Saturday, April 12, 1919 THE REVOLUTIONARY AGE Imperialism. the Final Stage of Capitalism tal invested in industry purites Hilferding.
For aiian Tank 413. 830. 27. al US (11, 1. 373. 3. 037. no appears that and Co.
meaning mother conceen, the Chassia books Private Bank 5042 301. 1. 8x. From 3, 949. Risser.
exception. lefenders bacimana and are no the latest on eraldi berean bi vi har en gerechten upon the rolley ms into being schaft. Un tionalci (Contimation)
By Lenin mind, he imagines that it is possible under a capitalist III system to distinguish the former and the latter.
Finance capital and the financial oligarchy Here are the data furnished ly. Igad: 1900, that the pound stock share was the foundation CONSTANTLY larger proportion of the cap of British Imperialism. 7)
Active capital of banks to the reports for October and November 1913 That merchant had a more through and Marxist does not belong to the nen who use it in their understanding of the meaning of Imperialism, than Groups of Russian Capital invested; Banks in millions of rubles business enterprises. That capital is placed at their a certain writer who is sppposed to be the founder For disposal by banks which represent the aciual owners of Russian Marxism and who imagines that ImpeProduct Specul Total of those rialism is thr unpleasant characteristic of only one On the other hand, a bank must invest a constantly European nar. on.
a) banks, the Siberian commercial, the Russian, the InJarger portion of its available capital in some industry. The system of participation not only helps monternational and the Discount the bank becomes, to a constantly larger opolies to build up their giant power, but enables 1, 372. extent, an industrial capitalist. This banking capital, them to put through with impunity clark and unholy a) banks: the Commercial in the shape of currency, which can be thus trans leals and to rob the public, for the leads of the and Industrial Bank and the formed into industrial capital, shall designate as mother concerns Russian English Bank.
not legally responsible for 4084 are banks: the Russianfinance capital capital placed at the disposal of bank the acts of the daughter concerns which are sup, Asiatic. the Petrograd Bank, ers and used by industrial operators. 43)
posed to be independent and through which a good the Don Asiatic Bank. the This clefinition is not complete for it leaves out one many things can be done. nion Bank. the Moscow of the most important factors: the growth of con Here is an illustration taken from the German magBank the Russian French Cuxumercial Bank centration in industry and capital to tħe point were it company Kassel was considered a few years ago Tomals 11 Banks. The Spring Steel Stock creates 168 68. Dut Filforeline continually emphasizes, especially in as one of the most prosperous concerns in Germany.
the chapters preceding the one from which the clefinition is taken the role played by capitalist mono Bad managernent caused dividends to dwindle from. banks: the Muscow Merchants Bank, the Volga Kask 15 to nothing. It had the management Bank. Yunker polies. Comentration of industry: monopolies that extended to one of its daughter concerns, the Chas Petrograd Commercial, formresult from it: alliance between banks and industry; sia, whose nominal capital amounted only to a few erly Vavellery, the Moscow Such is the history of finance capital and such is the hundred thousand marks, a loan of six Bank. formerly the Ralushof the stockholders. Of this insky Bank, the Moscow DisWe shall nox 110 show how the manipulations of the loan which amounted to almost three times the stock count Rank the Moscow Commercial and the Moscow capitalist monopolies unavoidably bring about under capital of the 895. mention.
private propertya financial oligpurely legal point of view that omission Totals 19 Banks 080. Archy political may notice that the representatives of was perfectly permissible, and could be allowed to in Germany and other subsist for two years, for it did not run counter to billions of rubles, which constitute the working capAcording to the above figures, out of nearly four schenzeilevernitz, Liefmann. other ital. They do not throw light but signed the lving balance, was and still is, the president that capital, is controller lw banks which are in scality Imperialism aging and finance board who, as the responsible person in charge, darkness.
process through which a financial of the Kassel Chamber of Commerce.
th: daughter concerns of foreign banks, in the first oligarchy they depict its methods hollers learnt of that loan to the Chassia Company lione lirench banks, the famous banking trio: The in rosy colors, they remain very vague as to its sources only later when it proved to have been a mistake Union Parisienne, Banque de aris et Irlande, and La of profits, lawful and otherwise, its connection with (I can help placing the word between quotation banks: the Deutsche Bank and the Disconto (iesellciete Generale, and in the second line Berlin parliaments and so on. They lodge. unpleasant marks) and when the stock of the Spring Steel Comand take In 1912, two large Ivanks, the Russian Bank rasicoties speak of a feeling of responsibility Feruge in high sounding, obscure pany, being dumped by the well informed, suffered for Forercial Bank, increased their capital from Commerce, and the Petrograd Internaa break his striking a xample of the Inuk juggling which of 10 18 million rubles, and their reserves from 15 to seriously viding for contri. nd of 30 millions, three forurths of their capital being fertim: in making tussciculitic 10, they waste their of stock noches shows us why their directors eng.
clefinitions like the fol age more in risky deals than a private business Deutsche Bank of Berlin, the other to the group of the lowing linssional activity, which collects goods, only enable them to keep all knowledge of their risky loy Professor Liefmann: Com man would. Up to date bookkeeping methods not Berlin Disconto (iesellschaft.
pru keeps them and lixposes of them. 44)
stockholder, but also dolge Our friend Agad is very indignant over the fact Commerce existed then among primitive men who losses in that the Berline chacunki, hold the majority of the stock were even ignorant Socialist form of society.
at the opportune moTarter and wil ek istemesen ingebot Tesponsibility and escapek powerless. It goes without saying that the country would have to meet ment, while a private businessket.
