ECONOMICS OF THR WAR. lOy 



The value of property destroyed is given as : — 



Belgium 250 millions. 



France 160 „ 



Austria-Hungary 100 ,. 



The low value of the loss of life to Germany appears to be 

 based on the fact that the German population Avas increasing 

 very rapidly — by 1,000,000 per annum — with no outlet in 

 German territor}-. It is estimated that Ooo.ooo Germans 

 emigrated annually to other countries. 



Estimates on a really reliable basis are impossible, and the 

 end of the war is, unfortunately, not yet in sight, and it is (juite 

 impossible to forecast the other losses involved. The extra- 

 ordinary progress that the world has made in the last century 

 in science, literature, and humanity, has received a rude shock. 

 The mechanical and scientific inventions have been turned to 

 destroy tlie very progress which gave rise to their existence 

 The efifects can be considered briefly under various heads : — 



Population. 



A human being, even though he may have no material 

 efifects personally, is worth a certain amount of capital to the 

 nation, and the nett capital value of a soldier killed, who is a 

 man in the prime of life and at the highest point of his produc- 

 tive powers, has been estimated at f8oo. The following factors 

 enter into the calculations : — 



I. — Taxes paid by each man killed. 



2. — Cost of supporting those originally supported by him. 



3. — His buying power. 



4. — Profit due on work done by him. 



5. — His savings. 



On this basis, if, during the first year of war, one million 

 men are killed, there has been a loss of capital to the amount 

 of 800 millions. Probabl3^ however, the loss may be very much 

 higher. This loss of manhood cannot but have far-reaching 

 results to the nations involved. One result of the war will pro- 

 bably be the increased number of women employed in commer- 

 cial life. Scarcity of labour has already led to the enlistment 

 of female service in many branches of trade and business where 

 duties were hitherto performed by men, and that the innovation 

 will, to some extent, be continued appears to be very probable. 

 Whether it is wise to encourage this tendency, because of the 

 ousting of male labour and the consequent reduction in wages 

 is to be doubted, but for the present the times must be served. 



Capital. 



Directly the war ceases, some of the belligerents Avill for 

 a time experience imprecedented distress ; many unemployed, 

 industries temporarily closed down or trade so dislocated that 



