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some five and twenty

Le 10 septembre 2018, 10:44 dans Humeurs 0

  The present version of M. Zola's novel 'L'Argent' supplies one of the missing links in the English translations of the Rougon-Macquart series which the author initiated some five and twenty years ago, and brought to a close last summer by the publication of 'Doctor pascal.' Judged by the standard of popularity, 'L'Argent' may be said to rank among M. Zola's notable achievements, for not only has it had an extremely large sale in the original French, but the translations of it into various Continental languages have proved remarkably successful. This is not surprising, as the book deals with a subject of great interest to every civilized community. And with regard to this English version, it may, I think, be safely said that its publication is well timed, for the rottenness of our financial world has become such a crying scandal, and the inefficiency of our company laws has been so fully demonstrated, that the absolute urgency of reform can no longer be denied.

  A work, therefore, which exposes the evils of 'speculation,' which shows the company promoter on the war-path, and the 'guinea-pig' basking at his ease, which demonstrates how the public is fooled and ruined by the brigands of Finance, is evidently a work for the times, even though it deal with the paris Bourse instead of with the London market. For the ways of the speculator, the promoter, the wrecker, the defaulter, the reptile journalist, and the victim, are much the same all the world over; and it matters little whence the example may be drawn, the warning will apply with as much force in England as in France.

  The time for prating of the purity of our public life, and for thanking the Divinity that in financial as in other matters we are not as other men, has gone by. When disasters like that of the Liberator group are possible, when examples of financial unsoundness are matters of every-day occurrence, when the very name of 'trust company' opens up visions of incapacity, deceit, and fraud, it is quite certain that things are ripe for stringent inquiry and reform.

  Of course the cleansing of the Augean stable of finance in this country will prove a Herculean labour; but although callous Governments and legislators may postpone and shirk it, the task remains before them, ever threatening, ever calling for attention, and each day's delay in dealing with it only adds to the evil. We are overrun with rotten limited liability companies, flooded with swindling 'bucket-shops,' crashes and collapses rain upon us, and the 'promoter' and the 'guinea-pig' still and ever enjoy impunity. It more and more impossible to burke the issue. It stares us in the face. Even if the various measures of and social reform, about which we have heard so much of recent years, should yield all that their partisans declare they will, it is doubtful whether there would be much national improvement. For the rottenness of our social system must still remain the same; the fabric must still repose upon as unsound a basis as it does now if the brigands of Finance remain free to plunder the community and to pave their way to ephemeral wealth and splendour with the bodies of the thrifty and the credulous.

  One may well ask why this freedom should be allowed them. The man in the street who wishes to lay odds against the favourite for the Derby is promptly mulcted in pocket or consigned to limbo, but the promoter of the swindling company, and the keeper of the swindling 'bucket-shop,' who deliberately defraud other people of their money, are at liberty to ply their nefarious callings with no worse fate before them than a short suspension of their discharge should they choose to close their books with the aid of the Bankruptcy Court. There cannot be two moralities, although a distinguished Frenchman, the[pg ix] late M. Nisard, once tried to demonstrate that there were, and was laughed to scorn for his pains. We know that there is but one true morality—the same for the rich as for the poor, the same for the legislator as for the elector, the same for the defaulter who dabbles in millions as for the welsher who sneaks half-crowns. And it should be borne in mind that the harm done to the community at large by the thousands of bookmakers disseminated throughout the United Kingdom is as nothing beside that which is done by the half thousand financial brigands who infest the one city of London. It may, I think, be safely said that more people were absolutely ruined by the crash of the Liberator group than by all the betting on English over a period of many years.

  There have been, I believe, over 2,200 applicants for relief to the fund which has been raised for the benefit of the sufferers of so-called philanthropic Finance, and among the number it appears there are nearly 1,400 single women and widows. Some of the victims have committed suicide, others have gone mad. Thousands, who are too proud to beg, find themselves either starving or in sadly straitened circumstances, with nothing but a pittance left them of their former little comforts. This is a specimen of the work done by the brigand of Finance.

