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Title: Marx to Collet Dobson Collet, London, 19 November 1868
Description: Marx sends Collet extracts from the Money Market Review on the success in London of the Russian loan of 1866, and a pamphlet by Gerstenberg, whom he believes to be an agent of the Barings.
Author: Karl Marx
Date: 1868-11-19
URL: https://marxismo.school/archivo/marx-engels/cartas/originales/1868-11-19%20Marx%20to%20Collet%20Dobson%20Collet
---


*Letter from Karl Marx to Collet Dobson Collet, in London, written in London on 19 November 1868. The manuscript is privately owned. Text from the copy of the manuscript in the RGASPI (Moscow), as given by [MEGAdigital](https://megadigital.bbaw.de/briefe/detail.xql?id=M0004870) (MEGA² III/15, letter no. 345a), Berlin-Brandenburgische Akademie der Wissenschaften, CC BY-SA 4.0, without the editors’ apparatus. [Traducción al español](https://marxismo.school/archivo/marx-engels/cartas/1868-11-19%20Marx%20a%20Collet%20Dobson%20Collet)*

London. 19 Nov. 1868.

My dear Sir,

I send you now extracts relating to the Russian Loan hinted at in a former letter. The “*Money Market Review”* simply reflects the mind of the Money Market.

Yours Truly

K. Marx

“*The Russian Anglo-Dutch Five P.Ct. Loan for £6,000,000.*”

“It is said that English applications alone for this loan amount to between 20 and 30 millions.... there is no doubt that a very large amount of British Capital has been offered for this investment.”

(*‘Money Market Review’. N. 24, 1866*)

“So complete and unreasoning is the distrust of the public, that a multitude of sound investments are left in utter neglect, though at greatly depressed prices.”

(*“Money Market Review”. City Article. Nv. 24, ’66*) “*The Stock Markets.*”

“Holders of money are afraid—afraid, at least, of all the old channels of investment, and capital is only to be tempted for the moment by the invitation of some new Foreign or colonial loan. Of this *the enormous application for the Russian*, and the marked success of the New Zealand etc loans are proofs. … Doubtless several needy Governments will not delay following in the wake of the Russian. It is a gain, at all events, that there is at length some renewal of investment.” (*“Money Market Review”. 1 Dec. ’66*)

“On Monday (3 Dec.) the letters of allotment of the new Russian Loan were issued (by *Baring*) … The price ruled between 1⅛ to 1¼ premium. A large amount of the stock has been paid up in full for transmission abroad.”

(*‘Money Market Review’. 8 Dec. 1866*)

*P. S.* I send you by bookpost a little pamphlet by Gerstenberg, a German Jew and London Stockbroker. This same Gerstenberg wanted Lord Stanley to interfere on behalf of the British Venezuela bondholders against the Venezuelan Government.

The margin exclamations and so forth I am not responsible for. They belong to my eccentric friend, Mr. Borkheim, wine merchant in the City. He believes that Gerstenberg acts under the secret instructions of the Barings.