-7-                             
 
 
In the case of shipping, it may be of interest to go 
beyond the figures showing the payments between Germans and 
Americans, and give more inclusive figures as to the total 
earnings of German shipping in passenger and freight traffic 
to and from American ports. During 1937 such earnings are 
estimated to have been at least $63,000,000, itemized as 
follows: passenger traffic, $20,000,000 (estimated expen-
ditures of American passengers only); cargo inbound to the 
United States, $22,000,000 (paid by Americans); cargo out-
bound from the United States, $21,000,000 (about $15,000,000 
paid by Germans and about $6,000,000 by other foreigners, 
not Americans, to German shipping plying to and from Ameri-
can ports). There would also be a few million dollars
spent by alien passengers on these German lines for which
no estimate is available.
 
 
The figures for investments in the first part of this 
memorandum have been brought down to recent dates in 1938, 
and notes to items 3 and 7 therein show changes in the 
nominal par value amount of short term capital investment
 between December 29, 1957 and September 28, 1958 No
estimates
called "travelmarks, established to liquidate the funds of 
foreign banks frozen by the Standstill Agreements. Such ex-
penditures did not provide Germany with any current dollar 
exchange, but merely with the means of reducing short-
term debt of Germans to Americans.