We must, however, reckon also with unfavorable conditions in German trade and industry. Differences of many billions of marks are also found in examining the several items. Appeared also as reprint.
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More translations in the English- Hungarian dictionary. Dictionary Conjugation Phrases Games More by bab. Die Antwort lautet also Diversifizierung und nicht Bindung an einen einzigen Partner, so bedeutend er auch sein mag. Zwischen Chancengleichheit und Gesundheit besteht ein klarer Zusammenhang.
Wir wollen diese konstruktive strategische Beziehung und Partnerschaft zu China. Und das ist ein Begleiter, das ist eine Beziehung , die nie austrocknet. Diese unausgewogene Relation kann nur die Zahl der Streitfälle erhöhen. Insbesondere interessiert mich das Verhältnis zum zukünftigen finanziellen Selbst. Die 21 Arten sind in dieser Phylogenie dargestellt, in diesem Evolutionsbaum, der ihre genetische Verwandtschaft darstellt, und ich habe die Radnetzspinnen gelb gefärbt.
Mit einem Doppelklick auf eine Verbindungslinie können Sie der Relation bestimmte Eigenschaften zuweisen. Hinsichtlich der Schwellenfrist oder der Einbeziehung von Angehörigen von Drittländern geht er beispielsweise sogar weiter als der Standpunkt des Parlaments in Erster Lesung.
Wir sind alle Immigranten, wenn nicht in eigener Person, so doch in der Person eines Angehörigen oder Vorfahren. Der europäische Westen wäre heute immer noch nichts, wenn er sich nicht lange Jahrhunderte als Nachkömmling und " armer Verwandter " des reichen und zivilisierten Orients hätte entwickeln können. Die Staatsangehörigkeit natürlicher Personen im Zusammenhang mit der Staatennachfolge. Diese Spalte gibt die Häufigkeit in Prozent an, mit der Ihre Anzeige im Vergleich zu den anderen aktiven Anzeigen in derselben Anzeigengruppe geschaltet wurde.
Diese Beihilfen sind jedoch noch viel zu bescheiden im Vergleich zu dem tatsächlichen Bedarf. Korruption gibt es im Verhältnis zu Amtsträgern wie unter Privaten. This sum certainly did not include the profit on issues, such as Plenge mentions loc. Bankkontrollen, in the Deutsche Monatsschrift fur das gesamte Leben der Gegenwart ed. October, , pp. Der Pariser Credit Mobilier von In criticizing this description and criticism it seems to me that Plenge V II, and 17 is rather too severe. Section 10 as well as sections 8, 11, 12, 16, 17, 18, 19, 21, 23, 30, 32, 36, and 40 were formulated somewhat differently b y resolution of the general meeting of M ay 31, i This is expressly referred to in the following passage of the programlike business report of the Darmstadter Bank for reprinted above, p.
See especially article 5 of the statutes of the Credit Mobilier. In i the entire wording of section 10 was partly changed and partly supplemented.
M ax Wirth, loc. Business report for program , pp. Others were planned in St. Petersburg, London, Constantinople, Smyrna, and Prague. For details see p. On one occasion, it is true , the Darmstadter Bank was induced to make long-term advances amounting to 4,, florins to industrial concerns and railways, sustaining great losses thereby. In this case, however, it obtained securities the value of which fell to an extent not anticipated, and it was unable to obtain supplementary security.
See Model, Die grossen Berliner Effektenbanken— ed. Fischer, Jena, , pp. See the interesting report: The dividends which the Darmstadter Bank and the DiscontoGesellschaft distributed during have been compiled in a table by Ad.
For the period from April 1, , to December 31, , 9. The current business of the Darmstadter Bank yielded, in , 8 per cent of the total profit of 15 per cent. O f the other banks Model only mentions the Berliner Handelsgesellschaft. I profit by the opportunity to express m y best thanks to these banks for supplying me with their business reports for the earlier period, of which reports in most cases only few copies are in existence, and these in some instances only in manuscript form.
