Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-08-01
PUB[|CIST ASKS FOR
NPREJUD|CED VIEW
| Of GERMAN F |NANCE.
BY MAMMALIAN HARDEN
(Leased Wire Service to The Journal.)
Copyright, 1929

(Copyr1ght, 10ZZ.)
BERLIN, July 29.-The allied Fl.
nancial controllers are about to as
sumo their task of regulating Ger
many's expenditures. To succeed
they must read our balance sheet
with unprecedented eyes. The tan
gIed, inflated money system must
be readjusted so that the actual
truth will be known to the world.
If these visitors will turn their at
tention to the reduction of the arm
les Of unnecessary government Off
Gals; will prevent the output Of en-
tire coal fields being consumed by
cinemas, bars, luxurious restaurants
and electric advertisements, will stop
the export of billions of marks for
champagne, brandy, perfumes,
soaps, lace underwear, cigarettes;
the waste of flour and milk for choc-
olates, tarts, whipped cream and
candies; compel the use of barley for
soup and bread instead of beer; abol-
ish superfluous government offices
like the defense ministry with it's
100000 men then reasonable Ger
mans won't regard their presence
among us as a humiliation.
"A French nationalist, seeing the
latest statement of the Deutsche
bank might conclude Germany was
swimming in wealth and easily able
to pay France her damages and the
state treasury deficit. With $780,
100000 marks capital and surplus
the bank in 1921 showed 2,125, 000,-
100000 in deposits. The employees
number $1,000 and dividends reach
"a per cent on 00,000,000 mark
capital.
These are amazing figures, but
the practical business man will per-
ceive they represent paper prosper
ity. Reducing them to gold marks
they become a turnover of IS, 000..
100000 and deposits of 1872, 100000
In 1913, before the war, the turn
over was 10000, 100000 marks and
the deposits were 1,5O0,0O0,000. Thus,
despite the absorption of many
strong provincial banks the insti-
tuition is much poorer than in pre-
war days. The unfair figures can
only be made clear by compelling
bookkeeping in gold marks, but this
would assume sterilization Of the
mark which does not seem near.
At present merchants are com
PEELED to make deals which before
the war they would have avoided
like plague. They buy raw rna
terials at prices fixed in foreign
currency without the slightest idea
rryho oil 10 IL
when the goods arrive. Last winter,
stock speculation was rife, even
among domestic servants. Today
! the market is deserted. People are
without money and the banks are
careful about credits. Money is
tight, but if the deficit were to be
made up by speeding up the print
ing presses the mark would follow
the Austrian crown into the abyss.
Complete collapse of the German
| economic structure now is prophe'
| sled by big business men who, here.
tofore were optimistic. If Germany
IS obliged to import more foodstuffs
this year than last the state budget,
already shaken by forced increases
Of salaries, will fall to ruins. AS
our experts still are only one-third
what they were before the war it
| is unthinkable that the mark could
be stabilized. AS an instance we
are compelled to buy English coal
for Preparations at cost of some
| times billion marks monthly since
we were deprived of our coal fields
Special Troubles
Industry has its own special trou
bles. Replacement machinery costs
many times the reserve fund availa
bile for new stock. Bank credits are
insufficient. Even the Krupps
have been compelled to make ar
engagements for standing credit OF
Il billion marks which weaker con
Germs could not afford to do for
fear of weakening their shares or
the market. Struggling business
cannot even get hearing at the
banks. AS a natural consequence
business is throttled and new build
ings and extensions stopped.
So in cities and towns economic
apparatus is wearing out and the
time is approaching when it will be
impossible even to renovate or re
place 1t. The principal difficulty
so far as labor is concerned is the
| SIS1l(ilOuE law. IL IS appll6Q 1nQlS
criminately and even time spent in
waiting is counted, as for instance
an engine driver who sits in the
roundhouse waiting for work and
perhaps drives only two hours, but
nevertheless is relieved eight hour,
after he reported.
| Employers complain the eight
hour law, needed in mines and al
laborious work, should not apply
everywhere, nor should waiting time
be counted, and there is a CROWNS
number who insist Germany cannot
regain her economic health unit
the ten-hcur day is restored.
In Westphalia and the RhinelanG
the number of coal pits has increas
ed 46 per cent since 1913, yet the
yield has decreased % per cent. The
Workmen claim they have been toc
badly nourished to work long hours
ana would stubbornly resist any eff
| fort to repeal the existing eight hon,