very moderate scale. To-day’s market was very scantily supplied with English wheat; nevertheless, the demand ruled heavy, and, to have forced sales, 1s to 2s per quarter less money must have been submitted to. Foreign wheats moved off slowly, and prices had a downward tendency. Barley was 1s lower than on Monday, and all other articles had a downward tendency.

5

10

15

20

25

30

18 Dec.

Wheat—English, New white — red Danzig and Kœnigsberg, high mixed — — mixed Rostock and Wismar Stralsund and Wolgast Stettin, Hamburg, and Bremen Danish St Petersburg, soft per 496 lbs — hard American and Canadian, white — — red

244

s s 50 to 54 46 50 58 60 54 56 50 52 52 54 50 54 48 50 42 48 45 47 48 54 .. ..

Peas—Foreign, white boilers — feeding Oats—English, Poland and potato — white, feed — black Scotch, Hopetown and potato — Angus and Sandy — common Irish, potato — White, feed — Black — Light Galway

s 42 36 25 23 22 26 24 22 24 21 20 18

s 43 38 27 25 24 30 26 24 26 23 21 20

35

40

Book of the Crisis of 1857

5

10

15

20

Sea of Azoff, soft per 496 lbs Black Sea Egyptian, Saidi per 480 lbs — Behira Syrian, hard and soft Barley — English and Scotch, malting, new English and Scotch distilling — — grinding Saale malting Danish distilling — grindings old Odessa and Danube Barbary and Egyptian Beans—English Dutch and Hanoverian Egyptian and Sicilian Peas—English, white boilers — grey, dun, and maple blue

46 42 34 32 .. 36

48 44 36 34 .. 42

30 ... 30 29 27 23 24 38 35 35 42 38 36

33 ... 33 31 29 20 22 41 37 36 43 40 ..

Danish Swedish Russian Dutch and Hanoverian Rye—English Tares—English, winter Foreign feeding Indian Corn, per 480 lbs— American, white — yellow Galatz, Odessa, and Ibraila, yellow Flour, per 280 lbs—Town made, delivered to the baker Country marks American and Canadian fancy brands per 196 lbs American superfine and extra superfine American common to fine — heated and sour

21 22 19 19 34 40 36 ...

24 24 24 24 35 42 38 ...

34 34

36 36

45

47

33 28

35 29

26

27

25 ...

26 ...

14 Dec. Monday.

25

30

35

40

45

London Corn Exchange—The weather last week continued favourable for outdoor work, but the young wheats would be greatly benefited by a colder state of the atmosphere. The accounts from the country are good upon agricultural affairs. The supplies of grain at the country corn markets last week were liberal, but much came to hand in but indifferent condition, and a good business was generally transacted, although at rather lower prices, say 1s per quarter. The supplies of the past week to the London market were very moderate of English corn, grain, &c, with the exception of malt and flour, which were pretty liberal. Those of foreign were liberal of most descriptions, including a few parcels of wheat and 20,000 barrels of American flour. The imports of American into Liverpool amount to 40,000 qrs. wheat, and 40,000 brls of flour during the week. The market are not worth notice for this post. The wheat trade to-day was rather better in tone than last week, and a tolerable clearance was effected at about 1s less money than on Monday last. A fair business in barley at last Mondays’ reduction. Oats were a very dull trade and in all but the finest corn 6d. to 1s. cheaper than on this day last week. Beans were cheaper to-day than on Monday last. Peas were without alteration. Town made flour was unaltered. As respects the wheat trade, there has been quite relapse to former dulness, with a further decline of 2s to 3s. per qr., though the weekly sales show a great falling off as the consequence of unsatisfactory prices. Were it not that the extreme financial pressure in the Baltic provinces had again abated the rising confidence of this country, we might reasonably have looked for more activity. The point, however, worthy of note, is the fact that Northern Europe, with such a pressure, and so much discouragement in England, yields so slightly in the quotations of

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grain. The ports in the Black Sea, the Azoff and the Danube, though heavily complaining, also keep so much above range, that shipments thence promise the forfeiture of freight on all consignments to this country. As, therefore, this kind of speculation must soon wear out—and as the advanced state of the season leads to the conclusion, that with an average temperature both the Baltic and America will soon be frost-bound—it can scarcely be looked for that the present (Mark- depression can long obtain, although there may be little reaction till the opening laneof the new year. The failure of the potato crop cannot be estimated while corn is express) low, and samples are forced off to prevent their rotting. The pits as they open for use only exhibit the virulence of the disease, with extensive sprouting.

5

10

In the Corn market, owing to short supplies, the trade was firm at Friday’s (l. c.) prices.

In the corn-market this morning there was a decline of between 1s. and 2s. from the rates of Monday last. (Times)

15 Dec. Tuesday. Liverpool.—There was a better attendance of buyers and a larger business transacted in wheat at this morning’s market than for several weeks, at an advance of fully 2d per bushel, on nearly all qualities, from this day seven nights. Choice barrel flour was also 6d to 9d dearer, but the sale of Irish and other sack flour was slow, without any amendment in price. Indian corn declined 6d per quarter, and was in limited request.

15

20

Bristol.—Supplies large; demand limited; prices lower. Wheat, 1s to 2s; barley, beans, and peas, 1s per qr; and flour 1s per sack and barrel.

16 Dec. Wednesday. In Mark-lane wheat and flour were firm at Monday’s rates, but the market was very quiet.

25

17 Dec. Thursday. Reduction in the Price of Bread.—Yesterday a further reduction was made by most of the metropolitan bakers in the price of bread. “Best wheaten” bread, as it is termed, is now selling in the poorer localities at 51/2 d. and 6d. the 4 lb. loaf for ready money, weighed on delivery; household bread is now selling at 1d. and 1 /2 d. below this price. The high priced bakers, who generally sell a superior article and give credit, are selling at 61/2 d. and 7d. the 4 lb. loaf. The corn chandlers are selling flour at from 1s. 10d. to 2s. 6d. per stone of 14 lb.

18 Dec. Friday. Corn firm at Monday’s rates. Marklane 28 Dec.

The chief markets in the Baltic have shown more tone, with some business doing; but the agents for French houses have found scarcely any opportunity to place flour, though Paris is rather lower, while the northern ports quote high prices. Nantes, for instance, writes 35s 9d per sack, free on board, for flour only

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5

worth 37s duty paid, in London; while large growers of wheat in the interior appear determined to hold. Odessa has again become dull, as well as New York, the high temperature of the season having released the frost-bound craft on the canals. These were expected to safety reach the seaboard, but further supplies can henceforth only be forwarded by rail.

[62]

III Produce Market.

d) Mark lane. (Corn etc)

10

18 December. Friday. There was scarcely any Engl. wheat on sale at Mark-lane, coastwise or by land carriage; nevertheless, so inactive was the demand for all kinds that prices were nominally the same as on Monday last. The Liverpool and Wakefield markets have ruled to-day heavy for wheat and spring corn, at previous quotations. Weekly Corn Returns. From the Gazette of last night

15

Sold last week Corresponding week in — — 20 — — — —

1856 1855 1854 1853

Weekly average, Dec. 12 — — 5 — Nov. 28 — — 21 — — 14 — — 7 30 Six weeks’ average Same time last year Duties 25

35

40

Wheat. qrs 100416 107808 112716 110395 55349 s d 49 5 48 3 49 8 51 3 51 8 52 6 50 6 62 8 1 0

Barley. qrs 95654 102457 121845 114753 97814 s d 36 5 35 9 37 7 39 10 41 3 42 3 38 10 45 1 1 0

18 Dec.

Oats. qrs 10266 20941 16636 17446 21504 s d 23 3 23 0 23 10 24 1 25 3 26 4 24 3 25 3 1 0

Rye. qrs 134 44 507 472 160 s d 34 1 32 9 33 10 35 2 34 7 36 3 34 5 40 11 1 0

Beans. qrs 5228 6303 5227 5260 5185 s d 41 1 41 2 42 8 43 9 44 9 45 0 43 2 45 6 1 0

Peas. qrs 1754 3642 3022 2933 2046 s d 41 2 40 0 40 10 44 3 44 1 45 3 42 2 43 1 1 0

State of the Corn Trade for the Week. Mark Lane, Friday Evening. Compared with last week, the supplies of both English and foreign wheat on sale, both here and the other leading markets, have not increased. For fine dry samples, we have to report an improved inquiry, at full quotations; but low and damp qualities have sold heavily, and prices have given way 1s to 2s per quarter. Millers generally hold very little wheat, and those residing in the metropolis are now subject to some severe competition on the part of those residing in the country as well as in France. To guard themselves against it, they have reduced

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the value of the second quality of flour 2s per 280 lbs, and the top quotation will, no doubt, shortly fall to 45s per sack. As yet, however, the total imports of French flour into London have not exceeded 3,000 sacks, and the greater portion is supposed to have been already consumed; but it is known that some rather large orders have been sent to Nantes and elsewhere for forward delivery, consequently the bakers have refused to give orders beyond immediate wants; indeed, the trade is now carried on solely upon the “hand to mouth” principle. Whilst it continues in this state, we can hardly venture to predict anything like an improved demand for wheat. That the consumption of bread in the country is much smaller than it was at the corresponding period in 1856, does not admit of a doubt, and, to increase the heaviness in the grain trade, money continues very high in the discount market, and bankers almost generally refuse to make advances upon corn bills. In the event of the panic wholly subsiding, and of an increased demand for food, speculation will be at work, for, evidently, the value of all kinds of produce has now run down to a speculative point. The abundance of our own crop, however, is against any great activity in the demand, unless the growers are in a position to hold back supplies from the markets.

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Weekly Corn Returns. From the Gazette of last night.

Sold last week Corresponding week in — — — — — —

1856 1855 1854 1853

Weekly average, Dec. 19 — — 12 — — 5 — Nov. 28 — — 21 — — 14 Six weeks’ average Same time last year Duties

Wheat. qrs 101379 108645 108115 118798 71764 s d 49 3 49 5 48 3 49 8 51 3 51 8 49 11 61 10 1 0

Barley. qrs 96863 105088 130121 115744 102148 s d 37 0 36 5 35 9 37 7 39 10 41 3 38 0 44 8 1 0

25 Dec.

Oats. qrs 9334 20440 26528 21251 20885 s d 22 8 23 3 23 0 23 10 24 1 25 3 23 8 25 1 1 0

Rye. qrs 97 336 191 347 233 s d 35 7 34 1 32 9 33 10 35 2 34 7 34 4 40 10 1 0

Beans. qrs 4597 6710 5213 5727 4700 s d 40 3 41 1 41 2 42 8 43 9 44 9 42 4 44 11 1 0

Peas. qrs 1795 3617 2767 2945 1589 s d 40 5 41 2 40 0 40 10 44 3 44 1 41 7 42 3 1 0

Grain Imported. An account of the total quantities of each kind of corn, distinguishing foreign and colonial, imported into the principal ports of Great Britain, viz:—London, Liverpool, Hull, Newcastle, Bristol, Gloucester, Plymouth, Leith, Glasgow, Dundee, and Perth.

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In the week ending Dec. 16, 1857.

5

Foreign Colonial Total 10

Wheat and wheat flour. qrs 120579 20414 140993

Barley and barleymeal. qrs 19764 ... 19764

Oats and Rye and Peas and oatmeal. ryemeal. peameal

qrs 11337 700 12037

qrs 947 .. 947

qrs 177 1331 1508

Bean & beanmeal. qrs 8420 45 8465

Indian Buckwheat corn and & buck wht meal. Indian meal. qrs qrs 8498 .. ... ... 8498 ..

Imports of the week 192,217 qrs.

21 Dec. Monday. Cornmarket heavy this morning at the prices of this day week. (Times) (Obgleich supplies continued small.)

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25 Dec. Friday. Demand for wheat at Marklane as well as throughout the provinces, this week, has continued inactive; nevertheless, prices of all kinds have been well supported. The fall in the value of money in the discount market, and the comparative ease with which advances are now obtained upon corn bills, as well as upon produce generally, are features of more than ordinary importance for the importers and speculative holders of grain. Very few forced sales of foreign wheat have been made, either here or at Liverpool, and the limited stocks in the kingdom have induced the opinion that that article has seen its lowest point. The corntrade, in France, has been rather heavy, and, in some instances, prices have ruled in favour of buyers. At Nantes, red wheat has sold at 43sh. p. qr, and flour 35sh. to 36s. 9d. p. 280 lbs free on board. In the North of Europe, scarcely any produce has changed hands, either for present or forward shipment. The latest advices from the U. St. inform us that wheat and flour were rather drooping in price. (Econ.) Imports of foreign grain on a very moderate scale, and the arrivals of home grown produce have continued limited. Trotzdem previous rates have been with difficulty supported … there is still the prospect before us of steady importations of flour from France during the next 3 or 4 months… Diseased potato crop: the losses in this respect have been partly made good by importations from the Continent, but those supplies will shortly fall off… At present the stock of foreign wheat in warehouses in London and at the large outports little more than 170,000 qrs, and the stocks of all other articles are very limited. There is, therefore, no pressure of supply… millers and others hold unusually small quantities of wheat… even now consumption seems sufficiently large to take off the whole of the supplies as they come to hand. Caution, however, appears to be general, and this is chiefly induced by the fact that the French ports are

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now open. In the U. St. grain and flour, although the canals closed on Dec. 10, have tended downward, arising from the want of orders from England. The season in the North of Europe is now drawing to a close… the country markets have not exhibited any increase in the supply of either wheat or spring corn. Trade heavy. Nach Mr. Edw. Rainford’s circular, 30 vessels laden with grain have arrived at the ports of call since the 17th Dec. The business doing in floating cargoes has been very limited.

5

Arrivals this Week.

English Irish

Wheat. qrs 1,940 ...

Foreign

10,590

Barley. qrs 2,560 .. 680

Malt. qrs 3,230 ..

Oats. qrs 890 ...

...

910

Flour. 2,830 sacks .. – 1,270 brls 1,460 sacks

{

26 Dec. The crops and the season. Remarkable mildness of the season: only 2 or 3 frosty nights, on each occasion extremely slight. Result: unusual abundance of grass remains on the pastures, so much so that very little hay or other provender has been required for the breeding and store cattle and sheep. Up to this time the turnips have also continued to grow, so that though the crop is not a bulky one even now, yet with the lengthened growth and the saving effected, farmers will find themselves with full average supplies of food for their stock, although severe weather should set in after Christmas. During all the autumn the wheat has been growing with much vigour; some apprehensions lest that excess of luxuriance — designated “winter proud” — commonly unfavourable to an ultimately large yield, should take place. Has not taken place in ordinary cases, prospects good. Prices of all kinds of grain have fallen; so the price of wool; store cattle and sheep also considerably lower than of late. Greatest fall has occurred in pigs, which in some districts are not worth above half as much as they were in June last. … Very high price of pigs for several years past. Hence unusual efforts made to increase this kind of stock, which, from the prolific nature of the animal, is soon accomplished. Fat meat still maintains a comparatively high price, notwithstanding the check caused by the commercial revulsions. One effect of the long continuance of open weather has been that all work on the land has been got well forward, a point of great importance in reference to the spring and root crops of the coming year. Most of the

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local reports state that draining and other improvements are being fairly prosecuted, and that the agricultural labourers are generally well employed at good wages. (Econ.)

[63] 5

IV Industrial Market.

10 Dec. Manchester. Dec.

Price Dec. 3 1856

Raw Cotton:— s d Upland fair per lb 0 7 1/8 Ditto good fair 0 7 1/4 Pernambuco fair 0 7 5/8 Ditto good fair 0 7 7/8 No. 40 Mule Yarn, fair, 2nd 0 10 5/8 quality 15 No. 30 Water ditto ditto 0 10 3/8 26-in., 66 reed, Printer, 29 yds, 4 9 4 lbs 2 oz 27-in., 72 reed, ditto ditto 5 lbs 5 10 1/2 2 oz 20 39-in., 60 reed, Gold End Shirt- 8 1 1/2 ings, 371/2 yards, 8 lbs 4 oz 40-in., 66 reed, ditto, ditto, 9 0 8 lbs 12 oz 10 1 1/2 25 40-in., 72 reed, ditto, ditto, 9 lbs 4 oz 39-in., 48 reed, Red End Long 7 4 1/2 Cloth, 36 yards, 9 lbs

Price Dec. 3, 1857

Price Dec. 10, 1857

s d 0 6 5/8 0 6 3/4 0 7 3/4 0 8 0 11

s d 0 6 3/8 0 6 1/2 0 7 1/2 0 7 3/4 0 10 5/8

Price Price Dec.17, Dec. 24 1857 1857 s d 0 5 7/8 dtto 0 6 0 7 0 7 1/4 0 9 3/4

0 10 1/2 5 0

0 10 1/8 4 10 1/2

0 4

9 7 1/2

6

0

5 10 1/2

5

6

8

3

8

0

7

7 1/2

9

6

9

0

8

6

1 1/2

9

6

7 10 1/2

7

3

10

Manchester.

Price Dec. 1856 Raw Cotton:— s d Upland fair per lb 0 7 1/8 Ditto good fair 0 7 1/4 Pernambuco fair 0 7 5/8 35 Ditto good fair 0 7 7/8 No. 40 Mule Yarn, fair, 2nd quality 0 10 5/8 No. 30 Water ditto ditto 0 10 3/8 26-in., 66 reed, Printer, 29 yds, 4 lbs 4 9 2 oz 40 27-in., 72 reed, ditto ditto, 5 lbs 2 oz 5 10 1/2 39-in., 60 reed, Gold End Shirtings, 8 1 1/2 371/2 yards, 8 lbs 4 oz 40-in., 66 reed, ditto, ditto, 8 lbs 9 0 12 oz 45 40-in., 72 reed, ditto, ditto, 9 lbs 10 1 1/2 4 oz 39-in., 48 reed, Red End Long 7 4 1/2 Cloth, 36 yards, 9 lbs 30

7 1/2

10 8

10

3

Price Dec. 1855 s d 0 5 3/4 0 6 1/8 0 6 3/8 0 6 3/4 0 9 1/8 0 8 7/8 4 4 1/2

Price Dec. 1854 s d 0 6 0 6 1/4 0 6 3/4 0 7 1/4 0 9 0 9 4 0

Price Dec. 1853 s d 0 6 3/8 0 6 1/2 0 7 1/4 0 7 1/2 0 9 5/8 0 9 1/4 4 9

Price Dec. 1852 s d 0 6 1/8 0 6 3/8 0 7 0 7 1/4 0 10 5/8 0 10 5/8 5 3

5 7

6 3

5 7

1 1/2 1 1/2

5 10 1/2 8 3

6 9

8

3

8

4 1/2

9

3

10

0

9

3

9

4 1/2

10

3

11

3

7

1 1/2

7

1 1/2

7

7 1/2

1 1/2 0

7 10

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Dec. 10 (Thursday) Manchester. The depression existing at the close of last week has been aggravated continously since, and prices are again irregular to a degree which almost dispenses with quotations. The business has been small, and uniformly at a disadvantage to the seller. The lower and middle counts of yarn have declined 1/4 d per lb or more, and the high counts considerably more than that proportion. Cloth has been neglected, except that some scarce offers have been made for India for delivery during the Spring. The Eastern accounts, which are unexceptionably good under the circumstances, have given a transient confidence to those few manufacturers who are in a good position with respect to funds and with small stocks of yarn or cotton, and accordingly some little resumption of full time has taken place in this department. But in other departments there is anything but a tendency to augment operations, though the cost of material now promises remuneration were there only a settled demand. A series of failures during the past fortnight, amongst occupiers of weaving sheds in the country districts, testifies to the severity of the pressure. The failures of Mr J. G. Adam, of Glasgow, and Messrs Hadland, Shillingford, and Co., of London, have contributed to form the (Econ.) gloomy Bradford, Thursday.—In wool, the transactions continue very limited, and prices in favour of the buyer. Noils and brokes are without change. In yarns, the market may be considered as a blank, as there is nothing doing. The recent bad news from the Continent has tended to make matters worse. In cotton yarns, there is little inquiry, and not many sales making. There has been a very poor attendance to day of merchants in the piece goods market, and few transactions are passing.—Bradford Observer.

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Dec. 11 Friday. Birmingham, Iron.—The ironmasters’ meeting here on Thursday was a gloomy one, and a general want of confidence was expressed. It is said that iron bills to a large amount fall due to-day (Saturday), and the result is looked for with great anxiety. A large order was in the market, but no one would accept it at the present rates, although several firms competed for it, on condition that the rates to be fixed at the next quarterly meeting should rule. Nottingham, Friday.—We are unable to report any improvement in the lace trade, nothing being done excepting to order. The greater part of the very valuable machinery which has of late been put out of hand, at a great cost to the manufacturer, is either standing or stinted to a few hours’ working a day. There are orders in the town which, from the precarious state of the commercial world, manufacturers are not willing to complete. The hosiery branches are also in a very quiet state, and we much fear must continue so for the present.—Notts Review.

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London. 12 Dec. The provincial trade reports are worse this week than last; and they hold out no prospect of any material improvement until spring.

5

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20

Dec. 17 Thursday. Manchester This week has shown a constant and thorough decline in prices. Yarn is, on the whole, more than 1/2 d. p. lb lower; first-class spinnings of 40’s, which, in the height of the continental demand, brought 1sh. 3d. p. lb, have this week been sold at 10d., with others in proportion. Cloth has undergone a like depreciation; and the common longcloths and T’cloths now only command 9d., the lower shirtings and madapollams scarcely 11d. p. lb. But the decline in cotton has been throughout in favour of those sellers who have looked to the future without regard to the past, and who have ever and again thrown off stocks without consideration of their prior value. No week of the fall has been without such sellers, but this week has increased their number to an enormous majority, and hence the sales of each day have been at as much below the quoted rates of that day as above the obtainable rates of the next. And whilst many spinners are almost closing their mills, with the view of re-opening when their expenses for material may be at their lowest, others are at once resuming full operations, but seemingly more from the expediency of using their own recent imports of cotton, than as influenced by the prospect of speedy amelioration. Altogether the balance is on the side of lessening production and lower values. (Econ.) Manchester. 31 Dec.

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Markets for Manufactures.—There has been a further improvement since Tuesday, both in the tone of our market, and in disposition for actual business on the part of buyers. So far as goods are concerned, this improvement is experienced in T cloths, long cloths, some kinds of madapollams and printers, and 9–8 shirtings in all of which there is an increase of business, at a small advance upon the lower rates. The makers of India goods are not getting on as they expected to do; the stoppage of business and fall in prices at Bombay having operated a check in buying here. Our makers of the better domestics find a slightly increased inquiry this week. Spinners are selling more yarns to the makers of such cloths as have just been referred to. The German and Dutch merchants are venturing to buy more than they did in the beginning of the week; and the Greeks are now doing something; the India houses very little. The advance in the middle and lower numbers of mule and water, whether in bundles, warps, or cops, may be stated as averaging about 3/8 d. per lb., as compared with the lowest average to which they had recently fallen. The spinners of 60s. to 80s. are requiring at least 1/2 d.—Manchester Guardian. Jan. 1

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1 Jan. 58 Leeds, Wool, Friday.—(English and Foreign.)—There have been few transactions in any kind of wool, with the exception of two or three largish sales of low foreign. The closing week of the year is not generally a busy one, but it is not improbable there would have been more doing in English wool, but for the extraordinary statements which have been presented of the speculations of several wool merchants in Bradford and London. Leeds, Woollen, Friday.—The woollen cloth trade is completely stagnant at present. Stock taking, balancing books, and ascertaining the result of the year’s trade, is now the laborious but necessary duty in the warehouse and the counting-house. We will not anticipate the result, but we hope it will be more favourable than the aspect of the times would lead us to prognosticate. Jan. 1 The provincial trade reports show continued depression; but in the manufacturing districts the purchases were larger last week than for some time past. The mills, however, are compelled to work short time, and the numbers of unemployed are rather upon the increase. The Trade of Preston.—Messrs. Goodair and Napier have this week started working three mills (the Wellington, Brookfield, and Peel Hall Mills) on full time. These mills, which have been recently worked for only three and a half days a week, afford employment to nearly 2,000 hands. Messrs. Wilcockson and Swarbrick have also begun to work on full time, and others are spoken of as likely to follow their example. Week ending January 1.

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[64] 12 Dec.

IV Industrial Market. Dec. 12 Saturday Manchester, Dec. 12. There is no new feature to report in the yarn and cloth market. Very few sales have been made this morning, and the entire business done during the week has fallen short of any previous week’s sales, perhaps, during the present crisis. Manufacturers say they do not recollect a more thorough stagnation of trade, for, though on an average the entire production of the district does not exceed one-half the quantity usually produced, stocks are rapidly accumulating. No amount of concession in price—and in some cases offers are made at extraordinarily low rates—seems to induce purchases, money being locked up, and shippers having no means of taking advantage of the opportunities for investment offering. Very general surprise has been felt at the small business done for India since the last mail, considering how encouraging were commercial advices by it; but there is no doubt that the difficulty in discounting the paper drawn against shipments for that trade is the main cause, and there is little hope of (Times) resumption of business in any direction until money is cheaper.

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Birmingham 12 Dec.

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Birmingham, Dec. 12. The South Staffordshire iron trade is now greatly depressed, and the suspension, failure, or reduction of time of many of the large works of the district creates considerable distress in the neighbourhood. As yet, however, although prices of best descriptions of manufactured iron have a decided downward tendency, no alteration has been announced by the principal makers of the district. Pigs are quoted fully 20 per cent, lower than at quarter-day, but “marked” iron maintains its price. The thin-coal colliers have generally received notice for a reduction of wages—6d. per day—but in a few instances, the masters, in hopes of improvement, have postponed notice for a week or fortnight. The falling off is in the demand for the furnaces; for house consumption the demand continues good, and wages and prices are well maintained. The various manufactures of Birmingham are generally inactive. (Times) Nottingham, Dec. 12. The lace trade continues extremely dull, although there has been rather more doing this week in plain goods, and there are evident symptoms of a slight reaction. There have been a few buyers in the market, but their purchases have been very small. Short time, and in many cases perfect cessation from employment, is still acted upon in many of the factories and workshops, and great numbers of both males and females are out of employment. Great depression continues in the hosiery branch, there being little or nothing (Times) doing in most of its departments. Silks and yarns are lower. Leicester, Dec. 12. The hosiery trade is deplorably dull, and hours of labour continue to be further curtailed; nothing, indeed, is being done except for actual requirement. Great numbers of operatives are consequently either partially or wholly unemployed. At Loughborough and in the country districts the same stagnation exists, the prospects for some time to come being anything but cheering. Worsted spinners continue also to work short time. This state of things renders the demand for material, very slow, and there is very little doing in either yarns or wools,

both of which articles have a downwards tendency.” 35

40

(Times)

Kidderminster, Dec. 12. The carpet manufacture of this town is seriously affected by the panic and cessation of trade with America. The consequence is that the manufacturers are all working short time and in some, it is understood, that when the present orders are completed, they will stop altogether, so that the weavers have a dark prospect before them for Christmas.

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Leeds. 12 Dec. Woollen trade generally. “There are no indications as yet of any spring trade, even in the way of sample goods. The London houses are chiefly engaged just now in stock taking, and as their arrangements become completed they may send their buyers into the market. Manufacturers are looking very anxiously for any signs of improvement.”

5

Leeds Intelligencer Halifax. 12 Dec. No change in the state of the staple trades of this town and district. Good deal of short time working, and manufacturers are increasing their stocks. Few sales in wool, difficult, there fore, to quote prices; a trifle lower than last week. Yarn, prices shade lower. Until there be better commercial news from the U. St. and Germany, no improvement to be anticipated. (Times, abridged) Bradford. 12 Dec. Certainly no improvement in business, but rather an increase of gloom; and most people are less sanguine than they were a fortnight ago with regard to the early return of a better state of things. (Times)

10

15

14 December. (Monday.) Manchester.—While the monetary pressure is diminishing in London, it is increasing in this district. The failures in the north of Europe, and the utter discredit and confusion which reign in Hamburg, occasion increasing gloom among our German merchants; and both they and all other classes of buyers complain more than before of the lock-up of their funds. Spinners and manufacturers consequently find the difficulty of selling greater than it was; it is, indeed, very markedly so since Tuesday. They are, therefore, accumulating stocks, although their production is so greatly reduced; and, from this cause, as well as from loss by the fall of prices, they, in their turn, feel more than ever the want of money. The buying for India seems to be pretty nearly over; and, with the disappearance of this, the only bit of work that was going on, stagnation is become general. Under these circumstances, the anxiety to sell is greater, and prices are lower; such is the irregularity, however (and it is increasing), that it is of no use attempting to specify how much any sorts of yarns and goods have lost during the week. The Staffordshire District.—As yet the depression which has been experienced in the staple trade of South Staffordshire affords no indication of abatement. The results of the meetings of creditors have in most cases exhibited a heavier loss to the creditors than first anticipations had suggested. Upwards of 30 blast furnaces have been blown out, whilst from the closing, complete or partial, of ironworks the production of manufactured iron is diminished in a still greater proportion. Very little is doing, and sales of pig iron cannot be effected at a less reduction than about twenty per cent. on former prices. 3l. 5s., is about the current rate for good hot blast pigs. Ironstone is lower; but, at these rates, pig

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making must be profitless until wages are reduced. Notices of reduction for miners, furnacemen, millmen, forgemen, enginemen, &c., of from 15 to 20 per cent. are very generally given, and opposition to this reduction is not anticipated. Either wages must be reduced or more men must be discharged, as present prices would be ruinous whilst wages remain at the rates which have long prevailed. It is probably within the mark to say that ten thousand of the workmen formerly employed in mines, blast furnaces, and iron works, are out of work, and that at least as many more are only partially employed. The general hardware trades of the district are much depressed. The lock trade is very flat, whilst the tin and japan trades, although less affected, are suffering a great deal. Tin has again fallen 6l per ton, making common blocks 114s. 6d., refined ditto 117s. 6d. per cwt. Copper was reduced 14l. per ton, or 11/2 d. per lb., on Thursday, a reduction long expected. The lower prices of raw material will help to mitigate the depression, as they will tend to induce makers who are able to manufacture for stock.—Staffordshire Advertiser. The Spitalfields Weavers.—A crowded meeting of the unemployed weavers was held last night at the Duke of York Tavern, Bethnal Green. The report of the committee, which was read, contained some harrowing statements of poverty and destitution; no less than three thousand looms being at present unoccupied.

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Belfast Flax, Monday.—There was a fair supply last week in the county markets. Armagh, Tandragee, Ballibay, Cootehill, and Monaghan had together about 170 tons; in these markets hand scutched flax rather brisker, but milled dull, and in Tandragee prices were slightly in favour of buyers; the general range was 5s 3d to 7s 2d for hand scutched, and 6s 9d to 11s for milled, per stone of 16 lbs. Belfast, Yarns, Monday.—An improved demand from manufacturers was last week experienced, some evincing a disposition to get into stock, if spinners would meet their views as to reduction in price. This, however, they do not agree to. Stocks are slightly on the increase, but any accumulation of moment is prevented by the short time movement, which has now been pretty generally adopted. Belfast, Linen, Monday.—Brown linens in country markets: There was no new feature at Armagh on 8th inst., rough browns were in fair demand at recent prices; lawns quite neglected. At Ballymena, 12th inst., the supply was as average for the season; the demand was still dull, but more goods changed hands than for some time previously. Hand-loom linens with manufacturers: Stocks of drills, diapers, and cambrics, though not large, are increasing; there is no demand, and the few transactions taking place are at irregular prices, and in favour of the buyer, though quotations are nominally unchanged. In light linens stocks are accumulating, there being no demand from bleachers; any transactions taking place are at low figures and on speculation. In other descriptions of brown fabrics very little is doing. Power-loom linens: Several offers for large quantities were made during last week, but at prices such as manufacturers

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could not entertain. White linens: This branch of the trade is completely inert at present. 26 Dec. State of Trade in Sheffield.—The payment of wages on Christmas-eve affords an

opportunity of comparison with the state of things in previous years. As compared with last year, there has been a great falling off, to the extent, we believe, of more than one third. Some firms have paid only half the amount of last year’s wages, some not more than a quarter, and some comparatively nothing. The American houses are the worst. Of the houses engaged chiefly in the home trade, a fair proportion have paid about two thirds of the amount of last year, and a very few have come up to last year’s figure. The total amount is probably about what it was in 1851.— Sheffield Independent. 26 Dec. Rochdale, Monday, December 28. Wool: We have not had a quieter market this year. Generally staplers have done nothing. There are one or two exceptions, but, as a rule, trade has been inactive. Wools are undoubtedly easier than they were a fortnight since, but some staplers are of opinion that they will not fall much lower. Flannel: We have had considerably fewer merchants in town than last week, and the trade is nil. The mills continue to run three or four days per week, but goods do not find a market, and stocks are consequently increasing. The feeling to-day seems to be more hopeful; and in consequence of the ease in the money market, and other symptoms, some are anticipating a good trade when Christmas shall have passed. Fine goods command the best market still, and prices are well sustained. Coarser goods do not keep up so well. Yorkshire goods have been very flat today, but prices are the same as last week.

[65]

IV Industrial Market.

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Manchester 15 Dec. 15 Dec. Manchester, Cotton—The market to-day is more gloomy than it has been on any (Börse) day since the beginning of the present financial crisis. Producers find it impos-

sible to effect sales at any price. In many cases spinners and manufacturers have offered to make concessions to-day which would leave them with a still more ruinous loss on their production than even the recent sales they have been making; but buyers are not to be tempted at the present moment into any operations whatever, and, therefore, an entire cessation of business is the order of the day. We regret to say that there is an increasing want of confidence, and the oldest frequenters of Change state that they have never witnessed anything approaching to the present depression and stagnation.—Manchester Examiner.

Leeds, Woollen not the slightest improvement. Ebenso im Halifax Worsted trade.

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Markets for Manufactures. Manchester, Tuesday, December 15. Although the diminished production of yarns and goods must render the fall in prices less heavy and rapid than it otherwise would be, the downward course is yet continuous and decided. The causes of this are easily assigned. We stated in a recent report that advices had yet to be received of produce ordered at high prices, in foreign markets, by the representatives of English houses. Such advices have been brought by subsequent mails, from the east and the west; and, of course, they form additional bars to business. The same mails inflict many and great disappointments, partly by failing to bring remittances, and partly by bringing paper drawn on houses in this country which have suspended payment, while even many of the unexceptionable bills are too long-dated to be of present use. These circumstances are fresh manacles on the hands of not a few good people. This is strikingly seen in connection with Calcutta, where, according to the last reports, there was a more animated demand for yarns, and goods, at greater advances, and with higher profits than we have known for many long years back; and yet no purchases worth mentioning, on the part of the merchants here, are taking place. All these circumstances tend to weaken prices. Not only are prudent buyers cautious, and others disabled, but sellers seem to have become increasingly timid in selling, and, therefore, more inclined to yield in price if they can only meet with desirable customers. Their disposition to yield is increased by the continued fall in the raw material; while, again, this fall is a constant check on any inclination among buyers to give out orders for our staples. It is evident that there is a more general impression to-day than there was before, that the return of confidence and activity, indeed of ability to resume an average business, must be gradual and slow, and attended with pauses and back-reckonings. We do not say whether this impression is an exaggerated one or not; we are simply stating a fact. The giving way in yarns which the circumstances above enumerated have caused since this day week, is not less than 1/4 d. to 3/8 d. per lb on an average of counts from 80’s down to the lowest. In goods, a similar decline runs throughout. There are parties, with means at liberty, who would venture to operate, and who are making offers; but their terms are such as few producers can as yet make up their minds to accept. Leeds, Tuesday, December 15. The extensive failures at Leeds and Bradford, noticed elsewhere in this day’s Guardian, formed the chief topics of conversation in both the Cloth Halls this morning, and have exercised an unmistakably disastrous influence on trade. The transactions were almost nil; for, although there had been rumours previously, it was anticipated the crisis was over. By the suspension of the Messrs. Saalfeld, several of the small clothiers will be seriously punished, if not ruined, unless the realization of the estate should be more favourable than can yet be anticipated. Stocks are creeping up, inquiry being very languid.

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Huddersfield, Tuesday, December 15. This morning’s market has not been so active as the one of last week; perhaps, to some extent, from the very unfavourable state of the weather. Several representatives of large London houses have again been in attendance, but these have been for the most part searching out cheap lots, and selecting ends to pattern for immediate requirement only. The demand for unions and low woollens of all kinds from the shipping houses is unusually limited for the season, and stocks of these goods are large and increasing. The country trade continues extremely quiet, and such small orders as are being obtained by travellers are almost without exception dated into the new year. Heavy goods of all kinds, in beavers, pilots, and treble doeskins, have been more inquired for during the past week, and prices remain firm. A decline of 2d. to 3d. per yard upon black and plain mixture doeskins is being submitted to, where a quantity can be disposed of. The stocks on hand of middle-priced fancy trouserings are smaller than might have been expected when the dull trade of the past three months is considered; but this arises from the praiseworthy caution of manufacturers in keeping any unnecessary surplus of goods out of the market. Several firms in this district have again commenced to run full time. One or two firms of minor importance have stopped payment here, and their concerns are being wound up for the benefit of creditors; but, so far as we have been able to ascertain, confidence in our chief local houses is thus far unshaken. Wools from the last London sales do not seem to have been in very good condition, as manufacturers complain of unusual waste in working them. Blackburn, Wednesday, December 16. Trade continues in a stagnant state, without the slightest appearance of any improvement. Prices of yarns are very irregular, with another rapid decline from last week. Some few purchases of 32’s twist were made this afternoon as low as 81/4 d. the spinner, no doubt, hoping to buy his cotton ere long at 5d. per lb. Fine yarns are still depressed, and stocks getting heavy.

Friday. Dec. 18. Liverpool. Business in Liverpool.—Though no failures have been reported on ’Change this week, business in Liverpool has never been more dull since the crisis commenced. In every article the weekly circulars speak of dull business and declining prices, for consumers at present purchase merely to supply pressing wants. The shipping trade is sadly depressed in every branch of the business, and one of the largest steam ship owning firms in the world are said to have 500,000l. worth of steamers lying idle in the dock. A change in the Bank rate, which will give great relief, is confidently anticipated next week.

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17 Dec. Bradford. Bradford, Thursday.—The misfortunes during the week have been of such a magnitude as to cause a complete stagnation in wool business. Noils and brokes continue dull of sale. In yarns we have nothing better to report. Spinners con-

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tinue to diminish their production, and prices are irregular. Cotton yarns continue to fall in price. We have had a flat piece market, and where sales are effected, a reduction in price is the inducement.—Bradford Observer.

Liverp. 18 Dec. 5

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The demand during the present week in the Liverpool cotton market has been again very inanimate, whereby the transactions have been limited to 28,000 bales, of which 24,000 are to the trade, 3,000 to speculators, and 1,000 for export. Quotations have suffered a heavy decline, being 1/2 d to 5/8 d per lb below last Friday. Yesterday and to-day there has been rather more inquiry. Sales each day, 5,000 bales, but no quotable improvement in prices.

17 Dec. Birmingham District. Iron and General Trade.

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The Iron and General Trade of the Birmingham District.—In every branch of the iron trade there is complete stagnation. The contemplated restriction of operations to which reference was made a week or two since is being carried out in all directions; the number of mills and forges working short time is increasing, and a very few orders are coming in. A further move in the same direction is inevitable before the end of the year. Stocks of pig iron are accumulating, and when sales take place it is at very low prices. The number of furnaces out of blast since quarter day is about 37. The notices of reductions to some of the workmen expire on Saturday evening, and some anxiety is felt as regards the peace of the district. In consequence of the number of workpeople out of employment in the neighbourhood of Wolverhampton, many robberies have taken place; and a requisition to the mayor has been signed by all the influential inhabitants, requesting his worship “to take efficient steps to prevent future depredations”. The numerous failures are the best evidence of the sad plight in which commercial concerns are in South Staffordshire. It has been estimated that the amount of accommodation bills recently withdrawn from circulation in South Staffordshire will fall little short of £ 500,000.—Midland Counties Herald.—We find that of the 157 blast furnaces that were blowing in September, 57 are now out, 10 of the number having been blown out before the panic, and 47 since the commencement of the present disasters. We are quite sure that in these figures we are within the mark, and that if a diligent survey were made of the whole of South Staffordshire, it would not be found that 100 blast furnaces remain in even partial operation. The Cloth Trade of Ossett.—(From our correspondent.)—A great change has taken place in the prospects of this large and populous manufacturing village, as well as in that of the adjoining one of Horbury, both in the West Riding. Ossett has not only long been noted for its manufacture of what is called “winter goods”, such as thick tweeds, pilot cloths, &c. but for the almost unexampled prosperity of its inhabitants. For a long time building has not been able to keep up with the demand for houses; and in a population of some 8,000 there was not an empty tenement. A great alteration has, however, taken place, and where

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formerly there was not a loom unemployed, they are now almost wholly at a stand. We find, notwithstanding, that the people take matters very coolly. They say the stoppage will be only temporary, and that they have no objection to “play” a bit, as they have provided means to enable them to weather a rainy day.

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South The number of blast furnaces put out since the crisis commenced is stated at 47, Stafford- and it is thought likely that the number will be still further increased before shire.

Christmas. The prospect at present for the winter is extremely gloomy. South Staffordshire Advertiser. The Trade of Birmingham.—The trade of the town and district has not improved during the past week. The gunmakers are busy with government orders, but in all other branches business is most inactive.—Birmingham Press. 26 Dec.

[66]

IV) Industrial Market.

