THE
PA LL MA LL G A Z ET T E
N° 260 – Vol. 84
DISCOVERY
OF IRREGULARITIES IN THE
BANKS OF THE CONTINENT
MADRID, SEPTEMBER 15
The assets of the Nuevo Banco de Madère, a bank
equivalent to the Bank of Spain, have been frozen by
the Minister of Finance. This announcement caused
surprise, as the bank appeared to be in perfect
health. However, this action was taken after the
discovery of astronomical expenses undertaken by the
bank, expenses that its gold reserve isn’t enough to
cover. Villaverde, the finance minister, has promptly
reassured the business world by declaring that the
banking system is in excellent condition, and that this
was only an isolated case. He also declared that there
were no links between the stumble of this bank and
the recently instituted policy of paying the interests of
colonial debts in pesetas, and not in gold, as with all
of the country’s other internal debts.
(FROM OUR CORRESPONDENT)
The French banking system has been shocked to
learn the possible bankruptcy of the Crédit Général
de Paris, a renowned society for which we suspected
no problems. A routine audit has revealed that they
have been regularly over-valued for a long period of
time, causing the temporary closure of the bank. The
actual gold reserve turned out to be much lower than
the minimum required by law.
Unlike England where checks are commonly used,
the French businessman uses bank bills. There is at
the moment little information about the extent of the
problem, or the availability of the bank’s assets.
STATISTICS OF MURDERS IN EUROPE
These statistics, gathered by the Almanac of the
World, put the Italians in first place, with 2470
murders in Italy, which is 29.4 deaths per ten thousand.
Then come the Spaniards with a ratio of 7.1. These
European numbers are only applied to murders and
do not include, unlike the United States, the deaths
by involuntary manslaughter.
CHINA
The Shangai Daily News reports that the American
and French missions in Ho-chau, about 50 miles away
from Chung-king, have been attacked and burned to
ashes.
THE ASSASSINATION
OF THE AUSTRIAN EMPRESS
Our special correspondent in Geneva was able
to see Lucchini the assassin yesterday at the
Courthouse, and was able to observe that he didn’t
have the look of a hardened criminal. The theory of
accomplices, while not very probable, is not being
discounted. There was clearly no preparation. The
idea of assassinating the empress was inspired by
the disappearance of Henry of Orleans. Lucchini
himself has declared that he did not have any
accomplices. The body of the Empress will be
returned to Vienna during the day.
The Russian and German newspapers are calling
for the adoption of severe international measures
against the anarchists.
SH_C3_Journal_06_EN.indd 1
Evening Edition
Friday September 16th 1898
OBITUARIES
SIR WILFRED MARJORIBANKS, M.P.
We have the regret to announce the death of SIR
WILFRED MARJORIBANKS. He was found dead
yesterday of a heart attack, in the apartments of
the Cosmopolitan Hotel, the usual residence of Sir
Wilfred during his visits in the capital. Sir Wilfred, 52
years old, had been an eminent Member of Parliament
(Manchester) since 1880.
Born on July 2nd 1845, he was the second son of Edward
Marjoribanks of Manchester. An Oxford graduate, he
joined his father and his brother at the Coutts Bank,
founded by his grandfather Dudley C. Marjoribanks. Sir
Wilfred was respected in government circles, as much for
his devotion and his integrity as for his keen knowledge
of the banking and financial industry. While he was a
member of the Conservative party and an ardent defender
of Balfour, he had many supporters in Parliament, and
many saw him as a future successor to the treasurer.
Sir Wilfred was a bachelor whose social life was often
abandoned in favour of his work, with the exception of
his many suppers at the Carleton Club. He was known
for his skilled use of the language. While a businessman
wanted to buy a parcel of land in the middle of a
neighbourhood which his family owned, he declared
“Might as well kill a sheep to have a rib.” If he failed to
get his viewpoint across to a visitor, he’d declare to his
secretary, once the visitor had gone: “What good to talk
to that man? It’s like putting ointment on a peg leg.”
The funeral will take place in Manchester this Sunday,
after the examination of the body by the coroner.
MR DANIEL SYDNEY APPLETON, a renowned
member of D. Appleton and Company publishers, died
shortly before 10 yesterday morning in his residence at
3 University Place, New York. He had been in a critical
state ever since he had suffered an apoplexy attack
last Sunday.
CAPTAIN MATTHEW LIDDON (brother of the
departed Canon Liddon), of Gloucestershire, died
yesterday morning.
The COUNT OF DESART died Thursday on his yacht
in Falmouth after a week of illness. Lord Desart,
author of many short stories, was aged 54.