But there abundance of facts about the which exports capital gets the lion share of the profwonderful of the financial oligarchy, that The books of many stock compe its. For instance the Deutsche Bank of Berlin, companies are very simin all the countries, in America. in France, ilar to those parchnients of the Middle Ages which ce catorship importing into Berlin stocks of the Siberian Comin we find a rich literature dealing with the were used twice by mercial Bank, kept them in its safe for an entire year scribes and whose real content On a bourgeois point of view, giving us an is not known until one erases the second layer of ink.
and then soll them at 193, having bought them at par, accurate picture that oligarchy at work, and containing a criticism of it from a bourgeois point boudivide teperone tenterprise into several daughter and most common method of keeping hundred per cent on the investment. Ililfereling calls that Aotation profits.
lle must mention in the first place the system of concerns or to combine the latter anew. This methIgad estimates the resources of the leading Petro participation 10 which we alluded previously. This is what this Gierman cconomist Heymann writes upon legal and illegal, that there every point of view. grad banks at almost cight and a quarter billion rubles, od seems so advantageouis from to be accurate 8, 235, 000, 000 rubles, and he divides are very few the fubject which have not resorted to it. 48. the participation or rather control of the foreign The head of the lisic concern (the mother conas follows: French banks 55 English 10. Among the large and monopolistic concerns using German 35. Out of that active capital of cern) controls that concern: this concern controls in this method on a large scale, we may nntion the Allvarious sveicties which depend upon it (the gemeine Elektrische Gesellschaft, of which we shall 000. 0X rubles. Sed rubles (or over 20K it. belongs to daughter concerns. The later control other concerns speak in cletail later. In 1912 it was estimatel that of the naptha, metal and which might culcl the commercial grandchildren this company participated pears then that the alliance content industries. It the affairs of 175 or of laanking and inclustrial capital has gone a long way of.
1x the ounership of gives the control of a stoct. of the stock 200 other compactes, controlling them and through in Russia toward establishing the mother concern only ixels to own one million monopolies the head them, a company, of marks. 49)
pral of about 500. 000. 000 books or acmethods Financial capital concentrated into a fxw hanels The various inspecting.
to oth and grand children share of wrofits from flotations, from the is extended even further ex. And if that process is offered to the public hy denevolent professors or funcsuance tionaries, whose benevolence of stock, from government loans, etc. which a capital of one million may ng Capitalism and the expends itself in defend strengthen the power of the financial control 16 or 32 millions. 5)
We knew from experience that the ownership of nonsense. For private property is sacred and no one apologizing for it, are the merest the entire nation pay tribute to making 10 of the stock assures practical control of can be prevented from buvingselling or exchanging ation on the part of the American trusts cited by is one of the numberless examples of manipula the afairs of it company, is a large number of the shares of stock, hoarding then, etc.
stockholders never have a chance ferdling: In 1887, The extent to which the participation system has lvy combining 15 small companies whose total capital Havenueyer founded the sugar trust of taking part in stockholdiers meetings. The demo been adopted by the leading Russian Janks is shown to cratie distribution of The 6, 500, 000. trust capital was acand opportunists anci social clenocrats ex of the Russo Chinese Bank and who in May 1914. increased to 50, 000, 000. This wver capitalization took. pect to democratiz capital, and to increase published a book the power of the sinall manufacturers, is in the great bankaaring the rather inaccurate title into account the future profits of the and the world market. 50) The as the steel trust.
just reality one of the devices which strengthen the hands author divides the of the nitor States, takes into Russian Danks into two account the future protits it wili vlerive from its nono capitalist nations and in the more olul fashioned ones the system of legislation allows the issuing of constantly smaller dependent. But progressive principerent.
he means incependent 10nopoly prices and reaped such profits that it could and those who are in. for it is constantly loying tp new deposits of And in fact, the sugar trust established The first grou of a share of low is 000 marks, and the financial into three sub groups according to whether German, a was watered (or 70 on the actual capital ſaid in magnates of that country look with envy upon Eng English or French Isanks participate in their oper when the trust was organized. land while the law allows shares worth only one poundations. Ile also draws a distinction between productsterling.
11110. the capitalization of the trust was 190. 000, Sienans, one of Germany inclustrial and finan clustry) anul speculative banking capital (used for stock fold.
ive banking capital investel in commerce and in In 22 years the capital had increased over tenial magnates; cleclared in the Reichstag on June 7, and financial deals. With his bourgeois reformist (To be continued)
merce is deals from the average of mishap.
case German The simplest books in concerns turn the the first capitalistic small and sentire amounted and cture import mon ore 20.