m THE BURDEN OF THE LONDON SETTLEMENT 81

I am fortified in this conclusion by the result ofinquiries which I addressed to Dr. Moritz Elsas ofFrankfort-on-Main, on whose authority I quote thefollowing figures. The best-known estimate of theGerman pre-war income is Helfferich's in his Deutsch-lands Volkswohlstand 1888-1913. In this volume heput the national income in 1913 at 40-41 milliardgold marks, plus 1\ milliards for net income fromnationalised concerns (railways, post office, etc.), thatit is say, an aggregate of 43 milliards or 642 marksper head. Starting from the figure of 41 milliards(since the national services no longer produce a profit)and deducting 15 per cent for loss of territory, wehave a figure of 34-85 milliards. What multiplierought we to apply to this in order to arrive at thepresent income in terms of paper marks ? In 1920commercial employes obtained on the average interms of marks 4-| times their pre-war income, whilstat that time workmen had secured an increase intheir nominal wages of 50 per cent more than this,that is to say, their wages were 6 to 8 times the pre-warfigure. According to the Statistische Reichsamt (Wirtschaft und Statistik, Heft 4, Jahrgang 1) com-mercial employes at the beginning of 1921 earned,males 6f times and females 10 times as much as in1913. 1 On the basis of the same proportion as in1920 we arrive at an increase of 10 times in thenominal wages of workmen. The wages index number

1 There are twice as many male commercial employes as there are female.

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