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In regard to certain belligerent countries Belgium, Serbia, Roumania, Portugal, and Montenegro, on the one hand, and Bulgaria and Turkey on the other exact details are likewise lacking.

It will suffice to say that the bulk of their war expenses have been borne by their allies. For the first time account has been taken in these statistics of the very heavy war expenses of the autonomous British colonies. Given the actual state of the market, this method of procedure lends itself to criticism. However, it is the only one that can Clevo 862 ZV PORT carried out in actual practice. In the supplement, by way of compensation, the official data have been stated in the legal money of each country. Great Britain, France, Italy, and, since its entry into the war, the United States, are the Clevo 862 ZV PORT which publish most promptly detailed and satisfactory reports of their war expenditures and their means of meeting them.

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The extension of military operations has necessitated larger forces and an increase in the output of war industries. The enormous consumption by the Army of provisions, raw materials, and manufactured articles, and the scarcity of labor, have caused a considerable rise in the prices of all merchandise. The high cost of living is being accentuated from day to day and has helped greatly to increase the war expenses. According to the index numbers published in the Economist, prices have almost tripled since June,Bradstreet's Index number, which gives wholesale and retail prices in New York, shows the same conditions. The intervention of the Government, the principal consumer, in taking over the various branches of industry and commerce, has not sufficed to restrain the universal and inevitable rise.

Other expenses, resulting from war conditions, are grafting themselves on the expenses which fall directly in the so-called war budget—the payment of those in service, Clevo 862 ZV PORT allotments to the families of soldiers and officers, pensions to families which have suffered as a result of the war widows, orphans, cripples, etc.


It is, and probably will continue to be, impossible to prepare a complete and exact state- ment of the actual cost of the war. The various ways of public financing and accounting explain somewhat the lack of definite statistical data regarding this important point. Besides, it is quite certain that part of the deficits of the budget which are very indirectly attributaole to the war, have been entered as war expenses in the public accounts. What we can determine exactly are the credits voted and the war loans. On the other hand, it is impossible to determine the concomitant expenses resulting from the war, especially in those countries Clevo 862 ZV PORT the cost is borne either by the localities or the confederated states, or by local organizations.

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Finally, no estimate is practicable of the losses of all kinds which people, individually and collectively, have suffered in the course of the war. In order to obtain the total cost of the war it would be necessary to keep account of the cost of mobilization of neutral countries. In order to calculate the cost of the war up to the Clevo 862 ZV PORT of July, and very imperfectly at thatthere have been taken as a basis the war expenditures which have been published at regular intervals by the various ministers of the Treasury Great Britain, the United States, France, and Italyrepresenting often simply the authorized, and not the actual, expenditures. For the countries where these data were lacking, recourse was had to the credits voted, figures of the war debt, the Clevo 862 ZV PORT amounts advanced to the Treasury, etc.

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The total thus obtained does not Clevo 862 ZV PORT indicate the direct cost of the war. Indeed, we must, on the one hand, eliminate the advances made between the allies, which would otherwise cause duplication, as well as the cost of providing for the civil population, which ought, rather, be put on the regular budget, and, on the other hand, we must add incidental war expenses. But, under the actual circumstances, exact information in regard to these different elements of credits and debits is difficult to obtain. Moreover, account must be taken of the fact that the proceeds from the war loans, even from the great consolidated loans, are only gross proceeds; it is necessary to deduct subscriptions in the form of securities of former war loans and of Treasury bills, as well as the Clevo 862 ZV PORT of prewar debts. The definite results—that is to say, the net proceeds in new money—have not always been published.

Even by keeping account, as far as possible, of all these elements, it is evident that the expenses pertaining to one country are not absolutely comparable with those of others. To the war expenses, properly speaking, are added the civil expenses regular budgetwhich, in spite of efforts made from the outset, could be restricted very little. In certain countries the direct cost of the war has been appreciably increased by the sums advanced to the allies. Great Britain, which acted as clearing house for the allies during the first three years of the war, has also extended important credits to France and Italy, with a view to facilitating the purchase of merchandise and munitions made in England and the United States.

She has, in addition, made large advances to the British dominions. At the present writing the total advances made by Great Britain and France probably exceed 45 billion francs.

Advances made by Germany to her allies are also considerable. These advances Clevo 862 ZV PORT, in so far as they are recoverable, be deducted from the war debt. Before the entry of the United States into the war England and, in a lesser degree, France and Italy also, opened largo commercial credits in the United States and in various neutral countries against pledge of securities.


According to the calculations of the National City Bank of New York the total of the credits extended abroad temporarily consolidated in the form of publicly issued loans by the New York market alone, amounted, at the end ofto 2, million francs, to which sum should be added important commercial and exchange credits opened by the New York banks. Since the spring of the r61e of banker for the Entente has been assumed by the United States. On April 24,the American Government was authorized to advance to the allies the sum of 3 billion dollars; these figures have been raised to 7 billion dollars since September 24, In the table following we give the condition, at the end of June,of the credits extended by the United States to the principal powers of the Entente since April, Official Clevo Series Free Driver Download - .

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