Bradford. 18 December. (Friday.) (district) Mills: large quantity of machinery stopped; workpeople not employed more than 3 days. Collieries: Only slack, but still quite sufficient work, considering the low price of provisions. Masons: trade not so bad during the last 30 years; a large number of men quite idle. Only 2 erections of any consequence going forward. Delvers: Stone trade very slack. Joiners: up to the period pretty well employed, but falling off during the week, and many are about to be put on short time, 3 and 4 days a week. Foundries: Millwork, such as boiler making etc very scanty, and, at some places, all the hands in this department have been discharged for several weeks. But, in other departments, such as smithwork, men well employed, chiefly for India. In some concerns, where fixtures etc are made and other goods for the home-market, the men are working in “shifts”, in order to give all 3 and 4 days a week employ, enabling them to subsist. Mechanics’ shops: Meist employed full time, but chiefly to stock, in the hope that there will be a revival about February next. Low Moor and Bierley Iron Works: All (more than 4000, including the colliers at the various pits) pretty well employed, considering the times, forgemen 4 days p. week; die andren all 5 days. Bowling iron works: ˙ forges idle; considerable number of the Exceedingly slack. Nearly all ˙the best workmen ouf of employment. Furnaces employed, but the men smelting to stock. According to the last census a larger number of persons, in proportion to the population, employed in industrious pursuits at Bradford than anywhere else.

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Manchester, Friday, December 18. The arrivals of specie in London, the somewhat easier state of the money market, and the further progress of improvement in America, combined with other somewhat favourable appearances, have given rise to some little cheerfulness today, and to a hope that we are not far from the lowest point of depression. Partially, too, there is a slight increase of offers for goods, chiefly T cloths, long cloths, heavy domestics, and, in a lesser degree, certain printing cloths. Much the same may be said of particular descriptions of twist and weft, which, in selling cloth, manufacturers may want to purchase. But, the offers for both the goods and the yarns are lower than before, and, in any actual sales, the prices are lower. In fact, we must say that the whole tendency of the market is, up to this time, even including to-day, a declining one. Taking the whole week, the loss, in this way, to producers, is marked. Allowing for some increase of business in the articles above referred to, it is more than counterbalanced by the decrease in yarns and goods for India, which are again neglected. It is worth noting that, in the recent operations for that quarter, there were contracts put down, the deliveries of which are not to commence for a month or six weeks, and then they are to go on through two and even three following months. Covering such sales by laying in the raw material (whether cotton or yarn), the seller does better for himself than he possibly could have done prior to the present great collapse of prices. This indicates coming improvement in the position of millowners. The Germans are still quite out of the market, except for mere driblets; nor do they expect to resume business very soon in any fair degree. In their absence from the market, yarns must continue depressed. The tendency to improvement in London does not preclude an uneasy consciousness that serious effects from the crisis have yet to be felt (they come by every mail) in this district, in the different shapes of depreciated produce, and in remittances of bad bills; and this consciousness is, as it ought to be, a source of caution. It is well that the stocks of our staples lying abroad, on English account, and upon which losses must be incurred, are, on the whole, light; and the lightness of the supplies in most foreign markets, taken in connection with the great diminution of production at home, cannot but modify considerably the depreciating influence of present events. The anxieties of this trying time are not without important mitigations:—Food is very moderate in price—how different from what was the case after the railway and Indian panic of 1846–7! Most of our foreign customers have had good crops. And the demand for our staples whenever it revives, will certainly not find heavy stocks in the hands of spinners and manufacturers.

Iron and coaltrade in Yorkshire and Derbyshire. (18 Dec.) Irontrade exceedingly depressed; business operations confined to the narrowest limits. Arrivals of orders very scanty; those given but for immedi-

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ate requirements. Arrival of orders from the continent not equal to 1/2 of the regular supply. Mills and forges in Yorkshire generally working short time; several first-class establishments, with large contracts on hand, make full time. Demand for pig iron very limited; number of furnaces put out of blast. Prices have again become lower; where sales have been effected, at a considerable reduction. Banks act with the utmost caution; money accommodation materially restricted. The Dunstan and Barlow Company, near Dronfield, have determined to suspend great portion of ˙˙˙ their building operations at their new works, principally on account of the pressure in the money market. The coal trade is materially affected by the depression in general manufactures, and the demand, generally very brisk at this season of the year, has greatly fallen off. Export demand (for coals) good; likely to be increased, should the coalowners succeed in effecting more liberal arrangements with several of the principal railway companies. Now 240 collieries in Derbyshire, employing upwards of 20,000 workmen. During 1856, the production of coal upwards of 4,500,000 tons; in 1855 upwards of 4,000,000; 1857 the increase calculated upwards of 10,000 tons. In Yorkshire, where 343 collieries, increase will be very considerable. Condition of employment in these districts better than in many other coal-districts; notices of reduction in wages have been pretty generally given. Leeds, Saturday, December 19. As might have been expected, the failures in the woollen and worsted district have tended to deaden the already nearly inanimate body commercial of Leeds, and in the Cloth Halls this morning there was no business of any importance transacted. Things almost appear to be at a dead-lock, and there is the same indisposition to operate, both on the part of merchants and manufacturers, as last Saturday. Still, it is gratifying to find that Leeds continues to stand so favourably in advance of many of her manufacturing neighbours. We have previously noticed the large stocks of wool held in second hands, and the indisposition of these holders to let it go into the market or the sale rooms at the current rates of the day. Several large holders, too, who had speculated for a rise, and had almost driven the men of limited capital out of the market, had given bills for many of their transactions, fully calculating that before these acceptances reached maturity there would be a turn in the market which would enable them to meet them. While the sales were on, it was known that much of this hitherto hoarded wool was in the market, but it was withdrawn sooner than the owner would give way to the inevitable tendency of the sales. The crisis is now searching out this class of speculators, and we are only surprised that more of them have not already suffered. Turning from this retrospect of the past, we are glad to find that the house of Saalfeld Brothers, which suspended on Monday, is likely to realise better than was at first expected. It was early rumoured in

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Leeds that many small clothiers in the district would be serious sufferers by the failure, but we are glad to be able to say, pretty authoritatively, that such will not be the case. The liabilities of the house are principally in London and on the continent, and are owing, as we have stated, to the depreciation in foreign securities. So far as we can learn, the investigation of their position is rapidly proceeding, and they are expected soon to be able to resume business. The liabilities are now said to have been overrated at least £ 100,000. The machine trade of Leeds is scarcely so busy, and one eminent machinist has discharged a few hands. The dyeing business is in the most depressed condition. Not only does short time prevail in all the establishments, but in several the tenure of employment is very feeble, and the processes of the trade are only occasionally followed, the flax and leather trades are both in a favourable position. Stocks are slightly creeping up. Trade in the Scotch Manufacturing Towns.—Trade in Dunfermline is very dull. With a great number of hands already idle—by far the greater part of the remainder on short time, who are very likely soon to be idle—the prospects for the winter are very gloomy. In Dundee business continues very dull, and any trifling transactions are at most irregular prices. Some large mills are working short time, and production is being reduced, almost in every work, by the stoppage of machinery. In Stirling manufactures are exceedingly dull at present. Some of the mills have temporarily closed, whilst others can only employ weavers, dyers, &c. on half and short time. The weavers in Forfar have had to submit to a general reduction of wages, varying from 9d. to 1s. and upwards per piece, according to quality. No short time has as yet been adopted. In Selkirk trade is in a very depressed state, with no hopes of any permanent improvement before spring. Two of the mills have commenced running half time, and several hands connected with the scouring and dyeing department have been discharged. Edinburgh Courant.

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The hosiery trade is in almost a stagnant condition, and the operatives are suffering considerably from want of employment, a great deal of machinery either standing still, or only partially worked. All branches of the hosiery trade partake of the same flatness, the country districts being equally dull. In wools there is next to nothing doing. The yarn market is also flat, spinners only producing for actual requirements.

19 Dec. Nottingham. The lace trade remains greatly depressed, and manufacturers are producing only to order, so that stocks on hand are kept low.

Bradford. 40

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The business transacted has been almost nil, and great distress exists amongst the operatives. It has been estimated that there is at least 50 per cent. less employment than when there is anything like an active trade. The committee appointed to collect subscriptions, and relieve the sufferers, are diligently discharging their duty.

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Birmingham. 19 Dec. The iron trade of South Staffordshire continues dull; fresh failures have been announced during the week, the number of furnaces put out of fire are daily home demand increasing, and employment, in some districts, is extremely scarce. It is stated for hard- that of the 157 blast furnaces which were in fire in September, 57 are now out, ware dull.

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10 having been blown out before the panic, and 47 since the commencement of the present disasters.

[67] Halifax, Saturday, December 19. The gloomy aspect of the trade of this district has been increased by the stoppage of two firms—Messrs. Lister and Co. and Messrs. Taylor; and rumour, always mischievously busy in times of commercial disaster, points to one or two other houses as being in a state of embarrassment. There is, of course, a general feeling of distrust; and, in the entire absence of demand, the actual transactions in wool, yarns, and pieces are of the most limited description. The stoppage of several large wool houses in Bradford, Leeds, and London, and the rumoured difficulties of other staplers, cannot have excited much surprise, though they have contributed to increase the commercial derangements of the moment. In about a year and a half the price of wool has nearly doubled, whilst yarns and pieces have not realised anything like a corresponding advance. No man in his sober senses could possibly imagine that such a state of things could continue; and it is not to be wondered at that those staplers who have been buying largely in the expectation of prices going still higher, should find themselves mistaken, and come down. A crash was to be expected, as a natural consequence, and it were greatly to be desired that the commercial world would learn from this crisis a few salutary lessons of prudence with regard to themselves and honesty towards others. Manchester, Dec. 19. The market opened flat on Tuesday, and the week has been one of unprecedented gloom. Large accumulations of stock in the hands of manufacturers, as well as of merchants, have this week added to the depression of prices, which have given way as much as 1/4 d. to 3/8 d. per lb., whilst in some instances there has been a greater decline even than this. Clothes are fully as much depressed as yarns, and in both there has been great pressure to sell, adding materially to the unsteadiness and irregularity of prices. In the absence of any sustained demand, sellers have been guided rather by the necessity of realising money, at any sacrifice, than by the knowledge of what should be the value of their goods, after

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making due allowance for depression from the fall in the raw material and other causes of depreciation natural to the present state of the market. There has been some inquiry for heavy, domestics, long cloths, and T cloths; but sales have been effected only where heavy concessions could be made. One lot of 9000 domestics, for instance, were sold at 9d. per lb., for which an offer of 121/2 d. per lb. had been made in September; and another case is reported of a manufacturer holding a stock of not less than 200 pieces of cloth, which were unsaleable at a loss of 1s. 6d. per piece. Business is, in fact, almost at a dead lock, and the only encouraging consideration is, that prices are verging so nearly to the lowest point likely to be reached as to leave a hope that so soon as money is easier we shall have a lively reaction. With such heavy stocks on hand, however, the market must take some time to recover anything like a healthy state, after the money crisis has passed over. For printing cloths and shirtings the makers report an inability to make sales worth naming, the more encouraging advices to hand lately from India failing to give anything like an impetus to the demand even for the fabrics suitable to that market. This has naturally led to some disappointment, but in fact the means of shippers are so far locked up, and the inconvertibility of the long-dated paper used in this branch of the trade is such as to render it unlikely that any transactions of magnitude will be undertaken at present. In yarns there is great sluggishness of demand, especially for counts and qualities suitable for Germany.

19 December.

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Rochdale, Fannel.—All descriptions of goods are very bad to quit, and another week of stagnation has rendered operations less practicable, and the position of manufaturers worse. The hope, however, dawns that the worst has been seen. The yarn trade is rather more cheerful, probably, in consequence of the more favourable monetary and American reports; offers, however, are in all cases lower, and in actual business these have to be accepted. In the wool trade there is a general feeling of distrust. In this district the number of unemployed has increased, and applications to the guardians for relief have become more numerous, but do not reach the number in the corresponding week of 1847. Manchester, Thursday Evening, Dec. 24. Prices have been very slowly and slightly hardening, with little actual business. The satisfactory position of the Bank at the close of last week having been forthwith assumed as a basis for greater activity in the cotton market, there was also shown here on Saturday and Monday a somewhat greater measure of demand. By Tuesday it had been found that the demand could all be met at recent prices, that only a further decline had been averted, and that no ready advance could be positively established. And but for the news received yesterday of further success in India, and to-day of the Bank having confirmed the hopes entertained with respect to discount, there would have been even a difficulty to preserve the slight improvement which had been gained. Inquiry has been chiefly on T’ cloths and some kinds of longcloths for Mediterranean and Indian mar-

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kets, with shirtings and few other cloths and the customary numbers of mule, especially for the latter. The absence of demand for printers is still much felt by manufacturers, and for German classes of yarn by spinners. Whilst there is on the part of producers much disposition to trust to the effects of cheap money per se, and therefore to hold as long as they are able, there is as much disposition amongst purchasers to await reports from those marts which have not yet discovered their sense of the crisis. That the production for the past two months has been more restricted than it ever was before, is the most favourable presage of a sounder trade. The suspensions in the wool trade at Bradford seem to have arisen for the most part, if not entirely, from extensive operations in wool at high prices, those transactions having been entered into under the belief that prices would go still higher.—Leeds Mercury.

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24 Dec. (Thursday.) Hosiery Trade in Leicester.—There is nothing but stock taking going forward in the warehouses. Business completely out of joint, and perhaps we never experienced a Christmas when commerce was in a more prostrate state at present. There certainly can be no immediate change for the better whilst every day’s news bring accounts of fresh failures, the effect of which cannot yet be ascertained.—Leicester Journal. Nottingham.—Our correspondent writes:— The lace trade last week has undergone very little alteration. There is a shade more doing in plain articles, and a few more buyers are visiting the market: their purchases, however, are exceedingly small. Manufacturers are finishing stock-taking. Although this is usually a flat season of the year, there is considerably less doing now than at a corresponding period in former seasons. There is, however, one gratifying circumstance, viz., that manufacturers having acted with great caution these last few months, stocks are very light. In the meantime lace machinery is either at a stand or only partially at work, and goods are only produced to order. Both yarns and silks are easier. Leeds, Wool, Thursday.—English and Foreign.—There has been a little more inquiry for English wool adapted for combing, and some persons have the impression that prices have reached their lowest point, and that there will soon be more demand. The transactions are, however, comparatively small, and at low prices. There is no material alteration to report in foreign wool. The clothiers are purchasing very little. Stocks in the hands of manufacturers generally must be very small, and if machinery is to be employed, they must soon become purchasers. Leeds, Woollen, Thursday.—We have had no alteration of any consequence in the trade during the current week. A few buyers continue to visit the market, but they purchase nothing of any moment, and the general tone continues exceedingly dull. Stock-taking will now absorb the remainder of the year, and nothing more in the way of business need be expected during the next week or so.

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Halifax, Worsted, Thursday.—Business this week has been to very little amount, and worse prices have been taken for wool and yarn.

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Manchester, Dec. 29, 1857. The lowering of the rate of discount by the Bank of England has not produced the activity anticipated by spinners and manufacturers. It has had the effect of imparting a better and more confident tone to the market, which resulted in more general inquiry and in an increase of business as compared with that of last week. The aggregate amount was, however, but relatively small, and made more so by a demand in many instances by producers for higher rates. Prices generally were steadier and firmer, and against the buyer, who in a general way could not do so well as he might have done on this day week.

29 December. (Tuesday.)

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Manchester, Cotton.—The following appeared in a late edition of the Examiner and Times:—The tone of the market exhibits some improvement to-day, and producers show more firmness, but the amount of business doing is still extremely limited. The German houses are only executing a few small and pressing orders previously to the closing of the navigation, and abstain from all operations of magnitude. Goods and yarns have slightly hardened since this day week, but as yet there is no general confidence in the establishment of a higher range of prices. For the Levant and India a few purchases are being made, in some cases at a trifling advance upon the lowest rates recently current. Huddersfield, Woollen.—The attendance of buyers has been limited to the representatives of two or three London and a few provincial houses, and they have chiefly inquired for job (cheap) lots. Very few, however, of these are offered for sale, notwithstanding the present largeness of stocks, decrease in prices and dulness of demand. Orders to manufacturers from merchants in town have been somewhat more freely given during the past week, a reduction of price being insisted on by the merchants and submitted to by the manufacturer. Most of the mills in this district are still running short time, and in many cases the hand loom weavers are wholly out of employment. Manchester, Thursday.—Our market continues steadily to gain strength, and to- 31 Dec. day we notice a further slight improvement since Tuesday. As the money market eases, the raw material hardens; and this, combined with a more lively demand, adds to the firmness of producers. Yarns are gradually stiffening, under the influence of a moderate, but still improving demand. Some business has also been done in mule yarns for India, and spinners are generally asking an advance on Tuesday’s prices. Twist and pin cops for the home trade are also the turn in favour of the seller, but in this department it is difficult to sell in any quantity at the advance. In cloth we do not hear of much actual business, except in T cloths and L cloths, for which there is a fair enquiry for the Levant, at a slight improvement on last week’s prices.—Manchester Examiner.

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Bradford, Thursday.—There has been no improvement in the demand for combing wools, nor are the staplers pushing their stocks on the market. The business in yarns continues limited, and prices so unremunerative that spinners keep curtailing their production to shelter themselves from loss. As usual at the close of the year, the merchants are not busy in the piece goods market; there are, however, several London buyers in the town looking for anything cheap. The stocks held by merchants are unusually low, and the same applies to grey goods, so that, ere long, we may hope for more active doings.—Bradford Observer.

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1 Januar. Nottingham, Friday.—There is not a single satisfactory feature in connection

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with the various branches, either of lace or hosiery, to report. In our locality, we hope that the worst of the pressure is past. Several small orders have been received during the last few days. The general opinion is, that in about the beginning of February the lace and hosiery trades will begin to open out, and that the business time shortly to come will be such that will in some measure make up for the many losses they have recently been compelled to bear.—Notts Review.

[68] Manchester, Tuesday, December 22. There was an expectation that we should have a somewhat better market to-day, as a consequence of growing facilities in discounts, and of the 1/4 d. per lb gained upon cotton in Liverpool. This expectation, however, has not been realised. In yarns, there have been partial attempts to obtain a slight advance; for instance, certain goods, produced in the north of the county, having been just lately sold for future delivery to India and China houses, the manufacturers have become purchasers of twist and weft to cover their contracts; and the sellers of such twist and weft are, of course, inclined to raise their quotations, trying 1/4 d. per lb, they have, however, scarcely secured 1/8 d. There has been a disposition to make some purchases of mule twist for India, particularly 40’s; but the requirement of a small additional fraction has stayed proceedings. In actual sales, the rates of last week are not mended. The effect of the dead-lock under which the continental merchants are held is curiously seen in 40’s mule: German and even Russian qualities, which are ordinarily worth 1/2 d. to 1d. per lb more than the Indian quality, are selling at the same price as the latter, or within 1/8 d. To sum up, water and mule yarns in bundles, warps, and cops, from 50’s down to the lowest number, cannot be said to present any improvement beyond the slight and doubtful appearance referred to above; and prices in the aggregate, though not quoted lower, cannot be reckoned as more than stationary. Bolton spinnings, from 60’s upwards, show no amendment. Although the crisis is being got over in Hamburg, and though no noticeable mischief in the way of failures among the customers for our yarns in the interior of Germany is yet reported,—still, the agency houses in Manchester abate not

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one jot of their caution, but confine their buying to small and indispensable parcels. The sellers of goods are disappointed. The buying of T cloths, and certain printers and other fabrics, particularly such as are suitable for India and China, has not been continued to-day; and producers for the east would have to make some concession from the terms of recent sales, in order to effect further business. Much the same may indeed be said in regard to most other articles. No confidence is felt here in the higher price of cotton; and the report from Liverpool shows not much faith in it there. More is expected, by most people, from the present amelioration of money matters than can be realised in the channels of trade. We see it stated that bills are discounted at 81/2 or 8 per cent; and we hear of short dates being done under the latter rate. But what sort of bills are they? Only the very choicest. The strict discrimination which is exercised, both in the Bank of England and out of it, leaves a world of paper unnegotiable to keep the hands of merchants and traders most effectually tied up. Beginning with the A 1 bills, opening facilities will, however, gradually extend themselves to the next grades; but this cannot be looked for at a leap. We do not think it worth our while to expend more than a very few words upon a letter which appeared in the Guardian of yesterday. It is always our aim to give a correct general view of the state of the market, and of the prevalent feelings and opinions which manifestly influence its condition. We endeavour to make our report a faithful reflection of realities. To this end, we compare the numerous statements we hear, both with one another, and with our own observations; and the result is generally, we hope, not far from the truth. If, in order to “make things comfortable,” for men like our censor, we were to deal with the facts of the market, as the chairman of a certain railway dealt with the figures in his accounts, our reports would be, not only worthless and contemptible, but positively mischievous. Some further suspensions of manufacturers have taken place in the country, but none of them large. We find it to be the general intention of such country spinners and manufacturers as may deem it necessary to come to Manchester a second time this week, to do so on Thursday instead of Friday, which will be Christmas-day. Leeds, Tuesday, December 22. Although the weather was dark and uncomfortable to-day, we had a larger attendance of merchants and manufacturers in the cloth halls than has been the case for some time. This is in part owing to the renewal of commercial confidence—an improvement which is now perceptible in the market—and partly, also, to the lowness of stocks in merchants’ hands. A few considerable parcels were cleared to-day, at rather easier rates, and if the weather were at all seasonable, we might expect to see larger operations, despite the slackness of the times. We are sorry to have to continue to report increasing distress in the clothing

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districts, but the operatives, although sorely pressed by the times, are exercising a most commendable amount of patience and moderation. There will be some cessation of labour for a week or a fortnight this Christmas, but this step is not so much a sign of extreme depression as it is that the machinery in each large firm may be examined and repaired. Let the new year get fairly opened, money easier, and confidence more fully restored, and we must necessarily have an active spring trade, inasmuch as the stocks are very low, and the merchants must supply their large consumers with seasonable goods. Huddersfield, Tuesday, December 22. The weather has again been exceedingly unfavourable, this morning, and has evidently had a depressing tendency upon the market. Several buyers from wholesale London houses have been in attendance, but their purchases have been chiefly limited to the selection of cheap lots, at low prices, which some few of our manufacturers, under the pressure of these “hard times”, have felt themselves compelled to take. Upon the whole, however, there is very little disposition evinced on the part of holders of stocks in this market to dispose of their goods in this way. In regular market goods, at fair prices, there has been little doing; merchants selecting carefully, and only to complete orders on hand. The demand for unions, low woollens, and other cheap goods continues very limited, and is causing considerable embarrassment to the manufacturers of them, who have now large and increasing stocks in hand. The shipping orders which generally came in for these goods at this time of the year are very limited this season, and make little impression upon stocks. The manufacturers of plain goods in cloths and doeskins are adopting the wise policy of decreasing production, and are succeeding by this means in keeping stocks down. The present open weather is interfering seriously with the sale of winter goods in pilots, beavers, witneys, and other heavy coatings, large quantities of which goods had been prepared in anticipation of the winter’s trade. We have nothing noticeable to report in the spring styles of fancy trouserings, twist mixture grounds with subdued borders being most inquired for. Holders of wools in the local wool trade are reserving their stocks until the spring when they expect to realise better prices than are now offered.

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22 Dec. The Trade of Sheffield.—The present “bull week” is passing over with scarcely any signs of increased activity in our manufactories. There are a few establishments in the town where the workmen are fully employed; and others where the “stint” has been partially removed; but for the great majority of the workmen there is no changes for the better. The local failures of the week are unimportant. With the closing year we may report as follows of some of the more important branches of the trade of Sheffield:—The steel trade, which long been depressed, continues languid, file trade is generally dull, but there are houses who have on hand orders of considerable value. For railway springs, there has recently been a brisk demand, which, however, now seems to be slackening. In the saw trade, most houses share in the common prostration. With rare excep-

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tions, the cutlery trade is extremely bad. Those ironfounders who are engaged in the manufacture of fine stove-grates, fenders, &c. are mostly well employed; and we believe there is moderate call for many articles of metal and plated ware.— Sheffield Independent. 5

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22 Dec. Birmingham. State of Trade in Birmingham.—The accounts received this week in reference to the state of trade in Birmingham are of a most unsatisfactory character; the utmost quietude prevails in almost every branch. The factors’ orders have been getting smaller for several weeks past; this week very few have been given out, and with the exception of a moderate amount of activity in some of the fancy trades, which has sprung up during the last few days, chiefly on account of small orders for Christmas presents and so forth, there is scarcely an exception to the languor which prevails, the workpeople being kept on (though not as a rule making more than three or four days) in getting a few orders which dribble in from various quarters. The falling off in the orders from the agricultural districts has been more observable during the last few days; and with the manufacturing districts of Yorkshire and Lancashire there is scarcely any business doing. The tin-plate workers have suffered less than some other trades; in Birmingham the manufacturers are pretty well off for orders. The electro and plating trades generally are slack, as is the tube trade, both in Birmingham and the district; the edge-tool trade continues tolerably brisk, but this and one or two other instances are the only exceptions as regards the trade of the town to the dulness which pervades business generally.—Birmingham Journal. Manchester, Thursday, December 24. There has been observable on ’Change to-day somewhat more of that disposition to believe that we have passed the worst, and are approaching a better state of things, which showed itself last week. We also find some sellers speaking of rather more business, or offers, or inquiry. There is, however, more of the last than of either of the others; and much of the inquiry is made merely with a view to ascertain the quotations. We have always an increase of this when the overland mail is telegraphed, and also just at the period of stock-taking. Many spinners, manufacturers, and agents, however, complain that they do not meet with any of these signs of better things, but remain as flat, and are just as unable to sell, as at any time during the last week or two. Although, however, not a few are unconsciously trying to persuade themselves into a favourable view, we gather that some of the indications referred to are real. Partially, a little more is being done in goods; for instance, in long cloths and certain kinds of 36-inch calicoes. Prices remain as they were. It was telegraphed, at half-past one o’clock, that the Bank of England’s minimum rate of interest was reduced to eight per cent. This was expected to take place either to-day or next week, because best bills have lately been discounted at that rate out of the Bank.

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Two or three failures in the print trade have occurred and one connected with the Levant. The amounts are small. (From Messrs. George Fraser, Son, and Co.’s Prices Current.) Manchester, December 24, 1857.—We had occasion in our last circular to notice the progress of a very severe commercial crisis, of which the commencement has been indicated in our issue of the month of October, and a decline in prices to an extent which no one, even of these who took the most unfavourable view, seemed to have looked for. But under the continued influence of dear money, and of failures of great magnitude, the aggregate amount of which, since they commenced about two months ago, is estimated at above 50 millions sterling, or nearly the double of what occurred in the previous panic of 1847, our market has continued dull and depressed, resulting in a further decline in prices almost daily. We have, consequently, to quote a further decline in the prices of piece goods to the extent of 3d. to 41/2 d. per piece for 7–8ths printers; of 2d. to 3d. per piece for madapollams; of 3d. to 6d. according to class, for 9–8ths printers up to 72 reeds; and of 1s. per piece for 9–8ths 80 reed printers; of 6d. to 9d. per piece for India and China shirtings; of 9d. per piece for figured shirtings; of 1s. 6d. to 2s. per piece for brocade shirtings; of 11/2 d. to 3d. per piece for grey jacconets; of 3d. to 9d. per piece for T cloths; of 9d. to 1s. 3d. per piece for longcloths, and a further 1/8 d. to 1/4 d. per yard for domestics. Yarns have declined a full further 1 /2 d. per lb, and although there has been more steadiness perhaps in prices during the last few days, owing to the well founded expectation of a speedy decline in the rate of discount, there seems but little anticipation of any material permanent advance in prices from the comparatively low level to which they have now once more fallen. Cotton has given way at Liverpool a further 1d. per lb. And the stock is now about 40,000 bales in excess of the same period last year. The estimates of the American crop are for 31/4 millions of bales or upwards, and as from the prostration of business in America, and not less so in Germany, England must command an unusually large proportion of the crop, we may confidently look forward to abundance and cheapness of the raw material during the coming year, and, as trade revives, to a more profitable business for manufacturers and spinners than during the last few years of inflated, but to them of unremunerative prices. For the time being, the great majority of the mills throughout the trade are upon short time, and production but little exceeds, it is estimated, one half of what could be made if there was a prospect of sufficient demand, but all this will pave the way for an enlarged business, and more remunerative prices hereafter, when it is to be hoped the operative classes will participate in the improvement, as now they are sharing in calamities of the times with their employers.

Halifax 26 Dec. The failures noticed in our last week’s report, have been followed by several others; but none of them, as matters now go, can be considered of sufficient

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magnitude to require particular notice. The sales of wool are neither numerous nor extensive; and there is too little confidence to allow of any speculation. Most of the cheap lots in the hands of necessitous sellers having been cleared out of the market, prices are beginning to assume greater steadiness; and some sorts are held rather more stiffly than they were a week or two ago. In yarns and pieces there are but few transactions; and prices are very irregular. What is now produced is chiefly made to stock; and all parties are exercising the utmost caution.

Halifax 26 Dec. 10

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The State of Trade at Halifax.—(From our correspondent.)—The number of unemployed workpeople in our streets has recently been augmented by two stoppages, that of Mr. R. Eastburn, stover, and that of Messrs. Crossley and Leeming, machine makers. The large number of men and boys employed by Messrs. Crossley and Leeming were all discharged on Saturday, and their wages, we are informed, were left unpaid. The mills were “standing” on Saturday, and many of them will not re-commence running for some time. 26. Dec. Bradford, Monday, December 28. In the best times, the attendance of manufacturers and merchants at our market at this season, is usually very scanty, and, at this time of depression, the quietness is more marked than we have known it for many years past. Still, there is some inquiry by persons anxious to obtain lots at extremely small rates, chiefly with the view of keeping their machinery running, and their hands employed. No wool is sold, however, except under necessitous circumstances. Worsted and cotton yarns are bought at extremely low rates, and in some cases the low prices offered are rejected. But there is little disposition, indeed, to operate by holders; and it is hoped that, after stock-taking and the holidays, things may assume a more cheering aspect than they wear at present.

[69]

IV) Industrial Market. Labourmarket.

9 Dec. Wednesday. 30

Manchester Factories on Full and Short Time. Operatives in and out of Work. The following tables, compiled under the direction of Captain Palin, chief constable, show the state of the factories and of the operatives in this city during the week ending yesterday (Wednesday)— (9 Dec.)

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State of Factories, &c. Classification. Cotton mills Silk mills Worsted mills Smallware mills Printworks Dyeworks Machinists Foundries Total

No. of works, &c. 88 15 1 20 3 26 56 28 237

Full time all hands. 25 2 0 6 0 0 15 11 59

Full time part of hands. 15 3 0 2 1 0 19 8 48

Short time. 35 8 1 11 2 24 22 8 119

Stopped. 13 2 0 1 0 2 0 1 19

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State of the Operatives. Classification. Cotton mills Silk mills Worsted mills Smallware mills Printworks Dyeworks Machinists Foundries Total

Hands usually employed. 24960 4941 200 2772 990 2245 6932 3344 46384

Working full time. 10582 833 – 506 400 – 2584 2682 17587

Working short time. 10320 2338 200 1853 450 1746 2696 285 19888

Out of work. 15

4058 1770 – 413 140 499 1652 377 8909

The conclusions to which we arrive upon comparing this return with that of last week must not be taken as strictly accurate, but only as an approximation, and that the nearest possible, to the real state of things, inasmuch as the totals of the two weeks differ. Thus, during the week two cotton mills, employing 300 hands, have been added to the list, the number of dyers has been increased by 267, and of those engaged at foundries there are 340 more; while the number of machinists has been reduced by 95; consequently the difference in the totals is an addition this week of two mills, and 812 operatives. Yet there is a decrease of 604 in the number wholly out of employment, quite exclusive of the joiners and bricklayers, who have this week resumed work. With respect to the state of the factories, &c. as compared with last week, the general result is that in every class (except worsted mills and foundries, which remain as before) there are more working short time, the total increase being 23. The total number wholly stopped, and the number on full time are less than before, the only increase being that two silk mills have re-commenced work with all hands, and that three cotton mills have resumed with a portion of the hands. With reference to the operatives, there are more in every class working full time, but there are also more out of work in every class but three; these three include the hands occupied at a worsted mill, all on short time,—cotton factory hands, of whom there are 709 fewer out of work this week than last,—and those engaged at printworks, whose number out of work has been reduced by 256. The entire number, then, that have resumed work in the week has been 965; but, the number of the

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operatives in silk and smallware mills, dyeworks, machine works, and foundries who have ceased to work during the week being deducted, the total number out of work this week is only 604 below last week’s number. The proportions, in round numbers, between the number of operatives usually employed, and the number out of work at present, are as follow:—Out of work: cotton mills, one in six; silk mills, one in three; smallware mills, one in seven; printworks, one in seven; dyeworks, one in five; machinists, one in four; foundries, one in nine; on the whole, rather less than two in eleven are out of work.

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Meetings of Shipwrights, &c. and Arrival of Military at Sunderland.—(From our correspondent.)—A meeting of the master shipbuilders of this port was held the other week, when they determined to give the men in their employ notice that they intended to make a reduction in their wages, from and Lohnafter December 12, to 4s. a day, they being in receipt of 5s. per day to that date. herabThe men held a meeting on the day following, at which they resolved not to setzung. accept the reduction. Shipbuilding is therefore likely to be almost suspended in this port for some time. Disturbances being anticipated, three companies of the 9th Regiment of Foot arrived at the barracks from Shorncliffe, on Friday, and 150 recruits from Limerick are expected to arrive shortly. (10 Dec.)

Anfang December. The Unemployed in Leicester. (From our Correspondent.) The resolution of the meeting of ratepayers in favour of outdoor relief during the present distress, was brought before a special meeting of the board of guardians on Friday night. Thirty out of thirty-five guardians were present, and the subject was discussed with great earnestness. Mr. Alderman R. Harris moved a resolution in favour of suspending the workhouse test for the present; to which the vice-chairman of the board (Mr. W. Scott) moved the following amendment:— “That this board cannot concur in the resolution of the meeting of ratepay- Workers, nor consent to depart from the course which, after mature consideration, it houses has adopted, and for these reasons:—1. That in dealing with a question of such test. magnitude and importance as the management of the poor, and especially in times of commercial depression, it is above all things necessary that the relief of the able-bodied shall be so administered as to secure the removal of the recipients from the labour market, and thus prevent an unfair competition from injuring the independent labourer. 2. That all experience has proved that this cannot be effected (except in agricultural districts) by any outdoor labour test at present discovered. 3. That the object of the poor law and the duty of the guardians is to relieve destitution, and that, consequently, among a large number of applicants, it is an impossibility to discriminate as to character. The man’s necessities are his claim for relief, and it would be exceedingly unjust to the family of which he is the head were the guardians to make them suffer for his shortcomings. The

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aged, the infirm, the widow, and the sick, are relieved out of the workhouse, except in such cases only in which the medical attendant recommends their removal, or where they are admitted thereto at their own request. 4. The advantages of the workhouse test are that while it effectually removes the applicant from the labour market, it provides him with comfortable lodging, clothing, and sustenance, and educates his family. The board also undertakes to receive the household goods, and restore them when such persons leave the workhouse, thereby removing the principal objection which is urged whenever the workhouse is offered. It is difficult to conceive that a person really destitute will refuse to avail himself of this provision, and it is only those that are so that the board is justified in relieving. 5. An erroneous opinion seems to be prevalent that it is only by entering the workhouse that a man becomes a pauper; and much has been said of its demoralising tendency. This board believes that an extended system of outdoor relief is much more so, from the fact that every person receiving relief from the poor-rate is a pauper. 6. One duty of the guardians is to relieve destitution, but in order to ascertain whether that destitution be real or simulated some test must be adopted. All experience goes to show that at present no test is so effective as the workhouse, which while it offers to the poor and needy the advantages before referred to, is not accepted by those who would willingly receive parochial aid in another form. Another of their duties is to protect the ratepayers, and to prevent the smallest of this class from being pauperised by burthens they are unable to bear. It was with these objects in view, viz. an effectual relief of destitution, and the protection of the interests of the ratepayers, that the course the guardians have marked out for themselves was unanimously adopted, and with a feeling of confidence that this course is the best which under the circumstances can be pursued, this board, with all respect towards the meeting of ratepayers, must decline to act upon its suggestions.” The above amendment was carried by a majority of 25 to 4. The result was ordered to be communicated to the mayor, as chairman of the meeting of ratepayers. On Saturday, a meeting of operatives was held, at which the final resolution of the board was read. Some dissatisfaction was expressed at its tenor, but it was allowed that the undertaking of the guardians to take care of the goods of persons entering the house did away with one great objection. An operative, named Chawner, addressed the meeting, using very violent language towards the guardians and the mayor and magistrates, and concluded by urging the unemployed to assemble on Sunday morning and march to St. Mary’s Church, and occupy it before the congregation came, adding, “if anything could shame them, that would”. A number of those present held up their hands to signify their intention of doing so. Serious fears had been entertained of a breach of the peace, and large bodies of police were kept in reserve, but the meeting dispersed in an orderly manner.

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15 Dec. Manchester. Der dortige Guardian nennt die silkweaver an ˙˙ ˙ to 40sh. and „provident class“. Sie verdienten in good times „15sh. ˙up more a week, and that their families can earn at least half as much more“. Darauf antwortet ein silkweaver. Der Lohn sei 8sh. to 14sh. im average. ˙ ˙ „with all the advantages of good 30 years ago sei es anders gewesen. Jezt health, constant employment, combined with industry and economy, little more can be done, even by families consisting of all workers, than to meet their credit“. So sei es wenigstens in Middleton, Hollinwood, and other places in the same neighbourhood.

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Strike among the Blackburn Ironmoulders—We are sorry to learn that the mould- 16 Deers in the employment of Messrs. Joseph Harrison and Sons, Bank Foundry, cember. have struck work, in consequence of a proposed reduction of wages to the extent of 2s. a week. This reduction would make the wages 32s. per week.—Blackburn Standard.

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State of Trade in Blackburn.—We regret to state that our prospects are rather more depressed than they seemed to be a week ago; and prices in our market are decidedly lower. A slight improvement has taken place in the condition of our labouring population by a number of mills resuming full time; but this is only for the fulfilment of immediate and limited orders, and is but a temporary amelioration. It is not concealed that short time may have to be generally resorted to before many weeks are past; and, unless the close of the year brings an improvement, much misery will assuredly follow.—Blackburn Standard.

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[70] Shipwrights’ Strike at Sunderland.—(From our correspondent.)—At a re- 16 Decent meeting of master shipbuilders, on the Wear, it was resolved to reduce the cember. wages of the men to 24s. per week, in consequence of the depression in trade, but the men struck at 30s. per week. At a meeting of the men on Friday last, to consider the desirability of “holding out”, it was resolved by a majority of one to continue the strike. This step on the part of the men, is considered by the townspeople, generally, to be almost suicidal, when they might be temporarily employed for 24s. per week, until commerce assumes a more favourable aspect; and it is to be hoped they will accede to the offer, and thereby save much misery and suffering to themselves and their families. Several shipwrights have, this week, been summoned for debt to the Country Court, and, in order to show his disapprobation of the strike, the judge (H. Stapylton, Esq.) in every case where he ascertained that any of them were out of employment by their striking for work, made a larger order for payment than he would have done under other extenuating circumstances.

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Dec. 16. Manchester Factories on Full and Short Time. Operatives In and Out of Work. The following tables, compiled under the direction of Captain Palin, chief constable, show the state of the factories and of the operatives in this city during the week ending yesterday (Wednesday):— (Dec. 16)

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State of Factories, &c. Classification. Cotton mills Silk mills Worsted mills Smallware mills Printworks Dyeworks Machinists Foundries Total

No. of works, &c. 87 15 1 20 3 26 56 28 236

Full time all hands. 25 1 0 4 0 0 14 10 54

Full time part of hands. 14 3 0 4 1 0 19 9 50

Short time. 33 8 1 11 2 23 23 8 109

Stopped. 15 3 0 1 0 3 0 1 23

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State of the Operatives. Classification. Cotton mills Silk mills Worsted mills Smallware mills Printworks Dyeworks Machinists Foundries Total

Hands usually employed. 24960 4941 200 2772 990 2245 6932 3344 46384

Working full time. 9543 339 – 348 406 – 2283 2474 15493

Working short time. 11146 2684 200 1996 450 1767 2984 479 21706

Out of work. 4271 1918 – 428 134 478 1665 391 9185

These returns do not bear a favourable comparison with those of last week. There are fewer works on full time, more on short time, and more stopped; while, as a consequence, there are fewer operatives working full time, more on short time, and more out of employment. The increased number of works stopped is made up of two cotton mills, one silk mill, and one dyeworks, the decrease in the number on full time with all hands consists of one silk mill, two smallware mills, one machinist, and one foundry. With regard to the operatives, there are 2,094 fewer than last week marking full time, 1,818 more working short time, and 276 added to the number out of employment. As would naturally be supposed, the operatives in cotton factories, more than any other class, swell the number out of employment; 213 workers in cotton mills, and 148 in silk mills have been compelled to cease their work, the work having failed them, during the past week. The other classes have not contributed 50 to the number out of employ, while 27 have resumed work at print and dyeworks. The decrease in the number on full time is distributed among all excepting the printworks, the cotton mills again contributing the largest number to the total, their proportion

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being 1,039 in 2,094. The increase in the number on short time is also made up of a number from each class, except the printworks and worsted mills, which remain the same as last week. The increased number on short time is thus distributed: Cotton mills, 826; silk mills, 346; smallware mills, 143; dyeworks, 21; machinists, 288; foundries, 194.