Sincere condolences were expressed in Dublin, notably
by the members of the bar, following the announcement
of the death of MR JUSTICE O’HAGAN, which took
place Wednesday in his Howth residence. Suffering
from illness for some time, he had to resign from his
post as President of the Territorial Commission. The
general consensus holds that he was a quality lawyer,
well-spoken, an honest judge, and a gentleman of
good company.
FRANCE
Suicide of a rich industrialist: Dubois Enterprises are
now orphaned following the suicide of its leader, Jacques
Dubois. The financial crisis has once again struck all
layers of society.
SINCE 1890
Dear sir: – We live in a period of universal scepticism
towards the economic doctrines of the past. The
principle of independence of companies has been
broken. The right to private property is eroding away.
Each plan, as new, audacious, and progressive as
Price: One penny
it may be, must be examined by the standard of its
benefits. The older bywords have lost their definitive
character. History has shown us that the collapse of
the religious belief system spawns the appearance of
fanatics and false prophets. It seems to me that the
collapse of economic policy will probably spawn the
appearance of a swarm of charlatans. Let us beware
the Salvation Army in politics.
With all my respect,
On September 4th 1898 GEORGE J. GOSCHEN
THE MONARCHY NO LONGER
HAS A PLACE IN
THE TWENTIETH CENTURY
BY MARVIN PEMBERTON, M.P.
While the recent assassination, violent and absurd, of
the Austrian empress should be deplored, it is necessary
to understand why this action seemed imperative,
and even honourable to the eyes of the oppressed.
These feelings of hate above all come from their poor
condition. And their actions stem from the disdain of
the Royal Family and the ruling class against them.
At the dawn of this new century, it’s time for England
to bring its political system into the modern age.
As with the sciences and the arts, the government
must evolve. It is time to discard this anachronistic
monarchic tradition, a tradition too long sustained by
the blood and the sweat of the poor of this country.
While Queen Victoria has shown herself to be up to
that role, her descendants do not seem to show the
same aptitude. The Prince of Wales shows a shocking
lack of wisdom and common sense. And that’s nothing
when compared to the scandalous attitude of the rest
of the members of the Royal Family.
We reiterate our demand to put an end to the British
monarchy. The riches of this nation, in the hands of
that Hanoverian family for too long, must come back
to the people.
The People must be heard!
NEW SHIPPING OFFICE
OPENS IN GREECE
Jardine, Matheson & Co. has announced the opening
of a new office in Nicopolis, on the western coast of
Greece. This will reduce the travel time from Piraeus
by a day, which was until now the only port served by
the company.
Even if most of the profits generated by this line are
expected to be from conveying goods, passage to and
from Nicopolis will also be open to the public.
The north-west territories of Greece are rich in raw
materials which had previously been difficult to
transport via the roads crossing the Pindus mountains.
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PA LL MA LL G A Z ET T E
A THOUSAND EXTRA
MOUTHS EACH DAY
Dear Sir – It is totally possible to feel empathy for
those who know misery, without actually encouraging
laziness or vice.
However, there are men who, swept up by their hate
for crooks, forget that by condemning wholeheartedly
all form of charity, they risk leading an honest man
to despair, and turning these same honest men into
these bandits they do not want to meet. These men
play the game of the Socialists and of the Anarchists,
the only ones who have a special interest in seeing
misery and famine increase in our streets.
Sincerely,
On September 4th 1898 Lord Meath
OF THE PERSISTENCE
OF SMOKE
To the Head Editor
Sir, for the entire summer, I have been, as has
probably every London resident, bothered by the
abominable fog persisting over our city. Therefore,
allow me to express myself on the topic.
Many years ago, for the good of my library, my
furniture, and a large collection of watercolours
of which I’m the lucky owner, I chose my current
residence with care, in the hope of being able to
profit from the purest and freshest air one could
have in this overpopulated city; these past few
months, however, notably when the winds blow
from the south or the east, it has been impossible
for me, despite the smothering heat, to open
my windows without being invaded by a smoke
blackened with soot and reeking of pestilential
odours. It’s no less than six chimneys which are
present in the Whitefriars area to the east, and
easily double that on the other side of the river to
the south, giving out that fog to which is added
the emanations of the tugs and of the steam ships
which pass at all hours of the day.
I’ve alerted the relevant sanitary authorities quite a
long time ago about this nuisance, but in vain. Last
July, the London Corporation received a complaint
from the honourable society of the Inner Temple
about the ‘serious and increasing nuisances caused
by the smoke emanating from the printers and other
factories in Whitefriars, as well as the steam ships
passing in front of the Temple’s gardens.’ The next
day, Sir J.B. Monckton answered:
“And as to concerns to the nuisances caused
by navigation, I must point to the exceptional
circumstances due to the Welsh Coal Miners strike.
