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

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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

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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

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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.

35

40

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. –

3½

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

3½

0

5¼

Bengal

0

3¾

0

4¼

Madras

0

3¾

0

5¼

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

4¾

0

5¾

Eastern

0

3⅝

0

4¾

White

0

7¼

0

0

2¾

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

9½

–

–

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

7¾

1

0½

Bourbon and Zanzibar

0

3¼

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.

5¼

0.

6¼

0. 4¾

0.

5⅛

0.

4¼

0.

5¼

–

–

–

–

–

–

–

–

–

–

–

–

–

–

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

2½

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

7½

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.

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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.

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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.

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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.

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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

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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 – – – –

46 42 34 32

48 44 36 34

– – – –

– – – –

46. – – –

50 – – –

36 30

42 33

– –

– –

38 32

44 34

30 29 27 23 20 38

33 31 29 24 22 41

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–

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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

37 36 43 40

– 41

– 43

43 38 27 25 24 30 26 24 26 23 21 20 24 24 24 24 35 42 38

41 – – 23 – – – – – – – – – – – 19 34 – –

34 34 45

36 36 47

Country marks American & Canadian fancy brands ˙˙ ˙˙ ˙ p. 196 lbs

33 28

American Superfine and Extrasuper˙˙ fine ˙˙ ˙ Common to fine Heated and sour

43 – – 25 – – – – – – – – – – – 24 35 – –

32. 40 40 36 40 – 27 24 23 28 26 24 25 22 21 19 22 23 20 20 33 38 36

33 42 44 50 42 – 29 26 25 30 28 26 27 24 22 20 25 25 24 25 34 40 38

– – –

– – –

32 32 –

34 34 –

35 29

– –

– –

34 –

35 –

26

27

–

–

–

–

25

26

–

–

–

–

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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 319860 228639

29015 20645 7927 7985 62145 4204 13146 2811 13420 3170 162340 158435 39919 960 6387 3150 300 629801 12111 892891 562123 1005247 1308919 697787 670470 718119 925711 792441 1082989

From the above, it will be seen that the arrivals of wheat last year were considerably less than in 1856, but somewhat in excess of 1855. From the same authority, we learn that the total supply of flour in 1857, amounted to 246,272 packages, against 515,802 packages in the preceding year. The import of barley was 586,271—of oats, 1,461,835 quarters. The quantity of wheat in warehouse is small, and the stocks of spring corn are very limited.

Week ending January 15. (Marklane etc)

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Our farmers still continue to thrash out very small quantities of wheat for the time of year, consequently, the bulk of the last crop still remains in stock. Although the malt trade is not in a very satisfactory state, fine barleys have continued in good request, at very full prices; but inferior and light parcels have ruled somewhat lower. Oats have commanded more attention, and the quotations have advanced fully 1s per quarter. Apparently, this article will rule high for some time, as the Northern navigation is now nearly closed. All other spring corn rules steady. Maize, however—owing, no doubt, to the comparatively low value of other produce—is now offering at low rates, although the stock in the country is small. In Ireland, wheat and most other articles have moved off slowly, and prices have been with difficulty supported. The shipments of grain to England continue on a limited scale.

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The Scotch markets have ruled heavy for wheat and flour, on rather lower terms. Spring corn has commanded previous rates. In France and Germany, the corn trade has been devoid of animation, yet our reports state that prices are supported. The American markets have ruled heavy, owing to the want of orders from this country. We had a very limited supply of English wheat on sale in to-day’s market. The demand, however, ruled heavy, and Monday’s prices were barely supplied. Foreign wheat met a slow inquiry, and red qualities were 1s per quarter cheaper. Barley and malt moved off slowly, at Monday’s currency; but oats were rather dearer. No change in the value of either barley, peas or flour.

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Friday, Jan. 15.—A few transactions took place. A reduction had to be submitted to in the leading articles of the trade. Since Tuesday the decline in wheat is 2d per bushel, in flour 6d per sack or barrel, and in Indian corn, and beans from 6d to 1s per quarter. No change in other articles.

[44] Cornmarket Newgate and Leadenhall. Monday, Jan. 11.—The supplies of nearly all kinds of meat here to-day were very extensive. The trade generally ruled heavy in the extreme, and buyers generally gave way 2d to 4d per 8 lbs. Friday, Jan. 15.—The supplies of meat were extensive, and the trade ruled heavy, as follows:—

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Per 8 lbs by the carcase. Inferior beef Ditto middling Prime large Prime small Large pork

s d 2 10 3 4 3 8 4 0 3 6

s d 3 2 3 6 3 10 4 2 4 0

Mutton, inferior — middling — prime Veal Small pork

s 3 3 4 3 4

d 4 8 4 8 2

s d 3 6 4 2 4 8 4 8 4 10

Marklane. 15 Jan. Evening. In spite of very moderate supplies of English ˙˙ ˙ wheat in the whole of the leading markets, the demand for all kinds has ruled heavy; prices a downward tendency. Springcorn, however, especially oats, firm, at full quotations to a slight advance. The only drawback to an advance in the value of wheat is prospect of heavy imports of flour from France during the next 2 or 3 months. This prospect has induced great caution on the part of our millers in adding to their stocks; and, in order to prevent direct competition, second-rate town-made flour may now be purchased at 42sh. p. 280 lbs, with the usual discount. Inferior countrymarks may be had as low as 33sh. American flour may be purchased at 23sh. p. barrel. Hence, it will be seen that in order to induce speculation

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in French flour, prices on the Continent must rule much lower than they now are to create a fair margin of profit on importations. As yet very little flour from France has gone direct to the bakers — our large millers having taken the bulk of the arrivals for mixing purposes. 5

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New York, Dec. 29.—The flour market was without change for State Western brands, and a moderate business was done at about Saturday’s closing sales. Southern flour is in large supply, and is 10c to 15c lower, with a strong tendency downward, especially in the lower grades, and very dull. Canada and Tennessee are nominally unchanged. The market in wheat is drooping, and there is so little doing that it is impossible to give more than nominal quotations. There is no demand except to a limited extent for city milling, and the receipts are large. 1,500 bushels good white Kentucky sold at 1.321/2 dol, and 600 bushels white Michigan 1.20 dol. There was little new Southern Indian corn offering suitable for shipment. The demand for distilling was good, and some 30,000 bushels found buyers, principally at 56c to 58c, with one parcel of inferior reported at 53c. A parcel of old yellow Southern sold at 64c. The market ruled heavy, although it is believed parcels desirable for shipment would have brought 60c, if offered.

Export of Breadstuffs from the United States to Great Britain and Ireland, since Sept. 1st, 1857. Flour. Meal. Wheat. From— brls brls bushels New York Dec. 22 266695 .. 2501579 New Orleans 12 25993 .. 44834 19 31181 .. 87881 25 Philadelphia Baltimore 19 52000 .. 115029 Boston 19 138 .. .. Other Ports 18 3513 .. 111382 Total, 1857 379520 .. 2860705 30 — 1856 340138 180 5982829 Increase .. .. .. 180 3122124 Decrease 80618 Total, 1855 425330 4,161 2777182 — 1854 52675 152 138624 20

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Dec. 22

To the Continent. Flour. Wheat. brls bush 46162 101454 83003 58256 129155 159710 171131 1707211 372835 1274938 3121 ..

Corn. bush .. 250 250 76168 50646 610029

Corn. bushels 415954 3762 118035 9100 8920 .. 555771 2107029 .. 1551258 1124654 2481137

Rye. bush .. .. .. 118510 630292 ..

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15 Jan. In the early part of the week, there was some excitement in the tea market, and common sound congou advanced to 1s 2d per lb. Since the delivery of the letters from China, more sellers have come forward, and the quotation has ruled a shade easier. According to the China Mail, the following shipments of tea were made from the 1st of July to the 28th November:—1857–58, 24,404,400 lbs; 1856–57, 31,161,300 lbs. The public sales held to-day have gone off steadily, at full quotations.

22 January. The navigation on the Continent being still open, liberal supplies of wheat continue to reach us from abroad; imports this week 9,010 qrs. Trade heavy; prices at Marklane have a downward tendency. No particular change has taken place in the value of either wheat or flour in the French markets, which, for the most part, have shown no sign of animation. Very few orders received out from this country for the purchase of those articles. In the North of Europe the business doing in grain for spring shipment is trifling in the extreme. Our American advices, to the 9th inst, bring no change in the value of either wheat or flour. The want of shipping orders was much against value, as the stocks at New York were large for the time of the year. Further decline in the quotations from 1sh. to 2sh. p. qr. The Foreign Corn Trade. The severe frost lately experienced at Paris made a firm flour market, and 1f. per 159 kilometres more was generally demanded; the advance, however, was not readily submitted to: the highest quotations were 52f. to 53f. per 159 kilometres (34s. 3d. per 280 lb English); while good quality was to be had at 51f. to 52f. (33s. 8d. per 280 lb.) The four marks were in request at 51f. but held at 51f. 50c. (33s. 4d. per 280 lb. English). The wheat trade has also been firm, and rather dearer, 29f. 50c. being demanded per sack (45s. per quarter for De Beauce quality 63 lb. per bushel). The country markets exhibited the same tendency, there being a rise at Lille of 1f. 16c. (2s. 8d. per quarter): a few places were nevertheless cheaper, viz.—Marle about 6d. and Nevers 1s. 9d. per quarter. Rye was neglected. In barley only small purchases, at former prices, were making by maltsters. Oats, though firm, were not a free sale. In cloverseed there was no change, excepting that select parcels were held for 5f. per bale more money, the highest price being 135f. per bale. Trefoil sold moderately, at 40f to 42f. per bale. At Nantes the price for red seed was 57s. per cwt. free on board. Bordeaux prices of wheat were firm viz. 20f. 50c. per hectolitre (47s. per quarter). At Marseilles the market showed more tone, the cold on the 5th January being five degrees below zero of Reaumur. African wheat there bore a relatively high price and was expected to come down. The frost has been sharp in Belgium, wheat prices being little altered, though closing firm at Antwerp, where native supplies were falling short; rye and barley

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remained dull. In red cloverseed, some sales had been made; of campineseed at 135 francs per bale, and of meuse 122 francs. In Holland, the ice had lessened supplies, but without any effect on prices, which remained much as last quoted; barley and oats being firm at Rotterdam. The tendency at Maestricht was downwards, in consequence of the proposed duties on grain in Belgium. Bremen, which for a month past has had little trade, has recently found some inquiry for wheat, which gave prices firmness. Arrivals being light at Hamburg, the prices have improved 9d. to 1s. 6d. per quarter for wheat on the spot; but rye was not dearer. Nothing was doing for future delivery. More demand for wheat had been experienced at Dantzic, and prices had consequently risen 1s. to 2s. per quarter; for wheat of the best quality, 45s. 9d. had been paid. Rye had been also sold for export at better prices. Stettin sends similar reports, 41s. 6d. per quarter being realised for the best wheat there. Alterations in the weather had been experienced in Riga, corn being little in request for the interior, the demand only being for Russian rye and oats. After a great calm at Odessa, with anticipation of reduced quotations, a sudden inquiry sprang up for soft and Ghirka wheat, of which about 14,000 quarters were sold, at full rates; but the purchases were evidently made to load some of the numerous vessels arrived. Wheat quotations still ranged from 32s. 4d. to 53s. 9d.; rye to 27s. 9d. per quarter. No further business was passing, at Berdianski, in consequence of the closing of the ports. Galatz and Ibraila were also closed. After some fluctuations at Alexandria, Saidi wheat had been sold, for delivery in January, at 27s. 9d. to 29s. per quarter. In other grain there was a calm, as well as in freights. Within a fortnight, about 30,000 quarters of corn were disposed of, on the spot, and 100,000 for delivery. The exports to England were 26,000 quarters wheat. All corn at Trieste had undergone a slight reduction; the best Venice and Banat wheat was quoted 43s. 2d. and maize 29s. per quarter. The market at Santander had been very much depressed, but lately some reaction had taken place, and flour of the best quality had brought 37s. 6d. per 280 lb, and for January delivery at 38s. 6d. per 280 lb English.

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[47] III) Industrial Market

III) Industrial Market.

˙˙

Manchester. 31 Dec. (’57) [Hier folgt Tabelle S. 413.]

More buyers, fewer sellers at former prices. Offers in several departments somewhat higher. Most improvement in yarns u. cloths for India – 1/8 d. to 1/4 d. higher (yarns for India) or almost 1/2 d. above the lowest points of the month; in diesem Indian business more than average business. Stocks of shirtings, madapollams and some sorts of jaconets greatly reduced at 11/2 d – 3d. p. piece above the lowest points, additional orders having also been given out for specific qualities to deliver in January and February. ˙ ˙ ˙ ˙ rates, with ˙ ˙ ˙ ˙a T cloths, longcloths and domestics fully support last week’s moderate business. There is still a current demand for the Levant, whilst even for Germany there have been some small signs of revival in such yarns as 16’s to 24’s water and the commoner qualities of warps. The home and print trades remain comparatively unaffected. (Econ.) Manchester, Tuesday, January 5. Our recent reports have shown the beginnings of improvements; buyers venturing upon decided bargains; then a steadying in price; and next a slightly upward tendency, increasing to the end of last week. At the same time, the Liverpool cotton market was becoming dearer, and that in a degree markedly exceeding the advance here. Yesterday (Monday) there was a most unusual influx of spinners, whose purchases amounted to 12,000 bales (15,000 the total sales), and 1/4 d. was added to Friday’s quotations. The trade was exceedingly bare of cotton; and, besides this, many wanted to provide for their sales of yarns; then, again, not a few had been kept from Liverpool by Friday and Saturday being holidays, and so swelled the throng of yesterday. However, the individual purchases were curiously small, and, in many cases, nothing was done. Americans of middling quality are now 7/8 d. above the lowest quotations. That movement has affected our market to-day. Spinners have demanded an additional 1/4 d. per lb; manufacturers have attempted something like a corresponding advance. The effect upon buyers has been to induce them to offer rates which they were very unwilling to pay a week back; and, on such terms, a considerable business might have been done both in yarns and goods; but there is a fear of going along with the rise in cotton, and the day’s transactions are greatly restricted. Buyers make a decided stand. There is a strong and general conviction that our progress must necessarily be gradual and slow; and that any rapid upward start would be followed by reaction, and prove detrimental to real

412

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9 3

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1 1/2

0 0 0 0 0 0 9 1/4 4 9

5

/4 /8

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3

1

Dec. ’53

10 5/8 3

6 6 7 7 10

Dec. ’52

Raw Cotton:— 0 Upland fair per lb Ditto good fair 0 5 Pernambuco fair 0 Ditto good fair 0 No. 40 Mule Yarn, fair, 2nd 0 quality No. 30 Water ditto ditto 0 10 26-in., 66 reed, Printer, 29 yds, 5 4 lbs 2 oz 27-in., 72 reed, ditto ditto, 6 5 lbs 2 oz 39-in., 60 reed, Gold End 9 Shirtings, 371/2 yards, 8 lbs 15 4 oz 40-in., 66 reed, ditto, ditto, 10 8 lbs 12 oz 40-in., 72 reed, ditto, ditto, 11 9 lbs 4 oz 20 39-in., 48 reed, Red End Long 7 Cloth, 36 yards, 9 lbs

8 3 9 3

8 4 1 /2 9 4 1 /2 7 1 1/2

7 3

7 1 1 /2

7 1 1 /2

5 6

0 8 7/8 4 4 1/2

Dec. ’55 ˙˙ 0 5 3/4 0 6 1/8 0 6 3/8 0 6 3/4 0 9 1/8

5 1 1 /2

0 9 4 0

Dec. ’54 ˙˙ 0 6 0 6 1 /4 0 6 3 /4 0 7 1 /4 0 9

7 4 1/2

10 1 1/2

9 0

8 1 1/2

5 10 1/2

0 10 3/8 4 9

Dec. ’56 ˙˙ 0 7 1/8 0 7 1/4 0 7 5/8 0 7 7/8 0 10 5/8

6

9 1/4 7 1/2

7

9

8

3

7 1/2

7 1/2

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Dec. 31 ’57 ˙˙ 0 6 1/4 0 6 3/8 0 7 1/8 0 7 1/4 0 10 1/8

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–

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–

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9 1/2 9

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6 3/ 4 6 7/ 8 7 3/ 8 7 5/ 8 –

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– –

9. 0

8. 1 1/2

– –

0. 9 5/8 – –

0. 0. 0. 0. –

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improvement. It is considered hardly good management on the part of spinners to buy so much cotton in one day in times like these. The advance now asked upon water and mule yarns, in bundles, warps, and cops, from 40’s down to the lowest number, may be considered to average about 3 /4 d. per lb, as compared with the late lowest period. We are glad to find that the dealers in the home trade are making more offers to the manufacturers; as are also other classes of buyers, including those connected with the east and the Mediterranean. Manufacturers would buy yarns, if they could bargain; and the India merchants would do the same. The Germans, however, are very backward; and, without their operations, spinners cannot make way. We have given to our remarks on the causes and consequences of monetary crises another form than that of an addendum to our market report, as will be seen by reference to another part of this day’s publication. Manchester, Jan. 2. There is still a slight improvement perceptible in demand, and prices are steadier, with more uniformity. The demand extends to longcloths, T-cloths, printers and madapollams, and shirtings, in all of which sellers are able to get rather better prices. In yarns there is also a moderate demand for export to India, Germany, and the Mediterranean, besides an improving home trade, and prices are 1/4 d. to 3/8 d. per lb. above the lowest rates recently current. In their notice of the exports of last month Messrs. Freeland and Brother remark that,— “Notwithstanding the panic which has prevailed, it will be seen by our export tables, made up to the 25th of December, that the number of packages shipped during the month is within 121/4 per cent. of what they were same time last year. The smaller markets go on taking about their usual average supply. The falling off to New York, Philadelphia, and Boston amounts to 7,628 packages; to the Brazils, 3,146; to Hamburg, Rotterdam, and Antwerp, 5,207; and to Constantinople, 1,875; while to China the increase has been 2,310 packages; to Bombay, 5,558; to Singapore, 1,543; and to Lima and Valparaiso, 3,199. The total exports of cotton piece goods and yarns for the month are 80,305 packages, against 91,531 for the same time last year; this is under the average of the previous three months, which is 84,901, and likewise under the monthly average for the year, which is 84,291 packages. The following classification shows at a glance the proportion shipped to the various markets of the world:—

East Indies China Australia Central and South America North America West Indies

414

Packages. Cotton Piece Goods. 36.1 13.4 1.5 26.8 4.5 2.8

Lb. Cotton Piece Goods. 26.0 3.1 0.0 0.7 0.1 0.0

Packages. Cotton Piece Goods. Coast of Africa 4.1 Turkey, Egypt, and 5.9 Levant Germany and Hol1.7 land Other European 3.1 States

Lb. Cotton Piece Goods. 0.0 6.9

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The actual number of packages shipped during the year has been 824,741 cotton piece goods. Against last year 864,696    And 202,762 bales cotton yarn, or 160 millions of lb. Against last year 20,856 bales cotton yarn, or 165 millions of lb.

January 5.

10

15

20

Manchester, Cotton.—We extract the following from yesterday afternoon’s Examiner and Times:—The market is characterised by a more cheerful tone today, and greater confidence prevails, but business is still very limited, and buyers operate with extreme caution. The advance in the price of cotton in Liverpool since Thursday has caused spinners to raise their quotations, but in very few cases can these be established, and then only for small quantities to supply pressing orders. The inquiry on the part of the continental shipping houses is more general to-day. It has resulted, however, in very few transactions of importance. The rise in yarns since Tuesday last may be considered equivalent to about 1/4 d. per lb. In goods there is little doing, and manufacturers are unable to establish any marked advance upon the rates current at the beginning of last week. The tendency to a higher range of prices for the raw material in Liverpool, does not seem to be responded to by buyers here, who are generally of opinion that cotton is not likely to advance permanently at present, while so many depressing influences are still in operation. Manchester 14 Jan.

25

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Price Price Jan. 14,1858 Jan. 1857

Raw Cotton:—

s

Upland fair per lb Ditto good fair Pernambuco fair Ditto good fair No. 40 Mule Yarn, fair, 2nd quality No. 30 Water ditto ditto 26-in., 66 reed, Printer, 29 yds, 4 lbs 2 oz 27-in., 72 reed, ditto ditto, 5 lbs 2 oz 39-in., 60 reed, Gold End Shirtings, 371/2 yards, 8 lbs 4 oz 40-in., 66 reed, ditto, ditto, 8 lbs 12 oz 40-in., 72 reed, ditto, ditto, 9 lbs 4 oz 39-in., 48 reed, Red End Long Cloth, 36 yards, 9 lbs

0 6 1/2 0 6 3/8 0 7 1/8 0 7 1/2 0 10 5/8

d

s

d

Price Jan. 1856

Price Jan. 1855

Price Jan. 1854

Price Jan. 1853

s

d

s

d

s

d

s

0 7 5/8 0 7 7/8 0 8 0 8 3/8 0 11 3/4

0 0 0 0 0

5 7/ 8 6 6 1/ 2 6 3/ 4 9 3/ 8

0 0 0 0 0

5 3/8 5 5/8 6 3/8 7 8 3/4

0 0 0 0 0

6 1/4 6 1/2 7 1/4 7 1/2 9 1/2

0 5 7/8 0 6 1/8 0 6 3/8 0 7 0 10

d

0

9 1/2

0 11

0

9 1/ 8

0

8 3/4

0

9 5/8

0

9 7/8

4

9

5

0

4

4 1/ 2

4

1 1/2

4

9

5

0

5

7 1/2

6

1 1/2

5

6

5

1 1/2

5

9

6

0

8

0

8

6

7

4 1/ 2

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8

1 1/2

8

9

8 10 1/2

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0

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3

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9

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10

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7

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7

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9

10

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6

8

7 1/2

7

7 1/2

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[48] III) Industrial Market.

Manchester. Manchester Jan. 1858. Raw Cotton:— Upland fair per lb Ditto good fair Pernambuco fair Ditto good fair No. 40 Mule Yarn, fair, 2nd quality No. 30 Water ditto ditto 26-in., 66 reed, Printer, 29 yds, 4 lbs 2 oz 27-in., 72 reed, ditto ditto, 5 lbs 2 oz 39-in., 60 reed, Gold End Shirtings, 371/2 yards, 8 lbs 4 oz 40-in., 66 reed, ditto, ditto, 8 lbs 12 oz 40-in., 72 reed, ditto, ditto, 9 lbs 4 oz 39-in., 48 reed, Red End Long Cloth, 36 yards, 9 lbs

Price Jan. 7, 1858 s d 0 6 5/8 0 6 3/4 0 7 3/8 0 7 5/8 0 10 1/2

Price Jan. 1857 s d 0 7 5/ 8 0 7 7/ 8 0 8 0 8 3/ 8 0 11 3/4

Price Jan. 1856 s d 0 5 7/8 0 6 0 6 1/2 0 6 3/4 0 9 3/8

Price Jan. 1855 s d 0 5 3/8 0 5 5/8 0 6 3/8 0 7 0 8 3/4

Price Jan. 1854 s d 0 6 1/4 0 6 1/2 0 7 1/4 0 7 1/2 0 9 1/2

Price Jan. 1853 s d 0 5 7/8 0 6 1/8 0 6 3/8 0 7 0 10

0

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0

9 1/8

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8 3/4

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9 5/8

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9 7/8

4

9

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9

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7 1/2

6

1 1/ 2

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1 1/2

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9

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8

1 1/2

8

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7

4 1/2

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1 1/2

8

9

8 10 1/2

9

6

8

4 1/2

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0

9

3

9

9

7 1/ 2

9

4 1/2

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7

0

7

0

7

10

15

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9

10

7

6

8

7 1/2

7

7 1/2

Manchester 7 Jan. Trade began this week with a vigorous preparation for full time; they flocked to Liverpool in such numbers as to raise cotton on themselves to a degree which seems practically to defeat their object, and which has not been supported by the tenor of demand in Manchester. It may be doubted whether the contracts numerously laid at low rates for delivery in spring, or the return of ease in the money-market, or the economy in both holding and using cotton, which spinners have for more than 2 months been practising had most share in exciting this renewal of activity, course here considered somewhat premature. T cloths and longcloths have been free of sale for the Levant and certain Southamerican markets, and lighter cloths have been taken rather largely for the Indian Straits. For our great markets, India and Germany, there has been comparatively little done. On printing cloths least advance is attempted, but the large stocks of 9–8 qualities have this week been reduced by a few low sales. On the average, prices may be regarded as fully 1/4 d. p. lb higher in yarn and 3d. p. piece in cloth. (Econ.)

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The sudden access of business in the Liverpool cotton market has not been January 8. sustained; nor has its effect upon prices. As the week has advanced, a falling off has progressively shown itself. And, precisely in the same way, the impulse which seemed to be given to our market, in the beginning of the week, by the movement in Liverpool, has subsided from day to day. The advances which were required by spinners and manufacturers, caused buyers at once to draw back from operations. This was perceptible on Tuesday; and, since then, nearly all classes of sellers have been increasingly complaining of a diminished inquiry and a greater difficulty of selling; indeed, according to many of them, we have at least gone back to the state of things on this day week. The fact is, that, when what might be called the panic had expended itself, there was a certain amount of business which must be effected by various classes of buyers to keep up necessary assortments, as well as another certain amount ventured upon in the way of speculation at the lowest prices. The main part of such buying seems to be over for the present; and, therefore, we should probably be quieter if the recent advance in prices had not been attempted; much more are we so in consequence of it. Many persons think that, because there is an abundance of capital unemployed, the buying of manufactures and other commodities is sure to be immediately and considerably stimulated. They forget that it is want of confidence which causes money just now to be dammed up in innumerable stagnant collections; that a great many are making deposits with their bankers, in order to be prepared for losses or demands upon them which they know to be certain or see to be possible; and that there are many of the old parties to bills whose names would not now be acceptable upon paper, although they may not have been dishonoured. In these ways, recovery from stagnation is rendered inevitably slow and halting, and subject to pauses and back-reckonings. To hurry the natural progress of recovery is really to hinder it, as every such attempt makes very manifest. It will probably be found that the abandonment of “short time” now going on is premature. (M. Guardian.) The market to-day very quiet, with less business doing than at the commencement of the week. Prices are, in many instances, not so firm as they were on Tuesday. India yarns show an improving tendency, and are in moderate request.

35

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London. 8 Jan. Although a large proportion of the operatives are still out of employment, and others are merely earning a scanty subsistence, the increased demand for winter goods, hitherto checked by the mildness of the season, will be beneficial in its results, but what is required to reproduce prosperity in that branch of trade is improved accounts from America, India, and Australia, and it is feared that no immediate change for the better can be looked for in either of these countries. The manufacturers, however, cannot afford to keep idle, and, when increased

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discount facilities are offered, they will probably extend their production. Their ability to do so has in many cases been partially destroyed through the inroad which the American crash has made upon their resources; but it is hoped that firms in the United States will exert themselves to discharge their liabilities to houses here, which, at the period of the crisis, represented a large aggregate amount. Our merchants and manufacturers should be very cautious in re-opening accounts with their Transatlantic friends who have not endeavoured to make some provision for their creditors here, and, taking a warning from the late crisis, they should, moreover, resolve not to give such extensive and protracted credit as has hitherto been the custom.

Manchester. 12 Jan. Consequent to some extent upon the continuance of a demand for the recently advanced rates by spinners and manufacturers, dull and inactive feeling pervaded the market to-day. A very limited amount of new transactions was the consequence, and with regard to prices of either goods or yarns, although not quotably lower, in some instances they were so with a tendency in favour of the buyer generally. (Econ.)

5

10

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9 January. Manchester, Friday.—Our market to-day is a little tamer than on Tuesday, and

very little business appears to have been done. In yarns the market is quiet, and slightly heavy, at Tuesday’s prices. Among the home-trade buyers we hear great complaints about the rise in cotton and yarn, while cloth remains in general stagnant, and manufacturers have, for the most part, supplied their immediate wants without doing anything in anticipation. In goods, the market is quiet, with a moderate demand, which is, however, at once checked whenever an advance equivalent to that on yarn is insisted on.

20

25

Manchester 14 Jan. The market has been moderately active, but without animation, and at prices rather against the seller. In many classes, no certain decline can be quoted, but where offers have been made for quantities they have been at little over the rates of a fortnight ago. Although few transactions of important magnitude have resulted, the aggregate business has been far from considerable. The increasing monetary ease is constantly bringing in a larger circle of buyers, who, having long arrears of wants to supply, are now enabled to do so cheaply. Mule yarns, shirtings, and jacconets have commanded attention for Calcutta, but sellers being free of stocks, and not free of the contracts undertaken ten days ago, concede too little for buyers to operate. Water twist, T’cloths, and the stronger shirtings have been taken rather freely for China and Bombay for future delivery. The wider shirtings and light 45 to 54 inch cloths are scarce, and have been in active request for Ceylon, Singapore, and other markets. This afternoon, with the reduction in the Bank rate, an improvement has been already perceptible, and, though production has now too fully set in to admit a sudden rally in

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prices, a larger influx of demand is beginning to be anticipated from many quarters. Manchester. Jan. 21 5

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Price Price Jan. 14,1858 Jan. 1857

Raw Cotton:—

s

Upland fair per lb Ditto good fair Pernambuco fair Ditto good fair No. 40 Mule Yarn, fair, 2nd quality No. 30 Water ditto ditto 26-in., 66 reed, Printer, 29 yds, 4 lbs 2 oz 27-in., 72 reed, ditto ditto, 5 lbs 2 oz 39-in., 60 reed, Gold End Shirtings, 371/2 yards, 8 lbs 4 oz 40-in., 66 reed, ditto, ditto, 8 lbs 12 oz 40-in., 72 reed, ditto, ditto, 9 lbs 4 oz 39-in., 48 reed, Red End Long Cloth, 36 yards, 9 lbs

0 6 3/4 0 6 7/8 0 7 3/8 0 7 5/8 0 10 5/8

d

s

d

Price Jan. 1856

Price Jan. 1855

Price Jan. 1854

Price Jan. 1853

s

d

s

d

s

d

s

0 7 5/8 0 7 7/8 0 8 0 8 3/8 0 11 3/4

0 0 0 0 0

5 7/ 8 6 6 1/ 2 6 3/ 4 9 3/ 8

0 0 0 0 0

5 3/8 5 5/8 6 3/8 7 8 3/4

0 0 0 0 0

6 1/4 6 1/2 7 1/4 7 1/2 9 1/2

0 5 7/8 0 6 1/8 0 6 3/8 0 7 0 10

d

0

9 5/8

0 11

0

9 1/ 8

0

8 3/4

0

9 5/8

0

9 7/8

4

9

5

0

4

4 1/ 2

4

1 1/2

4

9

5

0

5

7 1/2

6

1 1/2

5

6

5

1 1/2

5

9

6

0

8

1 1/2

8

6

7

4 1/ 2

7

0

8

1 1/2

8

9

9

0

9

6

8

4 1/ 2

8

0

9

3

9

9

9

9

10

7 1/2

9

4 1/ 2

9

0

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3

10

9

7

7 1/2

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7

0

7

0

7

8

7 1/2

7

7 1/2

Last week closed with rather heavy buying for most of the Eastern markets, and that class of demand has acquired an extending character throughout this week. So bare now are stocks of all the usual qualities of yarn and cloth for India, China, the Indian Islands, and Straits, with only some such exception as that of the finer jacconets for Bengal, that the buying which is now taking place has reference to delivery for more than a month to come, and is fast absorbing the production for that length of time. That production is increasing to meet this demand is shown by the sales of cotton in Liverpool, and as these markets alone take off more than a third of what is produced, the indirect influence of present operations on prices generally, though not now experienced, is believed not to be distant. Mule yarns of all numbers, and cop yarns up to 50’s, are about 1/4 d per lb higher; water twist still shows considerable irregularity, the China qualities being the strongest. For the German and Levant markets there is but little movement. The home trade houses seem to have laid in what little they required about the end of the year, and printing cloths remain quite as dull as ever. Shirtings and that class of goods are about 3d per piece higher, and difficult to buy.

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[49] III Industrial Market.

1 January. Subjoined are extracts from the circulars of various firms issued on the 1st of January, describing the movements of their respective branches of trade throughout the past year. Although the recent crisis has been better sustained in some departments of business than in others, its effect, as regards a reduction of prices, seems to have been experienced almost equally in all. In looking at the great depreciation which has taken place, and the opinion generally expressed that, while a moderate rally may perhaps be hoped for, a low and healthy scale of quotations is now likely to prevail for a considerable time, the public, perhaps, will feel surprise at the little benefit at present experienced from it by the general consumer. Scotch Iron Trade. (From Mr. William Colvin.) The extreme fluctuation in the value of pig iron during the past 12 months has been 34s. per ton,—say, from 82s. 6d. to 48s. 6d., the average price being 69s. 2d. The market opened in the beginning of January at 74s., and was remarkably steady, not varying more than 3s. 6d. per ton until the 22d of May, when, by adroit speculative operations, the price of mixed numbers warrants was forced up in a few day to 82s. 6d. cash. The attempt, however, at this period to control the market by artificial means, and maintain “warrants” above their natural level, soon proved delusive, and by the 6th of June quotations had already given way to 79s. 6d. A severe and steady decline, almost without interruption, then commenced, and the price touched 67s. 6d. by the 6th of October. At this time the serious aspect of the Indian mutiny and the complete dislocation of credit in America exercised a depressing influence, but the rapid advance in the rate of discount by the Bank of England from 6 per cent to 10 per cent. in four weeks, accompanied by an unprecedented amount of monetary embarrassment and ruin both at home and abroad, completely overthrew confidence and greatly accelerated the descent of prices, until 49s. 6d. was reached by the 12th of November. The relief afforded by the suspension of the Bank Charter Act now gave rise to some expectation of improvement, and an advance of 4s. to 5s. was asked by holders, but the continued and excessive stringency of the money-market, accompanied by numerous and important failures, caused buyers to operate with unusual caution, and the price again gradually receded until the 19th of this month, when sales were effected as low as 48s. 6d. for prompt cash. The subsequent relaxation in the rate of discount, with every prospect to an early and still further reduction, has since led to some inquiry for investment as well as for spring delivery; and prices have in consequence shown an upward tendency, without, however, much iron having changed hands. The prospects of the trade have certainly of late somewhat brightened, but it still remains to be seen if consumption be not materially crippled by the effects of the late eventful crisis.

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To-day (31 Dec.) the market is firm, with buyers of warrants at 52s. 6d. cash, and 54s. to 55s. three months open, with little business doing, owing to the coyness of sellers. At present there are 123 furnaces blowing, but the average for the year has been 128 in blast. The production has considerably exceeded that of any former year, and the stock may now be called about 190,000 tons, of which 63,500 tons are in store, and the balance in makers’ hands. Shipments are in excess of last year about 20,000 tons, but consumption both for malleable and foundry purposes has materially fallen off during the past three months. Our exports during the past four years have been as follows:—

To the United States British North America France Germany

1857. Tons. 42,200 15,300 67,700 81,800

1856. Tons. 56,100 13,600 63,700 55,000

1855. Tons. 57,200 6,600 66,800 48,200

1854. Tons. 115,300 33,200 31,200 42,100

Manufactured iron was in fair request in the early part of the year, but for several months there has been very little doing. To-day’s prices are—common bars, 7l. 15s. to 8l. 5s., according to brand; plates, 9l. to 9l. 10s.; sheets, 10l. to 10l. 10s., less 4 per cent. for cash; rails, 7l. net; but these quotations must be regarded as purely nominal, there being almost no demand, except for rails, which has been freely met by the Welsh makers at 6l. 2s. 6d. to 6l. 5s. delivered here. There is rather a falling off of the usual activity in our Clyde shipbuilding yards. There have been launched in 1857 98 vessels, of 57,417 tons; now building, 56 vessels, of 38,845 tons; launched in 1856, 103 vessels, of 58,627 tons; building, Dec. 31, 1856, 64 vessels, of 47,657 tons; launched in 1855, 107 vessels, of 84,750 tons; building, Dec. 31, 1855, 57 vessels, of 37,850 tons; launched in 1854, 129 vessels, of 70,530 tons; building, Dec. 31, 1854, 54 vessels, of 47,390 tons; launched in 1853, 79 vessels, of 54,750 tons; building, Dec. 31, 1853, 97 vessels, of 54,750 tons; building, Dec. 31, 1853, 97 vessels, of 61,200 tons.

The subjoined table gives a view of the trade at this period for the past four years.— 1854. 1855. 1856. Foreign shipments for the year 283,900 249,000 259,500 Coastwise 298,100 293,000 247,600 35 Total shipments for the year 582,000 542,000 507,100 Stock, Dec. 31 130,000 100,000 90,000 Furnaces in blast, Dec. 31 115 121 123 Price 65s. 6d. 75s. 74s. Bank rate of discount 5 per cent. 61/2 per ct. 40 6 per cent. Average price for the year 79s. 8d. 70s. 9d. 72s. 6d. Make of malleable iron 110,000 110,000 125,000 Average price of bars for the year £ 10 £ 8 12s. 6d. £9

1857. 294,000 233,500 527,500 190,000 123 52s. 6d. 8 per cent. 69s. 2d. 100,000 £ 8 10s.

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The Silk Trade. (From Messrs. H. Waithman and Co.) The past year has been one of extraordinary interest in the silk trade. It commenced with a brisk market and bright prospects, and, although prices opened high, the current rate for No. 3 Tsatlee being 2s. per lb., an advance of 1s. to 1s. 6d. per lb. was soon obtained. In February and March the market became more quiet, and a decline took place of 2s. to 2s. 6d. per lb.; but in April and May unfavourable reports of the European crop caused renewed speculation, and prices rapidly advanced, till in June quotation for best No. 3 Tsatlee had reached 27s. per lb., when buyers showed a disinclination to operate further, and the market became depressed. For some time the decline in prices was gradual, but the financial crisis in America, which soon extended over Europe, led to a more serious fall, and the year closed with large stocks, a greatly diminished consumption, and prices 30 to 40 per cent. below the highest point in June. Although we commence the present year under far different auspices to the last, we are not without hope for the future; our manufacturers have acted with caution, and hold but small stocks, and now that the monetary derangement has in a great degree subsided, it is to be presumed the trade will be enabled to avail themselves of the present moderate prices, and work up to advantage the large stocks on the market. Italian silk has throughout the past year been more than ever neglected, the high prices demanded by importers precluding its use where substitutes could be found; the imports are about the same as those of last year. Tobacco. (From Mr. H. N. Davis.) The year 1857 opening with a stock in Europe of 24,483 hhds of United States tobacco below an average of the nine preceding years, together with the deficiency in the crop of 1856, from which the requirements of consumption were to be supplied till the autumn of 1858, placed the article in a position so favourable as to encourage an opinion that extreme prices would be realized, and a retrospect of the course of markets during the year just terminated confirms the accuracy of that impression—except when the monetary disasters exercised a depressing influence at New Orleans, and in some of the open markets in continental Europe. The shipments from America during the fiscal year of 1857 to Great Britain were 5,738 hhds. more than in 1856, and to the north of Europe 18,101 hhds.; but to France they were 6,174 hhds. less, and to the south of Europe 7,543 hhds., being an increase, on the aggregate, of 10,122 in the shipments over those in 1856, notwithstanding which the present stock in Europe does not show a corresponding increase; and it should be observed the distribution of the supplies has been more ample to the open markets where stocks are exhibited, and less to Government monopolies where they cannot be ascertained, and are, consequently, omitted in the statistic statements of European stocks. This, however, does not alter the general question, and those who are conversant with all

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facts bearing upon the future are aware that the great deficiencies known to exist in Government stocks will have to be made up from the crops last secured, owing to the non-existence of stocks of old in the hands of American planters, which is an event of rare occurrence, but one of much importance at this time, and hence it must be the approach of next autumn before supplies can be made available in the markets of consumption, and before that period the stocks will have reached a very low ebb. That the consumption throughout the world has increased cannot be questioned—still it may, with some show of reason, be contended that such increase consists of other than North American growth; in France the home and colonial-grown has latterly entered largely into the consumption, and in this country a variety of other growths has been used. The estimated production of 1857 in the Western States, Virginia, Maryland and Ohio, is 190,000 hhds., to which must be added the stocks in America and Europe, making a total of 240,000 hhds. to meet the requirements of the world till towards the autumn of 1859. Looking to the enormous item of about 50,000 hhds. for distribution to Germany, Holland, and the North of Europe, independent of the wants of Austria, Lombardy, Tuscany, Naples, and Sardinia—Spanish contracts outstanding—and the remainder of the three years’ French contract to be executed, together with the usual quantity to be apportioned for the consumption of the united kingdom and America, there would appear to be sufficient competitors to absorb the surplus production of 1857, and to leave the stock in Europe towards the autumn of 1859 less than upon almost any former occasion. No doubt the planters are aware of these facts, and it may be expected they will endeavour to obtain high rates during the forthcoming season. Belfast, Jan 1. The following is condensed from the circular of Mr. Joseph Magill, of Belfast:— “During the past year exports were on a very extensive scale, United States’ markets taking off very large quantities, part on order and balance on consignment. It now turns out that sales began early in the season moderately, prices low. As operations increased still lower rates were obtained, which resulted in smart losses, and eventually sales could not be made except at great sacrifices. This put a complete stop to business, and immediately after the monetary system went wrong, making matters still more unsatisfactory; stocks in first hands very heavy. This, with the tremendous reduction in prices here of brown linens, will make matters worse. I look for no improvement there for some time to come. Of Irish and Scotch linens there are as many as will supply demand for many months. There never was a more favourable period than now to purchase linens; prices are lower than they have ever been. Yarns.—Prices will now come down, much against the will of spinners. Had the latter not been so anxious to drive rates to the utmost it would now have been more for their advantage. Linens have fallen; the losses on same, in many cases, must fall on spinners; and had yarn prices been lower much easier would manufacturers have been, and suffered less loss. I think yarns must come lower than they have yet been. Power-

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loom Linens.—I am of opinion that too many are turned out; and if all the looms now in course of being put up were in work more goods would be made than there is sale for. I cannot see where they are to be sold; and it is not possible to increase the sale of linens until you materially reduce prices. You must bear in mind that cottons are now consumed in many foreign markets where linens went to. Flax.—Prices have been very remunerative for the farmer. Good is still in excellent demand, at fair prices; inferior heavy of sale, at a reduction. Farmers this year will do well to increase their sowing, as grain has now seen its highest point for years to come. Flax will pay well when ground has been prepared, and genuine seed used. Flaxseed.—Several cargoes of good seed have come in, prices moderate; and I hope sincerely farmers will increase their purchases this year, as I am sure it will be for their advantage.” Olive Oils.—The importation into the united kingdom last year was only 17,600 tons, against 23,500 in 1856, and 25,450 in 1855. In the month of March Gallipoli was worth 60l. per ton; now it cannot be quoted over 48l.; Malaga 44l., and Mogadore, 42l. Forthcoming supplies are expected to be large. Cocoanut Oil.—The import last year was 9,500 tons, against 6,600 in 1856. Our usual continental export demand has been much checked the last two months. The deliveries from our warehouses for the year were 7,920 tons, 5,470 of which were for exportation, and 2,450 for home use. Palm Oil.—The high rates at which tallow ruled during the greater part of last year much stimulated consumption. From January till October prices ranged from 45l. to 48l. per ton; last month it receded to 40l., which is the value to-day. The stock in London is 1,750 tons, and the importation into the kingdom 38,600 tons; against 35,000 in 1856 and 40,519 in 1855.

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1 January. The Wood Trade. (From Messrs. Churchill and Sim.) The year 1857 has been one of those epochs in trade which periodically affect every country, and has pressed with great severity on our whole mercantile community. Heretofore we have had panics and crises deeply injurious to particular interests and overwhelming certain trades, but we cannot fix on any other period when credit has been so rudely shaken and loss and calamity so widely spread over the commerce of this country. The trade in wood has undergone great changes, not only from its direct connexion with America and the North of Europe, but from those combined events which we now attempt to relate. Gradually declining from the high prices of three preceding years, towards the close of 1856 the value of the extensive stocks of wood then accumulating in this

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country became moderate, and in many instances was less than the import cost. In like cases formerly, this had been the forerunner of improving home trade—a cheap and abundant supply of wood being of the first consideration to meet the constant wants, to employ the labour, and promote the industry of the country. By the Board of Trade returns the wood trade of the United Kingdom in 1857 is computed to have exceeded that of 1856 in a small degree, and of 1855 in a large degree; being equal to the average of those great years of business 1853 and 1854. Our tonnage in the foreign trade somewhat exceeds three previous years, but is 28 per cent less than in 1853. Our tonnage from British America exceeds that of 1856 by nearly one-third, is double that of 1855, was as much exceeded in 1854 as it was under the average in 1853; so that the extent of importation in London bears comparison with the average of the years 1853 and 1854, already stated to have been the period of great trade in wood for the united kingdom. Though the consumption of wood cannot be increased proportionally with the importation, yet the quantity used in 1857 would be deemed large if it were compared with the years preceding the last four, and if it were not contrasted with importation of greater magnitude. The surplus stock of one year supplies the trade of the ensuing in the common course of events, and generally suffices until the next import season commences. At the beginning of the past year there was a large stock lying over; early sales were desired by the sellers, in consequence of the high value of money; and, for the same reason, the buyers were reluctant to purchase till consumption seemed near at hand. Selling in anticipation of after-consumption is not attainable without equivalents, and primarily the yielding in prices; but, concession not availing to clear off the stock, a large portion remained unsold, which clashed with the imports of the new season. The scale of prices continued low and the trade very heavy during the summer and autumn, when in October and November the crisis in commercial affairs almost closed the power of sale, and left us in the hope of selling at some future day the accumulated stocks, though at lower prices than have yet been recorded. Throughout the year the high value of money has been the bane of all trades dependent on credit. On none does it press with greater severity than the wood trade; the system of long credit existing in all its branches, a discount of 6 and 7 per cent for the greater part of last year, and of 12 per cent. during two months, being seldom accepted as equivalent to the custom of the trade in giving and taking credit. Our Canadian trade has been rudely shaken by failures preceding the panic in New York, and was further affected by the general crash in the United States. New Brunswick suffered from the same causes, but more immediately identified with our trade has been the crisis in this city, in connexion with America, the Northern Banks, and finally with the trading cities of the north of Europe, which, overwhelming great and small in many trades, have left the producers of wood without the apparent means to prepare future supplies. When trade is thus disorganized, it is indeed difficult to foresee how wood will in future be provided for this country.

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Distress in the wood trade has affected the sellers, shippers, and producers; but as the crisis is essentially mercantile, it does not touch the trade buyers, who ought to benefit by the fall in prices and large discount in a greater degree than they have suffered from the high value of money or its scarcity. The Liverpool Shipping Trade. (From Messrs. Curry, Kellock, and Co.) The annual report of the sale of ships and steamers at this port shows a decrease in the number sold this year, compared with 1856, of 108 ships, equal to 69,122 tons. The high price of money and a continuance of unpaying freights could have had no other result. From the commencement of the year until October there was very little variation in prices, which ruled on the average 20s. per ton under the sales of the previous year. In October the utter disorganization of money matters in the United States, and the consequent stoppage of several of our large mercantile houses, as well as the Liverpool Borough and other banks, producing a panic without parallel, brought ship-selling to a dead stand, not only from the monetary derangement produced, but from the general belief that these houses and banks represent among their assets a large number of ships or shares of ships held by them either as owners or mortgagees, which must in due time be brought upon the market. That overtrading for the last few years has been the cause of all these disasters there can be no doubt, and that the particular branch of trade we represent has been among the greatest of the sufferers is also true. So long as shipbuilders or their agents are willing, for the sake of obtaining excessive prices, to sell their ships to adventurers who, with a few hundred pounds, contrive to purchase property to the value of as many thousands, aspirers to position who are accomplished to the extent of being able to write their names across a bill stamp, and so long as bankers are prepared to divide their capital among a chosen few in exchange for such slips of paper, we cannot expect a sound trade, but, on the contrary, a periodical recurrence of our present troubles, and very serious injury to those who have the means and disposition to invest their capital in ships. The present disastrous state of things is however not without a foreshadowing of much good to the capitalist-shipowner, who has had to compete, for some years past, with these nominal owners who have managed to purchase partly upon credit, as above stated, and partly by an advance of freight obtained upon the future earnings of the ship. Such parties are compelled to accept any charters that may offer, provided the required advantages are made by the charterers. By these means, and the assistance of the mortgagee, these pseudo shipowners are kept afloat, a larger number of vessels are brought into existence than are required for the healthy trade of the country, freights are kept down below paying rates, the bonaˆ fide shipowner is seriously injured, and when all this mischief has been accomplished they are themselves brought to a stand, and compelled to yield up their ships to the mortgagee (who, in most cases, has made advances in utter ignorance of the market value of the ship advanced upon), while the shipwright, the copper and provision merchant, and the shipchandler are compelled

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to accept any dividend the miserable estate yields. This bubble has now burst, and we presume will not be re-blown until a few years of prosperity make us as reckless as before. Among the “good things of adversity” to be looked for is the decreased building in the colonies. For the last four years, we have been considerably over-built, more ships have been sent home than it was possible to sell well or employ well,—the consequence has been a keen competition, and disturbance of the freight market, making profitable shipowning a lottery. This evil for a time is likely to be cured, as the statements of the very limited number of ships now in course of construction in the colonies will show. Iron ships continue to increase in favour and demand. The number building to order in various parts of the country is very considerable. Freights. (From Messrs. W. S. Lindsay and Co.) The increase of shipping entering and leaving our ports during the last two years has been far beyond that of any previous period. The entries inwards of British ships alone in the united kingdom have, in the last two years increased to the enormous extent of 1,119,157 tons, and outwards of 1,063,363 tons. The increase on all descriptions of shipping frequenting our ports with cargo has been 1,521,286 tons inwards, and 1,735,421 tons outwards. It is so great that it is hardly possible to conceive there can be any scarcity of tonnage for the next twelve months, more especially when it is considered that, as our stocks of produce far exceed the demand, there must necessarily be a considerable limitation in the amount of our imports, unless such a low range of prices should rule as will materially stimulate consumption. Though we thus note an unusual, and, we fear, an unwholesome increase, if we may judge by the numerous insolvencies which have taken place of persons who in too many instances have been trading far beyond their means, it is satisfactory to observe that free trade in shipping has produced the very opposite results to those anticipated, with so much alarm, by the large majority of British shipowners. The ships of Northern Europe which could be built, as was stated, at so “low a cost”, and manned by “half-fed seamen at half the wages” of our own, are unable, it would appear, to compete with us; their wages are lower and their fare inferior, which cause a considerable saving in the current expenses, and from our own experience we must say that these ships are managed with great care and prudence, and commanded by a superior class of men, who take unusual care of the cargoes intrusted to their charge; but still they cannot compete with the vessels of this country. Even the ships of the United States, our great competitors, from whom we have learnt so much, and who manage their ships in a way which shows we still have much to learn, hardly hold their own in the trade with our ports; for, while the entries outwards of British shipping have in two years increased 24 per cent., those of their ships have increased only 2 per cent; and while our shipping inwards has increased 34 per cent., that of the United States has not increased so much as one-half per cent,—somewhere about a seventieth part of our own increase! From the official returns it will be

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found that the increase inwards of foreign ships of all nations has been only 17 per cent., while our own has been double—viz., 34 per cent. Facts such as these, especially at a moment of commercial depression, are truly gratifying, and prove beyond a doubt that, though yet there is much to be done in the simplification of our maritime laws, in the social and moral improvement of our seamen, and in the mode of constructing and navigating our ships, we have nothing whatever to fear from the competition of others. Linen. (From Messrs. D. Dewar, Son, and Sons.) In the linen trade business may be said to be completely stagnant in the American market. But from the returns it will be seen that the exports to the United States for the month of November amounted to only 47,817l., as compared with 251,733l. in the same month last year. This, however, is more satisfactory than otherwise under the existing state of things; for although the crisis may have passed, and the banks have resumed specie payments, still business generally is done but to a limited extent. For linen goods the most reliable information induces us to believe that there is but little demand, and that stocks are far greater than are required for present use or for some time to come. Shipments therefore to any great extent would still be very indiscreet. To other countries the same return indicates a considerable increase, the largest being to Brazil and Cuba. To the Hanse Towns, also, there has been a slight increase on the month; but as the effects of the crisis have been severely felt in that quarter stocks are accumulating without any corresponding demand. In the home markets trade is far from being good; business can only be said to be moving, but without animation; nor can it be otherwise under present circumstances. Stocks are large, and are still increasing, notwithstanding the fact that manufacturers generally are, and have been for some time, shortening their production, which is certainly the most prudent thing they can do. Money, however, is now becoming plentiful; and as confidence is gradually becoming re-established it is hoped that a more marked improvement will be observable before the end of the month. Kidderminster, Jan. 2. The new year opens unfavourably for the staple trade of this town, which has suffered deeply through the American failures. As already announced in The Times, some of the carpet establishments here are working short time, and the failure of one considerable establishment—that of Mr. Holmes—has thrown a gloom upon the town. Mr. Holmes’s liabilities are estimated at 40,000l. Norwich, Jan. 2. An improvement is reported in the trade of this city as regards textile fabrics. The Norfolk Chronicle says:— “Orders have been received to a considerable extent, and the operatives will soon be pretty fully employed: but as yet not half so many are in work as at this time last year. Wholesale trade in other branches of industry continues depressed.”

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Leicester, Jan. 2. The hosiery trade is wretchedly dull, there being next to nothing doing in any branch. The mildness of the season is against the sale of goods suitable for winter. Manufacturers have for some time been producing goods with great caution, consequently, notwithstanding the slackness of demand for some time past, stocks on hand are light. Great numbers of the operative are out of employment, and this state of things is hardly expected to be amended for a few weeks to come. In wools and yarns there is very little doing, and were sales pressed lower prices must be submitted to. On taking a retrospect of the past eventful year, the Leicester Journal of yesterday says:— “We find it commenced with wool and cotton, unusually high, and still the demand better than usual. So it progressed, until our wool fair in June, after which a still further rise in both took place, until as much as 46s. and 48s. per ton was given for farmers’ lots of wool, the demand keeping good against these high prices longer than was ever before known. Still these prices induced caution in producing, and well was it for our tradesmen and town it did so. The panic came upon us like a whirlwind, but luckily found our manufacturers prepared for it, and though we have suffered severely and are still suffering greatly up to the present time, not even one house has succumbed in consequence of it. The failures have been fewer than usual, and chiefly confined to men of no capital, and who ought never to have been trusted. Locally our accommodation paper was swept away by the failures of Mr. Thomas Chapman and several others a few years ago. Since then our bankers have kept a strict watch in business proceedings, and the result has been that considering the extent of business done here, no town will suffer less. Our banks deservedly possess the confidence of the public, and have proved themselves equal to the emergency.” Bradford, Jan. 2. In addition to the general causes which are still operating to delay the resumption of activity in the worsted trade some local occurrences have this week exercised considerable influence in the same direction. Merchants at this season of the year are engaged in stocktaking, and on our last market day the attention of the commercial men of the district was so much engrossed by the disclosures made at two meetings of creditors of insolvent firms which were held the day before that little else was talked about. The slightly improved tone which pervaded the market a few days previous to those meetings has since disappeared, and confidence has been considerably weakened. As regards wools there is not much change to report. Purchasers are desirous of seeing the result of the late suspensions before they operate. They expect that the winding up of insolvent estates will cause some stocks of the raw material to be brought into the market, so as to influence prices, and hence are doing but little business at present. No alteration can be noted in the prices of wool, except it be that they are a little

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firmer, but the market is still in an unsettled state. For noils and brokes there is considerably more inquiry. The business done, however, has not been of an important character. In yarns, both worsted and cotton, the trade is quite inactive. There was rather more inquiry in the early part of the week by merchants for goods, but subsequently, owing to the facts revealed at the meetings already referred to, those signs of a revival of trade were lost, and the transactions, generally speaking, have been of small magnitude. Birmingham, Jan. 2. The reduction in the prices of finished iron (20s. per ton) which was announced in The Times of Thursday has taken few parties by surprise, for, although it was hoped that the easier state of the money-market and the favourable advices last received from the United States would tend to support last quarter’s quotations, few expected that they would be firmly maintained. The large quantities of manufactured iron thrown into the market by the late failures, the rumously low rates of pigs, and the almost entire absence of continental and American orders, have doubtless precipitated the fall, but it is expected that it will be but of short continuance. It is not expected that the reduction will give an immediate impetus to the iron trade, for that cannot be expected before the spring, but there is little doubt that it will produce a partially satisfactory effect upon the demand for home consumption. In order to meet the reduction thus declared in the prices of manufactured iron, the puddlers and millmen generally throughout the South Staffordshire district received last night 14 days’ notice of a reduction of 1s. per day in their wages. At present the men have taken no movement in the matter, and it is believed that they will submit to the reduction without doing more than naturally grumbling at the necessity which has forced this step upon the masters. At the conclusion of the ironmasters’ meeting on Wednesday a number of gentlemen connected with the wire-drawing branch resolved upon a proportionate reduction in the price of that description of iron. The coal-trade of the district continues extremely dull, and a great number of the pits usually employed upon supplies for the furnaces are at a standstill. In the vicinity of Oldbury, Bilston, and other colliery neighbourhoods the roads are crowded with colliers and furnacemen out of work, or only partially employed. The thin-coal colliers, who in the first instance struck upon the reduction of their wages 6d. per day, have returned to their employment without murmuring, and are doing their best, by way of contributions, to assist those who, less fortunate than themselves, are unable to procure work. There have been no fresh failures in South Staffordshire during the week; but prospects with regard to some of those which have been announced are not so bright as a few weeks ago. In the case of the Bradley Hall Ironworks it is stated, that while the liabilities of the firm are close upon 12,000l., the assets will realize no more than from 600l. to 700l.

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Little can be said with respect to the general trades of Birmingham, as evidenced by their activity or inactivity during the week. Most of the manufacturing establishments have been partially, if not entirely, closed. The metal-market is quiet, and no movement is expected for some weeks to come. Few new orders have been received for any descriptions of local manufacture, and until the return of commercial men to their several journeys factors’ establishments will be generally employed in stock taking. The pearl button trade continues extremely depressed, many of the workshops are closed, and there are no hopes of an immediate resuscitation. It is satisfactory, however, to state that the military gun trade is moderately active, and the Government and East India contracts for small arms are proceeding satisfactorily. The holydays have been pretty well observed by the operatives in this branch of local employment, but they have not allowed Christmas festivities to interfere with the due execution of contracts for the services in the East. Money matters in Birmingham are easier. The local banks throughout the late crisis have exercised great liberality and forbearance, and in no instance, so far as we can understand, has their confidence been abused. Birmingham, indeed, after all the disasters which within these few weeks have occurred in the neighbourhood and throughout the country, may congratulate itself upon having “weathered the storm” without any material damage to commercial credit. The approaching quarterly meetings, which will be held in the course of a few days, may disclose embarrassments not yet known, but none are at present expected. So far 1857 closes more satisfactorily than was anticipated a few weeks ago. It has been incorrectly stated that the disputes, with respect to the rates charged for goods traffic between these districts and London, between the London and North-Western and the Great Western Railway and the Canal Company have been amicably arranged. Such is not the case, as between the railway companies it is understood that a better understanding exists, but the Canal Company refuse concession and adhere to the reduced charges. It may be mentioned that yesterday the German silver makers reduced their prices 2d. per lb. for the best and 1d. per lb. off the common qualities of that metal. The price as it now stands is lower than it has been since German silver became an article of commerce here. A fall has also been announced in the price of nickel of 1s. per pound. Nottingham Jan. 2. There is very little alteration to report in the condition of the lace trade. Added to the gloom which has so long prevailed in this manufacture, the Christmas holydays have this week slightly interfered with business transactions. There are a few orders in the market; no really beneficial change, however, is anticipated for a few weeks to come. Messrs. Oliver, the suspension of whose house was noticed in The Times of Monday last, have since been made bankrupts. Their liabilities were at first exaggerated, and their debts are now estimated at 23,000l.; assets, 9,000l. Material, especially silk, has an upward tendency. The hosiery trade continues lamentably dull, and many factories and workshops are on the short time system.

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4 Jan. Rochdale, Flannel.—Little can be said of the flannel trade which exhibits scarcely a feature of note. Mainly this is to be attributed to the fact that stock trading absorbs the attention of most of the merchants, who are, therefore, not in the market for buying. When all this is done with, it is to be hoped that better things will have to be reported than the dulness and depression which has now so long existed. The mills are running fuller time than last month, but the difficulty of parting with goods continues, and stocks consequently accumulate. Spinners are in a somewhat improved position; an increased demand for the continent having led to an increase of price of 3/8 d. to 1/2 d. In wool very little had been done, but, few as have been the transactions, the firmness in the prices of finer qualities, which was reported last week, has been confirmed. Brokes and noils are very dull of sale. 5) January.

Huddersfield, Tuesday, January 5. We are glad to be able to report an improved market this morning. There has been a larger attendance of buyers from London, Dublin, and country houses than for some time past, and their purchases of regular goods have been considerable. Cheap lots in every department have been much in demand, and in some cases large quantities of goods have been disposed of in this way. These cases are however exceptional, and manufacturers in general appear determined to hold their stocks until satisfactory prices can be obtained. The shipping trade continues extremely quiet, although applications for patterns from shipping houses are becoming more numerous. For winter goods, of all kinds, there is little demand, in consequence of the mildness of the season thus far. Country orders to merchants are still few and inconsiderable; and travellers complain loudly of the difficulty they experience in transacting business, as also in obtaining payment of accounts when due; and this even in the case of old-established and well-accredited houses. The recent stoppage of Mitchell, Miller, and Ogilvie, of Glasgow, is affecting this market seriously, several of our manufacturing firms being creditors to large amounts. Several large accounts are also owing in this district by the firm of Saalfeld Brothers, of Leeds and Hamburg, who have also suspended payment. The local wool trade is somewhat brisker than we last reported. The manufacturers continue to buy sparingly, however, and only to meet immediate requirement. Stocks of goods in the cloth hall, although large, do not offer much variety for selection.

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Jan. 6. Bradford, Thursday, January 7. Wool: There is more inquiry and more doing in wool, especially for the brighthaired class, and, if anything, at better prices. The prices of almost every other class appear to be more settled and firm than they were a short time ago, a

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circumstance to be ascribed to the fact that there is not the same pressure there was to realise by needy holders, in order to meet liabilities. More wool has also changed hands during the week than for some time past. The export houses, too, are on the lookout, and have made some purchases. Noils and brokes are a better sale, with an advance in price on some sorts. Our advices from London this morning say, “The new year opens with brighter prospects for those engaged in the English wool trade. It has latterly been purged of that rotten false system of credit, which, for some time past, has injured the fair honest trader, and given no benefit to those who have used it. The system has at length exploded, we trust never to be revived. The system of consignments and advances in the English wool trade, will, in the end, ruin those engaged in it, as recent events amply prove. As this undue and unfair competition is ended, the trade begins to run a legitimate course, and we have a better inquiry than we have had for some weeks past. There is more doing, and prices are firmer. Wools are going into consumption, and stocks are light. As spring advances, it is probable prices will range somewhat higher, though of course nothing like those current in September last.” Worsted Yarns: There is more animation also in this department. The export houses seem disposed to break through the dull monotony which has so long prevailed, and are inquiring for anything serviceable, especially in quarters where necessity compels a sale. The circumstance betokens a better state of things as soon as these low lots are cleared off. Cotton Yarns: Spinners are seeking an advance upon the recent ruinous prices. Pieces: There is only a small attendance of buyers, and the business transactions continue of a meagre character. Bradford Market. Thursday, January 7. Wool and Yarns: The market to-day has been of the sombre character which has existed now for so long a period. Holders of large stocks of wool have been doing what they could to raise again the price towards the unnatural level which, for a length of time and to the detriment of the speculators, it attained; but, the impression is, that though they may succeed in keeping it from further decline, it cannot again be raised from its present position in the market. In the few sales which have been made, prices have so far been maintained, but the purchases, chiefly in lustre wools, have been extremely few, and the stagnation in a great measure continues. Some two weeks ago or more we noted the report that Mr. John Yewdall, wool merchant, Apperley Lane, was in difficulties, and this, at the time, was indignantly denied, both by Mr. Yewdall himself and a Leeds contemporary; but, to-day, the fact of his being in difficulties has been broadly asserted in our Bradford contemporary, and with all apparent truth; so that, after all, our early announcement of the fact was no falsehood, and the denial of a contemporary tri-weekly print, not particularly creditable to its boasted commercial discernment. Nevertheless, the matter is to be much regretted. In yarns, no change whatever can be reported, and it is obvious that the endeavours of staplers again to raise the prices of wool, prevent spinners from

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purchasing anything except for immediate need. Home and foreign houses continue as quiet as ever; machinery is still allowed to stand, and all is dull. Cotton warps and yarns undergo no very perceptible change. Pieces: More foreign merchants have been in the market to-day, but chiefly making inquiries and purchasing little, though apparently ready to seize upon any cheap lot which could be got at an immense reduction from prime cost. There is, however, little or nothing of a clear and positive improvement upon last week’s market, which, we apprehend, must be the case, before any decided change for the better will be found in either the wool or yarn departments. So far as sales are at all made they are chiefly in goods for the spring trade; but as yet they are extremely trifling, and the orders given to manufacturers for such, are to be supplied at a later date. So far confidence has not been restored in the market, but it is hoped that in the course of a week or two the agitation will settle down, and that trade will begin again to flow in its usual channels. Commercial Affairs at Bradford.—The revelation made by the investigation of the affairs of Mr. Haigh, compromised a large mercantile firm in the town, and during the week their position has been freely canvassed in commercial circles. We believe that, in consequence, they have been subject to “difficulties”, but we are glad to learn that a careful examination of their means and engagements shows a large balance in their favour, and that they are likely to get through the straits without foundering. It is also understood that Mr. John Yewdall, of Apperley Lane, who it is known was largely involved in transactions with Messrs. Cheesebrough and Son and Mr. Edward Smith, has suspended payments, and has communicated with his creditors, or is about to do; but nothing further has transpired that can be regarded as authentic information. In the meantime there is reason to think that the trade of the district is recovering from the dire depression which recent disasters have occasioned. Wool has been selling at a slight advance, and business men speak much more. Liverpool, Thursday Evening. Business Matters.—The change in the discount rate was so generally expected that its occurrence has created but little stimulation in business. There is certainly a more confident feeling abroad, and produce of almost all kinds has a tendency upwards, but there does not appear to be much tendency to speculation.

Jan. 8. Preston.—Some orders having during the last week been received by various firms, has induced them to put more hands on full time. These parties, however, say, that they will not be induced to extend full time any longer than they are under contract, present prices not tempting to the increasing of stock. Amongst others who are now added to the list of mills previously running full time, we have heard of Messrs. Leigh, Messrs. Seed, and Messrs. Calvert. We understand that Messrs. Ainsworth are also preparing to run a portion of their machinery full time.—Preston Guardian.

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Sheffield.—The cessation of work during the holidays has been prolonged to an unusual extent, and yet the demand for goods continues to be very limited. In steel, tools, and cutlery, there is little doing; and the same may be said of most of the other branches of our staple trades. The shipments to America are small, and travellers in the country trade have scarcely yet had time to make reports of their expectations for the new year. Large numbers of workmen are, therefore, still on short time, and very many altogether without employment.—Sheffield Independent. Stone.—The shoe trade in this town is almost in a state of entire suspension, the manufacturers, with two exceptions, having ceased to give out work during the present depression of the trade.—Staffordshire Advertiser. Swansea.—The shipping trade during the past year presents a considerable increase as compared with that of the preceding 12 months. In 1856, the number of vessels that entered the port was 5,226, having a registered tonnage equal to 483,038. In 1857, the year just closed, the number of vessels was 537,068—thus showing an increase on the year of 99 vessels; on the tonnage, 54,030; and in receipts, £ 2,317. 17s. 1d. In 1851, the tonnage was 269,454. In 1852, 283,338. In 1853, 332,200 tons. In 1854, 381,873 tons. In 1855, 444,717 tons; and in 1856, as we have already stand, it amounted to 483,038 tons.—Cambrian. Leicester, Thursday, January 7. The commencement of the new year begins with the almost unprecedented reduction of fivepence per pound on worsted yarns from the late list prices. This, however, was anticipated, and has produced no extra demand. The worsted spinners are either standing still or working short time. Manufacturers are employed in balancing their yearly accounts. No prices will induce them to purchase but for orders, and the holidays and uncertain state of prices combined together have hitherto kept buyers out of the market. Neither factors nor manufacturers are anxious to push business until the commercial atmosphere is more clear, and they can see themselves safe with those they deal; meanwhile, great distress exists amongst the working classes. We are glad to learn that Messrs. Ellis and Whitmore have resumed work for four days a week.—Leicester Journal. Chorley.—We notice a gradual improvement in the working of the mills in this Jan. 8 town and neighbourhood. Though most of the mills have been closed for a few days during the last and preceding weeks, for repairs and stock taking, &c. we believe the under-mentioned mills are likely to continue full time. Amongst those who have commenced full time during the present week are:—Messrs. R. Smethurst and Co.; Messrs. T. Barton and Sons; Mr. James Heyworth; Mr. Thomas Gerrard; and Messrs. Rice and Hill. Mr. Richard Anyon’s mill, of 70 horses’ power, is working five days per week. There is still one large manufacturing establishment, Mr. Brown’s, entirely closed, but we hear it is likely to commence in a few days. The number of recipients of outdoor relief is decreasing.—Preston Guardian. (Jan. 8)

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Clitheroe.—All the mills in this town are now running full time, Messrs. Garnett and Horsfall, and Messrs. Bulcock having commenced to do so on Monday last.—Preston Chronicle. (Jan. 8) Nottingham.—(From our correspondent.)—The lace trade has undergone a slight improvement. A few buyers have been in the market, and a great variety of goods are sought after. Some of the warehouses are working longer hours. This rather sudden change cannot be quoted as a firm improvement in the trade, as a number of the holders have pushed their goods into the market to realise cash, this being the period when accounts are settled. A more steady reaction is expected to take place towards the latter end of the present month, when manufacturers anticipate not only larger orders, but higher prices. The hosiery trade, which for a long time past has been very depressed, has changed for the better. One or two large houses are about to recommence, and, as the spring approaches, manufacturers expect a brisk trade. The markets for the raw material are better attended and higher prices are given. State of Trade in Rochdale.—Most of the cotton mills in this district are running fuller time than they were a fortnight since. The amount of relief given to the poor during the past week, however, still shows an increase. In the neighbourhood of Middleton, the cotton mills are also working fuller time, but the silk trade shows but little improvement, and relief in flour and meal is still distributed. At the firm of Messrs. Jackson and Royle, ribbon manufacturers, there is a turnout. Bury.—There are indications of a slow and gradual improvement in trade here and in the vicinity. Several mills in Elton have commenced running full time, and this week the large mill of Messrs. R. E. Ashton and Brothers, Ramsbottom, has also gone to full time. Hull.—The Hull Flax and Cotton Mills are again working full time.—Hull Packet. Haslingden.—Several of the mills in and around Haslingden have lately begun to run full time, viz.: Mr. Stott’s Victoria Mill, co-operative company, Paghouse; the executors of the late James Cronkshaw’s, Carr Mill; Mr. Sidney Booth’s, Hutch Bank; Messrs. Whittaker’s, Waterfoot Mill; and Mr. Pilling’s, Haslingden Grange.—Preston Guardian.

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8 Jan. Congleton.—Already several of the larger mills have commenced to work nearly full time, and in many instances the dingy aspect of closed warehouses and shutup mills has given place to the brighter appearance at lit-up factories and the busy hum of machinery. It is gratifying to find that the calls upon the relief committee become less numerous and less urgent.—Macclesfield Courier.

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Coventry.—Trade here is slowly improving and but slowly, more especially the watch manufacture.—Coventry Herald.

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Nottingham, Thursday, January 7. Very little is being done in the lace trade, but the small quantity of goods produced is quite equal to the demand. One large house, which for the last two months has ceased business operations, has re-commenced with restricted hours. In the hosiery trade some of the manufactories are still closed, and others working short time. During the last week, a little more has been done for the American trade. Plain articles for home consumption are also in better request, and manufacturers generally are in better spirits. Prices in silks and yarns are higher, and the trade on the whole is more firm.—Nottingham Journal.

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[53] III) Industrial Market.

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Trade of the North-East Ports. (From our Correspondent.) The coal trade of the north appears to have suffered less than any other great staple of industry in the country, during the late commercial crisis; and now when the year is turned, and the trade of the country is recovering, there does not seem to be any prospect of a serious reverse. The coal owners of the north have had the advantage of low freights in the London coal trade during the last four months of the old year; they would range from 6s. to 6s. 10d. per ton—freights that have not been remunerative to the shipowners. The Board of Trade returns, showing the quantities of coal and coke exported from Great Britain during the month of November, and eleven months of 1857, as compared with 1856, remarkably illustrate the buoyancy of this trade in the period of depression.—

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Russia Denmark Prussia Hanse Towns France Spain Turkey United States Malta British W. Indies Other countries Total

Tons of Coal and Coke Exported. Month. Eleven Months. 1856. 1857. 1856. 1857. 2,445 3,308 235,445 308,766 34,616 32,344 450,446 457,132 21,170 25,273 356,336 404,957 15,095 18,307 457,131 492,710 84,071 90,658 1,052,169 1,222,505 22,604 35,176 257,849 291,827 7,694 16,099 245,507 188,722 17,544 20,306 235,691 167,081 8,755 6,366 182,024 89,446 11,189 11,971 82,912 91,679 248,184 1,969,103 2,637,383 172,435 397,618 516,992 5,524,613 6,352,208

6,550 vessels arrived in the harbour of Shields from foreign ports during 1857, and were rummaged by the custom house officers. The District Bank Company, which, as already reported in the Guardian, has been enrolled with a view to winding up, will hold a meeting in three weeks’ time, to appoint liquidators. A considerable number of small capitalists are a great deal embarrassed by having

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their deposits locked up in this concern, and some who had overdrawn have been “put to” to meet the calls upon them; but it is a […] The Welsh Iron Districts.—Throughout the whole of South Wales the iron and coal trades are at present in a most depressed and unsatisfactory condition. Two weeks ago a large number of the men on strike at Aberdare returned to work, but during this and the preceding week they have again struck, and refuse more obstinately than ever to return to their furnaces and pits. On Monday last the hands at the Varteg, Pontypool, British, and Golynos works turned out, and held meetings, at which it was resolved to refuse the terms of the masters. At present about 3,000 men are on strike in Monmouthshire, and from 8,000 to 9,000 at Aberdare. At the latter place no hopes of a reconciliation are entertained at present. The Steam Vessels in the Foreign Trade of Hull.—In 1855, the tonnage of steam ships in the foreign trade of Hull was 14,392, in 1856 it was nearly double, or 28,229 tons; while during the year ending to-day, the total is something like 47,240 tons—an increase of upwards of 19,000 tons over last year, and more than three times the amount of steam tonnage employed in 1855. The casualties which we had to record last year have been repeated. Several of our new steamers have been lost, including the Burlington, the Eagle, the Spurn, the Sydenham, the Brunswick, the Napoleon, and the Gertrude.—Hull News.

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Bradford, Monday, January 11. There is nothing doing. A gloom is again cast over the market to-day, by reports of more failures, and the better tone which prevailed last week has disappeared. One of these houses is a large respectable manufacturing concern, of long standing, and employing a large number of workpeople. But it is understood that the firm referred to will have an abundance of assets to meet all liabilities, and only require time. These continual stoppages destroy confidence, and no one seems inclined to do business. The market, therefore, is unusually flat, even in these flat times.

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Huddersfield, Woollen.—Large deliveries of goods have been made by the manufacturers, and the market opened briskly. The briskness, however, fell off towards the close. Cheap lots of all kinds have been much enquired for, and there has been a little doing in general market goods, but as yet little impression has been made upon the stocks on hand. Several stoppages have taken place during the week, which will affect this market. One firm (Arthur and Fraser, woollen merchants, of Glasgow) owe nearly 30,000l. to manufacturers in this neighbourhood. There has been a little more activity in the low wool trade during the week. Manchester, Cotton.—We extract the following from the afternoon edition of the Examiner and Times.—The market is extremely quiet to-day, buyers showing much less disposition to operate than on Tuesday last, and, where inclined to

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purchase, offering lower prices. Yarns are generally weaker in price to-day, more especially those usually bought by the German shipping houses. Warps and pin cops for home trade use are also to be bought rather lower. India yarns remain tolerably steady. Goods are, in many cases, to be had at a trifling reduction upon previous rates, and the demand is very languid. The quietness in the Liverpool cotton market, and the character of the advices received yesterday from the United States, with reference to the raw material, make buyers very cautious in giving out orders for yarns and goods, except such as are pressing, and not of large amount. Employment in Manchester.—The weekly return of the state of employment in 13 Jan. Manchester, made by the chief constable on Wednesday, is of a much more satisfactory character, for, though the total number out of employment (9,058) shows an increase of 325 on the previous week, there is an increase of 6,708 in full employment, making now a total of 25,302 in full work out of 46,499. There are 12,139 on short time, being a decrease since last week of 6,938. This shows a very satisfactory improvement of trade, and confirms the statements which have been made in the trade reports. Leicester, Jan. 12.—There is nothing doing in goods for either America or the Continent, and the home trade is of a very retail character; but there are symptoms of improvement. The stocks of goods are running down in the hands of dealers and shopkeepers, and as soon as they are satisfied that prices are at the lowest, we shall have a better demand. There is more doing in yarns, at the reduced list. Worsted is lower, from 4d to 5d per lb from the highest price; and lambs’ wool yarn 2d per lb, it not having advanced so much as worsted. Leeds, Jan. 12.—There have been several of the wholesale buyers down since this day week, but they have not operated freely, their attention being directed to looking for job goods, or ascertaining how prices are likely to rule. The foreign houses continue very inactive. Bradford, Jan. 14.—Pieces—Some large parcels of goods have changed hands during the week, but prices are very unsatisfactory. Wool—The improvement of last week has not been maintained, and few transactions are noted. Noils and brokes are becoming scarce, and there are more inquiries. Yarns—The export houses are preparing for business. Now that the rate of interest is reduced, more inquiries and offers are made than for a long time past. Cotton yarns continue as for some time past. Birmingham, Iron.—The meetings of Ironmasters conclude to-day, at Dudley. An improved feeling was manifested at Walsall yesterday, and at Birmingham, on Thursday; and although a few more failures are expected, confidence is rapidly reviving, and orders will now gradually flow in. The East India Company has an order for 1,500 tons of made iron in the market, and some anxiety exists, to know the name of the lucky resolvers. A large number of colliers and pud-

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dlers are out of work and destitute, but great order is maintained. The prices fixed at the Wallsall and Birmingham meetings are as follows: Pigs (good quality), 3l. 15s.; cold blast, 4l. 15s.; bars, 8l.; sheets and plates; 9l. 10s.; hoops, 9l. In the failure of Griffiths, it has been erroneously stated the liabilities reach 100,000l. They are not so heavy; and the principal creditors are the district banks, the Wolverhampton and Staffordshire are said to have a claim of 30,000l. against the estate.

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15 Jan. Leeds, Wool, Friday.—(English and Foreign).—The demand for all sorts of wool has not materially increased though there is undiminished confidence in the recovery of trade from the fearful stagnation of the last three months. The manufacturers are now able to get prices approaching to costs, and should no unforeseen calamity occur, the demand for both English and foreign wool will doubtless improve. Nearly all the produce of the last clip now unmanufactured, is in the West Riding, and stocks are rather below than above an average. Halifax, Worsted, Friday.—Within the last few days there has been a little more inquiry for combing wools, and prices have ruled slightly over those prevalent in the market last week. There are some indications of improvement in the yarn trade, although the actual increase in orders for the article is, as yet, very small; but we feel encouraged to expect a more extended amount of business. The same remarks will pretty nearly apply to the piece market. Leeds, Woollen, Friday.—The woollen trade is looking better, and confidence is now being gradually restored. Commercial matters generally present a more healthy appearance. Buyers have been more numerous. During the week there has been a fair attendance, and although they have, as a rule, purchased only sparingly, still there has been a steady improvement in the trade of the warehouses. Nottingham.—There is still a great deal of jobbing in the market; scarcely any goods can be sold in the regular way. Machine-holders will do well not to make goods, for if they are made, and cannot be held over a month or six weeks hence, a certain loss must be the consequence, as the jobs bought up, and those that are still in the market, must keep back the legitimate trade. The hosiery warehouses are more busy, especially in the coarse quality of hosiery. There is also more activity displayed in the manufacture of merino bands and shirts.—Notts Review. Bradford, Friday.—Pieces—Some large parcels of goods have changed hands during the week, but prices are very unsatisfactory. Wool.—The improvement of last week has not been maintained, and few transactions are noted. Noils and brokes are becoming scarce, and there are more enquiries. Yarns.—The export houses are preparing for business. Now that the rate of interest is reduced, more inquiries and offers are made than for a long time past. Cotton yarns continue as for some time past.—Observer.

