The yearly income of all Germany of $10, 000,000,000 is the gross result of Germany's economic activity. To obtain the net result it would be necessary to deduct the amount con sumed each year, the greater part_ of which is used in meeting living expenses and in state administration. Although the state expenses might be ascertained, it is not possible to esti mate private expenditures, so that to find out the amount of Germany's annual surplus it will be necessary to ascertain the annual increase of the national wealth, which can be estimated within reasonable limits.
A preliminary basis for estimating national wealth is to be found in the property tax assess ment. The following table shows the increase in tax assessments for Prussia from 1896 to 1911: The taxable property of Prussia was thus in the year j911 $26,000,000,000. Allowing an addition of 20 per cent for unassessed property, since no declaration is required and since landed estates are returnable at a value mated on net income and not on property values, and further additions for tax exempt properties; for those which are exempt when the owner's income is below 900 marks ($225); for furniture, clothing and household utensils and for certain other properties, the total amount of private property in Prussia may be fairly esti mated at $40,000,000,000, which is an average of $1,000 capita for the whole population, Assuming, the same ratio for the other states, the total of private property for the whole of Germany would be $65,000,000,000. To the pri vate property must be added the value of the state railways, estimated at some $5,000,000,000 to $6,250,000,000. In addition must be included the property of the states and municipalities which are engaged in many enterprises, such as mining, forestry, canals and river improve ments, post-office. telegraphs, gas, electric and waterworks, public insurance institutions and the like, schoolhouses, administrative buildings, etc., and the property o; the army and navy. A conservative estimate of these assets would be from $6,250,000,000 to $7,500,000,000, so that the total assets of the empire, states and com munities, would be about $12,500,000,000, from which, however, $6,250,000,000 should he de ducted as representing the public debt. Adding the public property to the private property the grand total of $71,250,000,000 is obtained.
A valuable check on this estimate which proves that it is low rather than high is seen in the insurance on real and personal property carried by German policyholders.
tions of fore:gn companies and various agri cultural, industrial and commercial undertak ings conducted by Germans, have been variously estimated, holdings of securities alone being estimated at from $2,500,000,000 to $3,500,000, 000; but the total of all foreign interest may be conservatively put down at $5,000,000010.
It will thus be seen that while the estimate of Germany's wealth based on the property tax yielded a total of about $71,250,000,000, the second method, which mainly uses the fire in surance statistics, gives a total value of $83, 000,000,000. It may be assumed that the actual These figures include some $5,000,000,000 carried by German companies which must be deducted, being insurance on property outside of Germany, leaving a total of $50,000,000,000 for real and personal property in Germany cov ered by insurance. This is a very conservative estimate since no addition is made for German property abroad insured outside of Germany. It fails also to include property not insured or inadequately insured. Furthermore, it cannot include land values which are not insured. Estimates of the value of land vary greatly, ranging from $12,500,000,000 to $25,000,000,000.
The value of land in cities .based on an estimate of the land value of Berlin at from $1,750,000,000 to $2,000,000,000 would indicate for all German cities a value of $7,500,000,000. Agricultural lands and forests in Germany amount to about 50,000,000 hectares (123,500,000 acres). Of this 26,400,000 hectares (62,2(118,000 acres) 'are devoted to fields, gardens and vine yards, about 6,000,000 hectares (14,820,000 acres) to meadows, 2,700,000 (6,669,000 acres) to pastures and 14,000,000 hectares (34,500,000 acres) to forests. An average value of $200 per hectare ($81 per acre) for the land, in cluding all improvements not insured against fire, would show a total value of $10,000,000,000 for all lands outside of the cities. The mining property not insured against fire is valued at $1,250,000,000 to $1,500,000,000. Vessels in in land and seagoing commerce not insured against fire are valued at $250,000,000, and the value of goods in transit at least another $25,000,000. Metallic money in circulation amounts to about $1,000,000,000. In addition the property of the state railways is not in cluded in the list of property insured against fire, its value being estimated, as stated, at about $6.250,000,000. The same is true of har bor works at seaports and on internal water ways and of certain other public works and properties, such as post office and telegraph facilities and public buildings, which may be estimated at $2.500,000,000 for the group.