Dr. Walter Zollinger, Balance-Sheet of International Transfers of Securities, Jena, 1914. (Problems of World Economy No. 18, Leipzig, published by Harms.)
p. 106: Neymarck (Bulletin de
l’institut international de statistique, t. XIX, livr. II, 1912) gives
the following figures of issues (22 for five
years)[1]
{{
cf. p. 17 in this
notebook[2]
}}
| 000 million francs | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1871–75—45 | } | 76.1 | } | 1891–95—40.4 | } | 100.4 | } |
4–5% of 570,000 mil-
lion=22.8–28.25 mil- lion fr. |
|| | N.B. |
| 1876–80–31.1 | 1896–1900—60 | |||||||||
| 1881–85—24.1 | } | 64.5 | } | 1901–05—83.7 | } | 197.8 | } | |||
| 1886–90—40.4 | 1906–10—114.1 | |||||||||
|
[[BOX:
p. 206 ]] |
||||||||||
| (p. 223): {A. Neymarck}[3] | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 000 million francs | ||||||||||
| End of 1908 | End of 1910 | |||||||||
| Great Britain | 130–135 | N.B. | || | 140–142 | }} | my cal-
cula- tion: 479= 80% N.B. |
||||
| U.S.A. . . . | 115–120 | 130–132 | {{ | Great Britain | 142 | }} | ||||
| France . . . | 103–105 | 106–110 | U.S.A. . . . | 132 | ||||||
| Germany . . | 80–85 | 90–95 | Germany | 95 | ||||||
| __ | ||||||||||
| Russia . . . | 25–27 | 29–31 | ||| | 369 | ||||||
| Austria-Hungary . . | 21–22 | 23–24 | =61% | |||||||
| Italy . . . . . | 10–12 | 13–14 | ||||||||
| Japan . . . | 6–7 | 9–12 | ||||||||
| “Other countries” . . | 33–38 | 35–40 | ||||||||
| Total . . | 523–551 | 575–600 | ||||||||
|
[BOX:]
[[ Checked with Neymarck, p. 223 ]] |
||||||||||
|
My cal- culation 1910 |
(*) The figures for these “other countries”,
for 1902 only (32,000 million)[4] : |
||
|
Approxi- mately |
|||
| 12.5 | Holland . . . . . . | 10 | |
| 7.5 | Belgium . . . . . . | 6 | |
| 7.5 | Spain . . . . . . . . | 6 | |
| 6.25 | Switzerland . . . . | 5 | <— [BOX:] [[ now 6, author believes ]] |
| 3.75 | Denmark . . . . . . | 3 | |
| 2.5 | Sweden, Norway,
Rumania, etc. . . |
2 | |
| 40 | 32,000 million francs | ||
| [[BOX: This according to Zollinger ]] | |||
__ __ __ (*) N.B. || W. Zollinger, “International Transfer of Securities and Investment of Capital Abroad, and Their Influence on Producers and Consumers”, in Zeitschrift f\"ur die gesamte Staatswissenschaft. 69th year, No. 3.
N.B. ||| Cf. Ferdinand Moos, “French Credit Institutions and French and English Capital Investments Abroad”. Jahrbuch f\"ur Nationaloekonomie und Statistik, third series, Vol. 39, 1910. __ __ __
Switzerland has about 2,600 million francs worth of “foreign securities” (p. 147),
while France has about 900 million francs in Switzerland—(1903) (148).