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Manchester, Friday.—We can note little change in our market since Tuesday, and it closes to-day very quiet with rather a time feeling, but without any quotable change in prices. The India and China merchants are the principal operators at present, and they appear to have done a fair amount of business, especially in yarns. The German buyers are almost as inactive as ever. The cloth market is firm, but that is all; the demand is limited, and the efforts of manufacturers to obtain remunerating prices are still unsuccessful.—Examiner. The reduced value of money has not produced much effect in the principal manufacturing districts;

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[54] Manchester, Friday, January 15. The advices regarding goods and yarns being highly favourable from all the markets of India, including those of the islands, and also from Hong Kong, there is an increase of business for those ports—quite as great an increase as can be expected just in the skirts of such a commercial panic as we have had. The producers of suitable articles are consequently rather hardening in their terms; but the buying is now in so few hands that the upward inclination of prices meets with more effective resistance than would otherwise be the case. Other descriptions of goods show no improvement, as compared with Tuesday; and sellers complain of great dulness. Yarns, with the exception of such as are suitable for the east, are no better than they were in the earlier part of the week. The Germans are still out of the market, except for driblets; and, consequently, the production they should take off weighs like an incubus upon the entire market. The Liverpool market is much like our own; and cotton is slightly weaker in price. The reduction in the rate of interest has no effect. Money is abundant in the hands of bankers, because the number of those they dare discount for is so limited. –––––––– Leicester, Thursday, January 14. The reduction noticed last week in the price of worsted yarns has left the impression that it will be safe to make, but the movement is yet slow. All parties are feeling their way, and the new year’s business has not yet set in. The fine open weather operates against the winter demand, and the labour market has not yet experienced any relief. Wools are firmer in price and more inquired after, the belief being general that they have touched their lowest price for the present. The failure of Mr. John Goodband is the heaviest blow inflicted on our trade during the crisis, and will be most severely felt.—Leicester Journal. Nottingham, Thursday, January 14. Lace Trade: In this business there are manifest signs of steady improvement. Goods are beginning to be inquired after, and there are a few cautious buyers in

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the market. There is every reason to believe that the improvement will continue and increase, and that ere long business in general will resume its wonted proportions. In silk and cotton there is a tendency to advance. Hosiery: This manufacture does not show such evident signs of renewed vitality as its sister branch. We are informed by some of the largest houses, that there is as yet literally nothing doing. All are waiting for orders and buyers, and early visits, by persons in this capacity will be very acceptable.—Nottingham Journal. Leeds, Saturday, January 16. There was a good attendance in the Cloth Halls to-day, and a fair quantity of cloth changed hands. The inquiry is now principally for articles suitable for spring wear, and for good fabrics and patterns there is an evident demand, at rates which are rather firmer than has lately been the case. We are also glad to find that the improvement is not confined to the halls, but is now extending to the manufacturers, most of whom are now renewing active business engagements. The spring orders, which are now being given out, will keep the operatives generally employed for the present. As far as the raw material is concerned, the demand in the town has not materially increased, though there is a great deal of confidence expressed that things must rapidly improve. The clothiers are now able to obtain better prices for their goods, and the difference between the cost of the raw material and that of the manufactured article is now more clearly defined and appreciated. The manufacturers will consequently be able to see a small return for their skilled labour and investment. It is stated by an eminent authority in the trade that nearly all the produce of the last clip of wool, yet unmanufactured, is now in the West Riding; so that we shall not be likely to be short of the raw material for the present. There has been a good number of buyers in the warehouses during the past week; and although they have only purchased sparingly, it is evident that they are extending the basis of their commercial operations. Stocks are slightly below the average. Sheffield.—We cannot yet report any material improvement in the trade of this town and neighbourhood. There are exceptional cases of improvement, but they do not affect the general condition of the community. In proof of this, we may notice the fact that pauperism continues to increase. In the tile trade, the number of workmen throwing themselves upon the funds of the trade’s union for support, in consequence of being unemployed, had, since August last increased weekly, till it had reached about 400. This week, though there have been some fresh claimants on the trade funds, there had been a corresponding number who have taken themselves “off the box,” as the term is amongst them, and obtained employment. In this branch of our local trade, however, the amount of distress has fallen far short of that experienced in 1849. In consequence of the increased price of provisions, the allowance of the unemployed men, in 1856, had been raised from 8s. to 9s. per week, with a proportionate sum for wife and children. Last week, this was reduced to the old rate of 8s. for each man, with 2s. for wife, 2s. 6d. for each son in the trade, but unemployed, and 1s. for each child. The

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contribution was increased to 1s. 6d. on men in full work, 1s. on those earning above the union allowance, and 1s. 8d. on apprentices. Notwithstanding the depression of trade, the men have fully maintained the considerable advance in prices obtained in 1856, nor do we hear of any attempt made by the masters to reduce them.—Sheffield Independent.

January 16.

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Birmingham.—The trade of this town continues remarkably dull. There is rather more activity observable, but the factors themselves are late in their journeys, and few country orders have yet to come in. There is rather more stirring in the foreign trade, with the exception of the American; from that quarter there will be no orders for the next two or three weeks, and from Canada, very little is expected this season, the commercial accounts from the colony being generally unfavourable. This week the men at the principal manufactories have been making more time, but there are still a great number of workpeople with very little employment. We hear, too, that there have been an increased number of returned bills of late.—Birmingham Journal. Halifax.—Business during the week has been comparatively dull. The many failures that have taken place in Bradford in the last fortnight have made the aspect of the stuff trade very gloomy, all branches being affected. Very little wool has been sold, and this chiefly of the bright haired class. Noils and brokes are in very poor demand. In pieces and yarns the merchants are yet found to be very slow buyers: some few lots have, however, been disposed of out of stock, but at very low rates, and such as no one would make at to order.—Halifax Courier. Bradford, Monday, January 18. There are many inquiries for wool, but at low prices, which are in most instances rejected. There is little doing in anything else, and the whole trade is still in a state of depression. There are more reports of failures, and the creditors of Messrs. Cheesebrough and Son have been occupied during the whole day in investigating the affairs of that firm. The result of the explanations is quite satisfactory, and if two pertinacious creditors can be satisfied, a bankruptcy will be prevented. The first of a series of sales of wool on the part of several insolvents has been held to-day, and the prices obtained have been very satisfactory. Rochdale, Monday, January 18. Wool: There is little doing to-day as staplers are asking higher prices for skins; and in other sorts prices are firm at last week’s rates. Staplers say, as they did a long time before the fall in prices in London, that they could replace stocks at present rates. Flannel: We have had a very flat market in goods, and but few buyers. Purchases have chiefly been confined to making up sorts. Manufacturers are firm in their demands for former rates as they cannot afford to take less with the prospect of an advance in wool. Mills for the most part keep on short time, except those who make fine qualities of goods. There have been two small failures amongst flannel manufacturers this week: one in Rochdale, and another

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at Warlde. In Yorkshire goods we have very little doing indeed, and prices are unaltered. Manchester, Tuesday, January 19. This market is recovering from the late panic in a way which must be satisfactory to all but very impatient people. China has been taking our products to a very fair extent. Calcutta, with a scanty supply for the undisturbed districts of Bengal, and all the other markets of India, continental and insular, which are equally bare of supplies, have cleared away our accumulations of suitable yarns and goods, and pre-engaged the production of some descriptions, especially of the latter. Those who manufacture for the East are of course purchasing twist and weft to cover their sales. Certain German and Greek houses have been, and still are, buying 4’s to 12’s twist, in mule and water, with some freedom, and laying their hands on a few rather dusty stocks of hard-twisted yarn. Then, the home houses have ventured, with much caution, to increase their scanty stocks of good domestics and other articles, while T cloths and long cloths have gone freely to the Levant, as well as to India; and we have not been without transactions even for America. There has ensued a stoppage of the downward course of prices, followed by a steadying process and a slight upward bent. This, surely, is no bad account to give in so short a time after so terrible a shock. It is not surprising that we mend slowly, and that money accumulates in the banks instead of returning rapidly into the markets for manufactures and other commodities. Capitalists wait to see more certainly what further mischievous effects the recent collapse may produce. Time must be allowed for the recovery of confidence; and much business has to find its way into new hands. So, spinners and manufacturers have continually found buying checked, as they have attempted to rise a little above panic prices, and with difficulty have they gained a slightly higher footing. To-day, the spinners for the middle and lower counts of water and mule yarns have claimed an advance upon the quotations of this day week—say a farthing per lb on 30’s to 40’s twist and weft for the north of the county, and 1/8 d. on the rest, that is, on the great bulk of the production. This has hindered business, but without being altogether unsuccessful. There have been some transactions for India, Italy, and the Levant; perhaps somewhat more has been done for Germany, yet still in a small way; and the manufacturers have bought more of the yarns just referred to. The buying for India has been in 30’s, 40’s, and 50’s mule, mainly 40’s. In Germany, many manufacturers have been brought down by the stoppage of the American trade and the disasters at Hamburg; but they are small handloom makers. They are supplied with yarns by the dealers, who are the customers of the merchants in Manchester. Of those dealers, we understand hardly more than one has stopped payment. As in the United States, so in Hamburg, there is a wonderful recovery. Many that suspended have resumed payment; and in other cases the dividends are good.

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Leeds. Jan. 19 The clothing districts gradually extending their operations, and by the end of the present week most of the mills will have resumed full time. There has been no wintertrade properly so called. Hence schlecht dran the small clothiers in the district of Dewsbury, Batley, etc

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Serious Disturbance at Preston.—On Saturday evening a serious disturbance took place amongst the out-door pauper labourers who had been working on this moor, near to the Preston workhouse. About five o’clock the whole of these men, about 600 in number, congregated in the yard of the union offices, Lancasterroad, for the purpose of being paid for their day’s labour, after the rates of one shilling per diem. The board of guardians had issued regulations requiring each labourer to work the whole of each day inserted on his ticket, whereas previous to the issuing of these regulations the men had been paid for working half of each day. The officials, suspecting some disturbance in consequence of these regulations, had obtained the aid of two officers of the borough police force. It soon became evident, however, that this force would be completely inadequate. Great excitement arose, the men demanding a full day’s wages for half-a-day’s labour, when Mr. Gibbons obtained the assistance of the mayor, John Humber, Esq., who, with his son and Mr. Dodd, the clerk to the magistrates, was soon on the spot. Simultaneously with these gentlemen, Mr. Satterthwaite, the chairman of the board of guardians, Mr. Ward, and other members of the board, with Mr. Halsall, the assistant clerk, were in attendance, and deliberated on the best means of meeting the difficulty. It was urged that as the day following was Sunday, the determination to compel the men to abide by the board’s orders might be impolitic, inasmuch as, from the lateness of the hour, no chance was left of bringing the men to reason, without injury to their families. A deputation of four men from Mr. Kenyon’s labourers waited upon the guardians in Mr. Kenyon’s office, there being present the mayor, the clerk to the magistrates, the chairman of the board of guardians, Messrs. Ward, Dewhurst, Satterthwaite, junior, and Halsall. On being questioned, these men said they would not work a whole day, as ordered by the guardians, for a day’s pay; they complained, too, of having no tools to work with. Subsequently Mr. Ward was deputed to ask the men if, they being paid for this day’s work in full, they would work on Monday and any other day—that is, a full day for one-day’s pay? Much uproar ensued, when the men said they would not work more than half a day for a day’s pay. The gentlemen present were not a little perplexed at this manifestation, for although they had more than a dozen police in attendance,

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the heaps of broken stones at hand, it was evident, would give the six hundred men a great advantage as to weapons. It was finally agreed that each man should be paid for that day in full, but that on Monday and afterwards, the new regulations should be strictly enforced. The stoppage of machinery and the working of short time are telling with increased severity upon the labouring classes in the borough of Bradford. According to a return laid before the board of guardians at their last meeting the total number of persons in receipt of parochial relief in the week ending the 23d ult. was 5,072, of whom 4,368 were outdoor recipients. In the corresponding week of last year the total number of all classes of paupers was 3,177; consequently the increase in the week ending the 23d ult. was 1,895 as compared with the year 1856. The number of ablebodied men employed at test labour, or to whom the labour test is applicable, has now reached about 500. All the men employed at test work turned out on the pay day this week and held a meeting, at which some violent language was uttered. They afterwards went in a body to the workhouse, their object being to obtain an additional allowance of money. At the workhouse they were informed that the guardians had determined to add another shilling to the weekly relief of every family. This intelligence seemed to pacify them, and on the following day they returned to their labour. Relief has been distributed on three days of the present week among the unemployed workpeople of Bradford by the executive committee appointed to dispense the fund raised by subscription for the purpose of alleviating the prevalent distress.

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January 4. The Iron and Metal Trades.—The notices of reduced wages, determined on at the Dudley meeting of ironmasters, were given on Saturday night, and it is understood that they will be submitted to by the men, as a necessity resulting from the depressed state of the trade. A large number of the mills and forges are altogether standing, whilst very few indeed, even of the principal firms, are able to keep the works fully going. The price of copper promises to be steadily maintained, an improved demand being expected. The Cornish miners, dissatisfied with the price at present obtainable, are said to be holding large quantities back until a more active demand for copper shall ensure to them better prices for their ores. The market for spelter is firmer.—Midland Counties Herald.

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January 5. On Tuesday, at noon, the labourers, finding that the guardians, backed by the civil authorities, were determined to be masters, and that it was an unprofitable game to ramble about the streets this cold weather, repaired to the Moor, and quietly commenced their employment. The mutinous spirit was broken; in fact, it was apparent throughout that the disturbance was caused by a number of hot-headed, vicious young men, who overawed the older ones, and, with dreadful threats, prevented them from working. The police were in attendance when the parties were paid, but their services were not required, the men being quiet and orderly.

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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 operatives in this city during the week ending this day (Wednesday):— Classification.

No. of works.

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Cotton mills Silk mills Worsted mills Smallware mills Printworks Dyeworks Machinists Foundries Total

88 15 1 20 3 26 56 28 237

State of Factories, &c. Full time Full time all hands. part of hands. 32 11 0 6 0 0 7 4 1 1 4 0 12 19 10 9 66 50

State of the Operatives. Hands usually Working full time. employed. 24964 11371 4941 1080 200 — 2772 742 990 666 2261 224 6932 2015 3344 2496 46404 18594

Short time.

Stopped.

29 7 1 8 1 20 23 8 97

16 2 0 1 0 2 2 1 24

Working short time. 9400 2458 200 1628 250 1602 3093 446 19077

Out of work. 4193 1403 — 402 74 435 1824 402 8733

The above return, compared with that of last week, shows a decrease of 649 in the number out of work; the number on full time has considerably increased, and there is, as a consequence, a decrease in the number on short time. 35

The State of Works and Labour in Salford. The following return, made up to yesterday, has been compiled under the direction of Mr. Taylor, chief constable of Salford:— Description of works.

Cotton mills Machinists, &c. Brewers Smallware manufacturers Saw mills, joiners, &c. 45 Manufacturing chemists Silk mills Flax spinners 40

Number of works. 26 47 15 10 17 6 6 3

Full time. 10 17 12 4 7 2 2 3

Part full time. 4 9 3 1 7 4 3 —

Short time. 9 18 — 3 2 — — —

Stpd. 3 3 — 2 1 — 1 —

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24 13 2 21 190

4 1 1 14 77

11 2 1 5 50

Description of works. Cotton mills Machinists, &c. Brewers Smallware manufacturers Saw mills, joiners, &c. Manufacturing chemists Silk mills Flax spinners Dyers, printers, &c. Bleachers, &c. Oilcloth manufacturers Miscellaneous Totals

State of Operatives. Usually employed. Full time. 7439 4087 3170 1108 185 163 834 522 627 546 99 36 1515 965 1460 1460 1984 164 499 17 214 158 708 503 18794 9729

7 7 — 2 48

Short time. 2250 1000 22 257 64 56 150 — 1546 402 56 146 5949

2 3 — — 15

Out of works. 1102 1002 — 55 17 7 400 — 274 80 — 119 3116

State of Trade in Carlisle.—(From our correspondent.) The cotton trade is rapidly improving. All the mills in the town and neighbourhood have resumed full time, except Mr. Slater’s, which is expected to start in a few days. Two of the manufacturers, however, have made a reduction of about 10 per cent in the piece prices paid to spinners working at self-actors. Of course the alteration is denounced by the workmen, but the recent short time has so thoroughly stripped them of resources, that no serious resistance to the reduction is anticipated. The prospects of the handloom weavers do not brighten with those of the factory hands. Hundreds of them are still out of employment; and those partially employed have had to submit to another reduction of prices. Upwards of £ 400 has been subscribed as a relief fund, exclusively for their use. About 250 have been engaged to heighten a bank to protect the town from the inroads of the river Eden; and other public works have taken up some of the surplus labour. The wages [? relief] are 1s. per day, a miserable pittance for a man with a large family; but as much as the relief committee can safely venture to give, as they know not how long the pressure may last. Auxiliary relief has been applied for to the board of guardians, for men with families. The guardians seemed willing to comply, but Mr. Inspector Hurst informed them they could not give even a basin of soup to persons who were not employed by, or under the control of, the board. Much misery has been the consequence of this rendering of the law. Halifax.—(From our correspondent.)—The trade of this neighbourhood is steadily recovering from the depression consequent upon the monetary crisis. On Wednesday, the whole of the packers of Messrs. Crossley’s carpet works commenced working full time; and the work of the hands in nearly all the other departments has been extended to five days a week. The small tradesmen of the

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town, who have suffered so much for some months past, in consequence of the prevalence of short time, will soon feel the effects of this improvement, as some thousands of workpeople are employed by Messrs. Crossley.

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Manchester Board of Guardians. Jan. 7 Turn-Out of Paupers.—Apprehended Disturbance. At the weekly meeting of the board yesterday, the farm bailiff reported that the 400 men employed at out-door labour on the farm at the new workhouse refused to commence work because there was snow on the ground. Mr. Smith (the bailiff) informed them that he had no authority to allow them to cease work, upon which they said they would appeal to the guardians, and accordingly, at ten o’clock, they reached the workhouse in a body. The board having assembled at their weekly meeting, six of the men—all Irish—were sent into the board room as a deputation. Before they entered the room Mr. Smith, the bailiff, said paid labourers could work such weather as this, and that the ground was softer than it was on Wednesday. One of the deputation stated that the ground was 5 or 6 inches deep with snow, and therefore they could not work. Mr. Rickards, the chairman, on behalf of the board, informed them that they must return to work, and when the weather was too inclement to work they would not be required to do so.—One of the deputation then requested that they might be paid 1s. a day for their labour, and another wished that their relief should be given wholly in money.—The Chairman said the law prescribed that half the relief must be given in kind, and that the law would not allow them to pay a shilling a day for work, for that would be wages.—The Clerk stated that he had forwarded to the Poor law Board the arrangements made for the relief of ablebodied poor, and had received the following reply:— Poor-law Board, January 6, 1858. I am instructed by the Poor-law Board to acknowledge the receipt of your letter of the 29th ult., in which you report to them the arrangements made by the guardians of the township of Manchester for setting able-bodied male paupers to work under the order of Dec. 14, 1852, and I am directed to state that the board approve generally of those arrangements. They entertain some doubt, however, whether the regulation which empowers the farm bailiff to grant leave of absence to any man whom he may consider deserving on account of industry and good conduct generally, may not be liable to produce dissatisfaction among the other paupers. They also desire to point out, with reference to the last regulation, that if any pauper refuse, without sufficient cause, to perform the task of work assigned him, the proper course would be to take him before a justice of the peace, with a view to his being punished as an idle and disorderly pauper.

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R. W. Grey, Secretary. Before the deputation from the paupers left the board, the Chairman strongly censured the conduct of the men in coming there in a body, alarming the inhabitants, and breaking faith with the guardians. He told them that the guardians had done their duty to the poor, and were determined to enforce the law.—One of the deputation said no farm man or “navvy” had ever worked in six inches of snow. Another of the deputation said it was untrue, as had been reported, that 20 men could do as much in a day as they had done in a week. He and four of his family had lived on 2s. since last Wednesday night.—Mr. Hodgson said a number of men who had been requested to work at the House of Industry had refused, and insisted on being sent to the farm. It appeared whether the guardians provided indoor or outdoor work, they could not satisfy them. Complaints were made by some of the men of the quality of the provisions supplied, one said the sugar was red sand, and that his wife charged him with gathering the tea himself off the hedges.—The guardians replied that the tea was supplied to the poor from the chests as it arrived, and the sugar came in bags direct from the West Indies. The provisions were as good as those obtained by those who some times had their goods seized to pay poor-rates.—Samples of the provisions were produced for examination, and were declared to be of good quality. One of the deputation, named Booth, complained of the police being at the farm to drive them (he said) like slaves. He had worked as hard for his 4s. 6d. per week as he had done previously for 16s.—The Chairman said this man forgot the dinners, and denied that they were driven, observing that the police were put there to see that the men did their duty. There were 20,000, in and out of doors, receiving relief in Manchester at present, and a humane discretion would be exercised towards them, but they must go to their work.—Booth objected to being called a “pauper”, so long as he worked for what he got. After much murmuring the men withdrew, and acquainted the others outside with the decision of the guardians. They discussed the decision for some minutes, but eventually proceeded to the new workhouse to resume work, having been told that the half day would not disentitle them to their usual dinner.—Mr. Leppoc called the attention of the board to a letter published by the Rev. Mr. Huntington, which, he said, contained false statements. He (Mr. Leppoc) had conducted an investigation before Dr. M’Kerrow and others into the same case that Mr. Huntington had again brought forward, and at the conclusion of that investigation the gentlemen present thanked the committee for the patience and impartiality with which the inquiry had been conducted. Mr. Leppoc then proceeded to show that the whole of the charges made by Mr. Huntington against Mr. Thomas, relieving officer, were false, and said that the Rev. T. R. Bently, who resided in the district, had told him that the board of guardians never had a better, more judicious, nor more zealous officer than Mr. Thomas. Mr. Shawcross concurred with Mr. Leppoc, and Mr. Yarker, who acts as distributor of alms among the poor for Sir B. Heywood, said he was present when the pauper Long came to Mr. Thomas, in December, and he did not then apply for medical relief.

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The number of inmates in the workhouse was reported to be 1,451; Canal-street house, 584; Swinton schools, 889: total, 2,924, including 23 fever patients. The following is the out-door relief granted for the week ending Saturday last:—Settled poor, 1,812 cases, cost £ 262. 2s. 11d.; English non-settled, 1,853 cases, cost £ 286. 8s. 11d.; Irish poor, 4,074 cases, cost £ 652. 8s. 8d.: total number of cases, 7,739; total cost, £ 1,200. 19s. 8d. As compared with last week, there was an increase of 350 cases, and of £ 82. 7s. 4d. cost. Compared with the same week last year, there was an increase of 1,766 English cases, and of £ 301. 3s. 9d. cost; and an increase of 2,771 Irish cases, and of £ 461. 11s. 4d. cost. The Chorlton Board of Guardians. 8 Januar. ––––––––– At the meeting of the board, this morning, Mr. James Thompson presiding, the Clerk (alluding to what took place at the last meeting) made a statement in explanation, and partly in vindication of the course he had taken with reference to the cheque he had paid into the bank, with his own name erased, but his initials placed at the side. On reflecting upon the matter since, he said he considered it would have been better had he endorsed the cheque to his partner, Mr. Fletcher, who had transacted the business for which the charge was made.—Mr. Heywood made some remarks in opposition, but it was agreed, since both the clerk and the guardians had solicited an inquiry by the Poor-law Board, that the matter ought not, pending this, to be further discussed. It was now announced that the men from the workhouse farm, about 400 in number, were on their way to the board. The procession soon appeared, and turning up Ormond-street, opposite the windows of the boardroom, quietly came to a stand there. A deputation of four then presented themselves, and were admitted (after having first sent a note to the chairman), and requested that the price of the loaf given to them might be reduced from 6d. to 5d., and that an extra loaf might be given to them for Sunday. One of them said that he and his wife, with two children—and others with the same family—could not exist two days and a quarter (from Saturday evening to Monday night) upon the sixpence and the loaf he received. It was supposed that a shilling per day was given to them, but they felt it to be a grievance that they lost a penny in the price of the loaf. They were informed that the guardians had decided that as corn was a little cheaper they would reduce the loaf one penny; but they would not at present give an additional one. If the cold weather should return, they would consider the matter, meanwhile the reduced price would enable them to purchase another loaf for Sunday. They were informed that they did not earn half the amount paid, but many loitered away the time smoking. In future the men who spent their time in that way would not be paid. A hope was expressed to them, that as trade was improving there was a prospect of their soon getting to work again. The following are the returns:—In the outdoor department there were, this week, 1,804 cases relieved, at a cost of £ 279. 5s. 6d.; last week, 1,670 cases; cost, £ 280. 19s. 5d.; corresponding week of last year, 861 cases; cost, £ 123. 1.s. 1d.; being £ 1. 13s. 11d. less than last week, and £ 156. 4s. 5d. more than last

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year.—There were in the workhouse this week, 831 persons; last week, 835; last year, 566; being four less than last week, and 265 more than last year. The men employed upon the farm this week were 402, relieved with £ 93. 2s. 7d; last week, 350; cost, £ 93. 6s. 5d.; last year, 89; coast £ 19. 2s. 11d. North Staffordshire.—The “strike” amongst the forgemen seems to be approaching its termination. On Tuesday about 150 of the men belonging to the Kidsgrove Works went in at the reduced rate of wages, and another large body on the following day; and we are informed that nearly all the hands at this large establishment have now resumed work. A few men, who by their unreasonable conduct have merited little consideration from their employers, will have to seek fresh places. Work is also being resumed at the Shelton Bar Iron Company’s establishment, and it is the general opinion that at most of the ironworks in this part of the county work will be recommenced in a few days.—Staffordshire Advertiser. Sufferings of the Operatives in Stockport.—The following facts, which have recently occurred, may be relied upon as authentic:—A poor Irish lad came to his usual work, not having tasted breakfast; he would have had no dinner, having no means to provide one, if the circumstance had not been accidentally brought to the knowledge of his employer. A girl in the same mill passed one whole day, and part of another, without having tasted food. A family, consisting of two children, husband and wife (the latter just come out of the Infirmary), have only five shillings coming in for the week’s subsistence. The poor woman was asked how they managed—“We do the best we can”, was the reply, “and then we starve it out”!—Stockport Advertiser. Bishop Auckland.—The workmen recently employed at Witton Park Ironworks still remain on strike, and much distress prevails amongst them. In addition to this, several collieries in the vicinity have discharged a large number of hands.—Durham Chronicle. The Pauper Mutiny at Preston.—The Preston Guardian of Wednesday announces that, although some further manifestations of violence on the part of the pauper malcontents in that town took place on Saturday and Monday, yet that the neck of the mutiny is now broken, the bulk of the men having returned to their work on Tuesday. North Country Seamen.—(From our correspondent.)—The north country seamen have very wisely succumbed to circumstances, and, instead of a foolish strike for £ 5 a London voyage, which would only have increased their misery and brought more strange seamen to take their berths, the men of the Tyne, Wear, and Hartlepool have agreed to sail for £ 4. 10s. a London voyage.

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Birmingham.—The trade of the town still continues in a very unsatisfactory 8 Jan. state. This week there are very few indications of increased activity. At many of the manufactories business was not resumed before Wednesday; and so few orders were in hand that, as a rule, the workpeople will not make more than two or three days; in a great many instances they will fall short of this; and a vast number of the out-workers are altogether out of employment. The fancy trades are extremely dull; and for all articles used upon wearing apparel, business has seldom suffered more than it has done of late. In some branches of the button trade there has scarcely been anything doing, except where there are contracts or orders for the East Indies. The pearl button makers have suffered very much; there has not been work enough to employ half the hands for many weeks; some of them have been reduced to very great privation in consequence, and we fear there is very little prospect of improvement. Some of the employers who pay the greatest amount of wages have not disbursed more than half the average sum of late, so greatly have the orders fallen off, yet strangely enough at such a season, disputes have arisen between employers and the employed on the subject of wages—a renewal, we believe, of the difference which took place three quarters of a year ago. We are informed that the want of uniformity of action amongst the masters has militated against any settlement of the dispute. In the iron wire trade, the workmen at some of the principal mills in the town have been on “strike” since last Saturday; not on the subject of wages, but upon some question of discipline in the conduct of business. The men claim the right to enforce rules of their own, and the masters refuse to accede to the dictation of terms in the conduct of their own establishments. In connection with the foreign trade, the only matter requiring notice is the continued favourable character of the American advices; not in respect of the quantity of orders received, which are very small at present, and will be for a few weeks; but in reference to the prospects of engagements being met with much less of delay than had been expected, and with comparatively trifling loss. These remarks apply to both the town and the district; remittances to a considerable amount were received by the Europa; and according to the advices by the same packet collections were proceeding so satisfactorily that as regards the iron and hardware trades the losses will in all probability be comparatively trifling. In other respects, too, accounts from the States are favourable.—Birmingham Journal.

5 Jan. London. (Morning Herald.)

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We have been induced to make these general remarks on fluctuations in trade, panics, and the fall of prices, in consequence of the deplorable condition of the silk weavers in Bethnal-green and Spitalfields. For some time past they have been subsisting on charity. They cannot obtain any work, and of course are penniless. At a meeting held by them last Friday, and reported in our columns, it was stated that many were without food, or covering to their beds; that when employed their average wages did not exceed eight shillings a week, and one of

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the speakers declared that a Mr. Balance, who had investigated the subject, calculated their average earnings at only 4s. 6d. per week. It was also urged that when their earnings were so small the hours of labour were protracted, and that they had to work on the Sabbath to keep themselves and their families from starvation. The rent of a single room, in which they slept, cooked, and worked the loom, was 2s. 6d. per week. It having been observed that the dyers were fully employed, which was a certain prelude to the revival of the weaving trade, it was answered that the dyed silk was sent out of the country to be manufactured on the Continent, by which bread was taken from the mouths of English men. One of the speakers, Mr. Gear, stated that from information on which he could rely, he knew that one dyer had received 8 cwt. of silk, of which 7 cwt. was about to be shipped to Germany, there to be completed. Loud complaints were made that, in anticipation of the Royal marriage, the Duchess of Kent alone had ordered the materials of her dresses to be made in Spitalfields. The secretary gave the following statement of the wages paid in 1824 and 1857:— Bobbins. 1200 1000 1000 1000 1000 1000

1000 1000

Eight-thread rich satin Five  Six  Double barratheas Single barratheas Four-thread serges Ladies’ velvets Collar velvet Three-thread tabby Four-thread tabby

per yard         

1824. 1s. 51/2 d. 8d. 101/2 d. 1s. 3d. 1s. 2d. 10d. 4s. 0d. 4s. 3d. 9d. 10d.

1857. 8d. 31/4 d. 41/2 d. 7d. 6d. 41/2 d. 1s. 3d. 2s. 3d. 4d. 5d.

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London 9 January. there is still a great amount of involuntary idleness among the operative classes. The silk trade, especially, is in a most distressed condition. The weavers of Macclesfield are literally starving; and though the charitable sympathies and the active benevolence of the more fortunate classes in the town are not yet exhausted by the heavy calls upon them, they are entirely inadequate to the proper maintenance of 15,000 individuals, even with the assistance of the legal provision for that purpose. Very urgent appeals for assistance have therefore been addressed to the whole community; and it is certain, at least we hope so, that they will, in this season of distress, be liberally answered by all who are more happily placed. We very much fear that some time must elapse before any considerable revival can be established in the silk trade, dependent as Macclesfield solely is upon this one branch of manufacture. This fact we trust will stimulate immediate interference on behalf of a large and industrious class of peaceful men and women, who, without such immediate interference, may absolutely perish in a land of plenty.

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The Pauper Labourers at Preston.—The troubles with the pauper labourers on the Moor have nearly ceased, and order and quietness have been restored. Nearly all the men have complied with the order of the guardians, and have wrought the specified time, receiving as relief 1s. daily. On Thursday, another and more stringent regulation was introduced. Previously, the labourers had been in the habit of commencing operations at nine o’clock in the morning, and ceasing at three o’clock in the afternoon; but on Thursday, the time was enlarged two hours—viz. from eight a.m. to four p.m. a dinner hour, of course, intervening. The labourers have submitted to the regulations.—Preston Guardian. The State of Works and Labour in Salford. January. 19 The following return, prepared by the chief constable of Salford, shows the condition of employment up to yesterday, in the various works within the borough:—

Description of works. Cotton mills Machinists, &c. Brewers Smallware manufacturers 20 Saw mills, builders, &c. Manufacturing chemists Silk mills Flax spinners Dyers, printers, &c. 25 Bleachers, &c. Oilcloth manufacturers Miscellaneous Totals 15

State of Operatives. Usually employed. Full time. 7439 5666 3170 1326 185 163 834 522 627 546 99 36 1515 965 1460 1460 1984 704 499 17 214 158 768 503 18794 12066

Short time. 1223 337 22 257 64 56 150 — 1006 402 56 146 3719

Out of works. 550 1507 — 55 17 7 400 — 274 80 — 119 3009

[63] Continuatio U. States.

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United States. New York, Evening, December 31.—Our cotton market continues to exhibit a declining tendency, and quotations are quite nominal. Middling uplands is called 9c. The market for breadstuffs is quiet, at about the quotations advised by the mail. Provisions are dull, and prices tend downward. The money market to-day has been slightly easier; and on the Stock Exchange a slight advance has been established on all kinds of securities. Sterling exchange remains quite inactive. Messrs. Neill Brothers report a rather stiffer market for cotton here to-day, but do not advance their quotation of 9c. for middling uplands. At New Orleans they report a firmer market, and a rise of 1/4 c. on cotton; but other southern markets remain dull.

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In reference in the crop of cotton in the United States, our New York correspondents observe:—“The fine weather came too late to furnish the requisite degree of heat to ripen a large crop. A fair top crop was generally made; but where the rays of the sun were shaded by the rank growth of leaves, engendered by a moist season, particularly in the bottom lands, the bolls did not ripen. It appears to us, then, that the few who have hastily adopted the estimate of 3,250,000 bales, have done so upon a presumption of much greater benefit from the fine weather towards the close than has actually resulted from it. It is our own conclusion, that 3,000,000 bales will be nearer the actual crop, and that this amount will not, in any case, be exceeded by more than 100,000 bales, while it will require a considerable advance in price, during the summer, from the low range likely to prevail during the next few months, to induce delivery of near this amount.” Receipts at the ports are still below the corresponding week of last year, being 117,000 bales against 134,000 same week last year. The total deficit is 393,000 bales, and it will be increased next week, as we have to compare with the largest week of the whole of last year, say 148,000 bales. The deficit will probably reach its maximum by my tables of the third week in January, after which it will be reduced; as there was a gradual falling off in the weekly receipt after that period last year. An impression prevails that the recent decline in price at the southern markets will cause a falling off in receipts very shortly. Should this prove correct, it will be at variance with former experience, and will not continue for any considerable period. Exports are small this week for Great Britain; for France and the continental ports they are large. Next week, there will be more for Great Britain; as we learn by telegraph that 22,500 bales were cleared for Liverpool up to Friday, at New Orleans and Mobile. The following is a statement of the movement in cotton since the 1st September as compared with the previous four years:— Receipts at ports Exports to Gt. Britain Exports to France Exports to other foreign ports Total exports Stock on hand

1857. 945000 303000 102000 75000 480000 477000

1856. 1338000 282000 127000 87000 496000 650000

1855. 1389000 447000 168000 119000 734000 584000

1854. 854000 364000 92000 46000 502000 364000

1853. 872000 243000 57000 50000 350000 468000

1854. 70000 48000 7000 4000 59000

1853. 108000 26000 5000 5000 36000

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Of which during the past week, included in the above:— Receipts at ports Exports to Gt. Britain Exports to France Exports to other foreign ports Total exports

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1857. 117000 18000 22000 15000 55000

1856. 134000 45000 11000 22000 78000

1855. 137000 32000 12000 11000 55000

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Summary.—Receipts: Decrease at the ports compared with last year, 393,000 bales. Exports: Increase to Great Britain, 21,000; decrease to France, 25,000; decrease to other foreign ports, 12,000. Total decrease in exports, 16,000 bales.

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The commerce of New York State for 1856–7, compares with the commerce of the United States as follows:—Exports from the United States, 362,960,682 dols; exports from New York State, 134,803,298 dols. From this we see that New York exports is 37 per cent. on the total exports of the country, and New York city exports 34 per cent. of the total. Imports into the United States, 360,890,141 dols; imports into New York State, 236,493,470 dols. This shows that New York State imports 66 per cent., and New York city 62 per cent. of the total imports of the country. In the comparison of the navigation of New York, with that of the United States, we find a smaller ratio, showing that the transportation of New York is of a more costly character. Cleared—New York city, 1,756,441 tons; New York State, 3,591,871 tons; United States, 7,070,831 tons. We find from this that while the exports of New York city were 91 per cent. of the total exports of the State, that the tonnage cleared was only 50 per cent. of the tonnage cleared from the State. The Courier and Enquirer furnishes the following review of the commerce of New York for the past fiscal year:—

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Exports of Domestic Produce Do. Foreign Total Exports Imports Excess of Imports

dols. 119,197,301 15,605,997 134,803,298 236,493,470 101,690,172

The navigation of the State for the same period was:—

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Cleared— Domestic Tonnage Foreign Tonnage Excess of Domestic Tonnage

tons. 2,188,670 1,405,201 783,469

The commerce of New York State and New York City compares as follows:—

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Exports of Domestic Produce from New York City Exports of Domestic Produce from Lake Ports Total, New York State Exports of Foreign Produce from New York City Exports of Foreign Produce from Lake Ports Exports of Foreign Produce from New York State Total Exports from New York City Do. do. Lake Ports Do. do. New York State Imports into New York City Do. Lake Ports Do. New York State

dols. 111,029,083 8,168,223 119,197,306 13,360,384 2,245,613 15,605,997 124,389,467 10,414,838 134,803,298 222,550,307 13,943,162 236,493,470

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New York. 9 January. The dry goods trade at New York has lately shown signs of a revival. “There is”, says the Shipping List, “a hopeful feeling with regard to the future, and a good spring trade is confidently expected. In many quarters, factories which suspended operations two months ago, in the general uncertainty and gloom, have once more started their works, and, though the depression is still great, there has yet been a marked improvement, and the small amount of goods now manufactured are likely to meet a fair market at the opening of the spring trade. The importations are light, and should they continue so, we may look for a improvement in prices commensurate with the expectations of the major portion of the trade.”

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[65] (China and India.)

China and India, Egypt etc Indian It is intimated, and we believe correctly, that one of the first subjects to which Loan. the attention of Parliament will be called will be to authorise a loan to the Econ. Indian Government. That fact, taken by itself, implies an operation in the home 9 Jan.

money market. Hitherto, the loans on behalf of the Indian Government have been chiefly, but not exclusively, made in India. For loans in India, no Parliamentary authority has ever been required or given. A debt exceeding fifty millions has been contracted on the bare inherent authority of the Government of India. The East India Company has, however, been prohibited from contracting interest-bearing debt at home without the sanction of Parliament. That sanction was given some years ago, but limited to an issue of bonds to the amount of 7,000,000l, bearing interest at the rate of 4 per cent. At the commencement of the outbreak in India, the home bond debt stood at 3,894,400l, so that an unexhausted power to the extent of a little more than three millions still existed. This power has already been used to the extent of about two millions, and it is understood, therefore, that the legal means of raising

money in the home-market is now reduced to one million. If affairs in India were in their ordinary condition, this fact would be a matter of indifference; for, as a rule, the East India Company has preferred to ˙ ˙ ˙extent ˙˙ borrow in India rather than in England. But the to which they have been obliged to fall back upon their very limited power of borrowing at home during the last 8 months, is the best proof of the difficulty they have experienced in India. It is true (!!!!) that the recent successes of the British troops will not only tend to improve the revenue receipts, but ˙˙ also to ˙increase the disposition of the native capitalists to advance a portion of the enormous accumulations which have taken place in India during the last few years. Nevertheless it is thought that these sources

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cannot be relied upon as sufficient for the grave emergency in which India is placed. And certainly if ever there could be an exceptional case which would authorise the Government of India to use its credit out of India, for the purpose of obtaining funds, it is at the present moment. It must not, however, be thought that the application to Parliament for permission to increase the home debt beyond the seven millions already sanctioned, implies a guarantee of any kind on the part of the Imperial Government. No such condition accompanied the existing legislative authority. Such a course is neither desirable nor necessary. We may rest assured that no foreign or colonial Government will leave their own market and come here without some strong reason. There are many advantages, independent of the first terms obtained, in raising loans at home. Every creditor of the Government becomes less or more a supporter of the Government;—and debt, in a certain sense, is a political security. But besides this consideration, there is a great convenience and saving of expense where the interest of a State debt is payable on the spot. Both these considerations must have great weight in the case of India. But after giving full weight to these considerations, what is there peculiar to the Indian Government that we should make it an exception to all other Governments, foreign and colonial, which we admit freely to contract debt in our market? So far as regards the mere supply and distribution of capital, it can make little difference in what market a loan is made. To a country like England, whose capital is extensively and freely engaged all over the world, the effect would very soon be the same wherever an Indian loan should be raised. Nothing more rapidly finds its level in these days of steamboats, telegraphs, and free intercourse, than capital. No doubt if we could draw out silver that would otherwise be hoarded in India for a Government loan, it would be so much, for the time being, added to the available capital of the empire. But that is not the point. It is on the assumption that those hoards could not be drawn out that the English market will be resorted to. It is much more likely that the hoarded silver in India will directly or indirectly be made applicable to trade or cultivation, than to loans to the Government in the present state of affairs:—and if so, it may be the means of furnishing funds which would otherwise be drawn from England for the purposes of trade. It is certain that Parliament will not withhold its sanction to such a power, though it is not likely to be exercised to an amount exceeding eight or ten millions in the year, even though it is found necessary to defray the whole of the home expenditure in this way. Economist. To the Editor of the Economist. Sir,—In a late number, in an article on the “Financial Obligations of the East India Company,” an opinion is expressed that the claims of the India loan and railway shareholders will be confined, after the assumption of the Government of India by the Crown, to the revenues received from India as at present, and that in every respect the financial obligations of India will stand in the same relation to the public as those of Australia or Canada do. In stating this opin-

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ion, has it not been overlooked that India is not occupied by colonists—that India is not governed by its inhabitants—that India has no Parliament to assess the taxes and pay the services as Canada has? There is, therefore, no similarity. At present India is governed chiefly by a body appointed by one class of creditors (by proprietors of India stock). The other creditors, as the holders of the loans and railway guaranteed stock &c.,—lent their money on the credit and faith of the Government as constituted at the time; and it is evident that a great change cannot be made without the consent of both contracting parties, paying off the debts, or by taking over with the Government its entire liabilities. The Cabinet of England may be of opinion that they will govern India better than it has been governed, and that the security for obligations will be improved. It may be so; but those specially interested may be of a different opinion; and it would be an act of despotism to take forcible possession of property, be it a sum in a bank or a kingdom, under the pretence or belief that the one was to be laid out to better advantage, or the other better governed. India in short will not bear comparison in any way with Canada. The question is a very important one, and it is very desirable that it should be placed in its true position, which I trust will excuse my addressing you.—I am, your obedient servant, Jan. 5, 1858. X.Y.Z. If Parliament were to determine to deprive the Indian creditor of any one of the sources of revenue which now form his securities, there might be some ground for the observations of our correspondent. But it is impossible to contend that, if Parliament shall only change, with the intention of improving, the management of those revenues, any breach of contract is committed. The form of the Home Government of India was always a matter which Parliament held the right to change and modify as it pleased; and the existence of the East India Company, as an intermediate body between the responsible Minister of the Crown and the Government of India upon the spot, has only rested upon Acts of Parliament passed for limited periods. It appears to us that it would be as reasonable to contend that a reform bill should not be passed, altering the constitution of England and of the House of Commons, without first paying off the National Debt, as that no change shall be made in the form in which the control of Ministers over the Governor-General and Council in India shall be exercised, without discharging all the existing financial liabilities and guarantees of India. It is, however, satisfactory to observe that the railways guaranteed by the Government are at a premium, and that East India bonds are again at par; so that any one who doubts the consequences of the change, can make a better bargain in the open market than if the Government were to pay him off. Alexandria, Jan. 4, 1858. The shipments of the past six months have fallen off very considerably, and more especially those of wheat. When we add, that an almost total suspension of further shipments has taken place, owing to the state of monetary affairs, and the great depression in the value of Egyptian produce, particularly of grain, in

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your markets, the price of which is sustained here comparatively high, and arrivals from the interior unusually small, it will be easily inferred that further supplies to any extent from here cannot be expected during the next two or three months. Present quotations are as follows, viz.:—Wheat, Saidi, private and Pasha’s, 25s 6d to 27s; Beheira, red and white, 23s to 25s; beans, Saidi, 23s 6d to 24s; barley, 13s 6d to 14s 9d; lentils, 24s 6d to 24s 9d per imperial quarter f.o.b. Cotton has fallen considerably in value, and with large arrivals from the interior we may anticipate still lower prices for this article. There are buyers for France and the Continent at present quotations, say at equal to 53/4 d to 61/8 d per lb f.o.b. for average good and middling qualities, and 65/8 d to 71/4 d per lb f.o.b. for finer parcels. Freights to United Kingdom may be quoted nominally for grain cargoes at 4s 9d to 5s per quarter for orders, and 3s 3d to 3s 6d for direct port, being last rates made. Exchange on London, 1001/2 to 101 per £ sterling.

[66] China and India. 15

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Calcutta 10 Dec. The Peninsular and Oriental Company’s mail steamer Hindostan with London dates of the 26th October last, arrived here on the 6th inst. The commercial and monetary accounts are very unfavourable, all East India produce having declined considerably, and discount as high as it was in the panic-year of 1847, being 8 per cent. Our accounts from the United States are deplorable, a general smash of all mercantile and banking establishments having occurred in New York, without the probability of an early check being given to this ruinous course. Large charters were also in progress for sending East India produce to Great Britain. This will materially affect the home markets, which will be glutted with some of our principal articles of export. Our Produce Market continued in much about the same position as reported in our last mail issue until the arrival of the mail, when a complete stagnation took place in all the branches of our Export Market, and not a single transaction has since transpired. Holders (chiefly in the bazar) do not yet place much reliance on this disastrous news, and seem to be sanguine of getting the extreme prices lately ruling, while buyers do not even think of making any offers. Under these circumstances we do not expect any large transactions to be effected for some time, and consequently our stocks will be large. As yet our supplies have not fallen off in consequence of the rebellion, nor do we expect to see them small. We have no material alteration to notice in the position or value of our Import Market, which continues in almost the same position as mentioned in our last report. As regards Piece Goods our communication with the Upper Provinces can hardly be said to have been opened, and consequently dealers do not show any great desire to enter into large purchases. The little that is done has been chiefly on account of such stations or districts as are not under rebellion.

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Money Market. We have had the same favourable aspect in our Money Market as noticed in our last. There is actually no want of money in the place, but we sadly lack confidence. Notwithstanding the full state of the coffers of the Bank of Bengal, we have had no bettering of the rate, or discounts, or interest, although it is easily to be had with the native Shroffs at more advantegeous rates on approved securities. It must be borne in mind that a good deal of cash will go off from our place to Akyab for rice purchases, and we do not therefore think that we shall be in a better position than what we are now in. Perhaps things, instead of improving, will take the wrong turn. Company’s paper, our best barometer for money market, has again been much depressed. Bombay, December 17. The English mail of the 10th November reached us on the morning of the 9th instant, per Peninsular and Oriental Company’s steam ship Madras. The Norna, with papers from London up to the 16th November, came in our harbour yesterday morning, the 17th instant. We have no change to report in our money market during the past fortnight, and the rates of interest ruling at the banks remain the same, viz. from 10 to 12 per cent. Government securities continue dull of sale, and we quote fours 77 and fives 883/4 to 89. Our local joint-stock shares remain at about former quotations. Imports. Cotton Piece Goods.—The import market for most articles has continued languid during the fortnight. Grey Shirtings have declined in value; Grey T Cloths have been in moderate demand; Grey Madapollams are in fair enquiry. Bleached and Fancy Goods.—There has been little or no doing in Bleached Madapollams; Bleached Shirtings have slightly improved, as also Bleached Jacconets of lower qualities. In Book Muslins, there has been no business done except in the lower sorts of goods. Lappets have rather advanced in price. Cotton Yarns.—The transactions in these goods have been to a limited extent. Metals.—There have been only a few sales in these goods at reduced prices. Exports. Cotton Wool.—This staple declined since the arrival of the English mail of the 10th November, from six to twelve rupees on old, and from ten to twelve rupees on new. Up to the day before yesterday, our quotations ranged as follows:—for Broach and Surat, 139–40rs.; Dhollera, 138–40rs.; Oomeravutte, 130rs.; Cutch, 132–34rs.; Compta, 117–18rs.; Mangarole, 101–10rs.; Dharwar Sawginned, 150rs. Since the receipt, yesterday, of advices from London to the 16th November, dealers have exhibited some activity; and prices must advance from two to three rupees above our quotations. Hemp is very dull, and declined in value. Opium.—There are heavy stocks in the market, which remains dull. We quote both Indore and Mandlesar at 1125–40rs.

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Oil Seeds.—These have declined, except teel. Pepper.—This article has remained steady; no fresh supply. Tonnage.—The rates of freights have again declined. We quote for London, 1l. 12s. 6d. to 2l.; for Liverpool, 1l. 7s. 6d. to 1l. 15s.; and for China, 9rs. to 10rs. per candy. The exports of tea to date were 24,051,000 lb, and of silk 38,010 bales. (OverSilk at Shanghai was firmly maintained, and some quantities were being re- landmail) turned to the interior, where prices were higher than at that port.

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Bombay, Dec. 24.—We have no material change to report in our money market. Imports—Cotton piece goods: The prices in the market have generally declined. There has been a general decline in shirtings of all descriptions—except bleached shirtings, grey long cloth, and grey domestics—from two to three annas per piece. Exports—Cotton: No purchases have been made by European firms. The rates, contrary to expectation, have not declined. Tonnage is abundant in the harbour; and the arrivals being numerous, the rates are likely to give way. Exchange has not been in much request for this steamer. First-class bills have sold for 2s. 2d., and document paper at 2s. 21/2 d. On Calcutta, sight, 1001/2. On China, 60 days’ sight, 215.

[67] Miscellaneous.

V) Miscellaneous.

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I) Comparative statements. 1) Sugar. Highest and lowest prices of sugar during 1857; taking the following kinds as standards of the market: 25

Highest in June Lowest in December 30

Total Im- 1855 ports of 1856 sugar. 1857 (tons)

367,000 388,000 406,000

Native Brown Madras 47sh. 50sh. 28sh. 30sh.

Clayed Manilla 56sh. 57sh. 33sh. 34sh.

White Benares.

Deliveries f. 370,000 Deliveries 13,500 ˙ ˙ ˙˙˙ ˙ 40,500 home con- 362,000 for ˙exsumption: 371,000 port: 17,500

60sh. 65sh. 46sh. 50sh. stock: 74,500 68,000 94,000 tons

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2) Provisions.

1855 1856 1857

Stock 35 011 35 295 29 347

Butter. Deliveries ˙ ˙˙˙ ˙ 5469 3055 4900

Stock. 1959 2671 1464

Bacon. Deliveries. 1374 1011 966.

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3) Coffee u. Cocoa. Imports and Deliveries of Coffee into the United Kingdom during the past four years, with Stocks on hand at the close. 1857. 1856. 1855. 1854. tons. tons. tons. tons. Imported 22,600 25,000 28,600 29,689 Consumed 15,350 15,600 16,015 16,730 Exported 6,900 12,300 12,827 14,490 Stock 10,500 8,500 12,000 12,800 Price of Native Ceylon 51s 53s 52s 6d 54s 52s 53s 44s 6d; 6s per cwt Prices of Cocoa on 31st December. 1857. 1856 1855. Guayaquil 80s to 85s 65s to 70s 54s to 56s Total stock bags and barrels 5,092 1,520 5,175

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4) Tea and Rice. Price of Common Congou at the end of the last five years. 1857. 1856. 1855. 1854 lb lb lb lb 1s 1/2 d to 1s 13/4 d 111/2 d 91/4 d to 91/2 d 10d Imports and Deliveries of Rice during the last four years, with Stocks on hand and prices of Bengal at the close. 1857. 1856. 1855. tons. tons. tons. Imports 73,900 101,115 40,491 Delivered for home use 29,500 32,118 21,949 Exported 35,900 25,955 12,906 Stock 62,200 54,739 11,614 Price of Bengal 7s 6d 12s 9s 9d 13s 6d 13s 17s 9d

1854. tons. 30,090 26,524 19,647 5,442 13s 16s 6d

Stocks and Prices at the close of the last four years. 1857. 1856 1855. Pepper, black tons 1,905 2,532 1,284 price lb 31/4 d 51/2 d 41/4 d 43/4 d 5d 53/4 d Pimento bags 13,229 6,588 6,263 price lb 3d 31/4 d 41/2 d 45/8 d 43/8 d 4 7/8 d Cloves bags 10,752 9,295 3,922 price Zanzibar lb 31/4 d 33/4 d 41/2 d 45/8 d 51/2 d 55/8 d cwt 100s 109s 91s 101s 125s 131s Cassia Lignea

1854. 1,845 41/4 d 5d 3,565 5d 51/4 d 5,674 51/4 d 51/2 d 122s 133s

5) Spices

6) Linseedoil. ˙ ˙˙ ˙

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Prices of Linseed Oil at close of last five years. 1857. 1856. 1855. 1854. cwt. cwt. cwt. cwt. 29s 37s 6d 43s 38s 9d 39s

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Turpentine is firmer with more inquiry.

American spirits Rough

Prices of Turpentine at the close of the last four years. 1857. 1856. 1855. cwt. cwt. cwt. 34s 47s 6d 34s 9s 9s 6d 11s 6d 12s 9s 6d 10s

1854. cwt. 39s 10s 6d 11s 6d

Prices of East India and Odessa Linseed at the close of the last four years. 1857. 1856. 1855. 1854. qr. qr. qr. qr. 50s 54s 61s 64s 76s 80s 68s 70s

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Imports and Deliveries of Cochineal during the last four years, with Stocks on hand at the close. 1857. 1856. 1855. serons. serons. serons. 15,182 13,151 18,980 15 Imported Delivered 14,008 16,977 14,039 Stock 8,040 6,866 10,612 Price of silver Dec., 31 3s 2d 4s 3s 8d 4s 2d 3s 5d 4s

1854. serons. 13,875 13,875 5,688 3s 3d 4s

Imports and Deliveries of Saltpetre during the last four years, with Stocks on hand. 1857. 1856. 1855. tons. tons. tons. Imported 16,750 14,985 7,896 Delivered 12,250 16,531 15,154 6,535 2,228 4,124 25 Stock Price of Bengal, Dec. 31 34s 42s 45s 51s 31s 38s 6d

1854. tons. 19,042 11,052 10,797 23s 30s

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Stock Price

Stocks and Prices of Nitrate Soda at the close of the last five years. 1857. 1856. 1855. 1854. 1853. tons 1,800 2,003 1,087 3,475 2,988 cwt 18s 6d 19s 6d 17s 18s 19s 19s 6d 18s 3d to 18s 6d 17s 3d 17s 6d

1857 1856 1855 1854

Drugs—Business has been done in oil of aniseed at 12s 6d per lb. Price of Drugs at the close of the last four years. Camphor. Castor Oil. Rhubarb. Opium. cwt lb lb lb 65s 4d to 63/4 d 1s 6d to 4s 6d 16s 75s 51/2 d to 71/2 d 2s 6d to 5s 17s 5s 6d to 8s 14s 6d 90s to 92s 6d 61/2 d to 8d 110s to 115s 0d 4d to 51/2 d 3s 6d to 5s 6d 18s 6d to 19s

Prices of Livery Orange and Orange Shellac at the close of the last five years. 1857. 1856. 1855. 1854. 1853. cwt. cwt. cwt. cwt. cwt. 65s to 80s 60s 66s 48s 56s 48s 56s 50s 60s

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Terra Japonica. cwt. s d s 15 0 to 0 17 0 0

Prices at the close of the last five years. Cutch. Turmeric. Bengal. cwt. cwt. s s s d s 50 to 55 30 0 to 35 53 54 40 0 0

£ 9 5

Safflower. cwt. s £ s 0 to 18 0 0 8 10

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17 22 34

1857 1856 1855

0 6 0

0 23 35

30 30 52

31 31 0

22 12 11

3 0 6

23 13 13

2 0 1 15 3 10

7 6 7

6 10 10

Stock of Rum in London at the close of the last three years, with price of Proof Leewards. Stocks. Price per gal. puns. hhds. s d s d 20,254 4,314 2 0 2 1 22,028 3,812 2 5 to 2 6 21,866 4,670 2 9 3/4 2 10

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Prices of Metals at the close of the last five years. Spelter.—Per ton. 1857. 1856. 1855. 1854. 1853. 23l 10s to 23l 15s 28l 10s to 28l 15s 23l 15s 25l 24l 5s to 24l 10s Tin, Banca.—Per cwt. 1855. 1854. 131s to 132s 112s 6d to 113s

1857. 100s to 102s

1856. 144s

1857. 108s

1856. 142s

1857. 5l 15s to 6l

1856. 8l 5s to 8l 10s

1857. 1s

1856. 1s 2d

1857. 23l 23l

1856. 22l 10s to 23l 10s

Common British.—Per cwt. 1855. 1854. 129s 117s Railway Bar Iron.—Per ton. 1855. 1854. 8l to 8l 10s 6l 15s to 7l 5s British Sheet Copper.—Per lb. 1855. 1854. 1s 2d 1s 2d British Lead.—Per ton. 1855. 1854. 25l to 25l 10s 22l 10s to 23l

1853. 128s

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1853. 8l to 9l

1853. 1s 2d

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II) Railway Receipts Traffic returns of railways in the U. Kingdom 415,340l. corresponding 428,900. ˙ ˙˙˙ ˙ published for week week of˙ 1856: ending Dec. 19, 1857: f. London 178,056 181,445. Total Receipts of Bel- f. 20,224,360. gian Railways 1857:

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Decrease: 13,560.

Decrease:

3,389. 35

Gasconsum in London. In einer Petition circulirt in London (1t Woche Jan. 1855) an’s Parlament :—According to an estimate of George Lowe, Esq., civil engineer to the Chartered Gas Company of London, the annual consumption of coal for the purpose of making gas in London was about 840,000 tons, which would yield 7,728,000,000 cubic feet of gas. The value of this would be, at 4s. 6d. per 1000

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cubic feet, 1,738,800l.; and your petitioners are informed and believe that the annual sum paid to the various gas companies in London is near 2,000,000l. per annum, which will be continually increasing. “Your petitioners submit that the several gas companies should be restricted by legislative enactments to a maximum charge for, and be bound to, a particular standard in the quality of the gas supplied by them. “Your petitioners, therefore, humbly pray that you will cause an inquiry to be made by a committee of your honourable house into the existing arrangements for the supply of gas, and that you will be pleased to adopt such measures as to your honourable house shall seem meet for protecting the interests of the gas consumers of the metropolis.”

[68] V) Miscellaneous

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Der “Economist” v. 2 Jan. (ganz wie Times, Moneyarticle, d. d. Jan. 1) ˙˙ betrachtet die Crisis als passed away. “There was never a more severe Crisis, nor a˙˙more rapid recovery.” D. “soundness” der “general condi˙˙ tion of trade” proved by the manner “in which the liabilities of the great majority of traders have been met. Nur 4 Banks suspended: v. diesen 3 längst faul (Western Bank of Scotland, Northumberland and Durham ˙ ˙ nk of Liverpool) u. die City of Glasgow Bank, District Bank, Borough˙ Ba ˙ ˙ a run, has resumed˙˙ business.” Andrerseits yielding to the pressure of “there have been brought to light systems of business, more unsound in character, and more reckless and unscrupulous in character than have been witnessed upon any former occasion. Die practice of obtaining credit through the means of mere accommodation˙˙paper not new not neu; but never before did it appear in such numerous shapes, upon so extensive a scale, or in forms so well systematised.” “Fictitious paper has been at the root of all the most flagrant cases of insolvency in the home trade; fictitious paper, conducted upon a scale and system hitherto entirely unknown, and in many cases under circumstances which raised so strongly the presumption of fraud, if not of forgery, that it is difficult to believe that those who negotiated it were not aware of its real character. We find f. i. an extensive firm, m. business to all external appearance of the highest order in the manufacturing class, habitually raising large sums of money by drawing week after week, and month after month, upon persons so obscure, that, out of a list of 79 in number, the names of nearly 30 could not, upon investigation, be found in the Directories of the places where they were supposed to live”.

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There are, however, other forms of fictitious credits, perhaps equally fatal in their consequences, though by habit recognised as more legitimate commercial operations. We refer to what are termed “open credits”. The unsoundness and evils of this system have been exemplified in a remarkable manner in the late crisis in respect to the trade of the North of Europe;—and have been, in point of fact, the true cause of the failure of most of the houses connected with it. When this system is fully examined, it will be found to differ very little either in character or in the necessary consequences to which it must lead, from what is familiarly known as a system of accommodation paper at home. It may have a more extensive ramification:—it may in the first instance take its rise from a sound basis of capital and character, for without both to some extent it could neither be set on foot nor sustained. But in the nature of the business into which it degenerates, and in the certain ruin to which it must sooner or later lead, accommodation paper in the home trade, and “open credits” in the foreign trade, resemble each other very much. What has happened of late in the trade of Sweden and Denmark? Houses of some means and of character have obtained “open credits”, first upon houses in Hamburg, and next upon houses in London, and not, in each case, upon a single house, but upon several. The business might begin with some legitimate operations of trade; the first bills drawn might be against shipments of produce. But Sweden offered a tempting field for enterprise. Forests were to be felled: mines were to be opened: morasses were to be reclaimed: ships were to be built. All offered tempting opportunities for employing capital at a high rate of profit:—under their rapid development the value of property rapidly rose. The “open credits” in London and Hamburg were gradually increased, and at length were used to their utmost extent: and a great mass of paper was drawn and kept in circulation, the proceeds of which had been applied to the internal improvement of the country, and which was represented only by those improvements less or more perfectly developed. Capital has been thus transferred from London to Sweden to the extent of millions, which now lies sunk in forests, morasses, and mines, which probably for years to come will yield little or nothing. This, it appears, has been going on for some years. The system has been simple and easy. Bills have been drawn against an “open credit” upon A:—in order to meet that when due another has been drawn upon B:—for the bills upon B as they fall due, others drawn upon C were remitted. All were in good credit: the money market was easy: each had faith in the other,—commissions were easily earned. To make the chain of transactions more intricate, and at the same time more easily worked, credits were raised in Hamburg by the Swedish houses in favour of A, B, and C in London, who were sometimes instructed to reimburse themselves by drawing upon the houses in Hamburg to meet the bills from Sweden falling due in London. But after these transactions had gone on for some time, the Swedish houses, the London houses, and the Hamburg houses, became so inextricably interlaced in the liabilities which had thus been created among them, that they must either stand as a whole or fall as a whole. To such an extent did this system prevail, that it has been ascertained

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that one of the chief bankers and discounters of local bills in one of the chief commercial towns in the North of Europe, derived nearly the whole of the means for conducting his business and for making large advances, through an extensively organised system of “open credits” upon Hamburg and London. Who can then be surprised that, when the houses in Copenhagen and Stockholm stopped payment, the Swedish houses in London, not one but all,—the houses in Hamburg, involved in so vicious a circle, not one but all,—should stop payment also. But, however much this class of paper may be dignified by the name of “foreign bills of exchange”, in what respect does it really differ from the common and universally condemned accommodation bill at home? Both alike are drawn to enable persons in the first place to speculate, or to enter upon transactions, for which they have no capital of their own:—both alike, after being once drawn, are re-drawn over and over again, in order to provide for former drafts falling due:—both alike represent no real transactions between the drawer and acceptor:—both alike lead to an enormous cost, and often to great sacrifices, which absorb all and more than the profits of the business to promote which they were first drawn:—in both cases it soon becomes the main object to keep the paper in circulation without reference to profitable business:—and in both cases, all the parties concerned are engulfed in a common ruin upon the occurrence of the first monetary difficulty that arrests the progress of the complicated machinery, whether it be of mere accommodation bills or of bills drawn systematically upon “open credits”. Fictitious paper, by whatever name it is known, representing no real transactions,—no real commodity,—is, as a rule, the beginning and the end of all ruinous business. ––––––––– But is all this experience to be in vain? We may consider the crisis to have passed away, and that the country will, with a new year, start on a fresh career of business. Compared with any former period of revival, there are many considerations which at the present time promise a rapid return of prosperity. The crisis itself was one rather of foreign than of domestic origin, though it has brought many domestic sores to the surface. But compared with 1847 there are two most important differences in favour of the present year. Then, a succession of bad harvests had exhausted the resources alike of Europe and America;—now, there was probably never a year in which plenty and abundance were so universal in every quarter:—then, all Europe, but England in particular, had engagements unparalleled in amount, which month after month absorbed every shilling that could be made, saved, or extricated from former speculations, in order to complete those railways which now afford to trade and industry so much facility;—now, the people of this country at least may be said to be without any obligations whatever for the future investment of capital. While, therefore, there must necessarily be a considerable reduction in the foreign trade for a time, if it were only as a consequence of the derangement of the ordinary channels of exchange; and some reduction of the home trade as a consequence of

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lessened employment and profits,—there appear to be fewer impediments to a return of prosperity than have attended former periods of crisis.

Financial condition of India. (Economist.) As it is now very generally understood that what is popularly termed the Double Government is to be abolished, or in other words, that the political existence of the East India Company is to be terminated in 1858, as its commercial existence was in 1834, the public begin naturally to evince some interest as to the manner in which the various monied obligations of that Incorporation, including East India Stock, Indian Bonds, and the inscribed debt of the Indian Government, are in future to be dealt with. Fortunately this is a question which has not been left for the decision of the present time. It was properly and necessarily settled in 1834, when the Company in its trading capacity expired. Prior to that time, the dividends upon East India Stock, though they might be aided from the revenues of India indirectly, were yet ostensibly and chiefly paid from the profits of the trade;—and so long as the proprietors of East India Stock were so deeply and directly interested in the conduct of the Directors who managed their capital and upon whose skill the amount of dividend depended, nothing was more

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[69] Miscellaneous. reasonable than that the election of the latter should be intrusted to the former. As soon, however, as the East India Company ceased to trade, and the duties of the Directors were confined to the functions of government, the relation between them and the proprietors of India Stock was entirely changed;—and there was no more reason thereafter why the former should be elected by the latter, than there would be for proposing that the English Executive should be elected by the owners of Consols. But the change in 1834 rendered it necessary to make some new and permanent arrangement for the financial obligations of the Company. The main source of income upon which the stockholders relied was cut off. The profits arising from the monopoly of the China trade were abolished. Parliament dealt with the holders of stock in a liberal spirit. On inquiry it was found that for some years before, the dividend paid had been nearly 10 per cent. The Act of 1834, therefore, converted the trading stock of the Company, dependent for dividends upon the profits of the trade, into a stock chargeable upon the revenues of India with a dividend equal to 10 per cent. This stock consisted of contributed capital to the amount of 6,000,000l; and, inasmuch as it was secured in a fixed dividend of 10 per cent., the Act also provided that it could not be liquidated except at the rate of 200l for every 100l of stock, or at the rate of 12,000,000l for the whole subscribed capital.

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With regard to East India Bonds, they also have been issued under special Parliamentary sanction, to the extent of six millions, but limited in the interest which can be paid upon them to 4 per cent., and solely upon the security of the revenues of India. With regard to the debt contracted by the Government in India, upon its own inherent authority, the dividends of that, also, are chargeable exclusively upon the revenues of India. Thus the whole of these obligations must now be regarded in the light of an Indian Government debt, secured, like other State debts, upon the revenues of the country. The proprietors’ stock must be regarded as a debt of 12,000,000l bearing 5 per cent.:—the bonds issued in England amount to 6,000,000l:—the debt incurred in India to somewhat more than 50,000,000l. According to the last published accounts, the interest paid in India upon the debt was 2,014,000l, and the dividends to the proprietors of stock amounted to 632,000l—to which, if we add 240,000l at 4 per cent, upon the bonds issued, we arrive at an annual charge of 2,886,000l upon the revenues of India, amounting to about 22,000,000l net, on account of the debt. If, therefore, the contemplated change in the Government of India is to take place next year, no new provision will require to be made in the mode of providing for the financial obligations of the Company. All that was required in this respect was necessarily accomplished by the Act of 1834, by which the East India Company became part of a purely political institution. The same rule which applies to the direct debt of the East India Company and the Government of India, will apply equally to all the obligations in respect to the guarantees in relation to railways:—the claims of the shareholders will be confined, after the change, as they in reality are now, to the revenues derived from India. In every respect the financial obligations of India will stand in the same relation to the public as those of Canada or Australia, or any other of our colonies do. The character of the security will not be changed; it will be neither better nor worse than at present, except so far, that a better form of Government cannot fail to improve the financial resources of a country, and so increase the security of its debt.

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Das Quarter ended Dec. 31, 1857 zeigt Decrease vgl. m. dem v. ’56: ˙˙ £.788,319; dieselben beiden Jahre f. 9 months ended Dec. 31, zeigt De˙ e 2 ganzen Jahre ending Dec. 31, Decrease in 1857 v. £. 1,943,720,˙ f.˙ ˙ di ˙ ˙ ˙ Dec. ˙ crease f. ’57: £. 1,828,646. F. die 3˙˙months ended 31 beträgt (1857 ˙ ˙ always compared m. der same period in 1856) die Decrease in Customs ˙ ˙ 1,154,023; Decrease dtto ˙˙ in Excise: £. 601,778 642,157; f. das ganze Jahr: ˙ ˙ u. dtto in Property Tax: 890,425.

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Karl Marx · Krisenhefte Exports to the United States for the Month of November, 1856 and 1857. 1856. 1857. £ £ Beer and ale 18,102 4,760 Coals 10,626 14,395 Cottons 482,047 129,453 Earthenware 57,126 20,279 Haberdashery and millinery 105,421 17,749 Hardware and cutlery 139,084 61,685 Linens 251,733 47,817 Iron—Pig 16,415 4,732 Bar, &c. 102,017 62,734 Cast 2,788 7,311 Wrought 56,381 29,161 Steel 50,968 14,779 Sheets and nails 13,330 33 Lead—Pig and rolled 5,084 35 Tin—Plates 102,629 9,501 Oil seed 18,142 ... Salt 22,048 7,426 Silk manufactures 11,666 2,598 Other kinds 13,283 757 Stationery 7,879 1,119 Woollens—Cloths, &c 53,302 11,449 Mixed stuffs, &c 85,292 19,613 Worsted stuffs 52,462 7,197 1,677,825 474,574

The imports of all the leading articles of raw material, from various quarters, on the contrary, show a considerable increase in November, 1857, compared with 1856, as follows:—

Cotton Flax Hemp Jute Silk, raw Wool

Imported in November. 1856. cwts 231,595 103,694 117,055 29,443 lbs 258,813 5,617,104

1857. 487,486 181,109 108,779 34,997 480,257 11,680,071.

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—From the Board of Trade Tables.

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According to a return published by Messrs Curry, Kellock, and Co., of Liverpool, the total number of ships that changed hands last year at the above port was 586, equal to 259,869 tons, against 694, equal to 328,991 tons in 1856. The number of new colonial vessels sold was 101, equal to 54,375 tons, against 91, equal to 62,546 tons in 1856, showing an increase of 10 ships and a decrease of

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8,171 tons. The number of British ships sold to foreigners was 14, equal to 5,600 tons, against 40, equal to 12,925 tons in 1856. The number of foreign ships sold was 8, equal to 4,824 tons, against 12, equal to 9,238 tons in 1856. The number of steamers sold in the year was 27, equal to 12,180 tons. New colonial ships are quoted as follows:—Quebec, St John’s, Miramichi, &c., to class A 1, 7 years, 5l 15s to 7l; Quebec, St John’s, spruce, 4l to 5l; Prince Edward Island and Nova Scotia, 3l 10s to 5l per ton. Railway Traffic in the United Kingdom.—It appears that the traffic receipts on railways in the United Kingdom for the year 1857 amounted to 23,672,465l on lines that published their traffic receipts weekly, and to about 490,000l on those that do not, making together 24,162,465l. The traffic receipts for the year 1856 amounted to 22,995,500l, showing an increase of 1,166,965l, or 5.1 per cent. Were it not for the falling off in the traffic from the depression of trade during the last quarter, it is probable that the increase would have been between 300,000l and 400,000l more. The mileage over which the traffic was conveyed was 9,171 miles, and the cost of the railways including everything about 307,153,666l, being at the rate of 33,492l per mile. The cost of the 8,761 miles of railway over which the traffic was conveyed in 1856, above alluded to, amounted to 298,946,260l, showing an increase in the mileage of 410 miles, and in the cost of 8,187,406l, which applies chiefly to inferior and branch lines, averaging, as it would appear, about 20,000l per mile. On comparing the average cost of railways in 1843 with that of railways in 1857 a decrease is shown. In 1843 the average cost was 36,360l per mile, and in 1857 33,492l, being a decrease of about 8 per cent., which is very small, considering that some thousands of miles of comparatively cheap railways have been added to the system. The traffic receipts averaged in 1843, 3,085l per mile, which afterwards rose in 1845 to 3,469l per mile; but they receded to 2,227l per mile in 1850, and thence gradually rose to 2,742l per mile in 1857, over a much more extensive mileage.

[70] Miscellaneous.

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Calcutta. Nov. 24 (1857) Not much activity in the import-market; with the exception of 1 or 2 articles, the purchases are mostly on speculation or to meet local wants. In British piece-goods fair amount of transactions. ˙˙ Our communication with the ˙up-country marts not sufficiently established, nor the means for the safe conveyance of Merchandise ample enough for the requirements of the trade to admit of a large business being done. The advance in the price of piece-goods, which we noticed in our last, has not been maintained. Improvement in Money-market unchecked. ...

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Capital to a large extent locked up in Opium now in China or on its way thither. Bombay Dec. 3 (1857) The tightness of our moneymarket reported in our last has increased during the past fortnight; money is difficult to be obtained in the bazaars at increased rates of interest. The banks, although they have to some extent curtailed their accommodation to the public, have not as yet raised their rates of interest. Some descriptions of our local joint stock bank shares have given way considerably. Imports. Cotton stuffs: Piece Goods—The business transacted during the fortnight has been to a moderate extent. There has been a slight decline of from one to two annas in the price of some gray goods, such as madapollams and shirtings. Some descriptions of grey goods are in demand, and have advanced in value. Exports.—Cotton Wool—In the early part of the fortnight the demand for this article was lively, but since the arrival of the last overland mail the rates have declined, and we now quote Surat and Broach at rs 135.50; Dhollera, rs 140.50; Compts, rs 128.30; Veraval, rs 125.27; and Dharwar sawginned, at rs 156.60. Oil Seeds—Since arrival of the overland mail of the 26th of October last the prices have declined. Tonnage—The tonnage in our harbour is at present abundant, and the rates have consequently declined to 1l 10s and 1l 12s 6d. Exchange—For Bank and China-drawn paper the rate has been 2s 21/4 d to 2s 23/8 d. Local drawn credits and documents have sold chiefly at 2s 25/8 d. On Calcutta, three days’ sight, 991/2. On China, sixty days’ sight, 215. The Trade with the East.—The East India and China Association have issued their comparative returns of entries and clearances of British and foreign ships from and to places within the limits of the East India Company’s charter in the year 1857. The result shows a decrease of 104 ships and 25,639 tons in the arrivals, and an increase of 157 ships and 129,299 tons in the departures. The falling off in the arrivals is chiefly attributable to the mutiny, Calcutta being the principal port affected. With Bombay and Madras the trade has been very active, entries and clearances both showing a large augmentation. As regards Australia there has been a falling off of about 5 per cent in the arrivals, but an increase of 13 per cent in the departures. The East India Company’s Finances.—The financial requirements of the India Company to adjust the effects of the recent drain on their funds will be among the first questions to be considered at the approaching meeting of parliament. Several months back it was announced that the resources in hand were expected to prove sufficient till February and not only has this view been realised, but means have been found to transmit £ 1,000,000 of specie to Calcutta. To provide for the current year, however, either remittances must be obtained from India, or a loan must be raised at home. In ordinary times about £ 4,000,000 per annum are required to meet the claims upon the company on this side, and at

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present this scale will be greatly increased by the extra expenditure for war material transport, &c. which is still going on. Probably, therefore, the sum to be raised will amount to six or eight millions. Whatever course may be adopted, the public will be glad to learn that ministers do not intend to procure it by granting an imperial guarantee. Whether the loan be contracted in London or at Calcutta, it will be on the security alone of the revenues of India, just as in the case of the Indian railways. Obviously the true plan is that which has always been pursued hitherto—namely, to obtain in the territory itself whatever is wanted. The opening of an Indian loan in England would form a very bad precedent. Of all the incentives to the loyalty of the natives, that of making them our creditors is the least doubtful, while, on the other hand, among an impulsive, secretive, and avaricious people, no temptation to discontent or treachery could be stronger than that created by the idea that they were annually taxed to send dividends to wealthy claimants in other countries. It matters not that the principal on which the interest is payable may have been expended for the exclusive benefit of the population. Everything of that sort is soon forgotten or denied, while the interminable after-payments excite increased dissatisfaction each additional year of their continuance. Apart, moreover, from these considerations, which would apply universally, there is a special objection to raising English money for Indian purposes in the hoarding propensities of the people. The amount of public debt thus far created by the company has tended to that extent to check the evil, and so palpable is the policy of this course that there is a general feeling as to the desirableness of insisting not merely upon the ordinary revenue loans being obtained from native subscriptions, but also the greater proportion of all sums for railways or other public works. As holders either of government or railway stocks the people would be interested in everything that could benefit the exchequer or the general progress of traffic and civilisation. Notwithstanding all these points, however, it is apprehended that on the present occasion the demand is intended to be made in London. The plea, doubtless, will be that in the midst of the confusion now prevailing in India it will be impossible to ascertain what can be done in any financial matter, and that, as the money is wanted to meet definite engagements, the raising of it cannot be left to any contingencies. To this argument there may perhaps be no opposition. But in no country is a precedent so vital as in England, and it is necessary, therefore, at the outset to protest against such a measure being adopted on any other condition than that it shall be considered entirely exceptional.—Times. In answer to questions in Parliament, just before the close of the session in August last, it was announced, to the surprise of every one familiar with Indian finance, that the East Indian Company would require no new loans, their financial resources being ample to meet the crisis. Whether this announcement was intended to delude the public, or whether the Government deluded itself, we know not; but shortly afterwards it was discovered that the East India Company had made use of the sum of about 3,500,000l., intrusted to them by different companies, for the construction of Indian railways; and since then we have

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heard that they have borrowed 1,000,000l. from the Bank of England and another 1,000,000l from the London Joint Stock Banks. We cannot avoid expressing our alarm when we look into the existing state of the finances of India. It is notorious that the excess of expenditure over income, during the past three years, amounts to at least 5,000,000l. There have been serious losses, arising from the plunder of the public treasuries throughout the country by the mutineers, which have been reported to amount to as much as 10,000,000l.; but we will only reckon them at 5,000,000l. There is the loss of revenue in all those parts of the country where the rebellion rages. We find by an official return, just issued, that the total revenues of India in 1855–6 amounted to 30,817,528l; of this sum the north-west provinces, now the seat of the insurrection, contributed 6,260,000l. We fear, therefore, it will prove a low estimate to put down the loss arising from rebellion throughout the whole country at 5,000,000l. Then there are the expenses of the war, of which we have at present no data for very exact calculations; but remembering that in the Crimean war the transportation of the troops and stores alone cost about 5,000,000l., we shall not be accused of over-estimating the military expenditure in India at 10,000,000l. We recapitulate the items, viz.:— 1. 2. 3. 4.

Deficient revenue for last three years Loss of treasure by rebellion Loss of revenue by ditto Expenses of the war

£ 5,000,000 5,000,000 5,000,000 10,000,000 £ 25,000,000

In our anxiety not to overstate the immediate requirements of the East India Company, we believe we have very much under-estimated each item; nevertheless, the aggregate amounts to a startling sum. The whole debt of India, from the beginning of our rule to the present time, amounts to about 60,000,000l.; and, if our estimates approach to correctness, it will be seen that an addition of nearly 50 per cent. is required to be made to it in one year? Now how is this enormous sum to be raised? Is it to be raised in India or borrowed in England? But above all stands the important enquiry, is it to be raised on the security of India or on the security of England? The loan required for India being for Indian objects, it is neither consistent with sound policy nor equity that it should be raised by the English Government, or on the security of English revenues. An Indian Loan.—It is understood that a bill to authorise the India Company to raise a loan in this country will be introduced immediately on the assembling of parliament. This measure will be in no way connected with that for the general re-organisation of the government of India, which will be brought forward at a later period. It will be simply such as would have been proposed if there had been no thought of altering the existing system. Whether the India Company will avail themselves of it to its full extent is an unsettled question. A loan is now open at Calcutta, and, if a favourable turn should take place there, so as to induce rapid subscriptions, it may be necessary to seek only a small amount in London. It is also stated that the whole of the six or eight millions that are

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required will be disbursed in this country for dividends on India Stock, purchases of stores, the hire of ships, &c.—Times.

[71] Miscellaneous.

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New York. 15 Dec. (’57) Advices from the United States continue favourable. The New York Courier and Enquirer of the 15th ult says:—“The work of resumption now steadily progresses in New York and New England, and may be said to be complete with the exception of Rhode Island. The interior banks generally of New York took no formal part in the act of suspension; the same may be said of New England country banks. Those in the interior of New York consider themselves as in good repute throughout; they may now be considered as paying specie in full. The Phillipsburgh Bank, at Phillipsburgh, New Jersey, have resumed specie payments; its bills of all denominations are now redeemed as heretofore at the Bank of the Commonwealth. The banks in the western portions of New Jersey (Newark, New Brunswick, Elizabethtown, Rahway, &c.) will no doubt follow suit. The resumption in New York effects no change here, except in doing away with the nominal premium on gold, 1/4 to 3/8; and in increasing the rates for uncurrent money of the South and West. English sovereigns of a late date (Victoria) were melted down in large numbers at the Assay office in this city during the panic, and yielded 4.83 dols net. The recent demand for gold for export has created a market for English coins. Sovereigns are now worth 4.86 dols to 4.88 dols, and have been sold recently as high as 4.91 dols. In view of the continued demand for gold for export the banks will feel it necessary to pursue a very cautious policy.

Ende December. (’57) The advices from America to-day show that, notwithstanding the large shipments of gold to Europe, the stock in the New York banks continued rapidly to augment, and had reached 5,600,000l., the largest total ever known. The high rate of discount still maintained in London exercised an important influence in stimulating these remittances. The Senate at Washington had authorized the creation of Treasury notes for a total equal to 4,000,000l., to meet the possible wants of the Federal Government in excess of revenue during the current year, and it was expected the first issue would be to the extent of 1,200,000l. The rate of interest had not been fixed. The Government appeared to think they would float at 3 per cent., but it was said that about 35/8 ($ 3 65, or a cent a-day on each $ 100 note) would be requisite. They are to be in sums of not less than $ 100, or 20l., and are to run for twelve months. Of the 467,500l. in gold brought by the present steamer, 100,000l. comes from the State of Alabama for the redemption of part of her debt, due this month at the Union Bank of London.

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All persons were now satisfied of the propriety of the course taken by the New York banks in resuming specie payments, but a resumption on the part of the Philadelphia banks does not seem to be contemplated before the 1st of April, the time appointed by the Pennsylvania Legislature. The news in course of receipt from England and France was beginning to be favourable, but the Hamburg accounts were still extremely discouraging, and large quantities of imported goods were in consequence forced to sale. The New York stock-market showed an average improvement of about 2 per cent.

