ECONOMICS OF THE WAR. (j'J 



cial credit was none too strong, and she could enter the market 

 only on a 5 per cent, basis. 



France. 



France had a population of 40,000,000. Her national debt 

 was i 1, 01 5,000,000. 



Her imports were £330,000,000, and her exports 

 £270,000,000. 



Exchanges were slightly against France, but the majority 

 of the difference was settled by interest on foreign investments 

 and services rendered. 



The gold of the Bank of France was £140,000,000. 



Food supplies were not of importance in view of her large 

 coast-line. 



Taxation was not severe, and her credit was first-rate. 



Revenue and expenditure balanced at £180,000,000. 



Russia. 



Russia had a population of 170.000,000. Her national 

 debt was £945,000,000. 



Her imports were £125,000,000, and her exports 

 £170,000,000. 



Owing to the excess of her exports over her imports. 

 Russia had been able to accumulate a large holding of gold, 

 which at the outbreak of war amounted to £174,000,000. Russia 

 is self-supporting with regard to foodstuffs. Her budget 

 shewed an annual expenditure of £300,000,000, balanced by the 

 revenue. 



Her credit is p-ood. 



&>^ 



The United Kingdom. 



The population of the United Kingdom was 46,000,000. 



Her national debt was £720,000,000. 



Her imports were £750,000,000, and her exports 

 £500,000,000. 



The very large balance of imports over exports represents 

 the return for capital invested abroad, and also for large ser- 

 vices rendered by shipping. 



The gold held by the Bank of England at the outbreak of 

 war was £36,000,000. 



The free importation of food supplies is necessary for the 

 existence of the population, and safety in this respect has been 

 assured by our financial sacrifices to insure our naval supremacy. 



The annual budget had shewn a revenue of £200,000,000, 

 and in 191 3-14 a surplus of £750,000 was realised. 



British credit was the best in the world on a 3 per cent, 

 basis. 



The British Dominions. 



The population of the British Dominions is 388,000,000, 

 including all races. Excluding India, 65,000,000. 