18 Dec. North Staffordshire.

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Colliery Turn Out and Collision with the Police.—The colliers in the employ of Earl Granville “turned out” on Wednesday morning, in consequence of their having had notice of a “drop” of 6d per day. On Thursday, the colliers “on strike” assembled in the Market Place, Hanley, where Inspector Cole endeavoured to persuade them to disperse. Subsequently they left Hanley, and took the road towards Fenton and Longton, with the intention of turning out the colliers in that direction, in which they succeeded, so that nearly the whole of the collieries are stopped from Hanley through Stoke, Fenton and Longton. It appears that the ringleaders had been marked by the police, and as they were leaving Longton, when near Fenton, some of them were captured; their companions came to the rescue, and Inspector Garnham, of Longton, was struck with a missile on the back of his head, which felled him to the ground, and, while lying there, he was kicked very severely. Inspector Stuart, of Fenton, was struck on the abdomen, and a dangerous wound was inflicted in that part; he, too, was kicked while on the ground. The police, however, succeeded in taking three of the colliers into custody. One of them had his head cut in several places, but there were no wounds of a dangerous character. The Hanley Market-place, at half-past six on Thursday night, was full of people, principally those on strike.

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One branch of the potters—the throwers—on the Longton side of the Potteries, are on “strike” for an advance of wages. There was a meeting of the Chamber of Commerce, on Thursday, at the Railway Hotel, Stoke, and there is a strong probability that the manufacturers will resist the demand.

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16 Dec. Birmingham. A meeting of colliers was held at Willenhall, on Wednesday evening, on the subject of wages. Resolutions were passed requesting a consultation with the masters, protesting against reduction of wages, and pledging themselves to act in an orderly and peaceable manner.—Birmingham Daily Press. 16 Dec.

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Strikes in North Staffordshire.—(From our correspondent.)—The forgemen of North Staffordshire, in resistance of a reduction of 121/2 per cent in their wages, of which notice was given a fortnight since by the Ironmasters’ Association, have “turned out”. A similar notice of reduction has been served upon many of the colliers of the district, some of whom have struck and many others are expected to do so. A notice of a reduction in the wages of the “throwers”, a class of men of whom large numbers are employed in the manufacture of china and earthenware, has also been given, and the men have resolved to strike in a body

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throughout the Potteries. Lawless acts of violence have been frequent in the district during the past few weeks, but up to the present time no breach of the peace has arisen out of the strikes. It cannot, however, be denied that considerable anxiety prevails. 17 Dec.

18 Dec. Preston.—The changes in the working of the mills this week are unimportant, and will not seriously affect the aggregate extent of short time. There is a rather more gloomy feeling prevailing; but this arises from the prospect of an extension of the hours of working appearing more remote than was anticipated. Chorley.—A portion of the hands of Messrs. R. Smethurst and Co., about 100 in number, are on full time; and one of the mills of Mr. James Heyworth, 40 horses’ power, commenced five days per week on Monday week. On the other hand, the mill of Mr. R. Smethurst, jun. 60 horses’ power, has commenced three days per week; and it is rumoured that a large manufacturer in Chorley has given notice to work shorter time, or be at liberty to close. On the whole, things are decidedly worse, and we fear the privations suffered by the operative class are not equalled in any town in the county. We omitted to state in our last that the mills of Mr. Richard Bashall, 70 horses’ power, were closed. Clitheroe.—Messrs. Dewhurst, cotton manufacturer, commenced full time on Monday last, thus leaving only one mill, viz. Messrs. Bulcock’s, on short time here. Rawtenstall.—There have been working full time for the past fortnight the following mills:—Messrs. Henry H. Hardman and Brothers, New Hall Hey Mill, 130 horses’ power; Messrs. Peter H. Whitehead and Co. Longholme, 100 horses’ power; Mr. Joseph W. Whitehead, Brickfield, 40 horses’ power; Mr. James Henry Ashworth, Hall Carr Mill; 100 horses’ power; Mr. Richard Ashworth, Cawle Terrace, 90 horses’ power; Messrs. Whittaker and Cronkshaw, Constable, 10 horses’ power. Thus out of 794 horses’ power in this neighbourhood, 470 is at present working full time. All the other mills are yet working three and four days a week.

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18 Dec. Distress in Belfast.—The special reporters of the northern papers describe at length the wide-spread destitution at present existing in Belfast and the surrounding manufacturing districts of Newtownards, Bangor, Saintfield, Ballynahinch, and other towns, especially in those where the grey muslin work afforded a large extent of employment for some years past. It is said that during the last 40 years these places never experienced the same trial. On Thursday the committee of the relief fund commenced operations for the relief of the poor, by distributing food to them. For several hours, the front of the Court House was crowded, and the wretched appearance of most of those seeking relief clearly indicated the state of want to which they have been reduced.

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Dec. 18 (Friday) Macclesfield. Larger number of rations (soup-kitchen) ˙ any previous day since the establishment of the soup served + than˙ on kitchen. 5

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North Staffordshire Colliers and Forgemen on Strike. Further Particulars 19 Dec. (From our Correspondent.) 19 Dec. No further collision has occurred in the Potteries between the men on strike and the police. After what happened at Hanley on Friday, the magistrates proceeded at once to call out the Pensioners and Yeomanry Cavalry, and there is little doubt but precautions have been taken to have troops of the line in the district, at a short notice, if a necessity for their presence should arise. This we think will be rendered unnecessary. The notices of some large colliery proprietors and ironmasters terminated on Saturday last; and, in the event of the men refusing to come to terms with the employers, the number of those unemployed, or on strike, will be greatly augmented. The steady intelligent men are in favour of coming to terms with their employers; and, we believe, the differences would soon be adjusted, if it were not for some restless spirits who have been imported into the neighbourhood, from the south of this country, Wales and Lancashire, many of whom are a species of “tramps”. The three captured on Thursday were men from one or other of these districts, who had been in North Staffordshire but a short period. The colliers and forgemen generally have been receiving 4s. 6d. per day, and, in the depressed state of trade, the masters propose to reduce their wages to 4s. per day. Inspector Stuart, of Fenton, who was so seriously injured in the affray on Thursday, remains in a very precarious state, having been very seriously injured on the head. The men did not hold their meeting on Friday night, as expected. [71] 24 Dec. Staffordshire. The Potteries.—The strike amongst the colliers and forgemen employed at the various works in the Potteries and neighbourhood, and which at one period last week threatened seriously to disturb the peace of the district, appears to be now chiefly confined to the men engaged in the iron trade. Last Saturday the hands employed at the extensive ironworks at Kidsgrove “struck” against the proposed reduction, so that in the north of the districts, including the Ravensdale Works, there must be it is said, at least 1,000 persons out of employ in the iron trade. The hands at the Shelton Bar Iron Company’s works are also out; but the strike amongst the colliers generally may be said to have terminated. The colliers at Longton and neighbourhood, many of whom had gone in last week, and would doubtless have continued at work if they had not been so improperly interfered with by a body of the turn outs from Hanley, have now generally resumed their employment. The same remark applies to the men at the collieries of Earl Granville. On Monday morning a number of them presented themselves at the “Big Pit”, with the intention of going to work, but it was not convenient, in conse-

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quence of repairs being carried on in the workings. On Wednesday morning, however, work was resumed, though not quite to the usual extent. A correspondent from one of the Pottery towns, lamenting the great loss and inconvenience occasioned to their families and others by the cessation from labour of so large a number of workmen, says, in a conversation he had a day or two since with the principal of a large iron concern in the district, the latter observed “that the men’s refusal to work at this time was doing him a great service, for if they were willing to work he had no orders for them to go on with, and if he found them work it would be for stock, and with a certainty of losing by it”, and this, says the writer, is probably the case with other masters.—Staffordshire Advertiser. The Strike of Colliers in South Wales. To the Editor of Reynolds’s Newspaper. Sir,—Knowing your readiless to defend the working classes in their rights, we, the colliers of Aberdare Valley, wish to make known, through the columns of your invaluable paper, the reason of the present strike in the Aberdare Valley. The cause of the present strike is this:—The employers gave notice to the workmen in all the collieries in the Aberdare Valley that, at the end of the month of November, the then existing contract between the workmen and the employers should be terminated, and that a new contract should be determined upon by the beginning of December. A few days ago, before the end of the month, it was made known to the colliers, by their employers, that they were to be reduced 3d. per ton on the coal in all the veins through the valley, and that the price of timbering, headings, windways, &c., were to be reduced accordingly, and all day-men 4d. per day; consequently the colliers, firemen, enginemen, labourers, and all, struck. Large meetings have been held in different places, both in private and in public. In these meetings, some of the workmen are selected to address their fellow-workmen,—showing their reasons for striking, and their determination to hold out, and not to resume work again until the employers are willing to retain their former prices. Some of their reasons are as follows—viz., that, some time ago, the employers made an agreement with the workmen that, if the price of coal in the Cardiff market should be 8s. per ton, the colliers should receive 1s. 6d. per ton; and for every 6d. the employers should have advanced in the market, the colliers should be advanced one penny accordingly. The employers themselves do not deny the coal to be 9s. 6d. in Cardiff at present, so the colliers think themselves right in asking for 1s. 9d. a ton. H. A. Bruce, M. P., in his lecture to the workmen, said that the colliers had no cause whatever to expect to be advanced and reduced according to the price of the coal in the market; but that it was the call for workmen that made their price high, and the overflow of workmen that made their price low. The night previous to his lecture, he acted as a deputy between the employers and the workmen, and urged the same principles as in his lecture. So it was determined by the colliers selected to speak to him, that they should treat the whole with silent contempt. Several of the newspapers have published false and erroneous reports concerning the resolutions agreed to by the colliers

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in their meetings. Last Saturday, Dec. 19, a very large meeting was held by the colliers, on Hirwaincommon. Several speeches were delivered by the workmen. Their determination was not to receive the proposed reduction, and not to resume working again until it shall be relinquished. Sir, we wish you to insert this in your next, that all may be made aware of the truth—that no one may be deceived or misled through false reports, and come here to injure their fellowworkmen. Signed on behalf of the Colliers, Joseph Prosser. December 21.

Leicester. 22 Dec.

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At the weekly meeting of the board of guardians, on Tuesday night, it was stated the workhouse was nearly filled, there being a larger number of inmates than at any previous period. The house is calculated to hold 1,050, and that complement has nearly been reached. In accordance, therefore, with the resolution adopted by the board, three weeks ago, the outdoor labour test resolved upon, namely, oakum picking, will come into operation next week. It is intended, however, rigidly to enforce the workhouse test in the case of all able-bodied applicants for relief, and, if the distress continues, to discharge them on outdoor relief, and admit newer applicants. The total number at present in receipt of relief is about 4,000. Scarcely any business is doing, and there is no prospect of a speedy revival of trade. The operatives are now conducting themselves in a very quiet and orderly manner, and the fears which were entertained of a breach of the peace have given place to entire confidence. (22 Dec.)

29 December. The Unemployed Poor at Bradford.—On Tuesday morning considerable fears were entertained in the town, in consequence of a meeting of the disaffected unemployed and “test” men which had been privately held on Monday night, and at which it was said to have been resolved to hold an open-air meeting next day (Tuesday) near the workhouse, from whence they were to proceed in a body to the workhouse, demand immediate and extended relief on their own terms, and if denied them, they would proceed to help themselves. At this meeting, it is said, one speaker denounced all such institutions as the workhouse, which he thought should “crumble into dust”. About two o’clock, a meeting of some 800, chiefly of the test men, was held. An old man, seated upon a wall, harangued his audience in inflammatory language, directed against tyrants and tyranny. They wanted their just rights, and these they would have; and pointing to the workhouse, said, “such places as that bastille should not last twelve years, nor twelve months, nay, nor, if he had his will, twelve days”. He was, of course, cheered, and a vote in accordance with the nature of his address was moved and carried. The crowd, with considerable accessions, went in a body to the workhouse, but by this time the spirit animating the meeting had evaporated, and when told by the officers to move back until three o’clock, the proper hour for receiving pay, they did so, and at the hour named, after hearing a resolution passed by the

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guardians, of which they approved, they received their relief, and went away without further manifestation of feeling. The South Wales Colliery Strike.—The strike of the colliers in the Aberdare district of the South Wales colliery country is now more general than ever. The partial return to work on the part of some of the colliers has been followed by the exercise of the most violent threats by the disaffected part of the men, and a relapse, so that at the present moment there is very little being done in the district. Poor Rates and Pauperism.—Yesterday morning was issued a parliamentary return, containing a comparative statement of pauperism in November, 1856, and November, 1857. On the last day of the fourth week of November, 1856, there were 123,598 in-door and 724,040 out-door paupers in the receipt of relief in England and Wales. On the corresponding day this year the numbers were 124,059 in-door and 733,025 out-door. There was, therefore, an increase this year of 13,446. Manchester Factories on Full and Short Time. (23 Dec.) Operatives In and Out of Work. The following tables, compiled under the direction of Captain Palin, chief constable, show the state of the factories and of the operatives in this city during the week ending yesterday (Wednesday):— (23 Dec.)

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State of Factories, &c. Classification. Cotton mills Silk mills Worsted mills Smallware mills Printworks Dyeworks Machinists Foundries Total

No. of works, &c. 87 15 1 20 3 26 56 28 236

Full time all hands. 28 2 0 4 0 0 11 10 55

Full time part of hands. 5 3 0 3 1 0 19 9 40

Short time. 39 7 1 12 2 24 26 9 120

Stopped. 15 3 0 1 0 2 0 0 21

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State of the Operatives. Classification. Cotton mills Silk mills Worsted mills Smallware mills Printworks Dyeworks Machinists Foundries Total

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Hands usually employed. 24960 4941 200 2772 990 2245 6932 3344 46384

Working full time. 8992 904 – 438 406 – 2065 2481 15286

Working short time. 11734 2158 200 1904 450 1795 3146 485 21872

Out of work. 35

4234 1879 – 430 134 450 1721 378 9226

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Compared with those published last week, the above returns are rather favourable. The total number of operatives out of work on the 16th instant was 9,285, and not 9,185 as printed; this, compared with the total of 9,226 given above, shows that during last week 59 have resumed work. It is especially gratifying to find that, with respect to the principal manufacture of this district, matters are more cheering; for although of the workpeople in cotton mills 551 fewer are working full time, 588 more are on short time, and thus 37 more are earning something, if not a full week’s wage. Work has also been resumed by 39 in silk mills, 28 in dyeworks, and 13 in foundries, while 56 who were last week employed as machinists are now out of work. The differences between the general totals of last week and this are 207 fewer making full time, and 166 more on short time. Of the cotton mills 3 more are on full time with all the hands, and 6 more on short time, which make up the decrease of 9 in the number previously on full time with a portion of the hands; the number of cotton mills stopped remains as before. One silk mill is again on full time with all hands. One more smallware mill, one more dyeworks, three more machinists, and one more foundry are on short time. One dyeworks and one foundry returned last week as stopped, no longer appear in that list. The comparison of the totals in the “State of factories” table, shows an increase of one on full time with all hands, and 11 on short time; and a decrease of 10 on full time with a portion of the hands, and 2 in the number of stopped.

22 Dec. 23 Dec. The Tyne Sailors.—The North Shields sailors held a meeting yesterday 25

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to take into consideration the present condition of the coal trade, and their prospects as a body during the winter. The owners propose that the wages in the London coal trade shall be reduced from £ 5 per voyage to £ 4. 10s. The men, after a long consultation, determined to adhere to £ 5 a voyage. Some hundreds of the men are out of employment at the present time, but they appear determined to starve sooner than submit to a reduction of wages. [72] Strike of the Nailers at Cradley. Charges of Intimidation. 26 Dec. The notice given to the horse-nail makers of Cradley and the surrounding district, for a reduction in their wages, expired on Saturday night last; and, with very few exceptions, the men in that neighbourhood, numbering about five hundred, resolved not to work at the reduction. Some half dozen of the workmen employed at the works formerly carried on by Messrs. Griffin and Son, at Withymoor, and now by Messrs. Swindell and Russell, not agreeing with the body the men to strike, went to the warehouse on Saturday morning last, to get a supply of iron for the week; and, on leaving and going towards home, they saw five or six of the nailers on strike standing at some distance, evidently watching them. The former, however, took but little notice of this, and passed along to some distance; but, when near a blast furnace, a stone was thrown from

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behind. The men, turning, asked the others what it meant; when, with something like a war whoop, five or six of them ran up to them, and cried. “Here the b— are; let’s go into them.” Upon this, a number of stones were thrown. One of the men who were assaulted, named Job Dunn, described the stones as coming over them like a “shower of hail”. The men attacked ran away with all the speed they could command, but were followed by a number of stones. They, however, succeeded in reaching a place of shelter, without having sustained any further damage than a few cuts upon the head of one of them. On Wednesday, at Dudley, the assailants were summoned before the magistrates.—Mr. G. B. Lowe appeared for the defendants.—The case against John Whitehouse was taken first, and he was charged with assaulting, &c. Jesse Homer, also in the employment of Messrs. Swindell and Russell.—However, the man John Whitehouse could not be identified as one of the party, and he was discharged, Mr. Lowe averring that he was quite prepared to prove an alibi as regarded him.—The second defendant, Edward Whitehouse, did not appear, and in his case a warrant was ordered to be issued. As regarded Samuel Harris, two witnesses, Jesse Homer and Job Dunn, identified him as being one of the men who threw the stones.—Mr. Lowe, in defense, submitted that he was not properly identified, and on being told that the magistrates were quite satisfied on this point, asked that sureties only be required, and submitted that this course would be preferable to sending his client to gaol.—Mr. Cochrane (one of the magistrates) said: “Now, Samuel Harris, we shall commit you to the House of Correction for one month, with hard labour. The magistrates wish it to be distinctly understood that if any other case should be brought here similar to this, the parties will be very severely dealt with.” Harris was also charged with assaulting James Cox under the same circumstances; but the magistrates advised that this summons be withdrawn, which was therefore done.—John Whitehouse the younger was also charged, but as he was not identified, the case was dismissed.—The other two defendants did not appear. We understand that a large number—nearly half—of the men have, since Saturday, resumed work.—Birmingham Post. 26 Dec.

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Woche endend Jan. 1 The Potteries.—The colliers in the Potteries and neighbourhood have now pretty generally resumed work, but the forgemen at the various ironworks still remain out “on strike,”, which, in the present state of the iron trade, is rather a convenience than otherwise to the masters. Although a great amount of privation must necessarily be suffered by the families of those men out of employ, the district is now in a peaceable state, and the turn-outs exhibit a quiet and orderly demeanour. The corps of pensioners, under the command of Captain Steele, which had been on duty in Hanley, were dismissed last Saturday, but hold themselves in readiness to be called out at any moment.—Staffordshire.—We published in October a list of blast furnaces in and out of blast on September 31. At that time 157 blast furnaces were in operation. From the list to December 31, it appeared that of these no less than 46 have been blown out, and some three or

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four more will probably be extinguished shortly. Every blast furnace represents about 400 workmen, so that this diminution is equal to the loss of work to about 20,000 persons. It is, however, really spread over a larger number by only partial employment generally prevailing. The general trades of the district are much depressed, partly owing to the season of the year, and largely to the general prostration of business. Probably in a month or two an improvement will be perceptible.—Staffordshire Advertiser. (Week Jan. 1) The Pauper Labourers at Preston.

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The pressure of the crisis has become exceedingly severe at Preston, and the amount of pauperism is now nearly as great as it was in the height of the panic of 1847. The test for the able-bodied adults who have been thrown upon the parish through want of employment has proved nearly useless in practice, and the number of this class of adults who should perform out-door labour upon the Moor, has been increased to upwards of 1 000; the other classes of cases amount to nearly 3,000, including upwards of 7,000 individuals—that is, the husband, wife, and children. The throng at the union offices in Saul-street has become latterly so great, that two relieving officers, with two assistants, and the extraneous aid of the more active guardians, have been utterly unable to dispense the relief granted, although they have been engaged till a late hour every night. A committee of the board, in order to obviate the pressure and facilitate the administration of the relief, proposed to pay the out-door labourers every other day. This proposal caused a strong feeling among the men, and a serious disturbance took place, to suppress which the police were called in. The spacious yard and the avenues were completely choked up with paupers, and the labourers were informed that they would not be paid then, but on the following day, when they would receive their full allowance of money and meal. The crowd there upon commenced vociferating that they would be paid every day, and hissing and hosting the guardians. The object of the step was explained to them, but several demanded to be told if they were to starve on the day when they did not receive their relief. Some declared that they would be content if they might be paid two days beforehand, and at length the crowd attempted to force open the doors of the two relieving officers. Expostulations were useless, every guardian who attempted to speak being hissed and groaned. At length Mr. Superintendent Gibbons and some of his police-officers were called to the place, but their exertions to suppress the commotion were useless. The feeling of the people running so high, and there being apprehensions of a serious riot, it was resolved to pay the men; but in order to do this several of the guardians had to assist the officials, and they were engaged in the duty till very late at night. Upon being informed of the determination to pay them that day, the disaffected paupers became quiet; but two police officers were left to guard the doors of the avenues against the pressure of the multitude. The attempt to postpone the administration of the relief will not be renewed.

Week ending January I.

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Karl Marx · Krisenhefte ManuWeek endend Jan. 1. facturing There is little or no improvement traceable in the accounts from the manufac˙ ˙˙ ˙ ˙ Districts

turing districts this week, and the condition of some of them is even less satisfactory than it was some time ago. At Birmingham the utmost quietness prevails in almost every branch of trade. The factors’ orders have been getting smaller for several weeks past, and during the last few days a very limited number of orders have been given out. The falling off in the orders from the agricultural districts has begun to be now observable; while with the manufacturing districts there is scarcely any business doing. At Bradford several additional failures in the wool trade have been announced. About 1,000l. had been subscribed for the purposes of relief, the distribution of which has since commenced. At Belfast there is a considerable increase of applicants for parochial relief, and it is computed that independently of the muslin weavers between 500 and 600 women and girls obtain assistance in this manner. At Carlisle hundreds of hand-loom weavers are reported to be unemployed, and those who occasionally get employment have to submit to a further reduction in prices. Many of the factory hands are suffering great privations, and there is a marked increase in the numbers of women who go from door to door seeking alms. At Clitheroe the state of things is rather improving, there being now only one mill that is not running full time. At Chorley trade is said to be on the whole decidedly worse, and the sufferings of the operatives are not exceeded by those of any other town in the country. At Halifax matters are still in a very unsatisfactory state, and only some of the smaller manufacturers have recommended running short time; but although numbers of people are unemployed the working population of Halifax are said to be better off than those of other districts, and it has not yet been found necessary to open soup kitchens or adopt special measures of relief. At Liverpool more failures have occurred, and there is no improvement whatever in the condition of the humbler classes. At Leicester things are much the same as they were reported last week, and there is no material increase of distress. At Manchester the applicants for poor law relief are still increasing. At Middlesborough, in the North Riding of Yorkshire, a strong body of miners and puddlers who have been thrown out of employment by the contraction of operations in the iron trade made a threatening demonstration in front of the mayor’s house, demanding “work or bread”, but the chief magistrate succeeded in dispersing them for the time, and on a renewal of the demonstration a detachment of military were summoned from York, which measure effectually prevented any disturbance. At Middleton the distress among the operatives continues, but the state of trade appears to be rather better, for the mills generally are working fuller hours. At Macclesfield there is no improvement in the staple trade beyond a little more employment in one or two establishments. The number of rations served out from the soup kitchen is on the increase. At the north-east ports the shipping is said to be in a more depressed condition than it has ever been since the repeal of the corn and navigation laws. Shipping is generally slack at this period of the year, but this season, on account of the low freights, an immense

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amount of tonnage is laid up, and consequently a great number of seamen on shore are unemployed. At Oldham the labouring population continue in a very depressed state, and the applicants for poor relief weekly increase. At Preston the working hours at the mills remain about the same, but a rather more gloomy feeling prevails owing to the prospect of an extension of the hours of labour appearing more remote. At Padiham, also, there is very little alteration in the time of running the mills. At Rochdale there have been symptoms of a slight improvement in the cotton trade in the outskirts of the town. The pressure on the parochial funds is still, however, on the increase, and in Wardleworth there is a larger increase than before. At Rossendale distress is on the increase, and the number of applicants for relief greatly augmented. At Stafford the staple trade is not under so much pressure as those of other places. There is a good deal of stagnation in business, but this is expected to be only transient. The colliers on strike in South Staffordshire came to a resolution to return to work on the following day. At Sheffield there has been a little more employment at some establishments, but for the great majority of workmen there is no change for the better. The local failures are unimportant. At Swansea the trade of the port is increasing. The North Shields’ sailors held a meeting, at which they determined to resist the reduction of their wages from 5l. to 4l. per voyage in the London coal trade, although many of them are already out of employment, and some suffering severe privations. The iron trade in Yorkshire continues extremely depressed, and operations are confined to the narrowest possible limits, only a few establishments completing large orders are on full time. The coal trade is materially affected by the stagnation in manufactures, and the demand, usually good at this season of the year, has greatly fallen off. Notice of a reduction of wages has generally been given, but the abatement has hitherto been quietly submitted to. [73] The Unemployed Spitalfields Weavers.

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January 1. Yesterday evening a meeting of the unemployed silk weavers of Spitalfields and Bethnal-green, was held at the Duke of York tavern, Bethnal-green-road, to receive the report of the committee appointed on the 21st December, as a general meeting held at the same place, to receive subscriptions on behalf of the above trade, for the purpose of presenting a memorial to her Majesty’s Government. Mr. Seaman, a weaver, having been elected to the chair, Mr. Hands, the secretary, reported the progress the committee had made since they had been appointed. They had gone round to their fellow-workmen, but found them unable to contribute anything towards the fund, in consequence of the distress that prevailed, and from the same cause the tradespeople, who contributed willingly, were unable to do so as liberally as they would have wished. The shopkeepers had done what they could for them, and the committee had been able to afford temporary relief to a great many of the distressed journey-

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men and their families. Among the reasons for their present condition was the reduction in the prices paid for labour, as compared with those formerly paid. The prices of provisions were now nearly, if not quite, as dear as in 1824, and yet the following statement would show an awful reduction in the remuneration for their labour:—

1,200 8 thread rich satin 1,000 5 ditto ditto 1,000 6 ditto ditto 1,000 Double basthees 1,000 Single ditto 1,000 4 thread surges 1,000 Ladies’ velvets (with an exception of about four makers, who pay 2s. 6d. for extra labour, 1,000 22 inch collar velvet 1,000 3 thread tabby 1,000 4 ditto ditto

Prices paid per yard in 1824. in 1857. 1 s. 5 1/2 d. 0 s. 8 d. 0 8 1 5 1/2 0 10 1/2 0 4 1/2 1 3 0 7 1 2 0 6 0 10 0 4 1/2 4 0 1 3

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2 0 0

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They had made great sacrifices in their labour to the free-trade competition. They were assured by the free-traders that they would have two masters running after one man; but was that the case? (Cries of “no.”) They told them they should have the big loaf for the little money—was that the case? (No, no.) From the repeal of the Corn Laws they had had bread from 1/2 d. to 1d. per loaf more than it was before, and a man’s rent was increased. Should trade revive they might then be able to get a dry crust, but that was more than they were able to obtain now, except from the hands of charity, but it was not charity they wanted; all they asked was a fair remuneration for a fair day’s labour, but at the same time they were very grateful to those charitable persons who had contributed to their temporary relief. (Hear, hear.) Mr. Hardiman (a weaver) complained of the manner in which the people had been deceived by the false representations of the free-traders, and instead of benefiting by the competition with foreigners as they were told they would, many had to work on the Sabbath to keep themselves and their families from starving. Mr. Stafford said that though the dyers were full of work, that would not benefit the silk weavers of London, for the silk was being sent out of the country to be manufactured as fast as it was dyed. Mr. Gear said that from information on which he could rely, he knew that one dyer had 8 cwt. of silk in, and that out of that 7 cwt. was being sent to Germany to be worked up. He also knew that trade was worse than it was three weeks ago. Mr. William Hands said that Mr. Soper, a wholesale manufacturer, had accused the weavers of being an improvident class of men; but he defied the

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manufacturers to examine their books, and show that the journeyman weavers averaged more than 8s. per week. The master who gave the best prices in the trade found that his workmen only earned 10s. per week. Mr. Ferdinando said a Mr. Balance, who took their case up on one occasion, investigated the matter, and found the average earnings of the weavers was only 4s. 9d. per week. Mr. Fox attributed the present panic to the measure of Sir Robert Peel of 1844, and thought now, as he thought at the time it was passed, that children yet unborn would live to curse the name of Sir R. Peel. There was a very grand event shortly to take place at the Royal Palace, and he regretted to say that the Duchess of Kent was the only one who was to be dressed in silk of English manufacture. Neither the Queen nor the Princess Royal, nor any of the Court, were to have anything but foreign dresses on that suspicious occasion, and he thought it was not right to patronise foreign trade when the natives of this country were starving. The Court dresses had all been made in Germany, and on the Continent. (Cries of “Shame”.) The reduction in the price of labour had been very great in this country, and amounted to no less than 60 per cent. One third of the working population was out of employ, another was on half work, and the other third was on half wages, and he calculated that, at least, 60,000,000l. a year was taken out of the pockets of the working people of this country by the free-trade measure of Cobden and his colleagues, to be placed in the pockets of the foreign artisan, while the English workman was left with a diminished income to bear all the burdens of the taxation of his country. (Hear, hear.) Here was the evil, and the trades must unite, and say to the Government. “Here is the cause of our misery, and you must alter it.” (Hear, hear.) Mr. Vickers, in moving the adoption of the report, said that during war time corn was 80s. per qr., but since free trade had been introduced, it had come down to 75s.; but he did not think that much gain, considering that wages had been lowered so very much, while house rent and different commodities had been increased. Mr. Fox seconded the motion, and after a few remarks from Mr. Ferdinando, the report was agreed to. Mr Duncan then rose and said that many years had elapsed since he, and other gentlemen who took an interest in the working men, met first in that room. He agreed with what had been said about the Court patronising dresses of foreign manufacture instead of the productions of this country, and he thought the report of them through the columns of the Morning Herald would be beneficial; for though the aristocracy were an exclusive class, there were many amongst them with good hearts and benevolent dispositions. He agreed with what Mr. Fox said about not making this question a local one, for if they did, Parliament would not listen to them. He was aware that distress prevailed all over the country, particularly from the Trent to the Clyde, where the sufferings were extreme. The writer of the City article in the Times had said that the people

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ought to have known that this panic was due, and that it would come, clearly showing that they looked upon it as a periodical visitation. After some further remarks, votes of thanks to Mr. Duncan, the Press, and the Chairman, were passed, and the meeting separated.

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[1. Umschlagseite]

The Book of the Commercial Crisis. January. 1858

Karl Marx · Krisenhefte

[1] I) Moneymarket. (1) Bank of England I) Moneymarket

I) Money market. 1) Bank of England. Bank o. E. Returns. 30 Dec. (’57) The returns of the Bank of England for the week ending Wednesday last, the 30th instant, show the following changes compared with that for the week preceding:— Increase in Circulation £ 9,417 Increase in Public Deposits Increase in other Deposits Increase in Government Securities Decrease in other Securities Increase in Bullion Increase in Rest Decrease in Reserve Bullion in both Departments Circulation (including Bank Post Bills)

14,806 78,847 2,048,735 788,371 701,680 16,668 1,356,770 11,454,961 20,142,975

This comparison shows the effect of the cancelling of the 2,000,000l. notes issued under the authority of the Government letter. The Government Securities have increased, and the circulation has returned to its normal condition; but the notes in reserve have undergone a large temporary diminution. The bullion continues to increase, and there is no doubt that the next return will show an aggregate of 12,000,000l. or thereabouts. The private securities are rapidly falling in, until they are now 27,299,815l. with the certainty that after the 4th they will be reduced by a further sum of more than 1,000,000l. The private deposits continue to show a large aggregate, a proof of the difficulty experienced in finding employment for capital at the present moment.

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6 Januar. (Wednesday 1858) ˙˙˙

dto

5

Decrease of Pub. Deposits: dtto

£. 206,050 (Increase) 252,952 227,094

dtto dtto dtto Increase of Reserve:

1,414,931 1,188,232 47,297 1,004,797.

10

15

20

7 Jan. Thursday v. 8 P. C. (worauf es gesezt wurde 24 Dec. ’57) Minimum Bank rate of Discount lowered to 6 P. C. the business of the Bank has of late consisted almost exclusively in receiving instead of paying. Bills, as a matter of course, were not taken to the Bank to be discounted at eight per cent., when they could be done elsewhere at six per cent. The Bank’s reserve being thus rapidly increased, and the influx of bullion continuing extraordinarily large, the Directors were enabled, on Thursday, to reduce the minimum rate of discount from eight to six per cent.

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Also:

5

Circulation: Deposits (Private): Securities: Bullion: Reserve: Public Deposits:

30 Dec. 20,142,975 15,072,971 27,299,815 11,454,961 6,064,985 7,443,613

6 January. 20,349,025 14,845,877 33,348,375 12,643,193 7,088,920 (dazu 530,268 coin) 7,190,661

[Hier folgt Tabelle S. 298.] 10

On Thursday, 14 January, Bank o. E. minimum rate of Discount reduced from 6 to 5 P. C. The rate of 6 P. C. has prevailed for one week only. 15 Jan.

15

20

25

This is one of the most remarkable returns ever issued by the Bank. The rapidity with which their resources are increasing is astonishing. During the week they have paid the entire mass of dividends, and, in addition, have paid 1,426,677l for Government securities taken from the Stock Exchange (thus replacing the stock sold by them during the recent crisis), yet their reserve has increased upwards of half a million. The explanation of this unprecedented state of things is to be found in the fact that the market really did not require the funds released by the Bank in the shape of dividends, and so left them in the institution. It will be noticed, that the decrease in the Treasury deposits is almost exactly balanced by the increase in the “other” deposits. At the same time, the “other” securities continue their steady decline. The increase in the coin and bullion is 713,914l, although the smaller class of annuitants always withdraw a good deal of coin at this period.

[2] I) Moneymarket

Bank of England

30

20 January. Bank returns. Liabilities. £. Circulation (incl. Bank 20,911,410. post bills) Public Deposits 2,813,738 Private Deposits 18,386,698 42,111,846

Assets. Securities.

£. 31,364,645

Bullion

14,435,815 45,800,460

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5

£. 20,555,608 2,986,996 19,124,733 9,191,986

23,849,662 13,357,107 7,540,675 619,702

Circulation. incl. Bank Post bills: Public Deposits Private Deposits Government Securities

Private Securities Bullion in both departments Reserve in notes: in coin

Bank Returns. 13 January.

Increase of Rest:

[Increase] [Increase]

Decrease

Increase of Circul. Decr. of Pub. Dep. Incr. of Priv. Dep.

13 January.

{ 47,413

713,914 541,189

384,727

£. 206,583 4,203,665 4,278,856

{ Government Securities Increase Private Secur. Decrease

1,811,404

1,426,677

Karl Marx · Krisenhefte

The Book of the Commercial Crisis

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Notes issued: Reserve, Notes: Gold and Silver coin: Private Securities:

£. 28,221,475 8,199,450 689,340 22,250,659.

The preceding accounts, compared with those of last week show: Increase of Circulation: £. 355,802. Decrease of Public Deposits: 173,258. Decrease of Priv. Dep. 738,035. Decr. of Securities. 1,599,003. Incr. of Bull.: 1,078,708. Inc. of Reserve: 728,413. “The delay of the directors in further reducing the rate of discount is probably chiefly dictated by the magnitude of the stock of private Securities. So long as this item remains above 20 millions, the traces of the recent convulsion cannot be said to have vanished from the Bank balance-sheet.” 27 January. Bank returns. Liabilities. £ £. Circul. (incl. Bank Post- 20,530,197 bills) Public Deposits: 3,248,893 Private Deposits: 18,175,558 41,954,648 Notes issued: Reserve: Notes: Gold and Silver Coin: Private Secur.

Assets. Securities:

£ 30,257,060

Bullion:

15,398,724 45,655,784

29,083,340 9,418,630 790,384 21,047,480.

The preceding accounts, compared with those of last week show: Decr. of Circul.: 381,213. Incr. of Pub. Dep. 435,155. Decr. of Priv. Dep. 211,140. Decr. of Secur. 1,107,585 Incr. of Bullion: 962,909. Incr. of Reserve: 1,320,224. “Large decrease in Securities. The total amount of this latter item will probably have fallen by next week to 20 mill. and less. Thus do the last vestiges of the recent crisis pass away from the balance-sheet of the Bank.” 28 January. Lowering of the minimum rate of discount from 5 to 4 P. C. The former rate has been in force at the Bank for exactly a fortnight.

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3 February. Bank returns. Liabilities £. Circul. (incl. B. P. B.) 20,945,627 ˙˙ Public Deposits: 3,651,586 Private Deposits: 17,030,175 41,627,388 Notes issued: Reserve Notes: Gold and Silver coin: Private Securities:

Assets. Secur. Bull.

£. 29,554,901 15,793,696 5

45,348,597

29,445,165 9,370,100 823,531 20,073,740

Those accounts etc show: Incr. of Circ. £. 415,430. Incr. of Pub. Dep. 402,693. Decr. of Priv. Dep. 1,145,383. Dec. of Secur. 702,159. Incr. of Bullion: 394,972. Incr. of Rest. 20,073. Decr. of Reserve. 15,383. “It might have been expected that a fresh reduction of nearly a million in Priv. Secur. would have occasioned a considerable increase in the reserve. Instead of this, the latter item presents a decrease of 15,383. The Priv. Deposits, which during several weeks have stood at an unnaturally high amount, now reduced by 1,145,383, this sum representing in all probability, withdrawals by bankers desirous of employing their money. Bank enabled to pay off so large a sum without any important diminution in the reserve. Whilst the Government balance has increased 402,693, the Bank have purchased more than a quarter of a million of Government securities. The principal movements on each side of the balance-sheet are thus almost equally balanced. The addition to the metallic stock is not so large as of late”. 4 February. Reduction of rate of interest from 4 to 3 1/2 P. C. The former rate in force for only 1 week. Directors bound to look after the interests of their proprietors. The only criticism of the Bank’s movement emanates from other dealers in money, who, for many weeks past, have had the market entirely to themselves, and who would not be sorry if this state of things continued. It is not to be expected that, whilst trade continues so dull, the applications to the Bank will be sufficiently extensive to keep up the stock of “Priv. Sec.” at its present amount.

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The Book of the Commercial Crisis. Seite [2]

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10 February. Bank returns. ˙ ˙˙˙ Liabilities. £ Circ. (incl. B. P. B.) 20,451,539 Public Dep. 4,253,493 Priv. Dep. 16,205,945 40,910,977 Notes issued Reserve. Notes: Coin: Priv. Sec.:

Assets Securities: Bullion:

£ 28,147,203 16,574,647 44,721,850

30,220,760 10,617,445 828,887 18,522,886

These accounts etc show: Decr. of Circ. 494,088. Incr. of Pub. Depos. 601,907. Decr. of Priv. Dep. 824,230; Decr. of Secur. 1,407,698 Incr. of Bull. 780,951. Incr. of Reserve. 1,252,701. “whilst bankers and others continue to draw out part of their deposits for employment in the open market, the movement is to a great extent counterbalanced by the influx of Government deposits. 11 February Reduction of the minimum rate of discount from 3 1/2 to ˙˙˙ 3 P.C, the˙lowest rate known since January, 1853. The directors are now evidently more disposed to enter into competition with the other dealers in money. 17 February. Bank returns. ˙ ˙˙˙ Liabilities. Circul. (incl. B. P. B.) 20,586,378 Pub. Dep.˙ ˙˙ 4,556,976 Priv. Dep. 15,783,238 40,926,592 Notes issued Reserve. Notes: Coin: Priv. Sec.:

Assets. Securities: Bullion:

£. 27,414,872 17,331,131 44,746,030.

31,017,675 11,313,810 788,456 17,634,873

303

Karl Marx · Krisenhefte

[3] I) Moneymarket

Bank of England 17 February. ˙ ˙ ˙ ˙ accounts etc show: The above Incr. of Circul. 134,839. Incr. of Priv. Dep. 303,483. Decr. of Priv. Dep. ˙˙˙ ˙˙ 422,707. Decr. of Sec. 732,331. Incr. of Bull. 756,484. Inc. of Reserve. 655,934 “The directors have to consider the interests of their proprietors, and these will not permit them permanently to maintain a rate which virtually repels business. The stock of Priv. Sec. in the Bank will continue to ˙ ˙ ˙time as a demand diminish, and their “reserve” to augment, until such shall spring up sufficient to counterbalance the steady influx of their resources. Such a demand, temporarily at least, might be to some extent promoted by the issue of the Indian loan, or of some great Foreign Stateloan. That it will be brought about by any revival of trade, seems at present improbable.” The following interesting table exhibits the fluctuations in the Bank of England minimum rate of discount, showing the amount of bullion at the dates of the alterations, with the London brokers’ rates of discount during each year. The respective periods of 1847 and 1857 are sufficiently marked to show the course of the panic at those particular dates:— Dates. 1845. March 13 October 16 November 6 1846. August 17 1847. January 14 January 21 April 8 August 5 September 23 October 25 (Oct. 25. Government letter issued.) November 22 (Nov. 23. Government letter withdrawn) December 2 December 23 1848. January 27 June 15 November 2

304

Bank Rate.

Bullion.

£ 2 1/2 3 3 1/2

£ 15,410,000 14,988,000 13,950,000

3

15,935,000

}

6 5

11,032,000 12,236,000

4 3 1/2 3

13,390,000 14,169,000 13,407,000

}

13,948,000 12,901,000 9,867,000 9,410,000 8,783,000 8,312,000

7

10,017,000

10

15

20

Discounts. Highest. Lowest. £ £

}

3 1/2 4 5 5 1/2 6 8

5

25

4 1/2

2 1/2

5

3 30

35 1

9 /2

4 1/2

3

3 /4

40

45

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The Book of the Commercial Crisis

5

1849. November 22 1850. December 26 1851.

16,380,000

2 3/4

2 1/4

3

15,521,000

2 3/4

2 1/4

3 1/2

2 3/4



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50

 1852. January 1 April 22 July 18 1853. January 6 January 20 June 2 September 1 September 15 September 29 1854. May 11 August 3 1855. April 5 May 3 June 14 September 6 September 13 September 27 October 4 October 18 1856. April 24 May 29 June 26 October 1 October 6 October 6 November 13 December 3 December 18 1857. April 2 June 18 July 16 October 8 October 12 October 19 November 5 November 9 (Nov. 12, Government letter issued.) Dec. 24 (Dec. 24, Government letter cancelled.)

