THREE YEARS' WAR BILL.
'£12,537,103,031. THE GROWING COST. What has the war cost the world in money alone during the three years? Even an incomplete estimate indicates a stupendous total. Great Britain has raised by borrowing no less than £3,973,863,031—that is the amount that is now owing, more has been raised, but part has been repaid again. The huge sum is made up at follows:
Three war loans .. 1,772,022.424 Exchequer bonds .. 576,165,000 Treasury bills... .. 713,557,000 Loans borrowed abroad .. 570,926,107 Advances from banlj .. 232,631,500 War savings certificates .. 85,000,000 War expenditure certifiates 23,661,000 £3,973,803,031 The odd amount above the round £3,000,000,000 is about the sum which has been lent to our Allies and Dominions, but that, 6f course, has still to be reckoned in the cost of the war.
Apart from borrowing, Great Britain has raised over £700,000,000 by taxation for thep urposes of the war. That figure is arrived at by subtracting a normal three years' taxation, £520,000,000, from the amount that has been raised in taxation during the three years of the warno less than £1,240,000,000. France has added £2,000,000,000 to her national debt during' the three years and raised a large amount of taxation. Italy'* net war expenditure to the end of April is given at £747,240,000. She has borrowed altogether £600,000,000 £420,000,000 by five internal loans, £160,000,000 from Great Britain, and £20,000,000 from the United States. Russia has raised by loan about £1,000,000,000. The United i States has just raised her Liberty Loan of £400,000,000. Germany has issued six loans, of which the total amount is £3018,000,000, and the finances of Austria and Turkey are in such: a/state that it is difficult to discover what they have borrowed. An estimate puts the Austrian loans at '£700,000,000, and Turkey has been drawing her money supplies from Germany. Even .the amounts mentioned above come to. a total of no less than 12% thousand millions sterling £12,537,103,031). (3>mpare this figure with the complete cost of other wars. The RussoJapanese war cost £503,000,000; our South African war cost £270,000,000; the Franco-iPrussian war cost £642,000.000; the Crimean war cost £340,000,(
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Taranaki Daily News, 28 November 1917, Page 2
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347THREE YEARS' WAR BILL. Taranaki Daily News, 28 November 1917, Page 2
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