The deposits, which rose to 7,, marks in as against 2,, in fell in to 4,, marks and in as low as the amount given above 2,, marks. Louis Monetary Commission as high as 64,, marks without, however, being able to maintain that level during the following years. On this point the board of directors remarks in its business report for , page 1: From onward only the total sums are given, the number of accounts being omitted.
No details can be found for the earlier years. In the average debit on current account was 6, thalers and the average credit account, 5, thalers. As far as balancing the accounts is concerned, section 57 of the statutes deserves special attention. This is shown in the business report of i, page 2. One noteworthy fact disclosed b y the business reports of the bank is that during the whole of the first period a 10 per cent share in the net profits was paid to its founders. Another circumstance worth recording is that at the ordinary general meeting held in i a shareholder expressed the desire that p.
For the other reductions and increases, see the Jubilee Business Report of the Mitteldeutsche Credit-Bank for , page 2. Syndicates of private bankers existed earlier. Nevertheless the business report of the Darmstadter Bank as early as pp. See, for example, the business report of the Darmstadter Bank for , page 6: Especially through the crises of , , and Law relating to the coining of imperial gold coins, December 4, ; coinage law of July 9, , with additions of July 9, , January 6, , and June 1, ; law relating to the issue of imperial treasury notes of April 30, ; supplementary law of June 5, section relating to mark and 5-mark notes ; and decree concerning the introduction of the imperial gold standard of September 22, Law relating to the constitution of law courts of January 27, , and M ay 17, ; civil procedure law of January 30, , and M ay 17, ; criminal procedure law of February 1, ; bankruptcy law of February 10, , and May 17, , law concerning matters of voluntary jurisdiction freiwillige Gerichtsbarkeit of M ay 17, Military service law of November 9, , with supplementary laws of February 11, , February 8, , and April 15, ; military law of M ay 2, , amended b y the laws of M ay 6, , March 11, , January 27, , M ay 26, , March 25, , and partly through the code of civil law; the control law of February 15, , law concerning voluntary jurisdiction freiwillige Gerichtsbarkeit in the army and navy of M ay 28, , and decree of February 20, , military penal code of June 20, ; military criminal procedure law of December 1, Bank law of March 14, , with amendments of December 18, , June 7, , and June 1, ; statutes of the Reichsbank, M ay 21, , with decree of September 3, ; law concerning the issuing of bank notes of December 21, , law of February 20, , regardingthe issue of bank notes in denominations of 20 and 50 marks.
Section et seq. In agriculture, it is true, the number and area of the great landed properties have greatly increased, especially in E ast Prussia; the small and middle sized farms, however, show the greatest increase.
See Ludw ig Pohle, loc. According to the statistical annual for the German Empire twenty-ninth year, , p. See table in Ludwig Pohle, loc.
Sombart, Der moderne Kapitalismus. In the Palatinate Bavarian , according to Emil Herz, loc. Thus the number of inhabitants of Kaiserslautern was 48, in , as compared to 8, in ; that of Pirmasens was 30, in , as compared to 6, in Bureaus, forty-fourth year, , p. A calculation of this kind made solely on the basis of population is, open to objection, however, because different conditions prevail in different parts of Germany.
In the Grenzboten, No. Differences of many billions of marks are also found in examining the several items. It must also be borne in mind here that in the Prussian Finance Minister von Miquel estimated the amount of Prussian capital alone invested in foreign securities at 15,,, marks Abgeordenten- Haus.
Thus it is evident, in particular, that in the income-tax laws of the various German Federal States possessing a general and direct income ta x quite different principles exist for declaration, assessment, and control of incomes, as well as for the exemption of small incomes from taxation, and that in regard to the computation of the value of property not subject to income tax, other great divergences m ay arise.