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24 Dec. Newyork. The commercial advices at hand from the United States are favourable. Confidence generally was increasing, and capitalists were taking good paper at 7 per cent. for choice signatures with 60 days’ maturities; 9 to 10 per cent. for prime three to six months’ notes; and 10 to 12 per cent. for good single paper. The dry goods trade, however, was heavy, and prices were ruling low. The Shipping List says:—“The market for domestic goods is stagnant, and it is difficult to make quotations reliably. There is a feeling of confidence preceptible, however, resulting from the more cheerful feeling in financial circles since the resumption of specie payments by the banks. The interior collections are represented to be better than could be expected under all circumstances, though there is room for improvement. There is some little movement in imported fancy goods, suitable for the holiday trade, otherwise foreign fabrics remain dull and irregular in price.” 23 Dec.

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29 December. New York. Shipping List:— There is no movement of moment in dry goods, and the market will probably remain in stagnant condition until after the holidays. Prices are irregular, and it is difficult to quote with much accuracy. Brown drills have been sold up pretty close, and are firm at 83/4 to 9 cents; but for sheetings, denims, osnaburgs, prints and print cloths, prices, in the absence of sales to any extent, are nominal. The mills generally continue to work short time, and the supply of goods is not so large, although at present fully equal to the demand. Foreign goods are equally as dull as domestic, and there is even a lull in the auction sales. The imports are light, but the stocks, in store and bond, are large. The jobbers report the collections in the interior more than usually good, and many who asked extensions, are anticipating their notes. The Mercantile Mutual Insurance Company of Philadelphia, heretofore regarded a first-class concern, made an assignment of Friday last. I have also to announce the suspension (temporarily, it is believed) of George M. Pinckard and Co. one of the largest cotton factorage houses in New Orleans. The event was caused by a cessation of remittances, and the utter impossibility of raising money, either at the bank or among their friends; for you must know that, although here money is dirt cheap, in New Orleans it is still quoted at from 11/2 to 3 per

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cent per month. The senior partner of the house, Mr. Pinckard, was also president of the Bank of New Orleans; but, since the difficulties alluded to above, he has resigned his position in the bank, in order that the claims of his house might receive his undivided attention. The cotton market here, and all through the south, is in an extremely depressed and unhealthy condition, and the losses already, as compared with the high rates of last season, count up by millions. Meanwhile, the accounts regarding the crop are becoming daily less hopeful, and some estimate the total as not over 2,600,000. From this the predictions run up to 3,000,000, which is a very favourite figure. An old planter in Mississippi makes an estimate of 2,500,000 to 2,800,000, and is confident that it will not exceed the latter. The government has ordered an immediate issue of treasury notes, to the amount of six millions of dollars, and the interest upon them has been fixed at 3 per cent. They are to be of the denominations of 100, 500, and 1,000 dollars. Notwithstanding the low rate of interest, there is already a demand for these notes; and the probability is, that the bulk of them will be absorbed for investment. The imports of the week just closed reached in amount 1,585,988 dollars, or about the same as during the corresponding week of last year. The exports for the same period were 1,222,760 dollars, against 1,378,000 dollars the corresponding week in 1856. The specie export during the week was large, reaching 2,676,295 dollars, or an increase over the same week last year of 2,412,502 dollars. The total specie shipments to Europe from this port and Boston during the present month (not counting that per Canada to-morrow) add up 10,000,000 dollars; while the amount of the new crop of cotton sent forward up to the present time reaches, in round figures, 21,000,000. The bulk of this (some 15,000,000 dollars) went to Great Britain, and the remainder to France and other portions of the continent. From Mr. W. P. Wright’s Circular, dated New York Tuesday, December 29, 1857:— The business in this city is once more almost at a complete stand; the export demand has ceased, the domestic consumers, who for a few weeks were purchasers to a moderate extent, have withdrawn, and to force sales, a decline upon the present quotations would have to be taken. The sales since the 22d inst. up to last evening amount to 1,500 bales, closing at quotations which show a decline of 3/4 c. to 1c. per lb. The clearances during the week have only been 287 bales to Bremen. Cotton in Transitu.—There is nothing doing, and holders have generally withdrawn from market. Some samples are already forwarded to Liverpool, and others go by this mail. Southern markets are all lower, with a fair amount of business in each, chiefly for France and the continent. Particulars are given elsewhere. By telegraph we learn that a further reduction at all points was submitted to after receipt of the

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Adriatic’s advices, and a still further decline took place upon the receipt of those per Persia. At the latest dates middlings were quoted as follows:—New Orleans, December 26th, 9c.; Mobile, December 28th, 83/4 c. to 87/8 c.; Savannah, December 28th, 93/4 c.; Charleston, December, 28th, 91/2 c. New Orleans, December 31, Evening.—The cotton market has been quiet to-day. The sales are restricted to 3,500 bales. The decrease in the receipts at all the southern ports, as compared with those at the same date last season is 423,000 bales. The stock on hand in this port amounts to 325,000 bales.

[72]

Crisis of 1857 (31 Dec.)

The events of the past twelve months have been far too important to be easily forgotten; but at the commencement of the new year, when our monetary and commercial prospects are brightening, it may be interesting to give a brief record of the course of affairs during 1857, which will form one of the most celebrated in the annals of British trade and finance. The pressure upon the Money Market, which continued up to the close of 1856, experienced little amelioration at the commencement of 1857, the Bank minimum of 6 per cent. being generally enforced for discount accommodation. Just at this period there was a partial run upon some of the Irish banks, and the renewal of shipments of specie to the Continent caused serious apprehensions with respect to future prospects. The expenditure caused by the disturbance with China and the continuance of the Persian war prevented any speedy recovery from the previously existing depression. In February, however, the Directors of the Bank of England found themselves in a more favourable position, and made advances upon stock and longdated bills at 6 per cent., until the time of the payment of the April dividends. This caused increased easiness in the Money Market, but the remittances of specie to the East, chiefly in silver, prevented any marked improvement. In March, the announcement of the liquidation of the affairs of the London and Eastern Banking Company caused some discussion in commercial circles, and there was no material improvement in the general features of monetary affairs. The rates for discount on the Continent presented little alteration with the exception of Hamburgh, in which city they gradually advanced to 51/2 per cent. owing to the continued large operations in silver. The decline in Consols, however did not exceed 3/8 to 1/8 per cent., and Exchequer Bills underwent scarcely any alteration. Foreign Securities were in rather active request, and both Turkish and Mexican Bonds exhibited considerable improvement. Railway Shares fluctuated to the extent of about £ 4 to £ 5 per share. Joint-stock Bank and other descriptions of shares were unfavourably influenced by the exposures connected with the Royal British Bank and the London and Eastern Banking Company. The increased pressure for money in April, consequent upon the restrictive measures adopted by the Bank of England, had a very prejudicial influence upon

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mercantile affairs. The arrivals of gold, however, from Australia were extensive, and amounted to nearly £ 1,250,000, only about £ 350,000 of which was purchased by the Bank, the remainder being all taken for France, not only to make up the deficiency in the coffers of the Bank there, but also to pay for the large amount of silver purchased for shipment to the East. At Hamburgh the rate of discount was maintained at 7 per cent.; in Paris the demand was active at 6 per cent.; in Amsterdam it remained at 4, and in Belgium at 31/2; in the English Stock Market, Consols declined about 11/2 per cent., but there was subsequently a reaction of about 1/2. The pressure for money still existed, and Exchequer Bills were seriously depressed, being at one time as low as 10s. discount. Foreign Stocks were also exceedingly dull, particularly Turkish Bonds, owing to the failure of the project for establishing a national bank. Railway Shares receded £ 3 to £ 4 per share, and in Joint-stock Bank and other Miscellaneous undertakings a further downward tendency prevailed. During May the demand for money was sufficiently active to prevent any reduction in the rates of discount. Silver continued to be remitted to India in large quantities, and gold to some extent was required to make the necessary purchases on the Continent. A few failures occurred, but none of any importance. The English Funds fluctuated about 11/2 per cent., but at the close of the month fully recovered to their highest point. The Chancellor of the Exchequer gave notice that the rate of interest on the June Exchequer Bills would be continued at the rate of 21/2 d. per diem, and this tended to strengthen the position of the unfunded debt. Foreign Securities and Railway Shares were heavy, and Joint-stock Bank Shares, owing to unfavourable reports respecting dividends, met with very little support. The general prospects of monetary and commercial affairs during the month of June were rather more cheering: the Bank Directors reduced the minimum rate of discount from 61/2 to 6 per cent., and it was announced that the Bank of France had also lowered their terms for the negotiation of approved commercial paper from 6 to 51/2 per cent, which naturally caused a rather buoyant feeling in the Money Market. The favourable accounts of the forthcoming crops, both in Great Britain and on the Continent, also considerably increased the general upward tendency in prices. The returns of the Banks of both England and France showed a satisfactory improvement. The rate of money, however, on the Stock Exchange was as high as 7 and 71/2 per cent. on English Securities, but it afterwards receded to about 6 per cent. At Paris the quotation was 51/2 to 6 per cent., and at Hamburgh 7 per cent. The imports of the precious metals during this month amounted to £ 4,387,000, and the exports to £ 5,330,000. The variations in the English Funds averaged about 3/4 per cent., but the transactions were not extensive. Foreign Securities and Railway Shares were generally inactive, the advance in the value of the latter having been about 30s. to £ 2 per share. Commercial and financial affairs during the month of July were more satisfactory; the large arrivals of gold, both from Australia and America, having enabled the Directors of the Bank of England to reduce the rate of discount to 51/2 per cent. The Bank of France also exhibited a disposition to give increased facilities to the trading community. These satisfactory measures, it was thought, would have assisted an

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upward movement in prices, but the mutiny in India being announced, great anxiety was evinced to ascertain the probable result of the outbreak upon the financial resources of the East India Company. This caused large speculative sales, and a fall took place in the English Funds of fully 1 per cent. Exchequer Bills from 1s premium fell to 10s. discount. Both the Foreign Funds and Railway Shares exhibited a downward movement, and in the East India lines the decline was fully 9 per cent. During August the mercantile community were kept in a feverish state of excitement by the advices from India, and business generally became inactive. There were large arrivals of gold from Australia and America, which caused considerable improvement in the position of the Bank of England. A more than usual number of failures, however, took place during this month, caused chiefly by over-speculation in the Provinces. High rates of discount prevailed on the Continent, and at Hamburgh, the current quotation was as high as 7 per cent. In the English Stock Market the decline at one time was as much as 13/4 per cent., but this was afterwards partly recovered owing to large purchases on the part of the public. Bank-Stock and Exchequer Bills manifested little variation; and in Foreign Securities there was a large speculative business transacted in one or two instances at a decline of about 2 to 3 per cent. on previously current rates. The Railway Share Market suffered to a serious extent, the results of the half-yearly meetings being in several instances of a very unsatisfactory character. In September the progress of events in India caused increased depression. The value of money, however, was well supported, and there was evidently no expectation of a decline. The efflux of specie to the Continent still continued on a large scale, and the rates of discount advanced both at Hamburgh and Berlin. Large remittances of the precious metals were received from Australia, but the drain to France and Hamburgh aroused some apprehension. In the United States considerable disturbance in the Money Market was occasioned, and the panic that prevailed prevented any shipments of specie to this side. Trade generally appeared to be unsound, and many firms could not stand against the high rates current for discount accommodation, the minimum rate of the Bank of England being 51/2 per cent. In the English Stock Market the decline was fully 1 per cent.; the advices from India continued to exercise a very unfavourable influence upon the prices of all speculative securities. Foreign Stocks and Railway Shares were also at reduced quotations, compared with those current at the commencement of the month. The state of financial and commercial affairs during the month of October was considerably influenced by the advance in the Bank rate of discount from 51/2 to 8 per cent. The American crisis, the suspension of banks, and the failures of some of the most extensive firms, both in London and the provinces, caused great stringency in the Money Market, while the raising of a large sum for the East India Company tended still further to increase the pressure. Shipments of gold were made to the United States to the extent of about £ 750,000, and to the East Indies and China fully £ 1,000,000 was despatched. The Continental rates of money were high, and the Bank of England minimum

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was 8 per cent. In the English Securities the variations were about 33/4 per cent., but the actual fall did not exceed 11/2 per cent. Exchequer Bills were at a heavy discount, viz., 15s. to 10s., and India Bonds were as low as 40s. discount. In Foreign Stocks there was a general decline of about 2 per cent., in which Railway, Joint-stock Bank and other Miscellaneous undertakings fully participated. At the commencement of November increased depression was apparent in the Money Market; the failures of several large mercantile firms connected with London, Liverpool, Glasgow, and Australia, the suspension of the Western Bank of Scotland and the City of Glasgow Bank caused considerable commotion in mercantile circles. The Bank of England raised the rate of discount from 8 to 9 and 10 per cent., which added to the general panic feeling. Failure after failure then rapidly followed, and nearly the whole of the mercantile firms connected with the North of Europe trade were brought to a stand. At the same time the state of affairs on the Continent, and especially at Hamburgh, was exceedingly critical. Commercial credit was shaken to its very foundation, and was only supported by the respective Governments coming forward with seasonable relief. A steady restoration of confidence, however, was in some measure experienced in London upon the issue of the Treasury Letter; still, depression was the characteristic feature in all descriptions of speculative business. At the commencement of December there was still universal gloom in the general Money Market; further failures occurred both in London and the provinces, and the Bank rate for discount still continued at 10 per cent., notwithstanding the large arrivals of specie from Australia, the West Indies, and America. Failures, however, had not terminated; and it was not until the 24th inst. the announcement was made that the minimum rate of discount charged by the Bank of England was reduced to 8 per cent., and that the privileges granted by the Treasury Letter of the 12th November were no longer acted upon. This measure caused general satisfaction, and was regarded as the commencement of a new order of things, and indicated that the progress of affairs hence forward would be more satisfactory. The resumption of business of one or two leading mercantile firms who had unfortunately suspended during the panic has also caused increased confidence in monetary and commercial circles. The incidents associated with the financial and commercial crisis, from which we are only now recovering, furnish an instructive lesson to the mercantile public, and it is sincerely desired that whenever a revival in business takes place, the evils which have jeopardised and prostrated the trade of the country will be studiously avoided. The injury inflicted, however, is fortunately not of a permanent character, and there is reason to hope that, in the course of a few months, not only will the effects of the late disorganisation be removed, but that a new career of activity and prosperity will have been initiated. An impression prevailed in some quarters that the directors of the Bank of England, at their parlour meeting this afternoon, would lower the terms of discount to 7 or 6 per cent., but, after a brief discussion, they separated without announcing any change. Although the improvement in the bullion and the reserve of notes may

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have made further progress, and the other securities may be smaller, it was imagined, by those better acquainted with the actual state of things, that the reduction would be postponed until the first week in January, when the payment of the dividends will have commenced. As soon as they are distributed, increased relief will, undoubtedly be experienced, and a rapid decline in the official terms is then considered probable.

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Daily Telegraph ˙˙˙ ˙ [73] [Import and Consumption of Wool] The Supply and Consumption of wool. One of the great sources of loss which have attended former periods of commercial pressure has been the large accumulation of the stocks of foreign products in our warehouses, the consequence of extensive and improvident importations, stimulated by high prices, and the necessary reaction which took place at such times. In one respect, it is fortunate for our manufacturing classes that this cannot be said at the present time of any of the chief raw materials in which they are interested, if we except the single one of silk. Of that important article the quantity imported in the present year is no less than 7,755,000 lbs, whereas in the same period of 1856 it was only 4,573,000 lbs, the excess consisting in round figures of about 2,500,000 lbs of China and 500,000 lbs of East India and Egyptian silk. Of cotton the imports are about 900,000 cwts less than last year, and the smallness of the stocks of this article, which till lately were the subject of so much inconvenience and complaint, will probably turn out to be rather a fortunate circumstance than otherwise. Of sheep’s wool the importations of the year show a slight excess over those of last year, but a closer examination of the subject will show that the supply for home consumption has actually been considerably less. The importations have been in the first nine months of the two years as follows:— Wool—Sheep and Lambs’. 1856. lbs From Hanse Towns and other parts of Europe 16,375,076 British possessions in South Africa 7,826,596 British East Indies 9,341,564 Australia 44,956,362 Other countries 6,026,583 Total 84,526,181

1857. lbs 19,626,352 8,720,644 12,094,986 42,237,470 7,978,012 90,657,464

According to this table, there has been an increase in the quantity of wool imported of about 6,000,000 lbs, composed chiefly of continental and East India wool in about equal proportions. If, however, we turn to the quantities of these wools re-exported, we shall find that the quantity in the present year is in excess of that of 1856 by nearly 10,000,000 lbs. These exports compare for the nine months as follows:—

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Wool—Sheep and Lambs’. 1856. lbs Of British Possessions—To Hanse Towns 2,535,413 Belgium 4,299,502 France 5,699,186 Other countries 1,899,858 Foreign—To Hanse Towns 399,530 Belgium 990,432 France 3,716,527 Other countries 416,856 Total 19,957,304

1857. lbs 2,917,507 6,383,009 11,834,609 3,933,662 410,918 543,260 1,283,453 2,323,369 29,629,787

But the most remarkable feature in these returns is the large proportion of our colonial wools which are now taken from this country to be used abroad. It will be seen from the above tables that from our different foreign possessions, including India, Australia, and the Cape, the quantity of wool imported in the first nine months of the present year was in round figures 63,000,000 lbs, while the quantity exported to the Continent was 25,000,000 lbs, or two-fifths of the whole, France alone taking nearly one half of the quantity. But not only has this large increase taken place in the quantity of foreign wools exported, but a further increase has taken place in the demand for English wools, the exports of which for the nine months have been as follows:— Wool—Sheep and Lambs’. 1856. lbs To Hanse Towns 714,166 Holland 245,496 Belgium 609,453 France 9,928,130 Other countries 41,956 Total 11,539,201

1857. lbs 637,279 434,928 1,118,871 10,332,535 968,773 13,492,386

If, then, we take into account the additional quantities exported of all descriptions, we arrive at the conclusion, that in place of an increase in the home supply, as appears at first sight by the table of imports, of about 6,000,000 lbs, there has been an actual reduction by about that quantity. But to embrace a longer period of comparison,—the total imports and exports of wools in the first nine months of each of the last five years have been as follows.— Year. 1853 1854 1855 1856 1857

Foreign. lbs 37,586,199 27,006,173 17,293,842 22,377,714 27,604,364

Imports. Colonial. lbs 46,277,276 50,187,692 53,896,173 62,148,467 63,053,100

Total. lbs 83,863,475 77,193,865 71,190,015 84,526,181 90,657,464

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Year. 1853 1854 1855 1856 1857

Foreign. lbs 2,480,410 5,993,366 8,860,904 5,523,345 4,561,000

Exports. Colonial. lbs 5,343,166 13,117,102 12,948,561 14,433,958 25,068,787

Total. lbs 7,723,576 19,110,468 21,809,465 19,957,303 29,629,787

The quantities of foreign and colonial wools retained for home consumption has therefore been in these years— 1853 1854 1855 1856 1857

lbs 76,139,899 58,083,397 49,380,550 64,568,878 61,127,677

But here again, in order to arrive at a correct conclusion as to the comparative quantities actually available for consumption in this country, we must take into account the quantities of home-grown wool exported, which during the same periods have been as follows:— 1853 1854 1855 1856 1857

lbs 4,755,443 9,477,396 13,592,756 11,539,201 13,492,386

If, then, we deduct from the quantities of foreign wools imported into this country, first the quantities re-exported, and next the quantities of English wools exported, we shall arrive at an accurate measure of the extent to which the home production of wools has been aided for the consumption of the British manufacturer by the quantities imported. By that process we arrive at the following figures, showing the quantities of foreign wools retained for home consump-

tion in addition to our own growth, after deducting the quantities of both exported: lbs 1853 71,284,456 ’54 47,606,001 ’55 35,787,794 ’56 53,029,677 ’57 47,635,291 This brings to light the remarkable fact that while we have been congratulating ourselves on a steady and rapid increase in the supply of wool from our own colonies, the portion left available for home-consumption has greatly diminished. The import of colonial wool, as will be seen by

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the table above, have increased from 46,277,276 lbs in the first 9 months of 1853, to 63,053,100 lbs in the same period of 1857; while the total imports of all kinds have increased in the same period from 83,863,475 lbs to 90,657,464: but such in the meantime has been the increase of demand for the Continent, that, deducting the foreign and colonial wools ˙˙ ˙ ˙ ˙ ˙˙˙ only which have been exported, the quantities retained for ˙home-consumption have diminished in the 5 years from 76,139,899 lbs in 1853, to 61,127,677 lbs in 1857; and taking into account the quantities of homegrown wools exported, the reduction has been from 71,284,456 lbs in 1853, to 47,635,291 lbs in 1857. The great and increasing scarcity of this important raw material has, for some time past, been a matter of anxiety and embarrassments to those engaged in trade. The true reason lies in the rapid development of the woollen trade abroad, and particularly in France, without however in any way interfering with that of this country, except by entering into so effective a competition with the English manu˙˙ ˙ facturers for the raw material. (Econ. 9 Nov. 1857)

[74] [The recent crisis]

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Liverpool Commercial Opinions upon the Recent Crisis.—The following are extracts from the annual circular of Messrs. T. and H. Littledale, of Liverpool, issued yesterday:—The old cry of overtrading of course comes in for a large share of the blame,—yet this overtrading has not been on the part of the legitimate merchant, but by the classes just described, who, having everything to win and nothing to lose, almost drove the honest trader out of the market. The importer, taking as his guide the simple principle of supply and demand, saw during the last two years that such was the eagerness of buyers of all descriptions of produce, that nearly everything was sold to “arrive”, weeks and even months before the vessels were due, a vicious system no doubt, yet the demand for consumption seemed to justify it, and stocks of all kinds gradually diminished, till at the very time the panic began, they were lighter than at any period for years past—not in one article alone, but in all the leading imports—and though prices were high and felt to be dangerously so, by many prudent men,—yet the deliveries for consumption went on unchecked, and thereby deceived the most cautious. A worse evil than overtrading, we fear, has been overliving and overspending, by which the gold of the country has been abstracted, and a false appearance of prosperity created. The monthly returns of exports, increasing at a ratio hitherto unknown, were also put forth, and commented upon by the press, as the surest signs of the country’s progress; whilst two other fallacies were freely indulged in to account for and fully to justify this glorious state of things—the one that the discovery of the gold-fields of Austra-

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lia and California, like that of Mexico in former days, had completely changed the relative value of all commodities, and that a much higher range of prices would permanently rule,—the other that the consumption of all leading articles had overtaken the production, and that consequently present prices were fully justified. We do not advance these arguments to show that there has been no overtrading, but to show how the legitimate merchant has been deceived by the false state into which the country had been raised by the enormous amount of forged bills, and accommodation paper kept afloat without one penny of real property to represent them. The decline on produce has been greater than in 1847, simply from the fact or the range being much higher; the average decline will be about 30 per cent. Stocks are not heavy, notwithstanding the almost total suspension of buying for several weeks, nor is the quantity at sea large. The trade generally hold light stocks, as already evinced by their eager buying at the immediate turn of the year. Under these circumstances it is only reasonable to expect a steady revival both in prices and in the extent of business.

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Bank Deposits. The business of banking, as it is practised in different countries, varies very essentially. In this country, however, it is divided into two parts:—First, issuing notes; second, holding deposits. Whether regarded in the light of benefit to the public, profit to the banks, or its general advantage to the commerce of the country, the former branch of business—issuing notes—is by far the least important. The whole of the profit which any country can derive from the issue of notes, is the interest of the coin and the saving of its wear, which is thus economised, and which in the United Kingdom cannot be put at much more than one million a year. Beyond the profit, there is no doubt a great convenience in the use of bank notes as compared with coin. But the great means not only of economising currency, but also of utilising the spare capital of the country and rendering it available for profitable objects, is through the medium of the deposit business of banks, and the extensive facilities which it offers for effecting payments and adjusting claims, by mere transfers from one account to another. It is this branch of business which is by far the most profitable to banks and infinitely most important to the public at large. The bank notes in circulation in the United Kingdom may be put down at 38,000,000l:—the amount of deposits in banks we have no means of ascertaining:—but we know that the few London joint stock banks, the Bank of England, and the Scotch banks, hold deposits to an amount considerably exceeding 100,000,000l; and if we make a fair allowance for the London banks (other than the joint stock), for the country banks in England (joint stock and private), and for all the banking institutions in Ireland, we shall certainly not overstate the amount of bank deposits in the United Kingdom if we put them down at 300,000,000l. But whatever be the nature of the obligations of banks, whether consisting of notes or of deposits, there is this

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striking distinction between them and the obligations of all other traders, that they are, as a general rule, and indeed necessarily so from their very nature, all payable on demand,—instead of in certain ascertained proportions at future dates, as are the liabilities of merchants. The universal condition upon which bank notes are received, is, that they shall be exchanged for coin on demand;—the general and usual condition upon which money is deposited in banks is, that it shall be forthcoming whenever required. But these are conditions differing essentially from those upon which credit is given in any other branch of trade, and which impose upon bankers distinct and separate rules as to the use they make of the confidence thus reposed in them, as compared with any other class of traders, in order that they may be at all times in a condition to comply with the terms upon which their obligations are incurred. But it is clear that if this duty were strictly interpreted, a banker would have no means of making a profit by his business nor would the public derive the legitimate advantage which they may fairly look for from the accumulated balances in the hands of bankers. Experience has, however, shown that, by the observance of certain rules, a fair profit may be obtained by the banker, and a reasonable advantage by the public, without incurring any undue risk on the part of the former. With regard to notes in circulation, the rule is simple and easy. The amount in the hands of the public is habitually reduced to the smallest sum required for the ordinary wants of the country, and varies extremely little from time to time, and what variations take place, are generally governed by well-known and periodical causes. Even in times of panic, when banks may be most pressed in relation to their general liabilities, the circulation of notes rather increases than diminishes. It is not difficult, therefore, for a banker to determine what amount of reserve of coin it is needful to retain in order to meet any probable demand upon him in respect to his note issues. But it is with regard to the larger and more important part of his liabilities, which consist of deposits, that the real difficulty of banking arises; and especially in the form which they have assumed of late. And it is, therefore, to this branch that we propose to direct our observations. In the first place, no one can doubt that one of the greatest and most important inventions of civilised and organised society is the institution of banks, by which the great portion of the spare capital of the country is brought together from fragmentary and idle hoards into accumulated stores, and made available for the maintenance of labour and the creation of new wealth. A well-regulated banking system may fairly be called the most profitable machine which ever ministered to the promotion of every advantage which man derives from the creation of wealth. The legitimate and original practice of banks in relation to deposits, but which of late has acquired considerable extension, was to receive in deposit from day to day the surplus monies in the hands of their customers, and to lend as much of the accumulated sum in their hands to other customers, as prudence permitted, considering the condition upon which they held it;—and investing other portions in such interest-bearing Government securities, as form-

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ed a good reserve in the case of any unusual demand. By this means the whole community derived benefit—the lenders as well as the borrowers; for those who were the lenders at one time were the borrowers at another. The effect was practically an immense addition to the capital of the country for all useful purposes. So long as the deposits of a banker consisted only of such balances, they were, as a whole, subject to but little variation; and they were, therefore, comparatively easily managed. But in the course of time a great development took place in the practice of banking. What was found to be beneficial to individual communities and districts, was found to be equally beneficial to the entire country, taken as one whole. As in particular localities the small balances of individual persons formed a fund applicable to the trade of the district, which would otherwise have been idle, so it was soon found that the balances not required in some districts might be usefully accumulated into a larger general fund, and made applicable to other districts where capital was more required and was more valuable. In the rural districts the deposits of bankers accumulated more rapidly than the demand for capital. In order to use them profitably, the bankers entrusted them to bill brokers or money dealers in London, who became the medium through which they were brought into profitable use in the manufacturing, mining, and mercantile districts. What the bankers were in each district,—borrowers from one class of customers and lenders to another,—the bill brokers or money dealers in London became to the bankers themselves, borrowers from those in rural districts where capital was not so much required, and lenders to those in commercial districts where capital was more required. To some extent the London bankers acted in a similar capacity. But as they allowed no interest upon deposits, the sums placed in their hands were usually limited to what it was thought necessary by country bankers to keep at their command in London for ordinary purposes. The practice, however, introduced of late years, by which joint stock banks have allowed interest upon deposits, at a rate always one per cent. below the Bank rate for the time being, has entirely changed the character of their business. Their deposits no longer consist merely of the unused balances of their customers in London and their correspondents in the country from day to day, but they include enourmous sums of money placed in their hands by way of investment by the public, and also the reserves of country bankers, on which they rely for meeting any unusual or accidental demand upon them. In point of fact, they have joined to the ordinary business of a banker, what was before the business of the bill broker—receiving money “at call” and bearing interest,—the only difference being that in the case of the bill broker, bills are given for money deposited to be held as a collateral security for its return when required, while in the case of the joint stock bank, the depositor relies only upon the credit of the bank and the unlimited liability of the shareholders. [75] What we wish to direct special attention to, is the wide difference in the character of these two classes of deposits,—viz., first, those which may fairly be termed ordinary trade deposits; and second, those which come more properly

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under the definition of investments, more or less permanent, for the sake of the interest obtained, and money “at call”, being the reserve of bankers and others having large sums to pay at uncertain and undefined times. It is quite plain that the character and incidents of these two classes of deposits in the hands of a banker are entirely different. The ordinary deposits in a bank, whether those of private persons or of ordinary traders, are determined by rules which do not lead to much fluctuation in their amount from time to time. In the one case,

the depositor keeps only such a sum as he is likely to require for his ordinary expenditure; whatever he has over and above, he invests in some interest-bearing security; and he keeps up his account from time to time from the various sources of his income to such an amount as he reasonably expects to require for current expenditure. So in like manner, but upon a larger scale, in the case of traders: they know and determine what amount, as a rule, it is necessary to keep with their bankers; and with a variation so slight that upon a number of accounts it is an insignificant sum, they retain that amount. The aggregate amount of these 2 classes of deposits not likely to be materially affected by a crisis that does not bring the bank into discredit. Anders m. der new description of deposits or ˙˙ “money at call”. 1) sums larger, of more importance to their owners, likely, therefore, to take alarm and demand repayment at the first approach of a crisis. Dann 2) sums of money placed in deposit for the sake of interest, not required for current expenditure or the daily wants of a business are, as soon as a fall takes place in public securities, withdrawn for the purpose of making a purchase at the favourable moment of a crisis. 3) they may form the reserves upon which country bankers rely for meeting any unusual demands upon them, daher had recourse to exactly at critical moments. These u. other inducements to withdraw deposits of this character from a bank during a crisis which do not apply in an appreciable degree to deposits in the ordinary sense. — With regard to deposits generally, a bank can only secure itself in one of 2 ways: 1) it may retain so large a portion of its deposits as an unemployed reserve as to make itself under any circumstances secure. This first plan deprives the banker of the means of paying interest to the depositor—upon deposits which, being payable on demand, ought to be secured by a large unemployed reserve; 2) the bank may require such a notice for the repayment of deposits, as to enable it to realise without great loss the securities in which they are invested, or allow the maturity of current bills of exchange. This plan deprives the depositor of the command of his money at the moment he requires it. Aber wenn der banker allows interest, in order ˙ ˙ deposits nearly, if not quite, to to pay it, he must necessarily employ such their full amount, kann sie also nicht zahlen on demand. Einige banks

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haben daher adopted the following plan: The customer of a bank has 2 accounts: one, a drawing account, upon which he operates from day to day, and with regard to which the amount standing at it, is always payable on demand, but upon which he receives no interest; and another, a deposit account, upon which he receives interest, but which he cannot draw upon without a notice agreed upon. One account can, however, always be made to aid the other, but only in accordance with the terms named. Money may be transferred from the drawing to the deposit account at any time, but from the deposit to the drawing account only by giving the required notice. An arrangement of this nature is equally advantageous to the public and to the banker. If interest is allowed upon all accounts without discrimination, then it must either be at a much lower rate, or the bank must be placed in great jeopardy in the event of a panic, and must be compelled suddenly to withhold the ordinary accommodation to its customers:—if, on the other hand, a bank allows no interest upon deposits payable on demand, their amount will always be kept at the lowest point that the usual wants of its customers require, and in the event of a panic will lead to no sensible demand upon it, while the interest allowed upon deposits placed under reasonable notice will be larger, and the absence of sudden pressure on the bank during a crisis will enable it to continue to its customers the ordinary facilities, and thus prevent the very common aggravation of periods of panic and alarm. There is no doubt that the passion on the part of joint stock banks for paying large dividends has led, in many instances, to a total disregard of all those obvious distinctions and the means of meeting them:—has induced them in too many instances to offer interest on current deposits payable on demand, which they could not pay without sacrificing the reserve necessary to protect such obligations, and has induced them to accept large amounts of deposits at large rates of interest, payable “at call”, and which interest they could only pay by employing them up to the last shilling, and too frequently in doubtful securities. No doubt, deposits of any kind will not be offered to banks, unless the public have the money to spare and require on investment in some way or other:—money, too, which, if it did not find means of ready employment through some channel at home, would find its way into some foreign speculation of a doubtful and dangerous character. We cannot, therefore, join those who appear to consider it a fault in banking that the deposits should be of a large amount. On the contrary, it only shows how such banks accomplish their legitimate object of collecting in aggregate masses the spare capital of one class in order to make it useful to another and profitable to all; but it is absolutely necessary that it should be clearly recognised as a first principle in our extended banking, that, with regard to deposits payable “at call”, so large a reserve should be held, as to render it quite incompatible with safe banking to pay interest on such deposits:—and that with regard to deposits upon which interest is paid, it is necessary to employ so large a portion of them to enable the banker to pay it, that it is equally incompatible with safe banking to undertake to repay such deposits “at call” or without such fair notice as may be agreed upon.

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The recent crisis. Econ. 22 Jan. ’58

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in consequence of the completeness of our banking system of book-credits and cheques, the store in the vaults of the Bank of England is the only great hoard of bullion on which any drain of gold from England can primarily take effect. So complete is the credit system of the English banks, assisted by the clearinghouse, that no bank finds it necessary to keep a considerable public reserve except the Bank of England, which, in fact, keeps a reserve not only for itself, but for all the others too. When, then, from causes quite independent of “circulation” a drain on this bullion reserve commences, the credit system of all the banks in the country begins to be affected. The cheque and book-credit system is only adequate in good times. When banks fail, neither bankers nor customers like to trust entirely to book-credits; transactions require much more ready money,—or at least Bank of England notes,—than usual. An entry in a book may satisfy in ordinary times, but not in times of panic. And Sir Robert Peel’s Bill, which just at this very moment steps in and limits the issue of notes, so as to alarm depositors without giving any real safety to the note-holders, of course very much aggravates the excitement of the crisis.

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Australia.

Australia et Colonies The Colony of Victoria. (From the Melbourne Argus, Nov. 16.) In availing ourselves of the departure of the City of Sydney as the mail ship for November, we regret that we must begin our summary of the history of the past month by chronicling the existence of a general and widely-spread dissatisfaction with the postal service as now conducted. While the commercial aspect of the colony is clouded by the recklessness which has continued throughout the year to characterise the mercantile relations of home shippers with this colony, it is well that we can point to our gold-fields as evidences of our material prosperity. The vessel that will convey this to Suez will take a parcel of gold that will complete the quantity of 100 tons of that metal shipped during the current year. From all the gold-producing districts the yield has been well maintained, and the escort returns are still in excess of those of the year 1856. The district around Mount Ararat, the most westward and the newest goldfield, is extending its lines daily, and a field for the employment of mining labour and enterprise as extensive as the far-famed and still flourishing Bendigo is being opened up. From thence to Beechworth the reports are alike. “The yield

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is steadily maintained, and the population is employed.” Instances of individual success have not been wanting this month. A nugget of solid gold 2 ft. 4 in. in length by 10 in. at its widest point, and weighing 1,743 oz. 13 dwts. or 146 lb. has been brought down from Kingower by four men, named Robert and James Ambrose and Samuel and Charles Napier. The treasure was discovered in 13 feet sinking embedded in sand. It is perfectly free from extraneous matter. The lucky owners have been above four years engaged in gold-digging, during which they have acquired a competence for life, irrespective of this their last and best hole. The necessity for the economising of labour by the establishment of a Prospecting Association is being discussed in public meeting and through the press at the Ovens, the most eastern gold-field, and at Ararat, the newest and most western. The miners of Snake Valley, in the former district, have reduced the idea to practice. A small body of practical miners, well appointed and provisioned at the joint expense of the storekeepers and miners, have been despatched to thoroughly prospect Bowman’s Forest. This kind of enterprise has extended to Melbourne, and parties, properly equipped, have been despatched to test certain localities by storekeepers, whose sole advantage is the certain profit arising from the trade which they will secure by being first on the spot, when such localities are known to be auriferous. The departures of treasure-ships since our last summary have been as follow:— Date of sailing. Oct. 15 Oct. 24 Oct. 28 Oct. 31 Nov. 5

Ships. Simla Marco Polo Northumberland Gellert City of Palaces

Destination. Suez Liverpool London Hong Kong Hong Kong

Ounces. 70,875 73,704 46,881 13,105 7,040

The number of assisted and unassisted immigrants arriving during the last few days has been very great, and we much fear that many of those who depend on immediate employment will be disappointed. Although shearing commenced two months since, and the farmers are now beginning to cut their hay, there is absolutely no inquiry in Melbourne for men capable of performing these descriptions of work, which usually require all the spare hands available at this season. It appears that the extra labour required can be obtained up the country, without employers being necessitated to come to town; and this is a feature in the case which renders it improbable that the services of all these new arrivals will be quickly called into requisition. This is the time of year when, from the abundance of water, as compared with the summer and autumn, labour is most in request on the gold-fields; and if the superfluous labour is now sufficient to meet the wants of the settlers and farmers, it may be considered that there are already hands enough in the interior to perform all the extra work of harvest; for, as the supply of water on many of the gold fields will soon be exhausted—at least, so far as to put a stop to the working of the puddling machines and sluicing operations, on which much of the hired labour is engaged at the dig-

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gings—the number of men seeking other employment will increase as the summer advances, and be quite sufficient to gather in the corn as it ripens. For some weeks past the government has been sending many of the unemployed men from Melbourne to work on the roads up the country until they can obtain engagements in private service, and these draughts have helped to furnish the extra number of hands needed to meet the requirements of the spring; but the numbers thus sent up are not sufficient to account for the total absence of the demand that usually exists in Melbourne at this season for the services of all men capable of shearing or mowing, or for aiding effectually in those operations. There has lately been no inquiry worthy of mention, except for a few grooms and coachmen, gardeners, or men and boys willing to make themselves useful about a house near town. Now that the preliminary measures have passed, a portion of the railway works will soon be commenced; but, as far as can be judged at present, these will not afford employment for so many men as there was at one time reason to expect they would. The amount of money available in the first instance will not allow of the works being commenced on that scale which the colony would be justified in adopting were it certain that the funds necessary for their completion could be readily obtained. Nor is there any certainty that even the moderate amount of work that we can offer in the first instance will be continued for more than a twelvemonth without interruption. This will depend on the favour with which our railway scheme is entertained in England. Our powers of absorbing labour have been overtaxed of late, and until the land and railway questions are satisfactorily and permanently settled we cannot pretend to offer ready employment to such numbers of people as have flocked hither within the last few months. Those who may think of coming to Australia, and have friends and relatives here, will, of course, be guided by their representations; but all without these sources of trustworthy information should for a time be very cautious in their movements. Any such who may determine on emigrating to Victoria, dependent solely on hired services, should time their departure from home so as to arrive here between the months of September and February inclusive. Thus no one without friends to receive him, or independent means of his own, should leave England for this colony during the five or six months that will elapse after the receipt of this intelligence, by the end of which period we trust that our principal difficulties will be overcome, and that all doubts as to the steadiness and rapidity of our industrial progress will be removed. During the past month no event of especial importance to the agricultural interest has occurred. There has been a downward tendency in the prices of most articles of produce, but this more nearly affects importers than our own farmers, who had mostly disposed of last season’s crops before the fall in prices commenced. We are now on the eve of what promises to be an abundant harvest, and there is no fear this year of any of the corn being lost for want of hands to gather it.

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[79] Brazils.

[Brazils] 15 De- Commercial letters from Rio, dated the 15th ult., furnish some interesting details cember. in reference to the coffee crop. We are informed that an average yield of Rio.

2,300,000 to 2,500,000 bags will be obtained, but in all probability it will come late to market, the bulk of the crop being the result of the third blossom. Comparative statement of exports from Rio from 1st July to November:—

For Europe U.S. and California Total

1857. bags 511,800 380,800 892,600

1856. bags 463,200 527,800 991,000

1855. bags 431,900 578,400 1,010,300

1854. bags 521,300 392,800 914,100

Bahia, Dec. 21, 1857. Sugar—Supplies of the new crop have been very scarce from the interior, and we get every day more convinced that the present crop will be a very late and small one; from the Cotinquiba River we have not yet had any supplies of new sugars, and we cannot expect them before the end of next month. Previously to the arrival of this steamer from Europe, a cargo of good old brown sugars in cases and bags has been bought at 2,550 to 2,600rs per arrobe; since then some parcels of regular good new brown sugars in bags found purchasers at 2,400 to 2,450rs, and at 2,100rs for low browns; afterwards exporters were only offering 2,000rs per arrobe for regular browns, but as holders asked higher prices, no transactions took place at this rate. In white sugars nothing has been done, and neither in browns since the arrival of the Petropolis steamer; we therefore quote prices entirely nominal:—2,000 to 2,400rs for browns, and 2,800 to 3,200rs for whites, at which prices, and exchange 24d. they stand in 16s 43/4 d to 19s 63/4 d, and 22s 83/4 d to 25s 101/2 d per cwt, free on board, freight excluded. Stock on 15th inst., about 3,870 tons, against 3,700 tons on the 15th December, 1856. Cocoa—Regular supplies have come to town, and prices declined to 6,000rs to 6,400rs per arrobe. Stock on 18th inst., 385 bags. Exchange fluctuated for this conveyance from 261/2 d to 241/2 d, 90 days’ sight, and even about 4,000l, 90 days’ sight, have been passed at 24d. The bulk of transactions has been done at 251/2 d to 25d, about 5,000l at 243/4 d, and perhaps 10,000l at 241/2 d. –––––––––– (From Messrs C. J. Astley and Co.’s Circular, forwarded by Mr Engelhardt.) Pernambuco, Dec. 21, 1857. Since the date of our last, this market has undergone a series of most violent fluctuations both in produce and exchange, but especially the latter, consequent upon the successive bad accounts brought by the mail steamers. Shipments are still going on, on a good scale, both to the Plate, Valparaiso, and Portugal, or we should have seen a further reduction in prices. The entry continues on a fair scale, and would have been larger, but planters are for the most part claying

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their sugars, which keeps them back, and also of course diminishes very materially the supply of browns.

[80] Alexandria.

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Cottonexports from Alexandria: 1855 bales To England. 114,909 France. 32,288 Austria. 95,594 Total 142,791

1856 bales. 107,915 36,411 35,353 179,679

1857. bales. 69,381 18,550 18,267 106,198

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Apparat

Verzeichnis der Abkürzungen, Siglen und Zeichen 1. Abkürzungen im Edierten Text

a. Geographische Bezeichnungen Amer.

American

B. A.

Buenos Aires

B. P.

British Possessions

Can.

Canadian

Eng., Engl., Engld.

England, English

F. a. M.

Frankfurt am Main

Gr. Br.

Great Britain

Lond.

London

Lvpl.

Liverpool

M. Vid.

Monte Video

Madr.

Madrid

Marss.

Marseilles

N. Brunswick

New Brunswick

N. S. Wales

New South Wales

505

Verzeichnis der Abkürzungen, Siglen und Zeichen

Petersb., Ptrsbg.

Petersburg

R. Grande

Rio Grande

Rio Jan.

Rio de Janeiro, Rio Janeiro

Rotterd.

Rotterdam

S. America

South America

S. Australian

South Australia

S. Coast

South Coast

U. St., Unit. St.

United States

Un. Kingd., U. Kingd.

United Kingdom

V. D. Land

Van Diemen’s Land

Waterf.

Waterford

WI

West Indies

b. Institutionen B. o. E., B. o. Engl.

Bank of England

B. o. F., B. o. Fr.

Bank of France

Cred. Fonc.

Cre´dit Foncier

Cred. Mob.

Cre´dit Mobilier

Gov.

Government

Gt Western of Canada

Great Western of Canada

Western & Nth – Wtn of France

Western & North – Western of France

c. Zeitungen und Zeitschriften D. T., Dail. Telegr.

The Daily Telegraph

Econ., Econom.

The Economist

M. G.

The Manchester Guardian

M. St.

The Morning Star

St.

The Standard

W. Dispatch.

The Weekly Dispatch

506

Verzeichnis der Abkürzungen, Siglen und Zeichen

d. Sonstige B. P. B.

Bank Post Bills

bar.

barometer

bd

bundle

bull.

bullion

bx

box

ch, cht

chest

circ., circul.

circulation

cks

casks

com.

common

crys

crystallised

d. d.

de dato

de., dec., decr.

decrease

dep., depos.

deposits

dis.

discount

div.

dividend

do

ditto

dp

duty paid

ds

days

dy

duty

exc., exclus.

excluding, exclusive

Fleeces So. Down hogs

Fleeces South Down hogs

for.

foreign

For. Pts., F. P.

Foreign Ports

gd.

good

in bnd

in bond

inc., incr.

increase

incl.

including

jun.

junior

mid.

middling

mid. up.

middling uplands

507

Verzeichnis der Abkürzungen, Siglen und Zeichen

mus

muscovado

nom.

nominal

OP

overproof

ord.

ordinary

p tc

per tierce

p, pm, prem

premium

P. Y. C.

Petersburg yellow candle, pale yellow candle

pf

proof

priv.

private

pub.

public

ra. str.

rather strong

S Dwn ewes & wths

South Down ewes and wethers

sec., secur., securit.

securities

st

sight

str. bk. lf.

strong black leaf

Wethr mat

wether mature

YC, Y. C.

yellow candle

yel

yellow

2. Münzen, Währungen, Maße und Gewichte brl, brls

barrel(s)

c.

cent(s) bzw. centime(s)

Ctr.

Centner

cwt, cwts

hundredweight(s)

d.

pence

dol, dols

dollar(s)

doz.

dozen

dwt, dwts

denarius weight(s)

fl.

florin(s)

fr., frs., fc., fcs, f.

franc(s)

508

Verzeichnis der Abkürzungen, Siglen und Zeichen

ft

feet

gal

gallon

hhd, hhds

hogshead(s)

in.

inch(s)

k.

kreuzer

L. St., l.

pound sterling

lb, lbs

pound(s)

mill., m.

million

Mc Bc, Mc Bco, Mcb, Mk Bco

Mark Banco

Ntto Ctr, Nt Ctr

Netto Centner

p. c., P. C.

per cent

p. cwt.

per cwt.

p. lb.

per lb.

p. oz.

per ounce

pkgs

pakages

qr, qrs

quarter(s)

r, rs

real(s), ruble(s) bzw. rupee(s)

s., sh., shil.

shilling

Th.

Thaler

yds

yards

3. Abkürzungen im Apparat Grundrisse

Karl Marx: Grundrisse der Kritik der politischen Ökonomie (MEGA➁ II/1)

IISG

Internationales Institut für Sozialgeschichte Amsterdam.

MEGA➁

Karl Marx, Friedrich Engels: Gesamtausgabe (MEGA). Berlin 1975ff.

NAC

The New American Cyclopædia

Notizbuch 1857–1861

Notizbuch aus den Jahren 1857–1861. In: RGASPI. Sign. f. 1. op. 1. d. 5868.

509

Verzeichnis der Abkürzungen, Siglen und Zeichen

Notizbuch 1858–1860

Notizbuch aus den Jahren 1858–1860. In: RGASPI. Sign. f. 1. op. 1. d. 1102.

NYDT

New-York Daily Tribune

RGASPI

Российский государственный архив социальнополитической истории (Rußländisches Staatliches Archiv für Sozial- und Politikgeschichte Moskau).

4. Diakritische Zeichen und Siglen []

Redaktionelle Ergänzung Beginn bzw. Ende einer unpaginierten Seite der Textgrundlage

1

Beginn einer paginierten Seite der Textgrundlage

\

Kennzeichnung für in der Handschrift übereinanderstehende Wörter

〈〉

Textreduzierung (Tilgung)

::

Textergänzung (Einfügung, Zusatz)

〉

Textersetzung, Textumstellung (verändert in, wurde zu)

/

Abbrechung

xxxx

Unlesbare Buchstaben

]

Abgrenzung der Wiederholung aus dem Edierten Text (Lemmazeichen)

š

Absatz

H

Eigenhändige Niederschrift

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Einführung Charakteristika der Weltwirtschaftskrise von 1857 Empirische und theoretische Voraussetzungen der Krisenhefte: Marx’ Studien des Konjunkturzyklus von 1848 bis 1858 Marx’ Auseinandersetzung mit der Krise von 1857 Wechselbeziehungen der Krisenhefte mit Briefen, Zeitungsartikeln und den „Grundrissen“ Spuren der Krisenanalyse in den Krisenheften Zum Inhalt der Krisenhefte Besonderheiten Frankreichs Konkurse Geldmarkt Rohstoff- und Industriemarkt Arbeitsmarkt Handelskrise in Hamburg Indienanleihe und Ansätze eines neuen Aufschwungs

512 516 522 522 526 527 527 533 534 542 548 550 553

Der vorliegende Band enthält drei bislang unveröffentlichte Hefte von Karl Marx mit Exzerpten, Zeitungsausschnitten und Notizen, die zwischen Ende November 1857 und Februar 1858 entstanden sind. Die zumeist als „Krisenhefte“ bezeichnete Materialsammlung dokumentiert Marx’ empirische Untersuchung der Wirtschaftskrise von 1857 (bis Anfang 1858), die er vor allem mit der Abschrift und dem Ausschneiden von Artikeln, Angaben und Kommentaren aus damals führenden Zeitungen und Zeitschriften wie „The Times“, „The Morning Star“, „The Standard“, „The Manchester Guardian“ und „The Economist“ durchführte. Die drei Hefte enthalten auf 192 Manuskriptseiten 1526 Textauszüge aus zwölf Zeitungen und Zeitschriften, die in der Zeitspanne vom 7. November 1857 bis zum 20. Februar 1858 erschienen sind, wobei von Marx weitgehend auf Quellenangaben verzichtet wurde. Etwa ein Drittel (518) der Textauszüge hat Marx handschriftlich angefertigt. Abgesehen von freien Zusammenfassungen enthalten die Krisenhefte wenige eigene Kommentare

511

Einführung

von Marx. Die Auszüge notierte Marx zuerst thematisch, innerhalb der Schlagworte, dann chronologisch. In ihnen werden Wirtschafts- und Finanzfragen in Frankreich, Italien, Spanien, Großbritannien, Deutschland, Österreich, USA, China, Indien, Ägypten, Australien und Brasilien behandelt, Finanz- (Wertpapierkurse, Zinssätze, Bankbilanzen, Zu- und Abfluss von Gold und Silber) und Warenmarktdaten (Preise und Umsätze von landwirtschaftlichen Rohstoffen und industriellen Produkten, Import und Export) gesammelt, sowie Angaben zu Konkursen, Arbeitslosigkeit, Kurzarbeit, der Lohnentwicklung und Arbeitskämpfen festgehalten. Nach der für die vorliegende Edition durchgeführten Quellenermittlung war die am häufigsten verwendete Quelle „The Economist“ mit einem Anteil von ca. 45% an den gesamten Textauszügen, gefolgt von „The Morning Star“ (18%), „The Manchester Guardian“ (ca. 11%) und „The Times“ (10%) und weiteren Zeitungen (ca. 7%, siehe Entstehung der Krisenhefte S. 561). Rund 9% der Quellen konnten nicht ermittelt werden, obgleich in manchen Fällen fast identische Texte in anderen Zeitschriften als Ersatzquellen ausgemacht werden konnten. Das zuerst angelegte, 40 Manuskriptseiten umfassende Heft trägt den Titel „1857 France“; das zweite Heft (72 Seiten) wurde von Marx mit „Book of the Crisis of 1857“ betitelt, das dritte Heft (80 Seiten) mit „The Book of the Commercial Crisis“. Da sich die beiden letztgenannten Hefte durch eine ähnliche Themensetzung auszeichnen, kann das „Book of the Commercial Crisis“ als Fortsetzung des „Book of the Crisis of 1857“ für das Jahr 1858 angesehen werden. Marx untersuchte hier nicht nur den Geld- und Kreditmarkt, sondern auch die „reale Wirtschaft“ (Produktion und Arbeit) in Großbritannien und in anderen Staaten. Die Krisenhefte stehen in einem engen Zusammenhang mit Marx’ ökonomischen Manuskripten von 1857/58 (den „Grundrissen der Kritik der politischen Ökonomie“, siehe MEGA➁ II/1), seinen Zeitungsbeiträgen für die „NewYork Daily Tribune“ (siehe MEGA➁ I/16) und brieflich geführten Diskussionen mit Engels (siehe MEGA➁ III/8, III/9).

Charakteristika der Weltwirtschaftskrise von 1857 1857 ist als das Jahr der ersten Weltwirtschaftskrise in die Geschichte eingegangen. Ausgelöst wurde sie in New York, wo am 24. August die in Eisenbahnspekulationen involvierte „Ohio Life Insurance and Trust Company“ als erste größere Depositenbank zusammenbrach. Dem Konkurs folgten Runs auf Banken in den Vereinigten Staaten, so dass 62 von 63 Banken in New York und allein im Oktober 1415 Banken des Landes die Zahlung einstellen mussten.1 1

David Morier Evans: The History of the Commercial Crisis 1857–58 and the Stock Exchange Panic of 1859. London 1859. S. 63; John Harold Clapham: The Bank of England. A History. Vol. 2. 1779–1914. Cambridge 1944. S. 227; Jonathan R. T. Hughes: The Commercial Crisis of 1857. In: Oxford Economic Papers. New Series. Vol. 8. 1956. No. 2. S. 194–222, hier: S. 194.

512

Einführung

Bis Jahresende fielen der Panik 5123 Unternehmen mit Gesamtverbindlichkeiten von 291801000 Dollar zum Opfer.2 Die Krise griff wie ein Lauffeuer auf die am Weltmarkt beteiligten Länder über und führte zu Einbrüchen der Wertpapier- und Warenpreise und zu Insolvenzen von Großbanken, Handelshäusern sowie Produktionsunternehmen auf beiden Seiten des Atlantiks. Wirtschaftshistoriker halten die folgenden Merkmale der wirtschaftlichen Entwicklung im Jahrzehnt vor der Krise von 1857 für ausschlaggebend: – Verunsicherung der Unternehmen im Anschluss an die Revolutionsbewegungen von 1848/49 in Europa, die zur Unterlassung von Investitionen und zur Anhäufung von freigesetztem Geldkapital führte.3 – Erschließung von Goldminen in Kalifornien (1848) und Australien (1851), die eine zusätzliche Akkumulation von Geldkapital nach sich zog.4 – Der Krimkrieg (1853–1856), der einer der kostspieligsten Kriege Großbritanniens war, führte zu einer entsprechend großen Nachfrage nach Produkten der Eisen- und Kohleindustrie sowie des Schiffsbaus.5 – Nationalsubskription („Demokratisierung“) von Staatsanleihen und Gründung von Investmentbanken auf Aktien wie dem „Cre´dit Mobilier“ (1852) in Frankreich, der Darmstädter „Bank für Handel und Industrie“ (1853) im Großherzogtum Hessen, die neben den traditionellen Diskontgeschäften auftragsgemäß die Emission und den Handel von Effekten betrieben und Leihkapital in aller Breite für die langfristige Finanzierung von Großunternehmen wie dem Eisenbahnbau mobilisierten.6 – Durch die Verzinsung von Depositen konnten die Londoner Aktienbanken innerhalb von zehn Jahren ihren Depositenstand von £8850774 im Jahre 1847 auf £43100724 im Jahre 1857 nahezu verfünffachen. Wegen Zinsdrucks mussten sie die auf diese Weise von breiten Bevölkerungsschichten deponierten Mittel umgehend anlegen. Geläufige Anlageoptionen waren Darlehen von Geld auf Abruf (money at call) an Wechselmakler und spekulative Aktienkäufe.7 – Kreditmanipulationen wie „open credit“, „accommodation bills“ und „Wechselreiterei (kite-flying)“ ermöglichten Spekulationen in Effekten und Rohstoffen.8 2

Evans: The History of the Commercial Crisis 1857–58 (Fn. 1). S. 34; Hans Rosenberg: Die Weltwirtschaftskrise 1857–1859 [1934]. 2. Aufl. Göttingen 1974. S. 117. 3 Otto Michaelis: Handelskrisis von 1857. In: Volkswirthschaftliche Schriften. Bd. 1. Berlin 1873. S. 241–244; Rosenberg: Die Weltwirtschaftskrise 1857–1859 (Fn. 2). S. 33. 4 Evans: The History of the Commercial Crisis 1857–58 (Fn. 1). S. 31/32, 58/59; Michaelis: Handelskrisis von 1857 (Fn. 3). S. 244–246; Rosenberg: Die Weltwirtschaftskrise 1857–1859 (Fn. 2). S. 33. 5 Hughes: The Commercial Crisis of 1857 (Fn. 1). S. 25. 6 Rosenberg: Die Weltwirtschaftskrise 1857–1859 (Fn. 2). S. 48–56. 7 Evans: The History of the Commercial Crisis 1857–58 (Fn. 1). S. 31/32, 60; Walter Bagehot: Lombard Street [1873]. In: The Collected Works of Walter Bagehot. Vol. 9. London 1978. S. 175–182. Siehe auch The Economist, 16. Januar 1858. S. 54–56 (im vorliegenden Band S. 492.17–494.41); 23. Januar 1858. S. 83/84 (im vorliegenden Band S. 105.22–106.12).

513

Einführung

– Der weltweite Außenhandel nahm vor der Krise mit einem historisch einmaligen Tempo an Breite und Volumen zu. So verdoppelten sich die britischen Exporte von £60110000 im Jahre 1845 auf £122155000 im Jahre 1857.9 – Die rasche Industrialisierung, die u.a. durch Mechanisierung und Verwendung von Stahl und Dampfmaschinen gekennzeichnet war, führte zu einer Zunahme der weltweiten Produktion von Roheisen von 4,4 Millionen Tonnen im Jahr 1850 auf 7,2 Mio. im Jahr 1860, sowie dem Anstieg der Kohleförderung im gleichen Zeitraum von 81,4 Mio. auf 142,3 Mio.10 Vor allem durch die Einführung der dampfbetriebenen Antriebsmaschinen im Fabrikwesen wurde die Baumwollverarbeitung zur mit Abstand führenden Industrie Großbritanniens, so dass von 1850 bis 1860 der Exportwert der Baumwollprodukte um 85% stieg und im Jahr 1860 etwa 40% der Gesamtausfuhren umfasste.11 Im Anschluss an Tugan-Baranowsky und Rosenberg gelten die Ereignisse von 1857 als die „erste Weltwirtschaftskrise“.12 Die historisch beispiellosen globalen Auswirkungen der Krise sind bereits zeitgenössischen Beobachtern aufgefallen. Schon 1858 verknüpfte der britische parlamentarische Untersuchungsausschuss über die Bankgesetze und die jüngste Wirtschaftskrise (Select Committee on the Bank Acts and the Recent Commercial Distress) die Krise mit einer noch nie dagewesenen („unprecedented“) Ausbreitung des Außenhandels.13 Otto Michaelis machte 1873 auf den globalen Charakter aufmerksam, indem er pointiert schrieb: „Die Krise von 1857 unterscheidet sich von allen ihren Vorgängerinnen dadurch, dass sie ganz allgemein auftrat, während die früheren nur einzelne Nationen betrafen [...] in allen den lokalen Motiven, welche einen ziemlich gleichzeitigen Ausbruch verursachten, liegt ein gemeinsamer Zug, ein Welthistorischer Zusammenhang.“14

8

Evans: The History of the Commercial Crisis 1857–58 (Fn. 1). S. 33; Michaelis: Handelskrisis von 1857 (Fn. 3). S. 325/326; Max Wirth: Geschichte der Handelskrisen [1858]. 4. Aufl. Frankfurt a.M. 1890. S. 377/378. Siehe auch William Romaine Callender: The Commercial Crisis of 1857: its Causes and Results: being the Substance of a Paper Read Before the Manchester Statistical Society: with an Appendix Comprising a List of upwards of 260 English Failures in 1857–8. London 1858. 9 Evans: The History of the Commercial Crisis 1857–58 (Fn. 1). S. 31/32, 58, 63. 10 Rosenberg: Die Weltwirtschaftskrise 1857–1859 (Fn. 2). S. 58–60. 11 Jonathan R. T. Hughes: Fluctuations in Trade, Industry and Finance. A Study of British Economic Development 1850–1860. Oxford 1960. S. 74. 12 Siehe Michael von Tugan-Baranowsky: Studien zur Theorie und Geschichte der Handelskrisen in England. Jena 1901. S. 124; Rosenberg: Die Weltwirtschaftskrise 1857–1859 (Fn. 2). S. 8. 13 Siehe Report from the Select Committee on the Bank Acts; together with the Proceedings of the Committee, Minutes of Evidence, App. and Index. Ordered, by the House of Commons, to be Printed, 1 July 1858. [London 1858.] S. XXXVI. 14 Michaelis: Handelskrisis von 1857 (Fn. 3). S. 240/241. Ähnlich äußerte sich Albert Schäffle: Die Handelskrisis von 1857 in Hamburg, mit besonderer Rücksicht auf das Bankwesen. In: Gesammelte Aufsätze. Bd. 2. Tübingen 1886. S. 23–66, hier: S. 62.

514

Einführung

Zeitgenössische Wirtschaftsjournalisten und Ökonomen tendierten dazu, die Krisenursachen hauptsächlich in Geldmarktphänomenen zu suchen und dafür Spekulationen und Kreditmanipulationen verantwortlich zu machen. So stellte der Bericht des oben genannten parlamentarischen Ausschusses im Jahr 1858 fest, dass „the recent commercial crisis in this country, as well as in America and in the north of Europe, was mainly owing to excessive speculation and abuse of credit“.15 Marx lehnte diese Betrachtungsweise ab: „What are the social circumstances reproducing, almost regularly, these seasons of general self-delusion, of over-speculation and fictitious credit? [...] The distinctive features, moreover, peculiar to every new commercial crisis, must not be allowed to overshadow the aspects common to all of them. [...] This much seems undisputed, that the Commons’ Committee, so far from solving the question, has not even put it in its adequate terms.“16 Und er folgerte: „The political economists who pretend to explain the regular spasms of industry and commerce by speculation, resemble the now extinct school of natural philosophers who considered fever as the true cause of all maladies.“17 In der Tat konzentrierte sich Marx bei seinem späteren Versuch, seine Krisenstudien zu einer Theorie zu verallgemeinern, auf Industrie und Produktion und suchte die Erklärung für den Krisenzyklus im fixen Kapital und seiner Periodizität.18 Neben Marx versuchten auch andere zeitgenössische Beobachter der Krise wie Otto Michaelis und Max Wirth, über die Geldphänomene hinauszugehen und die „letzten Ursachen“ der Krise in der überproportionalen Investition in „stehende Kapitalien“ zu suchen.19 Im Folgenden wird dargestellt, wie Marx seinen Ansatz bis 1857 entwickelte. 15

Report from the Select Committee on the Bank Acts ... 1 July 1858 (Fn. 13). S. LIV. [Karl Marx:] [British Commerce and Finance.] In: NYDT. Nr. 5445, 4. Oktober 1858. S. 6. 17 [Karl Marx:] [The Commercial Crisis in England.] In: NYDT. Nr. 5196, 15. Dezember 1857. S. 4. 18 Im Hinblick auf diese spätere Entwicklung lässt sich der Marx’sche Ansatz einer Tradition der Krisentheorien zuordnen, die sich durch ihren Fokus auf das fixe Kapital und die Periodizität (oder „time profile“) der Produktion auszeichnet. Ihre Geschichte beginnt mit David Ricardo und wird fortgesetzt mit James Wilson: Capital, Currency, and Banking. 2. ed. London 1859; Albert Aftalion: The Theory of Economic Cycles Based on the Capitalistic Technique of Production. In: The Review of Economics and Statistics. Vol. 9. 1927. No. 4. S. 165–170; ders.: The Reality of General Overproduction. Essay on a Theory of General and Periodic Crises. In: Business Cycle Theory. Vol. 6. Selected Texts 1860–1939. Ed. by M. Boianovsky. London 2005. S. 51–130; Mentor Bouniatian: The Theory of Economic Cycles Based on the Tendency Toward Excessive Capitalization. In: The Review of Economics and Statistics. Vol. 10. 1928. No. 2. S. 67–79. Sie findet schließlich eine allgemeine Fassung des technischen Wandels und des Konjunkturzyklus bei John Hicks: Capital and Time. A Neo-Austrian Theory. Oxford 1973. 19 Siehe Michaelis: Handelskrisis von 1857 (Fn. 3); Wirth: Geschichte der Handelskrisen (Fn. 8). 16

515

Einführung

Empirische und theoretische Voraussetzungen der Krisenhefte: Marx’ Studien des Konjunkturzyklus von 1848 bis 1858 Bald nach der Wirtschaftskrise von 1847 und der anschließenden Revolutionsbewegung von 1848/49 nahm Marx eine kontinuierliche empirische Analyse der aktuellen wirtschaftlichen Entwicklung in Europa in Angriff; offensichtlich in der dezidierten Hoffnung auf eine nächste Krise und eine darauffolgende Wiederbelebung der revolutionären Bewegung. Seine Ergebnisse veröffentlichte er in Artikeln für die „Neue Rheinische Zeitung“, die „Neue OderZeitung“ und die „New-York Daily Tribune“ (im Folgenden: NYDT). Marx prognostizierte von 1850 an für fast jedes Jahr den Ausbruch einer neuen Krise, weil er vor allem zunächst von einer kürzeren Krisenperiodizität ausging, aber auch, weil er die Folgen der Goldentdeckung in Kalifornien und Australien für die Kreditlockerung der Bank von England (siehe unten) sowie die Nachfrage stimulierenden Wirkungen des Krimkriegs unterschätzte. Marx sagte schon im Oktober 1850 in der „Neuen Rheinischen Zeitung. Politisch-ökonomische Revue“ eine Krise für 1852 voraus,20 weil er dachte, dass – da der vorherige Zyklus von 1843 bis 1847 gedauert hatte – der aktuelle Zyklus, der im Jahr 1848 begonnen hatte, mit einer Krise im Jahr 1852 enden würde. Im Herbst 1852 verlegte er den Zeitpunkt auf das Jahr 1853.21 Diese Krisenprognosen für 1852 und 1853 beruhten im Wesentlichen auf seiner Annahme von „periodical cycles of from 5 to 7 years“.22 Nachdem sie sich als falsch erwiesen, revidierte er seine Prognose auf 185423 und im März 1855 vermeinte er, sich inmitten einer „Handels- und Finanzkrise“24 zu befinden. Erst mit der Krise von 1857, die in England mit der Suspendierung des Bankgesetzes von 1844 ihren Höhepunkt erreichte, änderte Marx seine Konjunkturauffassung. Auf der Grundlage der Periodizität des fixen Kapitals neigte er nun zu einem „plus ou moins zehnjährigen“25 Zyklus. Zweitens betrachtete er das Eintreffen des australischen und amerikanischen Goldes als außergewöhnliche Erscheinungen („exceptional phenomena“), die der Bank von England zeitweise eine lockere Geldpolitik erlaubt habe („allowed the Bank of England to relax its grip at intervals“26). Auf diese von William Newmarch getroffene Einschätzung, die im Bericht des britischen parlamentarischen Untersuchungsausschusses von 1857 festgehalten wurde,27 kam Marx im dritten Band 20

Karl Marx, Friedrich Engels: Neue Rheinische Zeitung. Revue. Mai bis Oktober 1850. In: MEGA➁ I/10. S. 459. 21 Karl Marx: Pauperism and Free Trade––The Approaching Commercial Crisis. In: MEGA➁ I/11. S. 348. 22 Ebenda. S. 344. 23 Karl Marx, Friedrich Engels: The Western Powers and Turkey––Symptoms of Economic Crisis. In: MEGA➁ I/12. S. 346. 24 Karl Marx: Die britische Konstitution – Layard. In: MEGA➁ I/14. S. 171. 25 Karl Marx: Grundrisse der Kritik der politischen Ökonomie. In: MEGA➁ II/1. S. 597. 26 [Karl Marx:] The British Revulsion. In: NYDT. Nr. 5183, 30. November 1857. S. 6. 27 Siehe Report from the Select Committee on Bank Acts; together with the Proceedings

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Einführung

des „Kapital“ zurück: Wenn es in den Jahren von 1853 bis 1856 zu einem Abfluss von Gold gekommen sei, der eine finanzielle Klemme nach sich gezogen habe, so habe das Eintreffen von Gold aus Australien der Bank von England geholfen.28 Obwohl Engels im Jahre 1852 schon mehrmals Marx nahegelegt hatte, die unerwarteten Einflüsse von Kalifornien und Australien bei der Bildung neuer Märkte in Betracht zu ziehen,29 trauten beide der Goldentdeckung nicht zu, den erwarteten Krisenausbruch verhindern zu können.30 Trotz solcher Fehleinschätzungen und Korrekturen gibt es einige beständige Positionen von Marx während der Beobachtung des Konjunkturzyklus im Zeitraum von 1848 bis 1858. Erstens erwartete er seit 1850, dass die nächste Krise – anders als die von 1847, die eher als Geld- und Handelskrise zu charakterisieren war – einen industriellen Charakter annehmen würde, weil überschüssiges Kapital vermehrt in die industrielle Produktion und nicht wie vorher in die Spekulation mit Eisenbahnen, Getreide und Staatsanleihen investiert worden war.31 Er war von Anfang an davon überzeugt, dass die Finanzkrise nur die erste Phase einer Krise sein würde, auf die eine ernste Industriekrise folgen müsste. Damit knüpfte Marx an einen früheren Gedanken an. So schrieb er bereits 1850: „Die Spekulation tritt regelmäßig ein in den Perioden, wo die Ueberproduktion schon in vollem Gange ist. Sie liefert der Ueberproduktion ihre momentanen Abzugskanäle, während sie ebendadurch das Hereinbrechen der Krise beschleunigt und ihre Wucht vermehrt. Die Krise selbst bricht zuerst aus auf dem Gebiet der Spekulation, und bemächtigt sich später der Produktion. Nicht die Ueberproduktion, sondern die Ueberspekulation, die selbst nur ein Symptom der Ueberproduktion ist, erscheint daher, der oberflächlichen Betrachtung, als Ursache der Krise.“32 In diesem Sinne beschied Marx in einem noch vor der Suspendierung des Bankgesetzes am 12. November 1857 für die NYDT geschriebenen Artikel: „nothing could be falser than to suppose that the phenomena we shall witness on the London money market––the rise and the subsiding of the monetary panic––will constitute a true thermometer for the intensity of the crisis the of the Committee, Minutes of Evidence, App. and Index. Ordered, by the House of Commons, to be Printed, 30 July 1857. Pt. 1. [London 1857.] S. 135. 28 Karl Marx: Das Kapital (Ökonomisches Manuskript 1863–1865). In: MEGA➁ II/4.2. S. 627/628. 29 Engels an Marx, 2. März, 24. August und 29. November 1852. In: MEGA➁ III/5. S. 66, 186 und III/6. S. 96/97. 30 Engels an Marx, 23. September und 15. Oktober 1851. In: MEGA➁ III/4. S. 213, 236; Karl Marx: Capital Punishment––Mr. Cobden’s Pamphlet––Regulations of the Bank von England. In: MEGA➁ I/12. S. 29. 31 Karl Marx, Friedrich Engels: Neue Rheinische Zeitung. Revue. März/April 1850. In: MEGA➁ I/10. S. 301/302; dies.: Neue Rheinische Zeitung. Revue. Mai bis Oktober 1850. In: MEGA➁ I/10. S. 455/456; Marx: Pauperism and Free Trade––The Approaching Commercial Crisis. In: MEGA➁ I/11. S. 347/348. 32 Marx, Engels: Neue Rheinische Zeitung. Revue. Mai bis Oktober 1850. In: MEGA➁ I/10. S. 448/449.

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Einführung

British commercial community have to pass through.“33 Nach der Suspendierung fuhr er fort: „The truth is the English have very largely participated in speculations abroad, both on the Continent of Europe and in America, while at home their surplus capital has been mainly invested in factories, so that, more than ever before, the present convulsion bears the character of an industrial crisis, and therefore strikes at the very roots of the national prosperity.“34 Schließlich befand Marx: „If the first reaction on Great Britain of our American collapse manifested itself in a monetary panic, attended by a general depression in the produce market, and followed more remotely by manufacturing distress, the industrial crisis now stands at the top and the monetary difficulty at the bottom.“35 Zweitens ging Marx stets davon aus, dass das Epizentrum der Industriekrise in drei Weltmarktbranchen zu finden sei: in der Baumwoll-, Seiden- und Wollindustrie.36 Diese Einsicht war zu jener Zeit nicht selbstverständlich. In der Krise von 1847 war vielmehr die Eisenbahn die treibende Kraft der industriellen Entwicklung, und auch seit 1849 hatte sich der Umfang des Eisenbahnnetzes in Europa und Nordamerika in nur acht Jahren verdreifacht. Auch zwischen 1847 und 1857 schien daher die Expansion der Eisenbahn maßgeblichen Einfluss auf die wirtschaftliche Entwicklung zu nehmen.37 Drittens nahm Marx an, dass die nächste eine „Doppelkrise“38 sein würde, d.h. ein gleichzeitiger und miteinander verbundener Kollaps von „produce market“ (Agrarprodukte, Rohstoffe) und „industrial market“ (Industrieprodukte). 33

[Karl Marx:] [The Bank Act of 1844 and the Monetary Crisis in England.] In: NYDT. Nr. 5176, 21. November 1857. S. 4. 34 [Marx:] The British Revulsion. In: NYDT. Nr. 5183, 30. November 1857. S. 6. 35 [Marx:] [The Commercial Crisis in England.] In: NYDT. Nr. 5196, 15. Dezember 1857. S. 4. Siehe auch [Marx:] The British Revulsion. In: NYDT. Nr. 5183, 30. November 1857. S. 6; Engels teilte diese Meinung. Siehe Engels an Marx, 31. Dezember 1857. In: MEGA➁ III/8. S. 235/236. 36 Marx: Der 18. Brumaire des Louis Bonaparte. In: MEGA➁ I/11. S. 168; ders.: Geschäftskrisis – Die Zunahme des englischen Handels und der englischen Industrie in dem Zeitraum von 1849 bis 1853. In: MEGA➁ I/14. S. 23. 37 Rosenberg: Die Weltwirtschaftskrise 1857–1859 (Fn. 2). S. 44/45. Auch Schumpeter sieht im Eisenbahnbau („railroadization“) den größten Einzelposten („the biggest individual item“) für die Charakterisierung der Periode von 1852 bis 1860, die er den zweiten „Juglar“ des zweiten „Kondratieffs“ nennt. Er fügte allerdings hinzu, dass in dieser Periode auch Innovationen im Schiffbau, Eisen- und Textilindustrie wichtig waren. Siehe Joseph A. Schumpeter: Business Cycles. A Theoretical, Historical, and Statistical Analysis of the Capitalist Process. Vol. 1. New York, London 1939. S. 377. 38 „Zum erstenmal erlebt England gleichzeitig eine industrielle Krisis und eine Ackerbaukrisis. Diese englische Doppel-Krise wird durch die gleichzeitig bevorstehenden Convulsionen des Continents beschleunigt, ausgedehnt, feuergefährlicher“ (Karl Marx, Friedrich Engels: Neue Rheinische Zeitung. Revue. März/April 1850. In: MEGA➁ I/10. S. 302/303); „the phenomena of this double crisis, in the produce market and among the manufacturing classes, will by and by become more palpable“ ([Karl Marx:] [The Crisis in Europe.] In: NYDT. Nr. 5213, 5. Januar 1858. S. 4).

518

Engels’ Diagramm des Rohbaumwollpreises

Einführung

Diese Doppelkrise, meinte er, würde durch eine Unterproduktion auf dem „produce market“ und eine gleichzeitige Überproduktion auf dem „industrial market“ verursacht und letztlich zu einer Überproduktion auf beiden Märkten führen.39 Die rapide Ausweitung der industriellen Produktion würde das Angebot an Rohstoffen übertreffen, wobei dann eine Unterproduktion von Rohstoffen mit einer Überproduktion von Industrieproduktion zusammenfiele.40 Engels lieferte – offensichtlich aufgrund seiner Erfahrung im Baumwollgeschäft – Marx von Zeit zu Zeit stützende empirische Belege in seinen Briefen.41 Dabei sticht eine graphische Darstellung von Engels für den Rohbaumwollpreis im Zeitraum vom 1. Januar bis zum 13. November 1857 hervor (S. 519), die er seinem Brief an Marx vom 16. November 185742 beigefügt hat und die ein wichtiger Beitrag zur Analyse der Krise von 1857 ist. Das Diagramm zeigt deutlich, wie der Rohbaumwollpreis nach oben schnellte und er schließlich gleichzeitig mit dem Höhepunkt der Finanzkrise am 12. November – dem Tag der Suspendierung des Bankgesetzes – stürzte. An diesen Gesichtspunkten hielt Marx in seinen Studien des Konjunkturzyklus von 1848 bis 1858 fest. Nach Marx’ These sollte auch auf die Finanzkrise 1857 eine industrielle Krise folgen und diese Industriekrise, als deren Schwerpunkt er die Textilindustrie betrachtete, mit der Krise auf dem Rohstoff- und Agrarmarkt zusammenfallen. So untersuchte er die Krise in seinen drei Heften folgerichtig in drei Hauptrichtungen: Geldmarkt (money market), Rohstoff- und Agrarmarkt (produce market) und Industriemarkt (industrial market). 39

Siehe Marx, Engels: Neue Rheinische Zeitung. Revue. Mai bis Oktober 1850. In: MEGA➁ I/10. S. 456/457; Marx: Capital Punishment––Mr. Cobden’s Pamphlet––Regulations of the Bank of England. In: MEGA➁ I/12. S. 29; ders.: Political Movements––Scarcity of Bread in Europe. In: MEGA➁ I/12. S. 328/329; Marx, Engels: The Western Powers and Turkey––Symptoms of Economic Crisis. In: MEGA➁ I/12. S. 345/346. 40 Marx: Das Kapital (Ökonomisches Manuskript 1863–1865). In: MEGA➁ II/4.2. S. 189/190. 41 Engels an Marx, 15. Oktober 1851. In: MEGA➁ III/4. S. 235/236; 6. Januar 1852. In: MEGA➁ III/5. S. 6; 14. April 1856. In: MEGA➁ III/8. S. 8/9; 15. November 1857. In: Ebenda. S. 194–197; 16. November 1857. In: Ebenda. S. 199; 7. Dezember 1857. In: Ebenda. S. 205–207; 11. Dezember 1857. In: Ebenda. S. 217/218; 25. Januar 1858. In: MEGA➁ III/9. S. 41/42; 18. Februar 1858. In: Ebenda. S. 67; 9. April 1858. In: Ebenda. S. 127; 21. Oktober 1858. In: Ebenda. S. 222. – Es scheint dieser Ansicht der Doppelkrise zu widersprechen, dass Engels die folgende Fußnote im dritten Band des „Kapital“ ergänzte: „Es versteht sich, daß wir nicht, mit Herrn Baker, die Wollenkrisis von 1857 aus dem Mißverhältniß der Preise zwischen Rohstoff und Fabrikat erklären. Dies Mißverhältniß war selbst nur ein Symptom, und die Krise eine allgemeine.“ (Karl Marx: Das Kapital. Kritik der politischen Ökonomie. Bd. 3. Hamburg 1894. In: MEGA➁ II/15. S. 126.) Diese Fußnote kann dahingehend verstanden werden, dass die Disproportion zwischen Industrieprodukt- und Rohstoffpreis selbst durch die Überakkumulation in der industriellen Produktion erklärt werden muss. 42 Engels an Marx, 16. November 1857. In: MEGA➁ III/8. S. 199.

