however, that there is sufficient quantity of coal in stock. The Polish population
at the same time received only half a bushel of coal dust per person.
Recently an arrangement was concluded under which the Community
receives 1 [. . .] fuel coming to Łódź.
Since the Community is not only the nominal but the real owner of all
workshops, it also takes the profits, of course. It is also the Community that
sets pay rates. Earnings of workers, as well as officials, range from 60 to
300 marks a month. [. . .] [4] in this respect it represents the attitude of the
Community to the only private chemist’s existing in the ghetto. The audit
committee determines the amount of profit for a given period of operation,
leaves 500 marks for the owner, and takes the rest for the Community.
Export almost completely covers the import of food and raw materials.
Minor differences are paid in cash or credit for further settlement.
The productivity of the ghetto is best evidenced in an article which was
published recently in one of the German newspapers, emphasising that the
German authorities managed to turn a purely consumer centre, which
the Łódź ghetto had been until recently, into a major production centre.
Money, credit, budget
At the request of the German authorities, after the closing of the ghetto,
the Eldest introduced a new currency for internal circulation. Exchange at the
rate of 1:1 was not mandatory. Despite this, the exchange gave a positive result
and the whole issue in the amount of approx. 2–2.5 million units was placed
on the market. The attraction of the currency consisted of two factors: the
first was the fact that the Community accepted it in exchange for food and
raw materials, the second — the new banknotes were purchased by collectors.
The latter meant that out of the entire issue, only 1–1 [. . .] million units
are in circulation. Exchange rate of the currency, without any artificial intervention,
remains at the level of parity. It is significant that even people outside
the ghetto accept the currency when trading with the Jewish population.
To own German currency is not prohibited. Exchange may be made at
any time at the Jewish Bank. The new currency is guaranteed by the goods
located in the Community warehouses. This guarantee exceeds 100 per cent.
Keeping the issue within the economic needs of internal trade is facilitated
by the fact that the budget is fully balanced. Salaries are paid to employees
and officials regularly twice a month. Moreover, in December 1940,