Steinmann-Bucher, in his latest work Milliarden deutsches Volksvermogen, Berlin, , places the German national income at not less than 35,,, marks p. This gives for Prussia 1,,, marks, or computed at three-fifths for the whole Empire 3,,, marks for Germany. This amount is further increased b y the annual new deposits in the savings banks which as a rule are also exempt from the tax on capital of ,, marks conservatively estimated , which, without counting property not assessed for the ta x on capital, gives the amount quoted above, of 3,,, marks T he author proves this calculation b y pointing out that there is an annual issue of stock exchange securities to the value of 3,,, to 3,,, marks.
French national income was estimated by Leroy-Beaulieu at Giffen at about ,,, marks, b y Mulhall at about ,,, marks, and b y L. Chiozza Money in for at about ,,, marks. Materialien zur Beurteilung der Wohlstandsentwicklung Deutschlands im letzten Menschenalter, pp. Materialien zur Beurteilung der Zusammenhange zwischen dem offentlichen Schuldenwesen u. Jahrbuch fur Handel und Industrie, , vol. Deutscher Oekonomist of June 27, tw enty-sixth year , page , where objections are also raised against the employment of the table described in the text.
Appendix to the Reichstagsdrucksachen No. See appendix to the Bank Inquiry, Zur Frage der Emissionsstatistik, Berlin, , pp. Die deutsche Volkswirtschaft an der Jahrhundertwende, Berlin, , pp. In the Zeitschrift des K gl. Preussischen Statistischen Bureaus, fortyfourth year, , page In that passage Ad.
Wagner avoids the expression which he repeatedly uses in his essay: It is also stated p. According to this statement there were, in , 17,, persons com pletely exempt from taxation their incomes not exceeding marks , or O f the balance of the population, 16,,, or O ut of these 2,,, the persons having an income of over 9, marks constituted only 0. T hus in Prussia, according to the Reichsanzeiger of February 11, , from to alone the incom e-tax-paying population increased in the proportion of 4, to 4, According to the calculations of R.
Walter Troeltsch, Uber die neuesten Veranderungen im deutschen Wirtschaftsleben, p. A t the same time it remains true that, as already mentioned footnote 33 in Prussia in there were still about W ith the rather unimportant reservations made on p. Allowance has to be made, of course, for the fact that one person m ay have several savings bank books. For the period between die neuesten Veranderungen see Walter Troeltsch, Ueber im Deutschen Wirtschaftsleben, p. Staat fur Berlin, , p. In there were credit banks with a capital of a t least 1,, marks each.
T h at is, from till the end of Deutsche Reich twenty-ninth year, , pp. Scheel, Die Deutsche Volkswirtschaft am Schlusse des Materialien zur Beurteilung der Wohlstandsentwicklung Deutschlands, pp. According to Von Halle loc. For see above, p. For the census of occupations of see Paul Voigt, Deutschland u. Trau gott Muller, Industriestaat oder Agrarstaat? See Statistisches Jahrbuch f.
Deutsche Reich 29th year , , p. Live stock in the Federal States according to the census of While the average prices of wheat rose about 60 per cent, of rye about 69 per cent, and of barley about 90 per cent in the old provinces of Prussia in the periods to , they fell again seeTroeltsch, loc.
Compared to the prices of the prices of wheat in Prussia fell during 10 per cent, 20 per cent, 36 p ercen t; the prices of rye, 4 Per cent, 15 per cent, 29 per cent; the prices of barley, 7 per cent, 17 per cent, 21 per cent According to Troeltsch loc. Louis N a t io n a l M onetary Commission to ,, marks per annum, or a total increase of 2,,, marks, between and T he indebtedness of the farmers of Wurttemberg rural communities increased 40 per cent between and Much can and must y e t be done to increase agricultural production; on the one hand, b y the agricultural exploitation of the heaths that still exist in considerable size, especially in the northwest of Germany; and on the other hand, b y the drainage and cultivation of the moors that cover some German square miles, of which could be reclaimed for purposes of agricultural cultivation.
T his work, however, can not be carried out without a considerable extension of the present railways and canals. Unfortunately, however, the building of the latter is often opposed b y agriculturists themselves. This, of course, ought not to be carried too far, as it m ay lead to endless sophistries in favour of agriculture, such as are presented b y some authors see Trau gott Muller, loc.