521

Einführung

Marx’ Auseinandersetzung mit der Krise von 1857 Wechselbeziehungen der Krisenhefte mit Briefen, Zeitungsartikeln und den „Grundrissen“ Die Wirtschaftskrise erreichte Großbritannien im Oktober 1857, von wo aus sie sich in ganz Europa ausbreitete. Seinerzeit hatte Marx zwei Forschungsarbeiten begonnen: erstens die Niederschrift der „Grundrisse“ als theoretischer Arbeit über die kapitalistische Produktionsweise und zweitens eine in den Krisenheften zusammengetragene empirische Recherche über die aktuelle Wirtschaftskrise, die er im folgenden Jahr gemeinsam mit Engels zu einem „Pamphlet“43 verarbeiten wollte, was allerdings folgenlos blieb (siehe Entstehung der Krisenhefte S. 567/568). Parallel zu den beiden Arbeiten betrieb Marx seine Publizistik, vor allem für die NYDT. Außerdem tauschte er sich mit Engels über die aktuelle Krise in Briefen aus. Daher gibt es eine enge Wechselbeziehung zwischen den Krisenheften, Briefen, NYDT-Artikeln und den „Grundrissen“. Die 1857er Krise wurde von zeitgenössischen Autoren, wie erwähnt, durch Kreditmanipulationen wie „Wechselreiterei“ und dadurch überhitzte Spekulationen charakterisiert. Auf der ersten Seite seines „Book of the Crisis of 1857“ zitierte Marx einen diesbezüglichen Kommentar von Engels aus dessen Brief vom 11. Dezember 1857: „Wechselreiterei: Die Manier Geld zu machen durch Tratten auf einen Bankier oder ein ,Wechselgeschäfte‘ machendes Haus, und diese vor Verfall zu decken, oder auch nicht, je nachdem die Sache arrangirt war, ist auf dem Continent und bei den continentalen Häusern in England Regel. Die Commissionshäuser hier Alle thun es. Diese Manier ist aufs colossalste in Hamburg getrieben worden, wo über 100 Mio. Mk Banco Wechsel liefen. Aber auch sonst wurde fürchterlich Wechsel geritten, und Sieveking, Sillam, Carr, Josling & Co., Draper, Pietroni & Co., und andre Londoner Häuser sind daran zu Grunde gegangen. Sie waren hauptsächlich die Bezogenen in dieser line.“44 Zuvor hatte Marx im Brief an Engels vom 8. Dezember 1857 eine Passage aus „The Economist“ vom 28. November 1857 zitiert, die „1857 France“ entnommen worden war (S. 20.9–21).45 Vierzehn Tage später ging Marx das Heft „1857 France“ nochmals durch, um Besonderheiten der wirtschaftlichen Lage in Frankreich besser erklären zu können, und gelangte zu „einigen Resultaten“, die er in seinem Brief an Engels am 25. Dezember 1857 zusammenfasste und detailliert im NYDT-Artikel „[The French Crisis]“ vom 12. Januar 1858 ausarbeitete. Sowohl im Brief als auch im Marx an Engels, 18. Dezember 1857. In: MEGA➁ III/8. S. 221. Engels an Marx, 11. Dezember 1857. In: MEGA➁ III/8. S. 217. 45 „There has been not 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 Economist, 28. November 1857. S. 1320; MEGA➁ III/8. S. 209.) 43 44

522

Einführung

Artikel argumentierte er auf der Basis von Berichten aus „The Economist“ zwischen 7. November und 19. Dezember 1857, die er auch in „1857 France“ aufgenommen hatte (siehe unten). Dabei ging es insbesondere darum, dass Frankreich weniger unter der aktuellen Krise zu leiden habe als England und Deutschland, dass die Bank von Frankreich durch einen massiven Vorschuss auf Eisenbahnwertpapiere deren Kurse gestützt habe, und dass sich die französischen Wertpapiere schließlich doch nicht einer Entwertung entziehen könnten.46 Wie eine Durchsicht der Krisenhefte zeigt, hat sich Marx sieben von neun während des Zeitraums von November 1857 bis Januar 1858 verfassten NYDT-Artikeln auf seine Materialsammlung gestützt (siehe Entstehung der Krisenhefte S. 566): – „[The Commercial Crisis in England]“,47 wofür Auszüge aus „The Times“ und „The Economist“ bezüglich des Bankrotts der Northumberland and Durham District Bank und der monatlichen Handelsbilanz verwendet wurden; – „[The Financial Crisis in Europe]“,48 wofür Exzerpte aus „The Manchester Guardian“ und „The Times“ über die Krise in Hamburg und Preußen Verwendung fanden; – „[The Commercial and Industrial State of England]“,49 wofür Exzerpte aus „The Times“ und „The Economist“ über insolvente Firmen als Grundlage dienten; – „[The Crisis in Europe]“,50 wofür Auszüge aus „The Morning Star“ usw. bezüglich des Discountmarkts und des Talgmarkts in London sowie protestierter Wechsel in Hamburg eine Rolle spielten; – „[The French Crisis]“,51 dem Exzerpte über die Wirtschaftslage in Frankreich aus „The Economist“, „The Times“, „The Manchester Guardian“, „The Daily Telegraph“, „The Standard“ und „The Weekly Dispatch“ als Quellen dienten; – „[British Commerce]“52 mit Auszügen aus „The Free Press“ und „The Economist“ über die britische Handelsbilanz; – „The approaching Indian loan“,53 wofür Exzerpte aus „The Economist“, „The Morning Star“, „The Manchester Guardian“ usw. bezüglich der Finanzen der „East India Company“ benutzt wurden.

Marx an Engels, 25. Dezember 1857. In: MEGA➁ III/8. S. 229–232. [Karl Marx:] [The Commercial Crisis in England.] In: NYDT. Nr. 5196, 15. Dezember 1857. S. 4. 48 [Karl Marx:] [The Financial Crisis in Europe.] In: NYDT. Nr. 5202, 22. Dezember 1857. S. 4. 49 [Karl Marx:] [The Commercial and Industrial State of England.] In: NYDT. Nr. 5206, 26. Dezember 1857. S. 4. 50 [Karl Marx:] [The Crisis in Europe.] In: NYDT. Nr. 5213, 5. Januar 1858. S. 4. 51 [Karl Marx:] [The French Crisis.] In: NYDT. Nr. 5219, 12. Januar 1858. S. 4. 52 [Karl Marx:] [British Commerce.] In: NYDT. Nr. 5238, 3. Februar 1858. S. 3. 53 [Karl Marx:] The approaching Indian loan. In: NYDT. Nr. 5243, 9. Februar 1858. S. 6. 46 47

523

Einführung

Für die „Grundrisse“ haben die Krisenhefte eher theoretische als empirische Relevanz. Im November 1857, als Marx das Heft II der „Grundrisse“ schrieb, begann er für die Krisenhefte Zeitungen und Zeitschriften zu sammeln und zu exzerpieren. Deshalb findet sich eine Stelle in diesem Teil der „Grundrisse“, die er offensichtlich auf der Grundlage des „Economist“ verfasst hat. Ein redaktionelles Merkmal dieses Wirtschaftsblattes zu dieser Zeit war die Wiedergabe einer ganzseitigen Preisliste, die insgesamt 423 Warensorten in 32 Rohstoffkategorien aufführt. In dieser Liste werden die Kategorien alphabetisch von „Ashes“ zu „Wine“ angeordnet, von denen jede mehrere Warensorten umfasst (wie „Port“, „Claret“, „Sherry“ und „Madeira“ in der Kategorie „Wine“). Für jede Warensorte sind der an jedem Freitag registrierte Tiefst- und Höchstpreis aufgeführt (siehe S. 543). Marx klassifizierte nach dieser Liste alle 32 Kategorien „nach den Grundelementen des Capitals“, wobei er drei neue Kategorien („Bier“, „Fische“ und „Kartoffel“) hinzufügte. Auf diese Weise und auch unter Berücksichtigung des Geldmarkts, konstruierte Marx die „totalen Gestaltungen“ des Markts,54 die in der Tabelle S. 525 zusammengefasst sind. Die Marktklassifizierung in den „Grundrissen“ steht somit in enger Beziehung zu der Gliederung der Krisenhefte, insbesondere derjenigen des „Book of the Crisis of 1857“ und „Book of the Commercial Crisis“55 (siehe Inhaltsverzeichnis). Diese Ähnlichkeit rechtfertigt die Vermutung, dass Marx den Inhalt der Krisenhefte auf der Grundlage der im Heft II der „Grundrisse“ gerade ausgearbeiteten Marktklassifikation strukturierte. Allerdings lassen sich einige Unterschiede zwischen den beiden Strukturen nicht übersehen. „Rohstoffe der chemischen Industrie“ und „Accessorische Productionsmittel und Rohstoffe“ fehlen in den Überschriften der Krisenhefte, während dort der „Labour Market“ explizit thematisiert ist. Wichtiger ist die Betrachtung des „industrial market“, der gemeinsam mit „produce market“ in den Krisenheften die beiden Hauptbestandteile des Warenmarkts ausmacht. Im Gegensatz dazu findet sich in den „totalen Gestaltungen“ in den „Grundrissen“ kein Platz für industrielle Produkte, weil Marx offenbar die Preisliste des „Economist“ als Vorlage benutzte, die den „produce market“, d.h. Rohstoffe aus Landwirtschaft, Forstwirtschaft und Bergbau umfasst. Die Existenz der industriellen Produktion wurde in den „Grundrissen“ nur implizit durch Ausdrücke wie „Rohstoff der mechanischen Industrie“ oder „Rohstoffe der chemischen Industrie“ angedeutet.

54 55

Marx: Grundrisse der Kritik der politischen Ökonomie. In: MEGA➁ II/1. S. 203/204. Wie in der britischen Öffentlichkeit üblich, gebrauchte Marx häufig den Londoner Straßennamen als Synonym für den sich in ihr befindenden Handelsplatz. Neben der Börse in der „Threadneedle Street“ als Handelsplatz für Aktien, Wertpapiere, Gold und Silber stand die „Mark Lane“ für den Getreidehandel und die „Mincing Lane“ für den Handel mit Kolonialwaren wie Kaffee, Zucker, Tee und Reis. Die „Apperley Lane“ war der Ort für die Wollhändler, in der „Lombard Street“ befand sich der Sitz einiger Kreditinstitute.

524

Einführung

„totale Gestaltungen“ des Markts nach Marx’ Darstellung Geldmarkt Wechselmarkt, Geldhandel, Bullionmarkt Geldleihmarkt, discount, loanmarket banks, bill brokers Zinstragende Papiere Staatsfunds share market shares der Geldinstitute (Bank, jointstock bank) shares der Communicationsmittel (railway, canal, steam navigation, telegraph, omnibus) shares allgemeiner industrieller enterprises (mining) shares für Zufuhr allgemeiner Elemente (gas, Wasserleitung) shares zur Aufbewahrung der Waaren (dock) shares der enterprises industrieller oder Handelscompagnien insurance shares home market foreign market market of home shares, national funds market of foreign shares, foreign funds I. Products 1) Kornmarkt seed, Reis, Sago, Kartoffel 2) Colonial produce market Kaffee, Thee, Cacao, Zucker, tobacco, spices (Pfeffer, pimento, cinnamon, cassia lignea, cloves, ginger, mace, nutmegs) 3) Früchte almonds, currants, figs, plums, prunes, raisins, oranges, lemons, molasses 4) Provisions butter, cheese, bacon, hams, lard, pork, beef, Fische 5) Spirits Wein, Rum, Bier II. Rohproducte 1) Rohstoffe der mechanischen Industrie Flachs, Hanf, Baumwolle, Seide, Wolle, Häute, Leder, Guttapercha 2) Rohstoffe der chemischen Industrie Potasche, saltpetre, Terpentin, Nitrat of soda III. Rohstoffe, die Productionsinstrumente zugleich sind Metalle (Kupfer, Eisen, Zinn, Zink, Blei, Stahl), Holz (wood, timber, Färbehölzer, Schiffbauholz) Accessorische Productionsmittel und Rohstoffe drugs und dyes (Cochenille, Indigo), Theer, Talg, Oehle, Kohlen

525

Einführung

Spuren der Krisenanalyse in den Krisenheften Die Krisenhefte enthalten im Unterschied zu den Wirtschaftsartikeln in der NYDT zwar fast keine eigenständigen Kommentare oder Analysen von Marx selbst. Jedoch kann gezeigt werden, wie er die Daten zum Zwecke der eigenen Analyse zu verarbeiten versuchte. Insbesondere zwei wichtige Spuren sind zu verfolgen: Wie gezeigt, strukturierte Marx den Inhalt des „Book of the Crisis of 1857“ und „Book of the Commercial Crisis“ nach einer systematischen Klassifizierung des Marktes. Selbstverständlich können Waren nur durch eine eingehende Analyse ihrer Funktionen in Produktionsprozessen angemessen klassifiziert werden. Wie erwähnt, zeugt von Marx’ im Vergleich zu den „Grundrissen“ (Heft II) vertieftem Einblick die Einteilung des nicht-monetären Markts in die drei Hauptbestandteile Rohstoffmarkt (produce market), Markt für Industrieprodukte (industrial market) und Arbeitsmarkt (labour market). Da die Marktklassifikation in Heft II der „Grundrisse“ ausdrücklich nur Rohstoffe und keine Industrieprodukte behandelt, kann jeder Produktionsprozess als unabhängig durchführbar betrachtet werden, weshalb kein Zusammenhang zwischen den Märkten erkennbar wird. In den Krisenheften dagegen, in denen Marx explizit Rohstoff-, Industrie- und Arbeitsmarkt betrachtete, sah er sich mit den Zusammenhängen von Produktionsprozessen bzw. Märkten konfrontiert. Darüber hinaus hätte er sogar die Zirkularität der Produktion erfassen müssen. Ein deutliches Zeichen seiner Auseinandersetzung mit diesem Problem ist seine Behandlung der Ausschnitte über den Eisenmarkt. Er exzerpierte im „Book of the Crisis of 1857“ und „Book of the Commercial Crisis“ viele Berichte über den Eisenhandel in Glasgow, Birmingham, South Wales u.a. aus mehreren Zeitungen, wobei interessant ist, dass Marx die Zeitungsausschnitte zum selben Thema sowohl in der Rubrik „metals“ in „produce market“ als auch in „industrial market“ unterbrachte. Er konnte offenbar das Eisen nicht ausschließlich einer Kategorie zuordnen, denn „Glasgow pig iron“, „Birmingham finished iron“ u.a. sind Metalle (als Rohstoff) und industriell hergestellte Produkte zugleich. Die Bewertung des Eisens, das sowohl Rohstoff für die industrielle Produktion als auch zugleich deren Produkt ist, kann als symptomatisch für ein theoretisches Problem von Marx zu dieser Zeit angesehen werden. Eine konsequente Auseinandersetzung mit diesem Problem würde unweigerlich zum Begriff der Interdependenz von Produktionsprozessen bzw. Märkten führen und schließlich zu dem der vertikalen Zirkularität der Produktion. Marx’ erster Lösungsversuch war eine Input-Output-Tabelle, die er in Heft IV der „Grundrisse“ konstruierte, während er noch an den Krisenheften arbeitete.56 In den Krisenheften fertigte Marx eigene Zeitreihentabellen an, in die er regelmäßig aktuelle Angaben aus Zeitungen und Zeitschriften eintrug. Obwohl Marx nicht alle Tabellen vervollständigte und einige leere Spalten hinterließ, bestand seine Absicht wahrscheinlich darin, empirische Daten eigenständig zu 56

Ebenda. S. 352.

526

Einführung

analysieren: Er legte für Aktienkurse, Kurse von Staatsanleihen, Wechselkurse und Rohstoffpreise große Zeitreihentabellen an. Bei 11 von 31 eigenen Tabellen handelt es sich um Wochen- oder Jahrespreisbewegungen wichtiger Rohstoffe. Sie umfassen mehr als 400 Warensorten, wie sie in der Warenliste des „Economist“ aufgeführt waren. Marx wollte offensichtlich prüfen, in welchem Ausmaß die Preise der Waren mit dem Ausbruch der Krise tatsächlich fielen. Marx’ Interesse an einer sehr genauen Verfolgung von Preisbewegungen einer ganzen Reihe von Waren ist eindeutig und durch seine Überzeugung zu erklären, dass die Finanzkrise nur das Vorspiel für eine Industriekrise sei, die nun folgen würde. Ebenfalls heißt es in einem der wenigen eigenen Kommentare von Marx im „Book of the Crisis of 1857“: „Die Verbeßrung des money˙˙ ˙˙ markets heißt nichts, als daß die bloße ,monetary panic‘ einerseits aufgehört u. ˙ ˙ Bullion sich vermehrt hat, aber gleichzeitig die industrielle u. commercielle ˙˙ Thätigkeit gelähmt ist u. f. die sehr abgenommnen Transactionen zu enorm ˙ ˙ gesunknen Preissen weniger Circulation erheischt ist.“ (S. 91.25–29.) Marx wollte seine Vorhersage anhand von empirischen Daten beweisen, und sah anscheinend im allgemeinen Preisrückgang den Beweis für den Ausbruch einer industriellen Krise.57 Andererseits sollte ein erster Schritt der theoretischen Aufarbeitung seiner in den Krisenheften dokumentierten Beobachtung in den „Grundrissen“ getan werden, und zwar im von Dezember 1857 bis Januar 1858, also parallel zu den Krisenheften geschriebenen Heft IV.58 Die Krise sollte dort durch den Begriff der allgemeinen Überproduktion untersucht werden.

Zum Inhalt der Krisenhefte Besonderheiten Frankreichs Die Wirtschaftskrise von 1857 breitete sich von New York nicht nur nach Großbritannien, sondern zugleich auch auf dem europäischen Kontinent aus, was Marx besonders in seinem zuerst angelegten Krisenheft „1857 France“ dokumentiert hat. „Der Rückschlag auf die französische Industrie war immediate“, schrieb er an Engels, „da die Seidenwaaren jezt wohlfeiler in New York verklopft, als in Lyons producirt.“59 Aber im Verlauf der Krise schien Frankreich von dieser weniger in Mitleidenschaft gezogen zu werden als Großbritannien, ganz zu schweigen von Hamburg. Dabei hatte sich die französische Wirtschaft noch in der ein Jahr zuvor stattgefundenen Geldkrise als anfällig erwiesen.60 57

Ebenso definiert Juglar die Krise als den Abbruch des Preisanstiegs. Siehe Cle´ment Juglar: Des Crises Commerciales et de leur Retour Pe´riodique en France, en Angleterre et aux E´tats-Unis [1862]. 2. e´d. Paris 1889. S. 14. 58 Marx: Grundrisse der Kritik der politischen Ökonomie. In: MEGA➁ II/1. S. 333–357. 59 Marx an Engels, 20. Oktober 1857. In: MEGA➁ III/8. S. 184.

527

Einführung

Waren für den mäßigen Krisenverlauf in Frankreich die Maßnahmen der Regierung Louis Napole´on verantwortlich? Marx bezeichnete die französische Entwicklung als ein „riddle harder to be solved than the crisis itself“61. Mit Beginn der Krise von 1857 wurden die Erinnerungen an die vorangegangene Krise von 1847 wach. „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.“ (S. 14.17–20.) An dieser Krise orientierte sich Marx, der dazu die spekulativen Transaktionen des Cre´dit Mobilier, den Wechsel in der Bank von Frankreich und die Staatsverschuldung verfolgte. „The alarming rumors concerning the Cre´dit Mobilier continue.“ (S. 9.9–10.) Dennoch blieb der große Krach vorerst aus, was Marx’ Erwartung widersprach.62 Mit dem Blick auf die an der Pariser Börse gehandelten Wertpapiere (siehe S. 5/6) war nicht zu übersehen, dass die Kurse für Staatsanleihen oder die Aktien von Banken und Eisenbahngesellschaften zwar unter Druck geraten waren, aber von einem Absturz nicht die Rede sein konnte. Dieser moderate Krisenverlauf war offenkundig zwei Umständen zu verdanken, mit denen sich Marx für eine Präzisierung seiner Krisenerwartung näher befassen musste. Dazu gehörte erstens der ausgebliebene Verlust an Gold und Silber.63 Gewöhnlich werden der Notenbank in einer Krise Devisen oder Handelswechsel zum Umtausch in Edelmetalle präsentiert. Davon weniger betroffen, musste die Bank von Frankreich Kreditvergabe und Notenausgabe nicht einschränken.64 Mit der verbliebenen Reserve konnte sie zudem zweitens ihre Absicht glaubhaft machen, die Finanzierung des Eisenbahnbaus abzusichern (siehe S. 13.8–20). Nicht ohne Erinnerungen an 1847 hatte sich die Regierung Louis Napole´ons für die Stützung des Eisenbahnbaus ebenso stark gemacht, wie sie auf eine Rücknahme der von der Bank von Frankeich im Gleichklang mit der Bank von England heraufgesetzten Zinssätze drang. Das minderte nicht nur Krisenängste, sondern erleichterte Handel und Industrie die Gewährung von Zahlungsversprechen. Auf S. [5]–[10] von „1857 France“ findet ein Perspektivwechsel statt, denn Marx sammelte Materialien zu den Warenmärkten samt ihrer monetären, sozialen und politischen Bedingungen. Zu Beginn des Abschnitts heißt es im November 1857 zum Pariser Einzelhandel: „Many holders of grain and flour 60

Siehe [Karl Marx:] [The Economic Crisis in France]. In: NYDT. Nr. 4866, 22. November 1856. S. 4. 61 [Marx:] [The Financial Crisis in Europe.] In: NYDT. Nr. 5202, 22. Dezember 1857. S. 4. 62 Siehe ebenda. 63 „Die monetary panic in London hat einigermassen subsided in den lezten Tagen, wird aber bald von Neuem beginnen, wozu unter anderm Fould beitragen wird, der mit einem französischen Bankdirektor hier angelangt ist, um den Goldexport von England nach Frankreich zu reguliren.“ (Marx an Engels, 24. November 1857. In: MEGA➁ III/8. S. 202.) 64 Siehe [Karl Marx:] [French Crisis]. In: NYDT. Nr. 5219, 12. Januar 1858. S. 4.

528

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have decided on disposing of their stocks for the simple reason that they are pressed for money.“ (S. 16.30–31.) Der Abschwung zwang zu Preisnachlässen und Einschränkungen. „The great object with all commercial people seems to be to limit business for the present, and to husband their resources for a favourable period.“ (S. 18.27–29.)65 Die Krise wirkte sich in Frankreich aber vergleichsweise moderat und recht unterschiedlich aus: „It frequently happens that the very same goods are sold at a reduction from 15 to 20 per cent. by a particular house, while another will submit to no reduction whatever.“ (S. 18.38–19.1.) Das industrielle Lyon und andere Provinzen traf es mehr als Paris: „The factories are in a complete state of stagnation.“ (S. 18.25.) Daher folgte das Zentrum auch der Provinz mit Lohnkürzungen, Entlassungen und Kurzarbeit. (Siehe S. 24.22–25.18.) In der Misere sah sich die französische Wirtschaft zum Unverständnis englischer Korrespondenten einer ruinösen Zinspolitik der Bank von Frankreich ausgesetzt: „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.“ (S. 15.31–33.) Außerdem kritisierte die englische Presse die Verlogenheit des Regimes und schrieb, die Krise würde in eine vorübergehende Beeinträchtigung umgedeutet werden, welche die Regierung unter Kontrolle habe. „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“ (S. 19.17–19). Durch die Berichterstattung kann nachvollzogen werden, inwiefern die am 26. November 1857 erfolgte Rücknahme des Diskontsatzes Wirtschaft und Öffentlichkeit wieder hoffen ließ. Mit den „Bank of France“ betitelten Tabellen und Ausschnitten scheint Marx die bisherige Betrachtung der Märkte durchbrochen zu haben. Tatsächlich bot allein die periodisch ausgewiesene Bilanz der Notenbank Einblick in die Zirkulation. Darum geht es im dritten Teil des Frankreich-Heftes (S. [11]–[14]). Diese Bilanzen für die Krisenmonate Oktober bis Januar (siehe S. 31.20– 33.11), die sich Marx nach und nach zusammengestellt hat, zeigen, dass sich die französische Notenbank in einer vergleichsweise komfortablen Lage befand: „The Bourse is also shown to derive considerable support from the Bank; but, on the whole, the return may be considered satisfactory.“ (S. 41.22–24.) Diesen Bilanzen lag auf den Warenmärkten ein Rückgang von Umsätzen zugrunde, mit dem aber die Warenpreise nicht in gleichem Maße verfielen. Das verschonte Unternehmen, Handel und Banken vor einer Liquiditätskrise. Dabei ist den monatlichen Ausweisen der Zentralbank zu entnehmen, dass der kommerzielle Kredit (Handelswechsel) zwar abnahm und die Menge der Umlaufmittel entsprechend zunahm, das aber moderat.66 Folglich blieben Rück65

„Der erste Effect der Crisis in Frankreich – agreeable to the nature of the crapaud – ängstlichste Einschränkung von Expenditure und business.“ (Marx an Engels, 25. Dezember 1857. In: MEGA➁ III/8. S. 229/230.) 66 „At the same ratio that industrial life has grown fainter, the position of the banks has, generally, grown stronger; and so far the bullion increase in the vaults of the Bank of

529

Einführung

schläge für Banken und Geldmarkt aus. Allein außenwirtschaftliche Verluste hätten die Finanzpolitik durchkreuzen können, weshalb der Entwicklung der Reserven, die über den Spielraum in der Vergabe von Krediten und Ausgabe von Noten entschied, die mit den „Maßregeln des Bonaparte“ (S. 34.19) ver˙˙ knüpfte Aufmerksamkeit von Öffentlichkeit und Politik galt. In dieser Situation suchte die Regierung den im Handel mit Asien unvermeidbaren Abfluss von Silber in möglichst engen Grenzen zu halten, da dieser Verlust an metallischer Reserve durch Goldkäufe zu ersetzen war. Gold war nur mit kräftigen Preisaufschlägen (Agio) zu erlangen. Das machte Silberexporte lukrativ, die man durch öffentlichkeitswirksame Polizeiaktionen zu unterbinden versuchte.67 Im vierten Teil seines Heftes „1857 France“ (S. [15]–[17]) hat Marx Artikel über die Entwicklung der Preise für Lebensmittel zusammengestellt. Das Material wird ihn nur wenig befriedigt haben, da sich ihm kaum entnehmen lässt, was den anschließenden Rückgriff auf den Außenhandel, die Reserven der Notenbank und die Börse erklären könnte. Unter dem Eindruck der Krise von 1847 stand die Frage im Raum, ob es wieder zu Schwierigkeiten in der Versorgung und damit zu Hungerrevolten kommen würde.68 Diese Gefahr schien durch die von der Regierung immer wieder herausgestellte vorteilhafte Ernte im Herbst gebannt zu sein. Aber mit der Krise drohte der Landwirtschaft ein Verfall ihrer Preise, dem Louis Napole´on wiederum mit der Liberalisierung des Außenhandels zu begegnen suchte. Die Preise blieben jedoch unter Druck, aber selbst diese Preisentwicklung belastete die städtische Bevölkerung, die mit der Krise für Gewerbe und Handwerk erhebliche Einkommensverluste erlitt. Im fünften Teil (S. [18]–[21]) hat Marx unter dem Stichwort „French Trade“ Artikel zusammengestellt, in denen es um einen marktwirtschaftlichen Überblick geht. Im Verlaufe des Dezembers entspannte sich die Situation an den Geld- und Kapitalmärkten. Die Bank von Frankreich verminderte Schritt für Schritt den Diskontsatz. Während sich die Keller der französischen Notenbank mit Gold und Silber füllten, befand sich die Bank von England noch in einer angespannten Lage. Das bestärkte Hoffnungen, Frankreich würde von der Krise weniger betroffen sein: Die finanzielle Garantie für den Eisenbahnbau durch die Bank von Frankreich nahm Gestalt an. Und an der Börse machte France would seem but one more instance of an economical phenomenon observed here in New-York as well as in London and Hamburg.“ ([Karl Marx:] [The Economic Crisis in France]. In: NYDT. Nr. 5270, 12. März 1858. S. 4.) 67 „Die Polizeiverhinderung des bullion-exports, die praktisch in Frankreich jezt in full vigor ist, mehr aber noch die Ausfuhr des Products der neuen Korn- SeidenWeinerndte etc., at which prices whatever, hat für ein paar Wochen den Abfluß des bullion’s von der Bank von Frankreich verhindert. Trotz alledem the drain will set in und wenn es nur in die Gosse geschieht wie 1856 (October), so ist die ganze Geschichte im Arsch.“ (Marx an Engels, 8. Dezember 1857. In: MEGA➁ III/8. S. 210.) 68 Siehe Karl Marx: Die Klassenkämpfe in Frankreich 1848 bis 1850. In: MEGA➁ I/10. S. 122/123.

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Einführung

bereits die eine oder andere Spekulation von sich reden: „The desire to be rich suddenly and without labour has seized all classes.“ (S. 49.33–34.) Zwar klagten Restaurantbesitzer und Weinhändler, dennoch waren die Maskenfeste laut französischer Presse gut besucht (siehe S. 54.37–55.4). Mit der Hoffnung auf Besserung suchte die Regierung, politisches Kapital aus dem flachen Krisenverlauf zu schlagen. „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.“ (S. 49.10–12.) Die Maßnahmen der Regierung galten in erster Linie der Unterstützung der Bank von Frankreich in der Verteidigung ihrer metallischen Reserven. In diesem Sinne suchte sie den Handel mit Gold und Silber bereits seit der Geldkrise von 1856 zu unterbinden. Solange die Bankreserven nicht übermäßig durch außenwirtschaftliche Forderungen oder binnenwirtschaftliche Liquiditätskrisen in Anspruch genommen wurden, ließ sich die Finanzierung des Eisenbahnbaus garantieren und eine Verminderung der Zinsen durchführen. In zweiter Linie galten die Staatseingriffe der Agrarkrise. Dabei sollten auf der einen Seite Preiseinbrüche in Grenzen gehalten werden, wofür die Regierung den Getreidehandel liberalisierte. Diesem Zweck galt auch die Aufhebung des Destillationsverbots. Auf der anderen Seite musste mit der Stabilisierung der Agrarpreise aber auch eine Versorgungskrise verhindert werden, da die städtische Nachfrage nach Lebensmitteln durch die Flaute für Industrie und Kleingewerbe geschwächt war.69 Daher wurden die Bäckereien von Louis Napole´on aufgefordert, durch Bildung eines Fonds für eine antizyklische Bevorratung von u.a. Mehl zu sorgen (siehe S. 56.34–57.2).70 Die französischen Märkte blieben unter Druck, obwohl die Bank von Frankreich ihre Zinssätze Schritt für Schritt zurücknahm. Diese monetäre Entspannung hätte nach Marxens Überzeugung durch eine Verschlechterung auf den für Frankreich wichtigen Außenmärkten (Belgien, Italien, Deutschland, Spanien und die Schweiz) durchkreuzt werden können.71 Für einen solchen Fall hatte er sich die Heftseiten [23]–[30] reserviert, auf denen die marktwirtschaftliche Entwicklung um fiskalpolitische, außenwirtschaftliche, finanzmarktwirtschaftliche und verkehrspolitische Aspekte hätte ergänzt werden sollen. Das geschah allerdings nicht, so dass nach eingeklebten Artikeln über Italien, Spanien, England und über die Rheinschifffahrt sowie Tabellen über die Kurse der 69

Siehe [Marx:] [The Economic Crisis in France.] In: NYDT. Nr. 5270, 12. März 1858. S. 4. 70 Siehe [Karl Marx:] [Project for the Regulation of the Price of Bread in France.] In: NYDT. Nr. 5507, 15. Dezember 1858. S. 4. 71 „Die eigentlich französische Crisis bricht erst aus sobald die general crisis zu einer gewissen Höhe gediehn in Holland, Belgien, Zollverein, Italien (Triest eingeschlossen), Levante, und Rußland (Odessa); weil in diesen Ländern die Handelsbilanz bedeutend gegen Frankreich, also pressure direkt monetary panic in Frankreich bewirkt.“ (Marx an Engels, 25. Dezember 1857. In: MEGA➁ III/8. S. 230.)

531

Einführung

an der Pariser Börse gehandelten Titel die anschließenden Heftseiten für die weitere Entwicklung frei blieben. Nach den letzten zehn Heftseiten hat Marx seine krisenanalytische Buchführung abgebrochen. Die Gründe lassen sich an den zuletzt zusammengestellten Artikeln erkennen, die eine Abschwächung der Krise bezeugen. Dazu gehört erstens eine dem „Economist“ vom 23. Januar 1858 entnommene knappe Notiz, dass die Zinssätze in Belgien, Holland, Preußen, Hamburg und London gesenkt worden waren: „The fall in the value of money on the Continent continues. The Bank of Belgium yesterday reduced the rate of discount 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 ˙ ˙ ˙eine Beruhigung der the rate from 51/2 to 5 P.C.“ (S. 72.22–26.) Das sprach für europäischen Märkte, von denen Frankreich in absehbarer Zeit keinen Rückschlag zu befürchten hatte. Vor allem blieben Frankreichs Reserven von einer kostspieligen Versorgungskrise verschont. In diesem Sinne sind zweitens auch die Tabellen auf den Manuskriptseiten [27]/[28] (siehe S. 62–65) und [31] (siehe S. 70.21–34) zu bewerten, auf denen Marx die Kurse der an der Pariser Börse gehandelten Titel für Staatspapiere, Banken, Eisenbahngesellschaften und Hypotheken festgehalten hat. Für die Rentabilität der französischen Eisenbahngesellschaften sprach eine Auswertung ihrer Geschäftsberichte. „The returns on French lines would thus appear to be better than those on the English“ (S. 71.27–28). Mit der am 21. Januar 1858 veröffentlichten Notiz über eine zufriedenstellende Steuererhebung musste drittens auch die Staatsfinanzierung als momentan unerschüttert betrachtet werden: „These figures also are satisfactory.“ (S. 75.33.) Zeitgleich mit der Recherche zur Wirtschaftslage in Frankreich setzte sich Marx mit dem von ihm sogenannten französischen „riddle“ auseinander: Warum blieb Frankreich von der Wirtschaftskrise von 1857 relativ verschont?72 Diesem „Rätsel“ widmete er, wie erwähnt, den Brief an Engels vom 25. Dezember 1857 und den am gleichen Tag geschriebenen Zeitungsartikel „[The French Crisis]“, der in der NYDT vom 12. Januar 1858 veröffentlicht wurde. Dort trug er insbesondere das Argument vor, dass, wie noch ausführlicher gezeigt wird, Frankreichs Handelsbilanz gegenüber den wichtigen Handelspartnern wie Großbritannien, den USA und auch den Hansestädten positiv war. Wie in der Edition nachgewiesen wird, entstand der Artikeltext allerdings etwa zur Hälfte durch die Übersetzung von Briefpassagen und durch die Paraphrasierung von Exzerpten aus „1857 France“, ohne dass dabei die Originalquellen angegeben wurden.

72

Siehe [Marx:] [The Financial Crisis in Europe.] In: NYDT. Nr. 5202, 22. Dezember 1857. S. 4.

532

Einführung

Konkurse Marx begann seine Recherche über die britische Krise im „Book of the Crisis of 1857“ mit der Aufstellung von Konkursdaten, die er noch vor dem Abschnitt über den Geldmarkt zusammengetragen hat. Im anschließenden „Book of the Commercial Crisis“ hat Marx die Konkurs-Thematik in den Geldmarkt-Abschnitt als dessen vierten Unterabschnitt integriert. Unter der Überschrift „Failures“ wurden von Marx auf sieben Seiten aus Pressemeldungen vom 14. November 1857 bis zum 23. Januar 1858 insgesamt 240 konkrete Konkursfälle gesammelt.73 Konkurse sind die augenscheinlichsten Krisensymptome, deren Anzahl und Verbindlichkeitsumfang als Gradmesser einer Krise gilt. Schon am 19. Dezember schätzte die „Times“ die Gesamtsumme der Verbindlichkeiten von während der Krise bankrottierten Firmen auf etwa 50 Millionen Pfund Sterling, doppelt so hoch wie in der Krise von 1847. Symbolisch für die neue Krise war die Zahlungseinstellung von fünf Großbanken, der „Liverpool Borough Bank“, „Western Bank of Scotland“, „Northumberland and Durham District Bank“, „City of Glasgow Bank“ und „Wolverhampton and Staffordshire Bank“, mit einer Gesamtverbindlichkeit von 23 Millionen Pfund Sterling. Das notierte Marx ebenso wie die Informationen über Millionen-Insolvenzen des amerikanischen Bankhauses „Dennistoun and Co.“ (£2,1 Mio.) und einem Billbroker (Wechselmakler) „Sanderson, Sandeman, and Co.“ (£5,3 Mio.).74 Als Quellen dienten hier neben Tageszeitungen vor allem „The Economist“, der wöchentlich nicht nur direkt aus London berichtete, sondern auch die dienstags und freitags ursprünglich in „The London Gazette“ veröffentlichten Konkursmeldungen aus weiteren Landesteilen abdruckte. Dabei konnte von einer Vollständigkeit der Verzeichnisse keine Rede sein. Was die Auswahlkriterien von Marx betrifft, sind folgende Merkmale erkennbar: Erstens wurden Konkurse im Einzelhandel und Dienstleistungen wie etwa von Lebensmittelhändlern, Bäckern, Gastwirten, Hotelbesitzern nicht berücksichtigt. Zweitens konzentrierte er sich bei den bis zum 10. Dezember erfolgten Insolvenzen, die er auf der ersten Seite des „Book of the Crisis of 1857“ registrierte, auf die Hauptstadt und bemühte sich anhand der „Times“ und des „Economist“, alle Londoner Konkursfälle zu erfassen. Dabei handelt es sich meistens um Londoner Handelshäuser, die vor allem im skandinavischen, deutschen und amerikanischen Handel tätig waren. Drittens verlagerte sich der Schwerpunkt seiner Verzeichnisse ab dem 11. Dezember, als er inmitten des „Book of the Crisis of 1857“ (S. [37]–[40]) zum zweiten Mal die Thematik Konkurse aufgriff, nunmehr auf Produzenten und Fachhändler aus den Industriegebieten des Landes, insbesondere aus der Textil- und Eisenindustrie. Diese Schwerpunktverlagerung signalisiert offenbar die Ausweitung der Recherche auf die Industrie, also den Bereich, den Marx als eigentlichen Krisenherd ansah. 73

In der Zahl sind nicht solche Insolvenzfälle einbegriffen, die außerhalb des Unterabschnitts „Failures“ exzerpiert wurden. 74 Näheres über diese schwerwiegenden Insolvenzen in Evans: The History of the Commercial Crisis 1857–58 (Fn. 1); Wirth: Geschichte der Handelskrisen (Fn. 8).

533

Einführung

Das „Book of the Crisis of 1857“ beginnt mit einer Auflistung von 22 Insolvenzfällen vom 2. bis zum 10. Dezember, die Marx einzeln aus Tageszeitungen zusammentrug, wobei acht Firmen nicht namentlich genannt, sondern als Insolvenzen an der Börse („Stockexchange“) bezeichnet werden. Die Verbindlichkeiten, die für insgesamt neun Firmen angegeben werden, betrugen 1,4 Millionen Pfund Sterling. Andererseits heißt es in einem Leitartikel der NYDT vom 26. Dezember 1857, der erstmals in MEGA➁ I/16 als Marx’ Schrift aufgenommen wird: „The London failures occurring from Dec. 3 to Dec. 10 were, indeed, by no means unimportant, since they reach the number of twenty-one, and involve, for nine firms only, liabilities to the amount of £1,300,000. But apart from eight failures belonging to the Stock Exchange, the other disasters have mainly occurred in the German and Northern trade, and might, therefore, be fairly considered as the inevitable and comparatively cheap discount on the London market of the Hamburg and Baltic catastrophe.“75 Die Zahlen weichen zwar teilweise leicht voneinander ab, aber eine zufällige Übereinstimmung der Zahl der Fälle, deren Verbindlichkeit angegeben wurde, nämlich die neun Firmen, wäre eher unwahrscheinlich.76 Geldmarkt Marx beobachtete den englischen Geld- und Wertpapiermarkt unter vier sachlichen Aspekten: Bank von England, Gold- und Silbermarkt (bullion market), Darlehensmarkt (loan market) und Effektenmarkt (security market).77 Bei den Exzerpten über die Bank von England (S. 2/3 des „Book of the Crisis of 1857“, siehe S. 82–89) handelt es sich überwiegend um handschriftliche Dateneinträge und Zusammenfassungen von Kommentaren aus „The Economist“ im Zeitraum vom 14. November 1857 bis zum 20. Februar 1858, dem ebenfalls die Daten für Abb. 1 entnommen wurden. Die wöchentliche Bilanz der Bank von England wurde am Mittwoch aufgestellt und am Freitag in „The London Gazette“ veröffentlicht, wovon der „Economist“ die Angaben in seiner Samstagsausgabe übernahm. Deshalb reichen die von Marx erfassten Bilanzdaten genau genommen vom 11. November bis zum 17. Februar. Diese Zeitdifferenz zwischen der Bilanzaufstellung am Mittwoch und deren Veröffentlichung durch den „Economist“ am Samstag war der Grund, aus dem sich Marx bei der Datierung der Exzerpte zur Bank von England häufig irrte.

75

[Karl Marx:] [The Commercial and Industrial State of England:] In: NYDT. Nr. 5206, 26. Dezember 1857. S. 4. Hervorhebung die Editoren. 76 Siehe Gertrude Ratajczak, Claus Baumgart: Ein bislang unbekannter Artikel von Karl Marx über die Weltwirtschaftskrise von 1857. In: Marx-Engels-Forschungsberichte. H. 2. Leipzig 1984. S. 57–63. 77 Wie erwähnt, wurden im „Book of the Commercial Crisis“ unter dem Abschnitt „money market“ auch Konkurse (failures) behandelt.

534

Einführung Abb. 1. Bilanz und Mindestdiskontsatz der Bank von England

Quelle: The Economist. Unterlegt: Von Marx exzerpierter Zeitraum

Die „Economist“-Ausgabe vom 14. November berichtete über diejenige Woche, die als Höhepunkt der Krise von 1857 gilt.78 In dieser Zeit stellten zwei Großbanken ihre Zahlungen ein, die „Western Bank of Scotland“ und die „City of Glasgow Bank“. Der von der Bank von England angehobene Diskontsatz erreichte die historische Höhe von 10%. Das Peel’sche Bankgesetz von 1844 musste schließlich suspendiert werden. Zu genau diesem Zeitpunkt begann Marx, Bilanzdaten und „Economist“-Kommentare zu sammeln. Marx begann seine Recherchen zur Bank von England gerade zu dem Zeitpunkt, an dem die Bilanzlage der Bank die tiefsten Werte aufwies, weshalb er entgegen seiner Erwartung keine Zuspitzung der Finanzkrise sondern ihr Abklingen dokumentierte. Dies zeigt die unterlegte Zeitachse in Abb. 1 deutlich, die den von Marx exzerpierten Zeitraum kennzeichnet. Nachfolgend werden wichtige Stationen im Erholungsprozess der Bilanzlage der Bank von England, die Marx den Zeitungen entnommen hat, aufgeführt: – Am 12. November 1857 wurde das Bankgesetz suspendiert und Banknoten für 2 Millionen Pfund Sterling zusätzlich ausgegeben, indem Staatsanleihen des gleichen Betrags von der Bank- zur Emissionsabteilung übertragen wurden (siehe S. 85.35–40). – Am 18. November begann die „Reserve“ der Bank von England wieder zuzunehmen, die der „Economist“ und Marx als Summe von Noten- und Münzenreserve in der Bankabteilung der Bank von England definierten (siehe S. 85.27–34). – Das traf am 25. November auch für das „Bullion“ der Bank von England zu, das als Summe von Gold und Silber in der Emissionsabteilung und Münzreserve der Bankabteilung definiert war. Diese Vermehrung von „Bullion“ galt als „improvement in the situation of the Bank“ (S. 87.9–16). 78

„The monetary crisis has this week reached its climax.“ (S. 84.16.)

535

Einführung

– Am 2. Dezember begann der Bestand an privaten Wertpapieren in der Bank von England abzunehmen, dessen Höhe den Druck der Geldnachfrage auf diese Bank darstellte. Diese Abnahme (verbunden mit der Abnahme der privaten Einlagen in der Bank) bedeutete auch eine zunehmende Bereitschaft der Geschäftsbanken und Diskonthäuser, mit von der Bank von England abgehobenem Geld wieder selbst Diskontgeschäfte zu übernehmen (siehe S. 88.10–20), und diese Entwicklung wurde als „Großes Improvement“ bewertet (S. 89.18). – Am 24. Dezember setzte London das Peel’sche Bankgesetz wieder in Kraft. Der Zweck der zusätzlichen Herausgabe von Banknoten in der Höhe von 2 Millionen Pfund Sterling hatte sich erfüllt. Zugleich senkte die Bank von England den Diskontsatz von 10% auf 8%. Die „Times“ erklärte am 28. Dezember die „crisis f. beendigt. (!)“ (S. 180.25.) – Die nächsten Reduzierungen des Diskontsatzes erfolgten am 7. Januar 1858 von 8% weiter auf 6% (siehe S. 296.21–24 r), und am 14. Januar von 6% auf 5% (siehe S. 297.10–11). Tatsächlich kündigte der am 20. Januar bilanzierte Rückgang der privaten Einlagen in der Bank von England ein zunehmendes Engagement des Geldkapitals im Diskontgeschäft der Geschäftsbanken und Diskonthäuser an (siehe S. 178.18–28, 180.22–24, 296.5–39 l, 299.23–26, 299.31–34). Eine weitere Herabsetzung des Diskontsatzes erfolgte am 28. Januar von 5% auf 4% (siehe S. 299.11–15) und am 4. Februar auf 3,5% (siehe S. 299.23–26). Und am 10. Februar wurde der Bestand an Wertpapieren von 20 Millionen unterschritten, den der „Economist“ als kritische Marke betrachtete. Die Bilanz der Bank von England schien sich damit zu normalisieren (siehe S. 299.2–5, 299.11–15). Am 11. Februar schließlich erfolgte die Verbilligung des Diskontsatzes von 3,5% auf 3%, den niedrigsten Stand seit Januar 1853 (siehe S. 299.31–34). Den „Bullion market“ unterteilte Marx in drei Punkte: Aus- und Einfuhr von Gold und Silber (bullion), Silberpreise und Devisen (foreign exchange). Wie erwähnt, erholte sich der Bullionbestand in der Bank von England schon am 25. November 1857 dank der zunehmenden Goldeinfuhr aus den USA und Australien. Im Januar überschritt das „Bullion“ das Vorkrisenniveau. Diese monetäre Entlastung verfolgte Marx anhand der Angaben der britischen Ein- und Ausfuhrmengen von Gold und Silber, aktuelle Daten sammelte er für den Zeitraum vom 7. November 1857 bis zum 22. Januar 1858. Marx’ Hauptquellen waren: die freitags zusammengestellten Wochenumsätze im „Economist“, die mittwochs aufgestellten Wochenbilanzen in der „London Gazette“, die in mehreren Tageszeitungen wieder veröffentlicht und von Marx aus diesen indirekten Quellen exzerpiert wurden, sowie die laufende Berichterstattung der Tageszeitungen. Für den gesamten Zeitraum benutzte Marx die erste Quelle, aber die Daten vom 10. Dezember bis zum 13. Januar wurden auch aus der zweiten Quelle ergänzt, und vom 12. bis zum 19. Dezember wurden alle drei Quellen benutzt, so dass er in dieser Periode an jedem Werktag besonders intensive Aufzeich-

536

Einführung

nungen vornahm. Aus Marx’ zweiter Hauptquelle, der „London Gazette“, ergibt sich die Abb. 2 über die britische Einfuhr von Edelmetallen vom 18. November 1857 bis zum 27. Februar 1858: Abb. 2. Britische Einfuhr von Gold und Silber (in Pfund Sterling)

Quelle: The London Gazette

Die erste die Millionengrenze überschreitende Einfuhr in der am 25. November auslaufenden Woche ermöglichte den bereits erwähnten Wiederanstieg des Bullionbestandes der Bank von England. Die besonders intensive Beschäftigung von Marx in der Woche vom 12. bis zum 19. Dezember erklärt sich aus der Tatsache, dass diese Woche gemeinsam mit der am 6. Januar endenden Woche den höchsten Edelmetalleinfuhrwert im betreffenden Zeitraum aufwies. Aufgrund seiner täglichen Aufzeichnungen konnte Marx ein besonderes Ereignis im Krisenverlauf festhalten: Am 16. Dezember 1857 traf das Postschiff „Atlantic“ mit 340000 Pfund Sterling in Goldbarren aus New York in Liverpool ein, was Marx dem „Morning Star“ vom 17. und 18. Dezember sofort entnahm (siehe S. 184.2–4, 184.10–13). Die Ankunft des Goldes am 16. Dezember markierte einen Wendepunkt im Krisenverlauf auf dem Geldmarkt und den Märkten der Baumwollindustrie, denn dieser Goldimport trug entscheidend zur Vermehrung der Goldreserve der Bank von England bei und erleichterte damit die Kreditvergabe. Belege für eine intensive Datenerfassung finden sich zum Punkt „Devisen“. So berichtete der „Economist“ über die dienstags und freitags an der Londoner Börse festgestellten Wechselkurse.79 Es ging um aktuelle Kurse für die auf 79

Die Ausnahme waren die Weihnachtsfeiertage, so dass die Kurse vom 24. Dezember 1857 (Donnerstag) veröffentlicht wurden und nicht vom 25. Dezember.

537

Einführung

22 Städte der Welt lautenden Wechsel. Diese Kurse übertrug Marx für den Zeitraum vom 3. November 1857 bis zum 22. Januar 1858 in sein Krisenheft und erstellte daraus eigene großformatige Zeitreihentabellen (siehe S. 100/101, 191, 309/310). Für die ersten fünf Wochen vom 7. November bis zum 11. Dezember referierte er die genannten Tabellen sogar wochenweise (S. 99, 102) und gab entsprechende „Economist“-Kommentare wieder (S. 102, 105). Für diesen Zeitraum trug Marx ebenfalls wochenweise aus dem „Economist“ Wechselkurse von sechs ausländischen Börsen (Paris, Hamburg, Amsterdam, Antwerpen, Petersburg und New York) mit zugehörigen Kommentaren ein (siehe S. 96–98). Wöchentliche Kommentare in der Rubrik „Comparative Exchange“ konzentrierten sich damals auf Wechselkurse (und damit auch auf Goldpreise) in Paris, Hamburg und New York. Dadurch ließen sich krisenbedingte Schwankungen verfolgen, die in New York und Hamburg besonders markant auftraten.80 Abb. 3 und 4 zeigen den Verlauf der Wechselkurse in New York bzw. Hamburg. Der Kurs der auf den britischen Pfund Sterling lautenden Wechsel wurde in New York konventionell mit prozentmäßigen Abweichungen von $4,444 notiert. Da nach der Einführung des Goldstandards in den USA im Jahre 1834 die Parität $4,8665 pro Pfund Sterling betrug, lag die Notierung der Parität nicht bei 100 sondern bei 109,456.81 Wie Abb. 3 zeigt, sackte der New Yorker Pfund Sterling-Wechselkurs während der dortigen Finanzkrise im September und Oktober 1857 so tief ab, dass der „Economist“ für die Kurse vom 1. bis zum 29. Oktober (grau unterlegt) den Goldpunkt für unterschritten und somit den Goldexport in die USA für profitabel hielt. Unter Berücksichtigung der ca. zweiwöchigen Verzögerungszeit der Kursnachrichten von New York nach London, entspricht diese Kursentwicklung nicht nur der Bemerkung von Marx: „Also in der 2 Woche drain nach America stopped“, sondern auch der Bullionbilanz der ˙ ˙ von England, wo mit dem 11. November die Bullionmenge ihren TiefBank punkt überschritt, wie Abb. 1 zeigt. Einen ähnlichen Verlauf zeigte der Mark Banco-Kurs während der britischen Finanzkrise im November und Dezember, wie der Kurs des Pfund Sterling während der amerikanischen Krise. Die Mark Banco sank gegenüber dem Pfund (genauer: der Wechselkurs des Pfund Sterling stieg gegenüber Mark Banco) so sehr, dass am 1. und 8. Dezember keine Kursnotierung mehr möglich war. Um solche multinationalen Entwicklungen der Wechselkurse und die damit eng verbundenen Edelmetallbewegungen bei der weltweiten Krisenausbreitung besser zu verstehen, nahm Marx die Lage des Welthandels näher unter die Lupe. Dies geschah offenbar außerhalb seines ursprünglichen Gliederungsplans des „Book of the Crisis of 1857“ und „Book of the Commercial 80

Der Pfund Sterling-Franken-Kurs schwankte um 1% bis 2% und damit deutlich weniger als bei den anderen Währungen. 81 L[ance] E. Davis, J[onathan] R. T. Hughes: A Dollar-Sterling Exchange, 1803–1895. In: The Economic History Review. New Series. Vol. 13. 1960. Nr. 1. S. 52–78.

538

Einführung Abb. 3. New Yorker Wechselkurs für Wechsel mit 60 Tagen Sicht auf London (Tagestiefwert)

Quelle: The Economist. Unterlegt: Kurse vom 1. bis zum 29. Oktober 1857

Abb. 4. Hamburger Wechselkurs für Wechsel mit 3 Tagen Sicht auf London (Tagestiefwert)

Quelle: The Economist

539

Einführung

Crisis“. Notizen zu den britischen Handelsbilanzen erfolgten eher gelegentlich, auf leerstehenden Seiten des „Book of the Crisis of 1857“ (S. [34]/[35]), die ursprünglich für „France“ und „Rest of Europe“ bestimmt waren, und auf einer Seite im Abschnitt „Miscellaneous“ des „Book of the Commercial Crisis“ (S. [73]). Dort wies Marx mit den vom Präsidenten des Board of Trade, Lord Stanley Alderley, angebotenen Statistiken nach, dass die USA den größten Handelsüberschuss gegenüber Großbritannien hatten, gefolgt von China, Indien, Russland, Preußen, während die Hansestädte das größte Defizit gegenüber Großbritannien aufwiesen, gefolgt von Australien u.a. Außerdem zeigen die Daten, dass damals Frankreich sowohl gegenüber den USA als auch Großbritannien einen Handelsüberschuss genoss. Bei Alderleys Statistiken handelt es sich um zwei Handelsbilanzaufstellungen: Erstens einen Jahresvergleich des britischen Im- und Exports mit einzelnen von insgesamt 31 Ländern und Regionen für jeweils 1854, 1855 und 1856. Die großformatige Zahlentabelle schnitt Marx aus „The Free Press“ vom 23. Dezember 1857 aus (siehe S. 156.35–158.50). Zweitens eine Liste der Länder mit aktiver und passiver Handelsbilanz gegenüber Großbritannien mit einzelnen dreijährigen Bilanzsummen von 1854 bis 1856. Die Bilanzsumme hat Marx selbst anhand der obigen Tabelle errechnet (siehe S. 159).82 Aufgrund der genannten Statistiken und zusammen mit den Im- und Exporttabellen für Schafwolle, die er im Abschnitt „Miscellaneous“ des „Book of the Commercial Crisis“ aus „The Economist“ exzerpiert hatte (siehe S. 488.9–491.16), schrieb Marx um den 7. Januar 1858 den Zeitungsartikel „[British Commerce]“.83 Dieser besteht überwiegend aus den genannten ausgeschnittenen Tabellen und der von Marx errechneten Liste sowie den dazu gehörigen, vorher abgeschriebenen und später paraphrasierten Kommentaren, ohne dass die direkt zitierten Quellen angegeben werden. Im originalen Teil des Textes behauptet Marx übrigens anhand des Beispiels aus dem Wollhandel, dass der allgemein als Entlastung empfundene Re-Export der fremden Waren aus Großbritannien zur Hälfte aus Rohstoffen bestehe, und dessen Zunahme eine Verschärfung der ausländischen (besonders französischen) Konkurrenz bedeute. Die Konkurrenz treibe die Rohstoffpreise so hoch, dass diese den ganzen Profit absorbierten, welcher der britischen Manufaktur übrig bleiben würde. Die anderen beiden Aspekte des Geldmarkts sind der Darlehensmarkt (loan market) und Effektenmarkt (security market). Bei ersterem handelte es sich um Diskontgeschäfte, bei letzterem um Staatsanleihen (public funds) sowie Aktien (shares). Unter den Staatsanleihen behandelte Marx hauptsächlich die konsolidierte Anleihe (consolidated annuities, kurz consols), d.h. eine britische standardisierte Staatsanleihe, die dem Besitzer auf Dauer eine festgesetzte Rendite (damals von 3%) versprach, und unter den Aktien ausschließlich die Eisenbahn-, Bank- und Bergwerksaktien. 82 83

Im NYDT-Artikel hieß es offenbar fehlerhaft: die Summe von 1855 bis 1857. [Marx:] [British Commerce.] In: NYDT. Nr. 5238, 3. Februar 1858. S. 3.

540

Einführung

Die Exzerpte stammen aus dem „Economist“ und mehreren Tageszeitungen vom 12. Dezember 1857 bis zum 23. Januar 1858. Die Lage des Diskontmarkts wurde bis zum 15. Dezember von den Tageszeitungen mit Attributen wie „increased anxiety“, „exceedingly great caution“, „distrust“ usw. charakterisiert. Daher war von der Einschränkung der Diskontgeschäfte auf die „very best bills“ und von der zunehmenden Geldnachfrage an die Bank von England die Rede (siehe S. 180.31–181.23). Schließlich hieß es ab dem 16. Dezember, der den Wendepunkt der Marktlage markierte, dass Wechselmakler wieder zunehmend diskontierten. Das entlastete die Bank von England am Geldmarkt von Diskontgeschäften (siehe S. 182.12–26). Daraufhin wurden auch andere als erstklassige Wechsel freimütiger diskontiert (siehe S. 207.15–27). Nach dem Jahreswechsel ging die Lockerung des Markts durch zunehmende Geldzufuhr weiter. Die erste Meldung des Jahres über den Diskontmarkt lautete: „Geld sucht eifrig nach employment.“ (S. 312.25.) Wegen der Schwierigkeit, Darlehensmöglichkeiten zu finden, wurden die Aktienbanken sogar gezwungen, neue Einlagen abzulehnen (siehe S. 312.25–35). Weiter hieß es im Laufe des Januars im „Economist“: jetzt kehre sich wegen der „Plethora“ von Geld und der Konkurrenz unter Geldbesitzern die Lage der Geld- und Wechselbesitzer um, so dass die letzteren nun den ersteren gegenüber im Vorteil seien (siehe S. 314.2–16). Viele Einleger der Aktienbanken wollten nun zur Anlage in Effekten wechseln (siehe S. 316.22–28); die Aktienbanken selbst hätten ihre Depositen nun bereitwillig im Effektenhandel investiert, um die Zahlung von Depositenzinsen sicherzustellen (siehe S. 317.25–318.24). Diese Bewegung begann die Spekulationen mit Effekten wieder anzuregen. So sahen die Pressekommentare die Entwicklungszusammenhänge des Darlehens- und Effektenmarkts, was Marx mit Interesse (d.h. mittels Textunterstreichungen) aufnahm. Für die consols trug Marx deren Preise aus Tageszeitungen täglich in seine Hefte ein und erstellte damit ähnlich der Statistik der Wechselkurse eigene Zeitreihentabellen für den Zeitraum vom 11. Dezember 1857 bis zum 22. Januar 1858. Darüber hinaus exzerpierte er täglich relevante Börsenkommentare. Dabei war insbesondere ein deutlicher Stimmungswechsel auf dem Staatsanleihenmarkt vom 17. und 18. Dezember zu verzeichnen, als im „Economist“ genau zu dieser Zeit vom großen Aufschwung („great buoyancy“) die Rede war (siehe S. 196.27–31, 196.33–37). Die drei-prozentigen consols fanden nun aus ihrem langen Kurstief heraus (siehe Abb. 5). Zeitgleich wurde vom Aktienmarkt ein erster Aufschwung gemeldet: Eisenbahnaktien seien zu Kursen wie lange nicht mehr gehandelt worden (siehe S. 201.37–202.3). In diesem Sinne fasste der „Economist“ vom 19. Dezember begeistert die gerade zu Ende gehende Börsenwoche zusammen: „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

541

Einführung Abb. 5. Consol-Preise und Aktienkurse von Eisenbahngesellschaften (Tagestiefwert)

Quelle: The Economist. Unterlegt: Von Marx exzerpierter Zeitraum

is a great and universal rise.“ (S. 202.18–20.) Dies stellte Marx mit einer dem „Morning Star“ entnommenen Kurstabelle heraus, die zwischen dem 12. und dem 19. Dezember Unterschiede in den Preisen von 33 Eisenbahngesellschaften auflistet (siehe S. 204.28–205.23). Aus den Tabellenangaben ergibt sich eine durchschnittliche Wachstumsrate von 6,5%. Auch an Abb. 5 lässt sich konstatieren, dass gerade in dieser Woche die Aktienkurse der zwei größten Eisenbahngesellschaften Großbritanniens steil anstiegen. Das neue Jahr begann mit der Meldung von einer „extraordinary buoyancy“ für Eisenbahnaktien. Im Laufe des Januars befanden sich Aktien- und Staatsanleihenmarkt im Aufschwung. Die Presse vermutete den Grund dafür in Bankkrediten, mit deren Hilfe auf steigende Kurse spekuliert wurde (siehe S. 317.25–318.24, 318.38–319.8, 319.14–27, 320.31–39, 328.19–31, 330.12–20), was Marx mit Interesse unterstrich (siehe S. 317.25–318.24, 318.38–319.8, 328.19–31). Rohstoff- und Industriemarkt Einer der Erkenntnisfortschritte der Krisenhefte gegenüber Heft II der „Grundrisse“ besteht, wie erwähnt, in der expliziten Einteilung der Warenmärkte in den Rohstoff- und Industriemarkt und der eigenständigen Betrachtung des Letzteren. Dabei war die Textilindustrie der mit Abstand wichtigste Industriezweig im Großbritannien der 1850er Jahre, der mehr als die Hälfte der britischen Exportumsätze erzielte. Es war deshalb folgerichtig, dass Marx in seiner Konjunkturanalyse sein Augenmerk auf die Textilindustrie richtete, was sich in der Gliederung der Exzerpte in den Krisenheften auch deutlich wiederspiegelt. Im „Book of the Crisis of 1857“ und „Book of the Commercial Crisis“ ist der

542

The Economist, 25. Dezember 1857. S. 1439

The Book of the Commercial Crisis. Seite [35]

Einführung

Rohstoffmarkt in die „Rohstoffe für Textilgewebe (raw materials for textile fabrics)“ und die „Rohstoffe nicht für Textilgewebe (raw materials not for textile fabrics)“ gegliedert. Unter den letzteren sind alle sonstigen Rohstoffe zusammengefasst wie Metalle, Felle und Leder, Kolonialwaren („Mincing Lane“) sowie Getreide („Mark Lane“). Die Textilindustrie ist einerseits an die Rohstoffmärkte für Baumwolle, Wolle, Seide, Flachs, Leinen als ihre Beschaffungsmärkte und andererseits an die Industriemärkte für Garn, Stoff, Bekleidung, Spitzen, Teppiche als Absatzmärkte angeschlossen. Deswegen fertigte Marx im Zeitraum vom 11. November 1857 bis zum 12. Februar 1858 zur Lage sowohl der textilen Rohstoffmärkte als auch der textilen Industriemärkte 128 Exzerpte an, und im Zeitraum vom 3. Dezember bis zum 22. Januar für fast jeden Tag. Bei den Marktberichten ging es hauptsächlich um Absatzlage und Preisentwicklung auf jedem Teilmarkt, wobei die Marktlage meistens mit Kennzeichnungen wie „dull“, „gloomy“, „inactive“, „depressive“, „quiet“ charakterisiert wurde. Marx verfolgte insbesondere die Preisentwicklung der textilen Rohstoffe und textilen Fertigprodukte. Sein starkes Interesse an Rohstoffen (der textilen und der sonstigen) wird durch die von ihm selbst angefertigten Preistabellen im Abschnitt „Produce market“ im „Book of the Crisis of 1857“ und „Book of the Commercial Crisis“ dokumentiert. Der „Economist“ veröffentlichte jede Woche unter der Rubrik „Commercial Times Weekly Price Current“ eine Preisliste für mehr als 400 Warensorten aus 32 Rohstoffkategorien; für Baumwolle und Getreide noch detailliertere Tabellen wöchentlich unter der Rubrik „Liverpool Market. Prices Current“ bzw. „London Markets. State of the Corn Trade for the Week. Prices Current of Corn, &c.“. Marx verwendete alle diese Tabellen (siehe S. 543). Aufgrund dieses Warenverzeichnisses hatte Marx bereits in Heft II der „Grundrisse“ eine eigene Marktklassifikation vorgenommen. In die Krisenhefte wiederum übertrug er während des Zeitraums vom 11. Dezember 1857 bis zum 12. Februar 1858 alle in der genannten Preisliste angegebenen Preise allwöchentlich und erstellte seine eigenen Zeitreihenpreistabellen. Diese wurden auf die nach der Rohstoffkategorie überschriebenen Seiten systematisch verteilt, Baumwolle (S. 210.28–211.16),84 Seide (S. 218.5–18, 349.2–32), Wolle (S. 219.20–220.51, 352/353), Leinen und Flachs (S. 223.24–39, 354), Metalle (S. 225, 357), Kolonialwaren („Mincing Lane“, S. 230–232, 362–383), Getreide („Mark Lane“) (S. 242.33–243.29, 244.32–245.21, 399.15–400.36). Innerhalb der Textilindustrie nahm die Baumwollindustrie mit einem Anteil von 63% am Exportwert der britischen Textilien im Jahre 1857 eine dominante Stellung ein, gefolgt von Wolle (22%), Leinen (10%) und Seide (5%).85 Um dieser Rolle der Baumwollindustrie gerecht zu werden, exzerpierte Marx neben den Preisen für Rohbaumwolle auch Preise für Fertigprodukte der Baumwollindustrie wie Garn, Stoff, Hemdenstoff im Zeitraum vom 3. Dezember 1857 84

Für Baumwolle lief ausnahmsweise der Zeitstrahl vom 4. Dezember 1857 bis zum 22. Januar 1858. 85 Hughes: Fluctuations in Trade, Industry and Finance (Fn. 11). S. 74.

545

Einführung

bis zum 21. Januar 1858 wöchentlich aus dem „Economist“ im Abschnitt „Industrial market“ des „Book of the Crisis of 1857“ und des „Book of the Commercial Crisis“ (siehe S. 251, 413). Die Zeitreihen der von Marx aus dem „Economist“ systematisch gesammelten Preisdaten für Rohstoffe und Fertigprodukte der Baumwollindustrie verdeutlichen bestimmte Merkmale der betreffenden Zeitperiode, wie in Abb. 6 veranschaulicht ist. Abb. 6. Preisentwicklung in der Baumwollindustrie

Quelle: The Economist. Unterlegt: Von Marx exzerpierter Zeitraum

Die Kurve der Baumwolle steht für den durchschnittlichen Preisindex der in der „Economist“-Tabelle „Comparative Statement of the Cotton Trade“ angeführten vier Rohbaumwollsorten und die Kurve der Textilprodukte für den durchschnittlichen Preisindex der dort angeführten acht Textilprodukte, wobei das Preisniveau vom Juli 1856 auf 100 gesetzt ist. Bei der dritten Kurve handelt es sich um die Quote des Preisindexes der Textilprodukte zum Baumwollpreisindex, die als Verhältnis vom Absatz- zum Beschaffungspreis die Ertragssituation der Industrie zusammenfassend indizieren soll. Für den 12. und 19. November war keine Preisangabe für Baumwolle möglich, weil laut „Economist“ keine nennenswerten Umsätze erfolgt waren.86 Abb. 6 zeigt folgende Preisbewegung: – Baumwolle und Textilprodukte erfuhren einen drastischen Preissturz von 34% bzw. 23% zwischen dem 22. Oktober und dem 17. Dezember. – Vor dem Krisenausbruch lag das Preisniveau für Baumwolle und für Textilprodukte im Vergleich zum Jahr 1856 wesentlich höher. Und zwar war der Beschaffungspreis stärker angestiegen als der Absatzerlös, so dass sich die Ertragssituation der Industrie ständig verschlechterte. Nach dem Ende des Preisfalls im Dezember stellten beide Preise das Vorjahresniveau (100) wieder her. 86

Siehe The Economist, 14. November 1857. S. 1276.

546

Einführung

– In der Zeitspanne vom 3. Dezember bis zum 21. Januar erreichten die Preise um den 17. Dezember ihren Tiefpunkt und begannen um den 24. Dezember, an dem das Bankgesetz wieder in Kraft trat und der Diskontsatz von 10% auf 8% gesenkt wurde, sich wieder zu erholen. Und zwar stieg der Rohstoffpreis wieder stärker an als der Textilproduktpreis, wie das vor dem Krisenausbruch der Fall war. Marx verfehlte nicht, diesen entscheidenden Moment der verbesserten Marktlage der Baumwollindustrie mit Exzerpten aus Zeitungsartikeln zu dokumentieren. Noch am 16. Dezember hieß es in „The Morning Star“ zur Marktlage vom Vortag für Textilprodukte: „Manchester, Cotton ––The Market to-day [15. Dezember] is more gloomy than it has been on any day since the beginning of the present financial crisis. Producers find it impossible to effect sales at any price.“ (S. 258.27–29.) Aber mit einem Artikel am 19. Dezember in „The Manchester Guardian“ wurde zum ersten Mal seit Marx’ Dokumentation eine Meldung aufgenommen, die eine positive Marktentwicklung für Baumwollprodukte anzeigte und eine baldige Erreichung des Tiefpunkts versprach: „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 to-day, and to a hope that we are not far from the lowest point of depression“ (S. 263.1–5). Ebenfalls wurde vom Rohstoffmarkt am 24. Dezember eine deutliche Besserung („marked improvement“) gemeldet (siehe S. 214.19–37). Am 4. Januar 1858 wurde von Spinnereien sogar massenhaft Baumwolle beschafft und zwei Tage später war schon im „Manchester Guardian“ vom Rohstoffmangel die Rede, wobei ein Preisanstieg der Baumwolle bereits allgemein befürchtet worden war, denn in der Vorkrisenzeit hatte ein hoher Baumwollpreis auf die Erträge in der Baumwollindustrie gedrückt (siehe S. 412.17–39, 414.1–14). Die Entwicklung der Baumwollindustrie, die Marx auf diese Weise erfasst hat, bestand also im Wesentlichen in einer Wende zum Besseren und nicht in einer kontinuierlichen Verschärfung der Krise. Innerhalb der Textilindustrie war der Krisenverlauf jedoch von Branche zu Branche unterschiedlich. Die zweitgrößte Sparte der Textilindustrie, Wolle, wies im Gegensatz zur Baumwollbranche keine nennenswerte Erholung während des Zeitraums von Marx’ Arbeit an den Krisenheften auf, soweit es von der im „Economist“ berichteten Rohstoffpreisentwicklung in Abb. 7 zu beurteilen ist. Diese zeigt einen ständigen Preisrückgang ab dem 16. Oktober.

547

Einführung Abb. 7. Rohstoffpreisentwicklung der Textilindustrie (Tagestiefstwert, 100 im Juli 1856)

Quelle: The Economist. Unterlegt: Von Marx exzerpierter Zeitraum.

Die letzten exzerpierten Meldungen aus den Hauptstandorten der Wollindustrie Bradford (S. 445.25–446.2), Rochdale (ebenda) und Halifax (S. 445.7–24) berichteten immer noch über die drückende Lage der Absatzmärkte.87 Im „Manchester Guardian“ vom 19. Januar hieß es zum Beispiel: „Bradford, Monday, January 18. [...] the whole trade is still in a state of depression. There are more reports of failures“. (S. 445.25–28.) In den anderen Textilindustrien, Leinen und Seide, war die Situation nicht besser, wie man der Rohstoffpreisentwicklung (Abb. 7) entnehmen kann; allerdings war in diesen Branchen im Februar eine Erholung der Preise zu verzeichnen, nachdem Marx bereits seine Aufzeichnungen eingestellt hatte. Arbeitsmarkt Im Komplex über den Arbeitsmarkt stellte Marx aus mehreren Zeitungen vom 10. Dezember 1857 bis zum 20. Januar 1858 Ausschnitte zusammen, die sich hauptsächlich mit Kurzarbeit, Arbeitskonflikten, Protesten von Arbeitslosen und Armenhilfeempfängern sowie der sozialen Lage der Arbeiter befassen. Marx exzerpierte aus „The Manchester Guardian“ für den Zeitraum vom 9. bis zum 19. Dezember Tabellen mit Angaben zu den von Kurzarbeit betroffenen Arbeitern und Betrieben in Manchester und Salford. Die Kurzarbeitsstatistik für Manchester, die mittwochs vom Polizeipräsidenten der Stadt zusammengestellt wurde, erschien ab dem 26. Dezember 1857 jeden Donnerstag im „Manchester Guardian“, also von dem Zeitpunkt an, als die Kurzarbeit in der 87

Als Ausnahme gilt Leeds, dessen Entwicklung nach einer Meldung vom 16. Januar positiv war (siehe S. 444.8–28).

548

Einführung

Stadt ihren Höhepunkt erreichte.88 Diese Statistik über die Beschäftigungslage ist in Abb. 8 dargestellt. Die Kurven zeigen die Quote derjenigen Beschäftigten in der Baumwoll- bzw. Seidenindustrie, die von teilweiser (short time) oder vollständiger Arbeitslosigkeit (out of work) betroffen waren. An der Grafik lässt sich das beim Rohstoff- und Industriemarkt konstatierte Krisenmerkmal bestätigen: für die Entwicklung der Märkte erfolgte mit dem 16. Dezember die Wende zu einer langsamen Erholung. Dabei war es im betrachteten Zeitraum der Seidenindustrie nicht besser als der Baumwollindustrie in ihrer schlimmsten Phase ergangen. Abb. 8. Kurzarbeiterquote in der Baumwoll- und Seidenindustrie in Manchester

Quelle: The Manchester Guardian. Unterlegt: Von Marx exzerpierter Zeitraum

Bei den Arbeitskonflikten, von denen berichtet wurde, handelte es sich überwiegend um gegen Lohnkürzungen gerichtete Streiks, Demonstrationen und Versammlungen89 von Schiffsbauern (shipwrights), Eisengießern (iron moulders), Töpfern (throwers), Grubenarbeitern (colliers), Eisenschmieden (forgemen), Seeleuten, Nagelschmieden (nailers), Drahtwerkarbeitern und Knopfmachern. Besonders intensiv verfolgte Marx den Streik von Grubenarbeitern und Eisenschmieden im Industriegebiet „the Potteries“ in North Staffordshire, der am 16. Dezember 1857 als Reaktion auf die Ankündigung einer Tageslohnkürzung von 6 Pence begonnen hatte und in gewalttätigen Auseinandersetzungen mit der Polizei eskalierte. Bis zur Meldung aus „The Manchester 88

Ebenfalls wurde für Salford jeden Dienstag eine analoge Kurzarbeitsstatistik erstellt, deren Veröffentlichung im genannten Blatt aber unregelmäßig und nur dreimal, am 6. und 20. Januar sowie am 10. Februar 1858 erfolgte. Davon exzerpierte Marx die ersten beiden Ausgaben. 89 Die einzige Ausnahme war der Streik von Drahtwerksarbeitern, die gegen die Verhaltensregeln des Betriebs protestierten (S. 455.2–35).

549

Einführung

Guardian“ vom 11. Januar 1858, die über die Rückkehr fast aller Arbeiter zum Arbeitsplatz und die Geltung des neuen reduzierten Lohns berichtete, stellte Marx insgesamt sieben diesbezügliche Ausschnitte aus verschiedenen Quellen zusammen (siehe S. 281.7–24, 281.25–29, 281.35–282.4, 283.4–26, 283.28–284.10, 288.33–289.7, 454.5–14). Die Proteste der Armenhilfeempfänger richteten sich gegen den sogenannten „Arbeitshaustest“ zum Empfang der Armenhilfe, den Betrag und Auszahlungsmodus der Armenhilfe sowie die Arbeitsbedingungen in den Arbeitshäusern. Mit besonderem Interesse verfolgte Marx die „Meuterei“ der „out-door pauper labourers“ in Preston, d.h. derjenigen Armenhilfeempfänger, die für Arbeiten außerhalb des Arbeitshauses, in diesem Fall im Moor, eingesetzt wurden. Diese protestierten gegen die Entscheidungen der zuständigen Fürsorgebehörde (Board of Guardians), die Hilfeleistung nur alle zwei Tage statt wie bisher täglich zu zahlen und für die Tagesleistung ganztägig statt wie bisher halbtägig arbeiten zu lassen. Marx exzerpierte insgesamt fünf Meldungen aus verschiedenen Zeitungen zwischen dem 3. und dem 11. Januar 1858 (siehe S. 289.8–43, 447.9–448.4, 448.35–43, 454.29–33, 457.1–9), wobei es bei der letzten um das Einlenken der Aufständischen ging. Außerdem lenkten Pressemeldungen über die Lage der Arbeiter in wichtigen Industriegebieten des Landes Marx’ Aufmerksamkeit auf die erbärmliche Situation der (beschäftigten und arbeitslosen) Seidenweber vor allem aus Macclesfield, Spitalfield und Stockport, die „may absolutely perish in a land of plenty“ (S. 456.31–45, siehe auch 279.1–9, 283.1–3, 291.28–294.4, 454.15–24, 455.37–456.29), da die Seidenindustrie (anders als die Baumwollindustrie) während der ganzen Rechercheperiode in einer tiefen Rezession steckte (siehe Abb. 7 und 8). Handelskrise in Hamburg90 Mit zahlreichen Zeitungsberichten (hauptsächlich aus „The Times“, „The Manchester Guardian“, „The Standard“ und „The Morning Star“) aus Hamburg, Kopenhagen, Stockholm, Christiania (heute Oslo), Berlin, Wien, Warschau und St. Petersburg, die sieben Seiten des „Book of the Crisis of 1857“ beanspruchen, dokumentierte Marx, wie die britische Krise zunächst die nordeuropäische Handelsmetropole Hamburg in Mitleidenschaft zog und sich in Nord- und Osteuropa ausbreitete. Besonders ausführlich recherchierte er den von Engels im Sinne der Geldkrise als „klassisch“ bezeichneten Krisenverlauf in Hamburg,91 den er in vier Phasen einteilte: „First Week“ (19. bis 26. November), „Second Week“ (27. November bis 4. Dezember), „III Week“ (5. bis 12. Dezember) und „IV Week“ (13. bis 20. Dezember).92 Für jede Phase sammelte Marx 90

Die Rekonstruktion des zusammengestellten Materials wurde in diesem Abschnitt ergänzt durch Schäffle: Die Handelskrisis von 1857 in Hamburg (Fn. 14). 91 „So complet und klassisch ist noch nie ein Panic gewesen wie jetzt in Hamburg.“ (Engels an Marx, 7. Dezember 1857. In: MEGA➁ III/8. S. 206.) 92 Allerdings exzerpierte Marx Zeitungsmeldungen auch über die vierte Phase hinaus bis zum 7. Januar 1858.

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Materialien über Krisensymptome wie Wechselproteste (S. 140.20–25, 142.35–143.2), Insolvenzfälle (S. 121.3–4, 122.7–38, 122.39–123.8, 124.36– 125.23, 136.28–38, 138.29–139.3, 140.5–19, 146.5–6, 146.10–20) und Runs auf Banken (S. 140.27–34, 142.35–143.2) sowie über die freiwilligen und staatlichen Hilfsmaßnahmen, die in der Hansestadt teils auf Druck der Kaufleute, teils nach heftigen Debatten in der Bürgerschaft ergriffen wurden. In die erste Phase fielen erste Konkursmeldungen aus Hamburg, die Panik an der Börse und die Eigeninitiative der Commerzdeputation („Chamber of Commerce“ oder „Board of Commerce“), nämlich die Gründung des „Garantie-Disconto-Vereins“ („Guaranteed Discount Association“). Die zweite Phase war durch zunehmende Insolvenzfälle bestimmt, von denen der Konkurs des Handelshauses „Ullberg & Cramer“ der spektakulärste Fall war (siehe S. 122.39–123.8, 140.5–19). In dieser Zeit rang sich die Stadt dazu durch, mit einer Beleihungskasse (sie hieß „Staatsleihinstitut“93, „Warenvorschußkasse“94, in englischen Medien auch „Credit Society“) und einer Mäßigung von Liquidationsverfahren („renewal of the bankrupts’ law“) einzugreifen. In der dritten Phase ging es vor allem um die Auseinandersetzungen zwischen der Kommerzdeputation, der Bürgerschaft und dem Senat um den dritten staatlichen Eingriff, d.h. die Konstitution einer staatlichen Kasse zur Einlösung von Handelswechseln („State Discount Bank“), außerdem um die Insolvenz der Firma „Pontoppidan“ und die darauffolgende Rettungsaktion der dänischen Regierung (siehe 139.3–12, 139.29–33, 140.5–19, 141.10–19, 141.21– 142.34). In der letzten Phase setzte sich die Konkurswelle in der Hansestadt fort. In dieser Zeit ließen sich Ansätze einer Erholung feststellen, die durch eine Ermäßigung des Diskontsatzes unterstützt wurden. Am 23. November95 beschloss die Hamburger Commerzdeputation, den „Garantie-Disconto-Verein“ zu gründen, um die Diskontierung von Wechseln durch Indossament des Vereins in Gang zu halten (siehe S. 120.10–30). Der Verein, für den 12 Millionen Mark Banco gezeichnet wurden (siehe S. 120.5–8), nahm am 24. November den Betrieb auf. Sogleich ging eine erhebliche Zahl von Anträgen für Garantien ein. Das Vereinskomitee ging äußerst vorsichtig vor. Es wählte nur Wechsel mit bester Bonität aus (siehe S. 121.11–43). Nachdem sich die Selbsthilfe der Kaufleute mit dem „Garantie-DiscontoVerein“ als unzureichend erwies, wurde vom Senat die Gründung des „Staatsleihinstituts“ vorgeschlagen, die am 27. November von der „erbgesessenen“ Bürgerschaft gebilligt wurde. Dabei ging es um eine staatliche Einrichtung, die befugt war, gegen Besicherung von nicht verderblichen Waren, Staatsanleihen 93

Schäffle: Die Handelskrisis von 1857 in Hamburg (Fn. 14). S. 43. Wirth: Geschichte der Handelskrisen (Fn. 8). S. 401. 95 Gerhard Ahrens: Die Überwindung der hamburgischen Wirtschaftskrise von 1857 im Spannungsfeld von Privatinitiative und Staatsintervention. In: Zeitschrift des Vereins für Hamburgische Geschichte. Nr. 64. Hamburg 1978. S. 1–29, hier: S. 9. Dagegen hatte Schäffle: Die Handelskrisis von 1857 in Hamburg (Fn. 14), S. 42, den 22. November als Datum angegeben. 94

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oder Eisenbahnaktien ein Darlehen bis 15 Millionen Mark Banco zu gewähren. Das Darlehen wurde durch Kammermandate (exchequer bills) bis zu einer Höhe von zwei Dritteln des Pfandwertes vergeben. Die Darlehen waren bis Ende Juli 1858 zurückzuzahlen (siehe S. 121.5–9, 121.11–43, 129.24–130.24). Das „Staatsleihinstitut“ nahm seine Tätigkeit am 2. Dezember auf (siehe S. 124.36–125.21). Dabei wurde das zur Verfügung gestellte Leihkapital für die Unterstützung von 19 der „besten“ Häuser der Stadt absorbiert (siehe S. 127.20–36).96 Ebenfalls vom Senat vorgeschlagen und am 3. Dezember von der Bürgerschaft gebilligt wurde die Entschärfung des Liquiditätsverfahrens, eine Maßnahme, nach der ein zahlungsunfähig gewordener Schuldner nicht mehr umgehend seinen Konkurs beim Handelsgericht anmelden musste. Vielmehr konnte er sich nun an seine Gläubiger wenden, die in einer Versammlung einen Vermögensverwalter bestimmen konnten, der in vier Wochen für die Gläubigerversammlung über die Weiterführung seiner Administration oder über ein Insolvenzverfahren zu entscheiden hatte.97 (Siehe S. 125.26–36, 127.16–36). Angesichts der dramatisch angestiegenen Zahl von Insolvenzfällen in der Stadt forderte die Commerzdeputation weitere Maßnahmen. Dazu zählte zunächst die Suspension der strikten Anwendung des Sicherheiten verlangenden Artikels 29 der deutschen Wechselordnung („law on bills of exchange“) von 1849 (siehe S. 125.26–36, 126.15–25, 135.11–136.4). Außerdem wurde ein Moratorium von einem Monat oder zumindest 14 Tagen für fällige Wechsel gefordert (siehe S. 137.37–138.9). Beide Forderungen wurden allerdings vom Senat abgelehnt. Besonders umstritten war die Forderung nach der Errichtung einer staatlichen Diskontbank, die zur Diskontierung von Wechseln das Recht haben sollte, eigene Banknoten mit Zwangskurs bis 30 Millionen Mark Banco auszugeben (siehe S. 127.20–36, 135.11–136.4, 137.13–24, 137.25–35, 137.37–138.9). Der Forderung wurde am 3. und 4. Dezember an der Börse durch eine Drohung mit einer Massensuspension Nachdruck verliehen (siehe S. 136.8–27). Der Senat wies die von der Commerzdeputation geforderte Banknotenausgabe strikt ab und schlug seinerseits die Errichtung einer „Staatsdiscontokasse“98 vor, die durch Kassenanweisungen („exchequer bills“) zu einem Jahreszinssatz von 6,27% bis 6,32% Wechsel bis 15 Millionen Mark Banco diskontie96

Im Gegensatz zu dieser Darstellung in „The Manchester Guardian“ schreibt Ahrens: Die Überwindung der hamburgischen Wirtschaftskrise von 1857 (Fn. 95). S. 13: „bei Beendigung der Hilfsaktion stellte sich heraus, daß insgesamt nur Vorschüsse an 193 Firmen in Höhe von rund 8 Millionen Bankomark gewährt worden waren. Knapp die Hälfte der bereitgestellten Mittel war also überhaupt nicht benötigt worden.“ 97 Von den bis zum 10. Dezember fallierten 135 Firmen waren 65 unter Administration genommen. Siehe Wirth: Geschichte der Handelskrisen (Fn. 8). S. 401/402. 98 Schäffle: Die Handelskrisis von 1857 in Hamburg (Fn. 14). S. 45; bei Wirth: Geschichte der Handelskrisen (Fn. 8): Discontocasse.