  Of course there are reforms urgently needed in the very organisation of the Stock E; and reforms needed with regard to the conditions under which public companies may be launched. Why should men be allowed to ask the public to subscribe millions of money for the purchase of properties which are valueless? Why, moreover, should directors be allowed to proceed to 'allotment,' when but a tithe of the shares placed on the market have been taken up? And surely the time has come for the proper of accounts under Government supervision. The neglectful auditor and the fraudulent promoter are as much in need of abolition as the ornamental 'guinea-pig.' And such abolition, and the enforcement of many reforms, might be secured by a self-supporting Ministry of Commercial Finance. Some[pg x] institution of the kind will doubtless be founded in time to come; and, meanwhile, if all that is told us of the purity of our public life be true, I fail to see why a series of measures directed against the brigands of Finance should not promptly receive the assent of both Houses of parliament and become law. Surely no member of the Lords or the Commons would dare to stand up and plead the cause of the negligent director who imperils the safety of other people's money? Surely not one of our legislators would dare to take the fraudulent promoter and the rogue of the 'bucket-shop' under his protecting wing? And, as such measures must of necessity be non-contentious, why do not some of our social reformers initiate them, instead of for ever and ever harping upon 'Bills' which are not likely to be included in the Statute-book for another score of years?

  I am not against public companies. Let us have them; let us have as many good ones as we can get, but let them be honestly founded and honestly administered. It is through the multiplicity of public companies that we may eventually attain to Collectivism, which so many great thinkers of the age deem to be the future towards which the world is slowly but surely marching. And when that comes, perhaps, as Sigismond Busch, one of M. Zola's characters, foreshadows in the following pages, we shall have some other means of exchange than money—the metallic money of the present day. Sigismond Busch is a Karl Marxite, a believer in the universal fraternity of humanity, a fraternity which he regretfully admits is still far away from us. Of a very different stamp to him is M. Zola's hero—if hero he can be called—Saccard, the scheming financier, the sanguine promoter and manager of the Universal Bank, the poet of money, the apostle of gambling, ever intent on gigantic enterprises, believing that the passion for gain should be fostered rather than discouraged, and that in order to set society on a proper basis it is necessary to destroy the financial power of the Jews.

  Saccard is one of M. Zola's favourite creations. After figuring in the 'Fortune des Rougon,' he played a prominent[pg xi] part in 'La Curée;' and he is further alluded to in 'Doctor pascal,' Clotilde, the heroine of that work, being his daughter. Certainly Saccard, the worshipper of Mammon, the man to whom money is everything in life, is a true type of our fin-de-siècle society. It has often occurred to me that in sketching this daring and unscrupulous financier M. Zola must have bethought himself of Mirès, whose name is so closely linked to the history of Second Empire finance. Mirès, however, was a Jew, whereas Saccard is a Jew-hater, and outwardly, at all events, a zealous Roman Catholic. In this respect he reminds one of Bontoux, of union Générale notoriety, just as Hamelin the engineer reminds one of Feder, Bontoux's associate. Indeed, the history of M. Zola's Universal Bank is much the history of the union Générale. The latter was solemnly blessed by the pope, and in a like way M. Zola shows us the Universal receiving the papal benediction. Moreover, the secret object of the union Générale was to undermine the financial power of the Jews, and in the novel we find a similar purpose ascribed to Saccard's Bank. The union, we know, was eventually crushed by the great Israelite financiers, and this again is the fate which overtakes the institution whose meteor-like career is traced in the pages of 'L'Argent.'

  There is a strong Jewish element in this story, and here and there some very unpleasant things are said of the chosen people. It should be remembered, however, that these remarks are the remarks of M. Zola's characters and not of M. Zola himself. He had to portray certain Jew-haters, and has simply put into their mouths the words which they are constantly using. This statement is not unnecessary, for M. Zola counts many friends and admirers among writers and readers of the Jewish persuasion, and some of them might conceive the language in which their race is spoken of to be expressive of the author's personal opinions. But such is not the case. M. Zola is remarkably free from racial and religious prejudices. And, after all, I do not think that any Hebrew reader can take exception to the portrait of Gundermann, the great Jew financier, the King of the Money Market,[pg xii] who in a calm methodical way brings about the ruin of Saccard and Hamelin. Gundermann, moreover, really existed and may be readily identified.

increased the funding

Le 17 août 2017, 07:14 dans Humeurs 0

  The central bank increased the funding

  On August 20th, although the tax period disturbance has subsided, the central bank continued to carry out reverse repurchase operations, and the funding has increased. According to industry insiders, with the release of local debt, the impact of government bond payments on liquidity may become one of the main disturbances to liquidity in the future. It is expected that the central bank will flexibly implement monetary policy operations to stabilize currency market fluctuations and maintain The liquidity is reasonably abundant.