In direct contrast to trade, industry, etc. Teubner, , p. T h e statement frequently made, that agriculture, and agriculture only, creates new values, is incorrect. Thus in agricultural as well as in industrial activ ity different as they m ay be in detail , the process is always one of transformation or refinement, which in both cases merely increases the value of preexisting material.
See, among other authors: Werner Sombart, Deutsche Volkswirtschaft, 2nd ed. Huber is right when he says loc. Germany, consequently, pays in an increasing measure for foreign soil with home labour.
Deutsche Reich of , Appendix, page The special trade exports comprise, since March 1, , the exports from the customs area W irtschaftsgebiet , including domestic produce exported under the supervision of the customs authorities and subject to excise or stamp duties , such as beer, spirits, salt, sparkling wines, playing-cards tobacco, and sugar; as well as the exports from the customs area, after further manufacture for home account.
The customs area in the sense of these new statistics comprises the German Empire without Heligoland and some communes in Baden , the Grand D uchy of Luxemburg, and the Austrian communes of Jungholz and Mittelberg.
The imports for home consumption comprise, on the one hand, the imports into the free commerce of this customs area, directly or with cockets, including imports from free districts, bonded warehouses, etc. If it were possible to compare the figures given b y R au with the present-day official import and export statistics which in the absence of agreement of geographic areas, of bases and methods of calculation is impossible it would appear that German export trade, as well as German import trade, had increased between and thirteenfold, while the population of Germany has not even doubled during the same period.
Materialien zur Beurteilung der Wohlstandsentwicklung Deutschlands im letzten Menschenalter p. O nly in the case of food and cattle was there a decrease in exports, namely, b y Louis National Monetary Commission 7 1. B ureaus, Berlin, , vol. Fischer , V o l. Fisch er , esp e cia lly pp. A s la te as there were o n ly m achin e b u ild in g com panies, w ith ,, m arks ca p ita l.
F ro m 18 7 0 7 4 , fifty -n in e b rew ery com panies, w ith a c a p ita l of 72,, m arks, w ere found ed E d. W agon , loc. A c c o rd in g to in form atio n co lle cte d b y th e Im p erial S ta tis tic a l Office the figures w ere 2 17 com panies, w ith a c a p ita l o f ,, m arks. S ta tis t. D e u tsch e R eich , 30th year, , p. T h u s in affiliated th e G esellsch aft fur elek tr.
O n th is an d the precedin g su bjects, see Friedr. L oew e, und D ie e lek tro tec h - nische In d u strie in: Sto ru n gen im d eu tsch en W irtsch aftsle b en , V o l. H asse, D ie A. H eidelberg, W in ter, T h e se figures tak en from E. Louis N at i on a l M onetary Commi s s i on here g iv e n from th e M o n atlich e N a ch rich ten iiber den au sw artigen H an del D e u tsch la n d s w ould seem to require considerable revision accord in g to the S ta tis t.
D e u tsch e R eich , 29th year, , pp. M uller, D ie chem isch e In dustrie, L eip zig, , B. See G u s ta v M uller, loc. D e u tsch e R eich , 29th year, , p. D e u tsch e R eich , 30th year, p. T h e sum required to replace th e G erm an m erch a n t m arin e in case o f its loss m ig h t therefore be estim ated in a t lea st a t ,, m arks p. A furth er increase o f 14 per cen t of steam sh ip s to o k place du rin g th e n e x t year, sailing vessels decreasing 3 per cen t.
O n e hun dred an d fiv e jo in t-s to c k com panies w ith a share c a p ita l of ,, m arks, ,, s to c k to th e m arks. Sim ion N ach fo lger, p. U ebersich ten , p. D e u tsch e R eich , 30th yea r, , p. M onet ary Commission A m o n g the oth er G erm an sh ip p in g com panies are th e follow in g: F o r th e rest, Friedr. Koch, Der Kredit bei der Reichsbank Zeitschrift f. Handelswissenschaft und Praxis, year I, No.