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ren sollte (siehe S. 137.25–35). Die Bürgerschaft wurde für den 5. Dezember zur Beschlussfassung zusammengerufen, sie vertagte sich jedoch nach einer zehnstündigen „stürmischen Sitzung“ auf den 6. Dezember (siehe S. 128.11–13, 137.13–24, 138.11–14), an dem sich die Pro-Senat-Fraktion durchsetzen konnte (siehe S. 138.15–28). Die „Staatsdiscontokasse“ wurde am 7. Dezember mit einem Anfangskapital von 5 Millionen Mark Banco eingerichtet. Vermittelt durch die städtische Girobank sollte sie durch einen gegen Hinterlegung von Eisenbahnaktien übertragenen Silberschatz abgesichert werden (siehe S. 138.19–28, 139.14–23). Für die Beschaffung der restlichen 10 Millionen Mark Banco wurde Preußen um Unterstützung gebeten, die jedoch verweigert wurde.99 Dafür entschied am 10. Dezember die österreichische Regierung, der Hansestadt einen einjährigen Kredit von 10 Millionen Mark Banco zu 6% zu vergeben (siehe S. 141.17–19). Noch bevor das Silber aus Wien in Hamburg eintraf (siehe S. 145.20–29), billigte allerdings die Bürgerschaft am 12. Dezember den Vorschlag des Senats, den Betrag nicht wie vorgesehen der Diskontokasse zur Verfügung zu stellen, sondern für die Rettung der insolvenzbedrohten „großen Häuser“ zu verwenden. Die Entscheidung wurde dann einer zu diesem Zweck gebildeten Vertrauenskommission („Commission of Confidence“) übertragen. Unterstützung erhielten die Banken Merck, Gossler, Godeffroy, Lutterroth, Donner, ohne dass die Namen der Empfänger offiziell bekannt gegeben wurden.100 (Siehe S. 143.5–144.8.) Stattdessen durfte die Diskontokasse bei Bedarf weitere 5 Millionen Mark Banco von der Staatskasse aufnehmen (siehe S. 143.5–20). Indienanleihe und Ansätze eines neuen Aufschwungs Außerhalb der Hauptabschnitte behandelte Marx im „Book of the Commercial Crisis“ unter der Überschrift „Miscellaneous“ u.a. Jahresvergleiche von Wirtschaftsdaten (S. [67], [69], [73]), allgemeine Kommentare zur 1857er Krise (S. [68], [72], [74]/[75]), Wirtschaftsnachrichten aus China (S. [70]), Indien (S. [68]–[70], [65]/[66]101), den USA (S. [71], [63]102), Australien (S. [77]), Brasilien (S. [79]) und Ägypten (S. [80]). Einer der Themenkomplexe in dieser Rubrik war eine Reihe von zusammenhängenden Meldungen über den Indischen Aufstand von 1857, die damit notwendig gewordene neue Anleiheaufnahme der East India Company und über eine Verwaltungsreform, die letztendlich zur Abschaffung der Company führen sollte (siehe S. 461.37–462.39, 474.4–475.32). Angesichts des finanziellen Schadens, der durch den Indi99

The Times, 8. Dezember 1857. S. 8. Schäffle: Die Handelskrisis von 1857 in Hamburg (Fn. 14). S. 48, sprach von fünf Häusern; Ahrens: Die Überwindung der hamburgischen Wirtschaftskrise von 1857 (Fn. 95). S. 24, dagegen von acht. 101 Nach S. [70] setze Marx die Exzerpte über Indien auf den leer gebliebenen S. [65]/[66] fort, die zunächst für den Arbeitsmarkt reserviert waren. 102 Nach S. [71] setze Marx die Exzerpte über die USA auf der leer gebliebenen S. [64] fort, die zunächst für den Arbeitsmarkt reserviert war. 100

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schen Aufstand verursacht wurde, von „The Morning Star“ auf 25 Millionen Pfund Sterling geschätzt (siehe S. 192.35–194.17, 479.37–480.34), sollte in der bevorstehenden Legislaturperiode des britischen Parlaments eine in Großbritannien aufzulegende neue Anleihe von 6 bis 8 Millionen Pfund Sterling für die East India Company verhandelt werden (siehe S. 313.16–25, 460.14–462.39, 480.35–481.2), deren Ankündigung an der Börse schon im Vorfeld zwischen dem 6. und 22. Januar 1858 für einen Kursverlust sorgte (siehe S. 304.8–16, 315.34–316.21, 319.14–27, 320.31–39, 332.7–15, 334.29– 335.30, 355.1–35). Auf Grundlage der Exzerpte, die Marx zum indischen Themenkomplex anfertigte, verfasste er am 22. Januar 1858 den Artikel „The approaching Indian loan“, der am 9. Februar in der NYDT erschien. Im „Book of the Commercial Crisis“ befinden sich bedeutsame Hinweise auf die spätere Konjunkturentwicklung, die im Zusammenhang mit den Staatsausgaben in Indien steht. Gleichzeitig mit der Debatte über die Indienanleihe mehrten sich seit dem Jahreswechsel 1857/58 auch Meldungen über eine belebte Nachfrage aus Indien nach britischen Baumwollprodukten (siehe S. 412.5–16, 414.15–45, 417.1–5, 419.32–34, 420.27–421.2, 421.28–44, 443.1–7, 443.10–444.7, 446.3–43, 455.2–35). Diese Nachrichten waren ein Zeichen dafür, dass gerade jener Exportboom der Baumwolltextilien nach Indien einsetzte, der bereits 1859 das Vorkrisenniveau von 1857 übertreffen und einen beispiellosen Aufschwung von Investitionen in Produktionsanlagen hervorrufen sollte. Während andere Branchen noch stagnierten, begann die Baumwollindustrie derart zu prosperieren, dass sich Engels wunderte: „Das Geschäft hier geht ganz kolossal gut, [...] die Nachfrage ist noch immer stark genug um die Preise vollständig zu halten. [...] Ich muß übrigens doch sagen daß mir die Art & Weise wie die überproduzirte Masse die die Krise hervorrief, absorbirt worden ist, durchaus nicht klar ist; ein so rascher Abfluß einer so heftigen Sturmfluth ist noch nie dagewesen.“103 Als Gründe für diese rege Nachfrage aus Indien nannte Marx insbesondere die dort während des Aufstands getätigten enormen Staatsausgaben, die Aufholung des Nachfragerückstands und Anreize zur Handelstätigkeit nach dem Nachlassen des Aufstandes sowie die Schrumpfung der meisten anderen Märkte (z.B. der USA) nach der 1857er Krise.104 So verfolgte Marx in den folgenden Jahren in seinen NYDT-Artikeln aufmerksam, wie dieser stark angestiegene Export nach Indien 1858 die Ausnahme zum allgemeinen Ausfuhrrückgang bildete,105 und wie er 1859 dafür sorgte, dass der britische Gesamtexport wieder zunahm und sogar das Vorkrisenniveau von 1857 überstieg.106 Engels an Marx, 7. Oktober 1858. In: MEGA➁ III/9. S. 215/216. [Karl Marx:] [Important British Documents.] In: NYDT. Nr. 5329, 20. Mai 1858. S. 6; ders.: British Commerce. In: MEGA➁ I/18. S. 451. 105 [Marx:] [Important British Documents.] In: NYDT. Nr. 5329, 20. Mai 1858. S. 6; [ders.:] [The State of British Commerce.] In: NYDT. Nr. 5356, 21. Juni 1858. S. 6. 106 [Karl Marx:] British Commerce. In: NYDT. Nr. 5717, 19. August 1859. S. 4; [ders.:] Manufactures and commerce. In: NYDT. Nr. 5747, 23. September 1859. S. 6. 103 104

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Schließlich kam Marx dazu, seine Beobachtung dieser Exportentwicklung nach der 1857er Krise als ein „Gesetz der Produktion (a law of production)“ zu verallgemeinern: „The law is this: That if, by over-production and over-speculation, a crisis has been brought about, still productive powers of the nation and the faculty of absorption on the market of the world [...] will only temporarily recede from the highest point reached, and that after some oscillations spreading over some years, the scale of production which marked the highest point of prosperity in one period of the commercial cycle, becomes the starting point of the subsequent period.“107 Die Krisenhefte von Marx sind in erster Linie eine Dokumentation der Krisenerscheinungen auf verschiedenen Märkten zwischen November 1857 und Februar 1858. Wegen ihrer vielfältigen und akribischen Datenerfassung wäre es nicht verfehlt, sie als eine Fortsetzung von Tooke und Newmarchs Bänden V und VI von „A History of Prices“ zu betrachten, die die wirtschaftliche Entwicklung in England und Frankreich bis 1856 zum Gegenstand hatten.108 Während Tooke und Newmarch durch die Widerlegung der quantitätstheoretischen Auffassung von Preisentwicklungen und durch ihre Kritik am Bankgesetz von 1844 motiviert waren, wurde die Anfertigung der Krisenhefte, abgesehen von der folgenlos gebliebenen Ankündigung einer Pamphletpublikation, insbesondere durch Marx’ Bedürfnis veranlasst, seine bis dahin vertretenen Krisenhypothesen empirisch zu unterlegen. Trotz konzeptioneller Differenzen teilte Marx mit den Autoren schließlich die Ansicht über die zur Krise führende wirtschaftliche Entwicklung der 1850er Jahre, die er auf seine eigene Weise als „Doppelkrise“ charakterisierte.109 Unmittelbare Ergebnisse der Studien in den Krisenheften sind die sieben parallel verfassten NYDT-Artikel. Allerdings bleibt der Umfang der dafür benutzten Exzerpte verglichen mit dem Gesamtvolumen der Hefte eher begrenzt, weshalb schwerlich anzunehmen ist, dass diese Materialsammlung als Ganze eigens für die Vorbereitung der Korrespondenzartikel angelegt worden wäre. Von größerer Bedeutendung sind die indirekten und theoretischen Konsequenzen. Es handelt sich um die erste thematische Auseinandersetzung von Marx in seinem Forschungsprozess mit der Vielfalt der Märkte. Er wurde hier mit der Tatsache konfrontiert, dass Krisenphänomene in einzelnen Ländern und auf 107

Siehe [Marx:] Manufactures and commerce. In: NYDT. Nr. 5747, 23. September 1859. S. 6. 108 Thomas Tooke, William Newmarch: A History of Prices, and of the State of the Circulation, during the Nine Years 1848–1856; forming the Fifth and Sixth Volumes of the History of Prices from 1792 to the Present Time. In 2 Vols. London 1857. Marx hatte wahrscheinlich kurz vor dem Beginn seiner Arbeit an den Krisenheften Exzerpte aus dem sechsten Band des Werkes angefertigt. Siehe IISG, Marx-Engels-Nachlass, Sign. B 83a/B 86 und B 89/B 82. 109 Siehe dazu ausführlich Kenji Mori: Karl Marx’s Books of Crisis and the Concept of Double Crisis: A Ricardian Legacy. In: Marx’s Capital: An Unfinishable Project? Ed. by Marcel van den Linden and Gerald Hubmann. Leiden, Boston 2017.

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einzelnen Teilmärkten eines Landes in ihrem zeitlichen Ablauf (wie zwischen Geldmarkt und Warenmarkt) und ihrer Betroffenheit (wie zwischen Baumwoll-, Woll- und Stahlindustrie) äußerst unterschiedlich ausfielen. Diese enorme Vielfalt der Märkte stellte ihn zwangsläufig vor das theoretische Problem, wie das Netzwerk der unterschiedlichen Teilmärkte in seinen Funktionen und Dysfunktionen agiert, und was seine Dynamik hauptsächlich bestimmt: ein Problem, das Marx in den „Grundrissen“, und zwar in den nach den Krisenheften verfassten Abschnitten, in Angriff genommen hat. Insbesondere ist die Logik der Doppelkrise und damit seine Krisenauffassung der 1840er und 50er Jahre nur dann gültig, wenn die sektorale Abhängigkeit zwischen Fertigwaren und Rohstoffen linear ist. Angesichts des zirkulären Produktionsflusses, wie ihn Marx bei der Stahlindustrie betrachten konnte, wurde diese Logik in Frage gestellt und es brauchte einen neuen theoretischen Rahmen, der Rohstoffbeschränkungen als endogene Faktoren behandeln konnte, und der sich spätestens seit der Krise von 1873 als unentbehrlich herausstellen sollte.110

Editorische Hinweise Der vorliegende Band ist nach den seit 1993 geltenden Editionsrichtlinien bearbeitet.111 Die Grundlage für den Edierten Text bilden die überlieferten Originalmanuskripte von Marx. Die Krisenhefte sind chronologisch angeordnet, das heißt, die Materialien werden in der Reihenfolge ihrer Entstehung wiedergegeben. Die Exzerpte enthalten eingeklebte Zeitungsausschnitten und Einträge von Marx’ Hand. Um eine Unterscheidung der beiden Textarten zu ermöglichen, werden im Druck verschiedene Schriftgrößen verwendet. Marx’ Handschrift wird in der Schriftgröße 10 Punkt und alle von ihm erstellten Tabellen, deren Umfang den Satzspiegel übersteigt, in 8 Punkt wiedergegeben. Die von Marx eingeklebten Zeitungsausschnitte werden in der Schriftgröße 8 Punkt, die eingeklebten Tabellen in 6,5 Punkt wiedergegeben. Marx exzerpierte vorwiegend aus englischen Tages- und Wochenzeitungen. Er schrieb Textpassagen wörtlich ab, oder fasste längere Abschnitte in Deutsch und Englisch zusammen, wodurch ein Mischtext aus deutschen und englischen Wörtern entstand, der grammatische, syntaktische und orthographische Eigentümlichkeiten sowie auch Fehler aufweist. Eine Vereinheitlichung oder Modernisierung der Orthographie und Interpunktion wurde nicht vorgenommen. Übliche Abkürzungen (u., od., v., f., m.) sowie von Marx häufig benutzte Abkürzungen wie „Engl.“ (England, English) und „Gov.“ (Government) wurden in der Regel beibehalten, nur bei Verständnisschwierigkeiten unterpunktet ausgeschrieben (siehe dazu Verzeichnis der Abkürzungen, Siglen und Zeichen). Von Marx vielfach praktizierte Wortverkürzung durch ausgelassene, zusam110 111

Siehe ebenda. Siehe Editionsrichtlinien der Marx-Engels-Gesamtausgabe (MEGA). Berlin 1993.

556

Einführung

mengezogene oder verschliffene Buchstaben wird im Edierten Text ohne Kennzeichnung in Autorschrift ergänzt, wie „dch“ (durch) und „Gvt“ (Government). Dies gilt ebenso für Wörter mit Doppel-n oder -m, bei denen nur ein Buchstabe geschrieben und mit einem Querstrich markiert wurde. Nichtgebräuchliche Abkürzungen wurden durch Unterpunkten der vom Editor hinzugefügten Buchstaben aufgelöst, im Fall des bestimmten Artikels „d.“ vor englischen Substantiven aber nur, wenn Marx deren Geschlecht eindeutig bestimmt hat (decrease – Abnahme) oder ihre deutsche Übersetzung eindeutig ist (bank, week, alle Wörter im Plural). Redaktionell korrigiert wurden Versehen bei Faktenangaben oder bei Schreibweisen von Namen und Jahreszahlen sowie ergänzte Anführungszeichen und schließende Klammern. Fehlende Satzzeichen wurden nur dann ergänzt, wenn dies für das Textverständnis unbedingt erforderlich ist. Unleserliche Buchstaben werden durch großes „X“ bzw. kleines „x“ wiedergegeben. Die wenigen offensichtlichen Druck- oder Rechtschreibfehler in den Zeitungsausschnitten sowie Marx’ wenige Abschreibfehler in den Tabellen S. 362–383 wurden stillschweigend korrigiert. Alle sonstigen Veränderungen am Text sind in den Korrekturenverzeichnissen ausgewiesen. Beginn und Ende einer Handschriftenseite werden im Edierten Text kenntlich gemacht. Zugleich wird die vorhandene Paginierung mitgeteilt bzw. die fehlende Paginierung redaktionell ergänzt (siehe Verzeichnis der Abkürzungen, Siglen und Zeichen). Auf die Wiedergabe der von Marx leer gelassenen Seiten (siehe Zeugenbeschreibungen) wurde verzichtet. Die Gliederung des Textes durch Marx wurde beibehalten. Wo die Reihenfolge der Exzerpte und Zeitungsauschnitte auf einer Heftseite auf den ersten Blick nicht klar erkennbar ist, wurden die Exzerpte und Ausschnitte anhand einer inhaltlich-chronologischen Autopsie so angeordnet, wie sie Marx durch Gliederung, Einfügungszeichen und Zusammenrücken zusammengestellt hat. Seine zusätzlich zumeist in der rechten oberen Ecke einer Seite wiederholte Überschrift – die wie ein Register die Orientierung unterstützt – wird bei Beginn der Handschriftenseite rechtsbündig wiedergegeben. Die von Marx zum Teil handschriftlich erstellten, zum Teil ausgeschnittenen und eingeklebten Tabellen werden überwiegend in ihrer typographischen Eigenheit wiedergegeben und wurden nur in wenigen Fällen der Übersichtlichkeit halber typographisch angepasst. Eine ausgeschnittene, besonders umfangreiche Tabelle wird lediglich als Abbildung reproduziert. Marx’ Unterstreichungen in exzerpiertem Text werden kursiv, seine Unterstreichungen in ausgeschnittenem Text unterstrichen wiedergegeben. Hervorhebungen in Zeitungsauschnitten (durch kursiv oder gesperrt gedruckte Worte) werden kursiv wiedergegeben. Randanstreichen sind durch senkrechte Linien kenntlich gemacht. Andere Merkzeichen am Rand werden in adäquater Weise reproduziert. Anführungszeichen wurden in einheitlicher Form gesetzt, auch wenn dies von der jeweiligen Textgrundlage abweicht. Die Edition umfasst einen wissenschaftlichen Apparat, der aus dem Teil Entstehung und Überlieferung (einschließlich Zeugenbeschreibung), dem Kor-

557

Einführung

rekturenverzeichnis und den Erläuterungen besteht. Hauptbestandteil der Erläuterungen ist der Quellennachweis der von Marx benutzten Zeitungen und der Nachweis der Benutzung der Exzerpte in den Werken und Briefen von Marx und Engels. Konnte die Herkunft eines Zeitungsausschnitts nicht ermittelt werden, wird – wenn eruiert – eine andere Zeitung mit gleichlautender Meldung als „Ersatzquelle“ ausgewiesen. Der Band enthält des Weiteren ein Namen-, Firmen- und Literaturregister sowie ein Verzeichnis der im Apparat ausgewerteten Quellen und der benutzten Literatur. Auf ein Sachregister wurde verzichtet, da die Hauptschlagwörter durch das Inhaltsverzeichnis erschlossen werden können. Im Namenregister werden alle von der authentischen Form abweichenden Namenschreibweisen im Edierten Text zusätzlich in runden Klammern angegeben. Im Firmenregister wird neben der originalen Schreibweise in runden Klammern die fremdsprachige (meist englische) Bezeichnung ergänzt. Für einen Vergleich der Manuskripte mit dem Edierten Text siehe die Internet-Ausgabe des vorliegenden Bandes. Der vorliegende Band wurde seit 2011 von einer Forschungsgruppe an der Tohoku Universität Sendai (Japan), Graduate School of Economics and Management, von Kenji Mori, Rolf Hecker (Berlin), Izumi Omura und Atsushi Tamaoka unter Mitwirkung von Fritz Fiehler (Husum) und Timm Graßmann (Berlin) erarbeitet. Vorarbeiten in Form von Erstentzifferungen erfolgten in den 1930er Jahren im Moskauer Marx-Engels-Lenin-Institut durch N. I. Nepomnjasˇcˇaja, die hier von 1926 bis 1968 vor allem als Entzifferin der Handschriften von Marx und Engels angestellt war. Am Entwurf des Edierten Textes haben seitens der japanischen Arbeitsgruppe Keizo Hayasaka, Shoichi Saito (beide Morioka), Ryojiro Yatsuyanagi (Shizuoka) und Sadao Ohno (Kioto) mitgearbeitet; ebenso Shinya Shibata (Sendai), der auch an Quellenrecherchen mitwirkte. Zeitweilig waren die Doktoranden aus der Volksrepublik China ChangAn Chen und Fugang Sheng mit Forschungsarbeiten beauftragt. An der Editionsarbeit waren vor 2011 außerdem Michael Heinrich (Berlin) und Michael Krätke (Amsterdam/Lancester) beteiligt. Jacob Blumenfeld (Berlin) hat den englischsprachigen Text Korrektur gelesen. Die Bearbeiter sind den Mitarbeiterinnen und Mitarbeitern der Berlin-Brandenburgischen Akademie zu besonderen Dank verpflichtet, insbesondere Gerald Hubmann und Claudia Reichel für die Koordinierung der Korrektur-, Satzund Druckarbeiten, sowie Richard Sperl und Carl-Erich Vollgraf für editorische Hinweise und die Klärung von Entzifferungsfragen. Timm Graßmann war Redakteur des Bandes, kollationierte die handschriftlichen Passagen und bereitete mit Claudia Reichel die Satzarbeiten vor. Die Satzherstellung erfolgte durch pagina Tübingen. Dank für Hinweise, Kommentare und vielfältige Unterstützung gebührt ferner: Roberto Fineschi (Siena), Hugo Eduardo da Gama Cerqueira (Belo Horizonte), Ehrenfried Galander (Erfurt), Jorge Grespan (Sao Paulo), Jan Hoff (Kassel), Pertti Honkanen (Helsinki), Masahiro Ishigaki (Sendai), Seongjin

558

Einführung

Jeong (Gyeongsang), Shunichi Kubo (Sendai), Thomas Kuczynski (Berlin), Heinz D. Kurz (Graz), Eduardo da Motta e Albuquerque (Belo Horizonte), Teinosuke Otani (Tokio), Lucia Pradella (London), Jürgen Rojahn (Amsterdam/Görlitz), Regina Roth (Berlin), Bertram Schefold (Frankfurt a.M.), Tomonaga Tairako, Susumu Takenaga (beide Tokio), Hans-Michael Trautwein (Oldenburg), Ludmila Vasina (Moskau). Gedankt sei auch folgenden Institutionen: dem Internationalen Institut für Sozialgeschichte (Amsterdam), dem Russländischen Staatlichen Archiv für Sozial- und Politikgeschichte (Moskau), der Bibliothek der Tohoku Universität Sendai, der Bibliothek der Tokio Keizei Universität, der Bibliothek der Tohoku Gakuin Universität, The British Library London (British Newspaper Archiv), der Manchester Newspaper Library, der Staatsbibliothek zu Berlin Preußischer Kulturbesitz und der Universität Paderborn. Die Editionsarbeit wurde von der Japan Society for the Promotion of Science (JSPS) KAKENHI (Grant Number 23243035) und der Berlin-Brandenburgischen Akademie der Wissenschaften in umfassender Weise gefördert. Die Arbeit an dem Band wurde im Dezember 2016 abgeschlossen.

559

Karl Marx Exzerpte, Zeitungsausschnitte und Notizen zur Weltwirtschaftskrise (Krisenhefte) Ende November 1857 bis 20. Februar 1858

ENTSTEHUNG DER KRISENHEFTE Karl Marx’ Exzerpte, Zeitungsausschnitte und Notizen zur Weltwirtschaftskrise 1857/58 umfassen drei Hefte (Kontorbücher), die zwischen November 1857 und Februar 1858 entstanden sind. Alle drei Hefte – in der Forschung als „Krisenhefte“ bezeichnet – wurden von Marx mit Titeln versehen: „1857 France“ (40 Seiten), „Book of the Crisis of 1857“ (72 Seiten) und „The Book of the Commercial Crisis“ (80 Seiten). In einem Brief an Engels vom 18. Dezember 1857 bezeichnete er diese Zusammenstellungen als „Bücher“ und schrieb, „[i]ch habe 3 grosse Bücher angelegt – England, Germany, France“ (MEGA➁ III/8. S. 221). Zu diesem Zeitpunkt hatte er das dritte Heft noch nicht begonnen, sammelte jedoch in den ersten beiden Heften Material über diese drei Länder. Grundlage der Sammlungen sind u.a. wichtige Meldungen, Einschätzungen und Börsenberichte, die Marx überwiegend der Wochenzeitung „The Economist“ (vor allem den Rubriken „The Bankers Gazette“ und „Foreign Correspondence“) sowie den Tageszeitungen „The Times“ (vor allem den Rubriken „Money-Market and City Intelligence“ und „Foreign Intelligence“), „The Morning Star“ (Rubriken wie „Foreign News“ und „Money Market and City News“) und „The Manchester Guardian“ (Rubriken wie „Markets for Manufacturers“ und „Foreign Correspondence“) entnahm. Marx verzichtete meist auf die Angabe seiner Quellen, für einige benutzte er Abkürzungen, z.B. „M. St.“ für „The Morning Star“ und „Econ.“ für „The Economist“. Die Exzerpte und Zeitungsausschnitte stammen aus folgenden Quellen (die Prozentangaben gerundet): Manchester Economist 1857 France

Morning

Unermittelt/

Guardian

Times

53%

4%

15%

14%

7%

8%

198

37%

9%

12%

21%

9%

11%

806

54%

16%

5%

15%

4%

7%

522

Star

Andere

Ersatzquelle Gesamt

Book of the Crisis of 1857 The Book of the Commercial Crisis

561

Karl Marx · Krisenhefte

Der Anteil der vier genannten Zeitungen an der Quellensammlung beträgt mehr als 80%. Weitere von Marx benutzte Zeitungen waren: „The Standard“, „Daily Telegraph“, „The Free Press“, „The Manchester Examiner“ „Reynolds’s Newspaper“, „Weekly Dispatch“, „The Daily News“ und „The Morning Herald“. Für 141 der insgesamt 1526 Exzerpte und Ausschnitte konnte keine Originalquelle identifiziert werden; für 82 davon konnten fast identische Texte in anderen Zeitschriften („Ersatzquelle“) ermittelt werden. Marx ordnete die Zeitungsausschnitte zumeist chronologisch und thematisch an. Der früheste Ausschnitt ist aus dem „Economist“ vom 7. November 1857, der späteste aus dem „Economist“ vom 20. Februar 1858. Die Ausschnitte ordnete Marx zunächst nach den Orten des Wertpapier-, Geld- und Warenhandels, die er grob in „England, Germany, France“ einteilte, womit er vor allem in den ersten beiden Heften „1857 France“ Paris und dem „Book of the Crisis of 1857“ London und Hamburg erfasste; das Ende des „Book of the Crisis of 1857“ sowie das „Book of the Commercial Crisis“ sind dagegen durch die Einteilung der Märkte in den Finanz-, Rohstoff-, Industrie- und Arbeitsmarkt geprägt (siehe Einführung S. 521, 524–526). Neben der chronologischen Beschreibung des Wertpapier-, Geld- und Warenhandels schnitt Marx häufig aus den Zeitungen Statistiken aus und ergänzte sie wochenweise handschriftlich. Dabei unterteilte er den Zeitraum in Wochen: die erste Woche vom 7. bis zum 14. November, die zweite Woche vom 15. bis zum 21. November, die dritte vom 22. bis zum 28. November, die vierte vom 29. November bis zum 5. Dezember und die fünfte Woche vom 6. bis zum 12. Dezember. Nicht in allen Fällen hat Marx konsequent die zum Teil von ihm schon vorbereiteten Tabellen für alle Wochenabschnitte ausgefüllt (zu Marx’ Arbeitsweise an den Heften siehe S. 571/572, 584–586, 618/619). Auf welchem Weg Marx die unterschiedlichen Wochenschriften und Tageszeitungen erhalten hat, ist nicht vollständig geklärt. Ein mögliches Abonnement einer oder mehrerer Tageszeitungen scheint aufgrund der schlechten finanziellen Situation der Familie Marx zu jener Zeit unmöglich. Andererseits könnten ihm Freunde und Bekannte Zeitungen überlassen haben – von Engels ist dies überliefert; möglicherweise half auch der in London lebende Freund Ferdinand Freiligrath, der Jenny Marx gelegentlich Theaterfreikarten überließ, oder ein Mitglied der Familie Marx besuchte die Fleet Street, die Londoner Zeitungsstraße, um eines der Blätter kostenlos zu bekommen. Marx hat alle drei Hefte jeweils auf dem Titelblatt datiert: das Heft „1857 France“ trägt das Jahr „1857“ im Titel; im „Book of the Crisis of 1857“ heißt es „Lond. 12 Dec. 1857 (commenced)“; im „Book of the Commercial Crisis“ steht „January. 1858“. Der Zeitraum, in dem die drei Hefte erstellt wurden, wird im Folgenden präzisiert. Marx bearbeitete seit August 1857 drei Felder. Erstens erfüllte er seine Korrespondentenpflichten gegenüber der „New-York Daily Tribune“ (NYDT) und lieferte bis Oktober zwei Artikel pro Woche (siehe MEGA➁ I/16). Zweitens verfasste er gemeinsam mit Engels Aufsätze für die „New American Cyclo-

562

Entstehung der Krisenhefte

pædia“ (NAC) (siehe ebenda) im Auftrag von Charles Dana, dem Chefredakteur der NYDT, der am 2. September den Eingang einer Reihe von Aufsätzen bestätigte. Schließlich hatte Marx die Ausarbeitung seiner Kapitalismus-Kritik begonnen und schrieb zunächst eine „Einleitung“ (Heft M) und arbeitete dann an den Kapiteln über Geld und Kapital (Hefte I und II) der „Grundrisse der Kritik der politischen Ökonomie“ (siehe MEGA➁ II/1). Währenddessen erholte sich Engels seit Anfang September in Ryde (Isle of Wight), dann kurz in Brighton. Seit Anfang Oktober 1857 befand er sich für etwa einen Monat in St. Helier auf der englischen Kanalinsel Jersey. Obwohl von Engels eingeladen, sagte Marx einen Besuch am 21. September 1857 ab: „Meine Verhältnisse erlauben mir nicht nach Brighton zu kommen und noch weniger Dich nach Jersey zu begleiten.“ (MEGA➁ III/8. S. 164.) Außerdem musste er in der ersten Oktoberwoche den 13-jährigen Carl Imandt durch London führen (siehe ebenda. S. 488). Als am 13. Oktober 1857 in New York eine Börsenpanik ausbrach und 20000 Menschen die Banken stürmten, teilte Charles Dana sofort mit, dass Marx künftig nur noch einen, statt vorher zwei Artikel pro Woche schreiben und sich dabei auf zwei Themen konzentrieren solle: den Krieg in Indien und die ökonomische Krise. Anderen europäischen Korrespondenten der Zeitung war gekündigt worden. Marx beauftragte daraufhin Engels am 31. Oktober, die Artikel über Indien auszuarbeiten, um sich selbst ausschließlich der Krise widmen zu können (siehe MEGA➁ III/8. S. 192). Außerdem war er bis zum 30. Oktober mit dem Aufsatz „Blücher“ für die NAC beschäftigt, der ihn viel Zeit kostete, weil er dafür Clausewitz und Müffling las (siehe die Exzerpte in IISG, Marx-Engels-Nachlass, Sign. B 85/B 86). Am 20. Oktober urteilte Marx in einem Brief an Engels zum ersten Mal über die Krise: „Die americanische Crise – von uns in der Novemberrevue 1850 als in New York ausbrechend vorhergesagt – ist beautiful. Der Rückschlag auf die französische Industrie war immediate, da die Seidenwaaren jezt wohlfeiler in New York verklopft, als in Lyons producirt werden. Der Jammer der englischen moneyarticle-writers, daß ihr englischer trade sound, aber ihre Kunden im Ausland unhealthy seien, ist originell und munter. Wie steht’s mit den Manchester Fabricanten?“ (MEGA➁ III/8. S. 184.) Am 6. November sandte Marx seine erste offizielle Stellungnahme zur Krise an die NYDT nach New York: „[The Bank Act of 1844 and the Monetary Crisis in England]“ (NYDT. Nr. 5176, 21. November 1857). In seinem Notizbuch aus den Jahren 1857–1861 notierte er unter diesem Datum: „England monetary crisis. (R. Peel’s act.)“ (RGASPI, Sign. f. 1. op. 1. d. 5868 – siehe die Übersicht S. 566). Hier gab er einen historischen Rückblick auf das Bankgesetz von 1844, analysierte die gegenwärtige Geldkrise und prognostizierte, dass die britische Regierung das Bankgesetz bald aufheben würde. Für diesen Beitrag hatte er nochmals Thomas Tooke und William Newmarch: A History of Prices, and of the State of the Circulation, during the Nine Years 1848–1856; forming the Fifth and Sixth Volumes of the History of Prices from 1792 to the Present Time. In 2 Vols. London 1857, studiert (siehe IISG, Marx-Engels-Nachlass,

563

Karl Marx · Krisenhefte

Sign. B 86/B 83a und B 89/B 82). Die beiden folgenden, im November verfassten Artikel betrafen die „Handelskrise“ in England: „The British Revulsion“ (NYDT. Nr. 5183, 30. November 1857) und „[The Commercial Crisis in England]“ (NYDT. Nr. 5196, 15. Dezember 1857). Marx formulierte etwa zeitgleich im Heft II der „Grundrisse“: „Endlich der Weltmarkt. Uebergreifen der bürgerlichen Gesellschaft über den Staat. Die Crisen. Auflösung der auf den Tauschwerth gegründeten Productionsweise und Gesellschaftsform. Reales Setzen der individuellen Arbeit als gesellschaftlicher und vice versa.“ (MEGA➁ II/1. S. 187.) Am 13. November notierte Marx für Engels: „So sehr ich selbst in financial distress, habe ich seit 1849 nicht so cosy gefühlt als bei diesem outbreak. Du kannst ausserdem dem Lupus zu seiner Beruhigung sagen, daß ich in einem gründlichen Article der Tribune, now that the whole statement is before us, und selbst von der blosen Tabelle der discount-rates von 1848–1854, bewiesen habe, daß die Crise normal 2 Jahre früher hätte eintreffen müssen. [...] Schick mir jezt, wie Du angefangen, möglichst viel Manchester Blätter. Nicht nur für die Tribune. Ich denke für das Vaterland über die Crise zu schreiben.“ (MEGA➁ III/8. S. 193.) Diese Aussagen legen nahe, dass Marx begonnen hatte, Material über die Wirtschaftskrise zu sammeln. Da Marx vor allem eine Wirtschaftskrise in Frankreich erwartete, verfolgte er kontinuierlich die Entwicklung der Börsenkurse in Paris und die Finanzpolitik der Regierung Louis Napole´ons. Aus dem „Economist“ vom 7. November schnitt er Passagen aus, die er auf den ersten fünf Seiten eines Heftes unter den Überschriften „Bourse quotations“, „Report of the Minister of Finance in the Moniteur“, „Bank of France and Railway companies“ und „French Trade“ zusammenstellte. Es ist ˙ ˙ ˙ ˙das ˙ ˙ Heft „1857 France“ bereits am 7. November allerdings fraglich, ob Marx anlegte. Engels war am 5. November von Jersey nach Manchester gereist und schickte nun laufend Ausgaben des „Manchester Guardian“: am 15. November „wieder 2 Guardians“ (ebenda. S. 197), am 17. ein „ganzes Pack“ (ebenda. S. 201), am 7. Dezember „nur Guardians [...] und keinen Brief“ (ebenda. S. 205), sowie am 9. und 17. Dezember (ebenda. S. 216, 220). Inzwischen hatte die Krise auch Manchester erreicht und Engels war mit dem Krisenmanagement in der eigenen Firma beschäftigt. Die Baumwollpreise befanden sich im freien Fall, jedoch konnte Ermen & Engels in Manchester einem Bankrott entgehen. Am 16. November legte Engels seinem Brief eine Grafik mit dem Verlauf der Baumwollpreise im Jahr 1857 bei (siehe S. 519; diese Grafik hat Marx allerdings nicht den Krisenheften beigefügt). Am Tag zuvor hatte er Marx geschrieben: „Daß Du über diese Krisis Material sammelst ist sehr schön.“ (Ebenda. S. 197.) Von den übersandten Exemplaren des „Manchester Guardian“ machte Marx im Heft „1857 France“ zuerst von der Ausgabe vom 7. Dezember Gebrauch. Die älteste in den Krisenheften verwendete Ausgabe dieser Zeitung ist die vom 27. November. Inzwischen entwickelte sich die Krise in Großbritannien. Am 27. Oktober bankrottierte die „Borough Bank“ von Liverpool, Anfang November weitere

564

Entstehung der Krisenhefte

schottische Banken und am 10. November „Sanderson & Co“, ein Londoner Wechselmakler. Zunehmend geriet die Bank von England in finanzielle Bedrängnis. Unter diesem Druck schritt die Regierung ein und kündigte am 12. November das Bankgesetz von 1844 auf (siehe Einführung S. 517, 521, 535). Am folgenden Tag verschickte Marx seinen Artikel „The British Revulsion“ nach New York. Marx konstatierte am 24. November gegenüber Engels, dass die Suspension des Bankgesetzes „nur so weit wirken [konnte], als sie das künstliche surplus des Panic’s abnahm, das der Akt geschaffen hat“ (MEGA➁ III/8. S. 202). Und weiter meinte er, dass sich die Bankabteilung (banking department) der Bank von England am nächsten Tag als insolvent hätte erklären müssen. Drei Tage später trug Marx in sein Notizbuch aus den Jahren 1857–1861 ein: „Monetary Crisis. (Money Market. Recovery of the B. o. E. Trade Reports.)“ – der entsprechende Artikel „[The Commercial Crisis in England]“ erschien am 15. Dezember in der NYDT. Im Heft „1857 France“ benutzte Marx die drei Ausgaben des „Economist“ vom 7., 14. und 21. November auf den ersten Seiten. Die Tabelle auf der ersten Seite über die Börsenkurse schnitt Marx aus der Ausgabe vom 7. November aus und ergänzte sie handschriftlich, wahrscheinlich zu unterschiedlichen Zeitpunkten. Die ältesten Zeitungsausschnitte entstammen dem „Morning Star“ vom 24., der „Times“ vom 26. und dem „Manchester Guardian“ vom 27. November. Da Marx die Tabelle und die Ausschnitte wahrscheinlich kurz nach ihrer Veröffentlichung benutzt, d.h. eingeklebt hat, ist das Heft Ende November angelegt worden. Möglicherweise sollte das Heft ihm auch selbst helfen, das „Rätsel“ zu lösen, von dem er in seinem am 4. Dezember verfassten Artikel „[The Financial Crisis in Europe]“ (NYDT. Nr. 5202, 22. Dezember 1857) sprach, ob möglicherweise Maßnahmen der französischen Politik die Krise von Frankreich abhielten (siehe Einführung S. 527–532). Zunächst schrieb er am 27. November den Artikel „[The Commercial Crisis in England]“, für den er die „Times“ vom 26. November benutzte. Aus dieser Ausgabe der „Times“ notierte Marx die Angaben über den britischen Export im Vergleich zur Entwicklung der Zinsrate für die Monate Januar bis Oktober 1857 auf einen blauen Bogen (siehe Zeugenbeschreibung S. 572). Diese Exportangaben sind auch in diesem NYDT-Artikel enthalten. Auf der Rückseite des „blauen Bogens“ hat Jenny Marx ein längeres Zitat aus der „Times“ vom 24. November abgeschrieben. Dabei handelt es sich um eine Korrespondenz aus Madrid, in der die Auswirkungen der Krise in Spanien geschildert werden. Den Bogen legte Marx in sein Heft unter der Überschrift „Spain Madrid 22 November (’57)“ ein. Marx verfasste am 4., 11., 18. und 25. Dezember vier Leitartikel für die NYDT zur Wirtschaftskrise in Europa. Er notierte am 4. Dezember in seinem Notizbuch aus den Jahren 1857–1861: „Hamburg Catastrophe. Prussia England France crisis.“ Die Bankenpanik in Hamburg hatte bereits am Freitag, den 20. November stattgefunden. Am folgenden Montag und Dienstag sammelte der kurz zuvor gegründete „Garantie-Disconto-Verein“ – von Marx als „Ham-

565

566 12.01.58 03.02.58 09.02.58

12.03.58

French Crisis.

[Kein Eintrag]

Indian Loan.

French Bank etc.

07.01.58

22.01.58

12.–16. 02.1858

[The Commercial and Industrial State of England] [The Crisis in Europe]

26.12.57

[The Commercial France]

Crisis

The approaching Indian loan

[British Commerce]

in

[The Financial Crisis in Europe]

22.12.57

[The French Crisis]

[The Commercial Crisis in England]

[The Bank Act of 1844 and the Monetary Crisis in England] The British Revulsion

Titel [eventuell redaktionell]

15.12.57

30.11.57

25.12.57

18.12.57

11.12.57

04.12.57

27.11.57

13.11.57

06.11.57

05.01.58

Veröffentlicht 21.11.57

Einträge in Marx’ Notizbüchern von 1857–1861 und 1858–1860 England monetary crisis. (R. Peel’s act.) Engl. monetary crisis. Suspension of Peel’ act. Monetary Crisis. (Money Market. Recovery of the B. o. E. Trade Reports.) Hamburg Catastrophe. Prussia England France crisis. Produce and industrial Crisis impending in England. Crisis. (Engl. German. French.)

Verfasst

Book of the Crisis of 1857. S. [42], [25]/[26] 1857 France. S. [1], [10]/[11], [18], [23] Book of the Crisis of 1857. S. [34]/[35], [73] Book of the Crisis of 1857. S. [34]/[35]; The Book of the Commercial Crisis. S. [5], [65], [68]–[70]

1857 France. S. [25a]; Book of the Crisis of 1857. S. [39] „blauer Bogen“ Book of the Crisis of 1857. S. [25]/[26] Book of the Crisis of 1857. S. [1]

Verbindung zu den Krisenheften

Von Marx für die NYDT zwischen November 1857 und Februar 1858 verfasste Artikel zur Wirtschaftskrise

Karl Marx · Krisenhefte

Entstehung der Krisenhefte

burger Association for discounting the panic“ (MEGA➁ III/8. S. 209) bezeichnet – über 13 Millionen Mark Banco ein, mit denen er in den folgenden fünf Tagen 4600 Wechsel garantierte. Am 7. Dezember meinte Engels gegenüber Marx: „So complet und klassisch ist noch nie ein Panic gewesen wie jetzt in Hamburg. Alles ist werthlos, absolut werthlos, außer Silber und Gold.“ (Ebenda. S. 206; siehe Einführung S. 550–553.) Am 8. Dezember berichtete Marx im Brief an Engels, dass er tiefer in die Krisenanalyse eingestiegen war. Darin zitierte er einen Artikel des „Economist“ vom 28. November, den er in „1857 France“ auf S. [7] abgeschrieben hatte (siehe S. 20.9–21). Er verbuchte seinen Artikel „[The Bank Act of 1844 and the Monetary Crisis in England]“ als „Eine Satisfaction“, weil das Bankgesetz tatsächlich suspendiert worden war (MEGA➁ III/8. S. 210). Am 11. Dezember schrieb Marx einen Artikel über die englische Produktion und die hereinbrechende Industriekrise in England (Notizbuch aus den Jahren 1857–1861: „Produce and industrial Crisis impending in England.“); der Beitrag erschien am 26. Dezember als Leitartikel „[The commercial and industrial state of England]“ in der NYDT. Möglicherweise war ihm klar geworden, dass er die Entwicklung des Finanzmarkts sowie die Entwicklung der Rohstoff- und Industriemärkte in Großbritannien speziell untersuchen und dafür Material zusammenstellen sollte. Marx hat das „Book of the Crisis of 1857“ am 11. oder 12. Dezember angelegt. Auf dem Titelblatt hatte er zunächst das Datum „11 Dec. 1857 (commenced)“ notiert, dieses jedoch in „12 Dec. 1857“ korrigiert, wahrscheinlich weil er sich im Datum geirrt hatte. Am 12. Dezember erhielt er Engels’ Brief vom 11. Dezember, aus dem er auf die erste Heftseite Engels’ Äußerungen über die „Wechselreiterei“ übernahm, in der, so Engels, „die Überproduction sich versteckt“ (MEGA➁ III/8. S. 217). Auf dieser Seite notierte Marx auch die laufenden Insolvenzen und begann mit den Insolvenzen vom 2. Dezember. Daher wäre es auch möglich, dass Marx das Datum auf dem Titelblatt in „2 Dec.“ korrigieren wollte, um damit nicht den Beginn des Anlegens des Heftes, sondern der auf der ersten Seite aufgenommenen Angaben zu vermerken. Am 17. Dezember forderte Engels ihn auf: „Vergiß nicht Dir die balancesheets der Falliten zu notiren“ (ebenda. S. 219). Dazu hatte er in seinen Briefen die Firmeninsolvenzen aufgezählt, die Marx nun mit ihren Verbindlichkeiten ebenfalls auf der ersten Heftseite notierte und durchnummerierte (1 bis 21–22) und ferner die Verbindlichkeiten von neun Firmen addierte (1400000 Pfund Sterling). (Siehe Einführung S. 534.) Am 18. Dezember berichtete Marx an Engels: „Ich arbeite ganz colossal, meist bis 4 Uhr Morgens. Die Arbeit ist nämlich eine doppelte: 1) Ausarbeitung der Grundzüge der Oekonomie. [...] 2) die jetzige Crisis. Darüber – ausser den Artikeln an die Tribune, führe ich blos Buch, was aber bedeutend Zeit wegnimmt. Ich denke, daß wir about Frühling zusammen ein Pamphlet über die Geschichte machen [...] Ich habe 3 grosse Bücher angelegt – England, Germany, France. Die Geschichte über America liegt alles Material in der Tribune. Man kann das später zusammenstellen. Uebrigens ist es mir lieb, wenn Du

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möglicherweise den Guardian mir täglich schickst. Es verdoppelt die Arbeit und bringt Störung herein, wenn ich auf einmal eine ganze Woche oder so nachnehmen muß.“ (MEGA➁ III/8. S. 221.) Marx schrieb inzwischen an den Heften III und IV der „Grundrisse“. Weiterhin hatte er die zwei Hefte angelegt, in denen er Material über Frankreich, England und Deutschland (Hamburg) – für ihn daher drei „Bücher“ – sammelte. Er bekam den „Manchester Guardian“ und andere Zeitungen von Engels offenbar nicht täglich, so dass Marx’ Auswertung des Materials und die Zuordnung desselben zu Rubriken auch davon abhing, welche Zeitungen er erhalten hatte. So sind die Ausschnitte einer Manuskriptseite häufig aus verschiedenen Zeitungen zusammengestellt. Den am 18. Dezember 1857 geschriebenen Artikel „[The Crisis in Europe]“ begann Marx mit den Worten: „[...] a careful examination of our files of British journals only confirms the view we have lately had to express with regard to the probable course of the crisis in England“ (kursiv – Red.). Am 25. Dezember schrieb Marx an Engels erneut über die Auswirkungen der Krise auf Frankreich (siehe MEGA➁ III/8. S. 229–231). Er blieb bei seiner Hoffnung, dass die eigentliche Krise in Frankreich bald ausbrechen werde (siehe [The French Crisis]. In: NYDT. Nr. 5219, 12. Januar 1858). Zu jener Zeit verkündeten die britischen Zeitungen das Ende der Finanzkrise; so schrieb die „Times“ am 28. Dezember: „the commercial crisis of 1857 may be considered at an end“, was Marx in seinem „Book of the Crisis of 1857“ kommentierte: „Times v. 28 Dec. erklärt damit die crisis f. beendigt. (!)“ (S. 180.24–25.) ˙ Wahrscheinlich hat Marx am 2. ˙Januar 1858 das dritte Heft, „The Book of the Commercial Crisis“, angelegt. Dabei handelt es sich um ein Geschäftsbuch mit festem Pappdeckel, wie es in den Kontoren jener Zeit gebräuchlich war. Er klebte zu Beginn einen Ausschnitt über „The Returns of the Bank of England“ aus dem „Morning Star“ vom 2. Januar ein und ergänzte wahrscheinlich später die Daten vom 9. und 16. Januar. Nunmehr verfolgte er, wie sich der Geldmarkt erholte und Wirtschaft und Handel aus der Krise herausfanden. Um den 7. Januar verfasste er den Artikel „[British Commerce]“ (NYDT. Nr. 5238, 3. Februar 1858). Darin griff er die Debatte auf, die sich an der Rede von Lord Derby, dem Oppositionsführer im Oberhaus, vom 4. Dezember entzündet hatte und in der dieser falsche Angaben über den Wert der britischen Importe vorgetragen hatte. Marx hatte diese Debatte verfolgt und entsprechende Ausschnitte einschließlich der in der „Free Press“ veröffentlichten Statistik auf S. [34]/[35] seines „Book of the Crisis of 1857“ geklebt. Darauf ging er nun bei der Ausarbeitung seines Artikels ein. Am 22. Januar berichtete Marx mit Hilfe der in das „Book of the Commercial Crisis“ geklebten Ausschnitte in seinem Artikel „The approaching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858) über die bevorstehende Indienanleihe. Die Schulden der Ostindischen Kompanie seien höher ausgefallen, weshalb sie mehr Kapital benötige, um die Defizite auszugleichen. Dann zitierte er den eingeklebten Zeitungsausschnitt aus dem „Morning Star“ vom 9. Januar (S. [70]) über das Defizit der Gesellschaft der letzten drei Jahre. Vom 12. bis zum 16. Februar schrieb Marx einen weiteren Artikel „[The Commercial Crisis

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Entstehung der Krisenhefte

in France]“ (NYDT. Nr. 5270, 12. März 1858) zur Wirtschaftskrise in Frankreich. Im Januar 1858 führte Marx seine drei Hefte zum Teil parallel. Von Anfang Januar finden sich Zeitungsausschnitte in allen drei Heften: im „Book of the Crisis of 1857“ vom 9. Januar, im Heft „1857 France“ vom 9., 16. und 23. Januar. Aus dem „Economist“ vom 23. Januar klebte Marx Ausschnitte thematisch geordnet in alle drei Hefte ein: in das Heft „1857 France“ die Kommentierung der Auswirkungen des Attentats auf Louis Napole´on vom 14. Januar und weitere Ausschnitte über die Wirtschaftslage in Frankreich (S. [31], [33], [39]); in das „Book of the Crisis of 1857“ mehrere längere Ausschnitte über die englische Entwicklung, die Marx auf die beiden am Anfang des Heftes leer gebliebenen S. 8[10]/9[11] einordnete; in das „Book of the Commercial Crisis“ Tabellen über die Entwicklung des Geldmarkts (S. [2], [5]). Anschließend führte Marx nur noch das letzte Heft weiter. Kurz nachdem Marx den „Economist“ vom 20. Februar erhalten hatte, ergänzte er daraus Daten über die Entwicklung des Geldmarktes in seinem „Book of the Commercial Crisis“ (S. [2]/[3]). Zwei Tage später schrieb er Engels: „Take all in all, so hat die Crisis wie ein braver alter Maulwurf gewühlt.“ ˙ ˙ Anspielung auf Shakespeares „Hamlet“ ver(MEGA➁ III/9. S. 75.) Mit dieser deutlichte er, dass die Krise zu strukturellen Veränderungen führte. Am gleichen Tag kündigte er Ferdinand Lassalle sein ökonomisches Werk in sechs Büchern an: „Die Arbeit, um die es sich zunächst handelt, ist Kritik der ökonom. Categorien od., if you like, das System der bürgerlichen Oekonomie kritisch dargestellt. Es ist zugleich Darstellung des˙ ˙Systems u. durch die Dar˙˙ ˙˙ stellung Kritik desselben.“ (Ebenda. S. 72.) Die drei Krisenhefte hat Marx vor allem für seine Publizistik zur Krise verwendet. In den sieben zwischen 27. November 1857 und 22. Januar 1858 für die NYDT verfassten Artikeln zur Wirtschaftskrise (siehe Übersicht S. 566) stützte sich Marx auf die aktuellen Nummern vor allem der „Times“, zum Teil des „Economist“ und weniger anderer Tageszeitungen. Kurze Passagen der Artikel vom 27. November, 4. und 11. Dezember nehmen auf den „blauen Bogen“ bzw. auf das „Book of the Crisis of 1857“ Bezug. Der Leitartikel „[The Crisis in Europe]“ (NYDT. Nr. 5213, 5. Januar 1858) enthält ein Zitat aus einem Brief von Engels vom 17. Dezember sowie Angaben über die Insolvenzen, die durch die Hamburger Krise hervorgerufen worden waren, die Marx im „Book of the Crisis of 1857“ unter der Überschrift „VI Hamburg etc.“ notiert hatte (S. [25]/[26]). Marx hat umfangreichere Materialien aus den Krisenheften für die folgenden drei Artikel benutzt. In „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858) übernahm er eine Reihe von Passagen aus dem Heft „1857 France“ (von S. [1], [10]/[11], [18] und [23]). Der Artikel „[British Commerce]“ (NYDT. Nr. 5238, 3. Februar 1858) beruht fast vollständig auf dem im „Book of the Crisis of 1857“ exzerpierten Material (S. [73]) und auf der von Marx aus der „Free Press“ vom 23. Dezember 1857 ausgeschnittenen und in sein Heft geklebten Tabelle über die Im- und Exporte Großbritanniens (S. [34]/[35]). Im

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Artikel „The appraching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858) verwendete Marx das „Book of the Crisis of 1857“ (S. [34]/[35]) und das „Book of the Commercial Crisis“ (S. [5], [65], [68]–[70]). Der folgende, zwischen dem 12. und 16. Februar geschriebene Artikel zur Wirtschaftskrise in Frankreich „[The Commercial Crisis in France]“ (NYDT. Nr. 5270, 12. März 1858) enthält bereits Angaben aus dem „Economist“ vom 6. und 13. Februar, die sich in keinem der Krisenhefte befinden. Die von Marx in den Krisenheften versammelten Angaben und Daten über die Geldzirkulation, den Gold- und Silber-Im- und -Export, die Höhe der Verbindlichkeiten von Firmen bei ihrer Insolvenz, sowie über die Aktivitäten der Zentralbanken in London und Paris hätten theoretische Aussagen der „Grundrisse“ oder der 1859 veröffentlichten „Zur Kritik der politischen Ökonomie“ (siehe MEGA➁ II/2) illustrieren können (zum Zusammenhang zwischen Krisenhefte und „Grundrisse“ siehe Einführung S. 524–526). Marx verzichtete in diesen Werken jedoch darauf und berief sich bei Zitaten z.B. aus dem „Economist“ auf aktuellere Ausgaben oder zog offizielle Parlamentsberichte heran. Hinweise zur Edition Marx’ Handschrift wird in der Schriftgröße 10 Punkt, die von ihm handschriftlich erstellten Tabellen in 8 Punkt wiedergegeben, wenn ihr Umfang den Satzspiegel übersteigt. Die von Marx eingeklebten Zeitungsausschnitte werden in der Schriftgröße 8 Punkt, die eingeklebten Tabellen in 6,5 Punkt wiedergegeben. Marx’ Unterstreichungen im handschriftlichen Exzerpt werden kursiv, seine Unterstreichungen in Zeitungsausschnitten unterstrichen wiedergegeben. Kursiv oder gesperrt gedruckte Worte in Zeitungsauschnitten werden kursiv wiedergegeben. Die Wiedergabe der Exzerpte und Zeitungsauschnitte folgt der Marx’schen Gliederung. Für einen Vergleich der Manuskripte mit dem Edierten Text siehe die Internet-Ausgabe des vorliegenden Bandes. Offensichtliche Druck- und Rechtschreibfehler in den Zeitungsausschnitten wurden stillschweigend korrigiert.

570

1857 France Ende November 1857 bis 23. Januar 1858 (S. 3–75)

ENTSTEHUNG UND ÜBERLIEFERUNG Siehe auch Entstehung der Krisenhefte S. 561–570. Das auf der Umschlagseite von Marx mit „1857 France“ betitelte Heft hat einen Umfang von 40 Seiten, von denen 33 beschrieben sind. Es beginnt mit einer aus dem „Economist“ vom 7. November 1857 ausgeschnittenen Tabelle mit den Börsenkursen vom 29. Oktober und 5. November der Bank von Frankreich, des „Cre´dit Mobilier“ und des „Cre´dit Foncier“ sowie der großen französischen Eisenbahngesellschaften (S. [1]). Diese Tabelle ergänzte Marx handschriftlich mit den Kursen vom 12., 19. und 26. November sowie 3., 10., und 17. Dezember. In einer weiteren handschriftlichen Tabelle folgen diese Kurse für die einzelnen Tage vom 18. bis 26. Dezember. Diese Tabellen wurden ergänzt durch Zeitungsausschnitte, die Kommentare aus den Zeitungen „The Morning Star“, „The Manchester Guardian“ und „The Standard“ vom 2. bis zum 18. Dezember 1857 enthalten. Auf S. [2] übernahm Marx einen im „Economist“ vom 7. November abgedruckten Bericht des französischen Finanzministers Pierre Magne über das französische Haushaltsdefizit der letzten zehn Jahre. Dazu zählt die Tabelle auf S. [11] mit den monatlichen Kontenentwicklungen (Einnahmen/Ausgaben) der Bank von Frankreich (Oktober bis Dezember 1857), die ihre Fortsetzung auf S. [14] mit den Angaben vom 14. Januar 1858 im Vergleich zu Dezember 1857 findet. Auf S. [12] klebte Marx unter die Überschrift „Maßregeln des Bo˙ ˙ des naparte in Verbindung m. d. raising d. discount to 10“˙ den Kommentar „Economist“ vom 14. November und gliederte ihn in drei Punkte: „1) Polizeimaßregeln gegen Bullionhändler.“, „2) Brief v. Boustrapha. No crisis.“ und „3) Aufhebung der Prohibitions Gesetze über Kornexport etc“. ˙˙ ˙ ˙ ˙˙˙ ˙ ˙ ˙ aus dem „Economist“ zeugt davon, dass Marx seit Diese Zusammenstellung Mitte November 1857 Material gesammelt und gegen Ende des Monats mit dem Erstellen der Tabellen und dem Einkleben der Ausschnitte begonnen hat. Im Mittelpunkt des Heftes stehen Zeitungsausschnitte über den französischen Getreidehandel, den Ex- und Import und die Entwicklung des Eisenbahnwesens (siehe Einführung S. 527–532). Außerdem finden die Auswirkungen der Finanzkrise auf die französischen Nachbarn Italien und Spanien Beachtung. Auf S. [29] klebte Marx einen längeren Zeitungsausschnitt aus der „Times“ vom 30. Dezember 1857 mit einem Kommentar über den Verkehr auf dem Rhein.

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Die letzte im Heft exzerpierte Quelle ist der „Economist“ vom 23. Januar 1858, dem Marx Angaben über die Entwicklung der direkten und indirekten Steuern in Frankreich im Jahr 1857 (S. [39]) entnahm.

Zeugenbeschreibung H Originalhandschrift: IISG, Marx-Engels-Nachlass, Sign. B 88/B 81. Beschreibstoff: Schreibheft aus weißem Papier, ursprünglich aus 10 Bogen (= 20 Blatt = 40 Seiten). Ehemals Fadenheftung, Heftfaden fehlt, jetzt lose Blätter, letzter Bogen nicht aufgeschnitten. Umschlagblatt und letzter eingelegter Bogen mit Wasserzeichen: J. Whatman 1857 und Wappen, alle anderen Seiten nur Whatman 1857. Format: 20,8 × 32,2 cm. Auf S. [25] ein Blatt aus blauem Briefpapier eingelegt, Format: 20,2 × 24,3 cm, unterer Rand abgeschnitten, Vorderseite beschriftet mit einem Exzerpt von Jenny Marx, Wasserzeichen: Sawston 1854. Rückseite mit Exzerpten von Karl Marx aus „The Times“ vom 26. November 1857. Dieses Exzerpt korrespondiert mit einem von Karl Marx angefertigten Auszug, den er in das „Book of the Crisis of 1857“, S. [39], geklebt hat (siehe Zeugenbeschreibung S. 586). Zustand: Das Heft ist in einem allgemein guten Zustand. Schreiber: Karl Marx; eingelegtes Blatt: Jenny und Karl Marx. Schreibmaterial: Schwarze, jetzt bräunlich verfärbte Tinte. Beschriftung: Umschlagseite mit Titel „1857 France“ versehen, Rückseite leer. Die Seiten vorwiegend zweispaltig beschrieben bzw. die Zeitungsausschnitte zweispaltig eingeklebt. Die Zeitungsausschnitte zum Teil mit einem Messer abgetrennt, daher der teilweise eingerissene Rand. S. [27]/[28], [37] für zusammenfassende Tabellen im Querformat vorbereitet, S. [26], [30], [32], [34], [36], [38], [40] leer. Paginierung: Keine Paginierung von Marx. Vermerke von fremder Hand: Archivstempel IISG, Sign. B 81; Fotopaginierung GZ 62 – GZ 92 (Bleistift). Hinweise zur Edition Siehe Editorische Hinweise S. 556–558 sowie Hinweise zur Edition S. 570. Die Edition folgt der Anordnung der Seiten, die redaktionell fortlaufend paginiert wurden. Das Heft wird im vorliegenden Band erstmals veröffentlicht.

KORREKTURENVERZEICHNIS 5.6 5.14 5.16

572

2940] H 3000 827.50] H 827.15 517.50] H 517.

Erläuterungen

5.19 18.7 18.10 31.21 32.8

67.65] H 67.50 (Econom.)] H Econom.). (Paris.)] H (Paris. Nov. 12] H Nov. 5. 153,424,483] H 153,434,483 Marx schrieb „434“ statt „424“ nach, da der Druck im Original undeutlich war. Hieraus resultierten die folgenden Rechenfehler.

32.42

236,021,592] H 236,031,592

33.3

10,456,440] H 10,466,440

33.3

46,476,680] H 46,486,680

52.18 52.19 56.21 56.24 58.14 59.6 59.18 59.24–25 59.26 59.38 60.6 60.18 60.28 63.1–3 69.33

make] H be made increase] H increased hand] H hands of silver] H of of silver Wechler] H Wichler p.cts.] H p.cts, that] H that the embarrassed] H embarassed particular] H particular, abundant] H abundaent friends”, ] H friends, course,] H course Apparel] H (Apparel Thurs. 14 Jan.] H Thurs. 14 Frid. 14 Jan. determined] H determmined

70.19

etc.] H etc

Rechenfehler von Marx. Rechenfehler von Marx. Rechenfehler von Marx.

Siehe Erläuterung.

ERLÄUTERUNGEN 4.5–7 4.8 4.9–13 4.9 4.12 4.14–15

Zusammenfassung einer Passage aus: The Standard, 21. Dezember 1857. S. 5. Zusammenfassung einer Passage aus: The Morning Star, 21. Dezember 1857. S. 3. Kurzfassung einer Passage aus: The Morning Star, 23. Dezember 1857. S. 3. to settle] The Morning Star: have been obliged to settle close] The Morning Star: commencement Die Angaben aus: The Times, 23. Dezember 1857. S. 7.

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4.17–22 4.22 4.23–27 4.27 4.28–30 5.2–17

5.18–32

5.26 5.28 5.31 6.1–16

9.1–4 9.4 9.5–6 9.8–17 9.8–11

9.18–22 9.23–25 9.26–30 9.31–36 9.37–40 10.1–5 10.6–7 10.9–12 10.16 10.17–11.33 11.34–12.2

574

The Morning Star, 3. Dezember 1857. S. 3. following] In „The Morning Star“ folgen die Kursdaten vom 1. Dezember 1857. The Morning Star, 4. Dezember 1857. S. 3. deposits] In „The Morning Star“ folgen die Kursdaten vom 2. Dezember 1857. The Standard, 5. Dezember 1857. S. 5. The Economist, 7. November 1857. S. 1239. Die Kursdaten in den Tabellenspalten ab 12. November aus: The Economist, 14. November 1857. S. 1269; 21. November 1857. S. 1295; 28. November 1857. S. 1320; 5. Dezember 1857. S. 1351; 12. Dezember 1857. S. 1378; 19. Dezember 1857. S. 1406. Die Kursdaten in der Tabelle aus: The Standard, 21. Dezember 1857. S. 5; The Morning Star, 21. Dezember 1857. S. 3; 23. Dezember 1857. S. 3; 24. Dezember 1857. S. 3; 25. Dezember 1857. S. 3; 26. Dezember 1857. S. 3; 28. Dezember 1857. S. 3. Eastern Railway ] The Morning Star: Strasbourg ˙ ˙The Morning Star: Lyons and Mediterranean Mediterranean] Southern] The Morning Star: Midi Die Kursdaten in der Tabelle aus: The Economist, 12. Dezember 1857. S. 1378; 19. Dezember 1857. S. 1406; The Morning Star, 14. Dezember 1857. S. 3; 16. Dezember 1857. S. 2; 17. Dezember 1857. S. 2; 18. Dezember 1857. S. 2. The Standard, 5. Dezember 1857. S. 5. Company.] In „The Standard“ folgen die Kursdaten vom 3. Dezember 1857. The Standard, 5. Dezember 1857. S. 5. The Manchester Guardian, 7. Dezember 1857. S. 2. Diese Quelle verwendete Marx für seinen Brief an Engels vom 25. Dezember 1857 (MEGA➁ III/8. S. 231) und für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). The Morning Star, 10. Dezember 1857. S. 3. The Morning Star, 11. Dezember 1857. S. 3. The Standard, 12. Dezember 1857. S. 5. The Morning Star, 14. Dezember 1857. S. 3. The Morning Star, 16. Dezember 1857. S. 2. The Morning Star, 17. Dezember 1857. S. 2. Ersatzquelle: The Daily News, 14. Dezember 1857. S. 2. The Morning Star, 18. Dezember 1857. S. 2. Minister of Finance] Pierre Magne The Economist, 7. November 1857. S. 1239/1240. The Economist, 7. November 1857. S. 1240.

Erläuterungen

12.4 12.6–18 12.23–13.2

13.8–20 13.12, 29 13.21–24 13.25–26

13.28–14.15 14.17–15.28 14.26, 15.27 15.29–16.21 16.4

16.25–17.5 17.6

17.7–16 17.19–42 18.1–7 18.11–19 18.21–19.8 19.11–35 20.4–21 20.9–12

Unter dieser Überschrift befindet sich ein größerer Abstand. Ersatzquelle: The Morning Chronicle, 16. Dezember 1857. S. 5. The Economist, 7. November 1857. S. 1240. – Von Marx im Ausschnitt gestrichen: „Imperial decrees, just published, enact that detached pieces of machinery may be imported at 150f the 100 kilogrammes (a shade less than 2cwts), and that vegetable fibres destined for the making of cordages for vessels may be imported free of duty. They also fix the import duty on wax at 1f or 2f, according to colour, when brought by French vessels, and at 6f and 7f when imported by foreign vessels. Another decree allows premiums on the exportation of readymade clothes to be paid, provided the pure or mixed woollen fabrics of which they may be made be of sufficient quantity to obtain if exported a premium of not less than 10f.“ The Economist, 7. November 1857. S. 1240 Minister] Pierre Magne The Economist, 7. November 1857. S. 1240. Diese Angaben wahrscheinlich aus: The Economist, 14. November 1857. S. 1268. Siehe auch: The Times, 12. November 1857. The Economist, 28. November 1857. S. 1320. The Economist, 14. November 1857. S. 1268. Minister] Pierre Magne The Economist, 14. November 1857. S. 1268/1269. private] Zwischen der ersten und der zweiten Silbe des Wortes bricht in der Quelle die Seite um, so dass Marx an dieser Stelle den Text in zwei Ausschnitte trennen musste. Dabei verband er die getrennten Silben mit einer langen Linie zwischen beiden Ausschnitten. The Economist, 7. November 1857. S. 1241. Artikel ohne eigenes Datum datierte Marx auf zwei Tage vor das Erscheinungsdatum der Zeitung, wahrscheinlich um die Laufzeit der Korrespondenz von Frankreich nach England zu berücksichtigen. Hier handelt es sich um eine der wenigen Ausnahmen. The Economist, 14. November 1857. S. 1270. The Economist, 21. November 1857. S. 1294. The Economist, 21. November 1857. S. 1294. The Economist, 21. November 1857. S. 1296. The Morning Star, 24. November 1857. S. 4. The Manchester Guardian, 27. November 1857. S. 2. The Economist, 28. November 1857. S. 1319/1320. Diese Quelle verwendete Marx für seinen Brief an Engels vom 8. Dezember 1857 (MEGA➁ III/8. S. 209).

575

Karl Marx · Krisenhefte · 1857 France

The Economist, 28. November 1857. S. 1320. Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). 20.30–40 The Economist, 28. November 1857. S. 1320. 23.1–7 The Economist, 28. November 1857. S. 1320. 23.9–14 The Economist, 28. November 1857. S. 1321. 23.17–22 The Economist, 5. Dezember 1857. S. 1351. 23.17 28th] The Economist: 18th – Von Marx korrigiert. 23.24–24.18 The Daily Telegraph, 1. Dezember 1857. S. 2. 24.22–25.18 The Morning Star, 1. Dezember 1857. S. 4. 25.20–41 The Manchester Guardian, 2. Dezember 1857. S. 2. 26.4 4 Dec.] The Standard: Thursday Evening [3. Dezember] 26.5–19 The Standard, 5. Dezember 1857. S. 5. 26.21–27.4 The Manchester Guardian, 4. Dezember 1857. S. 2. 27.6–40 The Economist, 5. Dezember 1857. S. 1351. 27.6–23, Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. 34–40 Nr. 5219, 12. Januar 1858. S. 4). 27.28–33 Diese Quelle verwendete Marx für seinen Brief an Engels vom 25. Dezember 1857 (MEGA➁ III/8. S. 229/230). 28.2–28 The Times, 9. Dezember 1857. S. 10. 28.30–36 The Economist, 12. Dezember 1857. S. 1378. 29.4–30.37 The Economist, 12. Dezember 1857. S. 1377. 29.19–26 Diese Quelle verwendete Marx für seinen Brief an Engels vom 25. Dezember 1857 (MEGA➁ III/8. S. 229/230). 29.27–29 Diese Quelle verwendete Marx für seinen Brief an Engels vom 25. Dezember 1857 (MEGA➁ III/8. S. 229) und für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). 29.34–39 Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). 30.3–7, 24–37 Diese Quelle verwendete Marx für seinen Brief an Engels vom 25. Dezember 1857 (MEGA➁ III/8. S. 231) und für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). 30.14–16 Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). 30.39–31.4 The Economist, 12. Dezember 1857. S. 1380. 31.6–17 Ersatzquelle: The Daily News, 18. Dezember 1857. S. 5. 31.22 Marx ergänzte die Statistik von November und Oktober, indem er die Angaben von Dezember daneben klebte. 20.22–28 20.22–26

576

Erläuterungen

31.23–32.38

32.5 32.39 32.40–48 32.41

32.42 32.43

32.44 32.45

32.46 32.47

32.48

33.1–11

33.4

Die Tabelle aus: The Economist, 14. November 1857. S. 1269. Die Spalte „December“ aus: The Economist, 12. Dezember 1857. S. 1380. 995,153,133] Marx schrieb die erste „9“ nach, weil der OktoberAusschnitt die Ziffer auf dem Dezember-Ausschnitt verdeckte. Von Marx gestrichen: „12 Nov. Wirkung d. Rise in the rate of interest upon Paris Private Bankers.“ Diese Angaben berechnete Marx anhand der vorhergehenden „Economist“-Tabellen, indem er jeweils einige Posten addierte. Marx addierte die beiden Posten „Bank notes in circulation“ und „Ditto of the branch banks“ der „Economist“-Tabellen. – Diese Angaben verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). Marx addierte die beiden Posten „Cash in hand“ und „Cash in the branch banks“ der „Economist“-Tabellen. Marx addierte die beiden Posten „Commercial bills discounted, but not yet due“ und „Ditto in the branch banks“ der „Economist“-Tabellen. – Diese Angaben verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). Marx addierte die beiden Posten „Advanced on deposit of bullion“ und „Ditto by the branch banks“ der „Economist“-Tabellen. Marx addierte die beiden Posten „Advanced on French public securities“ und „Ditto by the branch banks“ der „Economist“Tabellen. Marx addierte die beiden Posten „Advanced on railway securities“ und „Ditto by branch banks“ der „Economist“-Tabellen. Marx addierte die zuvor benutzten sechs Posten „Advanced on deposit of bullion“, „Ditto by the branch banks“, „Advanced on French public securities“, „Ditto by the branch banks“, „Advanced on railway securities“ und „Ditto by branch banks“ der „Economist“-Tabellen erneut. Marx addierte die drei Posten „Sundry accounts current“, „Ditto with the branch banks“ und „Receipts payable at sight“ der „Economist“-Tabellen. Nach der Definition des „Economist“ umfasst der Posten „private deposits“ nur „Sundry accounts current“ und „Ditto with the branch banks“. Siehe die Ausschnitte aus: The Economist, 16. Januar 1858. S. 64–66 (S. 40.9– 41.24). Diese Angaben berechnete Marx anhand der vorhergehenden eigenen Tabelle, indem er für die entsprechenden Posten vom Dezemberwert den Oktober- bzw. Novemberwert subtrahierte. Diese Angabe berechnete Marx anhand der vorhergehenden „Economist“-Tabelle, indem er für den Posten „Premium on pur-

577

Karl Marx · Krisenhefte · 1857 France

33.14–24 33.25

33.26–34.15 33.26 34.21–28

34.30–35.13 34.30–34

34.31 35.15–32 35.34–44 36.3–8

36.10 36.11–26 36.28–34

36.37–37.16 36.37–37.7

37.10, 19 37.17–21

37.22 37.23 37.24–26

578

chases of gold and silver“ vom Dezemberwert den Oktoberbzw. Novemberwert subtrahierte. The Economist, 14. November 1857. S. 1269. 14 Nov. ] Korrekt ist „16. Nov.“, weil der folgende Bericht eines „Times“-Korrespondenten in Paris am Montag, den 16. November, geschrieben wurde. Ersatzquelle: The Times, 16. November 1857. S. 10. Gemeint ist: The Times, 18. November 1857. S. 10. The Economist, 14. November 1857. S. 1269. – Diese Quelle verwendete Marx für seinen Brief an Engels vom 25. Dezember 1857 (MEGA➁ III/8. S. 229). The Economist, 14. November 1857. S. 1270. Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). Minister of Finance] Pierre Magne The Economist, 14. November 1857. S. 1274. The Economist, 21. November 1857. S. 1294. The Economist, 21. November 1857. S. 1294. – Diese Quelle verwendete Marx für seinen Brief an Engels vom 25. Dezember 1857 (MEGA➁ III/8. S. 229). Diese Rede hielt Charles de Morny nach „The Times“, 30. November 1857, am 28. November 1857. The Times, 30. November 1857. S. 6. The Economist, 28. November 1857. S. 1320. – Diese Quelle verwendete Marx für seinen Brief an Engels vom 25. Dezember 1857 (MEGA➁ III/8. S. 229). The Daily Telegraph, 15. Dezember 1857. S. 2. Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). Minister of the Interior] Adolphe Augustin Marie Billault The Daily Telegraph, 15. Dezember 1857. S. 2. – Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). Governmental Measure] Von Marx zuerst auf der folgenden Manuskriptseite notiert. Das Dekret wurde nach „The Economist“, 19. Dezember 1857, S. 1406, erst am 17. Dezember erlassen. Ersatzquelle: The Belfast Daily Mercury, 12. Dezember 1857. S. 2. – Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4).

Erläuterungen

37.28–31 37.28 37.36–38 38.1–3 38.5–9 38.11–35

38.38–40 39.1 39.2–6 39.9–11 39.10

39.13–26 39.27–30 39.27 39.31–32 39.35–36 40.1–7 40.9–41.10 41.12–24 41.27

41.28–42.2 42.3–4 42.6–7

42.9–16 42.9–10

42.14 42.17–18

The Economist, 12. Dezember 1857. S. 1378. Boustrapha] The Economist: the Emperor The Economist, 21. November 1857. S. 1295. The Economist, 28. November 1857. S. 1319. Ersatzquelle: The Daily Post, 1. Dezember 1857. S. 5. The Manchester Guardian, 2. Dezember 1857. S. 2. – Bei diesem Artikel handelt es sich um das Zitat aus dem Bericht eines „Times“-Korrespondenten mit der Datierung „Paris, Monday, Nov. 30“. Ersatzquelle: The Times, 7. Dezember 1857. S. 7. 5 December ] The Economist: Thursday [3. Dezember] ˙˙ The Economist, 5. Dezember 1857. S. 1351. The Morning Star, 26. Dezember 1857. S. 3. inst.] The Morning Star: inst. Admiral Mahomed Pacha has come as a passenger in this packet. – Von Marx im Ausschnitt gestrichen. The Economist, 26. Dezember 1857. S. 1432. The Economist, 12. Dezember 1857. S. 1378. have come] The Economist: have at last, it appears, come The Times, 18. Dezember 1857. S. 7. Zusammenfassung des folgenden Ausschnitts aus: The Economist, 2. Januar 1858. S. 15. The Economist, 2. Januar 1858. S. 15. The Economist, 16. Januar 1858. S. 64. The Economist, 16. Januar 1858. S. 66. Artikel ohne eigenes Datum datierte Marx auf zwei Tage vor das Erscheinungsdatum der Zeitung, wahrscheinlich um die Laufzeit der Korrespondenz von Frankreich nach England zu berücksichtigen. Hier handelt es sich um eine der wenigen Ausnahmen. The Economist, 14. November 1857. S. 1270. The Economist, 21. November 1857. S. 1296. The Economist, 21. November 1857. S. 1298. – The Economist: In Paris and Hamburg there have been two or three considerable failures this week. The Economist, 28. November 1857. S. 1324. Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). Minister of War ] Jean Baptiste Philibert Vaillant The Economist, 28. November 1857. S. 1324. – Abgerissene Buchstaben von Marx ergänzt. – Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4).

579

Karl Marx · Krisenhefte · 1857 France

42.20–24 42.25–28 42.29–32 42.35–38 43.1 43.2–9 43.13–28 43.29–31

43.32–35

43.32 43.36 43.37–44.28 44.31–45.5 45.10–19 45.21–46.27 46.29–32 46.36–48.37 46.37–40, 47.10–16, 48.26–28 48.39–49.2 49.3–5 49.6–8

49.9–40 49.10–21

50.2–6 50.5 50.6

580

The Economist, 28. November 1857. S. 1321. The Times, 4. Dezember 1857. S. 8. The Economist, 5. Dezember 1857. S. 1352. The Times, 9. Dezember 1857. S. 10. 2 Jan.] The Times: Sunday [3. Januar]. The Times, 4. Januar 1858. S. 7. – Fortsetzung des Ausschnitts auf S. [20] des vorliegenden Heftes (S. 55.5–44). The Times, 9. Dezember 1857. S. 10. The Economist, 19. Dezember 1857. S. 1411. – Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). Kurzfassung einer Passage aus: The Times, 23. Dezember 1857. S. 7. – Der Artikel, der diese Passage enthält, wurde von Marx auf S. [19] des vorliegenden Heftes geklebt (S. 50.10–51.15). oil] The Times: rape oil Week ending Dec. 28.] Die Woche endete am 26. Dezember. The Economist, 2. Januar 1858. S. 13. The Times, 4. Januar 1858. S. 7. – Fortsetzung des Ausschnitts auf S. [20] des vorliegenden Heftes (S. 55.5–44). The Economist, 21. November 1857. S. 1294. The Economist, 21. November 1857. S. 1294/1295. Ersatzquelle: The Standard, 3. Dezember 1857. S. 5. The Economist, 19. Dezember 1857. S. 1406. Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). Weekly Dispatch, 20. Dezember 1857. S. 3. Ersatzquelle: The Huddersfield Chronicle, 26. Dezember 1857. S. 2. Kurzfassung einer Passage aus: The Times, 23. Dezember 1857. S. 7. – Der Artikel, der diese Passage enthält, wurde von Marx auf S. [19] des vorliegenden Heftes geklebt (S. 51.16–31). The Daily Telegraph, 23. Dezember 1857. S. 2. Diese Quelle verwendete Marx für seinen am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). The Daily Telegraph, 23. Dezember 1857. S. 2. – Fortsetzung des letzten Ausschnitts der vorhergehenden Seite (S. 49.9–40). on the] The Daily Telegraph: at the – Von Marx an einer abgerissenen Stelle des Ausschnitts ergänzt. “parties] Von Marx an einer abgerissenen Stelle des Ausschnitts ergänzt.