Swiss railway securities are held by
| Million
francs |
||||
|---|---|---|---|---|
| (Zollinger, p. 150) | France | — | 420 | |
| Germany | — | 67 | ||
| Belgium | — | 8 | ||
| Britain | — | 3 | ||
| Holland | — | 2 | ||
| __ __ __ | ||||
| Σ=500 | mill. fr. | |||
[[BOX: In Switzerland, foreign workers in industry = 24.4 per cent of all workers (Σ = 625,299), including 85,866 = 13.7 per cent Italians. ]]
(Zollinger, p. 108) Security issues in Germany (from Der Deutsche Oekonomist)
| Home | Foreign | Σ | ||
|---|---|---|---|---|
| 1886–90 | 4.4+ | 2.3= | 6.7 | thousand million marks |
| 1891–95 | 4.8+ | 1.5= | 6.3 | |
| 1896–1900 | 8.2+ | 2.4= | 10.6 | {{ same figures in Neymarck, p. 232 }} |
| 1901–05 | 8.3+ | 2.1= | 10.5 | |
| 1906–10 | 12.6+ | 1.5= | 14.1 |
Security issues in France (Zollinger, p. III)
| French | Foreign | 000 mil- lion francs |
||||
|---|---|---|---|---|---|---|
| ||| | 1902— | 64 | + | 66 | = | 130 |
| 1906— | 65 | + | 68 | = | 133 | |
| 1910— | 69 | + | 73 | = | 142 | |
“At the end of 1910, the world total of securities quoted and negotiable in the various financial markets was 815,000 million. Of this sum, 570,000–600,000 million are owned by nationals of various countries” (p. 223: Neymarck).
...“In fact, one must not confuse—as we always emphasise—the total value of securities quoted on one or several markets with the total owned by the capitalists of these countries. A security issue may be quoted and negotiated in several markets at the same time” (p. 203).
|| N.B. | The author deducts the approximate sum of these duplications, arriving at a total of 575,000–600,000 million instead of 815,000.[5]
p. 201 et seq. Bulletin. Alfred Neymarck, “International Statistics of Securities”.
Bulletin de l’institut international de statistique, p. 201. et seq.[6]
This article is Neymarck’s ninth study on this subject N.B. || (the other eight are in volumes IX; XI, 2; XII, 1; XIII, 3; XIV, 2; XV, 2; XVI, 1; XVII and XVIII, 2).
N.B. || They also contain several other of his articles on the same subject. See index in XIX, 3, for all 19 volumes ||
19 volumes (mostly with 2–3 numbers each)
Volume 1—1885
Volume 19—1911
In the present article, Neymarck also gives the following annual data on issues from 1871 to 1910:
| 39.1; 76.1—39.1=37.0÷7=5.3 | |||||||||||
| / | \ | |||||||||||
| 1871 | 15.6 | 12.6 | 10.9 | 4.2 | 1.7 | 3.7 | 7.9 | 4.6 | 9.4 | 5.5 | (1880) |
| [1881] | 7.2 | 4.5 | 4.2 | 4.9 | 3.3 | 6.7 | 5.0 | 7.9 | 12.7 | 8.1 | |
| (1891) | 7.6 | 2.5 | 6.0 | 17.8 | 6.5 | 16.7 | 9.6 | 10.5 | 11.3 | 11.9 | |
| (1901) | 9.9 | 21.9 | 18.3 | 14.4 | 19.1 | 26.5 | 15.3 | 21.2 | 24.6 | 26.5 | |
| N.B. || | Great Britain . . . | 85,000 | million | francs | (1910) (p. 216) |
| France . . . . . . . | 40,000 | ” | ” | ||
| Germany . . . . . . | 20,000–25,000 | ” | |||
| 1867–68 | — | 55,000 | million | francs | }} Neumann-Spallart’s figures (p. 219) |
| 1876 | — | 70,000 | ” | ” | |
| 1889 | — | 93,000 | ” | ” | |
| 1910 | — | 132,000 | __ __ __ | }} Neymarck’s figure (p.218) | |
| ↑ | |||||
| 000 million francs | ||||
|---|---|---|---|---|
| Germany | 20 | U.S.A | 25 | |
| Great Britain | 25 | India (British) | 6 | |
| France | 13 | Japan | 2.3 | |
| Belgium | 6.7 | Canada | 3.5 | |
| Austria-Hungary | 5.4 | South Africa (British) | 3 | |
| Italy | 5.2 | Egypt | 2.2 | |
| Switzerland | 2.8 | __ __ | ||
| Spain | 2.0 | 42.0 | ||
| __ __ | ||||
| 80.1 | ||||
|
80.1+42.0 = 122, but author counted 132!!??, and only
for these countries!!! |
||||
The railways of the world (983,868 km. in 1909) are worth about 270,000 million francs (p. 223).