The bank notes, according to article 3 of the bank law, were issued up to in series of 1, marks and marks, whereas under the Imperial law of February 20, , series of 50 and 20 marks were allowed, the amount of which, however, according to the declaration made in the Reichstag, remains at present limited to ,, marks. According to the te x t of the Supplementary Bank Law of the 1st July, The 19, private giro accounts carried on March 31, , included 6, accounts belonging to commerce, transport, and insurance; 7, accounts belonging to industries and trades; accounts belonging agriculture and allied trades; accounts of joint-stock banks; 2,31 accounts of bankers and financial businesses of all descriptions.
The total turnover in amounted to ,,, marks. Exclusive of the other clearing houses existing in towns, the total turnover of which amounted in to ,,, marks. As far as Germany is concerned it is incorrect to speak of unsecured bank notes, for bank- notes without an y security whatever do not exist there. Article 17 of the bank law. Cash in the sense of article 9 of the bank law consists of metal Metallvorrat, see note , treasury notes of the Empire, and bank notes of the four note-issuing banks.
Concerning these reasons, see m y remarks before the Bank Inquiry Commission of P- , on points I - V of the question sheet Berlin, , As a rule a continued outflow of gold into foreign countries can only take place when the balance of paym ents is unfavorable to Germ any and the quotations on foreign bills threaten to surpass the upper gold point or have surpassed it, so that the export of gold becomes remunerative.
H ighest amount December 31, , ,, marks; lowest amount January 23, , 54,, marks. The figures for December 31, , include a lombard loan of 67,, marks to the Preussische Zentral-Genossenschaftskasse.
T he quota has been exceeded in five times b y a total of 92,, marks; ten times b y a total of ,, marks; four times b y a total of ,, marks; seventyone times b y a total of 8,,, marks; thirty-tw o times b y a total of 4,,, marks; seventeen times b y a total of 3,,, marks.
The literature of cartels is so extensive that it is almost impossible to survey it. In an appendix to the second edition German of this book a list of the most important cartel literature from was given. Menzel Report a t the general meeting of the Verein fur Sozialpolitik, , p. He refers to the two constitutions, A.
The Gewerbeordnung does not contain any clause for cartels similar to article regarding labor contracts. As early as the cartel of Rhenish tin-plate factories, as well as the Cologne tin-plate combine, were in existence. T o them was added, in The beginning of the German salt works cartel dates from , the potash syndicate from Bucher in the Publications of the Verein fur Sozialpolitik, L X I, pp. Consequently as opposed to Sombart, Deutsche Volkswirtschaft, 2nd ed.
Grunzel, liber Kartelle , pp. Tariff measures, however, in so far as they are intended to check an abusive business policy on the part of the cartels— that is, b y reducing or moderating import duties on cartel products, or b y introducing export duties on cartel products— are always a two-edged sword, since they react in other directions, and a doubtful as well as questionable weapon, because they strengthen foreign competition.
Some of these objections although not all apply to the com bating of an incorrect cartel policy b y means of railway tariffs, i. Other restrictive means in the economic field would be the promoting of com petitive concerns, the acquisition of such undertakings b y the State, or the endeavor to obtain as decisive an influence as possible on the price policy of cartels through state participation in cartel undertakings.
See von Halle, loc. Some of these complaints can only be remedied b y combinations of consumers, which in the face of the cartels of producers are becoming more and more an urgent economic necessity, as well as b y the better organization of the distributing and commission agencies.
R eichstag Publications, n t h legislative period, II session, , No. I t is exceedingly interesting to note that these two charges have also been brought against the United States Steel Corporation founded in Although the United States Steel Corporation during the last crisis refrained in the main from selling to foreign countries and endeavored to bring about a recovery solely through enormous limitations of output, the chief reason for such procedure was that foreign markets at the time were not capable of absorbing goods even at the lowest prices.
