Notes

¹Wirtschaft ohne Wunder, 1953, Eugen-Rentsch Verlag, Erlenbach/ Zurich.

² ‘Government Appropriations for Relief in Occupied Areas’, which provided some ‘first-aid’, as Germany was, of course, not covered by UNNRA.

³ On the day of the announcement of currency reform all banking and savings accounts were frozen, to be re-opened only several weeks later. The result, briefly, was to wipe out 90% of all savings, since every RM 100 in the old account became DM 10 in the new when accounts were finally freed.

⁴ While all accounts remained frozen, German Food Offices issued DM 60 per head of population on two separate occasions. This was done to enable people to pay for the necessities of life until the currency operation was completed.

⁵ Bills of exchange of the Metallurgische Forschungsanstalt’ were in troduced by Dr. Schacht, who used them to finance German re armament.

⁶Mitbestimmung, or joint management, is a method of giving workers a share in management at several levels. Originally first put forward in the Works Council Law of 1920, it went into cold storage under Hitler to be revived and developed under Allied Occupation after 1945. Legis lation which made detailed stipulation about joint management was passed by the German Parliament in 1951 and 1952. Joint management is fully effective only in the coal and steel industries, where one-half (but one-third only in other industries) of the Supervisory Board is elected by the Works Council (itself elected by the workers). The Works Coun cil also elects one of the three members—the Labour Director—of the Board of Management.

⁷ The law was based on the old German ‘Guild Statutes’ of each individual trade which, in modified form, have survived into the pres ent time from the Middle Ages.

⁸ The German Council of the Trades Union formulated a law which would have protected trade occupational designations. For example, no one could have called himself a carpenter without having passed an approved apprenticeship and otherwise conforming to an established standard.

⁹ New legislation concerning insurance was passed early in 1957 by the German Parliament. One of its important provisions is that all social payments are adjustable with variations in the cost of living.

¹⁰This would correspond to something like Britain’s National Income and Expenditure Account which has been issued as a Government publi- Gation annually since the war.

TABLE I

INDICES OF INDUSTRIAL NET PRODUCTION
Basis: 1936=100				Per working day
Time	Total Industry	Raw Materials and Producers’ goods Industries	Capital goods Industries	Consumer goods Industries
1948 1 Half year	50.22	43.8	45.0	42.4
2 „	69.12	64.1	67.2	60.8
1949 1 „	82.9	78.5	84.2	78.2
2 „	94.0	83.7	87.4	92.6
1950 1 „	99.7	93.1	98.8	103.4
2 „	121.7	113.5	126.5	123.1
1951 1 „	127.7	120.9	144.6	129.1
2 „	134.3	122.3	149.9	128.3
1952 1 „	133.4	122.8	161.5	120.3
2 „	145.3	129.9	167.2	139.9
1953 1 „	145.6	132.3	167.6	142.2
2 „	161.5	141.2	178.4	161.5
1954 1 quarter	153.4	137.1	182.3	154.5
2 „	171.2	158.2	205.6	161.3
3 „	171.4	162.5	200.5	162.8
4 „	191.0	166.6	230.1	183.9
1955 1 „	178.5	163.7	230.0	170.6
2 „	197.8	185.1	255.0	177.7
3 „	197.1	185.7	248.1	180.3
4 „	216.6	188.0	274.6	207.4
1956 1 „	197.2	176.1	263.2	187.5
2 „	216.9	202.0	285.7	195.6
3 „	211.8	199.3	266.4	195.2
4 „	225.91	197.0	280.5	219.0
1957 1 „	212.9	195.2	275.1	206.1
2 „	230.3	211.1	298.0	209.5

¹ not final

² without main building trade

TABLE II

THE RECONSTRUCTION OF THE CAPITAL MARKET
Sales (in Mill DM.)
Time	Fixed interest-bearing securities		Shares		Fixed interest-bearing securities and shares since currency reform
	annually	since currency reform	annually	since currency reform
1948 21.6—31.12	18.6	18.6	0.5	0.5	19.1
1949	770.1	788.7	41.3	41.8	830.5
1950	676.5	1,465.2	51.2	93.0	1,558.2
1951	747.4	2,212.6	164.7	257.7	2,470.3
1952	1,557.7	3,770.3	259.3	517.0	4,287.3
1953	2,901.9	6,672.2	268.7	785.7	7,457.9
1954	4,691.0	11,363.2	453.0	1,238.7	12,601.9
1955	3,680.7	15,043.9	1,554.8	2,793.5	17,837.4
1956	2,564.2	17,608.1	1,837.5	4,631.0	22,239.1

TABLE III

THE THREE MOST IMPORTANT PRICE INDICES
		Cost of living of medium consumer groups 1950 = 100	Cost prices of industrial products 1950 = 100	Cost prices of agricultural products 1950/51 = 100
July	1948	102	103	104
January	1949	110	106	121
July	1949	106	102	118
January	1950	102	100	107
July	1950	99	98	101
January	1951	102	111	103
July	1951	108	118	113
January	1952	112	123	120
July	1952	109	121	118
January	1953	110	120	114
July	1953	108	118	114
January	1954	107	116	115
July	1954	108	116	124
January	1955	110	118	120
July	1955	111	119	122
January	1956	112	120	124
July	1956	113	120	127
December	1956	114	124	126
July	1957	116	124 |	138