This brief official commission interjection records Lederer’s formulation of Dr. Hilferding’s position. Its central point is that exchange requires a receiving party:
(Lederer: Herr Dr. Hilferding meint: es ist ein Tausch; irgend jemand muß da sein, der es nimmt!)
English translation: (Lederer: Dr. Hilferding thinks: it is an exchange; someone must be there to take it!)
The remark moves from identifying a transaction as exchange to specifying its necessary counterpart. Its relevance lies in that minimal relational requirement; the excerpt does not identify what changes hands or establish whether Lederer endorses Hilferding’s position.
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