New Britain herald., 1924-04-09
going calculations gives German tor- eign holdings as of December 31st, 1noa

going calculations gives German for
 eign holdings as of December 31st,
 1923.
 | Section 2. Estimated Figures
 "(A) Assets abroad in 1914 belong
 ing to German nationals residing in
 Germany estimated at 2S f1illiard
 gold marks.
 "(B) The war period. CD De- preciation of German assets abroad
 non-payment Of interest duo and li- ] quidation and sequestratlon measures resulted in loss of approximately
 16.l milliard gold marks. 60 Dur irg the war profits and exploitation of Berglum, northern France, Poland, Ilthuania and Roumania approximat- l the sale of gold and of German secur- itics aggregated approximately two milliard gold marks.
 "(C) Post war period. CD Prin- cipal causes of reduction: deficit in Germany's trade balance and the meeting of cash payments to the allies under the treaty of Versailles caused bA pflNFfii v dlih 1b fllllldTu gold marks. Earnings from German shipping, insurance, etc, greatly re- duced. (2) Principal causes of in- creased assets: (a) sales Of mark credit bank balances and paper marks resulted in profits Of between T.e and s.7 miiliard gold marks. German marks purchased by citizens of many cc untries and more than a, million in- dividual accounts were found in Ger man marks. tb) Sales Of gold aggre- gated one and a half milliard gold marks. fc) sale of German real pro- perty and securities to foreigners ap- proximsted one and half milliard goldl marks.
 "section 5. Conclusions as to amount Of German foreign held ss- sets. a
 "tD Committee estimates that German capital abroad Of every kind whether liquid or in permanent in- vcstments was not less than on De- cember Sf, 1923. than 5.7 miIliard gold marks and not more that 7.S mu- Hard gold marks and it thinks the middle figure Of e.75 milliard gold marks is the approximate total. This figure by comparison with the 1914 estimate Of German foreign holdings shows a reduction in foreign holdings of approximately 21 milliard gold marks.
 "(BD In addition 10 the foregoing. foreign currency now in Germany ap- rroximates 1.2ee.0O0, 900 gold marks.
 .f.1. foreigners hold property in Germany which has a counterbalancing effect and the committee estimates the value of such property as from ore to one and a half miiiiard gold marks.
 section 4. Conclusions as 10 means of bringing exported capital back to Germany.
 "(AD Flight of capital was a re- suit in the main of the usual economic factors. namely. the failure to balance tbe- budget, imitation and the raising Of large national loans but fl was ac- centuated by the attitude Of the Ger man people toward the payment Of Germans war creditors and was marked by ingenious devices to evade restrictive legislation. II was also in- aHenccs by the action Of spectators and tifnid investors.
 "CBJ Neither legal enadmcnts nor severe penalties tiappered the flight of capitol or resulted in the disclosure of assets abroad. Under the economic conditions above stated this demOn- strstcd t!te incffcciivencss of resiric- tive legislation and inc committee feels that ifwould have been ineffec- five whether or not the laws had been f1uy enforce6
 "uCb The only way to prevent szc.ius oF esritsl and crc9uraes rr- turn Is b ersdicats Iundsmsnisi