Subsequent events have proved, however, that this policy was not able to restore a healthy tone to the American market, so that in the event of another crisis a different policy m ay be pursued b y the Americans. I consider these remarks to be as correct as they are important. The Rhenish-W estphalian and the Siegerland Pig Iron syndicates ceased to exist, for the time being at any rate, on January 1, , certain difficulties preventing their prolongation; on the other hand, a plate-glass sale combine was formed among a number of Siegerland works.
A s regards The manufacturers of pig iron in Rhineland and Westphalia are therefore in the same position they w ere before the nineties, namely in a state of free competition. G r e a t at Diisseldorf, and werksverband Limited in Berlin. Products B cause keen competition among the various works, with the exception of rolled wire, for which there is a special syndicate, whereas for the drawn wire manufactured from the rolled wire, a price convention has been established since the beginning of January, In the rail cartel, the English share was fixed at T he accession of the French works later on caused the total to be raised to In the girder cartel from which the English kept aloof Verwaltung, 28th year, No.
Sombart Deutsche Volkswirtschaft, 2nd ed. Banks have been d irectly the promoters of the spirit of enterprise in Germany; they have been pacemakers for industry and trade. Louis National Monetary Commission T he statement made b y Paul Wallich loc. In , that is to say, near the end of the first period, the paid-up capital of 4,, thalers was increased by 1,, to a total of 5,, thalers, equal to 15,, marks. This was the last Konzession granted to a domestic bank, since the concession system was abolished soon after.
Compare M ax Wirth, H andbuch des Bankwesens, 3d ed. Cologne, It m ay be noted in this connection, that this book, though frequently quoted as an authority, is in m any points superficial and unreliaable. On this point see among others Ad.
Winter, , p. Since M ay 31, , deposits at the Reichsbank, in conformity with the well-grounded practice of most other central banks of issue, no longer bear interest. As a result deposits repayable after notice have become quite insignificant.
A t the end of they amounted to only , marks, as shown in T able 43, p. On the contrary, the other deposits on giro account, exclusive of giro balances of the imperial and state treasuries at the end of amounted to ,, marks. Compare Waldemar Muller, loc. Bankarchiv, 8th year, No. B a n k s But, if this be so, it means that these very depositors, who are said to belong to the middle and higher classes, b y taking these funds to the savings institutions and not to the banks, deliberately intend to give to these funds the character of saving deposits and not of bank deposits.
Compare Deutscher Okonomist, July 28, , p. T h ey also include the so-called hoards see Ad. T he report of the A. See however the correct reasoning b y the same author on P- 35 his book: Physiologie der deutschen Banken, which appeared only one year before. T he total amount to the credit of clients in the check departments of the German post office was 70,, Louis N at ion a l M o n et a r y Commission on the imperial finance reform bill of , No.
Statistisches Jahrbuch fur das Deutsche Reich, , p. Weber, Depositenbanken und Spekulationsbanken. Leipzig, Duncker und Humblot, , p. On not less than 11,, accounts. See Neumann- Hofer, loc. I have no means of verifying the data of Le Figaro of M ay 20, , according to which a t the end of the 25 largest credit banks held 5,,, francs of deposits the meaning of the term is not quite clear , an increase of more than 3,,, francs over the corresponding amount in , when 1,,, francs were reported.
In Austria, on the other hand, no systematic fostering of the deposit business appears yet to have commenced. Deposits in the Darmstadter Bank since comprise all dailydue liabilities. Schaaff- Cominerz-und Disconto-Bank, Nationalbank ffir Deutschland besides five institutions of totally different character viz: Compare, among others, Ad.
See Felix Hecht, loc. Schar, Die Bank im Dienste des Kaufmanns, p. Edgar Jaffe, Das englische Bankwesen, p. The money circulation through the German post office, which is still carried on to a large extent b y means of cash-shipments, amounted in to 13,,, marks, i.