Erläuterungen

50.6 50.7–8 50.10–51.15 51.16–31 51.33–52.24

52.3 52.8 52.25–53.22 53.27–54.17 54.19–35 54.37–55.4 55.5–44 56.1–5 56.9–18 56.19–33 56.34–57.2 57.3–6 57.8–11 57.13–23 57.27

57.28–58.10 58.12–25

58.16 58.26–38 59.4 59.5–60.10

60.7 60.8 60.9

bears.] Von Marx an einer abgerissenen Stelle des Ausschnitts ergänzt. Kurzfassung eines Satzes des folgenden Ausschnitts aus: The Times, 23. Dezember 1857. S. 7. The Times, 23. Dezember 1857. S. 7. The Times, 23. Dezember 1857. S. 7. Zusammenfassung der ersten Hälfte eines Artikels aus: The Economist, 26. Dezember 1857. S. 1431/1432. Die zweite Hälfte des Artikels darunter geklebt. Mühlhouse] The Economist: Mulhouse Boustrapha more] The Economist: The Emperor is said to be more The Economist, 26. Dezember 1857. S. 1432. The Economist, 2. Januar 1858. S. 11. The Times, 30. Dezember 1857. S. 8. The Daily Telegraph, 1. Januar 1858, S. 2. The Times, 4. Januar 1858. S. 7. The Economist, 19. Dezember 1857. S. 1406. – Abgerissene Buchstaben von Marx ergänzt. The Morning Star, 28. Dezember 1857. S. 2. Zusammenfassung einiger Absätze aus: The Economist, 2. Januar 1858. S. 11/12. The Economist, 2. Januar 1858. S. 11. Die Quelle konnte nicht ermittelt werden. Die Quelle konnte nicht ermittelt werden. The Economist, 9. Januar 1858. S. 36. Milan. 15 Dec] The Times: Turin, Dec. 19. – Marx’ Datierung bezieht sich offenbar auf das folgende handschriftliche Exzerpt aus demselben Artikel (siehe S. 58.11–25). The Times, 23. Dezember 1857. S. 7. Fast wörtliche Wiedergabe eines Absatzes aus: The Times, 23. Dezember 1857. S. 7. – Diese Quelle zitierte Marx in seinem am 25. Dezember 1857 geschriebenen Artikel „[The French Crisis]“ (NYDT. Nr. 5219, 12. Januar 1858. S. 4). Udine] The Times: Udino The Times, 4. Januar 1858. S. 8. 22 November.] The Times: „Paris, Sunday, Nov. 22“. – Die „Times“ zitiert einen Brief aus Madrid vom 17. November. The Times, 24. November 1857. S. 8. – Abgeschrieben von Jenny Marx auf einem Briefbogen, der später zwischen S. [24]/[25] eingelegt wurde. M. M ] The Times: M. Mon capitalist] The Times: capitalist in question interests of his country] The Times: best interests of the country

581

Karl Marx · Krisenhefte · 1857 France

60.11–27 60.14 60.28–34

60.33 61.1–12

61.8 61.13–14 61.15–27 61.15 61.27

62.1–63.20

64.1–11 64.13–14 64.17–22 64.23–65.3 65.10–14 65.16 65.17–67.15 67.19–68.12 68.13–26 68.27

68.28–69.6 69.8–26 69.27–32

582

The Times, 26. November 1857. S. 7. – Abgeschrieben von Karl Marx auf der Rückseite des Briefbogens. year.] The Times: year, although of a more moderate kind than in preceding returns. Die Angaben aus: The Times, 26. November 1857. S. 7. – Marx notierte insbesondere diejenigen Warensorten, die einen Exportanstieg verzeichneten. months] The Times: months of the year Die Angaben in den ersten beiden Spalten der Tabelle aus: The Economist, 7. November 1857. S. 1234. Die Angaben in der dritten bis fünften Spalte aus: The Times, 26. November 1857. S. 7. (Indian Munity)] Ergänzung von Marx. The Times, 26. November 1857. S. 7. The Times, 26. November 1857. S. 7. importation] The Times: imported commodities, Textverlust. Marx hatte die Tabelle nach der Zeile „Coffee lb.“ fortgesetzt, den Bogen aber mitten in der Zeile geschnitten, offenbar weil die Abschrift auf der Rückseite gerade an dieser Stelle endete. Ergänzt nach der Quelle. The Morning Star, 28. Dezember 1857. S. 2; 11. Januar 1858. S. 3; 13. Januar 1858. S. 3; 15. Januar 1858. S. 3; 18. Januar 1858. S. 3; The Economist, 2. Januar 1858. S. 12, 16; 9. Januar 1858. S. 36; 16. Januar 1858. S. 62, 67. Die Angaben in der Tabelle aus: The Economist, 2. Januar 1858. S. 12. The Economist, 2. Januar 1858. S. 15. The Economist, 9. Januar 1858. S. 36. Die Angaben aus: The Morning Star, 20. Januar 1858. S. 2; 21. Januar 1858. S. 3; 22. Januar 1858. S. 3. The Morning Star, 20. Januar 1858. S. 2. Nachträglich von Marx neben dem Ausschnitt notiert, da oberhalb kein Platz mehr war. The Times, 30. Dezember 1857. S. 8. The Economist, 9. Januar 1858. S. 36. The Economist, 9. Januar 1858. S. 36. Artikel ohne eigenes Datum datierte Marx auf zwei Tage vor das Erscheinungsdatum der Zeitung, wahrscheinlich um die Laufzeit der Korrespondenz von Frankreich nach England zu berücksichtigen. Hier handelt es sich um eine der wenigen Ausnahmen. The Economist, 9. Januar 1858. S. 37. The Economist, 16. Januar 1858. S. 62. The Economist, 16. Januar 1858. S. 62.

Erläuterungen

69.33–40 69.33

70.1

70.2–16 70.18–20 70.18 70.21–34 70.38–71.9 71.10–72.5 72.8–19 72.21 72.22–26 75.8–33

The Economist, 16. Januar 1858. S. 62. determined] Marx kürzte zwei Sätze aus „The Economist“ und machte daraus einen Satz, wobei er die fehlenden Buchstaben des Wortes „determined“ handschriftlich ergänzte, weil der Ausschnitt mitten im Wort durchtrennt war. – Siehe Korrektur. Artikel ohne eigenes Datum datierte Marx auf zwei Tage vor das Erscheinungsdatum der Zeitung, wahrscheinlich um die Laufzeit der Korrespondenz von Frankreich nach England zu berücksichtigen. Hier handelt es sich um eine der wenigen Ausnahmen. The Economist, 16. Januar 1858. S. 64. Zusammenfassung eines Absatzes aus: The Economist, 23. Januar 1858. S. 89/90. Attentat v. 14 January] Attentat von Felice Orsini auf Louis Napole´on. The Economist, 23. Januar 1858. S. 90. The Economist, 9. Januar 1858. S. 26. – Fehlendes Wort von Marx ergänzt. Die Quelle konnte nicht ermittelt werden. The Manchester Guardian, 12. Januar 1858. S. 2. Ersatzquelle: The Times, 12. Januar 1858. S. 5. The Economist, 23. Januar 1858. S. 92. The Economist, 23. Januar 1858. S. 90.

583

Book of the Crisis of 1857 11. oder 12. Dezember 1857 bis 23. Januar 1858 (S. 77–294)

ENTSTEHUNG UND ÜBERLIEFERUNG Siehe auch Entstehung der Krisenhefte S. 561–570. Das Heft „Book of the Crisis of 1857“ erstellte Marx im Zeitraum vom 11. oder 12. Dezember 1857 bis zum 23. Januar 1858. Zunächst hatte er zur Datierung auf das Titelblatt des Heftes „11 Dec. 1857 (commenced)“ geschrieben, dies jedoch in „12 Dec. 1857 (commenced)“ korrigiert. Vermutlich begann Marx das Heft unmittelbar nach dem Eingang des Briefs von Engels vom 11. Dezember 1857, aus dem sich ein Zitat über „Wechselreiterei“ auf S. 1 befindet, und den Marx wahrscheinlich am 12. Dezember erhalten hat. Wahrscheinlich notierte Marx auf dem Titelblatt zunächst irrtümlich das von Engels auf dem Brief vermerkte Versanddatum. Es wäre auch denkbar, dass Marx „11 Dec.“ in „2 Dec.“ korrigieren wollte, was mit dem Beginn der Angaben über die Insolvenzen auf S. 1 vom 2. Dezember 1857 korrespondiert. Anders als im Heft „1857 France“ hat Marx im vorliegenden Heft jedem Gliederungsabschnitt vor dem Exzerpieren eine bestimmte Anzahl von Seiten zugewiesen. In der Folge blieben einige Seiten leer (S. [13]–[17], [19]/[20], [24]), und einige Ausschnitte wurden wegen Platzmangels nachträglich auf noch leer stehende Seiten geklebt (S. [10]/[11], [21]/[22], [37]/[38]). Für dieses Heft können zwei Arbeitsphasen unterschieden werden, wobei jeweils der Inhalt systematisch gegliedert wurde. Wie das Inhaltverzeichnis zeigt, wurden die Abschnitte in der ersten Phase von I bis VI durchnummeriert – „VII) France.“, „VIII) Rest of Europe (and U. St.“ und „X) Australia and rest of the world.“ wurden nachträglich getilgt (siehe Erl. 144.17, 151.34, 166.25) – und in der zweiten Phase von I bis IV. Die zweite Arbeitsphase begann offenbar zwischen 12. und 18. Dezember, weil die Ausgabe vom 12. Dezember des „Economist“ in beiden Phasen benutzt wurde, während die nächste Ausgabe ausschließlich in der zweiten Phase Verwendung fand. Dabei sind drei Besonderheiten anzumerken: Erstens wurde der sechste Abschnitt „Hamburg“ durch beide Arbeitsphasen hindurch bearbeitet. Zweitens erkannte Marx nach der Beschäftigung mit dem Devisenmarkt (foreign exchange) und der Hamburger Handelskrise offenbar die Notwendigkeit, die Außenhandelsbilanzen genauer anzusehen, so dass er während der zweiten Phase außerplanmäßig einen neuen Themenkomplex „Board of Trade Returns“ vor „IX. U. States“ eingeschoben hat. Drittens arbeitete Marx noch, nachdem er zum „Book of the

584

Entstehung und Überlieferung

Commercial Crisis“ übergegangen war, parallel an einer Tabelle über die Baumwollpreisentwicklung („III. Produce Market“, S. [51]) bis zum 22. Januar. Wahrscheinlich hat Marx die Heftseiten vorab strukturiert, nachdem er die Insolvenzen aufgelistet und das Zitat von Engels über die „Wechselreiterei“ auf S. 1 geschrieben hatte. Es folgen ab S. 4 unter der Überschrift „Money Market“ von Marx in drei Hauptpunkte gegliederte Auszüge zum Geldmarkt. Auf S. 10[12] – der letzten von Marx paginierten Seite – fuhr er mit „IV) Producemarket“ fort, ließ jedoch diese und S. [13]–[17] leer, notierte auf S. [18] „V) Industrial Market“ und ließ wiederum diese und S. [19]/[20] leer. S. [21]–[23] folgen „America. Banks und Crisis“ und ab S. [25] „VI) Hamburg, Northern Kingdoms, Prussia, Austria. (Germany.)“, wo er vor allem Ausschnitte zur Hamburger Krise einsortierte. Offenbar hat Marx ab S. [39] zwischen dem 12. und 19. Dezember, wahrscheinlich mit der „Times“ vom 12. Dezember 1857, einen zweiten Anlauf für die Gruppierung seines Materials genommen: Er teilte nun die Seiten fast gleichmäßig ein in „I) Failures“ (S. [39]), „II) Money market“ (S. [41]), „III Produce Market“ (S. [51]) und „IV Industrial Market“ (S. [63]); bis auf den ersten standen somit für jeden Punkt rund 10 Seiten zur Verfügung. Hatte er auf S. 1 die Insolvenzen bis zum 10. Dezember registriert, führte er auf S. [39]/[40], fortgesetzt auf S. [37]/[38], die Aufzählung der bankrotten Firmen ab 11. Dezember weiter. Auf diese Weise sind durch Marx die Namen von mehreren Hundert Firmen überliefert (siehe auch Firmenregister). Im Abschnitt über den Industriemarkt (Textil- und Metallindustrie, vor allem S. [64]–[73], wovon einige Seiten leer geblieben) sammelte Marx Meldungen zum Arbeitsmarkt, etwa über Arbeitslosigkeit, Kurzarbeit und Arbeitslohnkürzungen in den wichtigsten Branchen, verfolgte die Berichte über das Anwachsen der Armut unter der arbeitenden Bevölkerung, über die Essensausgabe durch gemeinschaftlich organisierte Suppenküchen und über aufkeimende Streiks, die zum Teil durch die Polizei unterdrückt wurden. Diese Meldungen bezeugen, dass in den Industriezentren Großbritanniens, u.a. Manchester, Birmingham, Leeds, Liverpool, Halifax und Staffordshire, Kurzarbeit und Arbeitslosigkeit über 50% der Arbeiterschaft erfasste. Zeugenbeschreibung H Originalhandschrift: IISG, Marx-Engels-Nachlass, Sign. B 84/B 83. Beschreibstoff: Schreibheft aus weißem Papier, 72 Seiten, ehemals Fadenheftung, Heftfaden fehlt, jetzt lose Blätter, Umschlagbogen wurde restauriert. Format des Heftes: 20,3 × 32,2 cm. Zustand: Das Heft ist in einem allgemein guten Zustand. Schreiber: Marx. Schreibmaterial: Schwarze, jetzt bräunlich verfärbte Tinte. Beschriftung: Umschlagbogen mit Titel „Book of the Crisis of 1857. Lond. 12 Dec. 1857 (commenced)“ beschriftet, Rückseite leer. Die Seiten vorwiegend zweispaltig beschrieben, einige Seiten wegen der Tabellengröße im Querfor-

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mat. Einige Seiten nur teilweise beschrieben, S. [13]–[17], [19]/[20] und [24] leer. Die Zeitungsausschnitte zweispaltig eingeklebt, einige Seiten im Querformat auch 4–5-spaltig beklebt. Die Zeitungsausschnitte zum Teil mit einem Messer abgetrennt, daher der teilweise eingerissene Rand. S. 1–[12] und ab S. [33] senkrecht gefaltet, um die zweispaltige Anordnung zu erleichtern. Auf S. 8[10] ein Exzerpt und Ausschnitte aus „The Economist“ vom 23. Januar 1858, die Marx offenbar später eingefügt hat. Auf S. [39] wurde ein auf blauem Briefpapier (Format 19,6 × 4 cm) angefertigtes Exzerpt von Marx aus der „Times“ vom 26. November 1857 geklebt. Auf der eingeklebten Rückseite wahrscheinlich der Schluss der Tabelle, die Marx auf dem in das Heft „1857 France“ eingelegten Blatt (S. [25]) notiert hatte. Hinterer Umschlagbogen (S. [73]) mit Ausschnitten beklebt, Rückseite des Heftes leer. Paginierung: Bis S. 10 von Marx paginiert; jeweils zwei Seiten mit S. 4 und S. 5 paginiert (S. 4 und 4[6] bzw. S. 5 und 5[7]). Vermerke von fremder Hand: Archivstempel IISG, Sign. B 83; Fotopaginierung GZ 1 – GZ 61 (Bleistift).

Hinweise zur Edition Siehe Editorische Hinweise S. 556–558 sowie Hinweise zur Edition S. 570. Die Edition folgt Marx’ Paginierung bzw. der Anordnung der Seiten, die redaktionell fortlaufend paginiert wurden. Das Heft wird im vorliegenden Band erstmals veröffentlicht.

KORREKTURENVERZEICHNIS 81.32 82.32 83.21 87.2 88.15 88.21 89.9 90.5 90.31 91.28

merchants)] H merchants (Brief] H Brief securities] H securities) Accounts] H Account unprecedentedly] H unprecedently (Wednesday)] H (Wesnd.) (Wednesday)] H (Wesneday. (Saturday)] H (Saturday etc)).] H etc) u. f.] H u.

91.32 93.29 93.37 94.29 94.34 95.20

in] H of in 1,200,000] H 1,200,00 Continent.)] H Continent. packet] H pacet small)] H small p.] H p. p.

Von Marx versehentlich gestrichen.

586

Korrekturenverzeichnis

98.1 98.6 98.8 99.24 99.33 100.9 102.6 102.21 102.24 106.2 108.31 118.10 118.18 118.18 118.18 118.19 118.21 118.22 118.23 118.23 118.27 118.28 118.28 118.29 118.29 118.30 118.31 118.32 119.3 119.5 151.38 152.9 152.19 152.26 153.11 156.16 159.6 159.12 164.29 168.32 176.18 180.2 181.13 184.25

erhöht).] H erhöht. f.25.421/2 ] H f.25.421/2 : f.24.771/2 nominal 3 days’ sight.] H 11.70 : 11.75 at 3 days’ sight. In Week III:] H In Week III: In Week III: Messina;)] H Messina; 3ms.)] H 3ms. 5.) ] H 5. c.)] H c. bills.” ] H bills. of] H of of sqq.)] H sqq. (K.Z.) ] H (K.Z. 212,633,710] H 212,638,710 10,904,820] H 10,964,820 160,644,230] H 160,614,230 155,835,990] H 135,835,990 14,573,024] H 14,573,624 299,444,440] H 299,441,440 23,062,032] H 28,062,032 14,923,774] H 14,923,744 136,785,230] H 136,785,236 6,890,412] H 6,896,442 161,705,520] H 161,765,520 193,065,690] H 193,065,699 228,607,800] H 228,007,800 10,174,034] H 10,174,934 307,883,140] H 307,838,140 14,314,671] H 14,314,641 71,816,560] H 71,806,560 2,353,527] H 2,303,527 4173] H 1473 31] H 37 2,016,990] H 2,061,990 10,551] H 16,551 Fustic.)] H Fustic. 160,000,000] H 150,000,000 Indies] H India Indies] H India 9.)] H 9. brothers (] H (brothers (fabricant)] H (fabricant. 403,761] H 403,756 (M. St.)] H (M. St. 71,535] H 7,1585

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Karl Marx · Krisenhefte · Book of the Crisis of 1857

184.27 188.21 189.27 195.3

1,512,895] H 1,512,859 Silvermarket.)] H Silvermarket. (1857).] H (1857. 921/8–1/4 ] H 913/4–7/8 Korrigiert S. 1409.

199.17 200.13 202.12 203.26

nach:

The

Economist,

19. Dezember

1857.

powerfully] H powerfuly (Friday.)] H (Friday. prevailed] H prevailed in 32–34 ] Die Preisangabe trug Marx irrtümlich in die über „Oriental Bank Corporation“ liegende Reihe „Ottoman Bank“ ein.

203.29 209.24 210.35

33–35 ] H 32–35 (Saturday)] H (Frid.) 63/4 ] H 65/4 In „The Economist“ und daher auch bei Marx: 65/4. Korrigiert nach: The Manchester Guardian, 5. Dezember 1857. S. 6.

211.16 211.41–212.1 216.23 219.24 223.13 232.2 232.5 253.16 255.8

9] H 41/4. has been] H been years] H weeks 12 10] H 12 419587] H 119587 32.6] H 32.0 32.0] H 32.6 the] H the the cent,] H cent.

ERLÄUTERUNGEN 77.2 78.4

78.5–6 78.7 78.7–8 78.9 78.11–13 78.14 78.15 78.15

588

12] Textersetzung von Marx. Zuerst: „11“. – Siehe S. 584. Die Insolvenzliste verwendete Marx als Quelle für seinen am 11. Dezember 1857 geschriebenen Artikel „[The Commercial and Industrial State of England]“ (NYDT. Nr. 5206, 26. Dezember 1857. S. 4). The Times, 4. Dezember 1857. S. 8; siehe auch The Economist, 5. Dezember 1857. S. 1354, dort 50,000l. 300,000] Von Marx gestrichen: „Liabilities. (Estimated) (£. St.)“ The Times, 3. Dezember 1857. S. 10, dort 350,000l. The Times, 3. Dezember 1857. S. 10. The Times, 5. Dezember 1857. S. 10. The Economist, 5. Dezember 1857. S. 1354. The Times, 7. Dezember 1857. S. 7. Sewell] The Times: Sewells

Erläuterungen

78.16–17 78.18

78.19 78.20–21 78.22 78.23 78.24–25 78.26 78.27 78.28–29 78.31–32 81.4–7 81.10–11

81.12–22 81.21 81.24–33 81.28 81.29 81.35–81.4 81.38 82.5–14 82.10 82.10 82.15–17 82.18–23 82.21–22 82.24–26 82.32 83.1–12 83.6 83.8 83.13 83.14–21 83.22–27 83.27

The Times, 8. Dezember 1857. S. 3. The Times, 8. Dezember 1857. S. 3, ohne Angabe der Verbindlichkeiten; The Economist, 12. Dezember 1857. S. 1382: liabilities small. The Times, 9. Dezember 1857. S. 9. Die Quelle konnte nicht ermittelt werden. The Times, 9. Dezember 1857. S. 9. The Economist, 12. Dezember 1857. S. 1382, dort: liabilities, 25,000l or 30,000l. The Times, 11. Dezember 1857. S. 7. The Economist, 12. Dezember 1857. S. 1382. Die Quelle konnte nicht ermittelt werden. The Economist, 12. Dezember 1857. S. 1382. Ersatzquelle: Belfast News-Letter, 11. Dezember 1857. S. 4. The Economist, 5. Dezember 1857. S. 1354. Brief von Palmerston und G. C. Lewis. In: The Economist, 14. November 1857. S. 1259. – Von Marx später häufiger erwähnt (siehe MEGA➁ I/16). The Economist, 14. November 1857. S. 1272. Gallencamp] The Economist: Gallenkamp The Economist, 21. November 1857. S. 1298. Sieveking] The Economist: Sievebing. – Richtig jedoch Sieveking. Mathie] The Economist: Matthie The Economist, 28. November 1857. S. 1322. Hinz] The Economist: Hintz Engels an Marx, 11. Dezember 1857. In: MEGA➁ III/8. S. 217. Mill. Banco] Engels: Mill. Mk Banco liefen.] Engels: liefen. Aber auch sonst wurde fürchterlich Wechsel geritten, u. The Economist, 21. November 1857. S. 1298. Siehe Engels an Marx, 7. Dezember 1857. In: MEGA➁ III/8. S. 205/206. The Economist, 28. November 1857. S. 1322. trading.] The Economist: trading to demand the strictest investigation. The Economist, 5. Dezember 1857. S. 1355. Siehe Erl. 81.10–11. The Economist, 14. November 1857. S. 1257. 957,000] The Economist: 957,710 4,876,944] The Economist: 4,871,944 The Economist, 14. November 1857. S. 1271. The Economist, 14. November 1857. S. 1258. The Economist, 14. November 1857. S. 1271. 39,286,463] The Economist: 39,286,433

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Karl Marx · Krisenhefte · Book of the Crisis of 1857

83.30–84.7 83.35 84.5 84.6

84.9–31 84.9 84.12 84.14

84.16–27 84.30–31 84.33–85.4 85.1 85.5–15

590

Zusammenfassung eines Artikels aus: The Economist, 14. November 1857. S. 1257. 1,462,153] The Economist: 957,710l of notes and 504,443l of coin. 750,000l. ] Diese Angabe wurde von Marx eingefügt. Die Hälfte der Reserve von £1462153 ist £731076,5. 730,076l.] Diese Angabe wurde von Marx eingefügt. Die Einlagen (Deposits) stiegen von £18250003 auf £19440046 in der nächsten Woche. Siehe The Economist, 21. November 1857. S. 1285. The Economist, 14. November 1857. S. 1271. Oct. 31] Druckfehler in „The Economist“. Korrekt ist: 4. November. 13,152] The Economist: 43,512 Reserve] In der „Bankers’ Gazette“ des „Economist“, die Marx als Quelle benutzte, ist die „Reserve“ als die Summe von „Notes“ (von Marx oft als „Reserve of Notes“, Notenreserve, bezeichnet) und „Gold and Silver Coin“ (als „Reserve of coin“, Münzreserve, bezeichnet) in der Bankabteilung der Bank von England definiert. Zusammenfassung eines Artikels aus: The Economist, 14. November 1857. S. 1271. The Economist, 14. November 1857. S. 1271. The Economist, 21. November 1857. S. 1298. (Reserve: 318,641)] Differenz von Notenausgabe (notes issued) und Notenumlauf (notes circulation). The Economist, 21. November 1857. S. 1285. – Im vorliegenden Sieben-Wochen-Vergleich des „Economist“ sind bei allen Angaben die Zahlen unter Hundert abgerundet. Die „Circulation“ (Notenumlauf) ist als Differenz von „Notes issued“ (Notenausgabe) in der Emissionsabteilung und „Notes“ (Noten) in der Bankabteilung der Bank von England definiert. Sie schließt also die „Bank Post Bills (Seven Day and Other Bills)“ nicht ein. Im Gegenteil dazu umfasst die „Circulation“, die der „Economist“ von der „London Gazette“ wöchentlich übernahm und in seinen „Bank Returns“ in der Rubrik „Bankers’ Gazette“ veröffentlichte, auch „Bank Post Bills“. Daher beträgt die „Circulation“ am 18. November im Sieben-Wochen-Vergleich £21406000, weil die Differenz von „Notes issued“ (£22554595) und „Notes“ (£1148185) £21406410 ergibt. Die „Circulation“ in den „Bank Returns“ beträgt zum gleichen Zeitpunkt £22235954, weil sie außer der oben genannten Differenz auch die „Bank Post Bills“ von £829544 einschließt. Marx benutzte wahllos den SiebenWochen-Vergleich und die „Bank Returns“, was der Hauptgrund dafür ist, dass seine Berechnungen häufig von denen des

Erläuterungen

85.16–25 85.16 85.20 85.24 85.27–34 85.27 85.29 85.35–40 86.1–14 86.17–87.8 86.22 86.25

86.26 86.31 87.2–8

87.5

87.8

87.9–12 87.18–88.9 87.26 87.27

„Economist“ abweichen. Im Folgenden wird angemerkt, wenn Marx den Begriff „Circulation“ im Sinne des Sieben-WochenVergleichs verwendet hat. Marx berechnete hier die Differenzen für „Bullion“, „Government Securities“ (Staatsanleihen) und „Circulation“. 3,616,000] Rechenfehler von Marx. Korrekt ist: 3,626,000. The Economist, 21. November 1857. S. 1285. 1,507,000] Rechenfehler von Marx. Korrekt ist: 1,416,000. The Economist, 21. November 1857. S. 1298. Oct. 31] Druckfehler in „The Economist“. Korrekt ist: 11. November. 169,122] The Economist: 169,222 Zusammenfassung eines Artikels aus: The Economist, 21. November 1857. S. 1298. Zusammenfassung eines Artikels aus: The Economist, 21. November 1857. S. 1285. – In Klammern: Ergänzungen von Marx. The Economist, 28. November 1857. S. 1321. 1,918,140] The Economist: 1,918,840. Bullion in der Bank] Damit meint Marx die Summe von „Bullion“ ˙˙ in der Emissionsabteilung (6 784 145) und Münzreserve (reserve of coin) in der Bankabteilung (479 527) der Bank von England. Diese Summe entspricht dem Begriff „Bullion“ nach der alten Bilanzform der Bank von England. Im „Economist“ wird der Begriff „Bullion“ in diesem Sinne benutzt. 21,341,005] Rechenfehler von Marx. Korrekt ist: 21,340,305. – Siehe Erl. 85.5–15. 14,951,566] The Economist: 14,951,516 Marx berechnete die Angaben aus dem Wochenvergleich selbst. Er benutzte die „Bank Returns“ (S. 84.33–85.4 und 86.17–87.8) und den Sieben-Wochen-Vergleich (S. 85.5–15) als Basis. 65,995] Rechenfehler von Marx. Korrekt ist: 66,105 oder 65,699, abhängig davon, ob die „Bank Returns“ (S. 84.33–85.4 und 86.17–87.12) oder der Sieben-Wochen-Vergleich (S. 85.5–8) die Grundlage der Berechnung bilden. 1,001,566] Rechenfehler von Marx. Korrekt ist: 992,351 oder 1,001,516, abhängig davon, ob die „Bank Returns“ (S. 84.33–85.4 und 86.17–87.8) oder der Sieben-Wochen-Vergleich (S. 85.5–15) die Grundlage der Berechnung bilden. Zusammenfassung eines Artikels aus: The Economist, 28. November 1857. S. 1313. The Economist, 5. Dezember 1857. S. 1354. Siehe Erl. 86.25. Differenz von Notenausgabe (notes issued) und Notenreserve (reserve of notes). – Siehe Erl. 85.5–15.

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88.2–9 88.4 88.4

88.6

88.10–15 88.15–20 88.22–31 88.30 88.31 89.1–8 89.10–17 89.10 89.11 89.14 89.19–20 89.24–35 90.5–91.15 91.5 91.15–18 91.16 91.18–31 91.30–31 91.32–92.21 92.5 92.8 92.22–32 92.34–36 93.5–12

93.11 93.15

592

Marx berechnete die Daten selbst. Siehe Erl. 85.5–15. 238,575] Rechenfehler von Marx. Korrekt ist: 237,875. Der Rechenfehler ist auf Marx’ Abschreibfehler zurückzuführen (siehe Erl. 86.22). 515,380] Rechenfehler von Marx. Korrekt ist: 515,330. Der Rechenfehler ist auf Marx’ Abschreibfehler zurückzuführen (siehe Erl. 86.31). The Economist, 5. Dezember 1857. S. 1354. Die Quelle konnte nicht ermittelt werden. The Economist, 12. Dezember 1857. S. 1381. Siehe Erl. 86.25. Differenz von Notenausgabe (notes issued) und Notenreserve (reserve of notes). Siehe Erl. 85.5–15. The Economist, 12. Dezember 1857. S. 1381. Marx berechnete die Daten selbst. 4,401,740] Rechenfehler von Marx. Korrekt ist: 4,401,719. 2,401,740] Rechenfehler von Marx. Korrekt ist: 2,401,719. Siehe Erl. 85.5–15. The Economist, 12. Dezember 1857. S. 1381. Zusammenfassung eines Artikels aus: The Economist, 12. Dezember 1857. S. 1381/1382. – Von Marx ergänzt. Zusammenfassung der auf den vorhergehenden drei Manuskriptseiten angefertigten Exzerpte von Marx. 1,264,130] Rechenfehler von Marx. Korrekt ist: 1,264,230. Zusammenfassung eines Artikels aus: The Economist, 12. Dezember 1857. S. 1381. of] The Economist: at Zusammenfassung eines Artikels aus: The Economist, 12. Dezember 1857. S. 1382. private issuing bank of Worcester] The Economist: Messrs Farley, Lavender, and Co., private bankers of Worcester Ersatzquelle: The Glasgow Herald, 30. Dezember 1857. S. 6. 3,062,590] The Glasgow Herald: 3,026,590 480,314] The Glasgow Herald: 489,314 The Economist, 2. Januar 1858. S. 12. Ersatzquelle: The North Devon Journal, 7. Januar 1858. S. 7. Marx übernahm die Angaben aus seinen Exzerpten zur Bank von England, die er auf S. 2/3 des vorliegenden Heftes angefertigt hat (siehe S. 82–89). 2,013,864] Korrekt ist: 2,013,684. Marx berechnete den „Excess of“ mit der falschen Zahl. Die Quelle für den hier angegebenen Bullionstand am 12. Dezember konnte nicht ermittelt werden. Allerdings betrug der Bullionstand am 16. Dezember £9,450,855. Siehe S. 178.4.

Erläuterungen

93.18–29 93.27 93.32–34 93.35–94.3 94.4–13 94.15–23

94.24–35 94.24 94.25 94.33–34 94.36–95.2 95.4–18

95.23 95.28 96.5–16 96.8 96.9, 12, 28 96.13 96.18–22 96.22 96.22–23 96.22 96.23 96.26–35

96.29

97.1–6

Marx übernahm die Angaben dieser Tabelle der folgenden Zusammenfassung. 510,085] Rechenfehler von Marx. Korrekt ist: 503,085. Zusammenfassung eines Artikels aus: The Economist, 14. November 1857. S. 1272. Zusammenfassung eines Artikels aus: The Economist, 21. November 1857. S. 1298. The Economist, 21. November 1857. S. 1298. Zusammenfassung eines Artikels aus: The Economist, 28. November 1857. S. 1322. – In eckigen und runden Klammern: Ergänzungen von Marx. Zusammenfassung eines Artikels aus: The Economist, 5. Dezember 1857. S. 1354. 98,300] The Economist: one-third 197,600] The Economist: two-thirds Principal features bis v. Continent;] Ergänzung von Marx. Zusammenfassung eines Artikels aus: The Economist, 12. Dezember 1857. S. 1382. – In Klammern: Ergänzung von Marx. Die Angaben für 7. November aus: The Economist, 7. November 1857. S. 1244; für die erste Woche aus: The Economist, 14. November 1857. S. 1272; für die zweite Woche aus: The Economist, 21. November 1857. S. 1298; für die fünfte Woche aus: The Economist, 12. Dezember 1857. S. 1382. fames argenti] Latein: Silber- oder Geldnot. market.] Es folgt die Anweisung von Marx: „(verte)“. The Economist, 7. November 1857. S. 1244. 3 months sight] The Economist: 3 months’ date months’ sight ] The Economist: months’ date 25f. 25.] The Economist: 25f. 15 The Economist, 7. November 1857. S. 1245. Gemeint ist: The Economist, 7. November 1857. S. 1243/1244. The Economist, 7. November 1857. S. 1234. 4 Nov. ] The Economist: 5. November 24 Oct] The Economist: 22. Oktober The Economist, 14. November 1857. S. 1272. Marx entnahm die Preisangabe für Hamburg dem Artikel „Comparative Exchanges“, für die anderen Standorte der Tabelle „Foreign Rates of Exchange on London“. Anders als für die anderen Standorte entnahm Marx für Hamburg für diese Woche die Preisangabe dem Artikel „Comparative Exchanges” aus „The Economist“ statt wie üblich „Foreign rates of Exchange on London“. Zusammenfassung eines Artikels aus: The Economist, 14. November 1857. S. 1272.

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England] Von Marx gestrichen: „š Owing to the state of the moneymarket, the continental exchanges on Tuesday (Nov. 10) attained a further considerable rise; fully maintained on Nov. 13. Ihr directer Einfluß auf d. Exchange 1) durch die monetary Panic; 2) rise der rate of interest on Nov. 11 v. 9 to˙ ˙10%. ˙ ˙ York noch nicht völlig turned.)“ (D. Exchange gegen New 97.9–19 The Economist, 21. November 1857. S. 1299. 97.20–25 Zusammenfassung eines Artikels aus: The Economist, 21. November 1857. S. 1300. – In Klammern: Ergänzung von Marx. 97.27–35 The Economist, 28. November 1857. S. 1323. 97.37–98.3 Zusammenfassung eines Artikels aus: The Economist, 28. November 1857. S. 1323. – In Klammern: Ergänzung von Marx. 98.5–17 The Economist, 5. Dezember 1857. S. 1356. 98.18–19 Zusammenfassung eines Artikels aus: The Economist, 5. Dezember 1857. S. 1356. 98.21–30 The Economist, 12. Dezember 1857. S. 1384. 98.23 nominal] The Economist: nom. 3 days’ sight 98.31–32 Zusammenfassung eines Artikels The Economist, 12. Dezember 1857. S. 1384. 99.3 Exchange.] Es folgt die Anweisung von Marx: „(turn the paper queerum)“ 99.5–36, Marx’ Zusammenfassung der fünf Kurstabellen S. 100.1– 102.1–5 101.28. 100.1–101.28 Die Angaben aus: The Economist, 7. November 1857. S. 1244; 14. November 1857. S. 1273; 21. November 1857. S. 1299; 28. November 1857. S. 1323; 5. Dezember 1857. S. 1355; 12. Dezember 1857. S. 1383. 100.19 25.85 ] The Economist: 25.5 100.23 472/4 ] The Economist: 471/4 100.32 date] The Economist: sight 101.11 13.141/2 ] The Economist: 13.141/4 102.4–5 Dieser Satz wurde auf die rechte obere Blattecke geschrieben und vom Text mit Strichen abgetrennt. Unter der letzten Zeile des Textes die Anweisung von Marx: „(verte)“. 102.10–12 The Economist, 7. November 1857. S. 1244. 102.13–16 The Economist, 7. November 1857. S. 1243. 102.17–19 The Economist, 14. November 1857. S. 1272. – Siehe Erl. 97.6. 102.19–21 The Economist, 14. November 1857. S. 1272. 102.22–24 The Economist, 21. November 1857. S. 1298. 102.25–33 The Economist, 28. November 1857. S. 1322. 102.34–40 The Economist, 5. Dezember 1857. S. 1354. 105.1–7 The Economist, 12. Dezember 1857. S. 1382. 105.13–15 The Morning Star, 12. Dezember 1857. S. 4. 105.22–106.12 The Economist, 23. Januar 1858. S. 83/84. – Die Ausschnitte gehören thematisch zu S. [74]/[75] des „Book of the Commer97.6

594

Erläuterungen

105.22 106.10 106.10–11

106.13–108.28 108.30–35 108.30 108.36–110.30

111.9–113.17

113.20–114.30 114.31–32

114.35–115.15

115.13

115.20–117.41

cial Crisis“ und wurden auf die vorliegende Seite sowie S. [11] geklebt, weil diese noch leer waren. crisis ] The Economist: pressure a foreign trade] The Economist: an enormous foreign trade Credit cannot make something out of nothing.] The Economist: And yet it is, perhaps, to be feared that the strength and prevalence of the modes of speech in which the recent disasters are all constantly ascribed to devices of credit may, in the minds of some persons not acquainted with trade, lead to such a conclusion. Credit can do a great many wonderful things; but it certainly cannot make something out of nothing. The Economist, 23. Januar 1858. S. 83/84. – Siehe auch S. 497. The Economist, 23. Januar 1858. S. 84/85. – Siehe auch S. 312.11–14. Bills with documents and without] Der Titel des Artikels, aus dem Marx im Folgenden exzerpierte. The Economist, 23. Januar 1858. S. 84/85. – Der Artikel „Bills with Documents and Without. To the Editor of the Economist“ ist unterzeichnet mit „A Merchant, London, Jan. 20, 1858“. The Economist, 26. Dezember 1857. S. 1426/1427. – Kritik des „Economist“ an der Rede des amerikanischen Präsidenten, James Buchanan, über die Wirtschaftskrise vom 8. Dezember 1857 vor dem Kongress. Siehe The Works of James Buchanan. Comprising his Speeches, State Papers, and Private Correspondence. Col. and ed. by J. B. Moore. Vol. 10. 1856–1860. Philadelphia, London 1910. S. 129–163. – Dieser Ausschnitt gehört thematisch zu S. [36] des „Book of the Crisis of 1857“ und wurde auf die vorliegende und die nächste Seite geklebt, weil diese noch leer waren. The Economist, 26. Dezember 1857. S. 1427. – Fortsetzung der vorherigen Seite. Die Ausschnitte gehören thematisch zu S. [34]/[35] des „Book of the Crisis of 1857“ und wurden auf die vorliegende Seite geklebt, weil diese noch leer war. Auszug einzelner Posten aus: Accounts relating to Trade and Navigation. Month ended 30th November 1857, and Eleven Months ended 30th November 1857. Presented to both Houses of Parliament by Command of Her Majesty. Ordered, by the House of Commones, to be Printed, 20 August 1857. [London 1857.] S. 1–9. Saltpetre] Die Angaben für diesen Posten beziehen sich nicht nur auf Indien, sondern auf alle in der Statistik erfassten Länder. The Free Press, 30. Dezember 1857. S. 590/591.

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Die Quelle konnte weder in der „Neuen Preußischen Zeitung“ (Kreuzzeitung) noch in der „Kölnischen Zeitung“ für den Zeitraum von Oktober bis Dezember 1857 ermittelt werden. Das Zitat befindet sich gleichlautend ohne Quellenangabe in zwei Publikationen: Austria. Wochenschrift für Volkswirtschaft und Statistik. Verantwortlicher Redakteur: Dr. Gustav Höfken. Jg. 9. Bd. 4. Wien 1857. S. 545; Max Wirth: Grundzüge der NationalOekonomie. Bd. 2. Köln 1859. S. 296. 118.4 12,081,221] Rechenfehler von Marx. Korrekt ist: 12,081,920. 118.4 232,526,020] Gesamtsumme der Ein- und Ausfuhr. 118.11–37 Hamburgs Handel und Schiffahrt 1856. Tabellarische Uebersichten des Hamburgischen Handels im Jahre 1856. Zusammengestellt von handelsstatistischen Bureau. Hamburg 1857. S. 1. 118.34 8,733,675] Rechenfehler von Marx. Korrekt ist: 8,753,675. 119.2–10 Hamburg’s Handel und Schiffahrt 1856. Tabellarische Uebersichten des Hamburgischen Handels im Jahre 1856. Zusammengestellt von handelsstatistischen Bureau. Hamburg 1857. S. 4/5. 119.13–21 The Manchester Guardian, 24. November 1857. S. 2. 119.22–38 The Manchester Guardian, 24. November 1857. S. 2. 120.5–8 The Manchester Guardian, 27. November 1857. S. 2. 120.10–30 The Manchester Guardian, 28. November 1857. S. 4. – Diese Quelle verwendete Marx für seinen am 4. Dezember 1857 geschriebenen Artikel „[The Financial Crisis in Europe]“ (NYDT. Nr. 5202, 22. Dezember 1857. S. 4). 120.32–35 The Morning Star, 28. Dezember 1857. S. 2. 121.3–4 The Manchester Guardian, 28. November 1857. S. 5. 121.5–9 The Manchester Guardian, 28. November 1857. S. 5. 121.11–43 The Manchester Guardian, 1. Dezember 1857. S. 2. – Diese Quelle verwendete Marx für seinen am 4. Dezember 1857 geschriebenen Artikel „[The Financial Crisis in Europe]“ (NYDT. Nr. 5202, 22. Dezember 1857. S. 4). 122.1–4 The Manchester Guardian, 1. Dezember 1857. S. 2. 122.7–9 The Times, 4. Dezember 1857. S. 8. – Der handschriftliche Satz ist teilweise durch den folgenden Zeitungsausschnitt überklebt. 122.9–38 The Times, 4. Dezember 1857. S. 8. – Diese Quelle verwendete Marx für seinen am 4. Dezember 1857 geschriebenen Artikel „[The Financial Crisis in Europe]“ (NYDT. Nr. 5202, 22. Dezember 1857. S. 4). 122.39–123.8 The Manchester Guardian, 3. Dezember 1857. S. 2. 123.12–20 The Manchester Guardian, 1. Dezember 1857. S. 2. – Diese Quelle verwendete Marx für seinen am 4. Dezember 1857 geschriebenen Artikel „[The Financial Crisis in Europe]“ (NYDT. Nr. 5202, 22. Dezember 1857. S. 4). 118.4–10

596

Erläuterungen

123.21–24

123.21 123.25–28 123.29–124.10 124.11–17 124.18–22 124.23–29 124.36–125.21

125.22–23 125.25 125.26–36 125.39–126.6 126.7–10 126.11–14 126.15–25 126.26–127.2 127.3 127.7–11 127.12–13 127.16–19 127.20–36 127.37–40 128.3–7 128.8 128.11–13 128.14–18 128.19–21 128.23–24 128.26–28 128.29–34 128.36–129.3 129.4–6 129.8–13 129.12

The Manchester Guardian, 1. Dezember 1857. S. 2. – Diese Quelle verwendete Marx für seinen am 4. Dezember 1857 geschriebenen Artikel „[The Financial Crisis in Europe]“ (NYDT. Nr. 5202, 22. Dezember 1857. S. 4). minister of finance] August von der Heydt The Morning Star, 4. Dezember 1857. S. 3. The Times, 4. Dezember 1857. S. 8. The Times, 4. Dezember 1857. S. 8. The Times, 4. Dezember 1857. S. 8. The Standard, 3. Dezember 1857. S. 5. The Times, 4. Dezember 1857. S. 8. – Diese Quelle verwendete Marx für seinen am 4. Dezember 1857 geschriebenen Artikel „[The Financial Crisis in Europe]“ (NYDT. Nr. 5202, 22. Dezember 1857. S. 4). Ersatzquelle: Newcastle Journal, 5. Dezember 1857. S. 8. The Times, 4. Dezember 1857. S. 8. The Standard, 5. Dezember 1857. S. 5. Ersatzquelle: The Times, 3. Dezember 1857. S. 10. Ersatzquelle: The Morning Post, 2. Dezember 1857. S. 5. Ersatzquelle: The Leeds Times, 5. Dezember 1857. S. 8. The Manchester Guardian, 5. Dezember 1857. S. 4. Ersatzquelle: The Morning Chronicle, 11. Dezember 1857. S. 5. Die Quelle konnte nicht ermittelt werden. Ersatzquelle: The Times, 2. Dezember 1857. S. 9. Die Quelle konnte nicht ermittelt werden. The Manchester Guardian, 5. Dezember 1857. S. 4. The Manchester Guardian, 7. Dezember 1857. S. 2. Ersatzquelle: The Standard, 5. Dezember 1857. S. 5. Ersatzquelle: The Standard, 7. Dezember 1857. S. 5. The Times, 8. Dezember 1857. S. 8. – Fortsetzung des Ausschnitts S. 128.14–18. Ersatzquelle: Caledonian Mercury, 5. Dezember 1857. S. 5. The Times, 8. Dezember 1857. S. 8. – Fortsetzung des Ausschnitts S. 136.8–27. The Times, 8. Dezember 1857. S. 8. – Fortsetzung des Ausschnitts S. 128.8. Ersatzquelle: The Standard, 7. Dezember 1857. S. 5. Ersatzquelle: The Times, 4. Dezember 1857. S. 8. The Morning Star, 4. Dezember 1857. S. 4. The Morning Star, 2. Dezember 1857. S. 2. The Standard, 12. Dezember 1857. S. 5. Ersatzquelle: The Morning Chronicle, 9. Dezember 1857. S. 5. commenced] The Morning Chronicle: which have been – Von Marx im Ausschnitt überschrieben.

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Ersatzquelle: Dorset County Chronicle, 10. Dezember 1857. S. 369. 129.17–19 The Manchester Guardian, 3. Dezember 1857. S. 2. 129.20 The Observer, 6. Dezember 1857. S. 3. 129.24–130.24 The Manchester Guardian, 5. Dezember 1857. S. 4. 130.25–37 The Manchester Guardian, 7. Dezember 1857. S. 2. 130.39–44 The Manchester Guardian, 7. Dezember 1857. S. 2. 131.1–132.24 The Times, 8. Dezember 1857. S. 8. 131.15 *] In „The Times“ verweist das Sternchen auf die hierher gehörige Fußnote, die lautet: „The Hungarian Munz-Scheine (of 10 kreutzers) are being withdrawn from circulation, and are already extremely rare“. 131.25 +] In „The Times“ verweist das Kreuz auf die hierher gehörige Fußnote, die lautet: „The Brunswick Bank has a branch establishment at Bremen“. 132.14–15 Minister of Finance] Karl Ludwig von Bruck 132.25–39 The Times, 8. Dezember 1857. S. 8. Die folgenden vier Ausschnitte wurden aus demselben, mit „Berlin, Dec. 5.“ datierten Artikel angefertigt. Sie wurden dabei so geschnitten, dass alle auf die vorliegende Seite passen, weshalb sie ohne Rücksicht auf die ursprüngliche Anordnung platziert wurden. 132.25 Gemeint ist die Bilanz der Preußischen Bank vom 30. November. 132.39 Der Ausschnitt bricht hier ab. Der folgende, bis zum Beginn des nächsten Ausschnitts laufende Text erläutert die oben dargestellte Bankbilanz und kommentiert die preußische Bankpolitik kritisch: „This satisfaction at the excellent position of the Royal Bank, in the midst of the general distress, is perfectly in keeping with the whole spirit of the bureaucratic policy of Prussia, in which the ease and comfort of the State and its servants are the considerations that take precedence of everything, and the public at large is an object of hardly secondary consideration“. 132.41–44, The Times, 8. Dezember 1857. S. 8. 135.1–136.4 136.8–27 The Times, 8. Dezember 1857. S. 8. 136.28–38 The Times, 8. Dezember 1857. S. 8. – Fortsetzung des Ausschnitts S. 128.19–21. 137.2–7 The Standard, 12. Dezember 1857. S. 5. 137.9–11 The Morning Star, 8. Dezember 1857. S. 3. 137.13–24 The Times, 9. Dezember 1857. S. 10. – Die folgenden drei Ausschnitte wurden aus demselben mit „Hamburg, Dec. 6.“ datierten Artikel angefertigt. Der vorliegende ist die direkte Fortsetzung des folgenden Ausschnitts. Wahrscheinlich vertauschte Marx versehentlich die beiden Ausschnitte. 129.15–16

598

Erläuterungen

137.20 137.25–35 137.26 137.37–138.9 138.11–14 138.15–28 138.29–139.2

139.5–12 139.5 139.5–6 139.14–23 139.25–27 139.29–33 139.34 139.35–140.2 140.5–19 140.20–25 140.27–34 140.38–141.4 141.5–9 141.6 141.10–19 141.21–142.34 142.4 142.35–143.2

143.5–11 143.13–20 143.21–23 143.25–144.8 143.32

on the 6th] The Times: this morning – Von Marx im Ausschnitt überschrieben. The Times, 9. Dezember 1857. S. 10. evening] The Times: last evening – Von Marx im Ausschnitt gestrichen. The Times, 9. Dezember 1857. S. 10. – Fortsetzung des Ausschnitts S. 137.13–24. The Times, 8. Dezember 1857. S. 8. Ersatzquelle: The Glasgow Herald, 11. Dezember 1857. S. 4. The Times, 9. Dezember 1857. S. 10. In „The Times“ war der Liste der folgende Satz vorangestellt: „The German papers publish the following list of those Hamburg and Altona firms which suspended their payments before the 2d of December:—“. The Times, 12. Dezember 1857. S. 5. – Fortsetzung des Ausschnitts S. 139.35–140.2. King] Frederick VII on the 7th ] The Times: yesterday – Von Marx im Ausschnitt überschrieben. The Morning Star, 11. Dezember 1857. S. 3. The Standard, 17. Dezember 1857. S. 5. The Standard, 12. Dezember 1857. S. 5. 9 Dec.] The Times: 8. Dezember. The Times, 12. Dezember 1857. S. 5. The Manchester Guardian, 12. Dezember 1857. S. 4. Ersatzquelle: Caledonian Mercury, 10. Dezember 1857. S. 5. The Times, 15. Dezember 1857. S. 7. – Fortsetzung des Ausschnitts S. 143.21–23. The Manchester Guardian, 15. Dezember 1857. S. 2. The Standard, 12. Dezember 1857. S. 5. Bank] The Standard: Bank of France – Von Marx im Ausschnitt gestrichen. The Times, 14. December 1857. S. 8. The Times, 14. Dezember 1857. S. 8. Finance Minister] Carl Christoffer Georg Andræ Ersatzquelle: The Standard, 16. Dezember 1857. S. 5. – Diese Quelle verwendete Marx für seinen am 18. Dezember 1857 geschriebenen Artikel „[The Crisis in Europe]“ (NYDT. Nr. 5213, 5. Januar 1858. S. 4). The Manchester Guardian, 15. Dezember 1857. S. 2. Ersatzquelle: The Manchester Guardian, 15. Dezember 1857. S. 2. The Times, 15. Dezember 1857. S. 7. The Manchester Guardian, 17. Dezember 1857. S. 2. Emperor] Franz Joseph I

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Folkthing] Gemeint ist: Folketing (dänisches Parlament). The Manchester Guardian, 16. Dezember 1857. S. 2. King] Oscar I Von Marx gestrichen: „VII) France.“ Die Quelle konnte nicht ermittelt werden. Ersatzquelle: The Standard, 16. Dezember 1857. S. 5. Die Quelle konnte nicht ermittelt werden. The Standard, 17. Dezember 1857. S. 5. The Standard, 12. Dezember 1857. S. 5. King] Friedrich Wilhelm IV. Minister of Finance] August von der Heydt The Economist, 19. Dezember 1857. S. 1409. Die Quelle konnte nicht ermittelt werden. minister of commerce] August von der Heydt The Standard, 21. Dezember 1857. S. 5. Minister of Finance] Carl Christoffer Georg Andræ King] Frederick VII The Daily News, 18. Dezember 1857. S. 2. The Times, 22. Dezember 1857. S. 7. The Manchester Guardian, 21. Dezember 1857. S. 2. The Times, 22. Dezember 1857. S. 7. out] The Times: over government will] The Times: authorities, however, would, it is inferred, 146.38–147.4 Ersatzquelle: The Standard, 24. Dezember 1857. S. 5. 147.6–14 The Times, 23. Dezember 1857. S. 7. 147.16–18 The Morning Star, 26. Dezember 1857. S. 3. 147.20–24 Ersatzquelle: The Morning Advertiser, 24. Dezember 1857. S. 5. 147.24 Duke of Augustenbourg] Christian August von Schleswig-Holstein-Sonderburg-Augustenburg 147.26–28 The Morning Star, 24. Dezember 1857. S. 3. 147.30–31 The Times, 23. Dezember 1857. S. 5. 147.32–33 The Times, 23. Dezember 1857. S. 5. 147.35–148.14 The Morning Star, 25. Dezember 1857. S. 3. 148.2 minister of finance] Johan August Gripenstedt 148.16–18 The Morning Star, 26. Dezember 1857. S. 3. 148.19–22 Ersatzquelle: The Observer, 27. Dezember 1857. S. 5. 148.23–26 Weekly Dispatch, 27. Dezember 1857. S. 2. 148.24–25 Minister of the Interior] Andreas Frederik Krieger 148.27 The Times, 2. Januar 1858. S. 5. 148.29–149.7 The Economist, 2. Januar 1858. S. 13. 149.9–21 Die Quelle konnte nicht ermittelt werden. 149.23–28 Ersatzquelle: The Morning Post, 31. Dezember 1857. S. 5. 149.29–32 Ersatzquelle: The Morning Star, 25. Dezember 1857. S. 3. – Siehe S. 147.35–148.14. 144.4 144.9–16 144.15 144.17 144.20–21 144.22–24 144.26–30 144.31–33 144.34–145.14 144.36 145.3 145.16–18 145.20–29 145.26 145.30–146.4 145.32–33 145.39, 41 146.5–6 146.7–8 146.10–20 146.22–36 146.26 146.32

600

Erläuterungen

149.34–36 149.38–150.18 150.8–9 150.19–22 150.23–26 150.27–151.5 151.6–25 151.26

151.27–153.31

153.32–45

153.39 154.3–155.18 155.19–27

155.29–156.13 156.14–34

156.35

156.35–158.50 157.34 157.42 159.1–28

159.3 159.4 159.4 159.6

The Manchester Daily Examiner and Times, 8. Januar 1858. S. 3. The Manchester Guardian, 7. Januar 1858. S. 2. minister of the interior] Andreas Frederik Krieger The Manchester Guardian, 7. Januar 1858. S. 3. The Economist, 7. Januar 1858. S. 38. The Standard, 6. Januar 1858. S. 5. Ersatzquelle: The Newcastle Journal, 9. Januar 1858. S. 2. Fortsetzung von S. [60] des „Book of the Crisis of 1857“. Die Ausschnitte wurden auf die vorliegende Seite geklebt, weil diese noch leer war. The Economist, 26. Dezember 1857, S. 1440; 2. Januar 1858. S. 24. – Außer den von Marx notierten Angaben für „Stock“ enthält die Tabelle in der Quelle auch Angaben zu „Imports“, „Exports“, „Home Consumption“ and „Duty paid“. Die Angaben dieser Tabelle berechnete Marx als Differenz der Warenwerte von 1856 und 1857, die in der vorherigen Tabelle angegeben sind. 407] Rechenfehler von Marx. Korrekt ist: 438. The Economist, 26. Dezember 1857. S. 1429. Ersatzquelle: The City Press, 2. Januar 1858. S. 4. – Diese Quelle verwendete Marx für seinen am 22. Januar 1858 geschriebenen Artikel „The approaching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858. S. 6). The Morning Star, 25. Dezember 1857. S. 4. Zusammenfassung des Artikels aus: The Free Press, 23. Dezember 1857. S. 579/580. – Diese Quelle zitierte Marx ohne Angabe der Quelle in seinem am 7. Januar 1858 geschriebenen Artikel „[British Commerce]“ (NYDT. Nr. 5238, 3. Februar 1858. S. 3). Der Ausschnitt mit der folgenden Tabelle ist auf S. [34]/[35] geklebt, so dass sich die letzten beiden Spalten auf S. [35] befinden. The Free Press, 23. Dezember 1857. S. 579. Von Marx gestrichen: „VIII) Rest of Europe (and U. St.“ 1,630,333] Fehler von „The Free Press“. Korrekt ist: 1,630,833. Diese Tabelle berechnete Marx anhand der vorhergehenden Handelsbilanzen aus „The Free Press“. Die Ergebnisse verwendete Marx in seinem am 7. Januar 1858 geschriebenen Artikel „[British Commerce]” (NYDT. Nr. 5238, 3. Februar 1858. S. 3). 1,432,195] Rechenfehler von Marx. Korrekt ist: 1,932,185. 5,027,934] Rechenfehler von Marx. Korrekt ist: 5,026,870. 1,600,904] Rechenfehler von Marx. Korrekt ist: 1,600,895. 3,391,144] Rechenfehler von Marx. Korrekt ist: 4,603,852.

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159.6 159.6 159.9 159.9 159.10 159.11 159.12

159.13 159.14 159.16 159.25 159.27 160.4–46, 163.1–27 163.29–46 164.2–29 164.30–42 165.1–21 165.22–166.24 166.1

19,605,742] Rechenfehler von Marx. Korrekt ist: 9,605,742. 6,947,220] Rechenfehler von Marx. Korrekt ist: 6,946,220. 7,146,917] Rechenfehler von Marx. Korrekt ist: 7,196,911. 59,661] Schreibfehler von Marx. Korrekt ist: 95,661. 4,853,484] Rechenfehler von Marx. Korrekt ist: 4,753,484. 1,283,075] Rechenfehler von Marx. Korrekt ist: 1,283,065. 3) East Indies. ] Marx platzierte Ostindien aufgrund der falschen Angaben von „The Free Press“ an dritter Stelle. Korrekt ist die Einordnung zwischen Russland und Ägypten an fünfter Stelle. 8,214,941] Rechenfehler von Marx. Korrekt ist: 8,214,441. 28,571,764] Rechenfehler von Marx. Korrekt ist: 28,571,944. 693,155] Rechenfehler von Marx. Korrekt ist: 207,676. 1,808,454] Rechenfehler von Marx. Korrekt ist: 1,797,454. 3,431,303] Rechenfehler von Marx. Korrekt ist: 3,441,303. The Economist, 19. Dezember 1857. S. 1407/1408.

The Manchester Guardian, 21. Dezember 1857. S. 4. The Manchester Guardian, 21. Dezember 1857. S. 2. The Economist, 26. Dezember 1857. S. 1436. The Economist, 26. Dezember 1857. S. 1436. The Economist, 26. Dezember 1857. S. 1432. Marx hat diesen Ausschnitt in die rechte Spalte geklebt und mit einem Strich als Fortsetzung markiert. Siehe S. 162 (Abb.). 166.25 Von Marx gestrichen: „X) Australia and rest of the world.“ 166.26 Fortsetzung von S. [40] des „Book of the Crisis of 1857“. Die Ausschnitte wurden auf die vorliegende Seite geklebt, weil diese noch leer war. 166.28–31 The Manchester Guardian, 14. Dezember 1857. S. 3. 166.33–167.5 The Economist, 19. Dezember 1857. S. 1409. 167.7–24 The Morning Star, 21. Dezember 1857. S. 3. 167.25–28 Ersatzquelle: The Liverpool Mercury, 30. Dezember 1857. S. 7. 167.30–168.4 The Manchester Guardian, 21. Dezember 1857. S. 3. 168.5–7 Ersatzquelle: The Preston Chronicle, 24. Dezember 1857. S. 2. 168.8–17 The Morning Star, 22. Dezember 1857. S. 4. 168.18–19 The Times, 23. Dezember 1857. S. 9. 168.20–21 The Times, 28. Dezember 1857. S. 8. 168.22 The Economist, 26. Dezember 1857. S. 1433. 168.24–27 Ersatzquelle: The Standard, 28. Dezember 1857. S. 2. 168.28–29 The Manchester Guardian, 21. Dezember 1857. S. 2. 168.30 Die Quelle konnte nicht ermittelt werden. 168.31–33 The Economist, 26. Dezember 1857. S. 1433. 168.34 Ersatzquelle: The Glasgow Herald, 25. Dezember 1857. S. 5. 168.35–36 The Economist, 26. Dezember 1857. S. 1433. 169.1–37 The Economist, 26. Dezember 1857. S. 1438.

602

Erläuterungen

Die Quelle konnte nicht ermittelt werden. The Morning Star, 29. Dezember 1857. S. 4. The Times, 30. Dezember 1857. S. 7. Ersatzquelle: The Glasgow Herald, 21. Dezember 1857. S. 5. Ersatzquelle: The Daily News, 23. Dezember 1857. S. 5. The Economist, 2. Januar 1858. S. 15. The Economist, 2. Januar 1858. S. 22. The Times, 12. Dezember. S. 12. The Times, 12. Dezember. S. 12. The Times, 12. Dezember. S. 12. The Times, 12. Dezember. S. 12. Diese Information wahrscheinlich aus: The Economist, 12. Dezember 1857. S. 1382. 172.23–26 The Times, 12. Dezember. S. 12. 172.27–28 The Times, 12. Dezember. S. 12. 172.33–35 The Times, 12. Dezember. S. 12. 172.35 the Bank of England] The Times: that establishment which will fully insure their safety 173.1–4 The Times, 12. Dezember. S. 12. 173.6–7 The Times, 14. Dezember. S. 5. 173.8–174.15 The Standard, 21. Dezember. S. 4. 174.16–28 Zusammenfassung eines Artikels aus: The Times, 26. November 1857. S. 7. – Dieser Auszug wurde von Marx auf einem Blatt blauen Papiers notiert und hier eingeklebt (siehe Zeugenbeschreibung S. 572). – Diese Quelle verwendete Marx für seinen am 27. November 1857 geschriebenen Artikel „[The Commercial Crisis in England]“ (NYDT. Nr. 5196, 15. Dezember 1857. S. 4). 174.34–36 The Times, 14. Dezember 1857. S. 5. 174.37 The Morning Star, 14. Dezember 1857. S. 4. 175.1–2 The Morning Star, 19. Dezember 1857. S. 9. 175.2 The Economist, 19. Dezember 1857. S. 1409. 175.3–4 The Economist, 26. Dezember 1857. S. 1433. 175.5 The Manchester Guardian, 20. Dezember 1857. S. 2. 175.6–7 The Manchester Guardian, 17. Dezember 1857. S. 4. 175.8–10 Ersatzquelle: The Standard, 17. Dezember 1857. S. 5. 175.11–13 The Economist, 19. Dezember 1857. S. 1409. 175.15–17 Ersatzquelle: The Standard, 15. Dezember 1857. S. 4. 175.18–20 The Daily Telegraph, 15. Dezember 1857. S. 4. 175.21–29 The Daily Telegraph, 15. Dezember 1857. S. 4. 175.30 The Times, 15. Dezember 1857. S. 9. 175.31–32 The Economist, 19. Dezember 1857. S. 1409. 175.36–38 The Times, 14. Dezember 1857. S. 5. 176.1–2 The Economist, 12. Dezember 1857. S. 1386. 169.38–170.18 170.20–21 170.23–36 170.37–171.7 171.9–11 171.13–20 171.22–38 172.4–7 172.9–14 172.16–19 172.20–22 172.21–22

603

Karl Marx · Krisenhefte · Book of the Crisis of 1857

176.3–5 176.7–15 176.18–40 176.18 177.1–2 177.3–4 177.7–21 177.25–178.6 178.10–17 178.18–28 178.21 178.24 178.29–179.20 179.21–180.9 180.10–20 180.22–24 180.24 180.31–33 180.34–181.2 181.4–5 181.6–13 181.15–19 181.21–23

181.21 181.25–32 181.33–182.10 182.2 182.12–26 182.27–34 182.36–41

183.2–8 183.9–18

604

The Manchester Guardian, 16. Dezember 1857. S. 3. The Times, 14. Dezember 1857. S. 5. Ersatzquelle: The Leeds Mercury, 15. Dezember 1857. S. 4. Lister] The Leeds mercury: Lester – Von Marx im Ausschnitt korrigiert. The Daily News, 16. Dezember 1857. S. 3. The Times, 17. Dezember 1857. S. 7. The Standard, 17. Dezember 1857. S. 4. Die Angaben in der Tabelle aus: The Economist, 19. Dezember 1857. S. 1408. The Morning Star, 19. Dezember 1857. S. 4. The Economist, 19. Dezember 1857. S. 1408. private securities] The Economist: other securities private deposits] The Economist: other deposits The Economist, 19. Dezember 1857. S. 1408. Die Angaben in der Tabelle aus: The Economist, 26. Dezember. S. 1433. The Economist, 26. Dezember 1857. S. 1425. The Economist, 26. Dezember 1857. S. 1433. The Times, 28. Dezember 1857. S. 8. – Siehe auch S. 170.23–36. The Standard, 12. Dezember 1857. S. 5. The Morning Star, 12. Dezember 1857. S. 4. The Times, 14. Dezember 1857. S. 5. The Morning Star, 14. Dezember 1857. S. 4. The Morning Star, 15. Dezember 1857. S. 4. The Morning Star, 16. Dezember 1857. S. 4. – Diese Quelle verwendete Marx für seinen am 18. Dezember 1857 geschriebenen Artikel „[The Crisis in Europe]“ (NYDT. Nr. 5213, 5. Januar 1858. S. 4). market] The Morning Star: market, however, – Von Marx im Ausschnitt gestrichen. The Morning Star, 17. Dezember 1857. S. 4. The Daily Telegraph, 17. Dezember 1857. S. 4. notes] The Daily Telegraph: notes, perhaps the most important item to be considered, has no doubt The Daily Telegraph, 17. Dezember 1857. S. 4. The Standard, 17. Dezember 1857. S. 4. The Morning Star, 18. Dezember 1857. S. 4. – Diese Quelle verwendete Marx für seinen am 18. Dezember 1857 geschriebenen Artikel „[The Crisis in Europe]“ (NYDT. Nr. 5213, 5. Januar 1858. S. 4). The Morning Star, 19. Dezember 1857. S. 4. The Economist, 19. Dezember 1857. S. 1409. – Abgerissene Buchstaben von Marx ergänzt.

Erläuterungen

The Times, 14. Dezember 1857. S. 5. Die Quelle konnte nicht ermittelt werden. 160,690] In der Quelle: 160,000 – Von Marx im Ausschnitt korrigiert. 183.32–34 The Morning Star, 15. Dezember 1857. S. 4. 184.2–4 The Morning Star, 17. Dezember 1857. S. 4. 184.5–6 The Standard, 17. Dezember 1857. S. 4. 184.7–8 The Standard, 17. Dezember 1857. S. 4. 184.10–13 The Morning Star, 18. Dezember 1857. S. 4. 184.14–15 The Morning Star, 19. Dezember 1857. S. 4. 184.17–21 The Standard, 21. Dezember 1857. S. 4. 184.23 Gemeint ist: The London Gazette, 18. Dezember 1857. S. 4469. 184.29–38 The Economist, 19. Dezember 1857. S. 1409. 187.2–12 Ersatzquelle: The Standard, 21. Dezember 1857. S. 4. 187.14–16 The Morning Star, 22. Dezember 1857. S. 4. 187.21–22 The Times, 12. Dezember 1857. S. 12. 187.24–26 The Standard, 12. Dezember 1857. S. 5. 187.27 The Standard, 12. Dezember 1857. S. 5. 187.28–30 The Morning Star, 12. Dezember 1857. S. 4. – In Klammern: Ergänzung von Marx. 187.32–35 The Morning Star, 14. Dezember 1857. S. 4. 188.2–3 The Morning Star, 15. Dezember 1857. S. 4. 188.4–5 Die Quelle konnte nicht ermittelt werden. 188.7–8 The Standard, 17. Dezember 1857. S. 4. 188.10–11 The Morning Star, 18. Dezember 1857. S. 4. 188.12–14 The Morning Star, 19. Dezember 1857. S. 4. 188.13 Der Silberpreis wurde ergänzt mit einer Angabe aus: The Economist, 19. Dezember 1857. S. 1409. 188.15–17 The Economist, 19. Dezember 1857. S. 1409. 188.18 Die Quelle konnte nicht ermittelt werden. 188.23–24 The Standard, 21. Dezember 1857. S. 4. 188.26–27 The Economist, 26. Dezember 1857. S. 1433. 188.28–30 The Economist, 26. Dezember 1857. S. 1433. 188.31–189.5 Ersatzquelle: The Standard, 26. Dezember 1857. S. 5. 188.32 Wednesday] The Standard: Saturday – Von Marx im Ausschnitt korrigiert. 189.6 The Morning Star, 28. Dezember 1857. S. 4. 189.8–26 The Economist, 26. Dezember 1857. S. 1433. 189.28–190.20 The Economist, 26. Dezember 1857. S. 1432. 190.27–31 The Economist, 26. Dezember 1857. S. 1433. 190.28 Gemeint ist die Senkung des Diskontsatzes der Bank von England von 10% auf 8%. 190.33–37 The Economist, 19. Dezember 1857. S. 1409. 183.25–26 183.28–30 183.28

605

Karl Marx · Krisenhefte · Book of the Crisis of 1857

The Morning Star, 16. Dezember 1857. S. 4. Diese Wochentagsangabe bezieht sich auf die Daten vom 11. bis 18. Dezember. 191.3–27 Die Angaben in der Tabelle datenweise von links aus: The Morning Star, 12. Dezember 1857. S. 4 (bzw. The Economist, 12. Dezember 1857. S. 1383); 16. Dezember 1857. S. 4 (bzw. The Economist, 19. Dezember 1857. S. 1410); 19. Dezember 1857. S. 4 (bzw. The Economist, 19. Dezember 1857. S. 1410); 23. Dezember 1857. S. 4 (bzw. The Economist, 26. Dezember 1857. S. 1434); 25. Dezember 1857. S. 4 (bzw. The Economist, 26. Dezember 1857. S. 1434) und 30. Dezember 1857. S. 4 (bzw. The Economist, 2. Januar 1858. S. 17). 191.21 29.95 ] The Economist: 25 95 191.21 26.95 ] The Economist: 26 5 192.4–21 Ersatzquelle: The Standard, 30. November 1857. S. 6. 192.21 Siehe den Bericht aus: The Morning Star, 18. Dezember 1857. S. 2. 192.23–33 The Standard, 17. Dezember 1857. S. 4. 192.35–194.17 The Morning Star, 18. Dezember 1857. S. 2. – Diese Quelle verwendete Marx für seinen am 22. Januar 1858 geschriebenen Artikel „The approaching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858. S. 6). 194.6 King] Bahadur Shah II 194.7 King of Oude] Birjis Qadr 194.22–195.6 Die Angaben wahrscheinlich aus: The Economist, 12. Dezember 1857. S. 1382; 19. Dezember 1857. S. 1409; 26. Dezember 1857. S. 1434; The Morning Star, 12. Dezember 1857. S. 4; 14. Dezember 1857. S. 4; 15. Dezember 1857. S. 4; 16. Dezember 1857. S. 4; 17. Dezember 1857. S. 4; 18. Dezember 1857. S. 4; 19. Dezember 1857. S. 4; 21. Dezember 1857. S. 4; 22. Dezember 1857. S. 4; The Times, 15. Dezember 1857. S. 9. 194.32 913/4 ] The Economist: 911/2. 195.5 921/2 ] The Times und The Morning Star: 921/2 to 5/8. 195.5 925/8 ] The Economist: 921/2. 195.8–10 Zusammenfassung einer Passage aus: The Economist, 12. Dezember 1857. S. 1382. 195.10–17 Fast wörtlich aus: The Economist, 12. Dezember 1857. S. 1382. 195.11 to 913/4–7/8 ] The Economist: 913/4–7/8 ex div. 195.15 itself.] The Economist: itself. The market to-day was still extremely strong. 195.19–30 The Morning Star, 14. Dezember 1857. S. 4. 195.31–34 The Times, 14. Dezember 1857. S. 5. 190.39–40 191.3

606

Erläuterungen

The Morning Star, 15. Dezember 1857. S. 4. The Daily Telegraph, 15. Dezember 1857. S. 4. The Times, 15. Dezember 1857. S. 9. The Morning Star, 16. Dezember 1857. S. 4. The Morning Star, 17. Dezember 1857. S. 4. The Morning Star, 18. Dezember 1857. S. 4. The Morning Star, 19. Dezember 1857. S. 4. 921/8 ] The Morning Star: 911/8 – Von Marx im Ausschnitt korrigiert. 196.37 Siehe Erl. 197.30. 196.38–197.8 The Economist, 19. Dezember 1857. S. 1409. 197.9–20 Weekly Dispatch, 20. Dezember 1857. S. 9. 197.22–31 The Morning Star, 21. Dezember 1857. S. 4. 197.30 911/4 ] The Economist, 19. Dezember 1857 und The Standard, 19. Dezember 1857: 921/8–1/4. 197.32–38 Die Quelle konnte nicht ermittelt werden. 197.38 at ] Danach bricht der Ausschnitt ab. 197.39–40 Ersatzquelle: The Standard, 19. Dezember 1857. S. 4. 198.4–16 Die Tabelle wurde von Marx wahrscheinlich nach einer wöchentlichen Tabelle aus „The Economist“ erstellt und durch tägliche Preisangaben aus „The Morning Star“ und „The Times“ ergänzt. Die Angaben wahrscheinlich aus: The Economist, 26. Dezember 1857. S. 1434; 2. Januar 1858. S. 15; The Morning Star, 21. Dezember 1857. S. 4; 22. Dezember. S. 4; 23. Dezember. S. 4; 24. Dezember. S. 4; 25. Dezember; The Times, 23. Dezember 1857. S. 9. 198.7 923/4 ] The Economist: 923/8 198.7 925/8–7/8 ] The Morning Star: 927/8–3/4 198.8 Die Einträge entsprechen den Preisangaben in: The Times, 23. Dezember. S. 9. 198.8 931/8–1/4 ] The Economist: 933/8 198.10 933/8–1/2 ] The Economist: 931/4 198.18–20 The Morning Star, 22. Dezember 1857. S. 4. 198.21–22 The Morning Star, 22. Dezember 1857. S. 4. 198.24–28 The Daily Telegraph, 23. Dezember 1857. S. 4. 198.30–33 The Morning Star, 24. Dezember 1857. S. 4. 198.35–199.9 The Morning Star, 25. Dezember 1857. S. 4. 199.10–20 The Economist, 26. Dezember 1857. S. 1433/1434. 199.22–35 The Times, 23. Dezember 1857. S. 9. 199.37–200.2 The Economist, 2. Januar 1858. S. 15. 200.3 Zusammenfassung eines Satzes aus: The Morning Star, 29. Dezember 1857. S. 4. 200.5–7 The Morning Star, 31. Dezember 1857. S. 4. 200.14–15 The Standard, 12. Dezember 1857. S. 5. 196.2–6 196.7–9 196.10–14 196.16–20 196.22–25 196.27–31 196.33–37 196.36

607

Karl Marx · Krisenhefte · Book of the Crisis of 1857

Die Angaben wahrscheinlich aus: The Standard, 12. Dezember 1857. S. 5. 200.19–21 The Standard, 12. Dezember 1857. S. 5. 200.22 The Times, 12. Dezember 1857. S. 5. 200.24–27 The Morning Star, 14. Dezember 1857. S. 4. 200.28–31 The Morning Star, 14. Dezember 1857. S. 4. 200.32 The Morning Star, 14. Dezember 1857. S. 4. 201.2–5 The Morning Star, 15. Dezember 1857. S. 4. 201.4 10sh] Diesen Wert berechnete Marx wahrscheinlich, indem er die Kurstabellen der „Joint Stock Banks“ vom 14. und 15. Dezember aus „The Morning Star“ verglich. 201.6–14 The Daily Telegraph, 15. Dezember 1857. S. 4. 201.15 The Daily Telegraph, 15. Dezember 1857. S. 4. 201.17–19 The Morning Star, 16. Dezember 1857. S. 4. 201.20–21 The Morning Star, 16. Dezember 1857. S. 4. 201.23–27 The Morning Star, 17. Dezember 1857. S. 4. 201.28–30 The Morning Star, 17. Dezember 1857. S. 4. 201.31–32 The Morning Star, 17. Dezember 1857. S. 4. 201.34–36 The Morning Star, 18. Dezember 1857. S. 4. 201.37–202.3 The Morning Star, 18. Dezember 1857. S. 4. 202.4 The Morning Star, 18. Dezember 1857. S. 4. 202.11–17 Zusammenfassung eines Artikels aus: The Morning Star, 19. Dezember 1857. S. 4. 202.18–27 The Economist, 19. Dezember 1857. S. 1409. 202.28–30, The Economist, 19. Dezember 1857. S. 1409. 204.1–17 203.7–34 Erstellt von Marx wahrscheinlich nach einer wöchentlichen Tabelle aus: The Economist, 12. Dezember 1857. S. 1383 und 2. Januar 1858. S. 16, erstellt. Ergänzt durch tägliche Preisangaben aus: The Morning Star, 14. Dezember 1857. S. 4; 15. Dezember. S. 4; 16. Dezember. S. 4; 25. Dezember. S. 4. – Außerdem bereitete Marx eine Tabelle mit 30 Spalten „Quot. of“ vor, brach jedoch die Eintragung nach sieben Daten ab. 204.18–21 Die Quelle konnte nicht ermittelt werden. 204.23 The Daily Telegraph, 21. Dezember 1857. S. 4. 204.24–26 The Daily Telegraph, 21. Dezember 1857. S. 4. 204.28–205.23 The Morning Star, 21. Dezember 1857. S. 4. 205.24–33 The Standard, 21. Dezember 1857. S. 4. 205.34–206.2 Wahrscheinlich Zusammenfassung der Artikel aus: The Economist, 26. Dezember 1857. S. 1440; The Morning Star, 24. Dezember 1857. S. 4; 25. Dezember 1857. S. 4. 206.1 scale dull] The Morning Star: upon a small scale 206.3–207.6 The Economist, 26. Dezember 1857. S. 1434. 207.7–9 Die Quelle konnte nicht ermittelt werden. 200.16–18

608

Erläuterungen

207.15–27 207.28–33 207.34–37 208.1–10

208.2–5 208.6–8 208.9 208.11–12 208.13–14 208.15–17 208.18–23 208.25–209.23 209.25–210.21 210.27

210.28–211.16

210.30 211.18–30 211.31–36 211.37–38 211.38 211.39–212.3 212.4–8 212.9–14 212.15–19 212.20–25 212.26–30 212.31–213.7 213.8–12

The Morning Star, 21. Dezember 1857. S. 4. The Standard, 21. Dezember 1857. S. 4. Ersatzquelle: The Daily News, 21. Dezember 1857. S. 4. Diese Ausschnitte wurden von Marx eingekreist und mit der Anweisung versehen: „Dieß gehört zur vorigen Seite.“ Gemeint ist S. [49] des vorliegenden Heftes (siehe S. 202–207). The Morning Star, 22. Dezember 1857. S. 4. The Morning Star, 22. Dezember 1857. S. 4. The Morning Star, 22. Dezember 1857. S. 4. The Times, 22. Dezember 1857. S. 7. The Morning Star, 23. Dezember 1857. S. 4. Die Quelle konnte nicht ermittelt werden. The Morning Star, 24. Dezember 1857. S. 4. The Economist, 26. Dezember 1857. S. 1433. Weekly Dispatch, 27. Dezember 1857. S. 9. Unter dieser Überschrift wollte Marx eine Preistabelle anfertigen, die er nach den folgenden beiden Zeilen gestrichen hat: „5 Dec. Prices Current. Upland p. lb. ordinary: 5 Dec.“ Die Preisangaben in der Tabelle aus: The Economist, 5. Dezember 1857. S. 1359; 12. Dezember 1857. S. 1386; 19. Dezember 1857. S. 1413; 2. Januar 1858. S. 19; 9. Januar 1858. S. 42; 16. Januar 1858. S. 70; 23. Januar 1858. S. 96. – Marx bereitete eine Tabelle mit 14 Spalten vor, von denen nur sieben Spalten mit den Angaben ausgefüllt wurden. Ebenso fehlen die Angaben für den 24. Dezember aus „The Economist“ vom 26. Dezember. Marx wollte die Tabelle deshalb durch den nächsten Ausschnitt aus „The Manchester Guardian“ vom 26. Dezember ergänzen, der die fehlenden Angaben enthielt. 3 Dec.] The Economist: 4. Dezember The Manchester Guardian, 26. Dezember 1857. S. 6. Die Angaben in der Tabelle aus: The Economist, 12. Dezember 1857. S. 1386. Zusammenfassung einer Passage aus: The Economist, 12. Dezember 1857. S. 1384. 5 Dec.] The Economist: last Friday [4. Dezember] The Economist, 12. Dezember 1857. S. 1386. The Morning Star, 14. Dezember 1857. S. 4. The Morning Star, 15. Dezember 1857. S. 4. The Morning Star, 16. Dezember 1857. S. 4. The Morning Star, 17. Dezember 1857. S. 4. Ersatzquelle: Leeds Intelligencer, 19. Dezember 1857. S. 3. The Morning Star, 12. Dezember 1857. S. 4. The Economist, 19. Dezember 1857. S. 1413.

