Pages: 311-395

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NOTEBOOK
aô»
PAGES 1-10, 1-16

0 = 1-10
О
III
*
III
((-}- Riesser 1 — 1 6 ) )
18670
Hilferding: Financial] Capital [3]
[317]
Electrical trust
[7[
[324]
Statistics of emissions
[9]
[332]
Riesser
[1— 15] [338— 399]
* The text reproduced here represents the first page of the
notebook "O", with a record of its contents: 1) synopsis and notes on the book by R. Hilferding "Financial Capital"; 2) notes and excerpts from the article by Kurt Heinig
"Der Weg des Elektrotrusts" (Kurt Heinig "The Path of the Electrical Trust") in "Neue Zeit"
1912, year 30, vol. 2; 3) excerpts and calculations on the statistics of emissions
from "Volkswirtschaftliche Chronik" ("National Economic Chronicle") for
1913; 4) notes and excerpts from Riesser's book "Die deutschen Gross
banken" ("Major German Banks"). The first three entries in the notebook have
a common page numbering (pp. 1-10); pages with notes on the book
Riesser's have a special numbering (pp. 1-16). Accordingly,
in the summary plan of all work on "Imperialism", Lenin uses
conditional signs "0" and "0R" (i.e. notebook "0 - Riesser") with the indication
of pages for using materials collected in the notebook "0". Ed.
[ 316 ]

Hilferding : «Financial Capital». («The Latest
Phase in the Development of Capitalism.») M. 1912.
HILFERDING: "FINANCIAL CAPITAL"
in German came out in 1910. (Ill. Bap<1 Magx-
81shNsp)
p. 13— «According to E. Mach» ««I» is only that Fo
cus, in which the endless threads of sensations converge more closely... Just as
dengi are a node in the network of social conn]ections»----
p. 34. — «Quantitative theory (d[e-
ne]g) from the time of Tooke covsrshenno
[correctly] fairly considered untenable»...
p. 54: notenote and especially 5 4 — 5. Mistake
Gilferdingga see N[000] 2[eSch] 1912, L[aЬr^[an^ 30, 1 Вй.
(Gilferdingga dengi enter into o b - rashenie without ctoimosti).
p. 74 notenote
«Only our contemplation gives things
Formu prostranstva» (Kantian)
pp. 90— 91 (and 91 notenote)
[«Capital» II, p. 79
AV
Kak Magx predicted goepodstvo bankov over prom[yshle1sho]styu
kasha...
incorrect not "also" incorrect.
incorrect.
* The second page in the manuscript is blank. Ed.
[ 3 1 7 ] billion marks]
Of these accepted by banks
93, note] 2 * bills of exchange per year:
1885 - 12.x
1905 — 25.5
16°/o
310/c
102 (and note]). Bolshaya ch ^ st ь mezhdunarodnykh | tradetrade transactions are executed] with the help of "acceptance-||
toed" banka :and bills of exchange.
105—6. The role of bankov. |||
108. Three functions of banks.
1) mediationmediation in payments.
2) turning inactive kapital into active
ny.
3) collection of dohoda of all klassov in monetary form
and lending it to kapitalists.
110, note]. Superbexcellent work by Jeidels'auyene shortage].
112. Countries - "International] bankers"
(1) France, Belgium, Hollandpia (2) England.
(3) United States] and Germania
116:
The role of bankov 6 prozvodstve ((glavnym obrazom po
Jeidels’y)). /2 0 idfem].
7°/o on privilegedprivilege shares shares and 2% on ordinaryordinary shares:
for years retains profits, and then immediately distributes
them at the appropriate] moment.
/5 7 . Kapital in 5 millions dominates] over 39 m[il- lions]
«Tochtcrgesellschaft» translated
<society-daughter)>, "subsidiarysubsidiary sosociety"
/ 5 9. Seats of members of the supervisorysupervisory sovetov (60 million] -
/54— 5, note]. St[al- noy] trust and its °/o*
* sum. Ed.

