GERMANY - CO-OPERATIOX AND ASSOCIATION 



ceipts has been much larger than that of expenditure. While before the 

 war receipts were alwa^-s less than expenditure, the converse has been true 

 during the war, as is seen from the following data : 



1913 1914 1915 



Receipts 178,186,000 marks 183,051,000 marks 390,605,000 marks 



Expenditure . . . 181,422,000 " 155,246,000 " 300,664,000 " 



Excess of Receipts. — 3,236,000 " +27,805,000 " +89,941,000 " 



The excess of receipts over expenditure would have been even greater 

 in 1915 if important siuns had not been deducted for the purpose of sub- 

 scribing to the public debt. The following sums were subscribed to it in 

 the Central Bank, its branches and the rural banks : 



10,000,000 marks to ist. war loan 



45,000,000 " " 2nd. 



85,000,000 " " 3rd " " 



127,000,000 " " 4th. " " 



It is calculated that for the purpose of these subscriptions the sum 

 of 132 million marks was taken from the Central Bank; which is to say 

 that ordinary expenses amounted only to 168,664,000 marks, or 221,941,000 

 marks, less than the receipts. 



The deductions for the purpose of subscription to the pubHc debt 

 are very noticeable if the amounts 01 monthly expenditure be considered. 

 They were as follows : 



January 7,587,000 mark'; .July 13,329,000 marks 



February 6,907,000 



March 36,339,000 



April 47,319,000 



jMay 6,404,000 



June 9,191,000 



August 8,053,000 



September 103,321,000 



October 30,607,000 



November 10,251,000 



December 21,356,000 



In the months of April, September and October, those namel}^ in which 

 subscriptions were made to the public debt, the sum taken from the Cen- 

 tral Bank was from six to ten times greater than in the other months. 



Since receipts exceeded expenditure there was a disturbance of equi- 

 librium as regards the leciprocal relations between the Central Bank and 

 its shareholders. While before the war the Central Bank was always the 