The Port of London Hygiene Committee is doing all it
can to treat the subject efficiently and hand out fines
to offenders, if such case occurs.”
This answer brought us little satisfaction. I am
not aware of the means used by the Hygiene
Committee. All I can say, is that these nuisances
continue day after day, ever more strongly. I’ve
been able to see that the measures taken to treat
similar problems in the western neighbourhoods
have only brought small results.
Your devoted,
32, Tudor Street, EC J.R.BULWER
SH_C3_Journal_06_EN.indd 2
THE
Evening Edition
RODOLFO LIOPIS
THE GREAT SPANISH BANDIT
RESPONSIBLE FOR THE BANKRUPTCY
OF EUROPEAN BANKS
The troubles, reported in this pages, of the Crédit
Général de Paris and of the Nuevo Banco de Madère
are due to a Machiavellian plan conceived of and
executed by a continental underworld organisation.
This plan, of international reach, which consists of
looting the gold reserves of the banks, has come from
the mind of Rodolfo Liopis, a Spanish criminal, who
is wanted by the police on both sides of the Channel.
Liopis has a thick police file in Spain and is known to be
an acquaintance of other criminals in Europe, notably
in France. The Spanish authorities believe that Liopis
has left the country, but have given no clarification
as to his possible location. The French authorities
are also searching for him, and have announced their
desire to extradite him if he is ever captured.
CAVEAT EMPTOR – HAZARDOUS
INVESTMENTSIN MINING COMPANIES
The recent bankruptcy of many mining companies in
South Africa, notably among them several with ties
to the London and Globe insurance company, have
raised the question of the necessity of extra protective
measures for investors. Those investors, quick to
proclaim that the protection against fraud is minimal,
tend to forget a significant detail: most of the time, it’s
their rapaciousness and their lack of rational analysis
which have led them to their loss.
It’s good to keep in mind the temporary nature of a
mining concession. When the vein is exhausted, the
company must fold or relocate to another place. One
should add to the risks usually linked to the exploitation
of a business, the fact that most of the veins of mineral
are quite often unable to be exploited, and that those
which are exploitable often reveal themselves to be only
slightly profitable.
Moreover, the extraction of minerals is subject to many
interruptions and extra expenses due to explosions,
fires, floods, and the collapse of caverns.
With all of this in mind, it’s easy to understand that
to insure the profits linked to the setup of a mining
concession, it’s needed to create an amortisation fund
for the duration of the mine’s exploitation; and if the
plan is to continue the exploitation in other places,
a second amortisation fund must be created for the
purchase, the development, and the equipment of the
new sites destined to replace the exhausted ones.
If, for example, we suppose that the lifespan of a
mine is ten years, and the interest rate is 5%, then the
exploitation must bring in 13% annually – meaning 5%
of interests and 8% for the constitution of the fund. To
cover the risks specific to this exploitation, the capital
must have a more important interest than with a normal
company, and if we suppose that the reserve fund is
composed normally, the calculation of the cushion must
be based on a low estimation of 5%.
These simple principles of business management
aren’t generally known by most investors, and mining
companies, of which the aptitude for gain are known,
are very often offered on the stock market at prices
which cannot offer the investor a chance to make a
profit from their investment.
HOT AIR BALLOON ASCENSION
The Press Association has been informed that Mr
Stanley Spencer and Dr Berson have reached an
altitude of 26000 feet aboard a balloon filled with pure
hydrogen. Many scientific instruments, among which
an aneroid barometer, have been brought on board.
This feat far outclasses the ascensions performed in St
Petersburg, Moscow, or Berlin. The atmosphere was
clear, and the coast visible. At that altitude, air is so
rare that the explorers must breathe with the assistance
of compressed oxygen in bottles.
LAKE TANGANYIKA – The Reuters agency has
received a telegram indicating that the two members of
a scientific expedition, M. de Wind, a Belgian geologist,
and Mr Taysney, a British explorer, were found drowned
in Lake Tanganyika, their vessel having capsized.
PORTUGAL AND ZAMBEZI – The royal decree on the
subject of free navigation on the rivers of Zambezi and
Shire will be promulgated this week after a preamble
explaining the motives concerning this decision.
LONDON – COVENT GARDEN THEATRE – Musical
show tonight at 8 o’clock.
MISS LILY LONGTREE in her grand show of lyrical
theatre. Every evening at 8 at the Covent Garden
Theatre.
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