HILFERDING: "FINANCIAL CAPITAL))

70 milmillions income from these places throughout Ger-
man]ii) — ispolzovanie connections and acquaintances.
4 6 2. 6 bankov — 7 5 / place in the supervisorysupervisory councils (Jei-
dels)... In 1909, there were 12,000 such seats — 197 people
occupy 2 9 4 8 seats. (Cf. ibidem* M o r g a n in Amerike).
472. The meaning of "sanitation":
(1N, profitable operation; (2) puts in dependisimost from bapkov in need
obschestva
4 8 3 (!. (G ) and 4 8 4. — Replacing bills of exchange with a mark in bankbank
kpigah.
499. Pressure of kruppogo kapitalla on the stock exchange,
(and notenote example Morgan in 1907).

Banki replace the stock exchange—
222. The essence and meaning of the term trade.
262. Quotequote from Schapitala1 III. 2, p. 144—5 (RussianRussian p e
translation]) oroli (NB)*** 6[an] ko v versus**** co- c[ia li] z] m.
274. Heavy[heavy1 indiustria. Capital outflow is difficult [the path to mo
nopoly).
(277-) 278: TendencyTendency bankov to monopoly.
284. N B: Cunow about kartel in Neue Zeit XXII, 2, p. 210.
285. "Combination" = conn]edconn
dobmining promyshlennosti sti with processing].
2 95: Corporations and "outsidersouters" (NB)...
298: Without the help of banka mi one krupnoye promyshlennoe
predpriyatie] suschestvovat cannot.
50 0 — 4. Engels about ohranitelpykh poshlinakh nov[oh!
type and about cartels. (Kapital III, 1, p. 95).
* there too. Ed.
** * in fine - at the end. Ed.
*** In the manuscript, the note "NB" is located (without parentheses) between the lines
above the words: "about the role of banks." Ed.
'*** in relation to. Ed.

302— 3: Evolgotion of Forms of cartel (and 304 o c o Senno).
308. Concentration of trade (cfavpp A. L ee in Neue Z[ei t]
XXVII, 2, S. 654).
320, primechanie. Ustraneppe trade does not reduceaet prices
product.
322— 3: Merchants — agents — prpikashpkp (NB) (and 324).
33 i. Slovesppoe imitationappc Magx*u.
336. Example of founders'] profit: S a x [Aqueous ] tr e s t
(NB)* in Amerika (70% on deistvuyuschy k[a- pitta]l, 10°/o pa watered**)
3 3 8 — 9: definition of fand k [a pi ta] l a {a. 54/):
Finapsov kapntal=* akanital, nahodyashchysya] in rasporyazheshsh bankov and
applied pro- myshleushykamts" (339).
5 4 6: Cartels = "difficulty konk[ u rep ]tion".
353. The connection of cartels with exports of kappttala.
355: Finnapsovy kapptal and "orgapizcnya obschestvepppo
proi]zvodstva"... (cf. 353 and 354).
358. With the growth of combination, propzvodst grows for own
needs] (after all, for t o v [arnogo] proi]zvodstva).
362. Magx about crises (III, 1, 219— 220 russky translation])
364. N-th volume*** "naybolee shinesyashchie parts of izumitelny
labor" ("merit" Tugan - Baranovsky11 in the note]).
382.
"Schemes" (II volume) and zppachiep]pe
<ipoproportion[ and el- n o]s m m». ((cf. 426 and -[-427)).

* The note "(N8)" in the manuscript is between the lines, above the words: "Sakhar Trust". Ed.
** "diluted" = established joint stock. Ed.
*** "Capital" by K. Marx. Ed.

