The Commercial Crisis, 1847-1848: Being Facts and Figures Illustrative of the Events of that Important Period Considered in Relation to the Three Epochs of the Railway Mania, the Food and Money Panic and the French Revolution. To which is Added an Appendix... |
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acceptances advances Amiens amount Amsterdam Antwerp April assets assignees balance balance-sheet Bank of Calcutta Bank of England Bank of Liverpool Bankers bankrupts bills receivable Boulogne Brothers bullion capital cash cent claims Cockerell companies Consols Corn Trade Crake creditors of Messrs debts Deduct demand deposits discount Ditto dividend dull market East India Trade estimated Exchequer Bills failures firm firmer Glasgow Gurney hand Harman Highest Price indigo January July June Lackersteen Larpent liabilities on bills liquidation Liverpool London losses lower prices Manchester market dull Marseilles Mauritius meeting Merchants Midland Money Dealers month November October paid panic Paris parties partners payment period pound Price Low Price Price 31st railway mania realized Rouen Russia September shares speculation Spinners Statement of affairs steady Stock Exchange sugar sundry creditors sundry debtors surplus suspension Trueman and Cook Union Bank Vide Statement week West India دو دو
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Page 9 - Kingdom, a foreign or a colonial possession, it mattered not — the name, the locality were alone wanting to usher before the world, the desirableness of the enterprise. " London was to be tunnelled, that the train might pass under her mighty heart ; and colonnades were to be formed in the air, that the engine might pass over the path of the pedestrian." St. Kitt's, described in the
Page 2 - The history of the railway mania of 1845," says Francis, in his History of the Bank of England, "is not the least remarkable among those delusions which from time to time arise to throw aside legitimate trade and paralyse national commerce. From 1842 discounts had been easy and money plentiful, the funds maintained a high rate; low interest only could be obtained. In 1844, it was remarked that there had been a larger continuance of a plentiful supply of money than had occured in the memory of the...
Page 88 - That this Court do accede to the recommendation contained in the letter from the First Lord of the Treasury and the Chancellor of the Exchequer...
Page 54 - East, and exaggerated expectations of enlarged trade, have been stated by some of the witnesses as having contributed to the same result. " Your Committee see no reason to doubt that these causes have, in different degrees in different parts of the country, produced the effect thus ascribed to them. " For the further development of the views entertained on these various points by the gentlemen whom they have examined, they must refer to the evidence. " With regard to some of the circumstances above...
Page 88 - Bills, and other approved securities, in sums of not less than 2,000?., and for periods to be fixed by the Governors, at the rate of 8 per cent, per annum.
Page 87 - Her Majesty's Government will be prepared to propose to Parliament on its meeting, a Bill of Indemnity. They will rely upon the discretion of the Directors to reduce as soon as possible the amount of their notes, if any extraordinary issues should take place, within the limits prescribed by law. Her Majesty's Government are of opinion that any extra profit derived from this measure should be carried to the account of the public, but the precise mode of doing so must be left to future arrangement.
Page 81 - Exchequer, alluding to the course of the East India trade, said, in his speech of 30th November, 1847, — " He had ascertained the system on which the trade with India had been carried on. It appeared to be carried on less with a view to profit and loss than as a mode of raising money, by the creation of bills. Persons were drawn upon at nine or ten months, and the bills sent home to be discounted by the produce-broker and then by the bankers, and these practices, though not new, had been carried...
Page 10 - ... were resorted to, and then frequently insertions were delayed. It has been estimated that the receipts of the leading journals averaged at one period £12,000 and £14,000 per week from this source. The railway papers on some occasions contained advertisements that must have netted from £700 to £800 each publication. The printer, the lithographer, and the stationer, with the preparation of prospectuses, the execution of maps, and the supply of other requisites, also made a considerable harvest....
Page 87 - Her Majesty's government are of opinion that any extra profit derived from this measure should be carried to the account of the public, but the precise mode of doing so must be left to future arrangement. ' Her Majesty's government are not insensible...
Page 102 - Her Majesty's Government have watched with the deepest interest the gradual revival of confidence in the commercial classes of the country. " They have the satisfaction of believing that the course adopted by the Bank of England, on their recommendation, has contributed to produce this result, whilst it has led to no infringement of the law. " It appears from the accounts which you have transmitted to us, that the Reserve of the Bank of England has been for some time steadily increasing, and now...