NOTEBOOK “ζ” (“ZETA”)

HARMS, WORLD ECONOMY

Page 3 of Notebook “ζ” (“Zeta”)

Bernhard Harms , Problems of World Economy , Jena, 1912. “ National Economy and World Economy .”

British capital invested abroad (1911) according to G. Paish (( George Paish in the Journal of the Royal Statistical Society , Vol. LXXIV, 1910-11, p. 167)) (“Great Britain’s Capital Investments in the Colonies, etc.”).

( B. Harms , p. 228):

| I. British colonies (£ thousands ) |
| --- |
| North America | Canada and Newfoundland | 372,541 |
| Australia | Commonwealth of Australia | 301,521 |
| New Zealand | 78,529 |
| Africa | South | 351,368 |
| West | 29,498 |
| Asia | India and Ceylon | 365,399 |
| Straits Settlements | 22,037 |
| Hong Kong | 3,104 |
| British North Borneo | 5,131 |
| Other British possessions | 25,024 |
| | |
| | |
| Σ = | British colonies | 1,554,152 |

| II. | Foreign countries : |
| --- | --- |
| United States | 688,078 |

| | |
| --- | --- |
| | Cuba | 22,700 | | |
| |

| | Philippines | 8,202 |

| | |
| --- | --- |
| | Argentina | 269,808 | | |
| Mexico | 87,334 |
| Brazil | 94,330 |
| Chile | 46,375 |
| Uruguay | 35,255 |
| Peru | 31,986 |
| Other American countries | 22,517 |
| |

| | Russia | 38,388 |
| --- | --- | --- |
| Turkey | 18,320 |
| Egypt | 43,753 |
| Spain | 18,808 |
| Italy | 11,513 |
| Portugal | 8,134 |
| France | 7,071 |
| Germany | 6,061 |
| Other European countries | 36,319 |
| Japan | 53,705 |
| China | 26,809 |
| Other foreign countries | 61,907 |
| | |
| | |
| Σ = foreign countries | 1,637,684 | [1] |
| | |
| | |
| ΣΣ = Total | 3,191,836 |

| (In all, he says, £3½ thousand million) |
| --- |
| Same, by continents (£ million) |
| | | Per cent |
| America | 1,700 = 53 |
| Asia | 500 | | 16 |
| Africa | 455 | 14 |
| Australia | 387 | 12 |
| Europe | 150 | 5 |
| | | |
| | 3,192 | 100% |

Dr . Sigmund Schilder , Development Trends in the World Economy , Berlin, 1912—p. 150—refers to G. Paish, whose figures, he says, are minimised, for Paish takes issue prices (for Latin America 556 = £ 556 million, whereas London Stock Exchange quotations on May 31, 1909 Σ = £ 767 million, including Argentina—£ 281 million, Brazil—£140 million).— The London Economist , August 26, 1911, estimates British capital in 10 South American republics (Argentina, Brazil, Uruguay, Chile, Peru, Bolivia, Colombia, Venezuela, Ecuador and Paraguay) at £ 622 million, including Argentina—316, Brazil—162, Uruguay—42, Chile—41 (ibidem, p. 371 ).

Foreign capital in Canada (1910) = 12,687 million francs, including British—9,765, U.S.—2,190, French—372. In Mexico (1886-1907) = 3,343 million francs, including U.S.—1,771, British—1,334 (p. 373).

Belgian capital abroad (Berlin Export , November 24, 1910) in million francs: Holland—70; France—137; Brazil—143; Italy—166; Egypt—219; Germany—244; Argentina—290; the Congo—322; Spain—337; Russia—441; other countries—338. Total—2,750 million francs (p. 365).

| French capital abroad |
| --- |
| (ibidem, p. 235) | Thousand mill. francs |
| Russia | 10.0 |
| Great Britain | 0.5 |
| Belgium and Holland | 0.5 |
| Germany | 0.5 |
| Turkey, Serbia and Bulgaria | 0.5 |
| Rumania and Greece | 4.0 |
| Austria-Hungary | 2.0 |
| Italy | 1.5 |
| Switzerland | 0.5 |
| Spain and Portugal | 3.5 |
| Canada and United States | 1.0 |
| Egypt and Suez | 4.0 |
| Argentina, Brazil and Mexico | 3.0 |
| China and Japan | 1.0 |
| Tunisia and French colonies | 3.0 |
| | |
| | |
| | Σ=35.5 | [2] |
| Total now estimated at 40,000-42,000 million. |

