One of the most important factors in the determination of the present struggle in Europe is the cost of the war. About twenty million people are under arms, although, of course, countries like Holland, Denmark, Switzerland and Bulgaria are not in the war in spite of the fact that they are fully mobile ized.
Britain's expenditure alone during the first ten weeks of the war averaged about £5,500,000 a week; since then it has averaged £7,500,000 owing to the larger reinforcements in the field. The increase on account of war expenditure up to September 30 was roughly £68,000,- 000.
Treasury bills were authorized for £100,000,000 and four issues made; but as it was found that the sum would not prove sufficient, ai
000 was obtained and the loan has thorization for a loan of ££350,000,. proved @ great success, A calculation made from the returns of the French Treasury shows an expenditure of roughly £10,000,- 000 a week or about £1,400,000 a da, This may seem small in comparison with our own disbursements, coi sidering the relative number of soldiers supported in the field by the, two countries; but it must be remembered that the cost of the continental conscript armies per head is much less. than that of the British enlisted troops.
Germany is reported to be spending £1,800,000 daily, although the number of her troops is far in excess of that of France; here also conscription has cheapened the coat still more. In order to meet the war Germany first obtained authorization for a loan of £250,000- 000, and the loan was raised with partial measure of success.
jum is now known to be insufficient; hence, it is being proposed to obtain credits for another £250,000,000, as the Government is afraid that another loan might In view of the still is, in hostile territory with large bodies of troops, it may be surprising that her expenses are not more than £1,800,000 per day. This is explained by the fact that Germany has been living on the supplies of food, ete, which were found in the places she invaded. Moreover she has been seizing without actual payment properties of non-combatants. Technically, of course, she has paid with "paper," which has no value for conversion nto goods until after the war. Moreover, she has been _requi tioning upon places like Brussels
Text read from the printed page and cleaned; old type leaves the occasional error.