hilferding :
FINANCIAL CAPITAL

447: «Economically feasible» «socially and politically unrealizable»
universal cartel...
which would eliminate crises... But «to expect the elimination of crises from single cartels» = a misunderstanding.
from the dept. U: «Economic policy of financial capital»
p. 454, footnote]. Quote from 8sliske-Saeyerng7] (0[er] Ьг[^сЬе] 1шр[епаН8ш]и8, Я. 75): «Sir Robert Peel said: «In every one of our colonies, we obtain a second Ireland»».
474: Export of capital = «export of value destined to produce surplus value abroad»
487: In new countries the import of capital «arouses the resistance of peoples awakening to national self-consciousness»... «Capitalism itself gives the subjugated the means for liberation»... «movement towards independence»....
487** « ...» Problem of the national movement in dependent countries (striving for «liberation» among the «subjugated»).. .
488. Acceleration of the development of capitalism in new countries...
491: Struggle of «national banking groups» for spheres of capital application (Par$A and others)....
see next page***

* Surplus value. Ed.
** In the manuscript there is an additional (unnumbered) sheet
with conspectus notes on the same book by Hilferding (pp. 487, 488, 493, 495, 510, 511, 512-3, 513-4). The sheet is marked by Lenin: «From
Hilferding "Financial
Capital"».
These additional notes are here distributed to the corresponding
places in the main text.
In this place, the first two notes are inserted: to pp. 487 and 488 of Hilferding's book. Further, such insertions are stipulated in the corresponding
footnotes. Ed.
*** This note by Lenin indicates that in the manuscript at this
place, the main text of the conspectus of Hilferding's book is interrupted by Lenin's own notes (in a frame) and continues on the next page of the manuscript, after these notes. Ed.

I Corporations
} in America.
/ America and
\ Germany.
Table — and example of Argentina.
Financial
Capital = banking capital, dominating over industrial [professions].
[Isn't it enough:
«Financial capital = banking capital»?]
Three main points:
Development and growth of large capital to a certain extent.... The role of banks. (Concentration and socialization).
Monopolistic capital (seizing such a large part of a known branch of industry that competition is replaced by monopoly)...
Division of land... (Colonies and spheres of influence)....
493*: ]> profitability of capital in colonies
495. Policy of Financial Capital (1.2.3.)
Hilferding (continuation])
(colonies)
(protectionism)
(monopolies)
495: «The policy of financial capital pursues three kinds of goals: first, the creation of as broad an economic territory as possible, which, secondly, must be protected from foreign competition by customs walls, and thus, thirdly, turn into an area of exploitation for national monopolistic unions»...
* These two notes — to pp. 493 and 495 of Hilferding's book — are inserted here from the additional sheet of the manuscript (see footnote ** on the previous (321) page). Ed.

Hilferding:
FINANCIAL CAPITAL

NB: Ь84: polemic on immigration in Neue Zeit [XXVI, 1.]
25. Jahrgang, 2 (1907) *
505. «The most important function of diplomacy now becomes the representation of financial capital»...
506. Karl Emil on German imperialism Neue Zeit
XXVI, 1.
510** National state
511. Financial capital wants not freedom, but domination
512— 3. Nation and imperialism
513—4. Oligarchy instead of democracy
567. «The answer of the proletariat to the economic policy of financial capital, to imperialism, cannot be free trade, but only socialism».
restoration of free trade = «reactionary ideal»
NB Hilferding: in der «Neuen Zeit» 1912 (Jahrgang 30, Bd. 1), S. 556... «das jedem kapitalistischen Monopol
innewohnende Streben, das ökonomische Monopol durch ein natürliches unzerstörbar zu machen»***....

* «25 Jahrgang, 2(1907]» is written in pencil instead of the crossed out: «[XXVI, 1]». Ed.
** The following notes to pp. 510, 511, 512->3 and 513-4 of Hilferding's book are inserted here from the additional sheet of the manuscript (see footnote ** on p. 321 above about this). Ed.
*** Hilferding: in «Neue Zeit» 1912 (year of publication 30, volume 1), p. 556... «the striving inherent in every capitalist monopoly to make the economic monopoly completely ossified, indestructible»... Ed.