2 1/2

2 1/2 2 2

17,557,000 19,587,000 22,232,000

}

2 1/2

1 3/4

2 1/2 3 3 1/2 4 4 1/2 5

19,765,000 19,404,000 18,254,000 16,500,000 15,862,000 15,613,000

}

5 1/2

2 3/4

5 1/2 5

12,589,000 13,299,000

}

6

4 1/2

1

15,079,000 15,619,000 18,061,000 14,217,000 13,698,000 12,939,000 12,279,000 11,230,000

}

7 1/2

3

9,723,000 11,385,000 13,074,000 11,770,000

}

7 1/2

4 1/4

12

5 3/8

4 4 3 4 4 5 5 6

/2

1

/2

1

/2

1

/2

6 5 4 1/2 5 6 beyond 60 days. 7 7 all dates. 6 1/2 6

}

6 1/2 6 5 1/2 6 7 8 9 10

8

10,784,000 9,530,000 10,411,000 10,692,000 9,987,000 10,909,000 11,592,000 10,663,000 10,110,000 9,524,000 8,498,000 7,170,000

}

10,753,000

305

Karl Marx · Krisenhefte

[5] I) Moneymarket.

2) Bullion market.

I) Moneymarket. 2) Bullion market. α) Efflux and Influx of Bullion

5

Gazette Returns 30 Dec. According to the return published in last night’s Gazette, the gold imported into this country in the week ending Wednesday last, the 30th December, amounted to the value of 381,516l., and the silver to 124l. 19s. 5d., making a total of 505,711l. The gold exported amounted to only 19,372l., and the silver to 16,076l., making a total of 35,448l.

10

Week ending 1 January. The imports of the precious metals this week have been very large, comprising 450,000l from Melbourne, 224,000l, chiefly in silver, from the West Indies and Mexico, 200,000l from the United States, 50,000l in silver from the Continent, and some moderate sums from Russia and the Levant. From both these latter quarters further remittances of gold are coming forward. The exports of the precious metals this week have been altogether unimportant. The Colombo, on the 4th January, however, will take for the East 235,414l in specie and bullion, including 25,000l in dollars shipped by the Government for Hongkong. Of the total, 6,177l is gold, and the rest silver. It is not improbable that the remittances to the East may revive to some extent, as the money market becomes easier here.

15

20

Gazette Returns of Jan. 6. According to the official account of the imports and exports of specie in the week ending the 6th instant, published in the Gazette of last night, the value of the gold imported amounted to 1,343,768l., and of the silver to 223,367l., making a total of 1,567,135l. The gold exported amounted in value to 19,883l., and the silver to 294,323l., making a total of 314,206l. The imports, therefore, exceeded the exports by 1,252,929l., being only 64,697l. more than was taken by the Bank of England.

25

30

Week ending January 8 (Friday) The imports of the precious metals this week have again been large, comprising 467,000l from New York; 15,000l from Sydney; 47,000l from Alexandria; 11,000l from the Levant; and some considerable sums from Russia. The exports have been altogether unimportant.

Gazette returns of Jan. 14. From the official account of the imports and exports of specie registered in the week ending on Wednesday last, published in the Gazette of this evening, it

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appears that the value of the gold imported was 466,626l., and that of silver 100,698l., making a total of 567,324l. The export of gold during the week amounted in value to 80,414l.,

5

10

Week ending January 15, Friday. The imports comprise this week 214,000l. from New York, 200,000l. in Australian gold received from Egypt, 20,000l. from the Levant, 14,000l. from the Peninsula, 70,000l. in silver from the Continent. Large quantity of gold also from Russia. The only shipment (export) of importance: 60,000l. for the Brazils. Statement—published by Messrs Haggard and Pixley—of the export of bullion from London to the undermentioned countries, during the six months ending 31st December, 1857:— 1857.

Gold.

Silver.

Total.

£ 5,972,700

£ 6,140,600

Total Corresponding Period last Year. £ 5,027,000

2,347,700 2,700

2,363,400 169,000

2,808,200 12,500

15

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25

30

35

£ a India, including 167,900 Ceylon b China and the Straits 15,700 Cape of Good Hope 166,300 and Mauritius Australia, Tasmania, ... and New Zealand United States 1,566,300 Hamburg, Belgium, 539,700 and Rotterdam c France, via Boulogne, 2,542,500 Calais, and Dunkirk 72,200 Peninsula and Mediterranean, with Constantinople West Indies 442,200 Brazils 262,000 Africa ... Total 5,774,800

...

...

...

Total Exports 1856.

Total Exports 1857.

£ 9,045,010

£ 11,780,510

3,976,700 34,500

5,529,580 431,500

...

...

... 972,700

1,566,300 1,512,400

... 2,711,600

... 3,179,470

1,566,300 1,923,900

45,300

2,587,800

249,100

253,590

4,572,800

376,700

448,900

171,100

549,790

852,200

42,200 20,700 15,700 9,796,400

484,400 282,700 15,700 15,571,200

161,600 171,100 5,000 11,317,200

273,300 483,930 10,650 17,806,940

917,900 862,300 40,600 28,477,590

Bis zum January 20 gold purchased by the Bank to 260,000l. St.

40

Since the week beginning Jan. 15 and ending Jan. 22, imports of precious ˙ St; 156,000l., chiefly gold, from the Westindies; Metals: 440,000 from˙ ˙ ˙U. 140,000 from the Brazils; 14,000 from the Levant; 13,000 from Alexandria; upwards of 100,000l. from Russia. Principal shipment, nearly all silver, for the East: 370,101l.

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Karl Marx · Krisenhefte

[7] I) Moneymarket.

2) Bullion market.

I) Money market. 2) Bullion market. β) Price and Movement of Silver.

5

A heavy demand for silver has sprung up on Indian account, and there have been additional purchases for transmission to Hamburg. The price, however, for bars remains at 5s. 13/8 d. to 5s. 11/2 d. per ounce, standard. Mexican dollars are 5s. 05/8 d. per ounce, and five franc pieces 4s. 115/8 d.

10

1 Jan.

2 January. The remittances of silver to the East are expected to increase; but the amount

which will leave Southampton on Monday for India and China is comparatively small. It is only 237,954l. Except 2,277l. in gold, the whole is in silver, of which 128,785l. are for Bombay, 51,160l. for Calcutta, and 44,291l. for Hong Kong.

Jan. 2.

15 3

The present price of bar silver is 5s. 1 /8 d. per ounce. Jan. 2.

8 Jan. There is a moderate demand for bar silver for exportation to the East, at 5s 11/2 d to 15/8 d per oz. standard; but the shipments by the packet of the 20th inst. are expected to be limited

15 January:

Mexican Dollars per oz. Bar Silver (Standard)

20

s. d. 5 01/4 5 11/2.

15 January. A supply of bar-silver, recently received from the Westindies, sold on Jan. 13 at 611/2 d. p. oz. standard, being 1/8 d below the price realised for the previous supply. This is also the quotation now current. The Mexican dollars were placed at 601/4 d., showing a reduction of 1 /4 d., but transactions have since taken place in this coin at 601/2 d., and even higher. There is still some demand for silver for Hamburg, and a fair demand for the East, whither fully 300 000l. is expected to be taken by the packet of the 20th inst.

25

30

14 Jan. About 10,000l. in silver arrived from Boulogne yesterday by the steamer Albion.

22 January. Owing to some revival of the demand of silver for the Continent, the price of the metal is firm, at 615/8 d. to 3/4 d. p. ounce standard.

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[9] I) Moneymarket.

2) Bullion market.

I) Moneymarket. 2) Bullion market. γ) Foreign Exchanges.

5

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Amsterdam dtto Rotterdam ˙˙ Antwerp. Brussels Hamburg Paris dto Marseil. Frankfurt a/M Vienna Trieste Petersburg Madrid˙ ˙ ˙ Cadiz Leghorn Genua Naples Palermo Messina Lisbon Oporto Rio Janeiro New Yo˙r˙k˙ ˙ ˙˙˙

[Amsterdam] [dtto] [Rotterdam] ˙˙ [Antwerp.] [Brussels] [Hamburg] 40 [Paris] [dto] [Marseil.] 35

short 3 ms 3 ms 3 ms 3 ms 3 ms short 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 3 ms 60 days 60 ds

[short] [3 ms] [3 ms] [3 ms] [3 ms] [3 ms] [short] [3 ms] [3 ms]

Tuesday 29 Dec. 11.151/2 12.161/2 12.01/4 12.03/4 12.01/4 12.03/4 25.55 25.621/2 25.55 25.621/2 13.73/4 13.81/4 25.20 25.30 25.65 25.70 25.671/2 25.75 1201/2 1203/4 10.44 10.48 10.45 10.50 33 34 471/4 473/4 3 47 /4 481/4 30.35 30.55 25.95 26.5 401/2 403/4 122 123 1221/2 1231/2 51 511/4 521/8 523/8

Friday. 1 Jan. 11.151/2 11.161/4 11.193/4 12.01/2 11.193/4 12.01/2 25.50 25.571/2 25.50 25.571/2 13.71/4 13.73/4 25.20 25.30 25.60 25.671/2 25.621/2 25.671/2 1203/8 1205/8 10.43 10.47 10.44 10.48 335/8 341/4 1 47 /2 48 473/4 481/4 30.25 30.35 25.90 26 405/8 407/8 122 123 1221/2 1231/2 511/8 511/4 521/8 523/8

Tuesday. 5 Jan. 11.151/2 12.16 11.191/4 11.193/4 11.191/4 11.193/4 25.45 25.55 25.45 25.55 13.7 13.71/2 25.20 25.25 25.55 25.621/2 25.571/2 25.65 119. 3/4 1201/8 10.42 10.46 10.43 10.47 341/8 343/8 48 481/2 1 48 /2 49 30.20 30.35 25.90 26.0 403/4 41 122 123 1221/2 1231/2 511/8 511/4 521/8 521/2

Friday. 8 Jan. 11.141/2 11.151/2 11.181/2 11.19 11.183/4 11.191/4 25.40 25.50 25.40 25.50 13.6 13.61/2 25.171/2 25.25 25.521/2 25.571/2 25.55 25.60 1193/8 120 10.39 10.45 10.40 10.45 34 341/2 1 48 /4 483/4 3 48 /4 49 30.15 30.30 25.80 25.85 403/4 41 122 1221/2 1221/2 123 511/4 511/2 521/4 523/8

Tuesday. 12 Jan. 11.15 12.16 11.181/2 11.19 11.181/2 11.19 25.40 25.50 25.40 25.50 13.53/4 13.6 25.20 25.25 25.55 25.60 25.55 25.60

Friday. 15 Jan. 11.14 11.15 11.18 11.181/2 11.18 11.181/2 25.40 25.45 25.40 25.45 13.51/4 13.53/4 25.15 25.25 25.521/2 25.571/2 25.521/2 25.60

Tuesday. 19 Jan. 11.141/2 12.151/2 11.173/8 11.181/4 11.173/8 11.181/4 25.40 25.45 25.40 25.45 13.5 13.51/2 25.15 25.25 25.50 25.571/2 25.521/2 25.571/2

Friday. 22 Jan. 11.14 11.15 11.171/4 11.18 11.171/4 11.18 25.35 25.421/2 25.35 25.421/2 13.53/4 13.61/4 25.121/2 25.25 25.50 25.55 25.521/2 25.571/2

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Karl Marx · Krisenhefte [Frankfurt a/M] [Vienna] [Trieste] [Petersburg] ˙˙ [Madrid] ˙ [Cadiz] [Leghorn] [Genua] [Naples] [Palermo] [Messina] [Lisbon] [Oporto]

[3 ms] [3 ms] [3 ms] [3 ms] [3 ms] [3 ms] [3 ms] [3 ms] [3 ms] [3 ms] [3 ms] [3 ms] [3 ms]

1193/8 10.36 10.38 341/4 473/4 481/2 30.20 25.80 407/8 122 1221/2 511/4 521/4

120 10.40 10.42 343/4 481/4 49 30.30 25.85 411/8 1221/2 123 511/2 523/8

1183/4 10.36 10.37 341/8 473/4 483/4 30.15 25.721/2 41 1221/4 1221/2 511/4 521/4

1191/2 10.40 10.42 343/4 481/2 491/4 30.30 25.771/2 411/4 1223/4 123 511/2 521/2

1183/4 10.37 10.39 341/4 481/4 49 30.15 25.721/2 407/8 1221/4 1221/2 511/4 521/4

119 10.40 10.42 341/2 481/2 491/4 30.25 25.75 411/4 1223/4 123 515/8 521/2

1183/4 10.36 10.38 341/4 481/4 49 30 25.70 41 1221/4 1221/2 511/2 521/4

119 10.38 10.40 341/2 483/4 493/4 30.15 25.75 411/4 1223/4 123 515/8 521/2

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[10] Foreign Exchanges.

1 January. The foreign exchanges retain a drooping tendency. The rates for bills in most of the leading continental cities are quoted rather lower. A decline must be expected as the money market becomes easier. The Consols Market has been deranged a little by the failure of a large speculator. It has been affected also by the belief that the rapid increase of gold in the Bank would induce the directors to make an immediate further reduction in the rate of discount. They, however, came to no such determination on Thursday. They are still overloaded with bills, and till the amount of accommodation is reduced to something like the ordinary limits they must be indisposed to attract business. The rash speculators on a grand scale have not all been brought down. The depreciation in cotton and corn has not yet produced the anticipated mischief. The conviction, therefore, is general, that we have not come to the end of the crisis yet. The relief afforded by the Government letter has lengthened the time of trial. It is not till the immense mass of bills afloat have come to maturity that we can expect to settle down into a state of quietude. The accounts from the United States are cheering, but the markets there are glutted with English goods, and every day brings forth an instance of goods that were sent away in the spring being brought back for peremptory sale. As prices are depressed here by these operations, there will be an increasing disposition to sacrifice goods by forced sales on the other side of the Atlantic, and then the low prices established there will prevent further exportation from this side. The stock of cotton in first hands in the United States exceeds all former occasions and it must be realised in Europe. The Americans continue to supply us with sugar. In the race for monopolising the crops of this article the Yankees actually bargained, in some

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instances in Cuba, for the crops of the year 1859! With respect to the English import this year, it is larger than either that of 1856 or 1855, and with an overloaded market at the beginning of the year, we hear of large crops in all the sugar producing countries. The article must, therefore, remain at a low level for some months hence. As in the instance of the crop of cotton we shall continue to hear, from time to time, of the large stocks in the hands of the growers, and abstain from buying stocks. The Joint-Stock Banks have generally reduced their allowance of interest on deposits to 6 per cent., and it must go down still lower when the Bank of England reduces its rate to 6 per cent., which may happen next week. This may lead to a withdrawal of deposits to some extent, which capital will find its way into the Consols market. With Consols giving 3 per cent., and Joint-Stock Banks 9 per cent., flesh and blood could not resist the temptation to make a change in the investment; but when the rates obtainable by either investment approach nearer, the smaller difference may not be thought to compensate the risk of employing cash in discounting merchants’ bills, for the merchants of our day seem to be all rabid speculators. The Bank of France has again reduced its rate of discount, which is now only 5 per cent., and a reduction is going on all over the Continent; but greater circumspection will now be used in making advances. There will be more inquiry about the origin of bills and for collateral security. We must not expect too much from the easier state of the money market. The official weekly return gives the amount of gold imported at £ 381,516, and exported £ 19,372. The value of the silver imported is £ 124,195, and of that exported £ 16,076. The increase in the stock of bullion at the Bank of England in the same period is £ 700,000, making up a respectable amount of £ 11,454,961. We regret to see that the amount of bills discounted does not diminish more rapidly. The decrease this week is only £ 700,000, but it is expected that a large amount will run off to-morrow. The export of goods to India has been nearly suspended for six months past, and therefore the East India Bills drawn to pay for goods exported must be necessarily very small. The mass of bills which choke the banks may be regarded as having their origin in speculations in corn, sugar, wool, tallow, silk and cotton, and as each of these articles is ruinously low for the holders, they forbear to sell and pay off their bills, but resort to all sorts of tricks and sacrifices to renew them. The reserve of notes at the Bank has increased £ 600,000, if we take into account the extinction of the £ 2,000,000 in notes, recently issued in excess. The reserve is now given at £ 6,064,985. The public deposits, out of which the dividends will be paid next week, have increased only by £ 15,000. The Revenue account for the year had indeed prepared us for this, by stating that deficiency bills to the extent of £ 1,211,623, would be created and lodged as security at the Bank, for a loan of that extent, to meet the dividends and other immediate charges. Unpromising as the Revenue return really is, it has not produced the least depression in the Money Market, and Consols are tolerably firm at 941/4. + (Dieß gehört auf die andre Seite.)

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Friday 8 January. Foreign Exchanges. continue to decline. At present we retain the whole of the gold imported, but, as the money market becomes easier, the exchanges may be expected gradually to decline to a point at which a portion of the in-coming gold will be transmitted to the Continent. The process requires the greater time, however, because the value of money is also falling on the Continent. Bills on Holland, Belgium, France, Hamburg, and Austria, are all quoted sensibly lower this week.

Friday. 15 Jan. The foreign Exchanges continue to decline, but are still above the point at which gold can be transmitted to the Continent. The rates for bills on Holland, Belgium, France, Hamburg, Austria are all somewhat lower than on Friday last. (Econ.) It is announced that the usance of bills in the India and China trade, reduced after the crisis of ’47 from 10 to 6 months, is to be further limited from 6 to 4 months, to check the operations of merely speculative adventurers. (l. c.)

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Friday. 22 Jan. On Tuesday the foreign exchanges again lower, the decline extending to bills on Holland, Belgium, Frankfurt, and long paper on Paris. The rates have not yet declined to the point at which a portion of the gold imported will flow out again; but, as the money market becomes easy, this point will be gradually reached.

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[11] I) Moneymarket.

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3) Loan market.

I) Moneymarket. 3) Loan market. Woche endend 1 January. Geld sucht eifrig nach employment. The principal dealers in money are eager to take good bills at 7 P. C. and even less. Indeed the Jointstockbanks find it so difficult to employ the funds lodged with them, that in numerous cases they have been compelled to refuse fresh deposits. London u. Westminster, u. London u. County, have notified that from 1st January they will allow only 5 P. C. to fresh deposits. Union Bank of London announces fixed scale of rates for discounts from Jan. 1, nämlich (f. deposits subject to 7 days’ notice of withdrawal): + wenn B. o. E. rate of Discount nicht über 6 P. C., 1 P. C. weniger als die B. o. E.; When it ˙˙ C. When it shall shall exceed 6 P. C. u. nicht exceed 7 P. C., at 51/2 P. exceed 7 aber nicht 8 P. C: 6 P. C. + (Sieh die andre Seite) ˙˙ 312

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Saturday Evening. The demand for money has been somewhat brisker to-day in connection with the heavy amount of bills at maturity on Monday, and the applications at the Bank have consequently been more numerous; but after all the inquiry is upon a very moderate scale. The supplies are far in excess of the demand, and a good deal of capital is lying idle. Rates average about 7 per cent. to-day. Long dated paper is readily discounted at these terms. The discount market continues extremely buoyant and it is impossible to find Jan. 5. employment for money. Good bills are currently discounted from 61/2 down to 53/4 per cent. In exceptional cases transactions took place even below the latter figure, it being generally believed that the Bank rate must soon be reduced to five per cent. At the Bank of England, to-day, the demand was light; the current business being diverted elsewhere by their high charges. The East India Company will probably require to raise six or eight millions this year, instead of the former usual sum of about four millions. Whatever course may be adopted, the public may be glad to learn that ministers do not intend to procure it by granting an imperial guarantee. Whether the loan be granted in London or Calcutta, it will be on the security alone of the revenues of India, just as in the case of the Indian railways. The true plan is to raise the money in India, but it is believed the demand is intended to be made in London, on the ground of the existing confusion in India. The Times protests at the outset against such a measure being adopted, on any other condition than that it shall be considered entirely exceptional. London, Wednesday Evening. It is said that the yearly balance just struck by the Bank of England shows a remarkable year of prosperity beyond any precedent; the profits having been unusually large, with very inconsiderable losses. This is a very satisfactory matter for the proprietors, but is, at the same time, of public interest. It evinces that mercantile credit, as we have repeatedly expressed it, has been better than has been supposed. That the losses of the past year, and the difficulties to which the late pressure gave rise, have not seriously impaired trade, may be gathered from the early resumption of business manifested in so many directions. In the manufacturing districts, the mills are resuming full time, and the markets are looking better. In the metropolis, the markets for produce evince a decided rally; and business generally is conducted with more freedom of action, whilst the tone of feeling is decidedly better. There is no longer any dread, either of the present or the future. This favourable change will increase weekly, and a resumption of business in its ordinary character appears less distant than recently was looked for.

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Woche endend 8 January The former rate has been in force at the Bank for exactly one fortnight, having been so fixed on the 24th December. The rates current in Lombard street and other quarters, however, are still greatly below those of the Bank of England. Good bills are readily discounted at 5 to 51/4 per cent., with occasional transactions in really choice paper at 43/4 per cent. In fact, the whole tendency of the market is against the holder of money, who is obliged in nearly every case to make concessions, if his customer is obdurate. The competition amongst the various monied establishments for good bills is unusually keen, in proportion to the comparative scarcity of this class of paper. The contrast between the present condition of the money market and that witnessed two months ago, is indeed most striking. Then, the holder of money occupied a position of extraordinary advantage, and was enabled to exact almost any terms he pleased. Now, it is the holder of bills who holds the attitude of independence, and who is eagerly canvassed for custom by banks and discounters labouring under a plethora of resources. So strange and sudden are the variations in supply and demand!

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Jan. 5. At the present rates for interest allowed for deposits on call and short notice the

joint-stock banks are still obtaining an immense aggregation of capital, which they are very willing to liberate on the reduced terms already mentioned. Recent events have rendered all private banks and corporations engaged in bill operations extremely cautious with regard to the paper they take in, for although the crisis is passed, and it is thought the failures have ceased for the present, still it is impossible to tell the extent to which the firms which have stood their ground have been affected. It is said, and the estimate is no doubt correct, that the failures have represented £ 50,000,000, and the question yet to be solved is, who are the holders of the bills of these suspended establishments? There can be no doubt that the banks, discount firms, the discount companies, and private houses must all hold a considerable proportion; and although no doubt whatever can be felt in respect to the various companies, still, as far as individuals are concerned, there is yet some cause for anxiety and suspicion relative to paper offered for negotiation.

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Jan. 7. The discount houses have reduced their rates of allowance for money at call

Jan. 8

from 61/2 to 41/2 per cent. The London and Westminster bank have fixed 4 per cent for all sums of £ 500 and upwards, and 3 per cent for smaller amounts. The London Joint-stock Bank have also fixed 4 per cent. The same is the case with the London and County Bank, as regards all fresh deposits. The Union, Commercial, City, and Bank of London, all allow 5 per cent.

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Friday Evening. The reduction in the rate of discount yesterday has not had the effect of stimulating the demand for money. The supply far exceeds the demand; and it has already been largely increased by the payment of the dividends which commenced this morning. Lower rates therefore are expected, and as there is

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comparatively little requirement of capital for commercial purposes, borrowers are standing aloof as much as possible, in the expectation of a further reduction in the course of the next fortnight. Meanwhile there is a natural anxiety on the part of capitalists to get out their money on the best conditions, so much so that in some exceptional cases no more than 41/2 and 43/4 per cent. have been charged. The ordinary rates in the open market are from 1/2 to 3/4 per cent. below the Bank minimum. Messrs. Overend, Gurney, and Co. allow 41/2 per cent for money, whether on call or at seven days’ notice.

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Jan. 15 the general position of the Bank, coupled with the appearance of the bullion movement, of the money market “out of doors,” and of the foreign markets, warrants the belief that the Bank of England rate will be lowered ere long to 4 per cent. Scarcely at any former period of the Bank’s existence has so rapid an accumulation of resources taken place. The fact is that, for several weeks in succession, the Bank has had very little discount business, owing to the state of the general market. The excessively large hoards of money which were accumulated during the recent pressure are now released, whilst at the same time the amount of mercantile bills afloat has largely diminished, and the stream of bullion which had been attracted from many foreign quarters has continued. For weeks past the rate of discount in Lombard street and elsewhere has been at least one per cent. below the Bank minimum, and now that the Bank charge is reduced to 5 per cent., the same important feature is still presented. The current rate for good bills is now 31/2 to 4 per cent., according to the quality of the paper. The supply of money in all quarters is superabundant, and large sums are daily refused by the banks and discount establishments from the absolute impossibility of finding employment for them. In fact, the various monied establishments are now compelled to cast about in various new channels, in order to avoid the loss which would be incurred through keeping an aggregate of some millions of deposits lying idle.

[12] I) Moneymarket.

Loanmarket. 9 January 35

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The Three per Cents. are 1/2 per cent. higher this week. The public have been buying freely; but the improvement is chiefly to be ascribed to the struggles between the Bulls and the Bears to alter the price to suit their books. The fluctuations have been wide and incessant, and the real state of the market will not be ascertained till the end of the week. At present, the Bulls have the victory, and quotations are tossed up. The influx of gold has become so great, that although the bills under discount do not run off satisfactorily, the supply of gold

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is so large that the Directors of the Bank of England have lowered their minimum rate of discount to 6 per cent. They do not intend to increase their accommodation, nor are they insensible to the existence of much commercial discredit. The mass of bills called into existence by the sheer speculators is enormous, and the banks generally must be anxious to get rid of them as being perilous in the extreme. The concoctors are speculators who have not been brought down by the crisis, because the banks have enabled them to stand, but who have sustained immense losses. As the rate of interest falls, the depositors will draw their money from the banks, and the banks must contract their accommodation in time that they may meet the coming calls for the repayment of deposits. The Bank of England is slowly but steadily contracting their loans, but the other banks must, from the millions of money they hold on deposit, turn the screw with greater rapidity. Circumstances will now, from month to month, bring the mismanagement of directors into general notice and discussion, and the banks must prepare in time for diminished confidence. There has been much conversation this week on the probability of a loan of £ 6,000,000 for the East India Company, and the effect the remission of large sums of silver to India may have in again deranging the exchanges of Europe and producing a tightness in the Money Market. The telegram from India excited a great deal of interest on Thursday, and it was deemed good upon the whole, as there is no bad news from the parts of India that had newly shown signs of mischief.

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14 Jan. A fresh reduction has taken place in the rates allowed for deposits. All the joint

stock banks now allow only 3 per cent. for new deposits. The rate offered by the discount houses is 31/2 per cent. Many persons of moderate capital have of late been enabled to make a good addition to their income, by placing money on deposit at the high rates offered. Now that the terms obtainable are so greatly reduced, many of the depositors will probably invest in securities yielding a larger return.

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16 Jan. The principal subject of conversation in the City circles, appears now to be, the

coming half-yearly meetings of the Joint-stock Banks; and how they are prepared to meet the effect, upon the depositors, of the reduction of interest. The London and Westminster Bank takes the lead of the rest by making the earliest and the greatest reduction. It allows only 3 per cent. on deposits above and 2 per cent. on those under £ 500. A satisfactory reason may be given for allowing only 2 per cent. on deposits. The Bank of England is about further to reduce the rate of discount from 5 to 4 per cent.; and all the Banks will then lower their rates to 3 per cent. The Directors of a bank may fairly say “We will make advances out of our deposits only on first-rate bills. We will run no risk for the future in these transactions, and we must, therefore, be content with a low rate of interest. We must keep below the Bank, or we shall not employ the capital we are paying depositors for the use of; and we must keep a wide margin between our rate to our depositors and that obtained from our customers, or we shall only clear our immense annual working expenses, and add nothing to the profits for our share-

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holders.” It admits of no doubt that the several rates, from 4 per cent. to 9 per cent., represent the gradations from perfect security to considerable risk in the discounting of bills. But the depositors may, or may not, be content with the security of the banks when Consols offer the same rate of interest, and, in some cases, a greater. There are circumstances in which a man having £ 400 in his hands for a few days may carry it to the Westminster Bank to get 2 per cent., because he will not risk the threatening fluctuations in the Consol Market; but the large savings bank depositors and small fundholders who have been lured to make deposits to obtain 8 or 9 per cent. will not put up with 2 per cent., and will certainly withdraw. We presume the Westminster Bank is quite prepared to repay all such small deposits. The daily exposures of the mass of accommodation bills afloat, and of the liability of joint-stock banks to be mismanaged, will possibly operate to some extent on the minds of depositors, whose allowance will in a few days be reduced to 3 per cent. The coming meetings of shareholders, and the accounts that will be exhibited to them are therefore full of interest, and there will probably now be an abstinence from business till these meetings are over. The shares in the various banks keep up, for even trembling shareholders know that their liability continues for three years after they have sold their shares, and they therefore do not press sales in a heavy market.

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Money at the reduced rate has been in very ample supply, but the demand has 19 Jan. been rather more active. It is stated that the enquiry must shortly assume a good deal of animation, not because the commercial demand for capital is likely to be much brisker, but because in the late crisis a vast amount of bills were renewed until the 4th of February.

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The Bank of England have not made any further reduction in their rates of 22 Jan. discount this week, but the tendency of the money market continues as strongly pronounced as ever. There is an absolute plethora of money in the open market. The supply of bills is far below the requirements of discounters, who compete with each other most keenly. The consequence is that, although the current rates for good bills may still be quoted at 31/4 to 33/4 per cent., transactions take place in paper with unexceptionable names as low as 3 per cent. As a matter of course, the Bank of England are at present virtually out of the market. The “Discount Office” at that establishment, lately so thronged, is almost deserted, for houses whose bills are eagerly sought after by discounters at 4 per cent. and less, are hardly likely to pay 5 per cent. at the Bank. We have scarcely ever witnessed so much eagerness for business on the part of the joint stock banks and discount establishments. The fact is, all these establishments hold unusually large amounts of unemployed deposits, for which they are paying 3, and, in some cases, 31/2 per cent. interest, and which they must find some employment for, in order to avoid loss. We know of numerous instances in which fresh deposits have been altogether refused; for, although these establishments have a fixed rate of allowance for deposits, they are not disposed to take in fresh sums, if they see no means of temporarily investing them. It is an interesting feature of

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the day that, in the dearth of good mercantile bills, the banks and other large holders of money are becoming much more willing lenders on stocks and shares. Considerable amounts of various descriptions of securities, including English Government stock, Turkish Guaranteed Four per Cents, and Indian and British railway shares, have of late “gone into pledge.” This movement is calculated to give a great stimulus to speculation in the Stock Exchange, where money is thus rendered unusually plentiful. Owing partly to the important investments of bankers, and partly to loans of money upon stock, the current rate in that establishment has been only 2 to 21/2 per cent., on deposit of Government securities; and, recently, brokers who have instructions to employ large sums in this channel, have found themselves quite unable to execute their orders, in the absence of any corresponding demand. In the railway share department of the Stock Exchange, a somewhat more extended field may perhaps be presented

for the employment of money in loans, and the result will ultimately be the accumulation of a very large amount of railway stock in the hands of bankers and moneylenders in London, in the provinces, and in Scotland. And there the stock will probably lie until the legitimate commercial demand for money shall revive. And yet, the dulness of trade is universal, nor can any speedy rally be reasonably expected. The commercial collapse and monetary stringency reported by the last packet from the Brazils, furnishes an illustration of the wide-spread disturbance to which trade has been subjected by the recent convulsion. The reply to the European pressure must be received from all the other distant markets before trade here will be replaced upon a basis of confidence. (Econ.) New Jointstock companies projects may now be looked for by the dozen. This week the Bahia and San Francisco Railway Co issued its prospectus, with a capital of 1,800,000, bearing a guarantee of 5 P. C. from the Brazilian Government; additional 2 P. C. from the Provincial ˙˙ ˙ ˙ Government of Bahia. Rothschild undertaker. The shares quoted this afternoon 7/8 prem. So great the rush to obtain them, that Rothschild this ˙ ˙ ˙˙ ˙ evening announced no more applications might be sent in. This afternoon the “Cape (of Good Hope, Eastern Province) Railway Corp., Limited ”, was launched on the market. Proposed capital 600,000l., in 20 shares, with a deposit of only 2 shill.

[13] Continuatio

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important aid to the speculators for the rise in the various markets, who have now a great monetary support at their back. Of course, the stock markets, intrinsically, are no longer so sound now that considerable masses of stock are being pledged with the banks and other establishments, but this consideration exercises no influence whatever at the moment. The immediate effect upon the stock market is the same whether the stock be withdrawn to pass into the name of a money lender, or into that of a bona fide investor. In each case the stock is, for the time, gone, and money is poured into the Stock Exchange.

A feature of the Stockexchange the extraordinary rise in Exchequerbills, which closed this evening at 21sh to 25sh. premium. Will probably continue in active request, owing to the difficulty of the bankers in employing their large surplus funds. India Bonds have risen to 5–15sh. premium. Exchequerbills are also in request, at a considerable advance. 15 Jan. There is at length a check to the upward movement in the fund, after an uninterrupted rise of nearly 5 P. C. After the animation imparted by the enormous withdrawals of Government Stock on banking account, the market has this week been quieter. The investments of bankers, however, have not yet ceased. For instance, upwards of 200,000l stock was purchased today, chiefly for one of the Scotch banks. On the other hand, there were to-day a number of bona fide sales of stock, as usual on the re-opening of the transfer books for Consols—an event which took place this day. The news from India, and the intelligence received to-day, of the atrocious and almost successful attempt upon the life of the French Emperor, have tended to give a check to the market. The impression that the Indian Government will ere long be compelled to raise money in this market, operates in the same direction. Upon the whole, however, the appearance of the funds is satisfactory, great support being derived and expected from the rapid fall in the value of money. The Funds have rather declined to-day upon sales principally of a speculative Saturday character. Some buoyancy was manifested at the opening, on account of the 9 Jan. favourable nature of the Bank return, and large purchases of stock were made, among others, by the Bank broker; but the failures which were announced, followed as they were by speculative sales, not only arrested the tendency to improvement, but caused a decline. In the Share market exactly similar tendencies were disclosed, and generally the business of the day was such as manifested a little timidity on the part of holders of stock. English securities were steady at one price nearly all day. It was only after Monday regular hours that Consols receded 1/8 upon the receipt of the telegram from the 11 Jan. India House, in which it was announced that postal communication between Bombay and Calcutta had been cut off, and that it had been found necessary to disarm four regiments of Holkar’s force. Foreign markets without anima-

tion.

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Tuesday. 12 Jan. The Funds have been weaker to-day, owing in some measure to sales on the part of operators to close speculative accounts. Although rather more business was done in Foreign securities, the market was flat.

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Wednesd. 13 Jan. The Market for the English Funds to-day exhibited little variation of importance. Business was extremely quiet, and there is little doubt will continue so until after the meeting of Parliament. One feature in the market, however, was the smaller supply of money stock, and quotations were rather firmer. The expectation of a further reduction in the minimum rate of discount by the Bank of England at their weekly meeting to-morrow (this day), together with the increased supplies of the precious metals, gave increased buoyancy to prices. Later in the day several large purchases were effected; and at the official close of business there was an advance of about 1/8 per cent. After official hours the buoyant feeling still prevailed, and the latest quotations showed an improvement of nearly 3/8 per cent.

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Thursday. 14 Jan. The reduction in the rate of discount had been anticipated, consequently it had no effect upon the value of public securities. The market, however, was very good, and so remained until the afternoon, when rumours began to prevail of a rising among the Affghans and of disturbances in the Punjaub. These led to a slight reaction and ultimately the market was sensibly weakened. Inquiries at the India House elicited a reply that no such information had been received there; but still there was a disposition to believe that such reports could not have arisen without some foundation.

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A good demand prevailed for Foreign securities in the early part of the day, and for the time higher prices were realised; but a re-action subsequently took place, and eventually quotations left off much the same as yesterday.

Friday. 15 Jan.

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The intelligence of the attempted assassination of the Emperor and Empress of the French created great sensation this morning, and much concern was manifested for their safety. Neither the Funds nor French railway securities were materially affected by the event, though the latter were rather sensitive. Had the atrocious deed unhappily proved successful it is difficult to say what might have been the consequences upon the market in its present state of transition. Later in the day a telegram was published from the East India House giving news from Bombay only, and as this fact implied that communications with Calcutta are still interrupted, it caused some degree of depression.

35

Friday 22 Jan. Engl. funds this week fresh rise of 5/8 P. C. Market is strongly supported by the investments of the bankers overloaded with

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money, and unable to employ it in commercial channels. Yesterday alone about 300,000l. stock absorbed on banking account. The restraint exercised upon the market by the fear of an Indian Loan passing away. The latest quotation of Consols this evening 951/2 “sellers” for 4th of February.

[14] Public Funds. [15] I) Moneymarket.

4) Failures.

I) Moneymarket. 10

4) Failures.

15

The Gazette of this date brings amongst other bankruptcies: Roach (London) mining agent; Scott (Shrewsbury), coaldealer; Burford and J. Thompson, Bilston, Staffordshire, ironmasters; W. Quayle, Liver˙˙ ˙ pool, shipbroker; Monies, Liverpool, merchant and rice-millers; Beckman, North Shields, shipchandler and provision-merchant. Dyer, Cardiff, Glamorganshire, shipchandler; Taylor et Co, Barnsley, Yorkshire, linen manufacturers. Ronalds and Co, Paisley, shawlmanufacturers; Oughterson, Greenock, iron merchant; Blair et Co, Glasgow, hot pressers. P. M’Laren, Glasgow, shipcarpenter.

20

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1 January.

Failures in Glasgow.—The suspension of Messrs. J. and W. Wallace, sewed muslin manufacturers, was officially announced on Thursday. The liabilities are said to amount to 250,000l. As this bankruptcy has been looked for for a considerable time, its occurrence did not create any excitement. Another house, the name of which has been mentioned in connection with recent Bankruptcy Court proceedings, is also reported as down. Liabilities estimated at 80,000l.—Glasgow Herald. The failure was announced this afternoon of Messrs. Richard H. Whitfield and 4) January. Co., West India and general commission merchants. Their liabilities are stated at London. about 45,000l., and the assets are principally in Antigua and Demerara.

30

A small failure was announced upon the Stock Exchange. The party had been a 5 Jan. Lond. bear of stock.

6 January.

35

Dundee.—On Wednesday, it was announced that Provost Ewan had suspended payment, with liabilities variously stated at from £ 50,000 to £ 70,000. A settlement on a composition of 13s. 4d. a pound was at first spoken of, but a much

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less amount is now named. We believe, however, that no specific offer has yet been made. The bulk of the losses fall on Dundee. The Guide understands that only about £ 1,500 will fall on Arbroath houses. Mr. Peter Watson, jute spinner, Craigie Mill, Dundee, suspended payment on Monday, with liabilities amounting to £ 8,000, and the probable dividend expected is 8s. in the pound. A small flax spinning and manufacturing firm in Coupar Fife is also reported to have stopped payment.—Dundee Courier. Glasgow.—The City Bank has again opened its books for transfers. No business has yet been done in this stock since the opening of the books. We were in error in announcing the failure of Clapperton, Findlay, and Co. The firm that has suspended is William Clapperton and Co. from which the former, we understand, is distinct.—North British Mail.

5

10

8) January. Dundee.—The Dundee Advertiser reports the following failures:—Mr. A. Cross,

agent, failed on Tuesday, with about £ 1,500 of debt. Mr. J. Milne, flaxspinner, suspended payment on Wednesday, with debts amounting to nearly £ 4,000, and the proposed dividend 8s. in the pound. Glasgow.—We regret to learn that Messrs. Arthur and Co. of Miller-street, warehousemen, are unable to meet their liabilities as they fall due. We understand, however, from an authentic source, that their ordinary balance, taken a few days ago, showed such a surplus as affords an assurance of their debts being paid, with interest, within a short time.—North British Mail. South Staffordshire.—Pigs were rather firmer at Birmingham on Thursday, the result doubtless of past purchases being exhausted and makers of iron being compelled to buy for immediate necessities. First-class makers refuse less than £ 3. 15s.; but the state of things is so exceptional that it is difficult to give any reliable quotation. The failure of Messrs. Frederick Giles and Co. proprietors of malleable ironworks at Dudley Port, was announced on Wednesday, their liabilities being calculated at £ 32,000. Rumours of a failure of a similar character near Bilston prevail, and as yet it is by no means certain that we have yet arrived at the end of the list. A petition under the private arrangement clauses of the Bankruptcy Act having been presented by Messrs. Riley and Son to the Birmingham Bankruptcy Court, a meeting for the proof of debts was held on Thursday. On an application on behalf of the creditors, the hearing of the petition was adjourned for three weeks. It will be remembered that the Wolverhampton Bank insist upon an inspection of the mines of the firm prior to the acceptance of any proposition for releasing them from their liabilities, and the meeting was adjourned to enable this inspection to be made.—Staffordshire Advertiser. The Birmingham Journal announces the failure of Mr. Joseph Spencer, of Bilston. The liabilities are not, it is understood, large, and a petition for winding up under the Private Arrangement Act has been filed.

