This recorded speaking turn in an official commission discussion concerns financing new investment by a coal-industry association, the Kohlengemeinschaft. Lederer recalls an earlier discussion in which participants considered it possible for the association, like any other industrial concern, to obtain funds for promising new installations on the capital market. His central objection is to replacing this route with state credit:
Wenn die Anregung gegeben würde, dann wieder Staatskredit in Anspruch zu nehmen, so ist das auf einem Umwege doch wieder eine Verstaatlichung.
English translation: If the suggestion were made to resort again to state credit, that would, by an indirect route, once again amount to nationalization.
Lederer treats financing as a question of effective control, not merely of raising money. Even indirect state capital participation would give the finance ministry overwhelming influence over administration and price-setting, making bureaucratic management difficult to resist. His argument thus connects the source of investment funds to the organization of the industry: public financing could introduce state direction without an explicit transfer of ownership.
He acknowledges that the question requires further clarification, but concludes with a practical preference:
Aber deshalb würde ich von meinem Gesichtspunkt aus meinen, daß die Errichtung neuer Werke auf demselben Wege vorzunehmen ist, wie wenn ein neuer Konzern beabsichtigt, eine Bohrung vorzunehmen.
English translation: But for that reason I would hold, from my standpoint, that the establishment of new works should proceed in the same way as when a new industrial concern intends to undertake drilling.
The intervention moves from a recalled financing assumption through an institutional warning to a recommendation for new works. Its significance lies in Lederer’s insistence that credit arrangements can redistribute governing power: capital-market financing is preferred here as a safeguard against fiscal authority becoming operational authority.
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