This recorded commission speaking turn concerns the financing of compensation and new investment in coal mining. Lederer clarifies an earlier statement, acknowledges Prentzel’s objection about capital-market capacity, and proposes a distinction between the total compensation awarded and the portion issued as bonds. His opening limits the certainty of state backing:
Ich möchte es dahin ergänzen, daß ich vorhin auch die Garantieverpflichtung des Staates für die zusätzlichen Obligationen als eine Eventualität bezeichnet habe.
English translation: I would like to add that earlier I also described the state’s obligation to guarantee the additional bonds as a contingency.
Lederer accepts that the amount of compensation will determine whether investors will take up further bonds for new investment. His conceptual move is to separate the satisfaction of legitimate compensation claims from the commitment of the enterprise’s entire value:
Es ist möglich, die Höhe der Entschädigung allen gerechten Ansprüchen gemäß zu bemessen und trotzdem eine freie Stelle zu schaffen bzw. nicht den gesamten Wert zu verhaften, indem man einen Teil der Entschädigung in Form einer freien Rente gewährt.
English translation: It is possible to set the amount of compensation in accordance with all just claims and nevertheless create some room, or leave the entire value unencumbered, by granting part of the compensation in the form of a free annuity.
The proposal changes compensation’s form rather than simply reducing its amount. Lederer argues that this would make the capital represented by bonds smaller than the total value, both legally and in its appearance to investors. His closing distinction between peacetime value and compensation for monetary depreciation extends this accounting logic. The contribution’s significance lies in treating compensation and investment capacity as connected but distinguishable problems: the structure of financial claims can preserve room for further borrowing.
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