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8 January

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Bradford.—The following individuals and firms are reported to have stopped payment for the purpose of communicating with their creditors:—Mr. Wiliam Walker, woolstapler, Bermondsey, Bradford, whose liabilities are understood to be not very heavy; Messrs. Robinson and Booth, worsted spinners, Thornton Road, Bradford; Mr. Cockshott, worsted spinner and manufacturer, Shipley; and Mr. Foster, a top-maker, Bradford. Mr. Foster is said to have been engaged in bill transactions in connection with Mr. W. C. Haigh, woolstapler, whose creditors met last week. The liabilities of Mr. Cockshott are believed to be small.—Leeds Mercury. Kidderminster,—Mr. Samuel Broom, of Mitton Mills, Stourport, and Park Butts, Kidderminster, worsted spinner, has failed. It is stated that his liabilities amount to £ 23,000; his assets have not yet been estimated publicly; and it is said that he has obtained protection from the Court of Bankruptcy at Birmingham. Mr. Broom, within little more than twelve months, had been elected alderman of the borough, placed in the commission of the peace for Kidderminster, and appointed a commissioner of assessed taxes. His losses have been heavy lately; he is said to have suffered to the extent of £ 6,000 by the failure of Simcox’s house some time ago, and now is said to have lost more than that by the failure of Mr. James Holmes, besides a large amount through a failure in Bradford. The recent fall of 7d. per yard in the price of carpets will most seriously affect the holders of manufactured stock, making a difference to them the wrong way of 23s. 4d. per piece.—Worcester Herald. Worcester.—At the Birmingham Bankruptcy Court, on Friday, the choice of assignees was made in the bankruptcy of Messrs. Farley and Co. bankers, Worcester.—Mr. Pidcock, solicitor, appeared with proofs to the amount of £ 45,000, and carried the choice. The two gentlemen chosen at Worcester were appointed, namely, Mr. John W. Willis, Wick House, Worcester, and Mr. Joseph B. Read, wine merchant, Worcester. The total amount of debts now proved is £ 60,000.—Worcester Herald. Arbroath.—The stoppage of Messrs. William Curr and Co. Arbroath, is reported, with trade debts estimated at £ 11,000, and with little or no moveable assets, the property being in the hands of the banks. This failure is remarkable, from the fact of an action having been raised by Mr. Curr against a clerk in Dundee, for saying that he had failed, the evidence in which was taken before Sheriff Logan at the Dundee sittings only a few days ago.—Dundee Advertiser. There has been another failure in the district, that of Messrs. Giles and Son, BirmingTipton. The liabilities were stated yesterday to be about 32,000l. Mr. Joseph ham Spencer, ironmaster, of Bilston, has filed a petition for protection under the private arrangement clauses, in the Birmingham Bankruptcy Court.

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The Recent Failures in Liverpool.—At the Liverpool Bankruptcy Court, yesterday (Friday), Mr. J. H. Butler, merchant, came up on his last examination. His balance sheet, which extended from August, 1840, to November, 1857, showed the following results:—Creditors unsecured, £ 11,580; creditors, with security, £ 104,655; profits, £ 62,177: making, with other items, a total of £ 178,419. The good and doubtful debts were estimated to produce £ 100; property held by the bankrupt, £ 1,176; ditto held by creditors, £ 72,072. The trade and personal expenses were £ 41,112, and the losses £ 63,811.—A meeting for the choice of assignees, in re J. A. and E. Eccles, cotton brokers, was adjourned to February 4.—The next meeting in re Wood and Tarrant, cotton brokers, was appointed for the 21st of January. Bristol.—Another house in the corn trade in Bristol has had to yield to the monetary pressure, namely, that of Messrs. Lilly and Luker, of St. Stephenstreet. We understand their liabilities are £ 7,000, but a large dividend—perhaps 18s. in the pound—is expected. Corn exporters and the West of England Bank are the chief creditors.—Bristol Gazette.

5

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15

[16] Money market.

Failures. 8 January. Newcastle-on-Tyne.—On Thursday a meeting of the creditors of Messrs. Gray and Crow, of the Friar’s Goos Chemical Works, convened by circular, was held. From a statement of the affairs of the firm it appeared that the liabilities on acceptances and open accounts were upwards of £ 50,000, whilst the assets for unsecured creditors, consisting only of estimated good debts, stock, and furniture, were valued at £ 6,000. The accountant, however, declined to vouch for the accuracy or completeness of the statement, on the ground of the short space of time that had been allowed for its preparation. In reply to questions from creditors, Mr. Alexander G. Gray, the sole surviving partner, stated that the firm was not possessed of either cash or bills. Mr. Gray then read a proposal to the meeting, offering to pay his creditors in full by periodical instalments, extending over four to five years, provided two of the creditors, who are secured to the extent of about £ 20,000, would waive their security—the first instalment to be 1s. in the pound, payable in September next. The glaring absurdity of this proposal was too apparent to be seriously taken into consideration by the creditors present, who called upon Mr. Gray to make some more sensible and practicable proposal, but this he declared his inability to do.—It having been announced that the sheriff’s officer had been put in possession of the works, it was forthwith resolved by the meeting that Mr. Gray should be requested to make a deed of assignment for the protection of the general creditors. After considerable pressure, and with great reluctance, Mr. Gray at last consented to do so; and it was arranged that the deed should be immediately executed, and the meeting

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adjourned until Thursday next, at noon. Much dissatisfaction was expressed by several of the creditors present at Mr. Gray’s conduct, in having, so recently as the 12th December last, taken his two sons into partnership with him under the style of Gray, Sons, and Co.; his estate being at the time “hopelessly insolvent.” The creditors requiring to know whether he had, by the deed of partnership, assigned any part of the stock, &c. to his sons, and Mr. Gray having stated his inability to reply to the question, alleging ignorance of the exact tenor of the partnership deed, it was ordered to be produced, and was, therefore, sent for and obtained. Great disapprobation was expressed by the creditors of the old firm, on perusal of the partnership deed, by the discovery that Mr. Gray had assigned two thirds of the entire estate to his sons, “for their advancement in life;” and many of the creditors expressed very strong opinions as to its character and object.—Northern Express. The Bankruptcy of Robert Henry Anderson, Scrivener, of York.—(From our correspondent.)—In the Leeds Court of Bankruptcy, yesterday, before Mr. Registrar Payne, a meeting was held for the choice of assignees in the bankruptcy of Mr. R. H. Anderson, scrivener, of York. The affairs of this bankrupt have excited an unwonted degree of interest in York, owing to peculiar circumstances which will be more fully developed in the course of the investigation. There was, yesterday, a strong muster of York solicitors and creditors to the estate. Mr. Bond represented Mr. and Mrs. Lacy, and several other creditors whose debts could not be defined without explanation from the bankrupt; Mr. North appeared for Mr. and Mrs. Wood; Mr. Cariss, on behalf of Mr. Swale; and Mr. Walker, of York, on behalf of Mr. Ratcliffe. As the claims of these creditors, however, could not be satisfactorily ascertained at present, their solicitors applied for an adjournment of the choice of assignees. The bankrupt made a hasty and intemperate speech, in the course of which he declared that he preferred a full investigation of his affairs in open court; and the commissioner then adjourned the choice of assignees to Thursday the 14th inst. The Affairs of Messrs. Crossley and Leemings, Halifax.—(From our correspondent.)—The adjourned meeting of the creditors of this firm, iron founders and machine makers, took place yesterday at the Talbot Inn. There was a fair attendance; Mr. Cope, of Manchester, presided. The liabilities of the firm amounted to £ 7,102, while their assets realised £ 10,781, leaving a surplus in favour of the firm of £ 3,678. The meeting had been adjourned “in order to give Mr. Charles Crossley and his partners an opportunity of adjusting the differences at present existing between him and them, relative to his share and interest in the partnership property.” The differences were now stated to have been adjusted. Mr. Crossley announced his intention of retiring from the firm, and giving up his share and interest in the concern, on being released from all responsibility in reference to the affairs. A proposal was made and accepted, to pay 20s. in the pound in four instalments. The works will be conducted in the meantime by three of the creditors; namely, Mr. Cope, of Manchester; Mr. Butler, of Kirkstall Forge; and Mr. Foster, of Halifax.

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5 January (Gazette) Miers, Cripplegate, wholesale clothier; Bowhay, Modbury, Devonshire, implement maker; Fearnley, Brighouse, Yorkshire, silkdressers; Quayle, Liverpool, shipbroker; Barton, Liverpool, shipowner; Clark, Manchester, ironmonger; Harris (Bolton) manufacturing chymist. Wallace, Glasgow, sewed muslin manufacturers; Cameron, Glasgow, brush manufacturer; M’Culloch, Glasgow, general merchant. 8 January. Arnold, manufacturer, Manchester; Parker and Ronald, commission agents, London; Moorhouse, cottonspinner, Howgill, Yorkshire; Oliver, lace manufacturers, Nottingham; Smith and Fletcher, commission ˙˙ ˙ ˙ agents, Bradford; Cockshott, worsted manufacturers, Bradford; Daunt, general merchant, Liverpool; Laidlaw, “insurance” broker, Liverpool, ˙ Moffat, tanner˙ ˙and currier, Annan; Cay, Ogilvie and Co, merchants, Leith; Mitchell, manufacturer, Glasgow. ˙ ˙ ˙˙˙ 12 January. The Liverpool Borough Bank.—Curious Revelations.—At the Liverpool Bank-

ruptcy Court, on Tuesday, Mr. Doherty, corn merchant, came up before Mr. Commissioner Stevenson on the question of his certificate, Mr. Smith, late manager of the Liverpool Borough Bank, was placed in the witness-box. He described at great length the transactions between the bankrupt and the bank, which in one year reached 1,000,000l., and which last year amounted to 700,000l., the bankrupt the two months preceding his bankruptcy having paid 127,000l. in bills and cash into the bank. Of this sum 27,000l. was in bills which were not accepted. Mr. Smith said that the bankrupt had a brother in New York who shipped cargoes of provisions to the bankrupt. On the bills of lading of these cargoes the brother in America raised money, and in due course the American bill-brokers sent over the bills to the correspondents in England. To obtain possession of these bills, the bankrupt used to hand letters and written statements to the bank with the effect of making them believe that he had made bonaˆ fide sales of the cargoes. On these securities the bank handed over the bills to the bankrupt. They afterwards found that most of the written statements of the bankrupt were fraudulent. He (Mr. Smith) when he discovered how the bankrupt had treated them, called him a swindler, and forced him to make an assignment of a large claim which he had upon his brother in America. If the bankrupt had only acted honestly, the Borough Bank would not have lost a shilling of the 40,000l. which they had advanced in the way described, two months before the bankruptcy. The examination, which lasted several hours, was adjourned till to-day. The suspension has been announced of Joseph Bainbridge and Son, of Rotherhithe, timber merchants; the liabilities are believed to be under £ 10,000.

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Week ending Jan. 15. Gray and Sons (London) American Trade, liabilities estimated at about ˙˙˙˙ ˙ 25,000l. Messrs. Bishop and Gissing, wholesale stationary trade London, liabilities 40–50,000l. Week ending 22. Jan. Charles Walton and sons, ships and insurance brokers; liabilities about 80,000l. At Newcastle and in the Manufacturing districts fresh difficulties.

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19 January. (Gazette) Beardshaw, Bankchambers, Lothbury, stockbroker. Exley, Wakenfield, corn factor. Chilton, Bishop Wearmouth, shipbuilder. Blackwood, Kilmarnock, worsted spinner; Miln (Dundee), flaxspinner. W. Mill and J. Walker, Arbroath, manufacturer. W. Curr, Arbroath, manufacturer. 22 January. Palmer, wooldealer, Bermondsey. Searby, shipowner, Westminster. Parkinson, spinner, Bradford. Ibbetson, woollen cloth merchant, Leeds. Buckley, cottonspinner. Royston. Norton, silkdyer. Macclesfield. Waite, woollen manufacturer, Yeadon, Yorkshire. J. Smith and Co, wor˙˙˙ sted spinners, Bradford. ˙Broughton, corn merchant, Bristol. Watkinson and Dickins, wool staplers, Kidderminster; Osborne, carriage manufacturer, Birmingham. A. McGregor, corn and shipbroker, Liverpool. Froggatt, cotton spinners, Oldham. Failures in the Milling Trade.—We regret to hear of rather a heavy failure in the milling trade—that of Mr. W. Young, of Neath, whose family were long connected with Bristol in the corn business. The liabilities, we hear, are considerable, but a local bank, which is fully covered by securities, is the chief creditor. There are also creditors in Bristol, to some amount; one debt of more than £ 2,000 is owing to the house of W. Greenslade and Co. whose difficulties we recently noticed.—Bristol Gazette. Arbroath.—Messrs. Mill and Walker, flaxspinners, canvas manufacturers, and calenderers here, stopped payment on Wednesday last. Their liabilities are understood to amount to £ 30,000, but an exact statement has not yet been obtained. The trade debts are believed to be from £ 18,000 to £ 20,000, and their assets are roughly estimated at £ 8,000. This firm is involved with Messrs. Curr and Co. to the extent of at least £ 1,550, although in the first statement of the debts given in by Mr. Curr, the amount due by him to the firm was stated at only £ 58.—Messrs. Clark and Grant, flaxspinners and manufacturers at Friockheim, and at Dishlandtown, Arbroath, suspended payments on Friday, with liabilities of about £ 6,000. The assets are expected to amount to nearly that sum.—On Wednesday last a meeting of the creditors of William Curr and Co. took place. Mr. Curr produced an amended list of debts, which are now believed

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to exceed £ 30,000. The books of the bankrupt were found to be irregularly kept, and his explanations were declared to be most unsatisfactory. The meeting broke up after arriving at the conclusion that the dividend from the estate would be much less than the miserable figure at first anticipated. Sequestration has been applied for, and will be carried through immediately.—Arbroath Guide.

5

Bradford 18 Jan. failures. William Yewdall and sons, (woolstaplers) liabilities 207,662, assets ˙˙˙˙˙Mill, ˙ ˙ Manningham £ 181,576; deficiency 26,080.—Clough and Co., Globe liabilities 18,000.—James Marshall, woolstapler, and Joseph Smith, of ˙˙˙˙˙˙ Hill, ˙ Dudley Bradford, stopped payments.

10

[17] I) Moneymarket.

5) Securitymarket.

I) Moneymarket. 5) Security Market. α) Public Funds. [Hier folgt Tabelle S. 329.]

[18] Public Funds.

1 January. As one feature of the day, we remark an increased disposition on the part of banks and other money lenders to make advances, at comparatively moderate rates, on Stock Exchange securities, including, more especially, English Government stock, Exchequer bills, Turkish Guaranteed Four per Cents, and English and Indian railway shares. This is a feature which will doubtless acquire increased development as the market becomes easier. Its tendency is to encourage speculation in the Stock Exchange, and to stimulate the prices of securities generally. The system of holding stocks “for the rise” on borrowed money was, of course, greatly repressed during the recent crisis, and the fall which then took place in all classes of securities was attributable in great measure to the forced sales resulting from the calling in of such loans. Now, the tendency will be in the direction of expansion, instead of contraction. The system has its mischievous side, as well as its advantageous one. 2 January. Several variations occurred to-day in the value of English securities. Soon after

the opening an improvement upon yesterday’s quotations was realised, partly in

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Saturday Monday Tuesday Wednesday Thursday Friday Saturday Monday Tuesday Wednesday Thursday Friday Saturday Monday Tuesday Wednesday

Thursday. Friday. Saturday. Monday. Tuesday Wednesday Thursday Friday

9 11 12 13 14 15 16 18 19 20 21 22 23 25 26 27

95 1/8 95 94 1/2 94 5/8 94 7/8 94 3/4 94 3/4 94 1/2 94 5/8 94 7/8 95 95 1/8

Lowest Price˙ ˙˙ 31 Dec. 93˙5˙/˙8 1 Jan. 93 3/4 2 Jan. 94 1/8 4 Jan. 94 1/8 5 94 1/2 6 94 1/4 7 94 3/4 8 94 5/8

94 3/4–7/8

Closing ˙˙ ˙ Price 1 1 93 /8– /4 93 1/8 1/4 95 5/8 1/4 94 3/8 1/4 94 3/4 94 1/4 3/8 xd 94 5/8 3/4 xd. 95 1/8 xd. Account.

Price Lowest Closing Highest ˙ ˙˙ ˙˙ ˙ ˙ ˙˙ Highest 1 ˙ ˙˙ 94 /8 Thursday. 28 Jan. 94 1/4–3/8 Friday. 29 Jan. Saturday 30 Jan. Monday 1 Febr. 94 7/8 Tuesday 2 Febr. 94 1/2 Wednesd. 3 Febr. 95 Thursd. 4 Febr. 95 1/4 Friday 5 Febr. Money. 95 3/8 94 3/4 95 1/8 Saturd. 6 Feb. 1 3 95 /8 94 /4 95 Mond. 8 Febr. 94 7/8 94 3/4 94 5/8 Tuesd. 9 Febr. 94 3/4 94 3/8 94 5/8 Wednesd. 10 Feb. 95 1/8 94 3/4 95 Thursd. 11 Feb. 95 94 1/2 945/8–3/4 94 7/8 Friday. 12 Febr. 94 7/8 94 5/8 94 3/4 Saturd. 13 Febr. 94 3/4 94 3/8 94 5/8 Mond. 15 Febr. 94 3/4 94 3/8 94 3/4 Tuesd. 16 Febr. 95 94 3/4 95 Wednes. 17 Feb. 95 1/8 94 3/4 95 1/8 Thursd. 18 Febr. 95 3/8 95 95 1/4 Friday 19 Feb. Saturd. 20 Feb. Mond. 22 Feb. Tuesd. 23 Feb. Wednesd. 24 Feb.

Consols. (Account.)

Sat. Mond. Tuesd. Wedn. Thurs. Frid. Saturd. Mond. Tuesd. Wedn. Thursd. Frid. Sat. Mond. Tuesd. Wedn.

Thurd. Frid. Sat. Mond. Tuesd. Wedn. Thur. Frid. 6 M. 8 March 9 M. 10 M. 11 M. 12 M. 13 M. 15 March 16 17 18 19 20 22 23 24

25 Feb. 26 Feb. 27 Feb. 1 March. 2 M. 3 Mar. 4 Mar. 5 Marc. Satd. Mond. Tuesd. Wed. Thursd. Frid. Sat. Mond. Tuesd. Wed. Thurs. Frid. Sat. Mond. Tuesd. Wedn.

Thurd. Frid. Sat. Mond. Tuesd. Wedn. Thurd. Frid. 3 5 6 7 8 9 10 12 13 14 15 16 17 19 20 21

25 March 26 27 29 30 31 1 April. 2

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consequence of the favourable character of the Bank return, and partly in consequence of the stock of bullion being likely to show a considerable increase next week. The near approach of the settlement, however, induced several operators to take advantage of the improvement and to close their engagements. Their transactions led to a re-action, and though the market manifested firmness the effect was to produce a slight decline. Railway shares were steady, and though less animated than yesterday they left off at a trifling advance. Consols, which closed yesterday at 941/4 to 3/8, opened at 943/8 to 1/2. The sales referred to above led to a decline, until the last official price was 941/8 to 1/4, and after regular hours there was no further change. Jan. 2.

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Woche endend January 8 It is understood that the amount of Government stock withdrawn from the Stock Exchange at to-day’s monthly settlement, by bankers, including the Bank of England, is not less than a million and a half or two millions sterling. The bankers, who were glad to turn their stock into money during the late crisis, are now equally eager to get it back. It is believed that in some cases they simultaneously sold their stock for cash, and bought it back for the account. Had they sold it outright during the pressure, when the price of Consols was at or below 90, they would now stand at a considerable disadvantage. Probably, however, some bankers are in this position.

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Jan. 4 4 Jan.

Monday Evening. To-day—the 4th of the month—has been looked forward to with some anxiety during the last week or two, but it has passed off exceedingly well, only a single failure, and that of very moderate amount, having been announced, while at Paris also, where the turn of the year has been watched with equal interest, a great increase of confidence seems to have taken place. These circumstances, coupled with the arrival of 467,500l. from New York, and the announcement of 900,000l. on its way from Australia, of which about 700,000l. is likely to be received within the next fortnight or three weeks, have given increased steadiness to all kinds of securities, but for the moment have caused less inflation than might have been anticipated. The English funds opened at the final prices of Saturday, and remained without any material change until late in the day, when there was a sustained improvement of a quarter per cent. The first transactions in Consols for the present account were at 941/8 to 1/4. They then touched 943/8, but returned to the opening price, at which they stood until near the termination of business, when there was an advance to 943/8 to 1/2, the market closing with a very firm appearance. For the 4th of February the last quotation was 943/4 to 7 /8. The expectation that a very considerable amount of stock upon which money has been borrowed during the last two months will now be withdrawn by the repayment of the sums taken exercises considerable influence in giving strength to prices and also causes loans to be freely offered at very lower rates, an abundant supply being obtainable at from 4 to 41/2 per cent.

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The transactions in foreign stocks have been unusually numerous, and the market closed with great firmness.

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The market for the English funds has been exceedingly buoyant to-day, in con- 5 January. sequence of the highly favourable aspect of monetary affairs. Consols have been Tuesday. done at 941/2 and at 947/8, the quotations being 943/4 to 947/8 ex div. for the present account, and 95 to 951/4 for the February account. Reduced Three per Cents have improved to 947/8 to 95, and the New Three per Cents to 95 to 951/4. Exchequer Bills are 5s. to 10s. premium. Bank Stock has advanced to 218 to 220. India Bonds are par to 5s. premium. P. S. Consols have since gone to 945/8 to 943/4; and 947/8 to 95 for February. Turkish Six per Cents, 983/4 to 991/4; Turkish Four per Cents, 1033/4 to 1041/4. (From the Daily News’s City Article of Tuesday Evening.) At one period a rise of 1/4 to 3/8 per cent was established in consols, but the closing quotations were only 1/8 per cent above those of yesterday. Such is the abundance of money in the Stock Exchange that loans on consols from day to day were obtained at 3 per cent per annum. Considerable activity was manifested in Colonial Government securities.

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6 January.

The conclusion of the present account in Consols takes place to-morrow (Fri- 7) January. day); and, although there is a general tendency to firmness, the market is in a rather unsettled state, owing to the very extensive character of the transactions which will have to be then adjusted, the range of prices since the last settlement having been nearly 5 per cent, and the differences to pay and receive being consequently larger than have been known for a long period. At the Bank to-day there was a moderately full demand, at the new rate. In the discount market, however, the supply was abundant, on lower terms. In the Stock Exchange loans were effected at various rates on government securities, but the average was not above 31/2 per cent. The Funds advanced fully 1/4 per cent. this morning in anticipation of the rate of discount being lowered; but after the reduction there was an immediate re-action, and for the remainder of the day the tone of the market was quiet and steady, at about previous rates. The movement had been “discounted”. Investments continue to be largely made in Colonial Government securities. Nearly the whole were dealt in to-day.

6 January. 35

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Wednesday Evening. The market for the English Funds to-day opened with a rather heavy appearance, a decline of about 1/4 per cent. being apparent in quotations. The anticipation that an Indian loan will soon be required, and the near approach of the liquidation of the account, caused a downward tendency, and parties who had purchased at lower rates effected sales to some extent for the purpose of reali-

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sing profits. Later in the day rather more buoyancy was apparent, buyers came forward, and some considerable purchases for investment were effected, the large increase in the stock of the precious metals at the Bank of England, and the expectation of a further favourable return, with the probability of a reduction in the minimum rate of discount, having, at the close of business, produced more firmness.

5

6 January. A good deal of fluctuation has taken place in securities of all descriptions. The

announcement that the expenses of putting down the Indian rebellion will require a considerable loan, and that the imperial guarantee will not be given for it, together with the belief that Sir Colin Campbell had been obliged to retreat, caused large speculative sales. Quotations consequently fell, and the several markets were heavy, though there was no real pressure of stock. Some time before the close a reaction commenced, and as far as consols were concerned, it terminated in a slight improvement upon yesterday’s prices, but the rally failed to restore Railway shares to their previous position.

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[19] I) Moneymarket.

5) Securitymarket.

I) Moneymarket. 5) Security market. β) Share market.

20

Week ending January 1 In the railway share market extraordinary buoyancy has prevailed throughout the week. Heavy rates have ruled at the settlement this week for carrying over the purchases of speculative holders, but the operators for higher prices seem quite undiscouraged. The rise established during the week amounts to 4 per cent. in London and South-Western, 31/2 per cent. in Caledonian, 3 per cent. in SouthEastern, 23/4 per cent. in Midland, 21/2 per cent. in North-Eastern and London and North-Western, 2 per cent. in Eastern Counties and Great Western, 11/4 per cent. in Lancashire and Yorkshire, &c. The market has now experienced an uninterrupted rise for three weeks. It is very rarely that a movement continues so long without a check. Subjoined is our usual list of the closing prices of the principal shares on the 24th ult. and this day:— (1 Jan.)

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Bristol and Exeter Caledonian Eastern Counties East Lancashire Great Northern Great Western Lancashire and Yorkshire London and Blackwall London, Brighton, & S. Coast London and North-Western London and South-Western Midland North British North Staffordshire Oxford, Worcester, & Wolver. South Eastern South Wales North-Eastern, Berwick Stock North-Eastern, York Stock

Railways. Closing prices Dec. 24. 86 8 81 3/4 2 1/4 57 1/2 8 1/2 91 3 97 1/2 8 xd 1 54 /2 3 93 1/4 /4 5 7/8 6 1/8 105 6 1 96 /2 93 4 88 1/2 9 49 1/2 50 1/2 3 3 5/8 /8 dis 30 1 69 70 78 1/2 7 1/2 95 6 83 4

Closing prices this day. 86 8 3 85 1/4 /4 59 1/2 60 1/2 92 3 97 1/2 8 1/2 1 56 /2 94 1/2 5 1 6 /4 107 9 98 1/2 9 97 8 91 3/4 2 1/4 52 1/2 3 1/2 5 2 7/8 /8 dis 31 3 72 3 79 1/2 80 1/2 97 1/2 8 1/2 85 1/2 6 1/2

Monday, Dec. 28.—In the railway market there has been a general advance of 3 /4 to 11/2 per cent. (occasioned chiefly by speculative purchases for the January account), which was steadily maintained to the close, the final quotations being at the best point of the day. In colonial descriptions there has been a general improvement, Grand Trunk of Canada especially being quoted about 3 per cent. above the final price on Thursday last; East Indian marked 1111/2, but at the close were slightly weaker. Foreign shares were better. In American securities a recovery of 1 dol took place in Illinois Central. A further advance of about 1/2 per cent. occurred in Canada Government Bonds. In mines, Great Wheal Vor were fractionally higher. Tuesday, Dec. 29.—In the railway market there has again been a general advance, and, although it was not fully maintained to the close, most of the leading descriptions left off from 1/2 to 11/4 per cent. higher than yesterday. The movement has been caused chiefly by speculative purchases in anticipation of an increased bona fide demand, which is calculated to arise on a further reduction in the value of money. Investments to a moderate extent also continue to be made. Colonial shares generally improved; East Indian closed higher. Foreign slightly advanced. American securities were steady. No transactions were marked in mines. Wednesday, Dec. 30.—The railway market was flat after the opening, but subsequently recovered and steadily advanced to the close, the final quotations being at the highest point of the day. Colonial shares were also better, and East Indian and Grand Trunk of Canada left off respectively 1/2 and 3/4 per cent. above the last prices yesterday. There was an active inquiry for foreign lines, especially Dutch and Belgian. In American securities a further recovery of about 3 dols occurred in Illinois Central; New York Central also showed increased firmness. In mines, United Mexican were slightly higher.

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Thursday, Dec. 31.—The railway market opened with a declining tendency, but more confidence was manifested towards the close, and the final quotations at 4 o’clock show a nearly general advance of 1/4 to 5/8 per cent. Colonial descriptions were steady, and East Indian improved 1/2 per cent.; Grand Trunk of Canada closed 1 per cent. higher. Foreign shares were generally better, especially the small low-priced lines. In mines the chief transactions were in St John del Rey and United Mexican, in both cases at an improvement; other foreign descriptions were also in request. Friday, Jan. 1.—A very limited business has been reported on railway shares, and little variation can be reported in values. Some few of the principal lines however have advanced about 1/4 per cent. In the foreign and colonial lines no business of importance has been entered into.

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Jointstock companies. 29 Dec. Joint-stock Banking shares continued in moderate request, and in some instanc-

es rather better prices were obtained. Australasians, for example, were done at 811/4; London and County at 281/4. and Ottomans at 181/2. Unions were last negotiated at 22; Egypts closed at 3s. to 2s. dis. The Discount Companies were firm—Londons closing at 11/2 to 11/4 dis, and National at 15/8 to 3/8 dis. 29 Dec.

15

1 January. The dealings in Joint-Stock Bank shares were rather active. Bank of London were done at 50, Commercial at 201/2, and London and County at 281/2. London Discount closed at 11/4 to 1 dis., and National at 13/8 to 11/8 dis.

2 January. Saturday Evening. The railway-market has been fairly supported during the day, but, owing to an apprehension that the late crisis may cause a diminution in the anticipated dividends, some of the leading descriptions left off at a slight decline. South-Western, on the other hand, Great Northern, Caledonian, and Great Western improved; in the last case solely from speculative purchases. Railway and Mining Share Market. London. Monday, Jan. 4.—The railway market was dull after the opening, but later in the day numerous speculative purchases took place, and a general advance of 1/4 to 2 per cent. was established. Colonial descriptions were better, especially Canadian, from the increase in the traffic returns. French shares advanced 5s to 20s; a rise also took place in other foreign lines, Luxembourg being almost the only exception. Canada Government bonds left off 1/2 per cent. better. Mines, joint stock banks, and miscellaneous securities were actively dealt in. Tuesday, Jan. 5.—The railway market to-day has experienced some rather severe fluctuations. In the morning a further general advance took place, and London and North-Western, South-Western, and Berwick marked par, Great Northern 1001/4, and Great Western 61. A reaction ensued, the movement being

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assisted by the decline in Consols. Indian shares were quiet, and in some cases a fractional reduction took place; East Indian especially relapsed 1/2 per cent. Other colonial descriptions were active; French and the smaller foreign lines were flat. Mines and joint stock banks were in fair demand, and in some instances advanced. Wednesday, Jan. 6.—The railway market experienced a sensible decline in the morning from the announcement of the probability of a new Indian loan. Subsequently a rally took place, and the final quotations show only a fractional reduction. Indian shares were heavy. Punjaub were exceptionally firm. Grand Trunk of Canada closed 3/4 per cent. lower than yesterday. French were slightly better on the receipt of higher quotations from Paris; other foreign railways show increased weakness. American securities were steady. In mines, Australian improved on purchases. Thursday, Jan. 7.—The railway market opened buoyantly, but later in the day, owing to realisations by late operators for the rise, a general decline took place. North-Eastern stocks, Great Western, London and North-Western, and Lancashire and Yorkshire, in the two last cases from the unfavourable traffic returns, show the greatest reduction. Indian shares were heavy, notwithstanding continued purchases for investment. Other colonial lines were flat, except Grand Trunk of Canada, which slightly improved. The small foreign railways were generally lower. Mines were rather active, and nearly all the transactions took place at an improvement. Friday, Jan. 8.—In the railway share market this morning the dealings were of a very moderate character, the settlement of the account in the English market occupying the chief attention of the speculators. Prices have declined about 1/2 to 1 per cent., having been unfavourably influenced by the downward tendency of the English funds. Mines, banks, and miscellaneous shares have been almost neglected. London and Westminster improved about 10s; Australian Agricultural, Crystal Palace, and National Discount Company were dealt in at former quotations. The extreme fluctuation in the prices of the principal railway stocks and shares, during the year 1857, is shown in the following table, compiled from Mr. Slaughter’s list:— Company.

Highest.

Lowest.

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Bristol and Exeter Buckinghamshire Caledonian 40 Ditto Chester and Holyhead East Anglian East Lancashire East Lincolnshire 45 Eastern Counties

Feb. 26 Jan. 2 Sept. 17 Feb. 18 March 3 July 22 March 30 Jan. 3 May 15

95 98 1/2 86 99 39 1/2 20 3/4 100 7/8 136 60

Nov. 12 Dec. 1 Jan. 13 Nov. 19 Nov. 9 Dec. 10 Nov. 25 Dec. 1 Jan. 28

82 89 60 1/2 90 29 17 86 3/4 130 45

Extreme fluctuation per share or per cent. 13 9 1/2 25 1/2 9 10 1/2 3 3/4 14 1/8 6 15

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Ditto Edinburgh and Glasgow Edinburgh, Perth, & Dundee Great Northern Ditto Ditto Ditto Great S. and W. of Ireland Great Western Hull and Selby Lancashire and Yorkshire Ditto ditto Lancaster and Carlisle London and Blackwall London, Brighton & S. Coast Ditto ditto ditto London and North Western London and South Western Manch., Sheff., & Lincolnshire Midland Ditto Ditto Norfolk Northern and Eastern North British Ditto North Eastern—“Berwick” Ditto “Leeds” Ditto “York” North Staffordshire Oxf. Worc. & Wolverhampton Ditto ditto ditto Royston, Hitchin, & Shepreth Scottish Central Scottish N. E., “Aberdeen” Ditto “Midland Junction” South Devon South Eastern Ditto South Wales

[Highest.]

Sept. 1 June 18 Feb. 26 June 17 July 20 March 2 Jan. 20 Feb. 6 Jan. 1 Feb. 16 April 1 Jan. 2 Sept. 10 Jan. 2 Jan. 19 Jan. 3 Feb. 26 Jan. 8 June 18 Dec. 31 Jan. 6 Jan. 24 May 16 Jan. 21 Dec. 31 Jan. 22 Dec. 31 Dec. 31 Dec. 31 Dec. 31 July 18 July 30 July 3 Jan. 17 Feb. 26 Mar. 24 May 16 Feb. 26 Jan. 22 July 22

[Lowest.]

111 1/4 64 38 100 95 1/2 125 120 112 3/4 69 3/4 110 1/2 103 3/4 139 79 7 113 3/4 142 109 3/4 108 45 1/2 92 1/2 138 1/2 93 1/4 65 57 1/2 53 3/4 104 1/2 98 1/2 55 3/4 87 14 3/4 35 3/4 118 1/4 133 108 29 75 38 1/2 79 5/8 24 92 1/2

Oct. 13 Feb. 2 Nov. 13 Nov. 26 Nov. 26 May 23 Oct. 12 Sept. 21 Nov. 12 Nov. 26 Nov. 12 Nov. 3 Jan. 27 Nov. 6 Oct. 13 Nov. 11 Nov. 11 Nov. 12 Jan. 12 Oct. 13 Nov. 11 Nov. 13 Jan. 6 Oct. 16 Jan. 28 Nov. 6 Jan. 21 Jan. 28 Jan. 13 Apr. 28 Jan. 14 Nov. 12 Nov. 20 Nov. 16 Nov. 16 Dec. 15 Nov. 11 Nov. 12 Nov. 24 Nov. 25

[Extreme fluctuation per share or per cent.]

102 53 1/4 24 90 76 120 1/2 111 95 1/2 45 1/2 104 1/2 88 130 67 5 1/4 100 132 92 1/2 81 3/4 33 1/4 78 3/4 128 1/2 88 51 54 1/2 28 1/2 98 83 35 1/2 59 3/4 12 1/4 27 1/2 105 1/4 126 100 5/8 21 1/2 68 31 1/2 59 21 5/8 78

9 1/4 10 3/4 14 10 19 1/2 4 1/2 9 17 1/4 24 1/4 6 15 3/4 9 12 1 3/4 13 3/4 10 17 1/4 26 1/4 12 1/4 13 3/4 10 5 1/4 14 3 25 1/4 6 1/2 15 1/2 20 1/4 27 1/4 2 1/2 8 1/4 13 7 7 3/8 7 1/2 7 7 20 5/8 2 3/8 14 1/2

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January 6. English securities of all descriptions have been firm, and a further advance has been established though the highest prices of the day were not in all cases maintained. The market was full of confidence at the close. Some Railway stocks are very considerably higher than on Saturday. Joint Stock Banking shares met with considerable inquiry, and in most cases higher prices were required. Australasian advanced to 84. The Discount Companies remain at previous quotations.

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Speculative sales depressed the Railway market in the early part of the day, and, Jan. 8 though there was a partial rally, many descriptions closed at a decline.

5

In the Railway Share Market the dealings have been rather numerous, but most of the leading lines have shown a decline of about 1 per cent, the downward tendency in the Consol Market having unfavourably influenced values.

7 January. 7 Jan. In the Share market nearly all the heavy descriptions fell 1 per cent., and at the close the prospects appeared unfavourable to a rally.

[20] I) Money market

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Shares. Week ending January 15.

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The railway share market has been very buoyant, and a general rise in price has been established. Investments to a moderate extent continue to be made, whilst the speculators are excessively sanguine, owing to the new pecuniary facilities offered. The rise established during the week amounts to 4 per cent. in Great Northern, 23/4 per cent. in Great Western, 2 per cent. in London and NorthWestern, South-Eastern and Brighton (in the last-mentioned case, owing to the official announcement of a dividend at the rate of 7 per cent. per annum for the last half-year) 11/2 per cent. Eastern in Counties, London and South-Western, Berwick and York and North Midland; 1 per cent. in Midland, &c. Lancashire and Yorkshire stock remains almost stationary, the traffic having declined. Subjoined is our usual list of the closing prices of the principal shares last Friday and this day:—

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Bristol and Exeter Caledonian 30 Eastern Counties East Lancashire Great Northern Great Western Lancashire and Yorkshire 35 London and Blackwall London, Brighton, & S. Coast London and North-Western London and South-Western Midland 40 North British North Staffordshire

8 Jan. Railways. Closing prices last Friday. 89 91 1 89 /2 60 1/2 1 1/2 91 3 99 100 58 3/4 9 1/4 94 3/4 5 1/4 3 6 1/8 /8 108 10 98 1/2 9 97 1/2 8 1/2 93 1/2 4 53 4 3 1/8 2 7/8 dis

15 Jan. Closing prices this day. 92 4 90 1 62 3 92 3 103 4 61 1/2 2 94 1/2 5 3 6 1/8 /8 110 12 110 1/2 101 99 100 94 1/2 5 55 1/2 6 1/2 5 2 7/8 /8 dis

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Karl Marx · Krisenhefte Oxford, Worcester, & Wolver. South Eastern South Wales North-Eastern, Berwick Stock North-Eastern, York Stock

32 73 80 1/2 97 1/2 85

Foreign Shares. Northern of France Ditto new shares Eastern of France Dutch Rhenish Paris, Lyons, & Mediterranean East Indian Madras Paris and Orleans Western & Nth-Wtn of France Great India Peninsular Great Central of France Gt Western of Canada Do. New

39 1/2 9 1/2 28 1/4 3 1/2 35 5/8 111 1/2 19 3/4 56 27 1/2 22 .. 21 1/8 ...

3 1

/2 1 1/2 8 1/2 6

3 /4 10 1/2 p 3 /4 3 dis 7 /8 12 1/2 20 1/4 8 8 1/2 1 /2 3

/8

33 75 1/2 81 1/2 99 86 1/2

38 1/2 .. 27 3/4 3 3/4 34 3/4 108 1/2 19 1/4 55 27 21 1/4 ... 20 1/2 ...

4 6 1/2 2 1/4 100 7 1/2

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/4

8 1/4 1 /2 5 1/4 9 1/2 3 /4 7 8 3 /4

dis xd

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x in x in 15

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Railway Receipts.—The traffic returns of railways in the United Kingdom, published for the week ending January 2, amounted to 392,507l, and for the corresponding week of 1857 to 403,074l, showing a decrease of 10,567l. The gross receipts of the eight railways having their termini in the metropolis amounted for the week ending as above to 167,107l, and for the corresponding week of last year to 165,998l, showing an increase of 1,109l.

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[Hier folgt Tabelle – siehe Abbildung S. 339.]

Week ending January 22. The railway share market has experienced numerous variations, but in some cases realisations have predominated and prices are lower. The traffic of the lines running northwards is still unsatisfactory. Railway. Bristol and Exeter Caledonian Eastern Counties East Lancashire Edinburgh and Glasgow Glasgow and South-Western Great Northern Great Western Lancashire and Yorkshire London, Brighton and South-Coast London and North-Western London and South-Western Midland North-Eastern

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Ordinary Capital. £ 2,000,000 3,053,050 5,833,610 2,221,300 2,213,620 2,770,110 4,808,437 8,236,276 8,481,274 4,615,634 22,448,793 6,893,660 10,108,400 10,763,517

Value 1st Jan. 1857. £ 1,880,000 1,923,421 2,734,500 1,999,170 1,206,423 2,659,306 4,279,509 5,703,621 8,248,039 5,169,510 23,795,720 7,427,919 8,065,383 7,457,696

Value 1st Jan. 1858. £ 1,760,000 2,595,092 3,500,166 2,036,530 1,372,444 2,520,800 4,712,268 4,529,952 8,014,804 4,938,729 21,999,817 6,617,914 8,934,446 9,561,268

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The Book of the Commercial Crisis [Railway.]

[Ordinary Capital.]

South-Eastern and Dover 5

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7,433,700 £ 101,881,381 ...... £ 101,881,381

Depreciation

[Value] [1st Jan. 1857.]

[Value 1st Jan. 1858.]

5,500,938 £ 88,051,105 13,830,276 £ 101,881,381

5,352,264 £ 88,446,486 13,434,895 £ 101,881,381

This is by no means an encouraging exposition to original shareholders, as the depreciation since the formation of these various lines is shown to be at this time more than 13 millions; and if this statement had been made at the market value of the shares a month previously, the difference would have been much larger. The London, Brighton and South Coast, indeed, is the only line which exhibits a profit on the original cost, while on all the rest there has been more or less loss. It is, however, some consolation to find that the value at the beginning of this year somewhat exceeds that at the commencement of the last; but this does not apply equally to all the lines, for by analysing the above it will be seen that between the two periods there has been— On seven lines an improvement of And on eight there has been a depreciation of Leaving a difference of

£ 5,046,154 4,650,773 £ 395,381

20

which will be found to correspond with the above; and when the various adverse circumstances that have occurred during the latter part of last year are taken into account, it is rather a matter of surprise that the relative value at these respective periods should so nearly approximate, and there is therefore ground to hope that at the end of this year the improvement will be greater.

