This recorded commission speaking turn concerns the representation of leading coal-industry capitalists. Lederer emphasizes that their interests can be represented through personal attendance or close associates:
Die Herren, die in der Kohlenwirtschaft die führenden Kapitalisten sind, werden persönlich anwesend oder durch Herren, die ihnen sehr nahe stehen, vertreten sein.
English translation: The gentlemen who are the leading capitalists in the coal industry will be present personally or represented by gentlemen who are very close to them.
Rathenau interrupts with a comparison to Lederer’s side. Lederer’s reply introduces expropriation as a distinguishing condition, but the supplied text ends without completing that reply. The fragment thus foregrounds the relationship between ownership and representation; its unfinished contrast requires source review before a fuller argument can be established.
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