ELECTRICAL TRUST
Electric trust industry:
«Der Weg des Eleklrotrusts» von fatrt ff einig (Berlin). (Neue
Zeit 1912 (28/YI 1912), 30. Jahrgang], B. 2, S. 474)
Excellent illustration of imperialism:
In
1907 concluded agreement between
A.E.G.
(Allg[e- meine] Elektrizitäts-Gesellschaft) (General
Concern A.E.G.
Trust
G.E.C.
Electrical Society)
and G.E.C. (Ge neral Electric Company (General Electric
Company])
for division of the world:
G.E.C. [America] United States and Canada
A.E.G. — Germany, Austria-Hungary, Russia, Holland], Denmark, Switzerland, Turkey, the Balkans.
(millions marks)
Turnover of goods
Number employees
Net profit (millions
[marks])
G.E.C.
(United States
1907:

28,000
35.4 of America)
1910:

32,000
<5., A.E.G. (Germany]
1907:

30,700
14-.
1911:

60,800
21., Special agreements (secret) regarding to daughter so-
cie [ties]. «Dazu gegenseitiger Austausch der Erfindungen
ufnd] Erfahrungen!» (S. 475)

ELECTRICAL TRUST
Electric trust of the industry:
"The Path of the Electrotrust" by Kurt Heinig (Berlin). ("Neue Zeit"
1912 (28/VI 1912), 30th year of publication, volume 2, p. 474).
Excellent illustration of imperialism:
In 1907 an agreement was concluded between A.E.G. (General Electric Society) and G.E.C. (General Electric Company)
for division of the world:
G.E.C. [America] United States and Canada
A.E.G. — Germany, Austria-Hungary, Russia, Holland, Denmark,
Switzerland, Turkey, the Balkans.

(millions marks)
Turnover of goods
G.E.C.
(United
States of America)
1907:

1910:

A.E.G. (Germany)
1907:

30,700
14-.
1911:

60,800
21.7

number
Net profit
C Ä X
28,000
35., 32,000
4э.с
Concern A.E.G.
Trust
G.E.C.
Special agreements (secret) regarding subsidiary societies. "In addition, mutual exchange of inventions and experience!" (p. 475)

The number of societies (mostly joint-stock companies), in which the All-General Electric Company is "predominantly interested" is 176–200 (p. 484). In the six main ones, the capital amounts to about one billion, while in all, it should be approximately 4¼ billion marks.

1) Number of direct foreign representations of the All-General Electric Company = 34 (of which 12 are joint-stock companies)

Number of "fabricated societies" — 46
Production of rubber, — cables, — quartz lamps — insulators — railway signals — automobiles — typewriters, etc.

millions of marks *
Characteristic for modern industry the production of raw materials, etc.
by the same enterprise
* 1)**

1. St. Petersburg and
Warsaw
2. Lisbon
3. Christiania
4. Stockholm
5. Brussels
6. Paris
7. Romania
8. Vienna
9. Milan
10. Copenhagen
Southwest
Africa (((colony?)))
Total in 40 states

Both Firms work together
America
Germany
All-General Electric Co ((General Electric Co = G.E.C.)
Thomson-Houston This Firm is merging with Co. Edison it founds
for Europe the Firm:
Union-Co.
Electricity, Co. Westing- house Со
This Firm merges with the Firm
All-General Co
Electricity
Co. Edison it founds for Europe the Firm:
French Co.
Edison
French
Firm transfers patents to the German
Firm:
"All-General
Co. Electrici- ty"
Siemens &
Halske-
Schuckert
Both Firms work together

ELECTRIC TRUST

Both Firms work together
America
Germany
All-General Electric Co (All-General Electric Co)
Thomson-Houston This Firm is merging it founds for Europe
the Firm:
Union-Co.
Electricity
Co. Westinghouse
Co. Edison it founds for Europe the Firm:
French Co.
Edison
French
Firm transfers patents to the German
Firm:
This Firm merges with the Firm
All-General Co
Electricity "All-General Co.
Electricity"
Siemens &
All-General Co. Electricity
Halske-Schuckert
=sign, meaning merger
=merger
->
foundation of new
Firm (to which the arrow is pointed)
by the old
Both Firms work together

. . . «Andere Elektromäcbte, wenigstens von diesen
NB