Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-11-14
The Debts of the World.

Were disgrace the price OF debt. what
u disgraceful old world this would DC
1 The U. s. Department of Commerce en
/ Thursday made public the national in
debtedness of the world, giving the fig
ures of 1902 and 1912. The national
debts of the world now aggregate q
| billion dollars, having increased 20 per
| cent in the last decade and doubled IN
the last 40 years. The interest and 9TH
CT annual charges amounted in isls
| to 1.7s2 million dollars. or an average If
slightly more than 4 per cent. though
| in many cases, especially those of the
stronger nations. the interest rates are
materially below that figure. These fig
ures include che Indebtedness Of every
country and colony of the Woria Tor
whic., figures ar lasailabie from otl.c-
ial sources or accepted authorities
The largest national debt Is that Of
France. 62s4 million dollars the next
largest being Russia, 4,SSS million: The
United Kingdom. s.iSs million: Italy,
., 107 million; Spain. i.SiS million; Brit
ish India, 1.i75 million: japan. Las
million and tie United States, i.e2S
million. The debt Of the German Em-
pi-e is stated at lis million dollars.
and of the German States ass milton
that Of Austria Hungary, i.e.a million,
that of Austria, l.sSi millioni and oil
Hungary, 1.2ss million dollars.
Practically all the important coun-
tries show an increase in national IN
debtedness in 1912 compared with laee
In the case of France. the figures for
1912 are SPAS million. against 1851 mil
l:on in 1902: Russia, 455s million in 1918.
against S.4l4 million in 1908; japan, L.
24z million in 1918, against 2e2 million
in 1902; the German Empire. 1.lis mil
Ion in 1912, against 6s9 million in 1902;
the German States, 5.is6 million N Isiz,
against 2,6ss million in 1902 British
India, LAS million in 1912, against l.
1903 million in 1902: Italy. 2.aoa million
i'll 1912. against 1851 million IN l9o2,
and the United States, 1,02s million III
1913, against 925 million in 1903. The
United Kingdom shows slight de-
crease, the figures for 1913 being 3,4sb
million dollars, against ASS million
decade earlier.
Interest rates. as above Indicated,
vary greatly. the stronger nations OBJ
tanning lower rates for their securities,
the average annual rate upon the in
of the United States rang
ing from to per cent; in the case OF
the United Kingdom. IL to "a per
cent: Russia, from 8 to 6 per cent; Jap
an from 4 To Der cent. the German
Empire, to per cent; China. A to .
per cent; Nicaragua, per cent; Pana-
ma, per cent; Ecuador, to ~ per
cent; and Honduras, 5 to 10 per cent.
These figures of interest rates do not,
however, fully indicate the actual rates
paid, since in a large proportion OF
cases the securities in question were
sold By their respective governments
at less than par, the United States be-
ing ono of the few nations which nave
declined to sell their securities at less
than their face value.
The statement of annual revenues
and expenditures of the seventy-odd-
included in the list shows to-
tai expenditures of 12,30S million dollars
and total revenues of 1918 million,
the figures relating in all cases to the
latest available year, chiefly 1912 or
the fiscal year 1913. Their expenditures
in 1902 aggregated 1886 million dollars
and their revenues 1901 million, ma
tional expenditures having thus in
creased over 80 per cent during the ten
year period. while national indebted
ness increased about 20 per cent during
the same period.