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[21] II) Produce markets.

1) Textile fabrics α) Cotton.

II) Produce market. 1) Raw materials for textile fabrics. α) Cotton.

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α) Liverpool. Cotton. Liverp. 8 Jan.

Ord per lb 5 5/8 35 Upland New Orleans 5 3/4 Pernambuco 6 3/4 Egyptian 7 Surat and Madras 3 3/4

Mid. per lb 63/8 61/2 67/8 71/4 41/4

Fair. per lb 65/8 67/8 73/8 73/4 45/8

Good Fair. per lb 63/4 71/8 75/8 81/4 47/8

Good. per lb 6 7/8 7 3/8 8 9 5

Fine. per lb 7 8 .. 10 5 3/4

Same period 1856 Ord. Fair. Fine. per lb per lb per lb 67/8 7 13/16 8 1/4 67/8 8 1/8 9 73/4 8 1/8 9 71/2 8 1/4 11 1/2 47/8 5 1/2 6 1/4

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Whole import, Jan. 1 to Jan. 8. 1857 1856 bales bales 30271 48893

Liverpool 15 Jan.

Ord per lb Upland 5 5/8 New Orleans 5 3/4 Pernambuco 6 3/4 Egyptian 7 Surat and Madras 3 3/4

Whole import, Jan. 1 to Jan. 15. 1858 1857 bales bales 87277 123647

Liverp. 22 January Upland New Orleans Pernambuco Egyptian Surat and Madras

Ord per lb 5 7/8 6 6 3/4 7 4

Whole import, Jan. 1 to Jan. 22. 1858 1857 bales bales 105758 169468

Imports, Exports, Consumption, &c. Consumption, Exports, Jan. 1 to Jan. 8. Jan. 1 to Jan. 8. 1857 1856 1857 1856 bales bales bales bales 39020 59810 2000 1690

Mid. per lb 6 1/4 6 3/8 6 7/8 7 1/4 4 1/4

Fair. per lb 6 1/2 6 3/4 7 1/8 7 3/4 4 5/8

Good Fair. per lb 6 5/8 7 7 1/2 8 1/4 4 7/8

Good. per lb 6 3/4 7 1/4 8 9 5

Fine. per lb 7 7 3/4 .. 10 5 3/4

Same period 1856 Ord. Fair. per lb per lb 6 3/4 7 11/16 6 3/4 8 7 5/8 8 7 1/2 8 1/4 4 7/8 5 7/16

Imports, Exports, Consumption, &c. Consumption, Exports, Jan. 1 to Jan. 15. Jan. 1 to Jan. 15. 1858 1857 1858 1857 bales bales bales bales 69270 81780 3210 4710

Mid. per lb 6 9/16 6 11/16 6 7/8 7 1/2 4 3/8

Fair. per lb 6 13/16 7 7 3/8 7 3/4 4 3/4

Good Fair. per lb 6 15/16 7 1/4 7 5/8 8 1/4 4 7/8

Good. per lb 7 7 1/2 8 9 5

Computed Stock, Jan. 8. 1857 1856 bales bales 389550 268820

Fine. per lb 7 1/8 8 .. 10 5 3/4

Imports, Exports, Consumption, &c. Consumption, Exports, Jan. 1 to Jan. 22. Jan. 1 to Jan. 22. 1858 1857 1858 1857 bales bales bales bales 117140 115720 5790 6720

Fine. per lb 8 1/4 9 9 11 1/2 6 1/4

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Computed Stock, Jan. 15. 1858 1857 bales bales 417200 318590

Same period 1856 Ord. Fair. Fine. per lb per lb per lb 67/8 7 3/4 8 1/4 7 6 /8 8 9 75/8 8 9 71/2 8 1/4 11 1/2 47/8 5 3/8 6 1/4

Computed Stock, Jan. 22. 1858 1857 bales bales 385230 328460

The cotton market has been animated this week, and somewhat excited towards the close. The trade are gradually resuming full time, and the supply of the more useful qualities of American is below their requirements. Holders have, consequently, obtained an advance in these grades, amounting generally to 1/4 d per lb. The lower qualities are less in demand, and do not equally participate in the improvement. Longstapled kinds are in better request, and command full prices. East India an 1/8 d per lb dearer. The sales to-day are 8,000 bales. The supply is restricted, and prices are firm. The reported export amounts to 4,160 bales, consisting of 2,710 American, 450 Brazil, 20 Egyptian, and 980 East India.

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Cottonconsumption in 1857.

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Mr Maurice Williams, of Liverpool, has favoured us with the following statistics in reference to the stock and consumption of cotton in this country for the past year:—“Stock—The stock of cotton, actually on hand in this port, on the 31st December, is 400,300 bales, consisting of 198,740 American, 15,200 Egyptian, 36,000 Brazil, 4,420 West India, and 145,940 East India, which, compared with our previous estimate, shows an increase of 3,840 bales in American, 1,960 in West India, and 6,430 in Surat, and a decrease of 900 in Egyptian, and 2,930 in Brazil. The total stock held in London is 41,290 bales, and in Glasgow, &c., 10,920 bales, which, added to the stock held in this port, will make a total on hand of 452,510 bales, which, again added to the estimated amount in the hands of spinners, viz., about 70,000 bales, will give over thirteen weeks’ supply at the average consumption of the past year. The quantity now on the water for this country from the United States is about 84,000 bales, and from the East Indies about 50,000 bales. Consumption—The amount of cotton consumed in the United Kingdom during the past year is estimated at 142,672 bales less than that of 1856, viz, 218,068 bales decrease in American, and 50,406 in Egyptian and West Indian, with an increase of 15,151 in Brazil, and 110,613 in Surat, Madras, and Bengal. The total amount of consumption is estimated at 2,038,128 bales, against 2,180,773 last year, or a weekly average of 39,194 bales, against 41,940 last year. But the decrease is still more apparent when the weight of the cotton consumed is taken into consideration, thus—the average weight per bale in 1856 was 414 lbs, which gave an aggregate of 902,840,022 lbs; but this year the average weight of each bale of cotton consumed has only been 403 lbs, or an aggregate of 821,365,584 lbs, showing a decrease, when compared with last year, of 81,474,438 lbs, or about 202,170 bales.” Our Antwerp letter states that the cotton trade at that port continues rather heavy, but without leading to any quotable change in prices. Annexed are the latest currencies realised:—

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Ordinary Good ordinary Low middling Middling Good middling Middling fair Fair

Liverpool Classification. Louisiana, Texas, Georgia, Florida, and Mobile. and Virginia. 31c to 32c 32c to 321/2 c 321/2 c 33c 321/2 c 33c 34c 341/2 c 34c 351/2 c 36c 37c 351/2 c 361/2 c 38c 39c 37c 38c 401/2 c 41c 40c 401/2 c 42c ... 41c …

Wednesday, January 6.

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Liverpool The sales of cotton to-day are estimated at 8,000 bags, including 500 American and 1,000 Surat on speculation and for export; 1,500 Surat, 600 Brazil, 400 Egyptian, and 4,000 American to the trade. There is rather less spirit ob-

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servable in the market, but as the supply of American offering is very scanty, prices continue firm at a full 1/4 d. per lb advance upon last week’s rates. Jan. 4 Liverpool, Cotton.—The trade have shown more disposition to buy cotton to-

day, which has caused an active demand, and a large business at an advance of about 1/4 per pound from Thursday last. The Europa brings advices of small shipments of cotton, and large of specie. The sales are 15,000 bales, including 11,950 American, 31/2 d. to 71/2 d.; 2,000 Surat, 3d. to 51/8 d.; 300 Egyptian, 71/8 d. to 83/8 d; 550 Bahia, 61/2 d. to 65/8 d.; 200 Pernambuco, 61/8 d. to 73/8 d. Of which 3,000 are for speculation and export. The week’s import is 15,055 bales.

5

Tuesday, January 5. The sales of cotton to-day are estimated at 6,000 bags, including 1,000 American on speculation and for export; 500 Surats, 300 Brazil, 250 Egyptian, and 3,950 American to the trade. There has been a very stiff market, with a bare supply offering, and the advance of yesterday is firmly maintained.

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Thursday, January 7.

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Liverpool The sales of cotton to-day are estimated at 6,000 bags, including 2,000 American on speculation and for export; 500 Surat, 530 Brazil, 300 Egyptian, and 2,670 American to the trade. The market is not quite so strong, and barely supports the extreme rates paid on Thursday, but beyond this there is no quotable change.

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[22] Produce market.

Cotton. Liverpool. Friday, January 8. The week opened with a very general demand, which a bare market was not in a condition to supply without advancing prices, and the operations of Monday showed an enhancement of about 1/4 d. per lb in the value of American cotton. Since then there has been a fair demand daily, and full prices have prevailed; but yesterday and to-day rather a better supply has been offering, and buyers have a choice which is to them some advantage. Our quotations for American, however, are generally 1/4 d. higher. In Sea Islands a considerable amount of transactions has taken place at rather higher prices. Egyptians have been more saleable but in prices there is little actual change. Bahias, previously depressed, are rather higher, but other kinds of Brazils are scarcely altered. For Surats there has been a good demand and they are about 1/4 d. higher. 3,740 American, 60 Egyptian, and 1,420 Surat are reported on speculation, and 3,860 American, 170 Egyptian, 100 Pernam, 1,420 Surat, and 100 Bengal for export. To-day the demand is less active, and the market closes tamely; sellers meeting the demand

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more freely: the sales are 5,000 bales, chiefly to the trade. The total sales for the week amount to 49,890 bales, viz.—

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Bales. 930 10 10310 3050 20380 1330 2090 150 50 1900 50 9480 160

Description. Sea Island Stained Bowed Georgia Mobile New Orleans Pernam Bahia Maranham Demerara, &c. Egyptian Common West India, &c. Surat Madras

d. 8 1/2 5 3 4 1/4 3 6 6 1/4 7 1/4 9 1/2 7 1/4 5 1/2 2 3/4 3 1/2

to to to to to to to to to to to to to

d. 24 7 1/2 6 3/4 6 3/4 7 3/4 6 3/4 6 3/4 7 5/8 10 1/2 10 1/4 — 5 1/4 5 1/2

per lb. “ “ “ “ “ “ “ “ “ “ “ “

The imports for the week consist of 19,855 bales from the United States; 7,182 from Brazil; 1,180 from Egypt; and 2,147 from Bombay: total, 30,271 bales. 20

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Estimated Stock of Cotton in Liverpool. Jan. 8, 1858. American 190800 Pernambuco 20930 Bahia 7760 Maranham 10920 Demerara — Egyptian 14710 West India, Spanish, &c. 4320 Surat, &c. 139920 Bengal 150 Total 389510 Increase of stock as compared with last year

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1858 1857

Jan. 8, 1857. 169550 9230 11880 4180 560 20110 90 51790 630 268020 389510 121490

Taken by the Trade, on Speculation, and for Export, from January 1, to December 31, 1857, and 1856. Trade. Speculation. Export. 39,020 5,220 2,003 59,810 18,740 1,690

Quotations for American Cotton This Day and for Same Period Last Year. 1858. 1857. 4 to 6 5/16 40 Upland—ordinary to middling 6 to 7 1/2 Fair to good fair 6 5/8 to 6 3/4 7 13/16 to 7 7/8 Good to fine 6 7/8 to 7 8 to — New Orleans—ord. to middling– 4 1/4 to 6 9/16 6 3/8 to 7 3/4 Fair to good fair 6 7/8 to 7 8 1/8 to 8 1/4 45 Good 7 1/8 to 7 1/4 8 3/8 to 8 1/2 Choice marks 7 1/2 to 7 3/4 8 3/4 to 9 Mobile—ordinary to middling 4 1/4 to 6 7/16 6 1/8 to 7 9/16 Fair to good fair 6 3/4 to 6 7/8 7 15/16 to 8 Good to fine 7 to — 8 1/8 to 8 1/4 50 American inferior 3 1/4 to 4 1/2 5 3/4 to 6 1/4

345

Karl Marx · Krisenhefte

Noon.—Market very quiet. Sales, about 6,000 bales. The sales of the week ending Thursday, January 7th, are 35,000 bales, of which 7,000 were on speculation and for export. Liverpool, Cotton.—An active demand from the trade set in on Monday and lasted the two following days; the great scarcity of the good ordinary to middling in American forced the prices of those qualities 1/4 d. to 3/8 d. over the quotations of last Thursday; in the better and lower the advance was not so decided. Yesterday the demand somewhat subsided and more cotton was offered, nor did the reduction of the Bank rate to 6 per cent. impart any improvement to the market. Prices to-day are 1/4 d. to 3/8 d. above our last quotations in good ordinary to middling, in the lower and better classes of cotton the advance is about 1/8 d., Surat are 1/8 d. dearer, Brazil and Egyptian are also higher. The accounts from Manchester of the state of trade are discouraging. The American advices received yesterday, per Anglo Saxon, state that middling at New Orleans on the 24th Dec. had declined to 9 and 91/4 cents owing to bad news from this side; the estimates of crop unchanged.

5

10

15

Liverpool 8 Jan. A fair inquiry has prevailed throughout the present week in the Liverpool cotton market, and the sales in five days have amounted to 49,800 bales, of which 39,000 are to spinners, 5,200 for speculation, and 5,600 for export. An advance of fully 1/4 d per lb has been established on the quotations of last week. The market, however, closes to-day again with rather less animation—sales 5,000 bales. The American accounts are without interest this week. In this market there has likewise been an active demand, and an advance of 3/8 d per lb has been obtained. The market closes very firm—sales are 2,900 bales. In the United States, cotton continues depressed, and very unsettled in price. The latest price paid for Upland was 10c, and for Gulf 101/4 c per lb.

20

25

Liverpool. Week ending Jan. 15 ˙˙ The cotton market has ˙ been quiet throughout the week. The arrivals of new cotton, though not very heavy, have been more than sufficient to meet the demands of consumers; and prices have consequently receded about 1/8 d per lb, generally in American cotton. There is little spirit, notwithstanding the reduced value of money, in the operations of other buyers. Long-stapled kinds do not find ready sale at last week’s prices, excepting perhaps Maceios, which are a little dearer. East India are rather lower during the week. The sales to-day are 5,000 bales. The market continues tame. The reported export amounts to 3,840 bales, consisting of 860 American, 40 Brazil, 80 Egyptian, and 2,860 East India.

Liverpool week ending 22 Jan. Active inquiry: total sales 67,000 bales at an advance of 1/4 d. p. lb upon last Friday’s quotation. Spinners have operated to a fair extent; their

346

30

35

40

The Book of the Commercial Crisis

5

10

15

purchases: 48,000 bales; speculators 15,000 bales, exporters 4000 bales. To-day the market closes with an animated tone. Sales 10,000 bales at the fullest rates of the week, with appearance of a further advance. In the London market a good business transacted at an improvement of 1/8 d. p lb on last week’s prices. Sales: 4000 bales. Dull accounts, in reference to the cotton trade, from Alexandria. Inactive markets for cotton at New York, with very few sales on Engl. account. Crop of 3,000,000 bales only. Liverpool Cotton Market. Friday, January 15. The market has been characterised by a feeling of dulness throughout the week, the continued depressed state of trade in Manchester having caused disappointment, and induced holders to offer their stocks more freely, notwithstanding the growing ease in money matters (the Bank rate of discount having been reduced to 5 per cent yesterday), prices of the better grades of American are fully 1/8 d. per lb lower, whilst the qualities below middling have been less affected, in consequence of their comparative scarcity. The imports for the week consist of 51,760 bales from the United States; 4,361 from Brazil; 506 from the West Indies; and 378 from Egypt: total, 57,005 bales.

20

25

30

Estimated Stock of Cotton in Liverpool. Jan. 15, 1858. American 222050 Pernambuco 19870 Bahia 9240 Maranham 12100 Demerara — Egyptian 13270 West India, Spanish, &c. 4750 Surat, &c. 133580 Bengal 150 Total 415010 Increase of stock as compared with last year

35

1858 1857

Jan. 15, 1857. 209620 10250 18740 7190 630 22300 140 48120 930 317920 415010 97090

Taken by the Trade, on Speculation, and for Export, from January 1, to January 15, 1858, and 1857. Trade. Speculation. Export. 69,270 6,530 3,282 81,780 21,710 4,706

Quotations for American Cotton This Day and for Same Period Last Year. 1858. 1857. 3 7/8 40 Upland—ordinary to middling to 6 1/4 5 7/8 to 7 3/8 Fair to good fair 6 1/2 to 6 5/8 7 10/16 to 7 3/4 Good to fine 6 3/4 to 7 7 7/8 to 8 New Orleans—ord. to middling– 4 1/8 to 6 7/16 6 1/4 to 7 5/8 Fair to good fair 6 3/4 to 7 7/8 8 to 8 1/4 45 Good 7 to 7 1/4 8 3/8 to 8 1/2

347

Karl Marx · Krisenhefte Choice marks Mobile—ordinary to middling Fair to good fair Good to fine American inferior

7 4 6 6 3

1

/2 /8 9 /16 7 /8 7

to to to to to

7 3/4 6 5/16 6 11/16 7 4 3/8

8 3/4 6 7 13/16 8 5 1/2

to to to to to

9 7 1/2 7 7/8 — 6

5

[25] II) Producemarket.

1) β) Silk.

II) Producemarket. 1) Raw materials for textile fabrics. β) Silk.

10

[Hier folgt Tabelle S. 349.]

London. 1 Jan. Silk.—Rather more doing in best China silk this week, at about 3d to 6d advance on last week’s prices; the commoner sorts without demand. No alterations in Bengal silk. Letters from China report the total settlements about 14,000 less than last year, and the shipments 10,000 less.

15

London. 8 January. Trade firmer. Messrs Eaton and Co. have forwarded the following comparative table of deliveries of silk during the last two years:— Average Monthly Deliveries from the Warehouses in London, from 1st Jan. to the 31st Dec. in the Years 1856 and 1857. 1856. 1857. Bales per Month. Bales per Month. Bengal 1,328 674 China 3,999 4,325 Canton 210 163 China Thrown 568 214 6,105 5,376

London. Week ending 15 January The silk-market continues more active; at about 6d. advance on best China silk; other sorts without change. London. Week ending 22 January. Silk held with more firmness. Business doing moderate. The total deliveries of silk, in New York, 1857, were 3,627 cases and bales, against 3,413, in 1856, 3,428 in 1855, 3,963 in 1854, and 4,979 in 1853.

348

20

25

30

35

20

Persians

Piedmont, 22–24 Do 24–28 Milan & Bergam, 18–22 Do. 22–24 Do. 24–26 Do. 28–32 25 Trams—Milan, 22–24 Do. 24–28 Do. 28–36 Brutias—Short reel Long do 30 Demirdach Patent do

Organzines

Silk duty free Surdah per lb Cossimbuzar 5 Gonatea Comercolly Beuleah, &c. China, Tsatlee Taysaam 10 Canton Thrown Raws—White Novi Fossombrone Bologna 15 Royals Trento Milan

36 35 38 37 33 30 36 35 33 0 0 0 28 12

s 23 14 14 14 14 16 11 10 17 42 36 30 31 32 30

0 0 0 0 0 0 0 0 0 0 0 0 0 0

40 36 39 38 0 31 37 36 34 0 0 0 32 14

s 24 22 23 22 15 19 17 16 17 45 38 0 32 36 39

1 Jan.

d 0 6 0 6 0 0 6 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0

d 0 0 0 0 0 6 0 0 6 0 0 0 0 0 0

31 29 30 29 28 27 27 26 25 11 0 16 25 10

d. 0 0 0 0 0 6 0 0 6 0 0 0

32 30 32 30 29 28 6 28 27 26 6 12. 6 0 18 32 12

8 Jan. s. d. s. 22. 24. 0 13 0 22 12 0 22 14 0 21 11 0 14 18 6 19 11 0 16 8 0 14 16 6 17 37 0 38 30 0 32 20 0 0 24 25 25 26 24 26 – – – – – – – – – – – – – –

s. – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

15 Jan. d. s. d. – – – – – – – – – – – – – – – –

– –







6 0 – 6 – –

17. 12. – 17. – – 18. 6

17

22 Jan. d. s. d.

s.

– –





17. 13. – – – –

s.

– –





6 0 – – – –

21. 0 18. 0

29 Jan. d. s. d.

– – – – – – – – – – – – – –

– – – – – – – – – – – – – –

5. Febr. s. d. s. d. – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – d. 0 0 0

0 0 0 0 0 0 6 0 0 – – 29. 6 12. 0

34. 33. 34. 33. 30. 29. 33. 31. 29. – –

0 0 0 0 0 0 0 0 0

34. 14. 0

36. 35. 36. 35. 32. 30. 34. 32. 30.

0 0 0 0

27. 32. 29. 30.

26. 28. 28. 28.

0 0 0 0

19. 0 40. 0

18. 0 38. 0

21. 6 17. 0

12 Feb. d. s. 0 23. 0 20. 0 20.

17. 6 12. 6

s. 22. 13. 13.

The Book of the Commercial Crisis

349

Karl Marx · Krisenhefte

[27] II) Produce Market.

1) γ) Wool.

II) Produce market. 1) Raw materials for textile fabrics. γ) Wool.

5

[Hier folgt Tabelle S. 352/353.]

London. 1 January. English Wool.—The trade continues very dull, and failure succeeds failure; the prices are very low, the fall from the top prices being equal to sevenpence per lb. The imports of wool into Liverpool, during the last three years, were as follows:— Descriptions. Australia and Van Dieman’s Land Cape of Good Hope Spanish Portugal United States Peruvian and Alpaca River Plate East India Mediterranean Ports Sundries Total Foreign Scotch Irish English

1857. Bales. 24,691 — 293 10,430 9,451 51,613 2,688 43,493 18,934 7,872 169,465 3,688 2,824 2,633 178,610

1856. Bales. 22,403 77 22 7,397 59 51,708 2,909 34,425 15,184 2,809 136,933 5,717 3,273 937 146,860

1855. Bales. 18,750 80 — 4,342 395 35,269 4,520 28,381 19,897 1,464 113,098 6,701 1,760 986 122,545

10

15

20

25

4 January. London, Wool.—A further considerable decline has taken place in the value of all kinds of English wool; and the market is in a most depressed state, arising in some measure from the large quantities of foreign and colonial qualities, which continue to be forced for sale. The supply of English wool here is by no means extensive.

30

London. 8 January

35

wool, though somewhat firmer, has commanded very little attention, owing to some large parcels, recently arrived from the United States, having been pressed for sale.

350

The Book of the Commercial Crisis

Liverpool. 15 Jan.

5

Friday, Jan. 15.—The extensive failures in Bradford have a tendency to retard the revival of business, same time holders are not inclined to sacrifice their stock, but prices are altogether nominal only. Public sales are advertised to take place on the 26th inst., when the imports since last October, consisting chiefly of East India wool, will be put up.

Week ending 22 Jan. Fall in the value of all kinds of wool arrested: business doing confined to small parcels.

[29] II) Producemarket.

1) δ) Hemp and Flax.

10

II Produce Market. 1) Rawmaterials for textile fabrics. δ) Hemp and flax. [Hier folgt Tabelle S. 354.] 15

The linen trade of Belfast appears to have been in anything but a flourishing condition during the past year. The annexed return shows the exports of flax and tow from Belfast and Londonderry in 1857, compared with the previous year:—

20

To England Scotland Total

25

Flax. 1856. 1857. tons. tons. 1,761 1,933 2,193 1,929 3,954 3,862

Tow. 1856. 1857. tons. tons. 1,749 1,453 486 354 2,235 1,807

22 January. Flax still dull; importers, however, generally firm. Value of Manilla hemp has improved 20sh. p. ton, at which numerous buyers have come forward.

[30] Loanmarket. Railways u. Funds. 30

Railway and Mining Share Market. London. Monday, Jan. 18.—The railway market has been flat, in sympathy with the funds and from realisations by recent operators for the rise. Lancashire and

351

Karl Marx · Krisenhefte

1 Jan. ’58

8 Jan. £

5

10

15

20

Wool—English—Per pack of 240 lb. Fleeces So. Down hogs £ 13 Half-bred hogs 12 Kent fleeces 13 S. Dwn ewes & wthrs 13 Leicester do 13 Sorts—Clothing, picklck 16 Prime and picklock 14 Choice 13 Super 12 Combing—Wethr mat 15 Picklock 13 Common 12 Hog matching 16 Picklock matching 14 Super do 12

30

35

40

45

13 12 14 0 14 16 15 14 13 16 14 12 16 15 12

0 10 0 0 0 10 0 0 0 0 0 10 10 0 10

Foreign—duty free.—Per lb









– s. d.

1st & 2d Elect prima secunda tertia

3s 2 2 1

4d 43 0 8

4s 0 2 1

6d

Sydney—Lambs Scoured, &c. Unwashed Locks and pieces Slipe and skin Port Philip—Lambs Scoured, &c. Unwashed Locks and pieces Slipe and skin S. Australian—Lambs Scoured, &c. Unwashed Locks and pieces V. D. Land—Lambs Scoured, &c. Unwashed Locks and pieces Cape G. Hope—Fleeces Lambs Scoured, &c. Unwashed

1 1 0 0 1 1 1 0 1 0 1 1 0 0 1 1 1 1 0 0 0 0

5½ 4½ 9½ 10 4 4 2½ 6 1 8½ 4 3 90 7 5½ 5 1½ 0 11 11 1 81 7½

2 2 1 1 1 2 2 1 1 1 1 2 11 1 1 2 1 1 2 10 10 1

1½ 8 6 9½ 9 1 3 0 7 6½ 9½ 2⅛ ⅛ 2½ 11 8 3 6½ 0 ½ ½ 3½

German, Saxon, and Prussian. 25

0 0 10 0 0 0 10 10 0 10 0 0 0 0 0

15 Jan. £

£

£

– – – – – – – – – – – – – – –

– – – – – – – – – – – – – – – s.

d.

4 10

Colonial

352





– –



– – 1 – – – 0 – – –

– 1

9

1 0 – 0 11 0 8 0 7½

0. 10. – –

1 0½ 1 7½ – – – 0 11 – – – 1 6 – 1 10 1 10 1 3

– – –

– – –

– 1. – 0. – –

– 3. – 7. – –





– – –

– – –

1.

9



2. 2. 1. 2

The Book of the Commercial Crisis

22 Jan.

29 Jan.

£

£

£.





13. 13. 13. 0 13. 0 13. 0 16. 0 14. 10 – – – – –



– s.

– d.

s.

d.

1. –

2 ½ 2. –



1.

4.

9





1.

s.

s.

d.

0. 1 – –

6. 1 – –





£.

s.

5 Febr. £. s. £.

14 13. 13. 13. 13. 16. 15.

10 10 10 10 10 0

14. 0 14. 10 13. 10 14. 0 – – – – – – – – – –

s.

d.

s.

s.

d.

s. d.

2.

4

2. 0





£.

s.

£.

s.









s.

d.

s.

d.

1. 0 ½ 1. 7 ½

– – – – – –

353

354

Flax duty free Riga, S P W C M per ton St Petersburg, 12 head 5 9 head Friesland Hemp duty free St Ptrsbg, clean, per ton outshot 10 half-clean Riga, Rhine Manilla, free East Indian Sunn Jute 15 Coir, rope junk fibre

8 Jan.

10 0 0 0 0 0 0 0 0 0

29 28 27 32 36 12 14 14 15 20

0 0 0 0 50 15 21 25 18 28

£ 50 43 0 65

8 Jan. s 0 0 0 0

£ 49 42 0 50 0 0 0 0 0 0 0 0 0 0

s 0 0 0 0











22 Jan. £. s. £. s. – –



15 Jan. s. £. s. – – – –

29. 0

£. – – – –

11. 0

29. 10

18. 0

29 Jan. £. s. £. s.

29. – – – – – – – – –

£. – – – – 0 – – – – – – – – – –

5 Febr. s. £. s. – – – –





12 Feb. £. s. £. s. – –

Karl Marx · Krisenhefte

The Book of the Commercial Crisis

5

10

15

20

25

30

35

Yorkshire receded 1 per cent.; most of the other leading descriptions also declined from 1/4 to 3/4 per cent. Indian shares were heavy from the probability of the creation of new securities to meet the requirements of the Indian Government. Canadian railways were also lower, and a reduction of 2 per cent. took place in Grand Trunk. French generally advanced, but in the other foreign lines there was increased weakness. Mines were active and in some cases better. Tuesday, Jan. 19.—The railway market was heavy during the greater part of the day, but rallied in the afternoon, and closed at a general advance of 1/4 to 11/2 per cent. Indian shares show little alteration; other colonial descriptions, on the other hand, were better. French generally declined, but only to a slight extent; the small foreign lines improved. In American securities New York and Erie and Michigan Central advanced. Mines were in fair demand, and in some cases higher. The transactions in joint stock banks were rather numerous. Wednesday, Jan. 20.—The railway market has been dull, but prices on the whole were fairly supported. In some cases, however, a decline has taken place, especially in Great Western, Midland, and North-Eastern stocks. London and North-Western have been in active demand. Great Northern were also firm. It is stated that arrangements are in progress for the purpose of terminating the present competition between these companies. Indian shares were flat. Other colonial descriptions were steady. Mines were rather actively dealt in, in most cases at an advance; Cobre Copper and United Mexican, however, declined. Thursday, Jan. 21.—The railway market has been inactive, the public at this period of the year suspending their purchases until the result of the half-yearly meetings is made known. In some cases, however, there was increased weakness, especially in London and North-Western and South-Western. Caledonian, on the other hand, were firm, and a fractional advance occurred in Great Northern, Sheffield, and Great Western. Indian shares continue rather heavy. French and foreign lines were generally higher. The transactions in mines were of an average character, mostly at former prices. Friday, Jan. 22.—In the railway share market the transactions have been extremely limited. A few of the leading lines have been dealt in, and a decline of about 1/2 to 3/4 per cent. may be reported. East Indian are steady at 108 1081/4. Grand Trunk of Canada have improved to 49 and 50, and Great Western of Canada are 201/4. Mining shares are dull. Wheal Trelawny have declined to 267/8.

355

Karl Marx · Krisenhefte

[31] II Producemarkets.

2) Metals.

II) Producemarkets. 2) Metals. [Hier folgt Tabelle S. 357.]

5

London. 1 January. (Friday) ˙ ˙ advanced to 53s per ton for mixed numbers. SpelMetals.—Scotch pig iron has ter has sold to the extent of 300 tons as low as 23l, but 23l 10s is now the nearest market value. Tin much firmer; Banca, 105s to 107s; Straits, 102s to 103s per cwt.

10

1 January. Metals.—There is a tendency to improvement showing itself in some metals, whilst nearly all have assumed increased firmness. Copper has found buyers, and there are many inquiries, but the large importations of foreign are against prices. Iron—Welsh bars are stronger by 5s a ton, generally; but Staffordshire iron, which has kept up so long, has been reduced 20s a ton at the quarterly meeting to-day. Lead is still rather dull of sale. Tin has some attention and foreign has advanced. Tin plates are firm at quotations.

15

2 January. Lon. Liverpool, Metal.—The undermentioned are the prices for metals in to-day’s markets:—Scotch pig iron; Gartsherrie, No. 1, f.o.b., at Glasgow per ton, 2l. 17s.: good brands, No. 1, 2l. 13s.; ditto mixed numbers, 2l. 13s.; ditto, mixed numbers, three months open delivery, 2l. 15s. Other iron: Merchant bar, f.o.b., in Wales, 6l. to 6l. 5s.; ditto, f.o.b., in Liverpool, 6l. 15s. to 7l.; ditto, Staffordshire, 7l. to 7l. 5s.; hoop, 9l. to 9l. 5s.; sheet, 9l. 10s. to 10l.; nail rod, 7l. 15s. to 8l.; bar, best crown, 7l. 15s. to 8l.; boiler plate, 9l. 10s. to 10l. Tin plates: Charcoal, lc., f.o.b., in Liverpool, per box, 1l. 12s. 6d.; coke, 1c., 1l. 6s. Copper: Bolt and sheathing, delivered in Liverpool, per lb., 1s 11/2 d.; tile per ton, 121l. 10s.; tough cake, 121l. 10s.; best selected ditto, 124l. 10s. Jan. 2. Glasgow Pig Iron Market, Tuesday, Jan. 5.—Market very firm; little iron offering. Buyers, 54s. 9d.; sellers, 55s. 6d. cash. No business reported to-day.

20

25

30

5 January. Metals.—Iron brings an advance, and sales of Scotch pig at 53s. 9d. to 54s. cash

mixed numbers. A fair trade in spelter at 23l. 15s. to 24l. Several transactions in East India tin, at 104s. to 107s. 7 January. Glasgow Pig Iron Market, Thursday, Jan. 7.—The market was a shade weaker

to-day, and business was done this afternoon at 56s. 3d. one month open, and 55s. two months in sellers option, closing sellers 55s. 3d. cash, buyers 54s. 8d. per ton.

356

35

35

30

25

20

15

10

5

Metals—Copper Sheating, bolts, &c. lb Bottoms Old Tough cake, p ton Tile Iron, per ton Bars, &c., British Nail rods Hoops Sheets Pig. No. 1, Wales Bars, &c. Rails Pig, No 1, Clyde Swedish, in bond Lead, per ton—Eng. Pig sheet red lead white do patent shot Spanish pig Steel, Swedish in kegs in faggots Spelter, for. per ton Tin, duty free English blocks, p ton bars in barrels Refined Banca, in bond Straits, do Tin Plates, per box Charcoal, I C Coke, I C

d.

0 1 10 1/4 10 10 s 0 0 10 0 0 15 0 12 1/2 0 10 0 10 0 0 0 0 10 15

0 0 0 0 0 d 0 6

s.

1 1 0 £ 107 107 £ 7 8 9 9 4 6 6 2 14 22 24 25 28 27 22 22 22 23

108 109 112 106 102 s 34 27

d.

0 0 0 0 0 s 36 28

0 0 0 0 0 d 0 0

0 0 0 0 0 0 0 0 0 0 £ s 7 10 8 10 10 0 10 10 0 0 7 0 7 0 3 0 16 0 23 10 0 0 0 0 0 0 0 0 0 0 22 10 23 0 24 0

s.

1 Jan. (Frid.)

– –

10



– –

£. 7. – 0 10. 0 10 10 5 10 7 0 7 10 3 – 0 23.

s. 5



0

10 10 0 0 10 0

s. 15



29. 0

118. 0 115 s. d.

113 114 116 116 115

118 116

1 1 0 0 1. 2 0. 11 1/4 £ 117. £ 117. £. s. £. s. £. s. £. s. £. s. £. s. – – 7. 5 7. 10 – – – 8. 0 8. 5 8. 5 – – – – – – – – – – – – 5. 0 – – – – – – – – 7. 10 7. 15 7. 10 8. 0 2. 16 3. 0 – – – – – – 14. 0 15. 0 – – 21. 0 23. 0 22 23 – – – – 23. 5 – – – – 24. 10 25 – – – 27. 10 – – – – – – – – – – 21. 10 22 – – – – 22. 10 23 – – – – 23 24 – – 25. 0 25. 10 26 10 27



123. 124 126 124. 0. 123. s. d. – – 29. 0

0

0

27. 15 28

– – 2. 18 3. 2 – – –

£ 126 £ 126 £. s. £. s.

1. 2 1. 3

128 129 131 126. 0. 126.0 128.0 124 126 s. d. s. d. s. d. – – 35. 0 37. 0 30. 0 – –

27. 5

– – – – – s. £. s. – – – 10 11. 0 – – – – – – – 10 23. 10 10 23. 15 10 26. 0 10 29. 0 – 0 22. 10 27. 0

22. 23. 25. 28. – 22.

– – – – – £. – – – 10. – – –

15 Jan. 22 Jan. 29 Jan. 5 Febr. 12 Feb. s. d. s. d. s. d. s. d. s. d. s. d. s. d. s. d. s. d. s. d.

112. 0 116. 0 110. 0 112 s. d. s. d. s. d. – – – – – – 28. 6



£. 7 – 10. 10. 4 6 7 2 – 22. 23 24. 27 – 21. –



8 Jan.

The Book of the Commercial Crisis

357

Karl Marx · Krisenhefte London. Metals.—An advance for tin; sales of Banca at 107s. to 108s.; and straits, 104s. 7 Jan. to 105s. Increased sales in iron, with another rise; and Scotch pig brings 56s. 3d.

to 56s. 6d. cash, mixed numbers. For lead and spelter rates fully as high. 8 January Birmingham, Iron.—A slight improvement has taken place in the iron trade

during the week. The letters received yesterday from America are very cheering, and contain advices of the disposal of all metal in stock. This will occasion the issuing of some good orders, and it is expected that most of them will find their way to this district, as it is calculated that the American makers cannot compete with the British, as the former asks 8l. per ton for pigs, whilst the Staffordshire quotations are 3l. 5s. to 3l. 15s., which shows a rise of 5s.

5

10

Glasgow Iron Market, Friday Noon.—Market rather weaker. Sellers of warrants, 55s. cash; buyers, 54s. 6d., with little disposition to operate. Market rather weaker. Sellers of warrants 55s. cash, buyers 54s. 6d. with little disposition to operate.

15 Januar. London. Friday, Jan. 15.—The market for manufactured iron remains in a very quiescent state, more particularly for Staffordshire iron. The late advance in Welsh iron has been so far pretty well supported. The business in Scotch pig iron, during the past week, has been on a moderate scale, with little fluctuation in value. For copper there has been a brisker demand. Foreign tin has advanced 5l to 10l per ton. The lead market is very quiet. For tin plates there has been a speculative inquiry, and prices are firmer.

15

20

22 Jan. London. Scotch pig iron about stationary. Nearly all other metals, especially tin and spelter, active demand on higher terms. Metals.—The improvement in quotations has been general this week and there appears to be a gradual revival of the demand for consumption. Lead and copper are firmer. British tin has been advanced 5s by the smelters. Foreign shows a proportionate rise, and there are now few sellers: Straits, 113s to 114s; Banca, 116s to 117s. A large business has been done in spelter to arrive, latterly at 26l to 26l 10s, spring shipment; 27l is now the nearest value, and 26l 10s per ton on the spot. Quicksilver 1s 111/2 d per lb. Iron is at present quiet; on ’Change yesterday Scotch pig was quoted 55s per ton for mixed Nos.

358

25

30

The Book of the Commercial Crisis

[33] II) Producemarket.

3) Hides and Leather.

II) Producemarket. 3) Hides and leather. 5

10

15

20

[Hier folgt Tabelle S. 361.] London, Jan. 6, 1858. The eventful year, 1857, which has just closed, presents a retrospect of the hide and leather markets strikingly in contrast with that of the previous year. It is impossible to determine how far the leather and hide markets might have been influenced by the more extensive supplies of raw goods, had not the money crisis occurred; it is very probable that prices would have gradually declined for a considerable period of time; but the universal character of the commercial panic, having paralysed all export trade, while it in a great degree suspended operations at home, has doubtless accelerated the downward movement, so that possibly the lowest point may sooner be reached, and firmness more quickly be re-established. It is satisfactory to find the leather trade has so well sustained the severe pressure to which all parties engaged in business have recently been subjected:—the manufacturers have also cause for congratulation that the present depreciation succeeds a period of considerable prosperity, and that the raw material has suffered a decline still greater than that of the manufactured article.

Week ending Jan. 15 London. During the past week, and indeed from the commencement of the month, the transactions in leather have decidedly increased; but the demand is still greatly disproportioned to the stock on hand.

[35] II) Producemarket.

25

4) Mincinglane.

II) Produce-market. 4) Mincing-lane. Dec. 25 Friday. 30

[Hier folgt Tabelle S. 362–367. – Siehe Abbildung S. 385.]

359

Karl Marx · Krisenhefte

[36] [Hier folgt Tabelle S. 368–379. – Siehe Abbildung S. 386.]

[37] [Hier folgt Tabelle S. 380–383. – Siehe Abbildung S. 387.]

London. 1 Jan. Sugar. A large quantity has changed hands, partly upon speculation, at 1sh. to 2sh. advance, contrasted with the prices ruling before the holidays. The homemarket for refined sugar very firm at an advance of 1sh. to 1sh. 6d. for most descriptions of goods. The annexed commercial report is dated the Mauritius, November 14:—Sugar—The market opened after the arrival of the 10th of September mail with a reduction of fully 2s per 100 lbs on all descriptions; and with the increased quantities in sellers’ hands prices have not recovered. The total shipments to all quarters amount to this day to 59,874,997 lbs, whereas at the same period last year, and with buoyant activity in the market, they only amounted to 48,882,309 lbs. Of these shipments the proportion to the United Kingdom cannot be estimated at more than about one-third, the rest having having gone to the Australian Colonies, France, and the Cape of Good Hope. Freight—Abundance of tonnage in the harbour, and many chartered vessels arriving for cargoes, in consequence of which rates have considerably declined. First-class vessels to the United Kingdom are taking in at 2l per ton, and second-class vessels at 1l 15s. The demand for France is also fully supplied at from 90f to 95f per ton, while to the Cape of Good Hope and the Australian Colonies only a limited business is done at about 1l 15s to 2l 15s respectively. Exchange—No exchange of importance to notice under this head. At 5 and 51/2 per cent. discount a large amount of document bills on England has found takers for remittances by the present outgoing mail. The same description of paper on France may be quoted at from 51/2 to 6 per cent. discount. The money market is easy, and good local bills of three and four months’ currency meet with ready conversion at 8 to 9 per cent. discount.