609

Karl Marx · Krisenhefte · Book of the Crisis of 1857

The Morning Star, 19. Dezember 1857. S. 4. The Economist, 19. Dezember 1857. S. 1413. The Standard, 21. Dezember 1857. S. 2. The Morning Star, 22. Dezember 1857. S. 4. The Morning Star, 25. Dezember 1857. S. 4. The Economist, 26. Dezember 1857. S. 1435. yield] The Economist: yield come from the Atlantic States, where some still advocate as high as 215.6–216.7 The Economist, 26. Dezember 1857. S. 1436. 216.8–13 Zusammenfassung einer Passage aus: The Economist, 2. Januar 1858. S. 19. 216.9 Export and Import] The Economist: speculation and export 216.15–20 The Economist, 2. Januar 1858. S. 19. 216.15 Consumption.] The Economist: Consumption, &c. 216.22–217.10 The Economist, 2. Januar 1858. S. 19. 217.11–25 The Economist, 2. Januar 1858. S. 19. 217.20 Gemeint ist der Bericht vom 9. Dezember 1857 in: The Economist, 26. Dezember 1857. S. 1436. Siehe S. 215.6–216.7. 217.31–218.3 The Economist, 12. Dezember 1857. S. 1385. 218.5–18 The Economist, 12. Dezember 1857. S. 1385. 218.19–52 The Economist, 12. Dezember 1857. S. 1390; 19. Dezember 1857. S. 1417; 26. Dezember 1857. S. 1439; 2. Januar 1858. S. 23. 219.1–2 The Economist, 19. Dezember 1857. S. 1412. 219.3–4 The Economist, 26. Dezember 1857. S. 1433. 219.5–6 The Economist, 26. Dezember 1857. S. 1435. 219.6–12 The Economist, 2. Januar 1858. S. 18. 219.14–15 The Economist, 2. Januar 1858. S. 14. – Von Marx im Ausschnitt gestrichen: „No activity in the import market; with the exception of 1 or 2 articles, the purchases are mostly on speculation, or to meet local wants.“ 219.20 24 Dec. ] The Economist: Friday Evening [25. Dezember] 219.20–220.28 The Economist, 12. Dezember 1857. S. 1390; 19. Dezember 1857. S. 1417; 26. Dezember 1857. S. 1439; 2. Januar 1858. S. 23. 220.29–51 The Economist, 26. Dezember 1857. S. 1439. – Ab diesem Zeitpunkt ordnete „The Economist“ Herkunft und Sorte der ausländischen Wolle auf andere Weise an, weshalb Marx für australische und südafrikanische („Cape“) Wolle zwei verschiedene Tabellen eingeklebt hat. 221.2–5 The Economist, 12. Dezember 1857. S. 1385. 221.7–17 The Economist, 12. Dezember 1857. S. 1386. 221.20–25 The Times, 12. Dezember 1857. S. 12. 221.27–32 The Morning Star, 15. Dezember 1857. S. 4. 213.19–32 213.33–214.3 214.5–8 214.10–17 214.19–37 214.38–215.5 214.40

610

Erläuterungen

221.34–222.6 222.8–12 222.13–14 222.15–19 222.20–223.14 223.13–14 223.16 223.22–39

223.40–41 224.1–3 224.4–5 224.7–8 224.15–16 224.17–19 224.20 224.22–24 224.26–27 224.29–31, 226.1–3 225.1–35

The Economist, 19. Dezember 1857. S. 1412. The Morning Star, 22. Dezember 1857. S. 4. The Economist, 26. Dezember 1857. S. 1435. The Morning Star, 28. Dezember 1857. S. 4. The Economist, 2. Januar 1858. S. 19. Die Angaben für die Summe bis zum 31. Dezember aus: The Economist, 16. Januar 1858. S. 69. The Economist, 2. Januar 1858. S. 18. The Economist, 12. Dezember 1857. S. 1390; 19. Dezember 1857. S. 1417; 26. Dezember 1857. S. 1439; 2. Januar 1858. S. 23. The Economist, 19. Dezember 1857. S. 1412. The Economist, 19. Dezember 1857. S. 1415. The Economist, 26. Dezember 1857. S. 1435. The Economist, 2. Januar 1858. S. 21. Die Quelle konnte nicht ermittelt werden. Zusammenfassung einer Passage aus: The Economist, 12. Dezember 1857. S. 1388. The Morning Star, 15. Dezember 1857. S. 4. The Morning Star, 16. Dezember 1857. S. 4. The Morning Star, 17. Dezember 1857. S. 4. The Economist, 19. Dezember 1857. S. 1415.

The Economist, 12. Dezember 1857. S. 1390; 19. Dezember 1857. S. 1417; 26. Dezember 1857. S. 1439; 2. Januar 1858. S. 23. 226.5–6 The Morning Star, 22. Dezember 1857. S. 4. 226.7–9 The Morning Star, 25. Dezember 1857. S. 4. 226.7 iron;] The Morning Star: iron, and prices rising; 226.10 The Economist, 26. Dezember 1857. S. 1437. 226.11–13 The Economist, 26. Dezember 1857. S. 1437. 226.14–24 The Morning Star, 28. Dezember 1857. S. 4. 226.25–33 The Manchester Guardian, 19. Dezember 1857. S. 5. – Siehe auch S. 227.24–39. 226.34–227.14 The Manchester Guardian, 18. Dezember 1857. S. 2. 227.16–22 The Economist, 2. Januar 1858. S. 14. 227.24–39 The Economist, 2. Januar 1858. S. 14. – Siehe auch S. 226.25–33. 227.41–228.11 The Economist, 2. Januar 1858. S. 18. 228.17–229.9 The Economist, 12. Dezember 1857. S. 1390; 19. Dezember 1857. S. 1417; 26. Dezember 1857. S. 1439; 2. Januar 1858. S. 23. 229.10–11 The Economist, 12. Dezember 1857. S. 1388. 229.13–28 The Morning Star, 19. Dezember 1857. S. 4.

611

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229.30–37 229.39–230.2 230.4–20 230.26–232.54 233.1–5 233.6–24 233.25–234.18 234.19–24 234.21 234.25–34 234.28 235.2 235.3–6 235.6–8 235.9–19 235.20–36 235.38–236.6 236.8–14

236.16–24 236.25–30 236.32–237.3

237.4–7 237.8–10 237.12–19 237.21–23 237.24–28 237.29–31 237.32–35 237.36 237.37–238.22 238.23–26 238.30–33 238.34–40

612

The Economist, 19. Dezember 1857. S. 1415. The Economist, 26. Dezember 1857. S. 1438. The Morning Star, 2. Januar 1858. S. 4. The Economist, 12. Dezember 1857. S. 1390; 19. Dezember 1857. S. 1417; 26. Dezember 1857. S. 1439. The Economist, 2. Januar 1858. S. 18. – Fortsetzung des Ausschnitts S. 234.19–24. The Economist, 2. Januar 1858. S. 18. The Economist, 2. Januar 1858. S. 19. The Economist, 2. Januar 1858. S. 18. 8,000,000 less (lbs) ] Die Quelle, die Marx für diese Ergänzung verwendet hat, konnte nicht ermittelt werden. The Economist, 2. Januar 1858. S. 21. (1 January)] The Economist: 28. Dezember 1857 Es müsste „c)“ heißen. The Economist, 12. Dezember 1857. S. 1388. The Economist, 12. Dezember 1857. S. 1385. The Economist, 12. Dezember 1857. S. 1387/1388. The Times, 12. Dezember 1857. S. 12. The Morning Star, 14. Dezember 1857. S. 4. Die Quelle konnte nicht ermittelt werden. – Diese Quelle verwendete Marx für seinen am 18. Dezember 1857 geschriebenen Artikel „[The Crisis in Europe]“ (NYDT. Nr. 5213, 5. Januar 1858. S. 4). The Morning Star, 16. Dezember 1857. S. 4. Zusammenfassung einer Passage aus: The Morning Star, 16. Dezember 1857. S. 4. The Morning Star, 17. Dezember 1857. S. 4. – Diese Quelle verwendete Marx für seinen am 18. Dezember 1857 geschriebenen Artikel „[The Crisis in Europe]“ (NYDT. Nr. 5213, 5. Januar 1858. S. 4). The Morning Star, 17. Dezember 1857. S. 4. The Morning Star, 17. Dezember 1857. S. 4. Zusammenfassung einer Passage aus: The Morning Star, 18. Dezember 1857. S. 4. The Economist, 19. Dezember 1857. S. 1412. The Economist, 19. Dezember 1857. S. 1412. The Economist, 19. Dezember 1857. S. 1412. The Economist, 19. Dezember 1857. S. 1415. The Economist, 19. Dezember 1857. S. 1415. The Economist, 19. Dezember 1857. S. 1415. The Economist, 19. Dezember 1857. S. 1414. The Economist, 19. Dezember 1857. S. 1415. The Economist, 19. Dezember 1857. S. 1415.

Erläuterungen

239.2–18 239.20–40 239.41–43 240.2–5 240.7–15 240.16–25 240.26–32 240.32–241.9 241.10–12 241.14–41 241.42

241.42–43 242.2–10 242.11–20 242.21–27 242.33–243.29 243.30–244.30 244.32–245.21 245.23–39 245.40–246.10 246.7–9

246.11–12 246.13–14 246.16–21 246.22–23 246.25–26 246.28–34

246.35 246.36–247.5 247.9–13 247.14–32 247.33–248.17 248.8

The Morning Herald, 21. Dezember 1857. S. 5. The Morning Star, 22. Dezember 1857. S. 4. The Morning Star, 22. Dezember 1857. S. 4. Die Quelle konnte nicht ermittelt werden. The Morning Star, 24. Dezember 1857. S. 4. The Morning Star, 25. Dezember 1857. S. 4. Die Quelle konnte nicht ermittelt werden. Ersatzquelle: The Dundee Courier, 23. Dezember 1857. S. 4. The Morning Star, 30. Dezember 1857. S. 3. Weekly Dispatch, 20. Dezember 1857. S. 9. – Abgerissene Wörter von Marx ergänzt. – Fortsetzung von S. 197.9–20. Von Marx gestrichen: „19 Dec. 1857 more stock in hand at London of sugar:— British In London at hand stock of sugar: British Plantation West India“ The Economist, 26. Dezember 1857. S. 1437. The Economist, 26. Dezember 1857. S. 1437. The Economist, 26. Dezember 1857. S. 1437. The Economist, 26. Dezember 1857. S. 1437. The Economist, 12. Dezember 1857. S. 1387. The Economist, 12. Dezember 1857. S. 1386. The Economist, 19. Dezember 1857. S. 1414. The Morning Star, 15. Dezember 1857. S. 4. The Morning Star, 15. Dezember 1857. S. 4. (Marklaneexpress)] Der Ausschnitt stammt nicht aus „Mark Lane Express“ sondern aus „The Morning Star“. Beide Zeitungen berichteten allerdings über den gleichen Inhalt. The Morning Star, 15. Dezember 1857. S. 4. The Times, 15. Dezember 1857. S. 9. The Morning Star, 16. Dezember 1857. S. 4. The Morning Star, 16. Dezember 1857. S. 4. The Morning Star, 17. Dezember 1857. S. 4. The Morning Star, 18. Dezember 1857. S. 3. – Der Ausschnitt wurde von Marx mit der Datierung „17. Dec. Thursday“ durch eine Linie verbunden. The Morning Star, 19. Dezember 1857. S. 4. The Morning Star, 29. Dezember 1857. S. 4. The Economist, 19, Dezember 1857. S. 1411. The Economist, 19. Dezember 1857. S. 1411. The Economist, 19. Dezember 1857. S. 1414. we can] Marx schrieb diesen Teil der Druckschrift nach, weil er an der Schnittstelle zwei aufeinander folgender Auschnitte liegt.

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248.18–249.10 The Economist, 26. Dezember 1857. S. 1435. 249.11–12 The Times, 22. Dezember 1857. S. 7. 249.13–27 The Economist, 26. Dezember 1857. S. 1435. – Hervorhebungen von Marx. 249.21 point.] The Economist: point. Fine barley has maintained its previous value; but all other articles have moved off slowly, at about stationary prices. 249.28–250.8 Zusammenfassung eines Artikels aus: The Economist, 26. Dezember 1857. S. 1436/1437. 250.9–14 The Economist, 26. Dezember 1857. S. 1437. 250.15–251.3 Fast wörtlich aus: The Economist, 26. Dezember 1857. S. 1430. 250.36 check] The Economist: check to consumption 251.6–28 The Economist, 5. Dezember 1857. S. 1359; 12. Dezember 1857. S. 1386; 19. Dezember 1857. S. 1413; 26. Dezember 1857. S. 1436. 251.29–48 The Economist, 5. Dezember 1857. S. 1386. – Die vorliegende Tabelle stellt einen Jahresvergleich der Preise vom jeweils 10. Dezember dar. 252.2–18 The Economist, 12. Dezember 1857. S. 1386. 252.19–25 The Morning Star, 12. Dezember 1857. S. 4. 252.27–32 The Morning Star, 12. Dezember 1857. S. 4. 252.33–40 The Morning Star, 12. Dezember 1857. S. 4. 253.2–3 The Morning Star, 14. Dezember 1857. S. 4. 253.5–23 The Economist, 19. Dezember 1857. S. 1413. 253.25–40 The Morning Star, 4. Januar 1858. S. 4. 254.2–22 The Morning Star, 4. Januar 1858. S. 4. 254.26–40 The Times, 14. Dezember 1857. S. 5. 255.2–5 The Times, 14. Dezember 1857. S. 5. 255.6–15 The Times, 14. Dezember 1857. S. 5. 255.16–25 The Times, 14. Dezember 1857. S. 5. 255.26–34 The Times, 14. Dezember 1857. S. 5. 255.35–40 The Times, 14. Dezember 1857. S. 5. 256.2–6 The Times, 14. Dezember 1857. S. 5. 256.7–12 Kurzfassung eines Artikels aus: The Times, 14. Dezember 1857. S. 5. 256.13–15 The Times, 14. Dezember 1857. S. 5. 256.18–32 The Morning Star, 14. Dezember 1857. S. 3. 256.33–257.15 The Morning Star, 14. Dezember 1857. S. 3. 257.16–19 The Morning Star, 14. Dezember 1857. S. 3. 257.20–258.2 The Morning Star, 17. Dezember 1857. S. 4. 258.3–11 The Manchester Guardian, 28. Dezember 1857. S. 4. 258.12–24 The Manchester Guardian, 29. Dezember 1857. S. 4. 258.27–36 The Morning Star, 16. Dezember 1857. S. 4.

614

Erläuterungen

259.1–260.23 260.24–29 260.31–38 260.40–261.3 261.5–10 261.12–34 261.35–262.5 262.6–9 262.10–12 262.15–37 263.1–40 263.42–264.21 264.22–265.13 265.14–28 265.30–266.5 266.7–12 266.13–31 266.32–267.21 267.23–31 267.32–268.9 268.10–13 268.15–30 268.31–38 268.39–43 269.1–2 269.3–11 269.13–30 269.31–270.9 270.10–17 270.18–271.34 271.35–272.32 272.34–273.4 273.6–23 273.24–274.2 274.3–40 274.42–275.7 275.9–15 275.16–26

The Manchester Guardian, 16. Dezember 1857. S. 4. The Manchester Guardian, 17. Dezember 1857. S. 4. The Morning Star, 19. Dezember 1857. S. 3. The Morning Star, 19. Dezember 1857. S. 4. The Economist, 19. Dezember 1857. S. 1411. The Manchester Guardian, 18. Dezember 1857. S. 3. – Siehe über die Zahl der Hochöfen auch S. 262.6–9 und 266.7–12. The Manchester Guardian, 18. Dezember 1857. S. 2. The Morning Star, 21. Dezember 1857. S. 3. – Siehe über die Zahl der Hochöfen auch S. 261.12–34 und 266.7–12. Die Quelle konnte nicht ermittelt werden. Zusammenfassung eines Artikels aus: The Manchester Guardian, 19. Dezember 1857. S. 5. The Manchester Guardian, 19. Dezember 1857. S. 6. Fast wörtlich aus: The Manchester Guardian, 21. Dezember 1857. S. 3. The Manchester Guardian, 21. Dezember 1857. S. 4. Ersatzquelle: The Blackburn Standard, 23. Dezember 1857. S. 2. The Standard, 21. Dezember 1857. S. 3. The Standard, 21. Dezember 1857. S. 2. – Siehe über die Zahl der Hochöfen auch S. 261.12–34 und 262.6–9. The Manchester Guardian, 21. Dezember 1857. S. 4. The Standard, 21. Dezember 1857. S. 2. The Morning Star, 22. Dezember 1857. S. 4. The Economist, 26. Dezember 1857. S. 1436. Ersatzquelle: The Belfast Mercury, 24. Dezember 1857. S. 4. The Morning Star, 28. Dezember 1857. S. 4. The Morning Star, 28. Dezember 1857. S. 4. The Morning Star, 28. Dezember 1857. S. 4. The Morning Star, 28. Dezember 1857. S. 4. The Economist, 2. Januar 1858. S. 18. The Morning Star, 30. Dezember 1857. S. 4. The Morning Star, 2. Januar 1858. S. 4. The Morning Star, 2. Januar 1858. S. 4. The Manchester Guardian, 23. Dezember 1857. S. 4. The Manchester Guardian, 23. Dezember 1857. S. 4. The Manchester Guardian, 23. Dezember 1857. S. 3. The Manchester Guardian, 23. Dezember 1857. S. 3. The Manchester Guardian, 26. Dezember 1857. S. 6. The Manchester Guardian, 26. Dezember 1857. S. 6. The Manchester Guardian, 28. Dezember 1857. S. 4. The Manchester Guardian, 28. Dezember 1857. S. 4. The Manchester Guardian, 29. Dezember 1857. S. 4.

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Karl Marx · Krisenhefte · Book of the Crisis of 1857

275.30–277.8 The Manchester Guardian, 10. Dezember 1857. S. 3. 276.12 119 ] Rechenfehler des „Manchester Guardian“. Korrekt ist: 111. 277.10–19 The Manchester Guardian, 14. Dezember 1857. S. 3. – Siehe zum Thema auch S. 279.23–37. 277.21–278.43 The Manchester Guardian, 14. Dezember 1857. S. 4. 279.1–9 Zusammenfassung eines Leserbriefs und der Antwort der Redaktion aus: The Manchester Guardian, 16. Dezember 1857. S. 4. 279.10–14 The Manchester Guardian, 17. Dezember 1857. S. 3. 279.15–22 The Manchester Guardian, 17. Dezember 1857. S. 3. 279.23–37 The Manchester Guardian, 17. Dezember 1857. S. 3. – Folgebericht von S. 277.10–19. 280.2–281.5 The Manchester Guardian, 17. Dezember 1857. S. 3. 280.30 9185] Korrekt ist: 9285. Dieser Rechenfehler wird eine Woche später von „The Manchester Guardian“ selbst korrigiert. Siehe S. 286.16–287.21. 281.7–24 Morning Star, 19. Dezember 1857. S. 3. – Siehe zum Thema auch S. 281.25–29, 281.31–34, 283.4–26, 283.28–284.10, 288.33–289.7 und 454.5–14. 281.25–29 Ersatzquelle: The Morning Post, 19. Dezember 1857. S. 4. – Siehe zum Thema auch S. 281.7–24, 281.31–34, 283.4–26, 283.28–284.10, 288.33–289.7 und 454.5–14. 281.30 16 Dec.] Textersetzung von Marx. Zuerst hatte Marx den Gliederungspunkt „Labour Market“ notiert. – Teils mit dem Ausschnitt S. 279.23–37 überdeckt und teils mit „16 Dec.“ überschrieben. 281.31–34 The Manchester Guardian, 19. Dezember 1857. S. 5. 281.35–282.4 The Manchester Guardian, 18. Dezember 1857. S. 2. – Siehe zum Thema auch S. 281.7–24, 281.25–29, 283.4–26, 283.28–284.10, 288.33–289.7 und 454.5–14. 282.6–30 The Manchester Guardian, 21. Dezember 1857. S. 4. 282.32–41 Ersatzquelle: The Elgin Courant, and Morayshire Advertiser, 25. Dezember 1857. S. 3. 283.1–3 The Manchester Guardian, 21. Dezember 1857. S. 3. 283.4–26 The Manchester Guardian, 21. Dezember 1857. S. 3. – Siehe zum Thema auch S. 281.7–24, 281.25–29, 281.31–34, 283.28–284.10, 288.33–289.7 und 454.5–14. 283.28–284.10 The Morning Star, 28. Dezember 1857. S. 4. – Siehe zum Thema auch S. 281.7–24, 281.25–29, 281.31–34, 283.4–26, 288.33–289.7 und 454.5–14. 284.11–285.10 Reynolds’s Newspaper, 27. Dezember 1857. S. 5. – Siehe zum Thema auch S. 286.3–8. 285.2 Hirwaincommon] Gemeint ist: Hirwaun Common. Hirwaun ist ein walisisches Dorf („Lange Weide“).

616

Erläuterungen

285.12–24 285.26–286.2 286.3–8 286.9–15 286.12 286.16–287.21 287.23–29 287.30–288.31 288.33–289.7

289.8–43 290.2–291.27 291.28–294.4 292.11 293.12 293.12

Ersatzquelle: The Huddersfield Chronicle, 26. Dezember 1857. S. 8. The Morning Star, 31. Dezember 1857. S. 3. The Morning Star, 1. Januar 1858. S. 4. – Siehe zum Thema auch S. 284.11–285.10. Ersatzquelle: The Sheffield Daily Telegraph, 24. Dezember 1857. S. 3. 724,040] Nach The Morning Star: 720,040. The Manchester Guardian, 24. Dezember 1857. S. 3. The Manchester Guardian, 24. Dezember 1857. S. 3. – Siehe über die Seeleute von North Shields auch S. 290.2–291.27. The Manchester Guardian, 28. Dezember 1857. S. 4. The Morning Star, 4. Januar 1858. S. 4. – Siehe zum Thema auch S. 281.7–24, 281.25–29, 281.31–34, 283.4–26, 283.28–284.10 und 454.5–14. Reynolds’s Newspaper, 3. Januar 1858. S. 6. – Siehe zum Thema auch S. 447.9–448.4, 448.24–33, 454.29–33 und 457.1–9. Reynolds’s Newspaper, 3. Januar 1858. S. 6. – Siehe über die Seeleute von North Shields auch S. 287.23–29. Die Quelle konnte nicht ermittelt werden. – Siehe zum Thema auch S. 455.37–456.29. basthees] Gemeint ist wahrscheinlich: baratheas Queen] Queen Victoria Princess Royal] Princess Victoria

617

The Book of the Commercial Crisis 2. Januar bis 20. Februar 1858 (S. 295–501)

ENTSTEHUNG UND ÜBERLIEFERUNG Siehe auch Entstehung der Krisenhefte S. 561–570. Das von Marx zwischen dem 2. Januar und dem 20. Februar 1858 teilweise unter Rückgriff auf Quellen aus dem November und Dezember 1857 geführte Heft „The Book of the Commercial Crisis“ ist in fünf Abschnitte eingeteilt: „I. Moneymarket“, „II. Producemarket“, „III. Industrial Market“, „IV. Labourmarket“ und „V. Miscellaneous“. In den letzten Abschnitt klebte Marx nachträglich Ausschnitte aus dem „Economist“ vom 7. November 1857 über den Wollmarkt und ein Exzerpt von ihm aus dieser Nummer ein (S. [73]). Neben der Weiterverfolgung der Zentralbankbilanzen, der Insolvenzen, der Börsendaten für Aktien und Wertpapiere, der Entwicklung des Bullionhandels und des Devisenmarkts, der Preisentwicklung von Textilrohmaterialien und -produkten, von Getreide sowie des Arbeitsmarkts in den Monaten Januar und Februar 1858 befinden sich in diesem Heft auch erste die Krise resümierende Artikel. Unter „V. Miscellaneous“ gibt Marx unter der Überschrift „Crisis of 1857“ (S. [68]) eine Einschätzung des „Economist“ vom 2. Januar wieder und klebte nachfolgend weitere Ausschnitte ein. Er leitete wie folgt ein: „Der ,Economist‘ v. 2. Jan. (ganz wie Times, Moneyarticle, d. d. Jan. 1) betrachtet die ˙˙ Crisis als passed away.“ Marx zitierte, dass nur vier Banken suspendiert wurden, davon seien drei „längst faul“ gewesen; ebenso, dass 30 von 79 Managern nicht in ihren Direktorien aufgefunden werden konnten, da sie offenbar Selbstmord begangen hatten. Auf S. [72] klebte Marx einen ganzen Artikel aus dem „Daily Telegraph“ vom 1. Januar unter seiner Überschrift „Crisis of 1857 (31 Dec.)“ ein. Dieser Kommentar vermutete bereits an Neujahr 1858, dass das Jahr 1857 als eines der berühmtesten in die Geschichte des britischen Handels und der Finanzen eingehen werde. Marx legte in diesem Heft eine größere Anzahl eigener Tabellen an, um wichtige Daten über Aktienpreise, Staatsanleihenpreise, Wechselkurse und Rohstoffpreise eigenständig zu verarbeiten. Diese können als Spuren von Marx’ eigenen Krisenanalysen gedeutet werden (siehe Einführung S. 526/527).

618

Korrekturenverzeichnis

Zeugenbeschreibung H Originalhandschrift: IISG, Marx-Engels-Nachlass, Sign. B 91/B 87. Beschreibstoff: Geschäftsbuch, fester Pappdeckel, farbig (blau-bräunlich) strukturiert, Buchrücken roter, etwas nachgedunkelter lackierter Karton, Fadenheftung, weiße, linierte Seiten mit vier senkrechten roten Linien (für die Buchführung). Umfang: zwei Bögen a` 32 Seiten und ein Bogen mit 16 Seiten, insgesamt 80 Seiten, Format 20 × 33,7 cm. Zustand: Das Buch ist in einem allgemein guten Zustand. Schreiber: Marx. Schreibmaterial: Schwarze, jetzt bräunlich verfärbte Tinte. Beschriftung: Innenseite des Deckels nicht beschriftet, Vorsatzblatt mit Titel „The Book of the Commercial Crisis. January. 1858“, Rückseite leer. Die Seiten vorwiegend zweispaltig beschrieben bzw. die Zeitungsausschnitte zweispaltig eingeklebt. Die Zeitungsausschnitte zum Teil mit einem Messer abgetrennt, daher der teilweise eingerissene Rand. Einige Tabellen im Querformat vorbereitet. S. [6], [8], [23]/[24], [26], [28], [32], [34], [45]/[46], [55]/[56], [60]–[62], [64], [76] und [78] leer. Auf S. [73] Zeitungsausschnitte aus dem „Economist“ vom 7. November 1857 und ein Exzerpt von Marx aus dieser Nummer auf einem weißen Blatt (Format 17,5 × 7,5 cm), quer eingeklebt. Paginierung: Keine. Vermerke von fremder Hand: Archivstempel IISG, Sign. B 87; Fotopaginierung GY 1 – GY 60 (Bleistift).

Hinweise zur Edition Siehe Editorische Hinweise S. 556–558 sowie Hinweise zur Edition S. 570. Die Edition folgt der Anordnung der Seiten in den Heften, die redaktionell fortlaufend paginiert wurden. Das Heft wird im vorliegenden Band erstmals veröffentlicht.

KORREKTURENVERZEICHNIS 296.9 296.11 297.4 297.7 300.26 303.24 309.8 309.19 309.29 309.33

206,050] H 206,150 252,952] H 252,953 15,072,971] H 14,072,471 6,064,985] H 6,064,965 late”.] H late. 20,586,378] H 20,586,839 12.16] H 12.6 10.40] H 10.39 521/8 ] H 521/2 19 Jan.] H 20 Jan.

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Karl Marx · Krisenhefte · The Book of the Commercial Crisis

309.42 310.4 318.26 319.41 321.11 321.15, 16 327.20–21

25.521/2 ] H 55.521/2 343/4 ] H 341/4 and] H and and without] H withthout bankruptcies] H bank truptcies shipchandler] H shipcandler Froggatt] H Frogatt

332.7

6] H 8

Marx übernahm die Schreibweise von „The Economist“. Die Korrespondenz ist vom 6. Januar, veröffentlicht in: The Morning Star, 7. Januar 1858. S. 4.

349.32 357.7 357.13 357.27 400.9 400.21 400.22 400.23 400.24 400.39 401.9 408.30 413.14 460.39 465.29 465.30 468.38 471.38 475.37 491.7

12. 0 ] H 12. 9 126] H 127 10. 10] H 10. 16 26 10] H 26 23] H 26 19 24] H 34 35 34 35] H 40 42 40 42] H 36 38 36 38] H 34 36 on] H of whole,] H whole has] H have 9 0 ] H 10 0 sources] H sources sources 370,000] H 362,000 362,000] H 370,000 1855)] H 1855 live”.] H live. 1,828,646] H 1,828,641 76,139,899] H 76,039,899

495.26

to] H too

Marx übernahm die falsche Angabe von „The Economist“.

ERLÄUTERUNGEN 296.5–39 l 296.9–17 r 296.24–35 r 297.3–8 297.5

620

The Morning Star, 2. Januar 1858. S. 4. Die Angaben für den 6. Januar aus: The Economist, 9. Januar 1858. S. 37. The Economist, 9. Dezember 1857. S. 38. Die Angaben aus: The Economist, 2. Januar 1858. S. 14; 9. Januar 1858. S. 37. Hier ist anders als für den 6. Januar der Betrag der „Government Securities“ nicht berücksichtigt.

Erläuterungen

Reserve] The Economist: Notes Zusammenfassung einer Passage aus: The Economist, 16. Januar 1858. S. 65. 297.13–25 The Economist, 16. Januar 1858. S. 65. 297.29–34 Die Angaben aus: The Economist, 23. Januar 1858. S. 92. 298.1–12 Die Angaben aus: The Economist, 16. Januar 1858. S. 65. 299.2–5 Die Angaben aus: The Economist, 23. Januar 1858. S. 92. 299.6–10 Fast wörtliche Wiedergabe einer Tabelle aus: The Economist, 23. Januar 1858. S. 92. 299.11–15 The Economist, 23. Januar 1858. S. 92. 299.12–13 private Securities] The Economist: “other” securities 299.17–26 Die Angaben aus: The Economist, 30. Januar 1858. S. 122. 299.27–30 Fast wörtliche Wiedergabe einer Tabelle aus: The Economist, 30. Januar 1858. S. 122. 299.31–34 The Economist, 30. Januar 1858. S. 122. 299.31 Securities] The Economist: the “other” securities. – Gemeint ist der Posten „Private Securities“ in Höhe von 21,047,480. 299.35–36 The Economist, 30. Januar 1858. S. 122. 300.2–10 Die Angaben aus: The Economist, 6. Februar 1858. S. 148. 300.11–14 Fast wörtliche Wiedergabe einer Tabelle aus: The Economist, 6. Februar 1858. S. 148. 300.15–26 The Economist, 6. Februar 1858. S. 148. 300.16 Priv. Secur.] The Economist: the “other” securities 300.18 Priv. Deposits] The Economist: the “other” deposits 300.21 Bank enabled] The Economist: It is a very sactisfactory feature, however, that the Bank have been 300.27–34 Zusammenfassung einer Passage aus: The Economist, 6. Februar 1858. S. 148. 300.34 “Priv. Sec.”] The Economist: “other” securities 303.2–10 Die Angaben aus: The Economist, 13. Februar 1858. S. 176. 303.11–14 Fast wörtliche Wiedergabe einer Tabelle aus: The Economist, 13. Februar 1858. S. 176. 303.15–17 The Economist, 13. Februar 1858. S. 177. 303.18–21 Fast wörtlich aus: The Economist, 13. Februar 1858. S. 177. 303.23–31 Die Angaben aus: The Economist, 20. Februar 1858. S. 200/201. 304.4–7 Fast wörtliche Wiedergabe einer Tabelle aus: The Economist, 20. Februar 1858. S. 201. 304.8–16 Zusammenfassung einer Passage aus: The Economist, 20. Februar 1858. S. 201. 304.10 Priv. Sec.] The Economist: “other” securities 304.17–305.53 The Standard, 6. Januar 1858. S. 5. 306.7–11 The Morning Star, 2. Januar 1858. S. 4. 306.8 December] The Morning Star: November – Von Marx im Ausschnitt korrigiert. 297.7 297.10–11

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The Economist, 2. Januar 1858. S. 15. The Morning Star, 9. Januar 1858. S. 4. The Economist, 9. Januar 1858. S. 38. The Morning Star, 16. Januar 1858. S. 4. Kurzfassung einer Passage aus: The Economist, 16. Januar 1858. S. 66. 307.10–37 The Economist, 16. Januar 1858. S. 65. – Diese Quelle verwendete Marx für seinen am 22. Januar 1858 geschriebenen Artikel „The approaching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858. S. 6). 307.38–43 Kurzfassung einer Passage aus: The Economist, 23. Januar 1858. S. 92. 307.38 Bis] The Economist: since 308.7–10 The Morning Star, 2. Januar 1858. S. 4. 308.11–16 The Morning Star, 4. Januar 1858. S. 4. 308.18–20 The Economist, 9. Januar 1858. S. 38. 308.20 limited] Von Marx an einer abgerissenen Stelle des Ausschnitts ergänzt. 308.21–23 Die Angaben aus: The Economist, 16. Januar 1858. S. 67. 308.24–31 Fast wörtlich aus: The Economist, 16. Januar 1858. S. 66. 308.33 The Morning Star, 15. Januar 1858. S. 4. 308.34–35 The Economist, 23. Januar 1858. S. 92. 309.6–310.13 Die Kursangaben in der Tabelle aus: The Economist, 2. Januar 1858. S. 17; 9. Januar 1858. S. 39; 16. Januar 1858. S. 67; 23. Januar 1858. S. 93. 309.30 60 days] The Economist: 60 ds st 309.31 60 ds] The Economist: 60 ds st 310.18–20 The Economist, 2. Januar 1858. S. 15. 310.21–311.44 Die Quelle konnte nicht ermittelt werden. 311.23 Gemeint ist wahrscheinlich: The London Gazette vom 1. Januar 1858. 311.25–39 Bilanz der Bank von England vom 30. Dezember 1857. Siehe S. 296.9–20 und 297.3–8. 311.44 + Dieß bis Seite.] Marx gibt an, dass der Ausschnitt nicht zu „Foreign Exchange“, sondern zu „3) Loan market“ auf S. [11] des vorliegenden Heftes gehört. Siehe S. 312.36 und Erl. 312.1–2 Marx leitete den folgenden Ausschnitt aus „The Economist“ ein, indem er den Satzanfang hinzufügte. 312.2–7 The Economist, 9. Januar 1858. S. 38. 312.8–11 Kurzfassung einer Passage aus: The Economist, 16. Januar 1858. S. 66. 312.11–14 Kurzfassung einer Passage aus: The Economist, 16. Januar 1858. S. 66. – Siehe auch S. 9[11] des „Book of the Crisis of 1857“ (S. 108–110). 306.13–22 306.24–30 306.32–35 306.37–307.3 307.5–9

622

Erläuterungen

312.15–19 312.25–35 312.36 313.2–8 313.9–15 313.16–25 313.26–41 314.2–16 314.17–31 314.32–37 314.38–315.7 315.8–9 315.11–30 315.34–316.21 316.22–28 316.29–317.19 317.20–24 317.25–318.24 318.25–34 318.34 318.35 318.38–319.8 319.9–13 319.10 319.13 319.14–27 319.28–36 319.37–42 320.2–5 320.7–17 320.19–26 320.27–29 320.31–39 320.40–321.5 321.11

Kurzfassung einer Passage aus: The Economist, 23. Januar 1858. S. 92. Zusammenfassung einer Passage aus: The Economist, 2. Januar 1858. S. 15. + (Sieh die andre Seite)] Siehe Erl. 311.44. ˙˙ Star, 4. Januar 1858. S. 4. The Morning Ersatzquelle: The Daily News, 6. Januar 1858. S. 7. Ersatzquelle: The Caledonian Mercury, 7. Januar 1858. S. 3. The Manchester Guardian, 7. Januar 1858. S. 4. The Economist, 9. Januar 1858. S. 38. The Daily Telegraph, 6. Januar 1858. S. 4. Ersatzquelle: The Times, 8. Januar 1858. S. 8. The Morning Star, 9. Januar 1858. S. 4. Ersatzquelle: The Chelmsford Chronicle, 8. Januar. S. 2. The Economist, 16. Januar 1858. S. 65. Die Quelle konnte nicht ermittelt werden. The Economist, 16. Januar 1858. S. 66. Die Quelle konnte nicht ermittelt werden. Die Quelle konnte nicht ermittelt werden. The Economist, 23. Januar 1858. S. 92. Zusammenfassung einer Passage aus: The Economist, 23. Januar 1858. S. 92/93. 20 shares] The Economist: 20l shares Continuatio] Fortsetzung von S. [18] des „Book of the Commercial Crisis“ (siehe S. 328–332). The Economist, 16. Januar 1858. S. 65. – Fortsetzung des Ausschnitts S. 315.11–30. Kurzfassung einer Passage aus: The Economist, 16. Januar 1858. S. 66. Will ] The Economist: These securities will Exchequerbills] The Economist: Exchequer bonds The Economist, 16. Januar 1858. S. 66. The Morning Star, 11. Januar 1858. S. 4. The Morning Star, 12. Januar 1858. S. 4. The Morning Star, 13. Januar 1858. S. 4. The Morning Star, 14. Januar 1858. S. 4. The Morning Star, 15. Januar 1858. S. 4. The Morning Star, 15. Januar 1858. S. 4. The Morning Star, 16. Januar 1858. S. 4. The Economist, 23. Januar 1858. S. 93. Gazette] The London Gazette, 1. Januar 1858. Die Nachricht wurde wieder veröffentlicht in: The Economist, 2. Januar 1858. S. 22. – Marx’ Quelle für S. 321.12–19 ist wahrscheinlich „The Economist“.

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Taylor et Co] Gemeint sind nach „The Economist“: W. Taylor, sen., W. Taylor, jun., and H. Taylor. 321.20–26 The Morning Star, 5. Januar 1858. S. 3. 321.27–29 The Times, 5. Januar 1858. S. 9. 321.30–31 The Morning Star, 6. Januar 1858. S. 4. 321.33–322.12 The Manchester Guardian, 8. Januar 1858. S. 4. 322.13–21 The Manchester Guardian, 11. Januar 1858. S. 4. 322.22–40 The Manchester Guardian, 11. Januar 1858. S. 4. – Siehe auch S. 323.37–40. 323.2–10 The Manchester Guardian, 11. Januar 1858. S. 4. 323.11–23 The Manchester Guardian, 11. Januar 1858. S. 4. 323.24–30 The Manchester Guardian, 11. Januar 1858. S. 4. 323.31–36 The Manchester Guardian, 11. Januar 1858. S. 4. – Siehe auch S. 327.29–328.5. 323.37–40 The Morning Star, 9. Januar 1858. S. 4. – Siehe auch S. 322.22–40. 324.1–11 The Manchester Guardian, 9. Januar 1858. S. 4. 324.12–16 The Manchester Guardian, 9. Januar 1858. S. 5. 324.20–325.13 The Manchester Guardian, 11. Januar 1858. S. 4. 325.14–44 The Manchester Guardian, 9. Januar 1858. S. 5. 326.1 (Gazette)] The London Gazette, 5. Januar 1858 und 8. Januar 1858. Die Nachricht wurde wieder veröffentlicht in: The Economist, 9. Januar 1858. S. 45. – Marx’ Quelle für S. 326.2–14 ist wahrscheinlich „The Economist“. 326.15–37 The Morning Star, 14. Januar 1858. S. 4. 326.38–39 Ersatzquelle: The Glasgow Herald, 13. Januar 1858. S. 5. 327.2–5 Kurzfassung einer Passage aus: The Economist, 16. Januar 1858. S. 66. 327.6–8 Kurzfassung einer Passage aus: The Economist, 23. Januar 1858. S. 92. 327.8 difficulties] The Economist: embarrassment 327.9 (Gazette)] The London Gazette, 19. Januar 1858 und 22. Januar 1858. Die Nachricht wurde wieder veröffentlicht in: The Economist, 23. Januar 1858. S. 99. – Marx’ Quelle für S. 327.9–21 ist wahrscheinlich „The Economist“. 327.22–28 The Manchester Guardian, 18. Januar 1858. S. 4. 327.29–328.5 The Manchester Guardian, 20. Januar 1858. S. 4. – Siehe auch S. 323.31–36. 328.7–10 Zusammenfassung eines Artikels aus: The Manchester Guardian, 20. Januar 1858. S. 4. 328.19–31 The Economist, 2. Januar 1858. S. 15. 328.32–33, The Morning Star, 4. Januar 1858. S. 4. – Von Marx im Ausschnitt gestrichen: „Reduced, 941/2, 5/8, 1/4; New 10 Three per 330.1–10 Cents, 943/4, 5/8, 1/2; Long Annuities, 2.“ 321.16

624

Erläuterungen

329.2–28

329.14

330.12–20 330.22–43 331.1–2 331.3–11 331.12–16 331.17 331.18–27 331.24 331.28–31 331.28–29

Die Preisangaben in der Tabelle ab 1. Januar aus: The Economist, 2. Januar 1858. S. 15; 9. Januar 1858. S. 38/39; 16. Januar 1858. S. 66; 23. Januar 1858. S. 93. Die Quelle der Preisangaben vom 31. Dezember zum 8. Januar konnte nicht ermittelt werden. Marx hatte zunächst alle Februartage durchgängig bis zum 21. Februar nummeriert. Da aber an Sonntagen die Börse geschlossen war, korrigierte er die Tage nach dem 8. Februar. The Economist, 9. Januar 1858. S. 38. The Times, 5. Januar 1858. S. 9. The Times, 5. Januar 1858. S. 9. The Manchester Guardian, 6. Januar 1858. S. 4. Ersatzquelle: The Daily News, 6. Januar 1858. S. 7. Die Quelle konnte nicht ermittelt werden. Ersatzquelle: The York Herald, 9. Januar 1858. S. 7. new rate] Gemeint ist die Senkung der Diskontrate der Bank von England von 8% auf 6%. The Morning Star, 8. Januar 1858. S. 4. Gemeint ist die Senkung der Diskontrate der Bank von England von 8% auf 6%. The Morning Star, 8. Januar 1858. S. 4. The Standard, 7. Januar 1858. S. 4. The Morning Star, 7. Januar 1858. S. 4. The Economist, 2. Januar 1858. S. 15. The Economist, 2. Januar 1858. S. 24. The Morning Star, 30. Dezember 1857. S. 4. The Morning Star, 2. Januar 1858. S. 4. The Times, 4. Januar 1858. S. 5. The Economist, 9. Januar 1858. S. 47. The Morning Star, 4. Januar 1858. S. 4. January 6] The Morning Star: 4. Januar The Morning Star, 5. Januar 1858. S. 4. The Morning Star, 5. Januar 1858. S. 4. The Morning Star, 7. Januar 1858. S. 4. Jan. 8] The Morning Star: 6. Januar Die Quelle konnte nicht ermittelt werden. The Morning Star, 8. Januar 1858. S. 4. The Economist, 16. Januar 1858. S. 66. The Economist, 16. Januar 1858. S. 75. Fast wörtlich aus: The Economist, 23. Januar 1858. S. 93. Die Quelle konnte nicht ermittelt werden.

331.32–33 331.35–332.6 332.7–15 332.22–333.21 333.22–334.12 334.14–18 334.20–22 334.23–28 334.29–335.30 335.31–336.42 336.43 336.44–47 336.48–50 337.1–2 337.1 337.3–5 337.8–9 337.13–338.19 338.20–25 338.28–30 338.31–46, 341.1–24 339 Die Tabelle aus: The Economist, 16. Januar 1858. S. 76. – Von Marx auf S. [20] des vorliegenden Heftes geklebt (siehe S. 338.26).

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341.32–342.6 The Economist, 9. Januar 1858. S. 42. 341.32 1856] Offenbar Druckfehler in „The Economist“. Korrekt ist: 1857. 342.4 1857 1856] Offenbar Druckfehler in „The Economist“. Es müsste in dieser Tabelle um einen Vergleich zwischen 1857 und 1858 gehen. 342.7–20 The Economist, 16. Januar 1858. S. 70. 342.7 1856] Offenbar Druckfehler in „The Economist“. Korrekt ist: 1857. 342.21–43 The Economist, 23. Januar 1858. S. 96. 342.21 1856] Offenbar Druckfehler in „The Economist“. Korrekt ist: 1857. 343.2–39 The Economist, 2. Januar 1858. S. 18. 343.40–344.2 The Manchester Guardian, 7. Januar 1858. S. 4. 344.3–9 The Morning Star, 5. Januar 1858. S. 4. 344.10–14 The Manchester Guardian, 6. Januar 1858. S. 4. 344.15–21 The Manchester Guardian, 8. Januar 1858. S. 4. 344.24–345.50 The Manchester Guardian, 9. Januar 1858. S. 5. 345.34 January bis 1856. ] Druckfehler in „The Manchester Guardian“. Korrekt ist: from January 1, to January 8, 1858, and 1857. – Siehe S. 341.32–342.6. 346.1–3 Ersatzquelle: The Manchester Times, 9. Januar 1858. S. 8. 346.4–16 The Morning Star, 9. Januar 1858. S. 4. 346.18–27 The Economist, 9. Januar 1858. S. 40. 346.29–38 The Economist, 16. Januar 1858. S. 70. 346.40–347.7 Kurzfassung einer Passage aus: The Economist, 23. Januar 1858. S. 95. 347.8–16 The Manchester Guardian, 16. Januar 1858. S. 5. 347.17–348.5 The Manchester Guardian, 16. Januar 1858. S. 16. 348.13–16 The Economist, 2. Januar 1858. S. 21. 348.18–28 The Economist, 9. Januar 1858. S. 40. 348.30–31 The Economist, 16. Januar 1858. S. 72. 348.33–35 Kurzfassung einer Passage aus: The Economist, 23. Januar 1858. S. 95. 349.1–32 The Economist, 2. Januar 1858. S. 23. Die Preisangaben in den Tabellenspalten ab 8. Januar aus: The Economist, 9. Januar 1858. S. 46; 16. Januar 1858. S. 74; 23. Januar 1858. S. 100; 30. Januar 1858. S. 131; 6. Februar 1858. S. 158; 13. Februar 1858. S. 186. 350.8–9 The Economist, 2. Januar 1858. S. 21. 350.10–28 Die Quelle konnte nicht ermittelt werden. 350.30–34 The Morning Star, 5. Januar 1858. S. 4. 350.36–38 The Economist, 9. Januar 1858. S. 40. 351.2–6 The Economist, 16. Januar 1858. S. 73.

626

Erläuterungen

Leicht gekürzter Satz aus: The Economist, 23. Januar 1858. S. 95. 351.15–24 The Economist, 9. Januar 1858. S. 40. 351.25–27 Fast wörtlich aus: The Economist, 23. Januar 1858. S. 95. 351.30–33, The Economist, 23. Januar 1858. S. 101. – Fortsetzung von 355.1–35 S. [20] des „Book of the Commercial Crisis“. Die Ausschnitte wurden auf die vorliegende Seite geklebt, weil diese noch leer war. 352.1–353.47 Die Angaben in der Tabelle aus: The Economist, 2. Januar 1858. S. 23; 9. Januar 1858. S. 46; 16. Januar 1858. S. 74; 23. Januar 1858. S. 100; 30. Januar 1858. S. 131; 6. Februar 1858. S. 158. 354.1–17 The Economist, 9. Januar 1858. S. 46. Die Preisangaben in den Tabellenspalten ab 15. Januar aus: The Economist, 16. Januar 1858. S. 74; 23. Januar 1858. S. 100; 30. Januar 1858. S. 131; 6. Februar 1858. S. 158; 13. Februar 1858. S. 186. 356.7–10 The Economist, 2. Januar 1858. S. 21. 356.12–18 The Economist, 2. Januar 1858. S. 21. 356.20–29 The Morning Star, 4. Januar 1858. S. 4. – Am Ende des Ausschnitts von Marx gestrichen: „Nottingham.—Our correspondent states that the lace trade continues exceedingly depressed. There has been very little doing this week, business having, to some extent, been impeded by the holidays, and the few orders executed are, therefore, of a very small amount. Restricted hours are still being worked, and the operatives are suffering from shortness of employment. The house of Messrs. Olivers has this week been made bankrupt, their offer of 7s. 6d. in the pound not being accepted by all the creditors. The lowering of the rate of discount has had a favourable influence on trade here, but manufacturers do not reckon upon any reaction worth mention until the end of the present month. The silk market is more firm, and higher prices are submitted to. Stocks of lace on hand are very low, and when the demand sets in the warehouses will be exceedingly brisk. In hosiery the inactivity which has for so long a time prevailed still exists, there being almost a total want of demand. Hosiery, yarns, and silk, are more firm. Jan. 2.“ 356.30–31 The Manchester Guardian, 6. Januar 1858. S. 4. 356.32–34 The Morning Star, 6. Januar 1858. S. 4. 356.35–38 The Manchester Guardian, 8. Januar 1858. S. 4. 357.1–36 The Economist, 2. Januar 1858. S. 23. Die Preisangaben in den Tabellenspalten ab 8. Januar aus: The Economist, 9. Januar 1858. S. 46; 16. Januar 1858. S. 74; 23. Januar 1858. S. 100; 30. Januar 1858. S. 131; 6. Februar 1858. S. 158; 13. Februar 1858. S. 186. 351.7–8

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358.1–3 358.4–10 358.11–12 358.13–14 358.16–22 358.23–24 358.25–32 359.6–20 359.22–24 360.5–8 360.7 360.9–29 360.31–39, 384.1–4 361.1–32

The Morning Star, 8. Januar 1858. S. 4. The Morning Star, 9. Januar 1858. S. 4. Ersatzquelle: The Leeds Mercury, 9. Januar 1858. S. 5. Ersatzquelle: The Leeds Mercury, 9. Januar 1858. S. 5. The Economist, 16. Januar 1858. S. 73. Kurzfassung einer Passage aus: The Economist, 23. Januar 1858. S. 95. The Economist, 23. Januar 1858. S. 98. The Economist, 9. Januar 1858. S. 41. The Economist, 16. Januar 1858. S. 72. The Economist, 2. Januar 1858. S. 20/21. homemarket] The Economist: refined market The Economist, 2. Januar 1858. S. 13. The Morning Star, 5. Januar 1858. S. 4.

The Economist, 9. Januar 1858. S. 46. Die Preisangaben in den Tabellenspalten ab 15. Januar aus: The Economist, 16. Januar 1858. S. 74; 23. Januar 1858. S. 100; 30. Januar 1858. S. 131; 6. Februar 1858. S. 158; 13. Februar 1858. S. 186. 361.17 In der originalen Tabelle in „The Economist“ befinden sich zwischen den beiden Posten „Hides“ and „Leather“ die Preise für „Indigo“, die Marx auf S. [35] des vorliegenden Heftes exzerpierte (siehe S. 366). 362.1–367.48 The Economist, 26. Dezember 1857. S. 1439. Die Preisangaben in den Tabellenspalten ab 1. Januar aus: The Economist, 2. Januar 1858. S. 23; 9. Januar 1858. S. 46; 16. Januar 1858. S. 74; 23. Januar 1858. S. 100; 30. Januar 1858. S. 131; 6. Februar 1858. S. 158; 13. Februar 1858. S. 186. 368.1–379.49 The Economist, 26. Dezember 1857. S. 1439. Die Preisangaben in den Tabellenspalten ab 1. Januar aus: The Economist, 2. Januar 1858. S. 23; 9. Januar 1858. S. 46; 16. Januar 1858. S. 74; 23. Januar 1858. S. 100; 30. Januar 1858. S. 131; 6. Februar 1858. S. 158; 13. Februar 1858. S. 186. 380.1–383.27 The Economist, 26. Dezember 1857. S. 1439. Die Preisangaben in den Tabellenspalten ab 1. Januar aus: The Economist, 2. Januar 1858. S. 23; 9. Januar 1858. S. 46; 16. Januar 1858. S. 74; 23. Januar 1858. S. 100; 30. Januar 1858. S. 131; 6. Februar 1858. S. 158; 13. Februar 1858. S. 186. 384.6–33 The Times, 5. Januar 1858. S. 5. 384.34–45, The Morning Star, 4. Januar 1858. S. 4. 389.1–18 389.19–21 Ersatzquelle: The Liverpool Mercury, 6. Januar 1858. S. 4. 389.24–390.26 The Manchester Guardian, 6. Januar 1858. S. 4. 390.27 The Standard, 6. Januar 1858. S. 4.

628

Erläuterungen

390.28–42 391.1–17 391.19–28 391.29–392.27 392.28–41 393.1–4 393.5–7 393.8 393.9–26 393.27–35 393.36–40 394.1–2 394.4–6 394.7–9 394.13–41 395.2–6 395.8–38 395.40–396.15 396.17–25 396.26–34 396.35–397.7 397.9–41 397.42–398.9 398.10–14 398.18–30 398.31–37 399.1–7 399.15–400.36 400.38–401.15 401.17–402.20 402.21–34 402.35–36 402.38–403.9 403.11–24 403.25–28 403.29–33 403.34–404.8 404.9–15 404.17–405.43 406.1–16 406.18–407.35 407.37–408.10

The Economist, 9. Januar 1858. S. 41. The Economist, 9. Januar 1858. S. 41. The Morning Star, 7. Januar 1858. S. 4. The Morning Star, 8. Januar 1858. S. 4. The Morning Star, 8. Januar 1858. S. 4. The Morning Star, 8. Januar 1858. S. 4. The Morning Star, 8. Januar 1858. S. 4. The Manchester Guardian, 8. Januar 1858. S. 4. The Morning Star, 9. Januar 1858. S. 4. Die Quelle konnte nicht ermittelt werden. The Morning Star, 7. Januar 1858. S. 4. The Morning Star, 9. Januar 1858. S. 4. Ersatzquelle: The Liverpool Mercury, 11. Januar 1858. S. 4. The Morning Star, 13. Januar 1858. S. 4. The Economist, 9. Januar 1858. S. 40. The Economist, 16. Januar 1858. S. 71. The Morning Star, 11. Januar 1858. S. 4. The Morning Star, 12. Januar 1858. S. 4. The Morning Star, 13. Januar 1858. S. 4. The Morning Star, 14. Januar 1858. S. 4. The Morning Star, 15. Januar 1858. S. 4. The Morning Star, 16. Januar 1858. S. 4. The Morning Star, 16. Januar 1858. S. 4. Zusammenfassung einer Passage aus: The Economist, 23. Januar 1858. S. 95. The Morning Star, 11. Januar 1858. S. 4. The Economist, 23. Januar 1858. S. 98. The Economist, 23. Januar 1858. S. 98. Die Angaben aus: The Economist, 19. Dezember 1857. S. 1414; 2. Januar 1858. S. 20; 16. Januar 1858. S. 71. Fast wörtlich aus: The Economist, 2. Januar 1858. S. 20. The Morning Star, 5. Januar 1858. S. 4. Ersatzquelle: The Daily News, 6. Januar 1858. S. 8. The Times, 5. Januar 1858, S. 9. The Manchester Weekly Times, 9. Januar 1858. S. 8. The Morning Star, 9. Januar 1858. S. 4. Ersatzquelle: The Dublin Evening Mail, 8. Januar 1858. S. 3. Ersatzquelle: The Caledonian Mercury, 9. Januar 1858. S. 3. The Manchester Daily Examiner and Times, 8. Januar 1858. S. 2. The Economist, 9. Januar 1858. S. 37. The Times, 5. Januar 1858. S. 5. The Economist, 9. Januar 1858. S. 40. The Economist, 9. Januar 1858. S. 43. The Economist, 16. Januar 1858. S. 71.

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408.11–14 The Economist, 16. Januar 1858. S. 73. 408.16–28 The Economist, 16. Januar 1858. S. 73. 408.29–409.4 Fast wörtlich aus: The Economist, 16. Januar 1858. S. 70. – Hervorhebung von Marx. 409.5–43 The Economist, 16. Januar 1858. S. 70. 410.2–8 The Economist, 16. Januar 1858. S. 68. 410.9–19 Fast wörtlich aus: The Economist, 23. Januar 1858. S. 95. 410.20 The Economist, 23. Januar 1858. S. 97. – The Economist: Nearly the whole of the leading markets held this week have been very moderately supplied with English wheat; nevertheless, the demand for all kinds has ruled heavy at a further decline in the quotations of from 1s to 2s per quarter. 410.21–411.34 The Manchester Guardian, 12. Januar 1858. S. 4. 412.5–16 Zusammenfassung eines Absatzes aus: The Economist, 2. Januar 1858. S. 19. – Hervorhebung von Marx. 412.9 madapollams] Baumwollstoff, ursprünglich gewebt in Madapollam, einem Vorort von Narsapur (Indien). 412.9 jaconets] Baumwollstoff, ursprünglich aus Indien. 412.17–39, The Manchester Guardian, 6. Januar 1858. S. 4. 414.1–14 413.1–22 The Economist, 2. Januar 1858. S. 19. Die Preisangaben in der Tabelle aus: The Economist, 2. Januar 1858. S. 19; 9. Januar 1858. S. 42; 16. Januar 1858. S. 70; 23. Januar 1858. S. 96. 414.15–45, The Times, 4. Januar 1858. S. 5. 417.1–5 417.7–21 The Morning Star, 6. Januar 1858. S. 4. 417.22–46 The Economist, 16. Januar 1858. S. 70. 418.3–27 The Economist, 9. Januar 1858. S. 42. 418.29–44 Fast wörtlich aus: The Economist, 9. Januar 1858. S. 42. 418.34 the return of ease] The Economist: the positive signs of quickly increasing ease 419.1–31 The Manchester Guardian, 9. Januar 1858. S. 5. 419.32–34 Ersatzquelle: The Ashton Weekly Reporter and Stalybridge and Dukingfield Chronicle, 9. Januar 1858. S. 3. 419.36–420.10 Die Quelle konnte nicht ermittelt werden. 420.11–16 The Economist, 16. Januar 1858. S. 69. 420.18–25 The Morning Star, 11. Januar 1858. S. 4. 420.27–421.2 The Economist, 16. Januar 1858. S. 70. 421.3–27 The Economist, 23. Januar 1858. S. 96. 421.28–44 The Economist, 23. Januar 1858. S. 96. 422.3–423.43 The Times, 5. Januar 1858. S. 5. 424.1–23 The Times, 5. Januar 1858. S. 5. 424.24–425.25 The Times, 5. Januar 1858. S. 5. 425.26–426.12 The Times, 4. Januar 1858. S. 5.

630

Erläuterungen

426.13–25 426.28–428.4 428.5–429.11 429.12–430.7 430.8–30

430.31–36 430.37–43 431.2–28 431.29–432.7 432.8–433.45 434.2–13 434.14–35 434.38–435.24 435.25–436.14 435.35–43 436.15–28 436.29–34 436.36–437.8 437.9–19 437.15 437.20–32 437.33–438.3 438.4–15 438.16–22 438.23–28 438.29–33 438.35–39 438.40–41 439.1–9 439.11–440.2 440.2 440.3–12 440.13–20 440.21–29 440.31–441.9 441.10–17 441.18–24 441.25–28 441.29–35

The Times, 5. Januar 1858. S. 5. The Times, 5. Januar 1858. S. 5. The Times, 5. Januar 1858. S. 5. – Siehe auch S. 476.41–477.7. The Times, 5. Januar 1858. S. 5. The Times, 5. Januar 1858. S. 5. Dieser Ausschnitt wurde nach dem vorhergehenden (S. 429.12–430.7) geklebt, weil er am rechten Rand teilweise den letzteren überlagert. The Times, 4. Januar 1858. S. 5. The Times, 4. Januar 1858. S. 5. The Times, 4. Januar 1858. S. 5. The Times, 4. Januar 1858. S. 5. The Times, 4. Januar 1858. S. 5. The Morning Star, 5. Januar 1858. S. 4. The Manchester Guardian, 6. Januar 1858. S. 4. The Manchester Guardian, 8. Januar 1858. S. 4. The Manchester Daily Examiner and Times, 8. Januar 1858. S. 2. Siehe auch S. 436.15–28. The Manchester Guardian, 8. Januar 1858. S. 4. – Siehe auch S. 435.35–43. The Manchester Daily Examiner and Times, 8. Januar 1858. S. 2. The Manchester Guardian, 11. Januar 1858. S. 4. The Manchester Guardian, 11. Januar 1858. S. 4. vessels] Fehler in „The Manchester Guardian“. Korrekt ist: tonnage. The Manchester Guardian, 9. Januar 1858. S. 4. The Manchester Guardian, 11. Januar 1858. S. 4. The Manchester Guardian, 11. Januar 1858. S. 4. The Morning Star, 7. Januar 1858. S. 3. The Manchester Guardian, 9. Januar 1858. S. 4. The Manchester Guardian, 11. Januar 1858. S. 4. The Manchester Guardian, 11. Januar 1858. S. 4. The Manchester Guardian, 11. Januar 1858. S. 4. The Manchester Guardian, 9. Januar 1858. S. 4. The Manchester Guardian, 7. Januar 1858. S. 4. Hier bricht der Zeitungsausschnitt ab. The Morning Star, 5. Januar 1858. S. 3. The Manchester Guardian, 7. Januar 1858. S. 2. The Manchester Guardian, 12. Januar 1858. S. 4. The Morning Star, 13. Januar 1858. S. 4. The Morning Star, 15. Januar 1858. S. 3. The Economist, 16. Januar 1858. S. 70. The Economist, 16. Januar 1858. S. 70. The Economist, 16. Januar 1858. S. 70. – Siehe auch S. 442.36–42.

631

Karl Marx · Krisenhefte · The Book of the Commercial Crisis

441.36–442.7 442.9–27 442.14–15 442.28–42 442.36–42 443.1–7 443.8–9 443.10–444.7 444.8–28 444.29–445.5 445.7–24 445.25–446.2 446.3–43 447.2–5 447.9–448.4 448.5–22 448.24–33 448.35–43

449.2–34 449.35–450.20 450.21–41 450.34 450.42–451.3 451.5–452.44 453.1–9 453.10–454.4 454.5–14

454.15–24 454.25–28 454.29–33 454.34–38 455.2–35 455.36 455.37–456.29 456.31–45 457.1–9

632

The Morning Star, 16. Januar 1858. S. 4. The Morning Star, 18. Januar 1858. S. 4. Siehe auch S. 444.8–28. The Morning Star, 16. Januar 1858. S. 4. Siehe auch S. 441.29–35. The Morning Star, 18. Januar 1858. S. 4. Die Quelle konnte nicht ermittelt werden. The Manchester Guardian, 16. Januar 1858. S. 5. The Manchester Guardian, 18. Januar 1858. S. 4. – Siehe auch S. 442.14–15. The Manchester Guardian, 18. Januar 1858. S. 4. The Manchester Guardian, 18. Januar 1858. S. 4. The Manchester Guardian, 19. Januar 1858. S. 4. The Manchester Guardian, 20. Januar 1858. S. 4. The Manchester Guardian, 20. Januar 1858. S. 4. The Morning Star, 5. Januar 1858. S. 3. – Siehe zum Thema auch S. 289.8–43, 448.24–33, 454.29–33 und 457.1–9. The Times, 4. Januar 1858. S. 5. The Manchester Guardian, 8. Januar 1858. S. 4. The Manchester Daily Examiner and Times, 8. Januar 1858. S. 2. – Siehe zum Thema auch S. 289.8–43, 447.9–448.4, 454.29–33 und 457.1–9. The Manchester Guardian, 7. Januar 1858. S. 3. The Manchester Guardian, 6. Januar 1858. S. 3. The Manchester Guardian, 8. Januar 1858. S. 4. Die eckigen Klammern in der Quelle. The Manchester Guardian, 8. Januar 1858. S. 4. The Manchester Daily Examiner and Times, 8. Januar 1858. S. 3. The Manchester Daily Examiner and Times, 8. Januar 1858. S. 3. The Manchester Weekly Times, 9. Januar 1858. S. 9. The Manchester Guardian, 11. Januar 1858. S. 4. – Siehe zum Thema auch S. 281.7–24, 281.25–29, 281.35–282.4, 283.4–26, 283.28–284.10 und 288.33–289.7. The Manchester Guardian, 9. Januar 1858. S. 5. The Manchester Guardian, 9. Januar 1858. S. 4. The Morning Star, 8. Januar 1858. S. 2. – Siehe zum Thema auch S. 289.8–43, 447.9–448.4, 448.24–33 und 457.1–9. The Manchester Guardian, 9. Januar 1858. S. 4. The Manchester Guardian, 11. Januar 1858. S. 4. 5. Jan. ] Der Artikel behandelt kein Ereignis vom 5. Januar. The Morning Herald, 7. Januar 1858. S. 4. – Siehe zum Thema auch S. 291.28–294.4. The Morning Star, 11. Januar 1858. S. 4. The Manchester Guardian, 11. Januar 1858. S. 3. – Siehe zum Thema auch S. 289.8–43, 447.9–448.4, 448.24–33 und 454.29–33.

Erläuterungen

457.10–28 457.29 457.31–40 458.1–13 458.14–459.3 459.4–44 460.2–11 460.12 460.14–461.8

461.9–32 461.33–36 461.37–462.39 461.38–39 462.34 462.40–463.13 463.16–464.11 464.12–465.5 465.6–8 465.9–18 465.23–28 465.29–32 466.2–6 466.8–468.28 466.10 468.30–36 468.34 468.36 468.39–42, 471.1–11 468.39 471.14 471.15–38

The Manchester Guardian, 20. Januar 1858. S. 3. Continuatio ] Fortsetzung von S. [71] des „Book of the Com˙ ˙˙ ˙ mercial˙ Crisis“ (siehe S. 481–484). The Manchester Guardian, 12. Januar 1858. S. 2. The Economist, 16. Januar 1858. S. 68. The Manchester Guardian, 12. Januar 1858. S. 4. The Economist, 16. Januar 1858. S. 64. The Economist, 23. Januar 1858. S. 95. (China and India.)] Fortsetzung von S. [70] des „Book of the Commercial Crisis“ (siehe S. 477–481). The Economist, 9. Januar 1858. S. 29. – Hervorhebung von Marx. – Diese Quelle verwendete Marx für seinen am 22. Januar 1858 geschriebenen Artikel „The approaching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858. S. 6). The Economist, 9. Januar 1858. S. 29/30. The Economist, 9. Januar 1858. S. 30. The Economist, 16. Januar 1858. S. 57. Gemeint sind die Artikel S. 474.4–17 und 474.19–475.32. Governor-General] Charles John Canning The Economist, 16. Januar 1858. S. 69. Ersatzquelle: The Daily News, 13. Januar 1858. S. 7. Ersatzquellen: The Standard, 13. Januar 1858. S. 7; The Daily News, 13. Januar 1858. S. 7. Ersatzquelle: The Times,12. Januar. S. 5. The Morning Star, 20. Januar 1858. S. 3. The Economist, 2. Januar 1858. S. 20. Die Angaben aus: The Economist, 2. Januar 1858. S. 20. – Marx unterliefen mehrere Übertragungsfehler. The Economist, 2. Januar 1858. S. 22. The Economist, 2. Januar 1858. S. 21. 1854] The Economist: 1853. – Handschriftlich korrigiert von Marx. Die Angaben aus: The Economist, 2. Januar 1858. S. 24. f. London ] Gemeint sind die acht Eisenbahnlinien mit ihren Endstationen in London. 1857] Gemeint sind die ersten zehn Monate des Jahres 1857. The Standard, 7. Januar 1858. S. 2. :––] Hier hat Marx im Ausschnitt das letzte Wort des vorhergehenden Satzes „follows“ gestrichen. Gemeint ist: The Times, 1. Januar 1858. S. 5, Money-Market and City Intelligence. Zusammenfassung einiger Absätze aus: The Economist, 2. Januar 1858. S. 1. Trotz der Anführungszeichen weicht der Text vom Original ab.

633

Karl Marx · Krisenhefte · The Book of the Commercial Crisis

471.23 472.1–474.2 474.3 474.4–17

474.19–475.32

474.31–32, 475.21

475.34–40 476.1–39 476.41–477.7 477.8–29 477.32–478.9 478.10–23 478.24–33 478.34–479.36

479.37–480.34

480.35–481.2 481.6–24 481.26–482.8 482.10–22 482.24–35 482.36–483.11 483.12–28

634

character] The Economist: practice The Economist, 2. Januar 1858. S. 2. Die Überschrift des folgenden Artikels lautet „The Financial Obligations of the East Indian Company“. The Economist, 2. Januar 1858. S. 4. – Diese Quelle verwendete Marx für seinen am 22. Januar 1858 geschriebenen Artikel „The approaching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858. S. 6). The Economist, 2. Januar 1858. S. 4. – Fortsetzung des Ausschnitts S. 474.4–17. – Diese Quelle verwendete Marx für seinen am 22. Januar 1858 geschriebenen Artikel „The approaching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858. S. 6). Act of 1834] An Act for Effecting an Arrangement with the East India Company, and for the better Government of His Majesty’s Indian Territories ... (3 and 4 William IV, Cap. 85) vom 28. August 1833. Artikel drei besagt, dass ab 22. April 1834 der Chinaund Teehandel der East India Company endet und die Gesellschaft ihre Handelstätigkeiten einzustellen habe. Zusammenfassung einer Tabelle aus: The Economist, 2. Januar 1858. S. 6. The Economist, 2. Januar 1858. S. 6. The Economist, 2. Januar 1858. S. 18. – Siehe auch S. 428.5–429.11. The Economist, 9. Januar 1858. S. 47. Zusammenfassung einer Passage aus: The Economist, 2. Januar 1858. S. 14. – Hervorhebung von Marx. The Economist, 2. Januar 1858. S. 14. – Fortsetzung des vorangegangenen Ausschnitts. The Manchester Guardian, 9. Januar 1858. S. 4. The Manchester Guardian, 7. Januar 1858. S. 2. – Diese Quelle verwendete Marx für seinen am 22. Januar 1858 geschriebenen Artikel „The approaching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858. S. 6). The Morning Star, 9. Januar 1858. S. 2. – Diese Quelle verwendete Marx für seinen am 22. Januar 1858 geschriebenen Artikel „The approaching Indian loan“ (NYDT. Nr. 5243, 9. Februar 1858. S. 6). The Manchester Guardian, 8. Januar 1858. S. 2. The Economist, 2. Januar 1858. S. 13. The Times, 5. Januar 1858. S. 9. The Economist, 9. Januar 1858. S. 41. The Economist, 16. Januar 1858. S. 69. The Manchester Guardian, 12. Januar 1858. S. 2. The Manchester Guardian, 12. Januar 1858. S. 2.

Erläuterungen

483.29–484.4 484.5–8 484.10–488.6 488.9–490.32

490.33–491.16

491.16 491.18–492.15 492.17–494.41 493.6 493.39 494.42–495.7 495.7–496.5

495.26–27

496.5–45 497.3–18 497.21–499.43 500.3–12 500.13–501.2 501.6–11

The Manchester Guardian, 12. Januar 1858. S. 4. The Manchester Guardian, 12. Januar 1858. S. 2. The Daily Telegraph, 1. Januar 1858. S. 4. The Economist, 7. November 1857. S. 1231. – Diese Quelle verwendete Marx für seinen am am 7. Januar 1858 geschriebenen Artikel „[British Commerce]“ (NYDT. Nr. 5238, 3. Februar 1858. S. 3). Auszug aus: The Economist, 7. November 1857. S. 1232. – Dieses Exzerpt hat Marx auf einem Blatt Papier angefertigt und anschließend auf die vorliegende Heftseite geklebt (siehe Zeugenbeschreibung S. 619). 9 Nov. ] Es handelt sich um die Ausgabe vom 7. November 1857. The Morning Star, 8. Januar 1858. S. 3. The Economist, 16. Januar 1858. S. 54/55. usual condition upon which] Von Marx ergänzt, weil dieser Teil von dem folgenden Ausschnitt überklebt ist. The] Marx fügte vor „The“ das Merkzeichen „[“ hinzu. The Economist, 16. Januar 1858. S. 55. – Fortsetzung des Ausschnitts S. 492.17–494.41. Zusammenfassung aus: The Economist, 16. Januar 1858. S. 55/56, die zwischen dem vorhergehenden und folgenden Ausschnitt und auf der Rückseite des letzteren platziert ist. – Hervorhebung von Marx. daher bis moments.] The Economist: and the latter necessarily therefore resort to them in order to strengthen their position at a critical moment. The Economist, 16. Januar 1858. S. 56. The Economist, 23. Januar 1858. S. 87. – Siehe S. 105–108. The Manchester Guardian, 9. Januar 1858. S. 4. The Economist, 23. Januar 1858. S. 95. The Economist, 23. Januar 1858. S. 95/96. The Economist, 23. Januar 1858. S. 95.