| German capital abroad (1904) exclusive of securities (non-European areas) (million marks) |
| --- |
| | Turkey (without Egypt) | 350 | |
| Africa (including Egypt) | 1,350 |
| Persian-Arabian Peninsula and India | 75 |
| South-East Asia | 250 |
| East Asia | 450 |
| Australia and Polynesia | 400 |
| Caribbean countries | 1,200 |
| West coast of South America | 550 |
| East  ”  ”  ”   ” | 1,600 |
| United States and Canada | 3,000 |
| | |
| | |
| | Σ = 9,225 |

| German capital abroad (securities) (1897-1906) |
| --- |
| | also million marks |
| | Argentina | 92.1 | |
| Belgium | 2.4 |
| Bosnia | 85.0 |
| Brazil | 77.6 |
| Bulgaria | 114.3 |
| Chile | 75.8 |
| Denmark | 595.4 |
| China | 356.6 |
| Finland | 46.1 |
| Great Britain | 7.6 |
| Italy | 141.9 |
| Japan | 1,290.4 |
| Canada | 152.9 |
| Cuba | 147.0 |
| Luxemburg | 32.0 |
| Mexico | 1,039.0 |
| Netherlands | 81.9 |
| Norway | 60.3 |
| Austria | 4,021.6 |
| Portugal | 700.7 |
| Rumania | 948.9 |
| Russia | 3,453.9 |
| Serbia | 152.0 |
| Sweden | 355.3 |
| Switzerland | 437.6 |
| Spain | 11.2 |
| Turkey | 978.1 |
| Hungary | 1,506.3 |
| United States of America | 4,945.8 |
| | |
| | |
| (My total) | Σ = 921,909.7 |

Author estimates total German capital abroad at 35,000 million marks (p. 243).

| ⎧ ⎨ ⎩ | The (1904) figure=9,225 plus, he reckons, the same | ⎫ ⎬ ⎭ |
| --- | --- | --- |
| amount in Europe | Σ | = 18,000 |
| Further, securities totalling about | | 17,000 |
| | |
| | |
| | Σ | = 35,000 | [3] |

| America | | 6,530.2 |
| --- | --- | --- |
| Asia (Turkey) | 2,625.1 |
| Africa | — |
| Australia | — |
| Europe | 12,754.4 |
| | |
| | Σ = | 21,909.7 |

| N.B. | | | | On the question of German capital investments abroad, B. Harms quotes (besides Sartorius): Ries- ser , German Big Banks and Their Concentra- tion , 3rd edition, Jena, 1910.— Paul Dehn , New Developments in World Economy , Berlin, 1904.— Paul Arndt , “The Nature and Purpose of Capital Investment Abroad”, Zeitschrift für Sozial- wissenschaft , 1912, (No. 1-3).— Robert Liefmann , Holding and Financing Companies , Jena, 1909.— |
| --- | --- | --- | --- | --- |
| |
| N.B. | | | |

| German capital abroad: |
| --- |
| | Exclusive of securities (1904) | | | Securities (1897-1906) |
| | Africa | 1,350 | | —(?) |
| (α) | Asia (including Turkey) | 1,125 | 2,625.1 |
| | Australia and Polynesia | 400 | —(?) |
| (β) | Central and South America | 3,350 | 1,431.5 |
| (γ) | U.S.A. and Canada | 3,000 | 5,098.7 |
| | |
| | |
| | Σ = 9,225 |
| (α+β+γ)=(7,475) | | (9,155.3) |

Foreign capital of the three richest European countries, approximately [4] :

| | | (thousand million marks) |
| --- | --- | --- |
| | Great Britain | | France | | Germany | Σ |
| | | | |
| | | | |
| America | 37 | | 4 | | 10 | | 51 | |
| Asia | 11 | | 1 | | 4 | | 16 |
| Africa | 10 | 29 | 7 | 8 | 2 | 7 | 19 | 44 |
| Australia | 8 | | — | | 1 | | 9 |
| Europe | 4 | | 23 | | 18 | | 45 |
| |
| |
| Total | 70 | | 35 | | 35 | | 140 |

| |
| --- |
| Approx. Great Britain | | Germany | | |
| | |
| | |
| | |
| | | | | |
| |
| | | thousand mill. marks |
| | Total approx. ( thousand mill. marks) | | Great Britain | | | | France | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | approx | approx |
| 37 | America | 6.5 | 10 | 37 | 4 |
| 11 | Asia | 2.6 | 4 | 11 | 1 |
| 4 | Europe | 12.8 | 18 | 4 | 23 |
| 10 | Africa | — | 2 | 10 | 7 |
| 8 | Australia | — | 1 | 8 | — |
| 70 | | 21.9 | 35 | 70 | 35 |
| |