The money required b y the mortgage business, which until recently was also on a cash basis likewise reaches enormous amounts. Thus in Prussia alone the yearly amount of mortgages recorded averages about 4. R ecen tly m any savings banks have made efforts to extend their ac tivity along commercial banking lines b y introducing the check system in accordance with article 2, sec. In particular the tenth assembly of the Union of Baden Savings Banks, which met at Miillheim, Baden, on November 10, , adopted resolutions, recommending the use of checks in the case of saving deposits, and proposing even the establishment of regular current accounts including the granting of credit.
See the order of the Prussian minister of finance, dated April 20, In addition, 14, checks were redeemed which were not booked on check account, making a total of 61, Gamp, Der landwirtschaftliche Kredit und seine The needs of agricultural credit and how to meet them.
Befriedigung Berlin, , Preuss. T he most important institutions for agricultural credit are the following: Louis N a t io n a l M o n et a r y Commission banks, belonging in to the federation and its sub-federations; the General federation of cooperative rural societies for Germany Generalverband landlicher Genossenschaften fur Deutschland [E.
V III, , No. A s regards the Reichsbank, according to the returns made to the bank inquiry commission, there were in the entire German Empire 70, firms and individuals entitled to credit in its bill business. According to the same official returns, the loans on collateral security made b y the bank and outstanding on Dec.
G r e a t B a n k s Of this total, 1,, marks were loaned to agriculture and allied rural industries on collateral certificates. Materialien zur Beurteilung der Zusammenhange zwischen dem offentlichen Schuldenwesen und dem K apitalm arkt material to elucidate the connection between the public debt system and the capital market.
The same author asserts however in his paper before the general meeting of the Mitteleuropaischer Wirtschaftsverein, Sept. Adolph Weber ju stly says: The merit of this book is that it has facilitated the study and appreciation of the smaller banks, with a capital of less than 1,, marks down to , marks, and even of the smallest banks with a capital of less than , marks, b y supplying careful statistics Tables IV and V and explanatory notes, which in the main are to the point.
It should be said, however, that in this field Der Deutsche Oekonomist mentioned b y the author on p. Louis n et a r y mm i s s i o n the deposits fremde Gelder in all these small banks amount to no more than 4 per cent of the deposits of all credit banks. Since the author admits this in his preface, he ought to have adopted a more appropriate title. According to m y estimate the purely private bankers number about 4, The first point is not regarded b y Lansburgh as a very serious reproach, as is evident from his remarks on p.
No political T h a t would be a misfortune. In this he is entirely right. Die Organisation des langfristigen gewerblichen Kredits in the Publications of the Mitteleuropaischer Wirtschaftsverein, No. A larger degree of publicity, as for instance the more frequent publication of summary balance sheets Rohbilanzen , while practicable per se, is not likely to throw much more light on the condition of the institution In this monograph— long before Lansburgh,— the ac tivity of the small banks in the Rhine country and Westphalia has been treated in great detail and duly appreciated, pp.
So far as we can foresee, this policy of the mortgage banks except in a few instances where loans are made on warehouses is not likely to be changed, even if it be true that the mortgage bank act art. The mortgage banks are not likely to regard factories as easily marketable risks nor must they underestimate the risk that the buildings m ay remain idle and yield no return.
Waldemar Muller Bank-Archiv No. See also Frankfurter Zeitung Abendblatt of Sept. See Veroffentliehungen des Mitteleuropaischen Wirtschaftsvereins, No. It is to be noted, however, that in the transactions of the Mitteleuropaische Wirtschaftskonferenz in Berlin, M ay 17 and 18, , H echt himself to all appearances assumed the necessity of legislative regulation of the matter, which he evidently had not contemplated before. Security in the shape of a guarantee or a life insurance policy pledged is of little practical consequence in connection with the bonds discussed above, so that we m ay safely ignore such cases here.
