GERMANY - CO-OPERATION AND ASSOCIATION 



whence must be deducted : 



for disburdening 75 properties or parcels of such, partial 



extinctions 2,960,200 



which gives the net figure of 12,985,100 



The corresponding position in 1915 was as follows : 



a) in new3^7o bills 10,000 



b) in new 4 % bills 3,571,200 



giving a total of. . . . 3,581,200 

 whence must be deducted : 



for disburdening 28 properties or parcels of such, partial 



extinctions *..... 2,615,500 



which gives the net figure of 965,700 



II. The detailed position with regard to titles bearing interest at the 

 end of 1914 was as follows : 



bills of the annual associations 4 % 9,447,900 



« » « » » 3 ^ % (without letter) 194,337,900 



,) ,) » » » 3 1/2 % (letter C) . . 35.663,300 



» » >) (letter A) 3 % 4,077,200 



)) )) )) (letter B) 3 % 965,300 



» )) )) (letter D) 4 % 103,925,400 



« )) « (letter E) 4 % 37,741,900 



new bills ^ 3 y2 % 125,700 



« '> SVzVo 37,138,600 



giving "a total of 423,423,200 



whence must be deducted the total amount of amortizations 



including extinctions on 2 January' 1915 27,217,900 



which gives a net amount of . . 396,205,300 



to reach the amount of titles in circulation on 31 December 

 1 914 the value of those paid into reser\^e and guaran- 

 tee funds must be taken into account 21,351,700 



thus the bills in circulation at this date represent . . . 374,853,600 