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  The central bank continuously launched net delivery

  On the 20th, the central bank launched a 12-day reverse repurchase operation of 120 billion yuan, and the winning bid rate was steady at 2.55%, all of which achieved net delivery.

  Since August 16th, the central bank has carried out reverse repurchase operations for three consecutive days. As no central bank liquidity instruments expired in the same period, all of them achieved net delivery. In addition, the central bank launched a 383 billion yuan one-year MLF operation on August 15, and after the expiration of the MLF, the incremental medium-term liquidity was 46.5 billion yuan. Therefore, from the perspective of open market operations, the central bank has implemented a net fund for 4 consecutive days. prior to this, from July 24 to August 14, the central bank suspended the open market operation for 16 consecutive days.

  In the second half of August, the central bank restarted the funding, which stemmed from the tight margin of funds. Since last week, the liquidity of the money market has converged, and the market interest rate has rebounded from the low level since 2015. Last week, the representative interbank deposit-type institution's 7-day bond repo rate DR007 rose from 2.31% to 2.65%, up more than 30Bp, and ended the upside down with the central bank's 7-day reverse repo operating rate; overnight repo rate DR001 also rebounded from 1.82% to 2.58%, and the uplink exceeded 70Bp.

  Market participants said that last week was at the peak of the August tax period, and the factors such as tax period, government bond issuance, routine payment, and MLF expiration exerted a superimposed influence on the funds. The announcements of the central bank transactions on August 16 and 17 all mentioned that the reverse repurchase operation was to influence the factors such as the peak of the hedging tax period and the payment of government bond issuance, and to maintain a reasonable and sufficient liquidity in the banking system Blood in the urine.

  Government bond issuance payment disturbance

  Entering this week, the impact of the tax period has basically subsided, but the money market interest rate has not stopped the upward trend, and the central bank's capital investment has further increased. In recent days, the volume of reverse repo transactions of the central bank has increased day by day, and the trading volume yesterday (August 20) hit a one-month high.

  Yesterday, the central bank's trading announcement did not mention the tax factor, but only said that the reverse repurchase operation was "influenced by factors such as the issuance of government bonds." According to industry insiders, the government's bond issuance payment has a persistent disturbance to liquidity, and fiscal revenue and expenditure may become one of the main disturbances facing liquidity supply and demand in the future.

  With the release of local debt, the government bond issuance payment has become a disturbance to the liquidity. It is understood that government bond issuance payment is the process of funds flowing from the banking system to the state treasury (the central bank manager treasury), and will temporarily form a liquidity recovery before the bond funds are redeployed.

  It is widely expected in the industry that August and September will usher in a centralized issuance period of local bonds, and the monthly circulation may even exceed one trillion yuan. According to Wind data, last week's local bond issuance once again exceeded 200 billion yuan to 20,900.5 million yuan, second only to the week of July 9 to 15, the second highest weekly circulation since the beginning of the year. The latest statistics show that the circulation of local debt plans this week has reached 279.907 billion yuan, which is expected to hit a new high in the weekly issuance of local bonds this year. For some time to come, the impact of government bond issuance on short-term liquidity may increase further.

  In order to maintain the stability of the money market and the reasonable liquidity, whether the central bank will carry out corresponding hedging operations will become a market point of view. Tianfeng Securities Research reported that the issuance of local bonds will cause pressure on the whole market. On the other hand, because its issuance relies heavily on the ability and willingness of commercial banks to allocate, it is necessary to provide commercial banks with further liquidity support and loosening. From the historical point of view, in the process of large-scale issuance of local bonds, it is true that liquidity has remained plentiful, and interest rates are generally in the downtrend channel.

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