Loew y Rawitsch is of a different opinion Bank-Archiv, Vol. T he law art. I t makes no difference whether this object of the undertaking is specifically indicated in the charter or by-law s or not; otherwise it would be very easy to make article 1 of the mortgage bank act inoperative, b y simply omitting to mention in the charter or by-law s this object of the undertaking.
Cot- tasche Buchhandlung Nachf. We do not agree with Joh. The authorization need not however be made out in this case in the form prescribed in article 2 of the bank deposit law. Substantially the same description is given Schaer, loc. For the Deutsche Bank see circular No.
The terms for current accounts of the Disconto-Gesellschaft, the Dresdner Bank, and the Berliner Handelsgesellschaft, in the form in which they were in force immediately before , are reprinted in Siegfr. See Waldemar Muller, Bankarchiv, Vol. Weber, Die rheinisch-westfalischen Provinzialbanken und die Krisis, loc. V I, Geldmarkt-Kreditbanken, p. In balancing a current account the interest is figured thus: The interest-bearing amounts the result of multiplying the capital b y the number of days and dividing b y are first determined, in Berlin the month is considered as thirty days and entered on the credit or debit side according as the customer is to be credited with interest or to be debited therewith.
See O tto Jeidels, loc. In spite of his declaration to the contrary, Jeidels overestimates the importance of such fiscal agencies. Even such an arrangement could but seldom be made with the German retailer. Contrary to the custom prevailing in France, he will, as a rule, not allow himself to be drawn upon nor does he give bills.
Louis National Monetary Commission willing to obligate himself, as in the case of bill credit, to make paym ent at the end of the period. In England, too, bills of this kind drawn on foreign countries are not discounted b y the banks.
T h ey are at once sold to foreign For other particulars see Jaffe, pp. According to the Jubilee Report of the Reichsbank p. T he amounts drawn on banks and bankers are nearly always for very large sums. However in proportion as the large banks are making their w a y into the provinces b y means of their branches, discounting there also the bills of small borrowers, the average amount of the bills discounted declines.
E dgar Jaff6, loc. Heiligenstadt, in the Proceedings of the Bank Inquiry Commission of on points of the question sheet Berlin, , Imperial Printing Office' , p. Under the old stock exchange law, in case of speculation on a cash basis the following method was often resorted to among provincial banks and private bankers. T he customer engaged in speculation would make part paym ent on the securities bought for him and left on deposit with his bank or banker.
Prion, Das deutsche Wechseldiskontgeschaft. See among others Der Deutsche Oekonomist of Aug. Franz, Die deutschen Banken im Jahre, , p.
For the Berlin banks, during the amount fluctuated between one-half and two-fifths. See Ernst Loeb, loc. Schmoller, Grundriss, II, p. G e r m a n G r e a t Leipzig, Duncker und Humblot, This fact, repeatedly established at the hearings of experts before the bank inquiry commission, is also affirmed b y W.
This device, hardly perceptible to outsiders, of raising the rate of private discount in individual cases, even though the amount be trifling, m ay thus be used b y the Bourse as a warning signal.
In the case of an excessive straining of credit on the part of some bank, it m ay perform within banking circles the same functions and exert the same influence as the ruder and ostentatious means of a general raise of the official rate of bank discount, in case of a general overstraining of credit.
T he number of note banks was as follows: The number of mortgage banks varied between 24 in , 39 in , and 40 in T he amounts of bills held b y the six great banks of Berlin vary somewhat from those given by W. The acceptance commission at cent. Louis National M on e t a r y Commission Finally, the Bank of England, unlike the German Reichsbank, discounts only the bills of regular customers.
Abhängig von Konzernstrategien, Unternehmenskultur und politischen Vorgaben Machtasymmetrien nicht jede Region hat denselben Verhandlungsspielraum China, Osteuropa Oligopolistische Struktur der Autoindustrie schwächt Verhandlungsposition von Regionen und erschwert Zugang lokaler Produzenten Aktive Industriepolitik inkl. Konzentration bei Zulieferern Aufstieg chinesischer und indischer Produzenten Umweltproblematik als zentrale Herausforderung?
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