5

10

15

20

25

London 4 January

30

Trade in connection with the Colonial produce markets continues to manifest a progressive improvement. Coupled with the increased demand for local requirements, there are now some indications that ere long more may be doing for export, as the advices from our continental customers are decidedly more encouraging. From Holland a further recovery in the value of foreign tin was telegraphed to-day, from which a rise has taken place in the quotations here. As public sales of all the leading staples will be recommenced to-morrow, there has necessarily been some trifling fall in the private demand to-day, but it has been of a character to fully bear out the favourable anticipations previously entertain-

35

360

30

25

20

15

10

5

Hides—Ox and Cow, p lb B. A. and M. Vid. dry Do & R. Grande, saltd Brazil, dry drysalted salted Rio, dry Lima & Valparaiso, dry Cape, salted Australian New York East India Kips, Russia S America Horse, p hide German do Leather per lb Crop hides 30 to 45 lb do 50 65 English Butts 16 24 do 28 36 Foreign Butts 16 25 do 28 36 Calf Skins 20 35 do 40 60 do 80 100 Dressing Hides Shaved do Horse Hides, English do Spanish, per hide Kips, Petersburg, per lb do East India

1 1 2 2 2 2 2 2 2 1 1 1 17 2 2

3 1/2 6 5 8 6 6 5 7 4 3 5 1 0 6 0

1 1 1 1 1 1 1 1 1 1 1 1 8 1 1 7 9 1 3 0 2 2 4 1 8 9 3 6 0 0

s d 1 0 1/2 0 7 0 11 0 9 1/2 0 0 1 0 0 10 0 6 1/4 0 5 1/2 0 5 1 0 1/2 1 1 10 6 10 0

8 January.

d 11 6 9 8 0 9 8 5 4 4 6 11 0 0

s 0 0 0 0 0 0 0 0 0 0 0 0 9 8

d. – 5. 8 6

– – – – – – – – – – – – – – –

– – – – – – – – – – – – – – –

0 8 0 7 0 4 0 3 0 3 0 4 0 10 6 0 0 0

s. – 0. 0 0 0 0 0 0. 0 0 1 7 0

10 9 5 1/2 4 4 11 0 6 0

15 Jan. s. d. – – 0. 5 1/2 0 10 0 7

1. 11

– – – – 1. 0

2. 0 2. 2

8. 6

5

1. 8

5 5 – –



0

1. 5

1. 1. – –

6



– – – – 0. 4



– – – – 8. 1. 1.



1. – 1. –

0. 10

– – – – 0 15. 0 6 1. 10 0 1. 10



3. 1. 7 – 5 2. 0 –

– – 0. 9 – –







– – –

– – –

29 Jan. s. d. s. d.

22 Jan. s. d. s. d.

– – –

– – 1. – 1. 1. 1. 1. 1. 1. 1. – – – –

– – – – – – 4 – 4 4 5 7 4 2 4 – – – –

– – – –

0. 3 – –

– – –

2. 2. 2. 2. 1. 1. 1.

0 2 0 2 11 6 7

2. 0

0. 5

5 Febr. s. d. s. d. – – – –

1. 5

0. 11

6. 0

0. 4

0. 3.

0. 5. – –

1. 8

1. 2

9. 0

1. 0

0. 5 1/4

0. 5 3/4

12 Feb. s. d. s. d.

The Book of the Commercial Crisis

361

Karl Marx · Krisenhefte Friday. Jan. 1

Dec. 25 Friday.

Jan. 8 Friday.

s. d. Ashes duty free

5

First sort Pot, U. S. p. cwt

s

d

s

36

0

0

0

0

0

0

36

0

0

0

36

0

0

0

West India per cwt

70

0

90

0

Guayaquil

80

0

85

0

Brazil

70

0

73

63

0

74

First sort Pearl, U. S. Montreal

s. d.

s. d.

s. d.

d

36

Montreal

Jan. 15

36. 36. 36. 36.

6 6 6 6

35. 0 35 35 35

36 36 36 36

0

– – –

65 70 63

88 80 67

0



66

78

– – – – – –

55 50 70 90 48 53

65 60 88 105 54 56

0

Cocoa duty 1d per lb

10

Coffee duty 3d per lb

15

20

25

30

35

Jamaica, good middling to fine per cwt fine ord to mid

50

0

62

0

Mocha, ungarbled

45

0

60

0

garbled, com. to good

68

0

82

0

garbled, fine

83

0

88

0

47

0

52

0

plantation, ordinary to fine ord

50

0

54

0

fine fine ord. to mid

55

0

62

0

good mid. to fine

63

0

80

0

Java

46

0

65

0

Sumatra and Padang

40

0

44

0

Madras and Tellicherry

48

0

75

0

Malabar and Mysore

48

0

57

0

St Domingo

45

0

51

0

Brazil, washed

42

0

54

0

good and fine ord

35

0

43

0

common to real ord

30

0

34

0

Costa Rica

50

0

65

0

Havana and Cuba

46

0

70

0

Porto Rico & La Guayra

48

0

65

0

Ceylon, native, ord to gd

52.

0

55. 0 – – – – – – – – – – –



58 68 48 42 58 50 46 44 37. 6 33 54 45 50

– – – – – – – – – –

Cotton duty free

40

45

Surat per lb

0



0



Bengal

0



0



Madras

0



0



Pernam

0

0

0

0

Bowed Georgia

0

0

0

0

New Orleans

0

0

0

0

Demerara

0

0

0

0

St Domingo

0

0

0

0

3

0

5 10

0. 0. 0.

3½ 0. 5½ 0. 3½ 3½ 0. 4 0. 3½ 3½ 0. 5 0 3¾

0. 5½ 0. 4 0. 5½

– – –

Drugs and Dyes duty free Cochineal Honduras per lb

362







67 82 65 46 75 58 52 56 43. 0 37 66 68 66

The Book of the Commercial Crisis Jan. 22.

s. d.

Jan. 29.

s. d.

– – – –

s. d.

s. d.

Febr. 5

s. d.

0





– 100. 0 55. 0 –

– – – – 53. –

– – – –

69 84

– – – – – – – – – – – – –

59. 69. 46. 40. 56.

– – – – 0. 3¾ 0. 5⅝



90.

85.

59 70 – 43 – – – – 38. 6 – 54 – –

– –

0

0

56. 50.

68

0 0 0 0

58. – –

– – – – – –



35. 35. 35. 35.

0 0 0

67 62

43

0 0 0 0

90. 76. 64.

56 50 – – – 54

– – – –

34. 34. 34. 34.

0 0 0

67.



d.

54. 74. 56.



47

s.

– – – – 55

80

58

d.

0 0 0 0

68

– – –

s.

35. 35. 35. 35.

85 60

s. d.

– –

50 – 55



Febr. 12

63

66 63 –

90. 48.

0 0 – 0 0 0 0 0 –

45.

0 –

38.

0 –

55. 45 50

0

68. 84. 65. 46. 75. – 52. – 43. – 70 70 68

0. 3¾ 0. 5½





0. 4





0. 5¾

0 0 0 0 0 0 0

– – – – – – – – 38. 32. – – – 0. –

0 – –

0

55.

0 – – – – – – – – –

0 0

44. 37.

0 0 – –

4

0.

5¾ –



363

Karl Marx · Krisenhefte [Dec. 25 Friday.] Mexican

3

7

4

6

1

2

2

4

Bengal per cwt

15

0

30

0

Madras

13

0

20

0

China

18

6

23

6

58

0

60

0

15

6

16

0

£

s

£

s

70

0

114

0

Lac Dye—good to fine.

5

Gambier Dyewoods duty free Bazil Wood ... per ton

15

Camwood

0

0

0

0

Fustic, Cuba

0

0

0

0

Jamaica

6

0

6

5

Savanilla

5 10

0

0

8 15

0

0

5

0

5 10

Logwood, Compeachy Jamaica Nicaragua Wood

20

[Jan. 8 Friday.]

– –

– –

[Jan. 15]

– –

Turmeric

Terra Japonica, Cutch

10

[Friday. Jan. 1]

22

0

0

0

Red Saunders

6

0

6

5

Sapan Wood

12

0

17

0

0

0

0

0

0



£.

s.

£. s.

£. s.

£. s.

Fruit—Almonds Jordan, duty 10s p cwt new old

25

0

0

0

Barbary sweet, in bnd

3 11

0

0

Bitter free

3

5

0

0

0

0

0

0

3

0

3 10

1 10

3 10

Turkey, new, p cwt d p

2

5

3

5

Spanish

2

0

0

0

French ... per cwt d p

0

0

0

0

Imperial cartoon, new

0

0

0

0

Prunes, duty 7s new d p

2

5

0

0

Denia, new, p cwt d p

2

5

0

0

Valentia, new

2 16

2 18

Smyrna, black

2

0

0

red and Eleme, new

3

0

3 15

Sultana, new

3

8

3 10

3

Muscatel

2 16

5

0

s

d

s

d

25

6

43

0

– s. d. –

3. 10

– –

3. 10 –

Currants, duty 15s per cwt Zante and Cephal. new old

30

Petras. new

– – –

– –

– – – – –



2 10

2 18

2.10

2. 18





– 3. 10 –

– – – s. d. 21. 0

– – –

– – – s. –

– –

– –

Figs, duty 15s per cwt

Plums, duty 15s per cwt

35

Raisins, duty 10s per cwt

40

45

Oranges, duty paid St Michael per bx

364

0

5.

35. 0

d.

– – – s. d. –

The Book of the Commercial Crisis [Jan. 22.]

– – 15. – – – – £. – – – – – – – – – –

[Jan. 29.]

– – 0

s. –

30. 0 – – – – £. s.

1. 2 15. 12. 15. 48. 16. £.

0 0 0 0 6 s.

– – – – – – – –

4. 10 9. 0

3. 9 – –

3. 7 – –

– – – – – –

– – 2. 15 – –

[Febr. 5]

[Febr. 12]

2. 1 25. 16. 20. 50. 17 £.

6 6 0 0 s.

5. 0 13. 10

3. 0 – –

£. s.

£. s.

£.

s.

£.

s.

– –

– –

– –

– –

– –

– –

– –

– –

– –

– –

– –

– –





– – – – – – s. –

– – – – – –

– –

– – 2. – 2. s. –

15 – 15 d. –

3. 10 5. 0 s. d.

– –





– – – – – – s. d. – –

– –

– –

s. d. –

s. d. –

s. d.

d.

s.

d. –

365

Karl Marx · Krisenhefte [Dec. 25 Friday.]

5

[Friday. Jan. 1]

Fayal

14

0

16

0

Lisbon & St Ubes, ½ ch

22

6

25

0

Madeira per box

14

0

15

0

Seville sours cht

42

0

45

0

Messina per case

16

0

17

0

Lisbon per ½ chest

27

6

30

0

Malaga

27

6

30

0

Naples per case

19

0

21

0

W I Pine apples doz

0

0

0

0

Dutch Melons doz

0

0

0

0

Denia doz

0

0

0

0

Malabar per lb

0



0



Eastern

0

3⅝

0



White

0



0

0



0

Ceylon, 1, 2, 3

1

0

1 11

Malabar & Tellicherry

0

9

1

8

100

0

110

0

[Jan. 8 Friday.]

0 0

[Jan. 15]

0 0





Lemons

10

15

Spices, in bond—Pepper, duty 6d

s. d.

s. d.

s. d.



0. 5

0.

6





0. 4⅛

0.

5







3





0.

3⅜







s. d.







Pimento, duty 5s p cwt

20

mid and good per lb

0. 3¼

Cinnamon, duty 2d p lb

Cassia Lignea, duty

25

9s 4d per cwt

110. 0

120.

0

Cloves, duty 2d

30

Amboyna and Bencoolen per lb

0



1



Bourbon and Zanzibar

0



0

4

Ginger, duty B. P. 5s per cwt, For. 10s. East India com. p cwt

18

0

20

0

Do.

45

0

120

0

28

0

30

0

Mace, duty 1s ..1 & 2 p lb

1

2

2

4













Nutmegs, duty 1s per lb

1

4

3

6













Cochin and Calicut

African

35

s. d.

Indigo duty free

40

Bengal per lb

2

6

10

0

Oude

4

0

6

0

Madras

1

0

5

6

Kurpah

2 10

7

9

Manilla

2

0

4

6

31

0

40

0

43

0

44

0



18

0

19

0



£. Saltpetre, Bengal, p cwt

45

English, refined Nitrate of Soda

366

s.

£. s.

£. s. 31. 0 – –

£. s. 42. 0

33. 0. 43. 0

43. 43.

0 6

17. 0

18.

0

The Book of the Commercial Crisis [Jan. 22.]

[Jan. 29.]

0. 0

s. d. –

4⅜



















s d.

– 0.



5.

0

0.

[Febr. 5]

[Febr. 12]

0

s. d.

s. d.

s. d.

s. d.

0. 5¼

0.

6⅜

0.



0.



0. 4¾

0.

5⅛

0.



0.































115.

125

118

1. 3.

2. 4







1. 4.

3. 9







33. – –

42 –

33. – –







41. 6

30.

s.

d.

s.



0.

d. –

3⅛

0.

3⅜

128

120.

0

130.

0

40

29. 42.

0

39. 42.

0 6





367

Karl Marx · Krisenhefte

25 Dec.

1 Jan.

Provisions—All articles duty paid. Butter—Waterford p cwt

5

106 s

0d

112 s

0d

106

0

112

0

Cork 3rds

92

0

0

0

Limerick

80

0

90

0

120

0

124

0

Kiel and Holstein

0

0

0

0

Leer

0

0

0

0

54

0

58

0

54

0

0

0

Hams—Westphalia

74

0

0

0

Lard—Waterford & Limerick bladder

72

0

74

Cork and Belfast do

76

0

0

Firkin and keg Irish

62

0

66

0

0

0

0

0

Carlow

Friesland fresh

10

Bacon, singed—Waterf. Limerick

15

American & Canadian Cask do

20

do

25



112 112 98 86. 126. 104.

0 0 0

54.

– 0. –

– 0 –

– –

0

70.

0

74. 0



0

70.

0









£.

s.

0

0

0

0

0

0

Beef—Amer. & Can. p tc

0

0

0

0

0

0

0

0

48

0

53

0

Gouda

42

0

54

0

Canter

26

0

0

0

American

42

0

60

0

128 104.



d.

0

68

Cheese—Edam

s.

0. 0. 130.

Pork—Amer. & Can. p.b. Inferior

8 Jan.

sh. d.

56.



Rice duty 4½ d per cwt Carolina per cwt

30

20

0

36

0

Bengal, yellow & white

7

0

11

0

Madras

7

0

9

0

Java and Manilla

8

0

13

6

18

0

24

0

British best, d. p p cwt.

21

0

21

6

Patent

19

6

20

0

B. P. West Indies

15

6

17

6

£

s

£

s

39

0

0

0

37

0

38

0

Sperm

67

0

68

0

Head matter

73

0

74

0

Cod

27

10

28

8

South Sea

38

0

41

0

51

0

52

0

Sago duty 4½ d per cwt Pearl per cwt

35

Molasses duty British and For. 5s 4d

Oils—Fish

40

Seal pale, p 252 gal d.p yellow

45

Olive, Gallipoli per ton Spanish and Sicily

50

45

0

46

0

Palm per ton

39

0

40

0

Cocoa nut

40

0

45

0

Rapeseed, pale (foreign)

44

0

45

0

368

£.

s.

– –



– –

£.

s.

40. 0 70. 76. 31 40 48 43 41 41 58.

0. 0 0. 0. 0 0 0 0

The Book of the Commercial Crisis

8 Jan.

s.

d.

15 Jan.

s.

d.

114 116 100.

0

130.

0

s. – – – – – –

– –

54. 54

0.

60. 57 –

22 Jan.

d.

s.

– – –

112 – 94. 92. – –

0

s.





£.

s.



0 0 0 0

40

10

44 42 44 60

0

40.

114 96. 100 – – –

£.

s.

– – – – –

42.

56

– – – –

– – – –





£. – – –

40. 0 71. 77

d.



– –

– – – –

£.

s.







d.

s.

£.

– – –

10

41.

0

39.

40

77. 0 81 – 40 49 – – 40. 10. 42 60 –

77. 82 – 41 50

10

82 86

41. 43 –

0

81. 85 – 40. 50 45 – 42 45



s.

– 40.

10

46 – 44 46

369

Karl Marx · Krisenhefte

[25 Dec.] Linseed Black Sea p qr St Petersbg Morshank

5

Do cake (English) p ton Do Foreign Rape do

28

0

50 s

0d

0 50 s

[1 Jan.]

[8 Jan.]

0

46

0

47

0

0

11 l

0s

9

0

9

15

6

0

6

10

29.

– –

49 10 l. 10 9. 0 5. 5.

– –

0d

10 l



5.

Spirits Rum dy B. P. 8s. 2d. p gal. For. 15s

10

15

Jamaica, per gal., bond

s.

d.

s.

d.

15 to 25 O P

3

8

4

0

30 to 35 —

4

2

4

6

fine marks

5

0

6

0

Demerara

proof

2

4

2

5

Leeward Island



2

2

2

3

East India



2

1

2

2

Foreign



2

0

0

0

1850

17

0

17

6

1851

16

6

17

0

1855

14

6

15

0

1856

14

0

14

6

2

1

2

2

2

10

3

0

10

0

0

0

s.

d. –

s. d.

s. 3 4.

d. 6 0.

2. 2. 1. 1.

0. 0. 10. 9.





Brandy, duty 15s p gal

20

Vintage of 1st brands

Geneva, common Fine

25

Corn spirits, pf duty paid Do. f. o. b. Exportation

2

2

2

3

11

0

12

3

s

d

s

d

25

6

33

0

21

6

24

0

23

6

31

0

15

0

23

Bengal, crys., good yellow and white

31

6

34

Benares, grey & white

28

0

Date, yellow and grey

21

0

Malt spirits, duty paid

30

Sugar—duty, Refined, 18s 4d; white clayed, 16s; brown clayed, 13s 10d; not equal to brown, 12s 8d; molasses, 5s 0d per cwt. British plantation, yellow brown

35

Mauritius, yellow brown

40

ord to fine brown Penang, grey and white brown and yellow Madras, grny yel & white

45

brown and soft yellow Siam and China white brown and yellow

2.

14.

0 – – – 2. 3 –

13.

s.

– – – 6. – – – – –

d.

6 6 6

0

27. 23 25 17

35. 0 26 33 25

– – – –

6

33

6

36

6.



35

6

29

0

30 23 16 31 17 30 17 32 17 23 19

0 0 0 6 0 0 0 0 0 0 0

37 31 22 36 31 36 28 36 31 24 21

6 0 6

– – – – – – – – – – –

14

0

20

6

29

6

34

0

15

0

29

0

28

0

34

0

15

0

26

0

30

0

34

6

15

0

29

6

Manilla, clayed

21

0

22

6

muscovado

17

0

19

0

370

13.

– – – 6. – – – 1 –

0 0 0 6 6 6

The Book of the Commercial Crisis

[8 Jan.]

29. 10 52 s. 6 d

d. 10 6

2. 2. 1. 1.

1 1 11 10

14.

9.

5.

s.

d.

s. – –

0



– – – –

2.

0



d.

10. –

– – –

s.

30 52 s. – –

10 l. 15 10 15 5. 15

s. 3. 4.

[15 Jan.]

29. 15 50 sh.

2. –

s.

26. 22. 25 15.

d.

6. 6 6

[22 Jan.]

6 d. – – 5 –

d. – –

– – – 2 –

s.

d.

33. 26. 32 25

0 6

28. 15 51. sh. 50 – – – – 5. 10

d.

2.

5

1.

11

16. 16 14 13. – – 9. – –

6

17 16. 14. 13.

6 6 6

– – 10 – –

s.

d.

s.

d.

33. 27 32. 25.

6

27. 23. 25. 15.

6 6 6

32.

36 32 22. 35. 30 35 27 35. 30 25 20.

31 – – 31. 15. 31 16 31. 15. 25 –

6

0

6

15

s.

36

6

5.

d. – – – 4 – 10 –

30 23 15 31. 16 30 16 30. 16 23. 18.

0.

6 d.

s. – – – 2. – 1. –

32

6 0 6

29 53 s. 51

6.

– – 6 6

6 6

6 6

36.

6

36.

6

35. 31. 36 28 36. 31. 26.

5 0

6 6



371

Karl Marx · Krisenhefte

[25 Dec.] 28

6

35

0

brown and yellow

17

0

28

0 0

Havana, white

5

35

0

42

brown and yellow

21

0

32

6

Bahia, grey and white

24

0

31

0

brown Pernam & Paraiba, white brown and yellow

10

For. Mus. low to fine grocy brown Refined—For consumption 8 to 10 lb loaves 12 to 14 lb loaves

15

20

Titlers, 22 to 24 lb

0

23

6

0

32

0

17

0

24

0

23

6

32

6

19

0

23

6

60

0

61

0

58

0

59

0

6 0

0

6 0

57 56 52

0

0

0

0

6

59

0

Wet crushed

50

0

52

0

Pieces

45

6

48

0

Bastards

30

0

38

0

Treacle

18

0

19

0

45

0

46

0

6 lb loaves

42

0

43

0

10 lb do.

41

6

42

0

14 lb do.

41

0

41

6

s 42

d 0

s 45

d

0

0

0

0

Crushed

40

0

40

6

Bastards

18

0

22

0

Treacle

17

0

19

0

– –

6 lb loaves

42

0

43

0



10 lb do

41

0

41

6

Superfine crushed

36

0

0

0

No. 1 crushed

33

0

34

6

No. 2 and 3

30

0

32

0

8 to 10 lb loaves

38

6

39

0

Crushed, 1 and 2

32

6

32

6

N. Amer. melted, p cwt

48

0

49

0

St Petersburg, 1st Y C

51

9

0

0

N. S. Wales

46

0

50

0

13

0

14

0

14

6

15

0

Titlers, 22 to 28 lb Lumps, 40 to 45 lb

37 30 44 34 33 25 34 26 34 25

[8 Jan.]

6

6

6 6 61.

58 58 54

6 6 – –

45 44 43

46 45 43

41

0.

60 59 58 53 49 27 17



50

6

46 45 0



0

– – – – – – – – – –

6



55

Sugar—Ref. Continued

30

17 25

30 17 37 23 26 19 27 19 25 21

Lumps, 45 lb

For export, free on board. Turkey loaves 1 to 4 lb.

25

[1 Jan.]

Java, grey and white

0

45 46

42 16 –

Dutch, refined, f. o. b. in Holland

35

40



46 45 36 34. 32.

0. 6

Belgian refined, f. o. b. at Antwerp.

37 33

6

38 34

– 34.

Tallow—Duty B. P. 1d, For. 1s 6d p cwt

45

Tar—Stockholm, p brl Archangel

372





0 55. 0 14. 15.

0 6 0 0. 0.

The Book of the Commercial Crisis

[8 Jan.]

[15 Jan.]

[22 Jan.]

30. 6 18 35 22 25 18 26 17 24. 6 20. 6

35. 0 30 40 34 33 24 34 25 34. 6 24. 6

31. 18 36 22. 25. 18. – 18. 25. 20

6 6 6 –









54. 6

– – – – – – –

– – – – – – –

51





47 46 0

– –

– –

46





43 22

– – –

– – –

62

0

61 62 59 54 51 38 19

0. 0. 33

53. 0.

6

36 31 40 34. 6 33. 6 25 25. 6 34 25. 6.

0.





– –



0 0

35

0 0 0 14. 15

6

0 0 0 6 6

53. 6

– – – – –

– –

54. 3

373

Karl Marx · Krisenhefte

29 Jan. [Provisions—All articles duty paid.] [Butter—Waterford p cwt]

5

[Carlow]

s.

d.

– –

– –

s.

5 Febr.

d.

s.

d.

s.

d.

98

[Cork 3rds] [Limerick] [Friesland fresh] [Kiel and Holstein]

10

[Leer]

54. –

[Bacon, singed—Waterf.] [Limerick]

58 –

[Hams—Westphalia]

15

[Lard—Waterford & Limerick bladder] [Cork and Belfast do] [Firkin and keg Irish] [American & Canadian] [Cask do

20

54.

do]

[Pork—Amer. & Can. p.b.] [Beef—Amer. & Can. p tc] [Inferior] [Cheese—Edam] [Gouda]

25

[Canter] [American]













7.

0.

8.

0













£.

s.

£.

£.

s.

38. – 80. – – 39. – 45. – 43. 45.

10 – 0 – – 10 – 0 – 0 0

39

[Rice duty 4½ d per cwt] [Carolina per cwt] [Bengal, yellow & white]

30

11.

6

£.

s.

46. 40. 45

10 10

[Madras] [Java and Manilla]

13.

0

[Sago duty 4½ d per cwt] [Pearl per cwt]

35

[Molasses duty British and For. 5s 4d]

s.

[British best, d. p p cwt.] [Patent] [B. P. West Indies] [Oils—Fish]

40

[Seal pale, p 252 gal d.p] [

yellow]

[Sperm] [Head matter] [Cod]

45

[South Sea] [Olive, Gallipoli per ton] [Spanish and Sicily] [Palm per ton] [Cocoa nut]

50

[Rapeseed, pale (foreign)]

374

81. – 40. – 46. – 45.

– 0 – 0 –

39. – – 85. – – – 46. 40. 40. 44.

– – 0 – – – 0 0. 10

The Book of the Commercial Crisis

12 Feb. [Provisions—All articles duty paid.]

s.

[Butter—Waterford p cwt]

d.

s.

d.









[Carlow] [Cork 3rds] [Limerick] [Friesland fresh]

126.

130. –

[Kiel and Holstein]



[Leer] [Bacon, singed—Waterf.] [Limerick] [Hams—Westphalia]

54. 54. 74.

0 0 0

57.

6. 6. 7.

6 6 6

11. 8. 12.

0 6 0

£.

s.

£.

s.

[Lard—Waterford & Limerick bladder] [Cork and Belfast do] [Firkin and keg Irish] [American & Canadian] [Cask do

do]

[Pork—Amer. & Can. p.b.] [Beef—Amer. & Can. p tc] [Inferior] [Cheese—Edam] [Gouda] [Canter] [American] [Rice duty 4½ d per cwt] [Carolina per cwt] [Bengal, yellow & white] [Madras] [Java and Manilla] [Sago duty 4½ d per cwt] [Pearl per cwt] [Molasses duty British and For. 5s 4d] [British best, d. p p cwt.] [Patent] [B. P. West Indies] [Oils—Fish]



[Seal pale, p 252 gal d.p] [



yellow]

[Sperm] [Head matter] [Cod] [South Sea] [Olive, Gallipoli per ton]

30. 39.

10 0 –

31. 39.

0 10 –

[Spanish and Sicily] [Palm per ton]



[Cocoa nut] [Rapeseed, pale (foreign)]

375

Karl Marx · Krisenhefte

[29 Jan.] [Linseed] [Black Sea p qr] [St Petersbg Morshank]

5

– 51 s. –

– – 0 d. 52 sh. –

[5 Febr.]

– 0 d.

[Do cake (English) p ton] [Do Foreign] [Rape do]

9 l. 5 l.

0 s. 10 l. 10 sh. 5 l.

15 sh. 15 sh.

s. – 4. – – – – –

d. – 2 – – – – –

s.

d.

4. – – – – –

8 – – – – –

– – – – – – – – –



– – – – – – – – –

s.

d.

s.

27. 21. – 15.

6 6 – 6

32. – 22. 15. 31. 15. 30. 15. 31. 15. – –

28. 50 s. 48. – 10 l.

0 0 d. 0. – 10 sh.

28.

5

49 s.

0 d.

10 l.

15

s.

d.

s.

d.

[Spirits Rum dy B. P. 8s. 2d. p gal. For. 15s]

10

[Jamaica, per gal., bond] [15 to 25 O P] [30 to 35 —] [fine marks]

15

[Demerara]

[proof]

[Leeward Island

—]

[East India

—]

[Foreign

—]

s. – –

d. – –

– – – –

– – – –

– – – – – – – – –

– – – – – – – – –

d.

s.

d.

33 26. – 25.

6 – 0

– – – –

– – – –

0

36.

0





– 6

– 32. 22. 35. 30 36 28. 36 30. – –

– 0 0 0 0

– – – 31. – 30. – – – – –

– – – 0. – 0 – – – – –

[Brandy, duty 15s p gal] [1850]

20

[Vintage of [1851] 1st brands] [1855] [1856] [Geneva, common] [Fine]

25

[Corn spirits, pf duty paid] [Do. f. o. b. Exportation] [Malt spirits, duty paid]

30

[Sugar—duty, Refined, 18s 4d; white clayed, 16s; brown clayed, 13s 10d; not equal to brown, 12s 8d; molasses, 5s 0d per cwt.] [British plantation, yellow] [brown]

35

[Mauritius, yellow] [brown] [Bengal, crys., good yellow and white] [Benares, grey & white]

40

[Date, yellow and grey] [ord to fine brown] [Penang, grey and white] [brown and yellow] [Madras, grny yel & white]

45

[brown and soft yellow] [Siam and China white] [brown and yellow] [Manilla, clayed] [muscovado]

376

6 6 0 6. 0 – –

0 6 – –

35 35.

The Book of the Commercial Crisis

[12 Febr.] [Linseed] [Black Sea p qr]

28. 49.

5 0

28. 50.

10 0

8.

15

s.

d.

s.

d.

s.

d.

s.

d.

26.

6

33.

0

6

32.

[St Petersbg Morshank] [Do cake (English) p ton] [Do Foreign]

10. (1.) 15 sh

[Rape do] [Spirits Rum dy B. P. 8s. 2d. p gal. For. 15s] [Jamaica, per gal., bond] [15 to 25 O P] [30 to 35 —] [fine marks] [Demerara]

[proof]

[Leeward Island

—]

[East India

—]

[Foreign

—]

[Brandy, duty 15s p gal] [1850] [Vintage of [1851] 1st brands] [1855] [1856] [Geneva, common] [Fine] [Corn spirits, pf duty paid] [Do. f. o. b. Exportation] [Malt spirits, duty paid] [Sugar—duty, Refined, 18s 4d; white clayed, 16s; brown clayed, 13s 10d; not equal to brown, 12s 8d; molasses, 5s 0d per cwt.] [British plantation, yellow] [brown] [Mauritius, yellow]

25. –

[brown] [Bengal, crys., good yellow and white] [Benares, grey & white] [Date, yellow and grey]

31.

6

35.

6

31. 22.

0 6

37. 33.

6 0

6

35.



[ord to fine brown] [Penang, grey and white]

0 –

30. –

[brown and yellow]

6 –

[Madras, grny yel & white] [brown and soft yellow] [Siam and China white]

31.

0

35.

6

25. 17.

6 6

27. 20.

0 6

[brown and yellow] [Manilla, clayed] [muscovado]

377

Karl Marx · Krisenhefte

[29 Jan.] [Java, grey and white] [brown and yellow] [Havana, white]

5

[brown and yellow] [Bahia, grey and white] [brown] [Pernam & Paraiba, white] [brown and yellow]

10

[For. Mus. low to fine grocy] [brown]

31. 18. 36 22 25. – 26. 18. 25. –

0 0

[5 Febr.]

– – – – 25. – – 18. – –

– – – – 0 – – 0 – –





– – – – – – –

– – – – – – –





– –

– –





– –

– –

45 44. – – –

– – – 35. 33.



– –

– 0 6

35. 30. 40 34. 33. – 34. 25. 33. –

6 6

6 – 6 6 0

[Refined—For consumption 8 to 10 lb loaves] [12 to 14 lb loaves]

15

[Titlers, 22 to 24 lb] [Lumps, 45 lb] [Wet crushed]

59 57. 52.

62 58 52.

[Pieces] [Bastards]

20

[Treacle] [For export, free on board. Turkey loaves 1 to 4 lb.] [6 lb loaves] [10 lb do.]

25

6

34.

0

25.

6

6 6

35.

9

38. 34.

6

40. 36

0

52.

0

52.

3

– –

– –

[14 lb do.] [Sugar—Ref. Continued] [Titlers, 22 to 28 lb] [Lumps, 40 to 45 lb] [Crushed]

30

[Bastards] [Treacle] [Dutch, refined, f. o. b. in Holland] [6 lb loaves]

35

[10 lb do] [Superfine crushed] [No. 1 crushed] [No. 2 and 3]

40

[Belgian refined, f. o. b. at Antwerp.] [8 to 10 lb loaves] [Crushed, 1 and 2] [Tallow—Duty B. P. 1d, For. 1s 6d p cwt]

45

[N. Amer. melted, p cwt] [St Petersburg, 1st Y C]

53.

9

[N. S. Wales] [Tar—Stockholm, p brl] [Archangel]

378

The Book of the Commercial Crisis

[12 Febr.] [Java, grey and white] [brown and yellow] [Havana, white] [brown and yellow] [Bahia, grey and white] [brown] [Pernam & Paraiba, white] [brown and yellow] [For. Mus. low to fine grocy] [brown] [Refined—For consumption 8 to 10 lb loaves] [12 to 14 lb loaves] [Titlers, 22 to 24 lb] [Lumps, 45 lb]

58. 56.

0 0

62. 57.

35.

6

35

38. 35.

6

40. 37

52.

6

0 0

[Wet crushed] [Pieces] [Bastards] [Treacle] [For export, free on board. Turkey loaves 1 to 4 lb.] [6 lb loaves] [10 lb do.] [14 lb do.] [Sugar—Ref. Continued] [Titlers, 22 to 28 lb] [Lumps, 40 to 45 lb] [Crushed] [Bastards] [Treacle] [Dutch, refined, f. o. b. in Holland] [6 lb loaves] [10 lb do] [Superfine crushed] [No. 1 crushed] [No. 2 and 3] [Belgian refined, f. o. b. at Antwerp.] [8 to 10 lb loaves] [Crushed, 1 and 2]

6

[Tallow—Duty B. P. 1d, For. 1s 6d p cwt] [N. Amer. melted, p cwt] [St Petersburg, 1st Y C] [N. S. Wales] [Tar—Stockholm, p brl] [Archangel]

379

Karl Marx · Krisenhefte

25 Dec. s. d. s. d.

1 Jan. s. d. s.

1 1½

1



1 3

0

0

0. 11 1 1 1 2 – 1 6 2 6 1 2 1 0 –

d.

8 Jan. 15 Jan s. d. s. d. s. d.

Tea duty 1s 5d per lb Congou, ord. to low bd 5

10

15

good ord. to but mid. ra. str. and str. bk. lf.

1 4

1

6

fine and Pekoe kinds

1 6

2

4

Souchong

1 2

2

6

Pekoe, flowery

1 6

3

6

Orange

1 0

1

6

Scented

1 6

2

6

Scented Caper

1 2

2

0

Oolong

0 11

2

0

Hyson

1 6

1

9

1 10

4

0

0 9

1

0

mid to fine Young Hyson, Canton fresh and Hyson kinds Gunpowder, Canton fresh and Hyson kinds

20

Imperial

0 10

2

6

0 10

1

6

1 4

4

6

1 0

2

4

1. 0 1. 4 – 2 6 4 6 1 6 2 6 –

1 1 0 0 1

4. 10 8 9 0 – 1 0

1 3 1 2 1

9 6 0 6 6 –

2

6

1

1 1 – – – – – – – –

– – – 6 – – 0 0 –

– – – – 2 6

1. 1. – – –

– 2 6 – 2 0 – – – – – – – – – – – – – – – – –

1 1¾ – – – – – – – – – – – – –

Timber Duty foreign 7s 6d, B. P. 1s per load 25

Dantzic and Memel fir

57 0

85

0

Riga fir

72 0

75

0

Swedian fir

47 0

55

0

Canada red pine

60 0

80

0

70 0

75

0

90 0

120

0

50 0

60

0

100 0

130

0



yellow pine

N. Brunswick do large —

30

do small

Quebec oak Baltic oak

35

75 0

130

0

African oak duty free

200 0

220

0

Indian teake duty free

230 0

250

0

60 0

102

6

Wainscot logs 18ft each Deals, duty foreign 10s, B. P. 2s per load Norway, Petersbg stand

40

£ 11 0

15

0

Swedish

9 10

13

0

Russian

10 0

16

0

Finland

9 0

10

0

380







The Book of the Commercial Crisis

15 Jan s. d.

s.

22 Jan. 29 Jan. d. s. d. s. d. s. d.

1 1½ – 1. 2 – – – –

– – – – –











– – –

– – –

– – –

– – – – – – – –



– – – – – – –

– – – –





5 Feb. s. d. s. d. – – 1. 2. 1. 3 – – – – – – – – – – – – – – – – – – – – – – – – – – – –

s.

12 Feb. d. s. d.

1 2½ 1 4½

57. 0. 80 – – 47. 52 60. 75 60. 75 – – – – 100. 120 – – – – – – – – £. s. £. s.

£.

s.

£.

s.

– – 9. 10. 12. 0 10. 0. 14. 0 – –

381

Karl Marx · Krisenhefte

[25 Dec.]

Canada 1st pine

5

[1 Jan.]

16 0

17

0



2nd

9 10

10

10



spruce

8 10

11

10

14s 0

24s

0

£ 115 0

170

0

80 0

85

0

s d

s

d

Maryland, per lb, bond

0 7

0

9

Virginia leaf

0 8

0

11

stript

0 11

1

4

Kentucky leaf

0 7

0

11

1 0

1

3

Negrohead

0 8

1



Columbian leaf

0 10

2

4

Dantzic deck, each

[8 Jan.]

[15 Jan]

Staves, duty free Baltic, per mile Quebec



Tobacco duty 3s per lb 10

— — 15

stript

Havana —

cigars, bd duty 9s

1 0

5

0

7 0

16

0

– – – –

– – –

– –

– –

– – – –

– – – – – –

0. 7 ½ 0. 11 0. 7. 0. 11. – –

Turpentine 20

9 0

0

0

Eng. Spirits, without cks

Rough per cwt

31 0

0

0

Foreign do., with casks

32 0

0

0

Wine duty 5s 6d per gal

25

s

£

s

Port per pipe

42 0

75

0

Claret hhd

15 0

70

0

Sherry butt

30 0

85

0

Madeira pipe

50 0

95

0

382

£

9 9 6 – – 33 0 33 6 34 0 34 6

The Book of the Commercial Crisis

[15 Jan]

[22 Jan.]

[29 Jan.]

[5 Feb.]

[12 Feb.]

16. 0. 18. 0 – – – – 14. s. 22 s

0. 1. 0. 1.

10 – 2½ 10 2

9. 35. 36.





6 10. 0 10. 0 37 0 38



0. 10. 3

£.115. 75. s. – – – – – – – – –

165. 80. d. s. d. – – – – – – – – –

9. 0. 36 37. – – – –

– – – –

s.

d.

s.

d.

9. 6 35. 36. £. 42 12 27 –

6 36. 6 37. s. £. 65 70 80 –

0 0 s.

383

Karl Marx · Krisenhefte

ed in reference to the future course of the market. Sugar and rice are sill the most active of these markets. An advance has occurred in the value of tallow, cotton, tin, and pimento, and nearly all other articles are firm at the extreme of former quotations.

4 January.

5

Monday, Evening. Tallow.—The market is firmer, and 54s. is demanded for Y. C. on the spot; 53s. 6d. is offered for January to March, 53s. 9d. February to March, and 54s. 6d. is the nearest quotation for March only. There are very few sorts offering. South American is held for 53s. 6d.; town tallow may be had at 53s. net cash. Annexed are the particulars of stocks and prices:— Stock Delivery last week Do., since June 1 Arrivals last week Do., since June 1 Price Y. C. .. Do., town ..

1855. 36,405 1,553 49,564 2,177 49,969 63s. to 63s. 3d. 65s. 6d.

1856. 19,339 1,072 77,957 1,688 50,754 68s. 68s. 6d.

1857. 15,964 1,524 77,308 288 76,292 58s. 3d. 59s. 6d.

1858. 30,340 1,935 67,948 286 85,176 53s. 3d. 55s. 9d.

Arrivals for the Week. Casks. South America 5 Australia 116 Other places 165 Total 286

With regard to the general state of the trade, Messrs. Colchester and Woolner report:—“The tallow-market has been very steady throughout the week, the demand from the trade has been good, and the holders have obtained a small advance for ready goods. The quantity delivered off on contract on the 1st inst. is believed to be about 5,000 casks, but at present but little of it is offering for sale. The accounts from St. Petersburg quote price steady at 163rs., with handmoney for August; but little, however, was doing there. 2 January.

Jan. 2. Mincing-Lane, Saturday, Evening. Sugar.—Although large quantities will be submitted to public sale in the ensuing week, yet previous advanced rates were fully sustained to-day; and several parcels taken for home and foreign consumption. That the firmness in the market will continue is the general impression. Refined much in demand, and rates stiff at 57s. to 62s., and wet lumps 52s. 6d. to 54s. per cwt. Coffee.—Prices are fully as high and demand on the increase. Although many parcels are announced for auction next week, rates are expected to keep firm, dealers’ stocks being much reduced. Tea.—In the market much firmness, and many transactions; sound common Congou, unusual terms, not to be purchased under 1s. 1d. Exports of tea from China 8,000,000 lbs. under the previous one.

384

10

15

20

25

30

35

40

45

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Spirits.—Several buyers of rum at previous rates, and few sellers. Stock on the decrease, and less than last year. Few buyers of brandy, and sellers of cognac best brands as to vintages at 14s. 6d. to 16s. 6d.; inferior and low, 6s. 6d. to 14s. per gallon. Saltpetre.—Demand is much better, and rates stiff, ruling for low to fine Calcutta, at 34s. to 42s.; and English refined, 42s. to 43s. per cwt. Rice.—Several buyers, and it is difficult to purchase cash parcels at previous rates. Oils.—Purchases in fish more readily made, and prices firmer. Seal brings 33l. to 39l.; cod, 30l. to 30l. 10s.; and fine sperm, 67l. to 69l. Linseed more in request at 29s. to 29s. 3d. on the spot. Rape oil not much wanted; sellers of foreign refined at 44s. 6d.; and brown, 40s. 6d. per cwt. Tallow.—The market firm, and many transactions. P. Y. candle on spot and delivery brings 53s. to 53s. 6d. Home melted is 55s. 9d., and rough fat 2s. 11d. per stone. Metals.—Purchases in iron more readily made, and Scotch pig not to be bought under 53s. 6d. cash. A fair trade in spelter at 23l. 15s, to 24l. Demand for tin better, and East India realises 102s. to 106s. The Tea Trade, Jan. 4.—The deliveries in London estimated for the week were 490,976 lb., which is a decrease of 28,716 lb. compared with the previous statement.

