COST OF THE WAR 



A recent estimate states that the warring nations are spending $70,000,000 a day. 

 That Germany's military expenditures are $18,000,000 daily. 

 That Great Britain is now spending monthly $600,000,000, France $501,000,000, 

 and Russia $400,000,000. 



That the first two years of hostilities will have cost Great Britain nearly 

 $12,000,000,000. 

 The London Economist gives the following estimate to March 31st: — 



Increased 

 Cost of War Added Debt Interest 



Great Britain $10,125,000,000 $6,900,000,000 $345,000,000 



France 8,775,000,000 9,500,000,000 465,000,000 



Russia 7,000,000,000 7,500,000,000 375,000,000 



Italy 1,125,000,000 2,000,000,000 100,000,000 



Belgium and Serbia 225,000,000 1,200,000,000 60,000,000 



Total, Allies.. $27,250,000,000 $27,000,000,000 $1,345,000,000 



Germany 11,350,000,000 10,500,000,000 525,000,000 



Austria 5,500,000,000 5,750,000,000 330,000,000 



Turkey and Bulgaria 150,000,000 900,000,000 55,000,000 



Total, Teutons $17,000,000,000 $17,150,000,000 $910,000,000 



BELLIGERENTS' BORROWINGS 



Up to the close of 1915 the fighting nations had borrowed the colossal sum of 

 thirty billion dollars. Three-fifths of this sum was floated by Great Britain and her 

 Allies. The other two-fifths were from Germany, Austria-Hungary, Bulgaria and 

 Turkey. Of the total borrowings of belligerents and neutrals since the outbreak of 

 war ($30,184,000,000 plus $353,380,000) $800,000,000 was raised in the United States. 

 It is interesting to observe that German Government bonds to the extent of only 

 $10,000,000 were sold in the American Republic, while the Allies' borrowings in that 

 field totalled $525,000,000. 



The following table summarizes the war loans above referred to: 



Allies 



Great Britain $6,265,000,000 



France 7,931,000,000 



Russia '. 3,148,000,000 



Italy ' 415,000,000 



Japan 26,000,000 



Belgium 100,000,000 



Serbia 18,000,000 



Total $17,903,000,000 



Central Powers 



Germany $9,270,000,000 



Austria-Hungary 2,731,000,000 



Turkey 250,000,000 



Bulgaria 30,000,000 



Total $12,281,000,000 



Total belligerents $30,184,000,000 



Neutral countries 353,380,000 



12 



