Estimate of the German people’s property before the war. Materials used up, and wear and tear. The arable soil.

“Gut und Blut....”, p. 270. The figures for the above table have been taken from: Steinmann-Bucher “350 Milliarden deutsches Volksvermögen. Das Volksvermögen Deutschlands, Frankreichs, Großbritanniens und der Vereinigten Staaten von Amerika. Neue Maßstäbe und Wege für deutsche Politik und Finanzwirtschaft”, Berlin, Elsner, 1909. — Helfferich (Director of the Deutsche Bank) “Deutschlands Volkswohlstand 1888–1913”, Berlin, Stilke, 1913 (4th Edition, June 1914). — Ballod “Wie groß ist das deutsche Volksvermögen?” in ’Verwaltung und Statistik”, April 1914. — Steinmann-Bucher “Das reiche Deutschland. Ein Wehrbeitrag.” Berlin, Simion, 1914. — Furthermore a third new publication by the last named: “Deutschlands Volksvermögen im Krieg” (Finanzwirtsehaftliche Zeitfragen 24). Stuttgart, Enke, 1916.Google Scholar

Exclusive of State property (No. 7).Google Scholar

E. F. Heckscher, “Världskrigets Ekonomi”. En studie af nutidens näringslif under krigets inverkan (Skrifter utgifna af Handelshögskolan. 1). Stockholm, Norstedt, 1915, p. 154 (against Schumacher). German translation of the above in “Gut und Blut...”, pp. 299–300. Even a man like Feilner who naturally calls it a folly if the money ‘remains in the country’ (Frankfurter Zeitung, July 14.1918. 1st morning edition, p. 12Google Scholar

involuntarily makes more allowances to this folly than he intended. He emphasizes that not all of the war expenses are loss of capital; “a part of them has been earned through the ordinary routine work during the four years of war”. These sentences are incontestable in the context in which they are found; but the restriction of the censure is apt to create the misconception that the expenditure of labour be trifling economically.Google Scholar

“Die Industrie im Krieg” (Chemical industrie, Steel works. Cement, etc.), Frankfurter Zeitung, Handelsblatt, 18 articles: Oct. 12. 1916 till Feb. 3. 1917. The last article contains a summary.Google Scholar

erroneously giwen in ‘1000 marks’ in the table.Google Scholar

The Bernese dissertation by A. Gurtner, “Zur Versehuldung des schweizerischen Hotelgewerbes. Eine Untersuchung der Verhältnisse in Interlaken” (The liabilities of the Swiss hotel industry. An inquiry into the conditions obtaining in Interlaken), Bern, Stämpfli, 1918, has supplied the historic basis upon which four articles by Gurtner on “Das Hotelgewerbe im Berner Oberland” (morning edition of the ‘Bund’ of Aug. 1. 4. 15. 16. 1918). were built up.Google Scholar

The laudable energy with which the most widely differing circles of German agriculture prepare the amelioration work after the war (thus the writings by Lemmermann, N. Caro, Ullmann a. o. Braun und Dade, “Arbeitsziele der Landwirtschaft nach dem Kriege”. Berlin, Posen 1918), open favourable possibilities for the future, but must not influence our present-day valuation.Google Scholar