The Board summarized its findings in the words: War, depression, armaments and increased social services during the past 25 years have raised the costs of government in nearly all the principal countries to the highest levels in their history. The tax burdens measured by per capita collections are from two io eight times as large as they were before the World War, Their per capita public debts have risen in about the same ratios.
"The proportions of their national incomes collected as taxes are from one and one-half to three times the pre-war levels and, as these burdens have increased, their reserves of taxpaying power have declined—Havas, C. J. SCHAAP, Manager
Text read from the printed page and cleaned; old type leaves the occasional error.