This recorded speaking turn from an official commission discussion clarifies Lederer’s argument about quotas in the potash industry. Responding to Dr. Vogelstein, he distinguishes the effect of costs on prices from their effect on profitability. The contribution proceeds through agreement on price formation, an explanation of the financial burden of expensive quotas, and a correction of Vogelstein’s interpretation.
Ich bin natürlich durchaus wie er der Meinung, daß die Gestehungskosten auf die Gestaltung des Preises keinen Einfluß üben. Hingegen würden sie einen Einfluß auf die Rentabilität haben.
English translation: Naturally, I entirely agree with him that production costs exert no influence on the formation of the price. They would, however, have an influence on profitability.
Lederer’s concession preserves the substance of his objection: costs need not determine the selling price to constrain an enterprise’s returns. He explains that higher production costs reduce the rent payable out of profit, then connects rising quota prices to the possibilities of industrial development.
Eine Steigerung der Quotenpreise bedeutet, daß die Werke, welche die Quote teuer bezahlen, mit geringerer Rentabilität zu rechnen haben, so daß der Ausbau der Organisation der Werke, der sonst möglich wäre, nicht möglich ist.
English translation: An increase in quota prices means that the plants which pay dearly for the quota must expect lower profitability, so that the expansion of the plants’ organization, which would otherwise be possible, is not possible.
The central concern is thus the organizational expansion forgone when quota acquisition depresses profitability. Lederer closes by rejecting the argument Vogelstein attributed to him: that industry must generate rent over thirty years which benefits private individuals instead of industry itself. His point is more specific than that contrast between beneficiaries. The contribution identifies a constraint on enterprises’ capacity to develop, making the distinction between price formation and profitability decisive for assessing the effects of quota costs.
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