635

REGISTER UND VERZEICHNISSE

Namenregister Adams, J.G. Händler und Calico-Drucker in Glasgow. 78 Ainsworth Baumwollspinner in Preston. 78 Ambrose, James Goldsucher in Australien, fand 1857 gemeinsam mit seinem Bruder und den Gebrüdern Napier den größten Goldnugget (Blanche Barkly Nugget) seiner Zeit. 498 Ambrose, Robert Bruder von James Ambrose. 498 Anderson, Robert Henry Beamter und Händler in York. 325 Andræ, Carl Christoffer Georg (1812–1893) dänischer Politiker, Finanzminister (1854–1858). 142 145 Anyon, Richard Baumwollspinner in Chorley. 437 Arnold, Benjamin Pain Produzent und Händler in Manchester. 326 Arnow, David Produzent in Hamburg. 138 Ashworth, James Henry Produzent und Händler in Rawtenstall. 282 Ashworth, Richard Produzent und Händler in Rawtenstall. 282 Ashworth, Robert Baumwollspinner in Preston. 166 Bahadur Shah II (1775–1862) Letzter Großmogul von Indien. 194 Bahre, Friedrich Christian Reeder und Händler in Hamburg. 125 138 Baroche, Pierre Jules (1802–1870) französischer Staatsmann, Minister unter Napole´on III. 65 Bartholoni, Jean-Franc¸ois französischer Bankier und Geschäftsmann. 14 48 Barton, Henry Reeder in Liverpool. 326 Bashall, Richard Mühlenbetreiber in Chorley. 282 Beardshaw, Henry Börsenmakler in London. 327 Benedicks, Michael Bankier in Stockholm. 151 Bently, T.R. Pfarrer in Manchester. 452 Berg schwedischer Politiker. 151 Billault, Adolphe Augustin Marie (1805–1863) französischer Politiker, Innenminister (1854–1858). 36 37 Birjis Qadr (1845–1893) Letzter König des indischen Fürstenstaats Oudh. 194 Bonaparte, Louis Napole´on (1808–1873) Neffe von Napole´on Ier, 1848–1852 Präsident, 1852–1870 als Napole´on III Kaiser von Frankreich. 19 35–37 52 56 528–531 564 569 Bond York. 325

639

Namenregister Booth Arbeiter in Manchester. 323 452 Booth, Sidney Mühlenbetreiber in Haslingden. 438 Boustrapha siehe Bonaparte, Louis Napole´on Bowhay, John Leakey Landwirt in Modbury. 326 Bright, H. S. Händler in Liverpool. 176 Broom, Samuel Kammgarnspinner und Beigeordneter in Kidderminster. 323 Broughton, Thomas Arbuthnot Brown Getreidehändler in Bristol. 327 Brown Mühlenbetreiber in Chorley. 437 Bruce, Henry Austin, 1st Baron Aberdare (1815–1895) britischer Politiker. 284 Bruck, Karl Ludwig, Freiherr von (1798–1860) österreichischer Staatsmann, 1855–1860 Finanzminister. 132 Buchanan, James Jr. (1791–1868) 15. Präsident der USA (1857–1861). 111 113 114 Buckley, Robert Baumwollspinner und Abfallhändler in Luzley Brook. 327 Burn, Richard (1709–1785) britischer Rechtsgelehrter. 115 Butler Leeds. 325 Butler, James Henry Händler in Liverpool. 324 Calley Saint-Paul, Adrien-Charles (1808–1873) französischer Bankier und Politiker. 48 Cameron, William Kommissionshändler in Liverpool. 169 Cameron, William Wingate Bürstenhersteller in Glasgow. 326 Campbell, Colin, 1st Baron Clyde (1792–1863) britischer Offizier. 332 Canning, Charles John, 1st Earl Canning (1812–1862) britischer Staatsmann, 1856–1862 Generalgouverneur von Indien. 462 Cariss Handelsvertreter in York. 325 Chapman, Thomas Leicester. 431 Cheesbrough, William (Cheeseborough) Leeds. 168 177 Chilton, Wilson Bootsbauer in Durham. 327 Christian August, Herzog von Schleswig-Holstein-Sonderburg-Augustenburg (1798–1869) seit 1814 Chef der Augustenburger Linie des Hauses Oldenburg. 147 Clark, Eden Eisenwarenhändler in Manchester. 326 Clausewitz, Carl von (1780–1831) preußischer General, Militärtheoretiker. 563 Cobb, Howell (1815–1858) US-amerikanischer Politiker, Finanzminister (1857–1860). 166 Cobden, Richard (1804–1865) britischer Politiker und Ökonom; Fabrikant in Manchester; Mitbegründer der Anti-Corn-Law League; Mitglied des Parlaments. 293 Cochrane Dudley. 288 Cole Inspektor in Hanley. 281 Colvin, William Glasgow. 422 Cope Handelsvertreter in Manchester. 325 Cox, James Dudley. 288 Cronkshaw, James Mühlenbetreiber in Haslingden. 438 Cross, Alexander Vertreter in Dundee. 322 Cross, James Laidlaw Versicherungsmakler in Liverpool. 326 Crossley, Charles Unternehmer in Halifax. 325 Cullemore, William Tuchhändler in Middlesex. 171 Curr, William Unternehmer in Arbroath. 323 327 328 Dalby, James Textilfabrikant in Bradford. 167 Dana, Charles Anderson (1819–1897) amerikanischer Journalist; 1847–1862 Redakteur der NYDT, 1858–1863 gemeinsam mit George Ripley Herausgeber der NAC. 573 Davis, H. N. 424

640

Namenregister De Bonald, Louis Jacques Maurice (1787–1870) französischer Kardinal und Erzbischof von Lyon. 34 D’Eichthal, Adolphe (1805–1895) französischer Bankier und Politiker. 69 Delamarre, The´odore-Casimir (1797–1870) französischer Bankier und Politiker. 15 16 Derby siehe Stanley, Edward Geoffrey Smith Dewhurst 282 447 Dodd Stadtschreiber in Preston. 447 Doherty, John Getreidehändler in Liverpool. 326 Dufour, Arles Seidenhersteller in Lyon. 47 Duncan 293 294 Dunn, Job 288 Dyer, Barnard George Schiffsausrüster in Cardiff. 321 Eastburn, Robert Färber und Händler in Halifax. 275 Eddy, James Eisenproduzent in Deptford. 169 Engelhardt 500 Esterhazy siehe Nikolaus III. Esterha´zy de Galantha Ewan Bürgermeister in Dundee. 321 Exley, Charles Getreidehändler in Wakefield. 327 Ferdinando 293 Fletcher 453 Foster Händler in Halifax. 325 Foster Wollproduzent in Bradford. 323 Fox 293 Franz Joseph I. (1830–1916) seit 1848 Kaiser von Österreich. 143 Fraser, James Reeder, Holzhändler und Farmer in Muirfield. 171 Fraser, W. T. Ostindienhändler. 173 Frederick VII (1808–1863) seit 1848 König von Dänemark. 139 145 Freiligrath, Ferdinand (1810–1876) deutscher Dichter; 1848/1849 einer der Redakteure der „Neuen Rheinischen Zeitung“ (Köln), Mitglied des Bundes der Kommunisten; lebte von 1851–1868 in London, seit 1856 Leiter der dortigen Filiale der Banque Ge´ne´rale Suisse. 562 Friedrich Wilhelm IV (1795–1861) seit 1840 König von Preußen. 144 Galignani, John Anthony (1796–1873) Herausgeber von „Galignani’s Messenger“, einer Tageszeitung in Paris. 31 Gallard, J. Komissionshändler in der Londoner Lombardstreet. 172 Gallenkamp, Ferdinand (Gallencamp) Getreidehändler in Amsterdam. 81 Garnham Inspektor in London. 281 Gavazzi, Battista 58 Gear 292 456 Gerrard, Thomas Mühlenbetreiber in Chorley. 437 Gibbons Superintendent in Preston. 289 447 Goetz, E. L. Weinhändler und Generalvertreter in London. 171 Goodband, John Amerika-Händler in Leicester. 443 Gorva Wechselmarkler bei Solomon Heine & Co. in Hamburg. 120 Gowa, John Hamburg. 138 Granbour Stockholm. 144 Granville siehe Leveson-Gower Gray, Alexander G. Unternehmer in Newcastle upon Tyne. 324 325 Grey, R.W. Sekretär des Armenrechts-Vorstands in Manchester. 452 Griffiths, Samuel Metallhändler in Wolverhampton. 442

641

Namenregister Grinn, E. Hamburg. 138 Gripenstedt, Johan August (1818–1874) schwedischer Politiker und Unternehmer, Finanzminister (1856–1866). 148 Gross, J.F. Hamburg. 138 Haigh, Benjamin Motorenhersteller und Händler in Dukinfield. 171 Haigh, W.C. Händler in Bradford. 168 323 436 Halow, M. Unternehmer in Kopenhagen. 139 Halsall Beamtenanwärter in Preston. 447 Hamilton, George Baumwollspinner in Bacup. 169 Hands, William Seidenweber in Spitalfield. 291 292 Hardiman Seidenweber in Spitalfield. 292 Haris (Harris), Samuel 288 Harris, R. Beigeordneter in Leicester. 277 Harris, William Chemie-Manufakturbetreiber in Bolton. 326 Hasell, James Seifen- und Kerzenhersteller in Bristol. 169 Heine, Charles (Carl) Bankier bei Solomon Heine & Co. in Hamburg. 120 121 142 Heldmann, Joseph Spitzenmacher in London. 169 Heydt, August von der (Von der Heyde) (1801–1874) Bankier und preußischer Handels- und Finanzminister. 123 136 145 Heywood 452 Heywood, B. 453 Heyworth, James Mühlenbetreiber in Chorley. 282 437 Hicks, G.H. T. Händler in London. 166 Hinck, J.F. Hamburg. 138 Hodgson 452 Hoffmann, J. M. S. Hamburg. 138 Holkar siehe Tukojirao Holkar II Holmes, James Tapisserieproduzent in Kiddermister. 175 323 430 Homer, Jesse 288 Horsfall, William Baumwollspinner in Halifax. 169 438 Humber, John Beamter in Preston. 447 Huntington Pfarrer in Manchester. 452 Ibbetson, Henry Wolltextilfabrikant in Leeds. 327 Imandt, Carl (geb. etwa 1844) Sohn von Caspar Imandt, Neffe von Peter Imandt. 563 Jackson, Arthur Getreidehändler in Peterborough. 171 Joel, S. J. 135 John W. Willis Dochtproduzent und -händler in Worcester. 323 Kalckmann, T.F. Versicherungsagent in Hamburg. 122 Kenyon 447 Krafft, G. Hamburg. 138 Krieger, Andreas Frederik (1817–1893) dänischer Jurist und Politiker, Professor, Innenminister (1856–1858). 144 148 150 Lacy York. 325 Langmack, J.P. Hamburg. 138 Lassalle, Ferdinand (1825–1864) deutscher Jurist, Publizist und Politiker. 569 Leesen, Carl von (1804–1858) Kaufmann und Bankier in Hamburg. 122 Leppoc 452 Leveson-Gower, Granville George, 2nd Earl Granville (1815–1891) britischer Politiker, Außen- und Kolonialminister. 281 283

642

Namenregister Levy 141 Lewin, Robert Baumwollhändler. 164 Lewis, Sir George Cornewall, 2nd Baronet (1806–1863) englischer Staatsmann und Publizist, 1847–1852 und seit 1855 Mitglied des Parlaments, 1855–1858 Schatzkanzler, 1859–1861 Innenminister, 1861–1863 Kriegsminister. 81 82 Liddell, James Großhändler in Glasgow. 171 Lister, Samuel Cunliffe Kammgarnproduzent in Halifax. 168 176 Lloyd, William Kochgeschirrproduzent in Tipton. 169 Louis Napoleon siehe Bonaparte, Louis Napole´on Louis Philippe I (1773–1850) König von Frankreich (1830–1848). 10 26 Lowe, G.B. 288 Lowe, George Ingenieur der Gasgesellschaft in London. 468 M’Culloch, William Großhändler in Glasgow. 326 M’Kerrow 452 M’Laren, Peter Schreiner und Schiffstischler in Glasgow. 169 321 M’Lintock, James Händler in Blackburn. 171 Magill, Joseph Belfast. 425 Magne, Pierre (1806–1879) französischer Politiker, mehrfach Finanzminister (u. a. 1855–1860). 10 11 13–15 19 34 571 Mannix Kohlenhändler in Wolverhampton. 167 Marshall, James Wollzwischenhändler. 328 Marx, Jenny (geb. von Westphalen) (1814–1881) Ehefrau von Marx. 562 565 572 581 McGregor, Alexander Getreide- und Schiffsmakler in Liverpool. 327 Mead 193 194 Meyer, P. E. Hamburg. 138 Miers, John Levy Textilfabrikant und -händler in London. 326 Milberg, P.A. Hamburg. 138 Miln, James (Milne) Flachsspinner in Dundee. 322 327 Mitchell, Alexander Manufakturbetreiber in Glasgow. 326 434 Möhring, Carl Philipp (1818–1900) Kaufmann in Hamburg; 1858–1861 Mitglied der Commerz-Deputation, dann Mitglied der Bürgerschaft und Senator. 135 Moffat, John Gerber in Annan. 326 Mon Metallexporteur in Madrid. 60 581 Monies, Daniel Edgar Kaufmann und Reismüller in Liverpool. 321 Monteaux, M. Geldwechsler in Paris. 34 Moorhouse, James Baumwollspinner in Howgill. 326 Morny, Charles Auguste Louis Joseph, duc de (1811–1865) französischer Unternehmer und Politiker, Innenminister (1851–1852), seit 1854 Präsident des Corps le´gislatif; Halbbruder Napole´ons III. 23 24 36 65 Müffling, Friedrich Karl Ferdinand, Freiherr von (1775–1851) preußischer Generalfeldmarschall, Militärpolitiker und Schriftsteller. 563 Müller, I. Hamburg. 120 Napier, Charles Bruder von Samuel Napier. 498 Napier, Samuel (1837–1902) schottischer Goldsucher in Australien, fand 1857 mit seinem Bruder und den Gebrüdern Ambrose den größten Goldnugget (Blanche Barkly Nugget) seiner Zeit. 498 Newmarch, William (1820–1882) englischer Ökonom. 516 555 563 Nikolaus III. Esterha´zy de Galantha (Esterhazy) (1817–1894) ungarischer Adliger. 136 North 325 Norton, James Seidenfärber und Händler in Macclesfield. 327

643

Namenregister Orsini, Felice, conte di (1819–1858) italienischer Jurist; verübte 1858 ein Attentat auf Napole´on III in Paris. 569 582 Osborne, Thomas Westwood Wagenbauer und Händler in Birmingham. 327 Oscar I (1799–1859) König von Schweden und Norwegen seit 1844. 144 Oughterson, George Woll- und Eisenhändler in Greenock. 321 Pacha, Mahomed 579 Palin, William Henry Polizeichef von Manchester. 275 280 286 449 Palmer, Henry Boswell Lampenproduzent und Wollhändler in Kennington. 327 Palmerston, Viscount siehe Temple, Henry John Parkinson, William Kammgarnspinner in Bradford. 327 Payne Leeds. 325 Peel, Sir Robert, 2nd Baronet (1788–1850) britischer Staatsmann und Ökonom. 90 112 254 293 293 497 535 536 Pe´reire, Jacques E´mile (Pereire) (1800–1875) französischer Bankier und Ökonom, gründete 1852 gemeinsam mit seinem Bruder Isaac die Aktienbank „Cre´dit Mobilier“. 48 69 513 528 Pidcock Rechtsanwalt in Worcester. 323 Pilling Mühlenbetreiber in Haslingden. 438 Pinckernelle, Ernst Friedrich (1787–1868) Kaufmann, seit 1814 Schiffsmakler in Hamburg. 138 Polhill, R.C. Weinhändler. 171 Potter, John Spitzenproduzent in Nottingham. 169 Quayle, William Schiffsmakler in Liverpool. 321 326 Ratcliffe 325 Raynes, James Reeder in Liverpool. 169 Read, Joseph B. Weinhändler in Worcester. 323 Re´e, W. Bankier in Hamburg, zeitweise Hofbankier des dänischen Königs. 138 Reid, William Lebensmittelgroßhändler in Edinburgh. 168 Renwick, Thomas Teehändler in Glasgow. 171 Rickards Manchester. 451 Riemenschneider, J. J. Hamburg. 138 Roach, Thomas Bergbauagent in London. 321 Roe, Thomas Maschinenbauer in Nottingham. 169 Rolling, Thomas Vieh- und Wollhändler in Palterton. 171 Roosen, Bernd Paulus (1792–1875) Kaufmann in Hamburg. 120 138 Saint-Paul siehe Calley Saint-Paul Sampson, Leopold Händler in Manchester. 82 Satterthwaite Preston. 447 Satterthwaite, Junior Preston. 447 Schartau, Frans Direktor der Nationalbank von Schweden in Stockholm. 151 Schiff Vizedirektor der Wiener Bank „Creditanstalt-Bankverein“. 121 132 Schmidt, Th. Hamburg. 138 Schön Kaufmann in Hamburg. 151 Schröder, Christian Matthias (1778–1860) Kaufmann und Senator in Hamburg. 122 138 Schröder (Schroeder), Anton (1830–1896) Kaufmann in Hamburg. 138 Schultze, J. C. Hamburg. 138 Scott, George Kohlenhändler in Uxbridge. 169 Scott, John Kohlenhändler in Shrewsbury. 321 Scott, W. Leicester. 277

644

Namenregister Seaman Seidenweber in Spitalfield. 291 Searby, George Reeder in Westminster. 327 Seed Mühlenbetreiber in Preston. 436 Seist Wechselhändler in Hamburg. 119 Seitz, W. Hamburg. 138 Sevenster, Sybe Jans Händler in London. 169 Shakespeare, William (1564–1616) englischer Dramatiker. 569 Sharp, John Buckley Kammgarnspinner und Papierhändler in Bingley und Bradford. 176 Shawcross Manchester. 452 Shorland, George Livermore Eisenwarenhändler in Manchester. 171 Sieveking, Ernst Friedrich (1836–1909) Jurist und Senator in Hamburg. 151 Slater Mühlenbetreiber in Carlisle. 450 Slaughter 335 Smethurst, R., jun. Mühlenbetreiber in Chorley. 282 Smith Angestellter der Liverpool Borough Bank. 326 Smith Gutsverwalter. 451 Smith, Edward Wollhändler in Bermondsey. 175 Smith, Joseph 328 Soper Großhändler in Spitalfield. 292 Spencer, Joseph Bilston. 322 323 Spengel, J.B. Hamburg. 138 Stafford 292 Stanley, Edward Geoffrey Smith, 14th Earl of Derby (1799–1869) britischer Politiker, mehrfach Premierminister. 115 116 156 Stanley, Edward John, 2nd Baron Stanley of Alderley (1802–1869) britischer Politiker, Handelsminister (1855–1858). 115 116 156 540 Stapylton, H. Richter am Bezirksgericht in Sunderland. 279 Steele 288 Steenfadt, L. Hamburg. 138 Stevenson 326 Stott, John Mühlenbetreiber in Haslingden. 438 Strapp, James Unternehmer in Pollockshields. 171 Stuart Inspektor in Fenton. 281 283 Swale 325 Taylor Polizeichef von Salford. 449 Temple, Henry John, 3rd Viscount Palmerston (Pam) (1784–1865) britischer Staatsmann, Tory, seit 1830 Whig, Außenminister (1830–1834, 1835–1841 und 1846–1851), Innenminister (1852–1855) und Premierminister (1855–1858 und 1859–1865). 81 82 86 Thalin Stockholm. 144 Thomas 452 Thompson, James Beamter in Chorlton. 453 Thorburn, Thomas 278 Tietgen, Carl Frederik (1829–1901) dänischer Bankier und Industrieller, Direktor der Kopenhagener Bank „Privatbanken“. 141 Tooke, Thomas (1774–1858) englischer Kaufmann, Ökonom und Statistiker. 555 563 Troplong, Raymond The´odore (1795–1869) französischer Politiker. 65 Tukojirao Holkar II (1835–1886) Großfürst von Indore. 319 Unmann Stockholm. 144 Urquhart, David (1805–1877) britischer Diplomat, Publizist und Politiker; Mitglied des Parlaments. 115 156

645

Namenregister Urwin, William Robinson Ketten- und Eisenhändler in Newcastle upon Tyne. 169 Vaillant, Jean Baptiste Philibert, comte (1790–1872) französischer Politik und Militär, Kriegsminister (1854–1859). 42 Vickers 293 Victoria (1819–1901) seit 1837 Königin von Großbritannien. 293 Victoria, Princess Royal (1840–1901) britische, dann preußische Prinzessin, 1888 kurzzeitig deutsche Kaiserin an der Seite von Friedrich III. 293 Walker York. 325 Walker, William Wollhändler in Bradford. 323 Walker, William Skirving Schiffsmakler in Liverpool. 169 Ward britischer Handelsvertreter in Leipzig. 150 Ward Preston. 447 Ward, T. G. Bankier in West Smithfield. 172 Watson, Peter Jutespinner in Dundee. 322 Wedekind, J.C. Hamburg. 138 139 Westenholz, Carl Friedrich Ludwig (1825–1898) Kaufmann in Hamburg, Konsul. 141 Whitehead, Joseph W. Mühlenbetreiber in Rawtenstall. 282 Whitehouse, Edward 288 Whitehouse, John 288 Wieler, W. Händler in London. 78 Williams, Maurice Liverpool. 343 Wood 324 325 Worsdell, George Eisenproduzent in Warrington. 169 Young, W. Mühlenzubehör- und Getreidehändler in Neath. 327

646

Firmenregister 1. Banken, Versicherungen, Wechselmakler Abingdon and Wantage Bank Privatbank, gegründet 1802 von Henry Knapp in Abingdon, Zweigstelle in Wantage, 1847 Insolvenz. 173 Austrian Credit Bank siehe Österreichische Credit-Anstalt für Handel und Gewerbe Bank for Southern Germany (Bank für Süddeutschland) Aktiengesellschaft, Notenbank, gegründet 1856 in Darmstadt, diente der Unterstützung der Darmstädter Bank für Handel und Industrie. 131 Bank of Australasia (Colonial Bank of Australasia) Aktiengesellschaft, gegründet 1834 in London, Bankgeschäfte in Australien, vor allem in Victoria, ab 1860 Hauptsitz Melbourne. 201 203 334 336 Bank of Bengal Aktiengesellschaft, gegründet 1806 als Bank of Calcutta, seit 1809 Bank of Bengal in Britisch-Indien, Kalkutta. 464 Bank of Berlin siehe Berliner Kassenverein Bank of British North America Notenbank, gegründet 1836 in London mit Filialen in Britisch-Nordamerika. 203 Bank of Commerce Aktiengesellschaft, gegründet 1839 in New York, ging 1865 in die Federal National Bank of Commerce auf. 165 Bank of Commerce and Industry of Darmstadt siehe Darmstädter Bank für Handel und Industrie Bank of Egypt Aktiengesellschaft, gegründet 1856 in London, Sitz in Alexandria. 201 203 205 334 Bank of England (The Governor and Company of the Bank of England, Bank von England) Aktiengesellschaft, Zentralbank Großbritanniens, gegründet 1694 durch königliches Privileg von William III., London. 9 14 15 29 50 60 61 81–94 112 137 146 172 173 175 177–180 190 200 208 209 214 239 269 271 273 296 297 304 306 311–317 331 332 422 480 484–487 492 497 516 517 530 534–538 541 565 590 591 Bank of France (Banque de France, Bank von Frankreich) Zentralbank Frankreichs, gegründet 1800 von Napole´on Bonaparte, Paris. 4–6 9–11 13–16 18 24 25 29–41 46 47 53–55 57 62–64 67–70 75 97 179 311 485 523 528–531 Bank of Holland (De Nederlandsche Bank) Aktiengesellschaft, Zentralbank, gegründet 1814 durch König Wilhelm I., Amsterdam. 40 72 532

647

Firmenregister Bank of Liverpool ging 1831 aus der 1826 gegründeten Manchester and Liverpool District Bank hervor, 1847 Insolvenz. 173 240 533 Bank of London siehe Union Bank of England Bank of New South Wales Aktiengesellschaft, gegründet 1817 in Sydney mit Filialen in Australien und Ozeanien. 203 Bank of Prussia (Prussian Royal Bank, Preußische Bank, Königlich-Preußische Hauptbank) von 1847 bis 1871 Zentralbank Preußens, Berlin. 123 128 132 147 148 150 209 532 598 Bank of Spain (Banco de Espan˜a) Zentralbank Spaniens, gegründet 1782 durch Charles III., Madrid. 59 Bank of Warsaw (Bank of Poland, Narodowy Bank Polski) Zentralbank des Königreichs Polen, gegründet 1828 von Prinz Franciszek Ksawery Drucki-Lubecki, Warschau. 149 Banque de France siehe Bank of France Banque Internationale a` Luxembourg Aktiengesellschaft, Notenbank, gegründet 1856, Luxemburg. 131 Baring Brothers and Co. Handels- und Bankhaus, gegründet 1762 von John und Francis Baring, London. 142 151 Berenberg Bank (Joh. Berenberg, Gossler, and Co.) Kommanditgesellschaft, gegründet 1590 als Handelshaus, Mitte des 19. Jahrhunderts eines der wichtigstes Bankhäuser in Hamburg. 127 143 553 Berliner Kassenverein Privatnotenbank von 1850 bis 1876, Berlin. 135 Borough Bank of Liverpool Privatbank, gegründet 1837, Liverpool, 1857 Insolvenz. 471 533 Braunschweigische Bank Aktiengesellschaft, gegründet 1852, Braunschweig, 1853 von Herzog Wilhelm genehmigt. 131 598 Bremer Bank Privatnotenbank, gegründet 1856, Bremen. 131 Bruce, Buxton, and Co. Wechselmakler, London, 1847 Insolvenz. 173 Bussee and Halske Bankgeschäft mit Schweden, Hamburg, 1857 Insolvenz. 122 Caisse d’Escompte (Bank of Discount, Discount Bank) Aktiengesellschaft, gegründet 1767 durch Dekret Louis XV., Paris, Vorläufer der Bank von Frankreich. 57 Caisse St. Paul 48 Chartered Bank of India, Australia and China Aktiengesellschaft, gegründet 1853 in Karachi, eingetragen in London. 203 City Bank Ltd. Aktiengesellschaft, gegründet 1855, London. 201 203 City of Glasgow Bank Aktiengesellschaft, gegründet 1839, Glasgow, 1857 Zahlungseinstellung, danach Wiedereröffnung, 1877 Insolvenz. 83 90 175 322 471 487 533 535 Colonial Bank siehe Bank of Australasia Commercial Bank of London Aktiengesellschaft, gegründet 1840, London, fusionierte 1861 mit der London and Westminster Bank. 203 Comptoir National d’Escompte de Paris Kreditbank, gegründet 1848. 48 57 67 69 Credit Discount Society siehe Garantie-Disconto-Verein Cre´dit Foncier de France Bodenkreditbank, gegründet 1852 in Paris von E´mile und Isaac Pe´reire, dem Kaiser nahestehende Bank. 5 6 32 40 48 62–64 Cre´dit Mobilier (Socie´te ge´ne´rale de Cre´dit mobilier) gegründet 1852 in Paris von E´mile und Isaac Pe´reire, dem Kaiser nahestehende Bank, 1867 Liquidation. 4–6 9 28 46 48 54 62–64 67 69 70 Credit- und Versicherungsbank Aktiengesellschaft, gegründet 1856, Lübeck, ab 1859 Commerz-Bank Lübeck. 132 Danmarks Nationalbanken siehe National Bank of Copenhagen Darmstädter Bank für Handel und Industrie Aktiengesellschaft, gegründet 1853 von Gustav von Mevissen und Abraham Oppenheim in Darmstadt. 131 147

648

Firmenregister Disconto-Gesellschaft Genossenschaftsbank, gegründet 1851, Berlin, ab 1856 Kommanditgesellschaft auf Aktien, ab 1859 Emission von preußischen Staatsanleihen. 132 C. H. Donner Bank (Hamburger Banco) Privatbank, gegründet 1789 von Conrad Hinrich Donner, Altona. 143 553 English, Scottish and Australian Chartered Bank Limited Notenbank für die Ausgabe von australischen Banknoten, gegründet 1852 in London, seit 1853 in Sydney. 203 C. T.H. Eschells Bankgeschäft mit Schweden und Norwegen, Hamburg, 1857 Insolvenz. 122 138 Farley, Lavender, and Co. Bankhaus, Worcester, gegründet 1794, 1857 Insolvenz. 91 172 323 592 Frankfurter Bank Notenbank der Stadt Frankfurt zur Herausgabe von süddeutschen Gulden, gegründet 1854. 131 Garantie-Disconto-Verein (Guaranteed Discount Association, Discount Guarantee Association) gegründet 1857 zur Stützung der Handelshäuser in Hamburg mit 15 Mio. Mark Banco. 120 121 551 565 Gothaer Privatbank (Privatbank zu Gotha) Notenbank für das Herzogtum SachsenCoburg-Gotha, gegründet 1854. 131 Haggard and Pixley Börsenmakler, London. 307 Hannoversche Bank (Hanoverian Bank) Notenbank für das Königreich Hannover, gegründet 1856. 132 Heine, Salomon und Co. Bankhaus, Hamburg. 120 Heine, Semon, and Co. Bankhaus und Wechselmakler, London, 1857 Insolvenz. 172 Hessian Bank siehe Homburger Bank J. and R. Hills Bankhaus, Gravesend und Dartford, 1857 Insolvenz. 171 175 Homburger Bank (Landgräflich Hessische concessionierte Landesbank) Notenbank für die Landgrafschaft Hessen-Homburg, gegründet 1854. 131 Ionian Bank (Ioniki Bank) Geschäftsbank mit Sitz in London, galt als Zentralbank der Republik der Ionischen Inseln, gegründet 1839. 203 J.P. N. Jahnecke (Jancke) Goldmakler, Hamburg, 1857 Insolvenz. 138 Leipsic Credit Bank siehe Leipziger Vorschussverein Leipziger Vorschussverein Genossenschaftsbank, gegründet 1856, 1871 in Leipziger Creditbank eG umfirmiert. 132 139 140 Liverpool Banking Company siehe Bank of Liverpool London and County Banking Company gegründet 1839, ging aus der Surrey, Kent and Sussex Banking Company hervor, fusionierte später mit der London and Westminster Bank Ltd. 203 312 314 334 London and Eastern Banking Company 1858 Insolvenz. 484 London and Westminster Bank Ltd gegründet 1834, später eines der führenden Bankhäuser Großbritanniens. 200 201 203 208 209 312 314 316 317 335 London Chartered Bank of Australia (The Chartered Bank of India, Australia and China) eingetragene Bank in London, gegründet 1853 in Karachi von James Wilson. 203 London Discount Company Ltd. gegründet 1856, ging 1860 in Liquidation. 201 334 London Joint Stock Bank Ltd. gegründet 1836, fusionierte später mit der Midland Bank. 203

649

Firmenregister Lutterroth und Co. Bankhaus, gegründet 1815 in Hamburg von Ascan Wilhelm Lutteroth (1783–1867), seit 1835 Mitglied im Hamburger Rat, später im Senat. 143 553 Manchester and Liverpool District Banking Company Aktiengesellschaft, gegründet 1829. 439 Manhattan Bank (Chase Manhattan Bank, Bank of the Manhattan Company) gegründet 1799 in New York von Aaron Burr. 165 H.J. Merck & Co. Bank- und Handelshaus in Hamburg, 1857 Insolvenz. 127 143 553 Michaelson & Benedicks Bank- und Handelshaus in Stockholm, stand in engem Kontakt mit Salomon Heine in Hamburg, Mendelssohn & Söhne in Berlin und N. M. Rothschild & Sons in London. 151 Mortgage Bank of Schonen schwedische Hypothekenbank. 126 National Bank Ltd. 165 203 National Bank of Austria (Österreichische National-Bank) Zentralbank ÖsterreichUngarns, gegründet 1816 in Wien durch Bankpatent von Kaiser Franz I. 58 131 141 National Bank of Belgium (Belgische Nationalbank) Zentralbank Belgiens, gegründet 1850 in Brüssel. 40 72 150 532 National Bank of Copenhagen (Danmarks Nationalbanken) Notenbank, gegründet 1818 in Kopenhagen durch König Friedrich IV. 128 139–141 National Bank of Sweden (Swedish National Bank, Sveriges Riksbank) gegründet 1668 in Stockholm. 141 National Discount Company Ltd. gegründet 1856 in London. 201 203 334 National Provincial Bank Ltd. Privatkundenbank für England und Wales, gegründet 1833 in London. 203 Newcastle-upon-Tyne Joint Stock Banking Company gegründet 1836, 1847 Insolvenz. 173 North and South Wales Bank Ltd. gegründet 1836, fusionierte später mit der Midland Bank. 173 Northumberland and Durham District Bank gegründet 1836, 1857 Insolvenz. 81 174 471 533 Österreichische Credit-Anstalt für Handel und Gewerbe (Creditanstalt) Aktiengesellschaft, gegründet 1855 von Anselm Salomon Freiherr von Rothschild in Wien. 121 132 147 Ohio Life Insurance and Trust Company Depositenbank, gegründet 1830 in Cincinnati, ihre Insolvenz von 1857 führte zur Finanzpanik an der New Yorker Börse. 92 512 Oldham Bank (Scholes and Co.) 173 Oriental Bank Corporation gegründet 1842 in Bombay als Bank of Western India, benannte sich 1845 nach Verlegung ihrer Sitzes nach London um. 203 Ottoman Bank gegründet 1856 in Istanbul, ab 1863 Imperial Ottoman Bank. 200 203 334 Overend, Gurney, and Co. Depositenbank, gegründet 1800 in London, 1866 Insolvenz. 315 Privatbank zu Gotha siehe Gothaer Privatbank Provincial Bank of Ireland Ltd. gegründet 1825 in London. 203 Prussian Royal Bank siehe Bank of Prussia Reimarius Nachfolger Versicherungsgesellschaft, Hamburg, 1857 Insolvenz. 122 Rothschild (N. M. Rothschild & Sons) gegründet 1811 in London von der Familie Rothschild. 30 48 136 318

650

Firmenregister Royal Bank of Liverpool siehe Bank of Liverpool Royal British Bank gegründet 1849, 1856 Insolvenz. 484 Gebrüder Ruben Bankiers in Hamburg. 120 138 Sanderson and Co. Wechselmakler in London, 1847 Insolvenz, setzte mit weiterem Partner das Geschäft fort, 1857 erneut Insolvenz. 81 82 90 174 533 Sanderson, Sandeman and Co. siehe Sanderson and Co. Sargant, Gordon, and Co. Kolonialmakler in London, 1847 Insolvenz. 174 Savings Bank of South Australia Sparkasse, gegründet 1848 in Adelaide. 203 Schonen Bank siehe Mortgage Bank of Schonen Staatsdiscontokasse (State Discount Bank) 136 138 139 143 147 551–553 Stettin Bank (Pommersche Landschaft) genossenschaftliche Pfandbriefbank, gegründet 1781 in Stettin. 135 Thuringian Bank (Thüringische Bank) Privatbank, gegründet 1856 in Sondershausen, Notenausgabe für das Fürstentum Schwarzburg-Sondershausen bis 1875. 131 Trueman and Cook Kolonialmakler in London, 1847 Insolvenz. 174 Union Bank of Australia Limited Kolonialbank, gegründet 1837 in London mit Zweigstellen in Britisch-Australien. 203 Union Bank of London Aktienback, gegründet 1839. 201 203 208 209 312 314 334 481 Van Notten and Co. (Patijn, van Notten & Co.) Bankhaus, Amsterdam. 234 Vienna Credit Bank siehe Österreichische Credit-Anstalt für Handel und Gewerbe Watty and Co. Handels- und Bankhaus in Hamburg, Hermann und Carl Watty gründeten 1854 eine Bank, 1858 Insolvenz. 136 Weimar Bank (Weimarische Bank) Privatbank, gegründet 1853, Notenausgabe für das Großherzogtum Sachsen-Weimar-Eisenach bis 1875. 131 West of England and South Wales Bank (West of England and South Wales District Banking Company) gegründet 1834 in Bristol, 1878 Insolvenz. 324 Western Bank of London Aktienbank, gegründet 1856 in London, 1859 von der London and County Banking Co. übernommen. 203 Western Bank of Scotland Aktienbank, gegründet 1832 in Glasgow, 1857 Insolvenz. 83 90 106 168 170 171 175 487 533 535 Wolverhampton and Staffordshire Banking Co. Aktienbank, 1857 Insolvenz. 81 82 173 176 322 442 533

2. Eisenbahngesellschaften Ambergate, Nottingham and Boston, and Eastern Junction Railway britisch, gegründet 1850. 204 Antwerp and Rotterdam Railway Company belgisch, gegründet 1852. 205 Ardennes Railway Company französisch, unter Kontrolle des Cre´dit Mobilier, verkehrte in Nordfrankreich mit belgischem Anschluss. 48 71 Austrian Railway Company siehe Kaiser Ferdinands-Nordbahn Bahia and San Francisco Railway Company Brasilien, gegründet 1853, seit 1855 Konzession durch eine britische Gesellschaft. 318 Bedale and Leyburn Railway Company britisch, gegründet 1855, ging 1859 in der North Eastern Railway auf. 156

651

Firmenregister Belfast and Ballymena Railway Company Nordirland, gegründet 1845. 339 (Abb.) Birkenhead, Lancashire, and Cheshire Junction Railway britisch, gegründet 1848, ging 1859 in der Birkenhead Railway auf. 155 339 (Abb.) Bristol and Exeter Railway Company britisch, gegründet 1836. 155 201 204 206 333 335 337–339 (Abb.) Buckinghamshire Railway Company britisch, gegründet 1837. 335 Buffalo and Lake Huron Railway kanadisch, gegründet 1856. 205 Caledonian Railway Company britische Eisenbahngesellschaft in Schottland, gegründet 1845. 202 204 206 332–335 337–339 (Abb.) 355 Canadien siehe Great Western Railway Cape of Good Hope Railway Company Britisch-Südafrika, gegründet 1845. 318 Chemin de fer du canton de Fribourg ou du Centre Ouest Suisse (Oronbahn) schweizerisch, gegründet 1855. 12 30 Chester and Holyhead Railway Company britisch, gegründet 1844. 155 335 339 (Abb.) Chimay and Marienburg Railway Teil der belgischen Staatsbahnen, die per Gesetz 1834 gegründet wurden. 30 Compagnie du chemin de fer de Lyon a` Gene`ve französisch, gegründet 1853, ging 1857 in der Compagnie des chemins de fer de Paris a` Lyon et a` la Me´diterrane´e auf. 5 6 20 23 30 46 50 62–65 70 71 75 206 338 Compagnie du chemin de fer de Paris a` Orle´ans französisch, gegründet 1838. 5 6 16 20 23 46 48 62–64 70 71 75 206 338 Compagnie du chemin de fer Victor-Emmanuel (Victor Emmanuel Railway Company) französisch, gegründet 1853. 30 Compagnie des chemins de fer du Dauphine´ französisch, ging 1857 aus der La Compagnie du chemin de fer de Saint-Rambert a` Grenoble hervor. 71 Compagnie des chemins de fer de l’Est (Eastern Railway) französisch, ging 1853 aus der Compagnie du chemin de fer de Paris a` Strasbourg hervor. 5 6 20 23 46 48 62–64 70 71 75 205 338 Compagnie des chemins de fer du Nord (Northern Railway) französisch, gegründet 1845 von James de Rothschild. 5 6 20 23 38 46 48 62 63 70 71 75 205 338 Compagnie des chemins de fer de l’Ouest (Western Railway) französisch, gegründet 1855. 5 6 20 23 46 48 62–64 70 71 75 338 Compagnie des chemins de fer de Paris a` Lyon et a` la Me´diterrane´e (Mediterranean) französisch, ging 1857 aus zwei Bahngesellschaften hervor, später die größte Privatbahn Frankreichs. 9 12 16 42 48 205 206 338 Compagnie Franco-Suisse schweizerisch, gegründet 1856. 12 30 Cork and Bandon Railway Company (Cork, Bandon and South Coast Railway) irisch, gegründet 1849. 339 (Abb.) Dover Railway Company siehe South Eastern Railway Company Dublin and Belfast Junction Railway Company irisch, gegründet 1845. 156 Dublin and Drogheda Railway Company irisch, gegründet 1836. 339 (Abb.) Dublin and Wicklow Railway Company siehe Waterford, Wexford, Wicklow and Dublin Railway Company Dundee and Arbroath Railway Company schottisch, gegründet 1838, ging später in der Caledonian Railway Company auf. 339 (Abb.) Dundee and Perth Railway Company schottisch, gegründet 1845, ging später in der Scottish Central Railway Company auf. 339 (Abb.) East Anglian Railway Company britisch, ging 1852 in der Eastern Counties Railway Company auf. 335 339 (Abb.)

652

Firmenregister East Indian Railway Company britische Eisenbahngesellschaft in Britisch-Indien, gegründet 1845 in London. 206 213 214 333–335 338 355 East Lancashire Railway Company britisch, gegründet 1844. 155 204 206 333 335 337–339 (Abb.) East Lincolnshire Railway Company britisch, gegründet 1845, ging später in der Great Northern Railway Company auf. 335 Eastern Counties Railway Company britisch, gegründet 1836, ging später in der Great Eastern Railway Company auf. 156 201 202 204 206 332 333 335 337–339 (Abb.) Edinburgh and Glasgow Railway Company schottisch, gegründet 1838. 336 338 Edinburgh, Perth and Dundee Railway Company schottisch, gegründet 1845 als Edinburgh and Northern Railway Company. 336 339 (Abb.) Geelong and Melbourne Railway Company britische Eisenbahngesellschaft in Victoria/Britisch-Australien, gegründet 1853. 205 Glasgow and South Western Railway Company schottisch, gegründet 1850. 339 (Abb.) Grand Trunk Railway Company of Canada britisch in Kanada, gegründet 1852. 205 333–335 355 Great Central of France Railway Company siehe Compagnie du chemin de fer du Centre Great India Peninsular Railway Company britisch in Britisch-Indien, gegründet 1845 in London. 206 338 Great Luxembourg Railway Company Eisenbahngesellschaft im Großherzogtum Luxemburg, gegründet 1855. 205 334 Great North of Scotland Railway Company schottisch, gegründet 1845. 155 339 (Abb.) Great Northern Railway Company britisch, gegründet 1846. 155 201 202 204 206 333 334 336–339 (Abb.) 355 Great Southern and Western Railway Company irisch, gegründet 1844. 336 Great Western Railway Company britisch, gegründet 1833, verband London mit Westengland und Wales. 200–202 204 206 332–339 (Abb.) 355 433 Great Western Railway Company bedeutendste Eisenbahngesellschaft in BritischNordamerika (Westkanada/Ontario), gegründet 1845, ging später in der Grand Trunk Railway Company of Canada auf. 205 338 355 Hessische-Ludwigs-Eisenbahngesellschaft Aktiengesellschaft, Mainz, gegründet 1845 als Mainz-Ludwigshafener-Eisenbahngesellschaft. 131 Hull and Selby Railway Company britisch, gegründet 1836. 336 Illinois Central Railroad Company US-amerikanisch, gegründet 1851, verband Chicago mit New Orleans. 333 Kaiser Ferdinands-Nordbahn Eisenbahn- und Bergbaugesellschaft in Österreich, Aktiengesellschaft (Hauptaktionär Salomon Rothschild), gegründet 1836 in Wien. 12 30 145 Lancashire and Yorkshire Railway Company britisch, gegründet 1847 durch Zusammenschluss mehrerer lokaler Gesellschaften. 155 200–202 204–206 333 335–339 (Abb.) 351 355 Lancaster and Carlisle Railway Company britisch, gegründet 1844. 336 339 (Abb.) Lausanne and Fribourg (Freiburg Railway Company) siehe Chemin de fer du canton de Fribourg ou du Centre Ouest Suisse Leeds Northern Railway Company (Leeds and Thirsk Railway) britisch, gegründet 1845. 204

653

Firmenregister Limerick and Foynes Railway Company irisch. 155 Lombardo-Venetian Railway Company (Lombardisch-venetianische FerdinandsBahn) Aktiengesellschaft, Venedig, gegründet 1837. 30 58 London and Blackwall Railway Company (Commercial Railway) britisch, gegründet 1840. 204 206 333 336 337 339 (Abb.) London and North Western Railway Company britisch, gegründet 1846. 155 201 202 204 206 332–339 (Abb.) 355 433 London and South Western Railway Company britisch, gegründet 1834. 202 204–206 332–334 336–339 (Abb.) 355 London, Brighton and South Coast Railway Company britisch, gegründet 1846. 201 204 206 333 336–339 (Abb.) 341 London, Tilbury and Southend Railway Company britisch, gegründet 1852. 339 (Abb.) Londonderry and Coleraine Railway Company irisch, gegründet 1852. 156 Londonderry and Enniskillen Railway Company irisch, gegründet 1845. 156 Madras Railway Company Eisenbahngesellschaft in Britisch-Indien, gegründet 1845. 206 338 Manchester, Sheffield and Lincolnshire Railway Company britisch, gegründet 1847 durch Zusammenschluss zweier lokaler Gesellschaften. 336 339 (Abb.) Maryport and Carlisle Railway Company britisch, gegründet 1836. 156 Michigan Central Railroad Company US-amerikanisch, gegründet 1846. 355 Midland Great Western Railway Company irisch, gegründet 1845. 339 (Abb.) Midland Railway Company britisch, gegründet 1844. 201 202 204 206 332 333 336–339 (Abb.) 355 Monkland Railways Company schottisch, gegründet 1848. 339 (Abb.) Monmouthshire Railway and Canal Company britisch, gegründet 1845. 155 Nederlandsche Rhijnspoorweg-Maatschappij (Dutch Rhenish Railway Company) niederländisch, gegründet 1845 in Amsterdam. 205 206 333 338 New York and Erie Rail Road Company US-amerikanisch, gegründet 1832. 355 New York Central Railroad Company US-amerikanisch, gegründet 1853. 333 Newcastle-upon-Tyne and Carlisle Railway Company britisch, gegründet 1825. 155 339 (Abb.) Norfolk Railway Company britisch, ging in der North Eastern Railway Company auf. 336 North British Railway Company britische Eisenbahngesellschaft in Schottland, Edinburgh, gegründet 1844. 156 201 204 333 336 337 North Eastern Railway Company britisch, gegründet 1854, übernahm schrittweise kleinere lokale Eisenbahnen. 156 201 206 332 333 335 336 338 339 (Abb.) 355 North London Railway Company (East & West India Docks & Birmingham Junction Railway) britisch, gegründet 1846. 339 (Abb.) North Staffordshire Railway Company britisch, gegründet 1845. 201 202 204 206 333 336 337 Northern and Eastern (Strasburg) (Railway) Companies siehe Compagnie des chemins de fer du Nord und Compagnie des chemins de fer de l’Est Northern Railroad siehe Kaiser Ferdinands-Nordbahn Oxford, Worcester and Wolverhampton Railway Company britisch, gegründet 1845. 155 204 206 333 336 338 339 (Abb.) Royston and Hitchin Railway Company britisch, gegründet 1846, ging in der Great Northern Railway Company auf. 336

654

Firmenregister Saint-Rambert Railway Company französisch. 48 Sambre and Meuse (Sambre-et-Meuse) Railway Company französisch. 205 Saragossa Railway Company (Compan˜´ıa de los Ferrocarriles de Madrid a Zaragoza y Alicante) spanisch, gegründet 1856 unter Mitwirkung des Hauses Rothschild. 12 30 Scottish Central Railway Company schottisch, gegründet 1845, vereinigte sich später mit der Caledonien Railway Company. 336 Scottish North Eastern Railway Company schottisch, gegründet 1845, ging später in der Caledonien Railway Company auf. 336 339 (Abb.) Shrewsbury and Chester Railway Company britisch, gegründet 1845. 339 (Abb.) South Devon Railway Company britisch, gegründet 1840. 336 339 (Abb.) South Eastern Railway Company britisch, gegründet 1836, verband London mit Dover. 201 202 204 206 332 333 336–339 (Abb.) 341 South Wales Railway Company britisch, gegründet 1844, verband London mit Südwales. 201 206 333 336 338 339 (Abb.) South Yorkshire, Doncaster and Goole Railway britisch, gegründet 1847, ging aus der South Yorkshire Coal Railway hervor. 339 (Abb.) Southern Railway siehe Südliche Staatsbahn Südliche Staatsbahn Österreich-Ungarn, 1859 an die Südbahngesellschaft verkauft. 5 69 Taff Vale Railway Company britische Eisenbahngesellschaft in Südwales, gegründet 1836. 339 (Abb.) Waterford and Kilkenny Railway Company irisch, gegründet 1845. 156 Waterford and Limerick Railway Company irisch, gegründet 1848. 156 Waterford, Wexford, Wicklow and Dublin Railway Company irisch, gegründet 1846. 339 (Abb.) York and North Midland Railway Company britisch, gegründet 1839. 337

3. Industrieunternehmen Allen, Smith, and Co. Chemiemanufaktur, Handel mit chemischen Produkten, London, 1857 Insolvenz. 81 167 R. E. Ashton and Brothers Baumwollspinnerei und Manufaktur, Ramsbottom, Bury. 438 R. and E. Ashworth Baumwollspinnerei und Manufaktur, Preston, 1857 Insolvenz. 166 282 R. & J. Blackwood Kammgarnspinnerei, Kilmarnock, 1858 Insolvenz. 327 R. Blair and Company Schal- und Borten-Manufaktur, Glasgow, 1857 Insolvenz. 321 Bulcock Mühlenmanufaktur, Clitheroe. 282 438 J. Burford and J. Thompson Eisenhütte, Bilston, 1857 Insolvenz. 321 Calvert and Son Mühlenmanufaktur, Walton-le-dale. 436 Chartered Gas Company (Gas Light and Coke Company) Kohlengasgesellschaft, gegründet 1812, London. 468 Clark and Grant Flachsspinnerei, Arbroath, 1858 Insolvenz. 327 Clough and Briggs Mühlenmanufaktur, Minningham, 1858 Insolvenz. 328 Cobre Copper Mining Company Kupferbergbau, London. 355

655

Firmenregister E. and J. Cockshott Kammgarnspinnerei, Bradford, 1858 Insolvenz. 323 326 J. Connell and A. W. Taylor Musselin-Manufaktur, Glasgow, 1857 Insolvenz. 171 Crossley and Leeming Maschinenbau und Eisengießerei, Halifax, 1857 Insolvenz. 275 325 J. Crossley and Sons Teppichmanufaktur, Halifax. 450 451 W. and C. Crossley Baumwollspinnerei, Elland, 1857 Insolvenz. 169 W. Curr and Co. Flachsspinnerei, Arbroath, 1858 Insolvenz. 323 327 W. and J. Dean Steinmetzerei und Bauunternehmen, Burnley, 1857 Insolvenz. 169 Dewhurst Baumwollmanufaktur, Clitheroe. 282 447 W. and Co. Dray Landmaschinenbau, London, 1857 Insolvenz. 175 Ellis and Whitmore Kammgarnspinnerei, Leicester. 437 Ermen & Engels Baumwollspinnerei in Manchester (gegründet 1837), später in Engelskirchen. 564 Fletcher, Rose, and Co. Eisenmanufaktur und -handel, Birmingham, 1857 Insolvenz. 176 J. Foot and Sons Seidenmanufaktur, London, 1857 Insolvenz. 81 T. and W. Froggatt Baumwollspinnerei, Oldham, 1858 Insolvenz. 327 Garnett and Horsfall Baumwollmanufaktur, Clitheroe. 438 F. Giles and Co. Eisenhütte, Dudley Port, 1858 Insolvenz. 322 323 Goodair and Napier Mühlenmanufaktur, Preston. 254 Gray and Crow Chemie- und Alkali-Manufaktur, Newcastle, 1858 Insolvenz. 324 325 Great Wheal Vor United Mining Co. Bergbau, Helston. 333 Gregory Eisenproduzent, Sponlane, 1857 Insolvenz. 167 176 Griffin and Son Hufnagelschmiede, Withymoor. 287 H.H. Hardman and Brothers Mühlenmanufaktur, New Hallhey. 282 J. Harrison and Sons Mühlenmanufaktur, Blackburn. 279 Herserange Iron Works Company Eisenhütte, Herserange. 30 J. and C. Howard Seidenmanufaktur, Macclesfield, 1857 Insolvenz. 169 Jackson and Royle Bänder- und Tuchmanufaktur, Rochdale. 438 Leigh Mühlenmanufaktur, Preston. 436 S. C. Lister and Co. Kammgarnspinnerei und Wollhandel, Halifax, 1857 Insolvenz. 168 176 266 [William] Mill and [John] Walker Flachsspinnerei, 1858 Insolvenz. 327 Oliver and Sons. Spitzenfabrikation, Nottingham, 1857 Insolvenz. 168 326 433 T.H. Pemberton and Co. Eisenhütte, Birmingham, 1857 Insolvenz. 167 C. Ramsay and A. Smart Manufaktur, Arbroath, 1857 Insolvenz. 171 Rice and Hill Mühlenmanufaktur, Chorley. 437 D. Roberts and W.J. Hanson Kammgarnspinnerei, Halifax, 1857 Insolvenz. 169 Robinson and Booth Kammgarnspinnerei, Bradford, 1858 Insolvenz. 323 Ronalds and Co. Schal- und Teppichmanufaktur, Paisley, 1857 Insolvenz. 321 Saalfeld Brothers Wolltextilienmanufaktur und -handel, Leeds, London, Hamburg, 1857 Insolvenz. 177 259 264 434

656

Firmenregister Shelton Bar Iron Company Eisenmanufaktur, North Staffordshire. 283 454 R. Smethurst and Co. Mühlenmanufaktur, Chorley. 282 437 Joseph Smith and Co. Kammgarnspinnerei, Bradford, 1857 Insolvenz. 327 328 [Tom] Smith and [William] Fletcher Tuchmanufaktur, Bradford, 1857 Insolvenz. 326 Socie´te´ Ge´ne´rale des Tanneries Ledergerbereigesellschaft, Metz. 30 Solly Brothers Eisenhütte, Wolverhampton, 1857 Insolvenz. 176 J. Starkey and J.F. Adcock Zündhütchenmanufaktur, Birmingham, 1857 Insolvenz. 169 T. Taylor and J. Segar Färberei, Soundwell, 1857 Insolvenz. 169 T. Taylor and Son Kammgarnspinnerei und Tuchmanufaktur, Ovenden, 1857 Insolvenz. 167 William the elder, William the younger, and Henry Taylor Leinenmanufaktur, Barnsley, 1857 Insolvenz. 321 623 C. and T. Topham Färberei Wakefield, 1857 Insolvenz. 169 United Mexican (Mining Association) Bergwerksgesellschaft. 333 334 355 Voitures de Remise (General Company of Hired Carriages) Kutschenbauer, Paris, 1857 Insolvenz. 47 J. and W. Wallace Musselin-Manufaktur, Glasgow, 1858 Insolvenz. 321 326 W. and H. Wellsted Schreinerei und Polsterei, London, 1857 Insolvenz. 171 P. H. Whitehead and Co. Mühlenmanufaktur, Rawtenstall. 282 Whittaker and Cronkshaw Mühlenmanufaktur, Rawtenstall. 282 Wilcockson and Swarbrick Mühlenmanufaktur, Preston. 254 Willians and Overbury Wollmanufaktur, London. 221 Witton Park Ironworks Eisenmanufaktur, Durham, gegründet 1846. 454 G. and A. Wood Brauerei, Lewes, 1857 Insolvenz. 175 Wright and North Eisengießerei, Wolverhampton, 1857 Insolvenz. 167

4. Reedereien Edward Lindsey Baker Schiffsmakler und Kommissionär, Liverpool, 1857 Insolvenz. 169 Barbech and Wall (Barbeck & Wall) Handelshaus und Schiffsreederei, Altona, Insolvenz 1857. 122 138 A. F. Beckman and Co. Schiffsmakler, North Shields, 1857 Insolvenz. 321 Belgian and South American Steam Navigation 30 Birmingham Canal Company (Birmingham Canal Navigations) seit 1794, Betreibergesellschaft des Kanalsystems zwischen Birmingham und Wolverhampton. 433 Compagnie Franco-Ame´ricaine Schiffsreederei, Paris, Schiffsverkehr von Havre nach Nord- und Südamerika, 1857 Insolvenz. 30 68 Curry, Kellock, and Co. Schiffsmakler, Liverpool. 428 476 Peninsular and Oriental Steam Navigation Company Schiffsreederei, London, gegründet 1834, seit 1852 unter diesem Namen, Schiffsverkehr nach Indien, Ostasien, Australien, Neuseeland, seit 1858 Transpazifik-Dienst. 463 464 Royal West Indian Mail Company (Koninklijke West-Indische Maildienst, Royal West Indian Mail Service, KWIM) Schiffsreederei, Amsterdam. 184 C. Walton and Sons Schiffs- und Versicherungsmakler, London, 1858 Insolvenz. 327

657

Firmenregister

5. Schiffe und ihre Routen Adriatic Liverpool – New York (Collins Line). 484 Africa 184 187 Albion Gravesend – Boulogne. 308 Anglo Saxon Liverpool – Quebec (Allan Line). 346 Ariel Southampton – New York. 183 187 Atlantic Liverpool – New York. 184 187 212 Brunswick (Braunschweig) 440 Burlington Hull – Kronstadt. 440 Caledonia Gravesend – Hamburg. 187 Canada Liverpool – New York. 483 Carmel Marseilles – Konstantinopel. 39 Centurion Liverpool – Sydney. 184 187 City of Palaces Melbourne – Hongkong. 498 City of Sydney Suez – Sydney. 497 Colombo Southampton – Alexandria. 306 Eagle Hull – Kopenhagen und Kleipe˙da. 440 Essex 183 Europa Liverpool – New York. 344 455 Gellert Melbourne – Hongkong. 498 Gertrude Hull – Kronstadt. 440 Great Britain Liverpool – Melbourne. 189 Hindostan Kalkutta – Suez. 463 John Bull Gravesend – Hamburg. 188 Madras Suez – Bombay (Peninsular and Oriental Steam Navigation Company). 464 Magdalena Southampton – Veracruz. 184 187 Marco Polo Liverpool – Melbourne. 498 Napoleon Hull – Kronstadt. 440 Nemesis Southampton – Kalkutta. 184 187 Niagara Liverpool – Boston. 183 187 212 Norna Suez – Shanghai. 464 Northumberland London – Melbourne. 498 Orinoco Jamaika – Southampton. 128 Parana Southampton – Jamaika. 184 187 188 Pera Southampton – Alexandria. 187 188 Persia Liverpool – New York. 187 484 Simla Suez – Melbourne (Peninsular and Oriental Steam Navigation Company). 498 Spurn Hull – Kronstadt. 440 Sydenham Grimsby – Hamburg. 440 Tagus Southampton – Gibraltar (Peninsular and Oriental Steam Navigation Company). 187

6. Landwirtschaft, Handel mit landwirtschaftlichen Produkten L. Alexander and Co. Getreidehandel, London, 1847 Insolvenz 173 Apalyra (Ralli and Apalyra / Constantine Ralli) Getreidehandel mit Griechenland, Marseille, 1857 Insolvenz. 10 47 Australian Agricultural Company Kapitalgesellschaft, gegründet 1824 durch das britische Parlament, Rinderzucht und Landwirtschaft in Australien, Brisbane. 335

658

Firmenregister Bach & Raspe Getreide- und Butterhandel, Hamburg, 1857 Insolvenz. 122 Bardgett and Picard Getreidehandel, London, 1857 Insolvenz. 81 Th. Booker, Sons, and Co. Getreidehandel, London, 1847 Insolvenz. 173 Brocklesby and Wessels Getreideimport, London, 1857 Insolvenz. 81 Coventry and Sheppard Getreidehandel, London, 1847 Insolvenz. 173 C. Douglas and Son Getreidehandel, 1847 Insolvenz. 173 Giles, Son, and Co. Getreidehandel, London, 1847 Insolvenz. 173 Gorissen, Hüffel, and Co. Getreidehandel, London, 1857 Insolvenz. 81 W. Greenslade and Co. Getreidehandel, Bristol, 1857 Insolvenz. 171 327 Hastie and Hutchson Getreidehandel, London, 1857 Insolvenz. 173 Hirsch, Moses, und Co. Getreidehandel, Stettin, 1857 Insolvenz. 123 King, Melville, and Co. Getreidehandel, London, 1847 Insolvenz. 173 [Christopher] Lilly and [George] Luker Getreidehandel, Bristol, 1858 Insolvenz. 324 Nevins and Allen Getreidehandel, London, 1847 Insolvenz. 173 W.R. Robinson and Co. Getreidehandel, 1847 Insolvenz. 174 T. Usborne and Son Getreidehandel, 1847 Insolvenz. 174 W. and J. Woodley Getreidehandel, 1847 Insolvenz. 174

7. Handelsunternehmen Arthur and Co. (Arthur and Fraser) Wollhandel und Lagerei, Glasgow, 1857 Insolvenz. 440 C. J. Astley and Co. Außenhandel, Liverpool. 500 Joseph Bainbridge and Son Holzhandel, Rotherhithe/London, 1858 Insolvenz. 326 J.H. Baird and Co. Australien-Handel, London. 78 Barber, Rosenauer, and Co. Außenhandel, London, 1857 Insolvenz. 81 167 Barclay, Brothers, and Co. Außenhandel, London, 1847 Insolvenz. 173 T. Barton and Sons Eisen- und Stahlhandel, Blackburn. 437 Bate and Son Kohlenhandel, Staffordshire, 1857 Insolvenz. 167 Bennoch, Twentyman, and Rigg Seiden- und Baumwollhandel, London und Manchester, 1857 Insolvenz. 81 M. L. Bensusan and Co. Marokko-Handel, London, 1847 Insolvenz. 173 Bishop and Gissing Woll- und Papierhandel, London, 1858 Insolvenz. 327 F. Blass and Schomburgh (Schomburgk) Kolonialwarenhandel, Hamburg, 1857 Insolvenz. 138 R. and J. Blow Getreide- und Kohlenhandel, Great Grimsby, 1857 Insolvenz. 171 F. and A. Bovet Ostindien- und China-Handel, London, 1857 Insolvenz. 78 Boyds and Thomas Ceylon- und Ostindien-Handel, London, 1847 Insolvenz. 173 Brambilla Brothers Seidenhandel, Mailand. 58 Broadwood and Barclay Ostindienhandel, London, 1857 Insolvenz. 81 Carr, Josling, and Co. Nordeuropahandel, London, 1857 Insolvenz. 81 82 522 Castellain, Sons, and Co. Handelshaus, London, 1847 Insolvenz. 173 Cay, Ogilvie, and Company Handelshaus, Leith, 1858 Insolvenz. 326 W. Cheesebrough and Son Wollhandel, Bradford, 1857 Insolvenz. 168 177 436 445 Churchill and Sim Holzmakler, London. 426 Cighera Seidenhandel, Mailand, 1857 Insolvenz. 58 Cockerell, Larpent, and Co. Ostindienhandel, London, 1857 Insolvenz. 173 Colchesters and Woolner Talghandel und Russland-Makler, London und Liverpool. 384

659

Firmenregister Cordes and Grönemeyer Kolonialwarenhandel, Hamburg, 1857 Insolvenz. 122 Cotesworth, Powell, and Pryor Brasilien und Südamerika-Handel, London, 1847 Insolvenz. 173 D. Couvella and Co. Griechenland-Handel, London, 1857 Insolvenz. 78 H. Cox and Co. Handelshaus, London/Liverpool, 1858 Insolvenz. 81 Cruikshank, Melville, and Co. Ost- und Westindienhandel, London, 1847 Insolvenz. 173 M. Da Costa and Co. Westindienhandel, London, 1857 Insolvenz. 78 166 E. R. Daunt and Brother Metallhandel, Liverpool, 1858 Insolvenz. 326 Dennistoun, Cross, and Co. Amerika-Handel, London/Liverpool/Glasgow, 1857 Insolvenz. 81 90 533 D. Dewar, Son, and Sons Handelshaus, London. 430 Draper, Pietroni, and Co. Italien- und Mittelmeer-Handel, London, 1857 Insolvenz. 81 82 522 H. Dutilh and Co. Amerika-Handel, Liverpool, 1857 Insolvenz. 81 East India Company Ostindienhandel, London, bestand von 1600 bis 1874, 1858 per Gesetz Entmachtung der Gesellschaft. 94 188 313 316 441 460–462 474 475 478–480 486 523 553 554 634 J.A. and E. Eccles Baumwollhandel, Liverpool, 1857 Insolvenz. 169 324 Edwards and Mathie Ostindien- und Kolonialwarenhandel, London, 1857 Insolvenz. 81 T.H. Elmenhorst and Co. deutscher und Nordeuropa-Handel, London, 1857 Insolvenz. 172 Eschelles Söhne Kolonialwarenhandel, Hamburg, 1857 Insolvenz. 122 J. and J. Fearnley Handel mit Seidenstoffen und -kleidung, Brighouse, 1858 Insolvenz. 326 W. Francis and Co. Lederhandel. 230 Fry, Griffiths, and Co. Indigo- und Kolonialwarenhandel, London, 1847 Insolvenz. 173 Joh. Ces. Goddefroy & Sohn Handelshaus, gegründet 1766, Hamburg, weitere Beteiligungen. 143 553 Goldstein and Kappele Handelshaus, Bradford, 1857 Insolvenz. 167 Gorissen, Hüffel, and Co. spanisch Mauritius-Handel, London, 1847 Insolvenz. 81 B.C. T. Gray and Sons Amerika- und Kanada-Handel, London, 1858 Insolvenz. 327 Guimaraes and Co. Südamerika-Handel, Paris, 1857 Insolvenz. 81 Hadland, Shillingford, and Co. Handelshaus, London, 1857 Insolvenz. 78 252 W.C. Haigh and R. A. Booker Baumwollhandel, Bradford, 1857 Insolvenz. 168 323 436 Hansen and Johansen (Hansen & Johansen) Im- und Export, Hamburg, 1857 Insolvenz. 138 S. Harris and I.G. Costa Bekleidungsgroßhandel, London, 1857 Insolvenz. 169 D. Hazard and Sons Baumwollmakler, London. 221 Herman, Silem, Son, and Co. Deutschland-Handel, London, 1857 Insolvenz. 81 Hinton, Brothers, and Co. Italien-Handel, London, 1857 Insolvenz. 170 171 A. Hintz and Co. Kolonialwarenhandel, London, 1857 Insolvenz. 81 166 589 Hirsch, Strother, and Co. Deutschland-Handel, London, 1857 Insolvenz. 78 Hoare, Buxton, and Co. Schweden-Handel, London, 1857 Insolvenz. 81 166 Hodgetts and Son Eisenwarenhandel, West Bromwich, 1857 Insolvenz. 167 H. Hoffmann and Co. Kontinental- und Australien-Handel, London, 1857 Insolvenz. 81 Hoge and Williamson Amerika-Handel, Liverpool, 1857 Insolvenz. 81 J. Hubbard and Son Wollhandel, Leeds, 1857 Insolvenz. 82

660

Firmenregister Isaac, Reeder, and Co. Afrika-Handel, Liverpool, 1857 Insolvenz. 168 Jellicoe and Wix Handel mit dem Osmanischen Reich, London, 1857 Insolvenz. 81 Johns and Co. Hamburg, Tee- und Kolonialwarenhandel, 1857 Insolvenz. 125 Johnson, Cole, and Co. Ostindienhandel, London, 1857 Insolvenz. 173 C. A. Jonas and Co. Schweden- und baltischer Handel, London, 1857 Insolvenz. 78 Kieser and Co. deutsches Handelshaus in London, 1857 Insolvenz. 78 J. Kingston and Co. Westindienhandel, London, 1847 Insolvenz. 173 Klingender Brothers Amerika-Handel, Liverpool, 1857 Insolvenz. 168 Krell and Cohn deutscher und baltischer Handel, London, 1857 Insolvenz. 78 G. Kruhers and Co. (Krüher und von Oven) Russland- und Finnland-Handel, Hamburg, 1857 Insolvenz. 122 Lackersteen (Augustus Alexander und William Hamilton), Crake, and Co. Ostindienhandel, London, 1847 Insolvenz. 173 Leaf, Barnett, Scotson, and Co. Wolllager und -handel, London, 1847 Insolvenz. 173 Leirn, Hertz, Söhne Handelshaus, Hamburg, 1857 Insolvenz. 121 Lichtenstein and Co. Kontinentalhandel, London, 1857 Insolvenz. 78 T. and H. Littledale Wollmakler, Liverpool. 491 Lloyd Brothers Bilderexport in die USA, London, 1857 Insolvenz. 168 Lomer und Uhde Südamerika-Handel, Hamburg, 1857 Insolvenz. 122 Lorent am Ende und Co. Nordeuropa-Handel, Hamburg, 1857 Insolvenz. 125 138 Lupton, Hooton, and Co. Lagerei, Manchester, 1857 Insolvenz. 170 171 Lyall Brothers and Co. Ostindienhandel, London, 1847 Insolvenz. 173 Mackenzie, Ramsay, and Co. Handelshaus, Dundee, 1857 Insolvenz. 81 Mitchell, Miller, and Ogilvie Heimtextilienhandel, Glasgow, 1858 Insolvenz. 434 J. Monteith and Co. Kattundruckerei und -handel, Glasgow, 1857 Insolvenz. 81 Montoya, Saenz, and Co. Südamerika-Handel, London, 1857 Insolvenz. 172 J. and W. Morley Lagerei, 1847 Insolvenz. 173 Müller und Kessler Holzhandel mit Amerika, Hamburg, 1857 Insolvenz. 138 Mützenbecker Söhne (J[ohann] D[aniel] Mutzenbecher Söhne) Handelshaus, Hamburg, 1857 Insolvenz. 137 J. Munro and Co. Amerika-Handel, Paris, 1857 Insolvenz. 81 Neill Brothers and Co. Baumwollmakler, New York. 216 457 C. Nicholson and Co. Lagerei, London, 1857 Insolvenz. 168 J. Parker and J. Ronald Agentur, Lagerei, London, 1858 Insolvenz. 326 G. Peabody and Co. Amerika-Handel, London. 82 Pearson and Kendrick Eisenhandel und -lager, Wolverhampton, 1857 Insolvenz. 167 A. Pelly and Co. Nordeuropahandel, London, 1857 Insolvenz. 78 172 Perkins, Schlusser, and Mullens Ostindien- und baltischer Handel, 1847 Insolvenz. 173 L.(S.) Phillips, and Co. Ostindienhandel, 1847 Insolvenz. 173 174 Pontoppidan and Co. dänisches Handelshaus in Hamburg, 1857 Insolvenz. 139–141 551 W.J. Powell and Son Lagerei, Manchester, 1857 Insolvenz. 175 [Henry] and [John] Reay [jun.] Weinhandel, London, 1847 Insolvenz. 174 [August Peter] Rehder and [Friedrich] Boldemann Lübecker Handelshaus in London, 1857 Insolvenz. 81

661

Firmenregister Reid, Irving, and Co. Westindien- und Mauritiushandel, London, 1847 Insolvenz. 174 Rew, Prescott, and Co Schweden-Handel, London, 1857 Insolvenz. 175 Richards and Son Dudly Port, 1857 Insolvenz. 167 Rickards, Little, and Co. Ostindienhandel, 1847 Insolvenz. 174 Riley and Son Eisenhandel, Brimingham, 1857 Insolvenz. 322 Rougemont Brothers and Co. Handelshaus, 1847 Insolvenz. 174 Ryder, Wienholt, and Co. Ostindienhandel, 1847 Insolvenz. 174 Jose´ P. de Sa´ and Co. Brasilienhandel, London, 1857 Insolvenz. 81 Sabell and Co. Agentur für belgische Papiermanufakturen und Rasenhersteller, London, 1857 Insolvenz. 175 [Gustav Adolf] Schön and Co. Handelshaus und Reederei in Hamburg, 1875 Insolvenz. 151 Chr[istian] Matth[ias] Schröder & Co. Handelshaus, Hamburg, 1857 Insolvenz. 122 Schulte und Schemmann Eisenhandel, Hamburg. 146 Scott, Bell, and Co. Ostindienhandel, 1847 Insolvenz. 174 Sewells and Neck Nordeuropahandel, London, 1857 Insolvenz. 78 E. Sieveking and Son Nordeuropahandel, London, 1857 Insolvenz. 81 82 119 138 151 522 589 Robert Smith and Co. Seidenhandel, Manchester. 172 J. Spyer and Co. Australienhandel, London, 1857 Insolvenz. 168 Stobart and Hughes (Hughes, Stobart & Co.) Leder- und Kohlenhandel, Hamburg, 1857 Insolvenz. 119 138 J.M. Stobart and Co. Handelshaus, London, 1857 Insolvenz. 78 Svensden and Johnson Nordeuropahandel, London. 81 Tetlow, Silas Baumwollabfallhandel, Oldham, 1857 Insolvenz. 171 J.R. Thomson and Co. Kolonialhandel, Afrika- und Mauritius-Handel, London, 1857 Insolvenz. 81 Thurburn and Co. Ostindienhandel, 1847 Insolvenz. 174 H. and M. Toldorph and Co. schwedisches Handelshaus in London, 1857 Insolvenz. 174 Trueman and Rouse Handelshaus, London, 1857 Insolvenz. 391 Ullberg and Cramer schwedische Agentur in Hamburg, 1857 Insolvenz. 122 140 551 Van Specht and Co. Außenhandel, 1857 Insolvenz. 171 Conrad Warnecke Kolonialwarenhandel, Hamburg, 1857 Insolvenz. 124 T.M. Waters and Co. Weinhandel, Generalagentur, London, 1857 Insolvenz. 171 W.M. Watkinson and H. F. Dickins Wollsortiererei, Kidderminster, 1858 Insolvenz. 327 Weinholt, Wehner, and Co. Indien- und Australien-Handel, London, 1857 Insolvenz. 172 R.H. Whitfield and Co. Westindienhandel, London, 1858 Insolvenz. 321 R. Willey and Co. Seidenhändler, 1857 Insolvenz. 175 Winterhoff and Piper Amerika-Handel, Hamburg, 1857 Insolvenz. 139 J.B. Wood and W. Tarrans Baumwollmakler, Liverpool, 1847 Insolvenz. 324 W. Yewdall and Sons Wollsortiererei, Bradford, 1858 Insolvenz. 177 328

662

Firmenregister

8. Weitere Unternehmen B. F. Babcock and Co. Liverpool, Filialen in Glasgow und New York, 1857 Insolvenz. 81 Balden St. Petersburg, 1857 Insolvenz. 129 Ballabio and Co. Mailand, 1857 Insolvenz. 58 J. Berger Strœhmberg and Sons Stockholm, 1857 Insolvenz. 125 Berger’s Nachfolger Hamburg, 1857 Insolvenz. 138 Boas and Richter 138 Bourdon, Du Buit, and Co. Paris, 1857 Insolvenz. 47 Brönstedt and C. 138 Brusell Stockholm, 1857 Insolvenz. 144 T.P. Christie and Co. Hamburg, 1857 Insolvenz. 122 Clapperton, Findlay, and Co. Glasgow. 322 W. Clapperton and Co. Glasgow, 1858 Insolvenz. 322 Compagnie de la Carbonisation des Huilles 30 Crystal Palace Company London, gegründet 1850. 335 Custer, Brunswig, and Co. Hamburg, 1858 Insolvenz. 138 Dunstan and Barlow Company Sheepbridge. 264 Eaton and Co. 348 A. Feddersen and Co. Hamburg, 1858 Insolvenz. 138 G. Fraser Son, and Co. Manchester. 274 Gentz and Schultz Hamburg, 1857 Insolvenz. 146 Grohemann and Krüger Hamburg, 1857 Insolvenz. 137 Hassell and Cogan Bristol. 229 Levi Herz und Sohn Hamburg, 1857 Insolvenz. 138 Horne and Watney 406 Huber und Haupt, Hamburg, 1857 Insolvenz. 138 Hülse und Co. Hamburg, 1857 Insolvenz. 138 J.C. Jacoby und Sohn Hamburg, 1857 Insolvenz. 138 W. and H. Laird Liverpool. 226 227 W.S. Lindsay and Co. London. 429 W. Manke Nachfolger Hamburg, 1857 Insolvenz. 139 J.H. Menck and Co. Stockholm, 1857 Insolvenz. 125 H. Ottenström and Co. Hamburg, 1857 Insolvenz. 138 Palleari Mailand, 1857 Insolvenz. 58 J. und W. Peters Hamburg, 1857 Insolvenz. 138 Redaelli Mailand, 1857 Insolvenz. 58 Richards and Son Dudly, 1857 Insolvenz. 167 Schmidt und Sohn 138

663

Firmenregister Schmidt and Stern 234 Schwabe and Co. Glasgow, 1857 Insolvenz. 167 Swindell and Russell 287 288 Thiel and Co. Hamburg, 1857 Insolvenz. 138 Tooth and Co. London, 1857 Insolvenz. 175 Vitte and Kammel Hamburg, 1857 Insolvenz. 139 Vogt and Schmidt Hamburg, 1857 Insolvenz. 138 Wagener and Enet Hamburg, 1857 Insolvenz. 122 138 H. Waithman and Co. London. 424 Wechler and Mazzola Mailand. 58 Weissflog and Cordes Hamburg, 1857 Insolvenz. 139 Winckler and Nagel Hamburg, 1857 Insolvenz. 139 Zahn and Vivie´ Hamburg, 1857 Insolvenz. 139

664

Literaturregister 1. Nicht-periodische Publikationen Accounts relating to Trade and Navigation. Month ended 30th November 1857, and Eleven Months ended 30th November 1857. Presented to both Houses of Parliament by Command of Her Majesty. Ordered, by the House of Commones, to be Printed, 20 August 1857. [London 1857.] 114 115 An Act to Restrain, until the End of the Present Session of Parliament, the Governor and Company of the Bank of England, from Making Payments in Cash under certain Notices Given by them for that Purpose (3 George, Cap. 23), 1819. 111 An Act for Effecting an Arrangement with the East India Company, and for the better Government of His Majesty’s Indian Territories, till 30 April 1854 (3 and 4 William IV, Cap. 85), 1833. 474 475 An Act to Regulate the Issue of Bank Notes, and for Giving to the Governor and Company of the Bank of England certain Privileges for a limited Period (7 and 8 Victoria, Cap. 32), 1844. 81 84 85 88 89 112 210 422 516–518 521 535 536 547 555 563 565 567 An Act for Facilitating Arrangements between Debtors and Creditors (7 and 8 Victoria, Cap. 70), 1844. 322 Hamburg’s Handel und Schiffahrt 1856. Tabellarische Uebersichten des Hamburgischen Handels im Jahre 1856. Zusammengestellt vom handelsstatistischen Bureau. Hamburg 1857. 118 119

2. Von Marx benutzte Periodika The Daily News (London) – Tageszeitung; 1846–1930; wechselte mehrmals den Titel. 146 177 The Daily Telegraph (London) – Tageszeitung; gegründet 1855. – Von Marx verwendete Rubriken: Foreign Intelligence, Money Market. – 1. Dezember 1857. 23 24 – 15. Dezember 1857. 36 37 175 196 201 – 17. Dezember 1857. 181 182

665

Literaturregister – – – –

21. Dezember 1857. 204 23. Dezember 1857. 49 50 198 1. Januar 1858. 54 55 484–488 6. Januar 1858. 314

The Economist. Weekly Commercial Times, Bankers’ Gazette, and Railway Monitor: a Political, Literary, and General Newspaper (London) – Wochenblatt; gegründet 1843. – Von Marx häufig verwendete Rubriken: The Bankers’ Gazette, Bankers’ Price Current, Colonial and Foreign Produce Markets, Commercial and Miscellaneous News, Cotton / Liverpool Market, Foreign Correspondence, London Markets, The Political Economist. – 7. November 1857. 5 10–13 16 17 61 95 96 100 102 150 488–491 – 14. November 1857. 5 13–17 31–35 41 42 81 83 84 93 95–97 100 102 – 21. November 1857. 5 17 18 35–37 42 45 81 82 84–86 93–95 97 100 102 – 28. November 1857. 5 13 14 20 23 36 38 42 81 82 86 87 94 97 98 101 102 522 – 5. Dezember 1857. 5 23 27 39 42 78 81 82 87 88 94 98 101 102 210 211 251 – 12. Dezember 1857. 5 6 28–32 37 39 78 88 89 91 94 95 98 101 105 172 176 194 195 203 210–212 217–221 223–225 228–232 235 242–244 251 252 589 – 19. Dezember 1857. 5 37 43 46–48 56 145 160 166 167 175 177–179 183 184 188 190 194–197 202 204 210 211 213 214 219–226 228–232 237 238 244 245 247 248 251 253 261 399 400 588 – 26. Dezember 1857. 39 51–53 111–114 154 155 164–166 168 169 175 179 180 188–190 194 195 198 199 206–209 214–216 219 220 222 224–226 228–232 241 242 248–251 267 268 362–373 – 2. Januar 1858. 40 43 44 53–57 62–64 92 148 149 151–153 171 198–200 203 210 211 216 217 219 220 222–225 227–229 233 234 269 297 306 309 310 312 321 328 332–334 343 348–353 356 357 360 362–373 400 401 412 413 465–468 471 472 474–478 481 – 9. Januar 1858. 57 62–64 67–71 210 211 296 306 308–310 312 314 326 330 334 335 341 342 346 348–354 357 359 361–373 390 391 394 404 406 407 413 418 460 461 477 482 – 16. Januar 1858. 40 41 63 64 69 70 210 211 223 297 298 307–310 312 315 316 318 319 327 337–339 342 346 348 349 351–354 357–359 361–373 395 399 400 407–410 413 417 420 421 441 458 459 461–463 482 492–496 513 – 23. Januar 1858. 70 72 75 105–110 210 211 297 299 307–310 312 317 318 320 321 327 338 342 346 348 349 351–355 357 358 361–373 398 399 410 413 421 460 497 500 501 513 – 30. Januar 1858. 299 349 352–354 357 361–373 – 6. Februar 1858. 300 349 352–354 357 361–373 – 13. Februar 1858. 303 349 354 357 361–373 – 20. Februar 1858. 303 304 The Free Press (London) – Wochenblatt; unter diesem Titel von 1855 bis 1865, ab 1858 monatlich. – 23. Dezember 1857. 156–158 – 30. Dezember 1857. 115–117 The Manchester Daily Examiner and Times – Tageszeitung; erschien als The Manchester Examiner and Times von 1848 bis 1855, dann unter diesem Titel von 1855 bis 1874, später von 1874 bis 1894 als The Manchester Examiner and Times. Daily Edition. – 8. Januar 1858. 149 403 404 435 436 448 451–453

666

Literaturregister The Manchester Guardian – Tageszeitung; erschien unter diesem Titel von 1821 bis 1959, seit 1959 als The Guardian. – Von Marx häufig verwendete Rubriken: Commercial Intelligence, The Continent, Markets for Manufactures. – 24. November 1857. 119 – 27. November 1857. 19 120 – 28. November 1857. 120 121 – 1. Dezember 1857. 121–123 – 2. Dezember 1857. 25 38 – 3. Dezember 1857. 122 123 129 – 4. Dezember 1857. 26 27 – 5. Dezember 1857. 126 127 129 130 588 – 7. Dezember 1857. 9 127 130 – 10. Dezember 1857. 275–277 – 12. Dezember 1857. 140 – 14. Dezember 1857. 166 277 278 – 15. Dezember 1857. 140 141 143 – 16. Dezember 1857. 144 176 259 260 279 – 17. Dezember 1857. 143 144 175 260 279–281 – 18. Dezember 1857. 226 227 261 262 281 282 – 19. Dezember 1857. 226 263 281 445 446 – 20. Dezember 1857. 175 – 21. Dezember 1857. 146 163 164 167 168 263–266 282 283 – 23. Dezember 1857. 270–273 – 24. Dezember 1857. 286 287 – 26. Dezember 1857. 211 273 274 – 28. Dezember 1857. 258 274 275 287 288 – 29. Dezember 1857. 258 275 – 6. Januar 1858. 331 344 356 389 390 412–414 434 449 450 – 7. Januar 1858. 149 150 313 343 344 439 440 449 478 479 – 8. Januar 1858. 321 322 344 356 393 434–436 448 450 451 480 481 – 9. Januar 1858. 324 325 344 345 419 437–439 454 478 497–499 – 11. Januar 1858. 322–325 436–438 454 455 457 – 12. Januar 1858. 72 410 411 440 457–459 482–484 – 16. Januar 1858. 347 348 443 444 – 18. Januar 1858. 327 444 445 – 19. Januar 1858. 445 446 – 20. Januar 1858. 327 328 446 447 457 The Manchester Weekly Times – Wochenblatt; erschien als The Manchester Weekly Examiner and Times von 1855 bis 1857, dann unter diesem Titel von 1857 bis 1894. Wochenendausgabe von The Manchester Daily Examiner and Times (1855–1874) bzw. deren Nachfolger The Manchester Examiner and Times. Daily Edition (1874–1894). – 9. Januar 1858. 402 403 453 454 The Morning Herald (London) – Tageszeitung; 1780–1869. – 21. Dezember 1857. 239 – 7. Januar 1858. 455 456 The Morning Star (London) – Tageszeitung; 1856–1869. – Von Marx häufig verwendete Rubriken: City Produce Markets, Foreign News, Markets, Money Market and City News. – 24. November 1857. 18 19

667

Literaturregister – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

1. Dezember 1857. 24 25 2. Dezember 1857. 128 129 3. Dezember 1857. 4 4. Dezember 1857. 4 123 128 8. Dezember 1857. 137 10. Dezember 1857. 9 11. Dezember 1857. 9 139 12. Dezember 1857. 105 180 181 187 191 194 195 212 213 252 14. Dezember 1857. 6 9 174 181 187 194 195 200 203 212 235 236 253 256 257 15. Dezember 1857. 181 183 188 196 201 203 212 221 245 246 16. Dezember 1857. 6 9 181 190 191 194–196 201 203 212 224 236 246 258 17. Dezember 1857. 6 10 181 184 194–196 201 212 224 236 237 246 257 258 18. Dezember 1857. 6 10 182 184 188 192–196 201 202 236 237 246 606 19. Dezember 1857. 175 178 183 184 188 191 194–196 202 213 229 246 260 261 281 20. Dezember 1857. 64 65 21. Dezember 1857. 4 5 64 65 167 194 195 197 198 204 205 207 262 22. Dezember 1857. 64 65 168 187 194 195 198 208 214 222 226 239 267 23. Dezember 1857. 4 5 191 198 208 24. Dezember 1857. 5 147 198 205 206 208 240 25. Dezember 1857. 5 147–149 155 156 191 198 199 203 205 206 214 226 240 26. Dezember 1857. 5 39 147 148 28. Dezember 1857. 5 56 62 63 120 189 222 226 268 269 283 284 29. Dezember 1857. 170 200 246 247 30. Dezember 1857. 191 241 269 334 31. Dezember 1857. 200 285 286 1. Januar 1858. 286 2. Januar 1858. 230 269 270 296 306 308 334 4. Januar 1858. 253 254 288 289 308 313 328 330 335 336 356 384 389 5. Januar 1858. 321 336 344 350 360 384 401 402 434 440 447 448 6. Januar 1858. 321 356 417 7. Januar 1858. 332 337 391 393 438 8. Januar 1858. 331 337 358 391–393 454 491 492 9. Januar 1858. 306 314 315 323 346 358 393 394 403 479 480 11. Januar 1858. 63 64 319 395 398 420 456 12. Januar 1858. 319 395 396 13. Januar 1858. 63 64 320 394 396 440 441 14. Januar 1858. 320 326 396 15. Januar 1858. 63 64 308 320 396 397 441 16. Januar 1858. 306 307 320 397 398 441 442 18. Januar 1858. 63 64 442 443 20. Januar 1858. 65 465

The Observer (London) – Wochenblatt; gegründet 1791. – 6. Dezember 1857. 129 Reynolds’s Newspaper. A Weekly Journal of Politics, History, Literature, and General Intelligence (London) – Wochenblatt; erschien als Reynolds’s Weekly Newspaper von 1850 bis 1851, dann unter diesem Titel von 1851 bis 1923, später als Reynolds’s News von 1923 bis 1924. – 27. Dezember 1857. 284 285 – 3. Januar 1858. 289–291

668

Literaturregister The Standard (London) – Tageszeitung; 1827–1920. – Von Marx häufig verwendete Rubriken: Foreign Intelligence, Monetary and Mercantile Affairs, State of Trade. – 3. Dezember 1857. 46 124 – 5. Dezember 1857. 4 9 26 125 127 – 12. Dezember 1857. 9 129 137 139 141 144 145 180 187 200 – 17. Dezember 1857. 139 144 177 182 184 188 192 – 21. Dezember 1857. 4 5 145 146 173 174 184 188 205 207 214 265–267 – 6. Januar 1858. 150 151 304 305 390 – 7. Januar 1858. 331 332 468 471 The Times (London) – Tageszeitung; gegründet 1785; unter dem angegebenen Titel seit 1788. – Von Marx häufig verwendete Rubriken: Foreign Intelligence, MoneyMarket and City Intelligence, State of Trade. – 12. November 1857. 575 – 18. November 1857. 578 – 24. November 1857. 59 60 – 26. November 1857. 60 61 174 – 30. November 1857. 36 – 3. Dezember 1857. 78 125 126 – 4. Dezember 1857. 42 78 122–125 128 – 5. Dezember 1857. 78 – 7. Dezember 1857. 78 – 8. Dezember 1857. 78 128 131 132 135 136 138 553 – 9. Dezember 1857. 28 42 43 78 137–139 – 11. Dezember 1857. 78 – 12. Dezember 1857. 139 140 172 173 187 200 221 235 – 14. Dezember 1857. 141 142 173–176 181 183 195 254–256 – 15. Dezember 1857. 140 143 175 194 196 246 – 17. Dezember 1857. 177 – 18. Dezember 1857. 39 – 22. Dezember 1857. 146 208 249 – 23. Dezember 1857. 4 43 49 50 51 57 58 147 168 198 199 – 28. Dezember 1857. 168 180 – 30. Dezember 1857. 54 65–67 170 – 1. Januar 1858. 633 – 2. Januar 1858. 148 – 4. Januar 1858. 43–45 55 58 334 414 417 425 426 430–433 448 – 5. Januar 1858. 321 330 331 384 402 404 405 422–430 481 482 The Weekly Dispatch (London) – Wochenblatt; erschien unter diesem Titel von 1801 bis 1928, als The Sunday Dispatch von 1928 bis 1961. – 20. Dezember 1857. 48 49 197 241 – 27. Dezember 1857. 148 209 210

669

Verzeichnis der im Apparat ausgewerteten Quellen und der benutzten Literatur 1. Archivalien a. Manuskripte Marx, Karl: Notizbuch aus den Jahren 1857–1861 (RGASPI. Sign. f. 1. op. 1. d. 5868). Marx, Karl: Notizbuch aus den Jahren 1858–1860 (RGASPI. Sign. f. 1. op. 1. d. 1102).

b. Bibliotheken The British Library, Newspaper Collections, Colindale, London. – The Daily Telegraph. 1857/1858. – The Free Press. 1857/1858. – The Morning Herald. 1857/1858. – The Morning Star. 1857/1858. – Reynolds’s Newspaper. 1857/1858. – The Standard. 1857/1858. – The Weekly Dispatch. 1857/1858. The Manchester City Library, Manchester. – The Manchester Daily Examiner and Times. 1857/1858. – The Manchester Weekly Times. 1857/1858.

c. Digitale Archive The British Library, the British Newspaper Archive. In: http://www.britishnewspaper archive.co.uk/ The British Library, Main Catalogue. In: http://explore.bl.uk/primo library/libweb/action/ search.do?vid=BLVU1 The Economist Historical Archive 1843–2010. The Guardian and Observer Digital Archive. The National Archives. In: http://www.nationalarchives.gov.uk/ The Peninsular and Oriental Steam Navigation Company, P&O Heritage, Archive. In: http://www.poheritage.com/our-archive.

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Verzeichnis der im Apparat ausgewerteten Quellen Railscot: A History of Britain’s Railways. In: https://www.railscot.co.uk/ The Times Digital Archive 1785–1985.

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