IN ST. PETERSBURG 

London, | June 1894 

My dear Sir, 

Last week I forwarded to you sheets 7 to 16 incl. of Vol. IT P and hope 
you have received them. They were registered, and my name as sender at the 
back (L. K.°).*”! 

I am glad to learn of the success of the ‘Essays’.° I hope a new edition is in the 
press. I should be very glad if I could find a German translator for the book, 
unfortunately most of the translation work from Russian into German is done 
by ladies, generally not well prepared for economic work. 

With many thanks I received the Russian ‘Origin’ etc., *” the translation, 
as far as I have read, seems to me very well done, and on the whole the 
censorship seems to have dealt leniently with the book. 

The sheets were sent rather late, but it was the fault of the publisher who 
delayed them a long time. It is very hard work reading the proofsheets of a 
book like this. You will find in the sheets sent the solution of the question 
how the different rates of surplus value are equalised into one and the same 
average rate of profits, the law of the tendency of that rate of profits 
constantly to fall, and the mode in which commercial capital participates in 
the distribution of surplus value. This comes to a conclusion in Sheet 

* of Capital- Louise Kautsky - ° Nikolai-on. [Danielson], Outlines of our Post-Reform National 
Economy, 1893 [title in Russian] 

21, in which the 5" Section opens: the splitting up of profits into interest and 
‘profits of enterprise’ (Zins und Unternehmergewinn), moneyed capital 
generally, banking and credit. This section fills up a whole third of the book; 
it has cost me more trouble than all the rest. — The last third consists of 
section VI: Rent of Land, and VII : the three kinds of revenue: Rent, profits 
(interest), wages. 

The last of the Manuscript is in the printer’s hands. But I only now find 
what an enormous amount of arrears of work I have on my hands, as 
everything not absolutely necessary had to be put back in order to finish Vol. 
3". This must be my excuse if I do not now recur to some of the economic 
questions previously discussed between us. As it is, I think we both have 
plenty of work on our hands and better leave that discussion for another time. 

Yours very sincerely 
L.K. 

The volumes on industrial and agricultural development of Russia 

(Chicago Exhibition) *” have reached me. Please accept my hearty thanks. 
They are very useful indeed, especially when compared with the ‘Essays’.