Financial Side of the War and What It Cost France Fae Ove Owns Coneesroxoext Paris June 26, 'MIN. Lucien Petit, a high official of the Ministry of Finance, has just published a book which, for the first time, gives the public som idea of the financial battles that Jwere waged over office tables dur-jing the great war. At first, every-Jone supposed that hostilities could Met last long. The French authorities mobilized all able-bodied men, railways, motor-cars and other means of transport, horses, cattle, textiles, food, coal, motor-spirit—fact, nearly everything. Shops ind factories being closed and fields deserted, the national output soon dropped to zero, the rosery began to dwindle, and applies had to be made to other countries for goods and credit, The longer the war went on the more had to be spent. The prices Jand the result is one of particular interest to the purely local advertiser that no less than 6,064 copies of the "North-China Daily News" are. purchased in Shanghai, Who are Our Readers A glance at the census returns proof that the "North-China' circulation is not a national one, and that very few families of lish-speaking people in Shanghai can be withoutia daily copy. Comparing our subscription lists with the census of British and Americans in Shanghai the distribution is, as far as we can judge, proportionate Latween them; well-to-do Chinese counting for most of the re-
It may be remarked that we are the only newspaper to give details of a "nett paid circulation" in Shanghai only, information of first importance to the advertiser. These figures may well be used og a, basis of comparison between advertising rates:— nghai_ only) 6,000 8,800 lof commodities rose steadily, and so did the rates of interest rowed money. The cereals import= ed during the four terrible years cost Frs 8,100,000,000. They wers bought at prices averaging three times those, ruling before 1914. The total purchases abroad came te Frs 11,000,000,000 in 1915, to. Fra £20,000,000,000 in 1916, to Frs 27,- }000,000,000 in 1917, and to Frs 2 000,000,000 in 1918, Loans* were contracted in the United States, England, Spain, Argentina and' Switzerland. Som= of the smaller countries on the side jof the Allies obtained loans from her at lower rates than she was paying elsewhere. Every big. al tack by the enemy involved another {financial struggle on unequal terms. Brazil lent money on condition that France bought coffee from her, and Spain followed a similar policy. t> make sure of a market for hob fruit. The mountain of debt gradually rose higher and higher, one payment after anther fell due and fresh negotiations for postpone: ment of @ settlement had to be jearried out. Some of the small: loans were redeemed, and the me
Text read from the printed page and cleaned; old type leaves the occasional error.