The Washington herald., 1921-08-03
eermany's Public Debt.

Since the financial year of the
German government begins April l
the more recent increases in the pub
lie debt cannot be given accurately
at this time. but the total Is approx
mately 250, ,000, 900. 900 marks. not in
GLIDING the separations obligations,
which roughly amount to about 49,
000. .0o0, 900 marks.
The volume of business done in
Germany is indicated by the bank
cIearings of the Reichsbank and its
branches in about 40 cities, whtc.l
give a basis of comparison for the
years 1913, 1919 and 1920. The large
gain in the annual total does not in
dicate q proportionate expansion OF
business, largely because OF the de-
probation in the value OF the paper
money. The rise in the prices OF
wages resulted in a corresponding
increase in turnover OF credit and
currency.
The cIearings Of the Reichsbank is
reported as 1854. 100000 in 1913,
1872, ST. 900, 900 in 1919 and 694,7S1,-
900, 900 marks in 1920. The high
level OF prices in Germany came In
1920, as they did elsewhere in the
world. Comparing the increase in
these clearings which for 1920 COM
pared to 1913 are about to /. the
increase in paper currency. as stated
above. is about 13 to l, consequently
there is actually a greater currency
imitation than price expansion indi-
Gated by these figures.
Banking in Germany increased
greatly in 1920 and became more
profitable, which resulted in an in
crease in deposits and in credits
granted by the banks. The savings
banks also extended their field and
made every effort to furnish credit
facilities SO far as their legal re-
strictions would allow. The price
expansion, as compared with 1913
according 70 the Frankfurter lei
tung index, was 1907 in July, 1851
as compared to 100 in July, 1914. The
high point was reached in December,
1920. when the index figure was 1851,
The state of business is indicated
to some extent by the dividends paid
by leading mining and foundry COM
panies during the last two years.
Several of these firms report divi-
dends as his as 20 per cent, and one
is noted that paid 2S per cent In
lSIo--U. III SNCIy CdSC NAhA
dcnds were about three times as
large as in the preceding year. From
the standpoint Of dividend paying
1920 was the record year, while
191S-19 was the low year since 1913
The record of bankruptcies since
1911 shows a steady decline on the
whole, but the statistics on this
point are of relatively little value
because in 1914 the government,
made a regulation that firms that
failed might adjust their accounts
with their creditors through a board
of business control. instead of being
required to appear in the Bank
ruptcy Court. The cases reported In
the court were lowest in 1918, S07
increasing to 1924 in 1920. In 1913,
before the board of business control
was established. 9.725 cases were
handled in the Bankruptcy Court.
German statistics on manufactures
and trade have been delayed since
the war. and there Is very little that
gives an accurate line on production.
Statistics for the entire year 1920
are not yet available, and trade for
the first nine months has probably
changed in many particulars in the
nine months that have elapsed since
that time. Imports for the first nine
months Of 1920 were over 13.00o,000
metric tons, as compared with ex-
ports amounting to nearly $4,000, 900
metric tons in the same period. The
imports were about one-fourth. as
measured by weight, of the amount
imported in the corresponding period
of 1913, and exports bore about the
same relation to 1913. The balance
of trade appears to have been in ia
vor Of Germany in that period.
Later figures regarding the trade
Of the United States with Germany