[38] Producemarket.

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London Produce Market. Tuesday, January 5. Mincing Lane. The markets for colonial produce opened to-day, with a large home-trade demand. Many purchases were made by exporters, and there was some speculation; for all articles the rates obtained are above those current previous to the holidays. In dye goods increased transactions, and cochineal has advanced. Russian produce much in request, and there is another rise. Sugar.—Demand extensive, and prices are 1s. to 2s. per cwt. higher than two weeks back; the advance being most apparent on best yellow. Barbadoes in public sale fetched 38s. to 46s. 6d. Refined greatly wanted, and rates higher, ruling at 58s. to 63s.; and wet lumps, 53s. to 55s. Coffee is much wanted, and an advance of 2s. to 2s. 6d. for Plantation Ceylon. In auction, middling to good middling fetched 62s. to 66s.; fine ordinary to low middling, 58s. to 61s.; and Triage, 50s. to 57s.: a small parcel of long berry Mocha fetched 105s. to 106s.; and Neilgherry, 64s. to 70s.

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Cocoa.—Dull of sale, and Grenada taken in at 75s. to 80s. Rice.—Carolina is much cheaper, and 174 casks, in auction, only fetched 20s. to 21s. 6d. for middling to good. Of Bengal, 1,072 bags, for cash, fetched 9s. to 9s. 6d. for mixed white, being the full value; but 6,446 bags Java nearly all taken in at 10s. 6d. to 12s. for white. Some common sold at 8s. to 9s.; and damaged, 5s. 6d. to 9s. 6d. per cwt. Tea.—Although large public sales are declared for Thursday, yet the market is firm, and many parcels sold to-day. Sound common congou, 1s. 1d. usual terms. Spirits.—In brandy little done, and rates again lower. Cognac, best brands, of the vintages of 1855 and 1856, offered at 14s. 4d. to 14s. 8d. Rum much in demand. Demerara, proof, brings 2s. 3d. to 2s. 5d.; and Leewards, 1s. 11d. to 2s. 1d. per gallon. Tallow.—Demand still on the increase, and prices continue to rise; P. Y. candle brings 53s. 6d. to 54s.; and for March, only 54s. 6d. to 54s. 9d. per cwt. Oils.—Linseed not much in request, and sellers at 29s. for present delivery. Rapeseed less wanted. Foreign refined offered at 44s. 6d.; and brown, 40s. 6d. Olive was neglected. Gallipoli can be bought at £ 49; Mogadore, Spanish, and Sicily, £ 42 to £ 44. For Irish oils the market was firm; and cod not to be obtained under £ 30 per tun. Metals.—The demand improves for tin; and East India brings 104s. to 107s. In spelter more was done, at £ 23. 15s. to £ 24. For iron the market was firm; and Scotch pig was not to be bought under 53s. cash. Cotton.—There is much inquiry; and prices are 1/8 d. to 1/4 d. higher than last week. Saltpetre.—Sales not pressed; but only a small demand; good to fine Calcutta, 38s. to 42s.

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The Day-spring has arrived from China, with 388,200 lbs. of tea. Year

1844 1845 1846 1847 1848 1849 1850 1851 1852 1853 1857

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Stock Tallow, Price, London, London, Dec. 31. Dec. 31. Casks. per cwt. 39,398 29,879 24,260 17,827 34,741 47,107 51,272 61,976 47,135 42,256 31,000

40 42 51 45 42 38 37 36 45 59 53

3 0 3 0 0 0 3 9 0 6 0

Average Price for years per cwt. 41 0 40 3 46 6 48 0 41 9 39 3 37 3 38 9 40 0 51 9 59 6

Total Import Tallow in casks of 8 cwt. 134,936 149,285 138,977 137,409 187,295 183,203 155,081 152,633 131,213 146,969 about 132,000

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(From Messrs Trueman and Rouse’s Circular). London, Jan. 4. 1858 On looking at the statistics of sugar, that which most strikes attention is the increase of 25,900 tons in the stock. This increase may be accounted for partly from the fact of about 12,000 tons having been sent hither from the United States, and partly by the falling off of 18,500 tons in the deliveries for export, which have reached only 15,500 tons, against 34,000 tons. In the deliveries for home consumption there is a remarkable equality with those of the previous year, the amount on which duty has been paid in the five principal ports of Great Britain having been 330,600, against 334,000, showing the trifling deficiency of only 3,400 tons, or less than one week’s consumption. Although prices opened high at the beginning of the year the tendency was still upwards, until nearly the end of June, when a decline commenced which has continued to almost the close of the year, the lowest point having been in average 10s under the quotations of the 1st of January last, and for middling qualities about 50 per cent. below the highest range of the year. The imports show an excess of 15,400 tons.

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Mincing-Lane, Wednesday Evening. The upward movement for colonial produce has ceased, there being a decrease in purchases to-day, and supplies extensive, with few speculative buyers. Considerable public sales of produce are announced for Friday. Prices are fully as high for dye goods, transactions keeping on the increase, and supplies moderate. Russian produce was again largely dealt in, and the upward movement continues. With respect to metals the firmness in the market increases. For cotton and silk there is a further rise, and holders of wool, hemp, jute, and coir goods have more confidence. Prices for provisions are fully as high, and have advanced for bread stuffs. Thursday, January 7.

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Mincing Lane. Supply of colonial produce is still abundant. The home trade and export demand has fallen off, and prices have assumed a downward tendency for several articles. Trade continues active for Russian produce, and there is another advance. Dye goods wanted, and improving in value, supplies not being large. Increased activity in the metal market, and rates rising. There are greater transactions in cotton, silk, and hemp, with an advance; and sellers of wool or hemp will not take previous terms. Sugar.—Supply exceeds demand, and the rates accepted are rather under those of yesterday; considerable parcels are announced for auction to-morrow, and dealers generally appear to be supplied for the present. Refined sugar is less wanted, and the upward movement has ceased, although supply is light.

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Molasses.—Prices rather lower; a small business at 14s. to 16s. 6d. Coffee.—Although plantation Ceylon continues to be offered for sale in large quantities, and few export buyers, still rates are sustained, the home trade demand being favourable. Mixed and triage brings 45s. to 56s. 6d.; fine ordinary to low middling, 57s. to 61s.; and middling to good, 62s. to 70s. per cwt. Mocha wanted, and 100s. to 106s. paid for long berry. Cocoa.—Sellers at a further decline, and very little to report; Trinidad as to quality, 70s. to 84s. per cwt. Tea.—There are many transactions, and the public sales went at stiff prices. Sound common congou usual terms, not easily to be bought under 1s. 11/2 d. per lb. Rum.—Demand larger than previously, and prices still on the rise; Demerara proof, 2s. 4d. to 2s. 6d.; and leewards, 2s. 1d. to 2s. 2d. per gallon. Rice is wanted at previous rates, and few sellers; low to good white Bengal for cash brings 8s. 6d. to 10s.; and Ballam, 8s. per cwt.; low ditto, 7s. 6d. Saltpetre.—Sales of low to fine Calcutta at 35s. to 42s. 6d.; and English refined, 43s. Cotton much in demand, and again rather higher. Surat fetched 4d. to 5d.; and low, 33/8 d. to 31/2 d. per lb. Tallow.—The advance continues. P. Y. C. 55s. 3d. to 55s. 6d. on spot and delivery, with a large demand. Oils.—For rape rates stiff; foreign refined, 46s. to 46s. 6d.; brown, 41s. to 41s. 6d. Few sellers of linseed at 29s. 6d. on the spot. Sperm higher; fine, £ 70 to £ 71. In olive, more done at £ 42 to £ 49. Metals.—Prices still rising for Scotch pig iron. Sales of mixed numbers at 55s. 6d. to 56s. cash. Several transactions in spelter at £ 24. Tin wanted: Banca, 105s. to 106s.; and Straits, 102s. to 103s. Mincing-Lane, Thursday Evening. There were ready sellers of Colonial produce to-day; large quantities were brought forward, and demand further decreasing for home and foreign consumption; previous rates were not generally sustained, and there is now no speculation. Already many public sales of produce are announced for next week, so that rates are not likely to advance, although the Bank rate of interest is reduced. Dye stuffs are less wanted, and previous terms not obtainable for cochineal, there being more offering; but indigo is held firmly, and the February sale of East India will be a moderate one. Russian produce much wanted, and the upward movement for tallow continues, whilst it is difficult to obtain linseed or hemp at previous terms. At present no further rise for cotton or silk, still demand has not diminished. The improvement in the metal trade continues. For fish and seed oils there is a firmer market, with a material increase in transactions.

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Tea.—A further increase in the demand, and an advance of 1d. to 11/2 d. per pound obtained at the public sales to-day; of 13,900 packages offered, 3,800 sold. Privately sound common congou, usual terms, not to be obtained under 1s. 11/2 d. per pound. 5

Tallow much wanted, and again higher: P. Y. candle brings 55s. 6d. to 56s. on spot and delivery. In auction Australian fetched 48s. 6d. to 56s., and South American 55s. to 56s. Horse grease sold at 33s. 9d. The produce markets have been flattish to-day, prices having given way.

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Mincing-Lane, Friday Evening. 8 January. Although money continues to get cheaper, and supply abundant, yet there was a further decrease in transactions in colonial produce to-day; large parcels were offering, and lower prices were accepted for several articles. Speculators will not do business, although prices are low in comparison with late years; and consumption extending. Already many public sale of produce are announced for next week. There is a further increase in purchases in Russian produce, and another advance is established. Prices for dye goods remain firm; and demand has rather improved for the home and foreign markets. There is no decrease in purchases in metals, and rates are fully as high; indeed, the upward movement continues for iron. Demand for textile articles is satisfactory; chiefly for the United Kingdom, and few sellers of cotton, silk, or jute at present terms, whilst wool, flax, and hemp, are held more firmly. Prices are higher for breadstuffs and provisions, supplies at present being light. Sugar.—Supply continues abundant. Only a moderate home trade or export demand to-day; and the rates taken for inferior and brown are 6d. to 1s. per cwt. under those current in the early part of the week, whilst better sorts of yellow and grainy were easily to be bought at previous terms.

35

Sugar.—The public sales are large to-day. Good qualities are selling at about yesterday’s prices; common sorts are rather lower. Coffee.—The market is steady, at about yesterday’s quotations. Tea.—The public sales are concluded to-day, and the quantity sold realised fully yesterday’s prices. Rice.—Of 6,100 bags offered, only part sold. Low middling Bengal and Panky Madras sold at 8s. 6d. Saltpetre.—The market is firm, but there are no transactions to report. Pepper.—500 bags of black Singapore were sold at 43/8 d. to 41/2 d.

40

It is only in exceptional cases that supplies are speculatively withheld. This appears, however, to be going on in the tallow market, which, despite the heavy stock, has been excited to-day with but few sellers even at higher prices. Pig iron has also suddenly jumped up 2s. 6d. per ton. In the tea market a small advance has been paid.

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Coffee.—Although less demand, yet prices have been sustained, a less quantity having been brought forward.

9 January. The Morning Herald says, that on Saturday the payment of prompts was a feature in the produce market, and with the exception of some slight difficulty in those due upon indigo, they were well met.

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The Tea Trade, Jan. 11.—The deliveries in London estimated for the week were 749,563 lb., which is an increase of 258,587 lb. compared with the previous statement.

[39] Produce market.

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Mincinglane. 8 January London. Teamarket. The tea market has been decidedly active this week, and some large parcels of common sound congou have found buyers at 1s 11/2 d per lb. The public sales held yesterday, and which comprised 17,858 packages, passed off well. Messrs J. and H. Thompson have issued their annual statement in reference to imports, stocks, and deliveries. From it we extract the following particulars:—The imports into the United Kingdom have been 61,000,000 lbs, against 87,741,000 lbs in 1856; the deliveries for home consumption, 69,000,000 lbs, against 63,000,000 lbs in 1856; the deliveries for exportation, 9,000,000 lbs, againt 6,241,000 lbs in 1856; the stock remaining on the 31st of December was 71,000,000 lbs, against 88,000,000 lbs in 1856. The imports have fallen off no less than 263/4 millions as compared with last year; being about 153/4 millions short of the average of the previous five years. The deliveries show a total surplus of 83/4 millions over last year, and about 91/2 millions beyond the average of the five previous years. Of the excess, 6 millions was in the quantity taken for home consumption, and 23/4 millions in the exports, chiefly to the United States. The present stock, although 17 millions less than at the end of 1856, is still nearly equal to eleven months’ requirement at this year’s rate of delivery, and 5 millions beyond the average of the preceding five years. United Kingdom. London Liverpool Bristol Other English Ports The Clyde Other Scotch ports Ireland Stock, Dec. 31st, 1857 Ditto ditto 1856

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1857. lbs 56,766,000 8,205,000 806,000 1,000,000 1,823,000 1,000,000 1,400,000 71,000,000 88,000,000

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15 Jan. London.

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Tea.—At the commencement of the week, the market exhibited increased firmness, common congou being sold as high as 1s 2d; but since the arrival of the mail, there has been rather less inquiry and yesterday the nearest quotation was 1s 11/2 d per lb. Business in other kinds has been of very moderate extent, partly on account of the indifferent supply. Public sales will be held to-day.

Mincinglane. 9 Januar. Saturday.

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Sugar.—Only a small business transacted privately to-day, and rather lower rates were accepted. There will be many public sales next week, consisting of Barbadoes, Grainy Demerara, Bengal, Madras, Cuba, Porto Rico, Havannah, and Rio Grande. In refined only a small business; grocery lumps, 57s. 6d. to 59s.; other goods, 58s. 6d. to 62s.; and wet lumps, 52s. to 54s. per cwt. Coffee.—Still in good demand, and the previous improvement in the value fully sustained. In the ensuing week only moderate quantities of Ceylon, Mocha, and Brazil will be submitted to public sale. Tea.—There continues to be a large business doing, and prices to range stiff; sound common congou, usual terms, brings 1s. 11/2 d. to 1s. 13/4 d.; but midd. to blackish leaf, 1s. 2d. to 1s. 6d., and strong to Pekoe flavour, 1s. 7d. to 2s. 6d. per lb. Cocoa.—Only small transactions. Trinidad, red, 78s. to 90s.; grey, 66s. to 76s.; and Grenada, 65s. to 78s. per cwt. Rice.—There is little passing, moderate as prices rule; low to fine white Bengal obtainable at 8s. to 11s.; and yellow 7s. 6d. to 8s. per cwt. For public sale next week many parcels are announced. Saltpetre.—The market stiff, and several transaction in good to fine, Calcutta at 38s. to 42s. 6d. per cwt. Hemp.—Purchases in Russian more readily made, and clean Petersburg brings 29l. to 29l. 10s. per ton. Tallow.—Only a limited business doing. P. Y. candle obtainable at 54s. 6d. to 55s. on the spot; and for March, 55s. 3d. to 55s. 6d. Home, is 54s. 9d. cash; and rough fat, 3s. per stone. Oils.—For fish many transactions, and rates stiff. Pale seal, 40l.; cod, 31l. to 31l. 10s.; and best sperm, 71l. to 72l. In linseed many transactions, at 29s. 6d. to 30s. for present delivery. Metals.—The upward movement for tin continues; Banca selling at 110s., and Straits 107s. to 108s. Iron less brisk; and Scotch pig obtainable at 55s. 6d. cash; mixed numbers. A fair trade in spelter, at 24l. to 24l. 5s. In the lead market firmness.

11 Jan. Monday. 40

Transactions were unimportant in colonial produce to-day; supplies will again be abundant during the week: and for several articles prices have a lowering tendency, although consumption is larger than of late, and dealers not overstocked,

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but many arrivals are near at hand. Russian produce rather more in request, and the currency firmer. There is a further improvement in the metal trade. Demand increases for articles used in manufacturing purposes, and rates are fully as high, with every appearance of an advance. The currency has given way for breadstuffs, but remains firm for provisions. Sugar.—Only small transactions, and prices rather lower for common, whilst better qualities were easily to be bought at previous terms. Important public sales are announced for the week. Refined more readily dealt in by the home trade and rates rule at 58s. to 62s., and wet lumps 52s. 6d. to 55s. per cwt. Two cargoes of yellow Havannah sold at 28s. 6d. to 29s. 6d. Molasses.—Sellers at rather lower rates, and only small transactions at 14s. to 16s. Coffee.—Demand active for plantation Ceylon, and prices on the advance; fine ord. to midd. realising 58s. to 60s. In native rather more done from 48s. to 56s. For other coffee, market stiff.

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12 Jan. Tuesday. The Colonial Produce markets have manifested a healthy tone. The fluctuations in values are immaterial, and the views of buyers and sellers appear so to accord as to give every prospect of a steady expansion of trading operations. The transactions in sugar have been large, and prices well sustained. Rice has slightly given way in price, but the sales have been upon a larger scale; saltpetre was sold more freely at 1s. advance on last week’s currency; and coffee has realised 1s. to 2s. per cwt advance on plantation kinds. The tallow market is flat, at rather lower quotations. Oils firm, and metals unaltered; dye stuffs generally steady in value, with a moderate demand.

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13 Jan. The public sales of Colonial produce have been very numerous, and in some Wednesday. instances large. The general demand is not quite so good to-day, but it is only in

exceptional cases that prices have in any material degree given way. Manilla and Sunn hemps are among these exceptions, the former having declined 30s. to 20s. per ton, and the latter about 40s. Jute, on the contrary, is rather dearer. Dye woods, generally, have met little or no demand. Turmeric is cheaper, and cochineal barely supported value. Sugar, coffee, and saltpetre sustain their position. No particular fluctuation has occurred in metals. Oils are steady in value. Tallow again easier: spot, 54s. 6d. spring, 54s.; and March only 54s. 6d. sellers. 14 Jan. A good business has been done in Colonial produce generally at steady prices. Thursday. The reduction in the Bank rate had no very marked effect. The uneasy feeling in

reference to the state of affairs in India caused a firmer tone in one or two articles, and saltpetre sold more freely at stiffer prices. Coffee is still on the advance, and sugar maintains its position steadily. Tea remains inactive, owing to forthcoming public sales. The dealings in rice are unimportant. Very large supplies of drugs and drysaltery articles were brought to auction to-day, so large that only a portion of the catalogues were gone through. The sale progressed

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slowly; there was an evident disposition to meet the buyers at about previous values, but the demand was not very active and only a moderate proportion was disposed of. The sales will be resumed to-morrow. There were further sales of Manilla hemp to-day, in which yesterday’s terms were quite sustained for both East India and Russian. The settlement for the January tallow contracts was due to-day, which had the effect of flattening the market, and at the close it was quoted 53s. 9d. spot, 53s. 6d. spring, and 53s. 9d. to 54s. March.

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Extensive transactions in Colonial produce to-day, principally by the home trade, and prices advanced for many articles, although the markets were abundantly supplied; and there will be large public sales next week. Articles used in manufacturing purposes are in better demand, and the currency fully as high; indeed, for cochineal there is an advance. There is a brisker trade for Russian produce, and less disposition to sell. For metals the markets have still an improving appearance. Although supplies not large of breadstuffs, yet rates still lowering. Sugar.—Demand extensive, and better sorts bring an advance of 6d. to 1s. per cwt; low and brown fully sustaining last week’s terms. Of West India 1,554 hhds. sold, making 4,016 for the week. At auction to-day, 374 hhds. 33 tierces, and 314 bars. Barbadoes in auction sold at 36s. 6d. to 45s. for low to fine; 155 hhds. of Demerara, crystalised, 40s. to 49s.; 167 hhds., 285 bars. St Lucia, 34s. 6d. to 42s.; 6,214 bags Mauritius, low to fine brown, 29s. to 37s. 6d.; yellow, 38s. to 45s. 6d.; 4,916 bags Bengal, grainy, 46s. to 50s. 6d.; dates, 32s. to 44s. 6d.; white Benares, 48s. to 50s. 6d., and 711 bags of native Madras, 32s. to 37s. 6d. per cwt. In refined a larger business, and rates stiff at 57s. to 62s., and wet lumps 52s. 6d. to 55s. per cwt. Coffee.—Supply larger, demand less brisk for Mocha, and rates have rather given way. The chief part, however, of 713 half bales in auction, sold at 81s. to 86s. for mid. to good small berry, clean garbled. Tellichery brings stiff prices, and 128 casks 49 bags sold at 65s. to 75s. 6d., and triage, 55s. to 58s. 6d. Demand for plantation Ceylon still active, and rates again rather higher. The quantity sold, 98 brls. and 99 bags; good to fine at 68s. to 78s.; middling, 66s. to 67s.; other sorts, 59s. to 62s.; and triage, 46s. to 58s. Native on the rise, and 300 bags fetched 52s. to 56s. 6d. for fair to superior clean; and 50 bags good ord. Bahia 50s. per cwt. Cocoa still lowering, and only small private transactions. Of Grenada 11 bags in auction fetched 65s. per cwt. Tea.—A large demand at the public sales, and of 9,486 packages passed, 4,000 sold at full rates for black; but in some cases green went rather lower. There will be offered on Monday 7,000 packages. Sound common Congou not to be brought under 1s. 11/2 d. usual terms. The Colonial produce markets have manifested a decided improvement. Large supplies of several of the leading staples have been brought forward, but the

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demand has been more than adequate, and a good clearance has been effected, and advanced prices in very many instances. Sugar, coffee, and spices have been among the most active. Rice and tea have not gone so freely, but are well supported nevertheless. Cochineal has gone with more tone, but dye woods still hang on hand. Transactions in the metal market have been unimportant, but prices are firm. Olive and sperm oils have sold more readily. The demand for tallow is rather better, and prices firmer at 54s., spot 53s. 9d., spring; 54s., buyers, March. Town tallow, 55s. 9d.; and rough fat, 2s. 11d. The cotton market remains without improvement.

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22 January. Tea less active than last week. In Prices little change. Common Sound Congou at 1sh. 11/2 d–1sh. 13/4 d. p. lb. Good and fine raw sugars 6d. to 1sh. p. cwt higher. Coffee at the advanced prices in good, but not very active request. Cocoa heavy; some kinds at 10sh. p. cwt beneath the recent nominal quotations.

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[40] Producemarket.

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Mincinglane. London. 9 Jan. Teatrade. General confidence in tea is, we think, well borne out by the statistics of the trade. The stock for the United Kingdom shows a decrease of nearly 17 millions lbs. against the same period of last year, when the value of common congou was within 11/2 d. of our present prices. Our deliveries for the past year show an increase of nearly 8 millions lbs., whilst our importations have been, we estimate, deficient some 22 millions lbs. These facts cannot fail, we think, when general commercial confidence is restored, to produce some effect upon prices. But whilst our affairs in China remain in their present uncertain condition, it is impossible for anyone to fortell to what extent they may be effected; and we think it may be well to remember that they are already high, and the effects of a short stock and importation, and an increased consumption are, to some extent, already represented, the price for common Congou being now 4d. higher than two years since. Imports and Deliveries of Rice to Jan. 16, with Stocks on hand. 1857 1856 1855 tons tons tons Imports 8768 5301 4533 Delivered for home use 1631 2159 678 Exported 654 2252 587 Stock 69700 55630 14890

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Imported Delivered Stock

Imports and Deliveries of Saltpetre from 1st to 16th January, with Stocks on hand. 1857. 1856. 1855. tons tons tons 849 518 694 873 610 561 6511 2042 4257

1854. tons 966 494 11267

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II) Produce-market. 5) Cornmarket. Marklane Prices Current of Corn etc.

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18 Dec. Wheat. English New White ˙˙ ˙ Red Danzig u. Koenigsberg High ˙˙ ˙ ˙ ˙ Mixed Rostock u. Wismar Stralsund. u. Wolgast Stettin, Hamburg, Bremen Danish St Petersburgh, soft p. 496 lbs hard American and Canadian White ˙ ˙ ˙ Red Sea of Azoff Soft p. (496 lbs) Black Sea Egypt. Saidi p. 480l. Behira Syrian, hard and soft Barley English and Scotch, malting, new ˙˙ ˙ distilling grinding Saale malting Danish distilling grinding old. Odessa and Danube Barbary and Egyptian Beans English

18 Dec. Sh. to Sh. 50 54 46 50 58 60 54 56 50 52 52 54 50 54 48 50 42 48 45 47 48 54

1 Jan. Sh. to Sh. 50 54 – – 56 60 52 55 – – 50 54 46 52 46 48 42 46 45 47 48 54

15 Jan. Sh. to Sh. 46 54 42 50 – – – – – – – – – – – – 43 48 – – – –

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Dutch & Hanoverian Egyptian & Sicilian ˙ ˙ ˙sh White Boilers Peas Engli ˙˙ ˙ Grey, Dun, Maple Blue Foreign, White Boilers Feeding Oats, English, Poland, and Potato ˙˙ ˙ white, feed black Scotch, Hopetown and Potato Angus & Sandy Common Irish, Potato White, feed Black Light Galway Danish Swedish Russian Dutch & Hanoverian Rye English Tares English Winter ˙˙ Foreign ˙Feeding Indian Corn p. 480 lbs American White ˙ ˙ Yellow Galatz, Odessa, Ibraila, Yellow Flour p. 280 lbs townmade, delivered to ˙˙˙ ˙ baker

35 35 42 38 36 42 36 25 23 22 26 24 22 24 21 20 18 21 22 19 19 34 40 36

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– 43

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Country marks American & Canadian fancy brands ˙˙ ˙˙ ˙ p. 196 lbs

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American Superfine and Extrasuper˙˙ fine ˙˙ ˙ Common to fine Heated and sour

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32. 40 40 36 40 – 27 24 23 28 26 24 25 22 21 19 22 23 20 20 33 38 36

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[42] Cornmarket. Marklane. 1 Jan. (Friday) With the exception of fine malting barley having realised extreme rates, owing to the limited quantities on offer, all spring-corn has moved off slowly, and the quotations have shown a tendency to give way. Up to the present time, the number of orders sent out from this country (nach Frankreich) to purchase flour is trifling, and since the law was abrogated in reference to the exports of native produce, only about

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25,000 sacks of flour have been shipped. The want of orders from this side is much complained of; indeed the French millers admit that they see very little prospect of increasing their business. Our townmillers have it in their power—as they are now buying good and fine wheats at very low prices—to destroy all margin of profit on shipments both from France and the U. St.; hence, with this prospect before them, very few parties are disposed to speculate in an article which may involve them in heavy losses. Besides, money in this country has not reached a point to foster speculation, and it is possible that much, if not the whole, of the flour recently received from France has passed into millers’ hands; consequently, they have not been buyers of wheat to any extent. The absence of speculation, then, and the apprehensions still entertained that we shall have large arrivals of flour from France, have, no doubt, had considerable influence upon the wheat trade. Very few shipments of flour or any other produce have been lately made from America to this country. (Econ.) Jan. 4.

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Weekly Review.—The eventual year 1857 is now numbered with the past, but its records must remain important. The nation was beginning to recover from the effects of an exhausting conflict with Russia, when Persian intrigue roused its energies, and the Shah was speedily brought to terms. Canton next appeared defiant, and a force deemed sufficient was on its way to the Chinese waters. But the terrible Indian mutiny breaking out, the troops were diverted for more urgent purposes; and after six months’ endurance and heroic efforts, English supremacy has been re-asserted. These events little influenced the price of grain. Although had the struggle been protracted, a famine in India must have told upon Britain. In commercial matters a crisis of unexampled severity has been passed, commencing with the United States, and involving many first-rate houses here in ruin. Commerce in Germany, too, became paralysed; but the close of the year witnessed a rapid course of amendment, with monetary ease in prospect. The wheat trade commenced with an average of 59s. 8d. per qr., with a dull business in English samples, in consequence of the generally damp state in which the harvest of 1856 was housed. This deficiency was made up by an unusually large and early importation from America in fine condition. The losses, however, involved by this over free export from the United States subsequently reduced supplies; and our own stocks were running so short on the eve of harvest, that the averages by July 20 reached 63s. 10d., after having declined to 53s. per quarter at the end of April. The season had been dry and threatening to all spring corn, and was followed by a long continuance of tropical heat, which led to an abundant wheat crop, not only in this country, but all over Europe, with a fair yield in the United States. As a consequence prices gave way about 10s. per quarter, the averages in the middle of November falling to 53s. 11d. The liberty to export was then given to France. This gave a further

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blow to prices, especially as it occurred during the financial crisis; and brought the rates on December 14 to 48s. 3d., from which they slightly rallied, but the last average was 47s. 5d. per qr. Comparing recent events with those of 1847, we cannot but note the much better condition of the corn trade. The fact that all untoward circumstances combined only brought the averages down 6s. 6d. per qr. in the last six weeks, leads to the conclusion that prices may recover a more remunerative range, as the season advances. In support of such an opinion we may look with returning confidence to the falling off of French supplies from their unsatisfactory result, the probable closing of the Baltic, and canal navigation in America, and especially to the fact that the surplus crop of 1857 will only leave the world in possession of its usual stores at the next harvest. The business in floating cargoes has been as follows:—8 cargoes of Wheat, 1 of Marionopoli at 45s., 1 Berdianski at 45s. 9d., 4 of Ghirka at 41s. 7d. to 43s. 6d., 1 of Polish Odessa at 42s., 1 of Egyptian at 32s. 41/2 d.; 8 cargoes of maize, 6 at from 30s. 9d. to 32s. 6d., and 2 partly injured, at 29s. 9d. per qr.; also 3 cargoes of Eastern barley at 18s. to 22s.; 1 of rye at 21s.; 2 of beans (Egyptian) at 29s. 3d., and 1 of Dari at 20s. 3d. per qr. The sales noted last week were 95,634 qrs. wheat at 47s. 5d., against 92,296 qrs. in 1856. The London averages were 51s. 3d. on 2,025 qrs. The imports into the principal ports of Great Britain for the week ending Dec. 23, in wheat and flour, were 99,295 qrs.—Mark-lane. Express. Mark-Lane, Monday Afternoon, Jan. 4. With a moderate arrival of flour last week, the supplies of every description of grain were short; the exports consisting of only 7 quarters of oats. The receipts of English wheat were 2,807 quarters, of foreign 14,185 quarters. The morning’s supply from Kent and Essex was small, and sales were made at fully 1s. improvement on the best red samples, with but little advance on white qualities. In the foreign trade there was also more tone, at rather better prices. Of English flour there were 16,166 sacks, of foreign 3,345 barrels 2,570 sacks. Norfolk sold more freely at 1s. per sack advance. French and American parcels were firm, and town-made unchanged. The English barley amounted to 4,234 quarters, the foreign to 3,383 quarters. Business was more cheerful, and 1s. advance realized on malting and other qualities. The malt trade was also quite as dear for all fine samples. The corn-market was firm this morning, and in some instances an advance of 2s. was realized.

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January 7. Manchester, Thursday.—Since our last report the trade has continued to exhibit considerable firmness, with an upward tendency in the value of wheat and flour; most buyers having, however, previously stocked themselves to a moderate extent, the demand has not been active, and where any material advance has been insisted on, it has had the effect of checking business. Other articles have ruled

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steady. At Liverpool, the imports from abroad (probably, in some measure, owing to a prevalence of adverse winds) show a marked decrease as regards wheat and flour, but of Indian corn the receipts are to a moderate amount. From Ireland the arrivals are light, the chief item being about 6,000 loads of oatmeal. There was about an average attendance at our market this morning, and the best qualities of English and American wheat met a tolerably fair demand at an amendment of 1s. per quarter, and 1d. to 2d. per 70 lb respectively, but in other sorts there was no improvement. Flour was generally held for an advance of 1s. per sack, but the inquiry for this article was limited.

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State of Trade.—Early this week, the weather was frosty and dry. Yesterday a change brought a milder temperature and some rain. So far, the appearance of the autumn sown wheat plant continues favourable. Nearly all the country markets held mid-week report a rise in the value of grain, but yesterday the trade appeared less animated. In France the markets reported to-day make show of a declining tendency. But at Paris, holders have gained confidence, and for four marks of flour an advance of 6f. per sack was asked; but few buyers complied. The price for flour on the spot was 51f. 50c. to 52f. To-day the weather in London was damp and showery, bar. change, temp. thawing, wind southerly. The arrivals of foreign grain into London since last Monday consist of 11,830 qrs. wheat, 2,750 qrs. barley, 5,610 qrs. oats, 2,040 sacks flour. The supply of home-grown grain in Mark-lane to-day was small; the attendance of the trade pretty numerous. The tone firm, but less animated, prices about as on Monday for most articles of the trade. The supplies are small. The weather having broken, wheat is not quite so lively, but opens at the late advance. Flour calmer; maize unaltered in value; barley in good demand by country dealers; and beans, peas, and oats, all at last quotations. Liverpool Corn Market, Friday Noon.—The market opens quietly, and sales are difficult to effect, except at a reduction. Holders of wheat and flour are firm. Indian corn and beans are rather easier.—Second Report: A flat market. Wheat sold at 1s. decline. Flour was dull, but unchanged in price. Beans and Indian corn were in little demand and easier. Barley, oats, and oatmeal were quiet. Corn, Meal, and Flour. Returns of sales of British wheat, as per Gazette, for the week ending January 2, 1858; corresponding week, 1857, and corresponding week, 1856:— 1858 1857 1856

88,188 quarters 85,765 quarters 89,604 quarters

47s. 7d. per quarter. 58s. 0d. per quarter. 76s. 10d. per quarter.

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General Averages of Grain.—General averages of grain made up to Saturday last:— (8 January)

Last week Six weeks Duties Quarters sold

Wheat. s. d. 47 7 48 7 1 0 85,188

Barley. s. d. 35 10 36 5 1 0 87,288

Oats. s. d. 22 3 23 0 1 0 8,463

Rye. s. d. 32 1 33 4 1 0 33

Beans. s. d. 39 3 40 9 1 0 4,000

Peas. s. d. 39 4 40 5 1 0 1,636

The average price of corn per quarter (imperial measure), in England and Wales, for the quarter ending Christmas, 1857:—Wheat, 52s.; barley, 40s 1d; oats, 24s 7d; rye, 34s 11d; beans, 43s 7d; peas, 42s 8d. Return stating what has been, during seven years, ending on the Thursday next before Christmas Day, 1857, the average price of an imperial bushel of British wheat, barley, and oats, computed from the weekly averages of corn returns:—Wheat, 7s 23/4 d; barley, 4s 31/2 d; oats, 2s 11d.

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[43] Cornmarket. The Seed Trade. (From Messrs. Edwards and Eastty.) 1 January The speculations of the spring and commercial collapse of the autumn will render the history of the year 1857 a most memorable one, and in no trade more so than in seed crushing. Linseed was worth 63s. in January last, and the expected short supply gave the market an upward tendency. February marked the highest prices of the year, 70s. 6d. having been paid for Odessa, and as high as 73s. for Bombay. At this period also some of the importers took advantage of the buoyant state of the market on the spot to place seed for summer shipment, and several speculative purchases for shipment during the season, from the Azoff, were made at 64s. to 65s. In June the market had become flat, and a circumstance occurred which exercised a marked influence on the prospective bearings of the trade. We have named that during the course of the previous four months a large quantity of seed had been sold (chiefly to speculators) for summer shipment from the Azov; and at about this time the prevailing drought in the south of Russia rendered it probable that the greater portion of it would be detained until another season, owing to want of water to float the loaded barks, down the rivers to the various shipping ports. The leading sellers, therefore, quietly covered in their contracts; and the fact afterwards being made public, crushers also became anxious as to their future supplies, and bought freely of such descriptions as offered the greatest inducement to purchase. It turned out, after all, that means were found to convey the seed overland, and merchants and crushers were alike caught at high prices, and, eventually, heavy losses entailed, which would not have happened but for this accidental occurrence. In October the pressure for money began to

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tell, and, notwithstanding the unprecedented support given to the market by holders warehousing nearly every cargo that came to hand, the downward movement could not be checked. The incidents of the past two months are painfully fresh in recollection. 60s. was November’s earliest quotation, and a decline of about 2s. per week followed, the market leaving off very dull at 52s. Last month a further fall occurred to 49s. to 48s., and the unexpectedly heavy arrivals from all quarters (including several re-shipments of East India seed from the United States) would probably have caused a greater decline, but that holders, finding the utter impossibility of selling, resigned themselves to the force of circumstances, and an unusual quantity therefore has been housed to await a better demand. This has shown itself the last two or three days, and the tone of the market is stronger, 50s. being now the nearest value. The crushing trade has been uniformly bad throughout the year, prices having been kept up beyond their natural level by continual speculative operation. We hope, however, we have less discouraging prospects for the remainder of the season, for we have ample stocks afloat and in granary. As regards the season 1858–1859 it is impossible to form an opinion before we are out of the present crisis. Our panic cannot be without its effect on the producing countries, and we think we may reasonably look for a low range of prices for some time to come. The Baltic seed is highly spoken of as to quality, and fair in quantity. Archangel is not so well harvested this season. The crop in the south of Russia is reported short; it generally is, and little dependence can be placed on the reports thence. We were led to believe the last year’s crop would be under 200,000 quarters, and it has turned out over 500,000. From Bombay we may again look for an increased quantity; but the aggregate shipments from Calcutta will probably be short of last season. At the same time, however, we shall have a much greater supply sent to this market than at the corresponding periods of the last two years, owing to the temporary cessation of the business relations between the East Indies and America. The quality of the Black Sea seed has been most unsatisfactory—in the Azoff districts, apparently from a bad harvesting season originally, and subsequently owing to a large portion of it having to be transferred from the barks and conveyed overland to its port of shipment, thereby exposing it to the risks of weather, &c. Some of the Odessa shipments did not deserve the named of linseed; but the disgraceful practice of admixture has at length reached such a pitch, as must inevitably put a stop to it altogether, and the late combination among the crushers to alter the existing “usual conditions” on forward contracts will (if energetically followed up) put the trade on a more satisfactory footing. Archangel and all the Baltic seeds have alike been unsatisfactory; they were both ill grown and badly harvested; the late war had probably a good deal to do in bringing about this result. Bombay seed was hardly so good in former seasons. The very small quantity of Calcutta, which came to the united kingdom was again rather better than that of the previous two or three years’ import.

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8 January Friday Night. An unusually small supply of English wheat was shown at Mark lane to-day; nevertheless, the demand for that grain was less active than on Monday. In prices, compared with that day, no change took place. Foreign wheats were dull, but not cheaper. Spring corn and flour were tolerably firm. The imports of foreign wheat are seasonably extensive, viz., 11,830 qrs. Of flour, we have received 2,010 sacks from France; but other arrivals are limited. In their annual circular, just issued, Messrs Horne and Watney express the opinion that, without some considerable excitement in our markets, the imports of grain and flour from France will continue on a very moderate scale. Most of our continental letters state that the corn trade, almost generally—owing to the want of orders from this side—has been devoid of animation. The improved demand here, however, has led to somewhat firmer quotations. Advices from New York to the 24th ult., are to the effect that flour was firmer in price, but that wheat continued dull in sale. The shipments to the United Kingdom were unusually small, compared with many corresponding periods.

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8 January. Mark Lane, Friday Evening. At length, we have to report a decided improvement in the demand for, and prices of, most kinds of wheat, both English and foreign. The transactions have not been to say extensive; but there is now more confidence amongst both buyers and sellers than for some time past; indeed, the only feature in the trade at this moment calculated to keep prices in check is the possibility of our receiving rather heavy supplies of flour from France during the next three months. There are, however, several features in favour of wheat ruling higher, viz., the reduction in the value of money in the discount market—the light stocks of grain held by our millers—and the unusually light shipments of produce from the United States to this country. Bankers, too, are now making steady advances upon produce, and many of the importers, rather than sell newly arrived cargoes at present rates, have determined to land them in warehouse to meet even a more favourable turn in the trade. Messrs Horne and Watney have published some interesting statistics of the imports of foreign and colonial produce into the port of London during the past year, and from which we take the following:—

From America, Br. Pos. United States Archangel Australia Belgium Bremen Coastwise

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Foreign and Colonial Wheat Arrived in London in 1857. 1st Qr. 2nd Qr. 3rd Qr. 4th Qr. qrs qrs qrs qrs ... ... 950 7246 37395 1850 900 3800 ... ... 13608 6650 ... ... 30 45 88 ... 4989 12159 ... 90 ... 56 400 420 610 2556

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Totals. qrs 8196 43945 20253 75 17236 146 3986

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Denmark East Indies Egypt France Hamburg Hanover Holland Ionian Islands Mecklenburg Portugal Prussia Russia, Baltic Sea Black Sea Spain Sweden Turkey V. D. Land Totals in 1857 Weekly average arrivals Totals in 1856 1855 1854 1853 1852 1851 1850 1849 1848 1847

3460 12700 7770 15 12812 2013 6263 ... ... ... 6786 504 8729 ... 185 2400 ... 101520 7809 150622 99026 354922 138919 63700 202010 80915 312812 107637 25621

6427 6815 ... ... 14339 1435 221 ... 6390 ... 52560 44582 ... ... 1201 ... 250 137120 10547 143515 214774 410226 284346 117591 201682 201457 228169 165101 240301

8599 170 ... 750 10111 286 798 2051 2680 3170 77649 43574 3905 960 3513 ... 50 179353 13796 269232 155896 176639 453539 224211 171270 228976 179765 199943 580498

10529 960 157 7220 24883 470 5864 760 3810 ... 35345 69775 27285 ... 1488 750 ... 211808 16292 329522 92427 63460 432115 292285 95408 206771 204965