| Western Europe (Belgium, Switzerland, Scandinavian countries) | | | 2 | | | | 1(??) | | | | 2 | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| South Europe (Spain, Italy, Portugal) | 1 | 1 | | 5 |
| Balkans | 2 | 0.5 | (??) | 4 |
| Russia | 5 | 1 | | 10 |
| Austria | 8 | 0.5 | (??) | 2 |
| | | | | |
| | | | | |
| All Europe | 18 | 4 | | 23 |
| Balkans + Russia + Austria | 15 | 2(??) | 16 |

| World railways (Harms, p. 138) (ibidem): |
| --- |
| 1868 | 106,886 | km |
| 1870 | 211,000 |
| 1875 | 294,000 |
| 1899 | 617,285 |
| 1909 | 1,006,748 |

| | (km.) |
| --- | --- |
| | | 1899 | | | | 1909 | |
| | | | | | | |
| | | | | | | |
| Europe | 223,869 | 329,691 |
| America | 313,417 | 513,824 |
| Asia | 33,724 | 99,436 |
| Africa | 9,386 | 33,481 |
| Australia | 18,889 | 30,316 |
| | (my) Σ=599,285 | 1,006,748 |

| World telegraph lines (km.) (Harms, p. 141): |
| --- |
| | | 1899 | | | | 1909 | |
| | | | | | | |
| Great Britain | 208,747 | 253,898 |
| North America | 50,545 | 92,818 |
| France | 26,157 | 43,115 |
| Germany | 6,186 | 30,167 |
| Denmark | 13,888 | 17,111 |
| Netherlands | 1,786 | 5,721 |
| Japan | 2,797 | 8,084 |
| Spain | 3,237 | 3,565 |
| Italy | 1,968 | 1,989 |
| Miscellaneous countries | 3,233 | 7,724 |

| Foreign trade (special trade) of Germany (p. 198 ) |
| --- |
| (million marks) |
| | 1899 | | 1909 | | Increase |
| | | | |
| | | | |
| | Import | | Export | | Import | | Export | Import | Export |
| 1. Europe | 3,239.9 | 2,509.7 | 5,196.8 | 5,623.9 | +60% | +124% |
| | | | | |
| 2. Africa | 39.6 | 22.1 | 418.0 | 181.3 |
| 3. Asia | 128.2 | 84.3 | 828.3 | 332.3 |
| 4. America | 635.4 | 613.6 | 2,190.7 | 1,255.0 |
| 5. Australasia | 35.1 | 23.5 | 293.0 | 71.8 |
| | | | | |
| 2-5.    Σ= | 838.3 | 743.5 | 3,730.0 | 1,840.4 | + 345 % | +147% |
| ΣΣ= | 7,343.5 (1889) |

| (p. 203) Special trade (including noble metals) of the most important countries |
| --- |
| | 1870 | | 1882 | | 1901 | | 1910 |
| | million marks | | (marks) per head | | million marks | | per head | | million marks | | per head | | million marks | | per head |
| Great Britain (+Ireland) | 9,180 | 312 | 12,658 | 355 | 14,977.0 | 360 | 20,570.1 | 453 |
| France | 4,540 | 124 | 7,326 | 195 | 6,705.8 | 171.9 | 10,212.5 | 260 |
| Germany | 4,240 | 106 | 6,409 | 141 | 9,852.6 | 172.2 | 16,408.8 | 257 |
| Russia | 2,000 | 27 | 2,140 | 30 | 2,926.8 | 26.1 | 5,047.5 | 40 |
| Austria-Hungary | 1,660 | 47 | 3,015 | 75 | 3,007.3 | 65.7 | 4,450.4 | 88 |
| Italy | 1,480 | 61 | 2,000 | 70 | 2,474.4 | 76.1 | 4,170.4 | 123 |
| Spain | } | 820 | 42 | 840 | } | 53 | 1,386.8 | 74 | 1,566.2 | 80 |
| Portugal | 280 | 390.9 | 71.0 | 434.1 | 77 |
| Holland | 1,420 | 388 | 2,520 | | 602 | 6,391.0 | 1,229 | 9,446.7 | 1,657 |
| Belgium | 1,280 | 252 | 3,380 | 421 | 3,239.4 | 476 | 6,137.9 | 841 |
| Sweden-Norway | 840 | 115 | 1,080 | 131 | 1,407.7 | 190.2 | 1,891.5 | 242 |
| United States of America | 3,420 | 98 | 6,150 | 120 | 9,526.5 | 122.5 | 13,578.7 | 150 |

---
Notes:
[1] So given by Harms.— Ed .

[2] See present edition. Vol. 22, pp. 242-43.— Ed .

[3] See present edition, Vol. 22, p. 243.— Ed .

[4] Ibid., p. 243.— Ed .