| 1885 | 1905 | 1909 | ||
|---|---|---|---|---|
| Europe | 195.2 | 305.4 | 325.2 | thousand km. |
| Asia | 22.4 | 77.2 | 94.6 | |
| America | 246.1 | 450.6 | 504.2 | |
| Africa | 7.9 | 26.1 | 30.9 | |
| Oceania | 12.9 | 27.0 | 28.9 | |
| 484.5 | 886.3 | 983.8 |
[[WAVY-|: cf. Kautsky on “ultra-imperialism”[10] ]] The concluding words are amusing. § IX is headed: “International Public and Private Wealth and World Peace” (p. 225)—...“Is it possible to believe that peace may be disturbed ... that in the face of these enormous figures anyone would risk starting a war?... Who would dare to incur such a responsibility?”...[7]
“According to our previous statistics, the total of state funds and of securities, French and foreign, belonging to French capitalists could reach the following figures”:
| 000 million
francs |
of which foreign |
||||||
|---|---|---|---|---|---|---|---|
| Years: end | 1850– | 9 | |||||
| 1860– | 31 | ||||||
| N.B. | || | {Page 289} | || | 1869– | 33 | 10 | {{
cf. p. 67 of this notebook[8] }} |
| 1880– | 56 | 15 | |||||
| 1890– | 74 | 20 | |||||
| 1902– | 87 to 90 | 25 to 27 | |||||
| 1910– | 106 to 110 | 38 to 40 | |||||
Distribution of French capital invested abroad by countries (p. 290):
| 000 million francs |
|||
|---|---|---|---|
| Russia | 10–11[9] | Spain and Portugal | 3–4 |
| Britain | 1/2 | U.S.A. and Canada | 2–3 |
| Belgium and Holland | 1/2 | Egypt and Suez | 3–4 |
| Germany | 1/2 | Argentina, Brazil and Mexico | 4–5 |
| Turkey and Serbia | 2–2 1/2 | China and Japan | 1–2 |
| Bulgaria, Rumania and Greece | 2–3 | Tunisia and French colonies | 2–3 |
| Austria-Hungary | 2–2 1/2 | ||
| Italy | 1–1 1/2 | ||
| Switzerland | 1/2 | Σ (mine) = 34–43 1/2 | |
[1] See present edition, Vol. 22, p. 239.—Ed.
[2] See pp. 94–95 of this volume.—Ed.
[3] Ibid., pp. 239–40.—Ed.
[4] See present edition, Vol. 22. p. 240.—Ed.
[5] Ibid., p. 239.—Ed.
[6] Ibid.—Ed.
[7] See present edition, Vol. 22, p. 258.—Ed.
[8] See p. 146. of this volume.—Ed.
[9] See present edition, Vol. 22, p. 243.—Ed.
[10] Kautsky’s theory of ultra-imperialism (super-imperialism)—an opportunist theory of a new phase of imperialism—“internationally united finance capital”—that would lead to an organised world economy, with imperialist contradictions abolished, by agreement between the capitalist countries. Lenin exposed the real social meaning and purpose of this “theory”, which whitewashes and seeks to perpetuate imperialism. He described it as “a most reactionary method of consoling the masses with hopes of permanent peace being possible under capitalism, by distracting their attention from the sharp antagonisms and acute problems of the present times, and directing it towards illusory prospects of an imaginary ‘ultra-imperialism’ of the future. Deception of the masses—that is all there is in Kautsky’s ‘Marxist’ theory” (see present edition, Vol. 22, p. 294).
Kautsky’s theory of “ultra-imperialism” is repeated in different versions by latter-day apologists of imperialism. It finds expression in all manner of bourgeois and reformist projects for a world capitalist state with a single government, and so forth. (For Lenin’s criticism of Kautsky’s anti-Marxist theory, see present edition, Vol. 22, pp. 288–98). p. 151
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