Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-08-02
FINANCIAL VIEWPOINT
AFTER ONE YEAR OF WAR
Expenditures of Fighting Nations
Have Equaled Most Extrava-
giant Predictions.
RESULTS SIGNIFY NOTHING
No Signs That Any Combatnnt Is
Running Out of Men or Money.
This Country Should Learn Lesson
in Thrift From Europe.
LSpecial 10 The Tlmes-Dispatch. l

world stands from 4 financial view
point after year OF war Is ably set
forth in a review issued by the Ma
tional City Bank for publicatio to-
morrow. August 2.
The war expenditures have equaled
the most cStravagant predictions.
says the review. 'The fighting has been
continuous and the casualties appalling.
but the results signify practically Moth
ing as TO when the conflict will end.
There arc no signs that either side is
running out Of men or money. or that
the people of any OF the warning coun-
tries are weakening in resolution or
confidence"
The review continues
The developments of the war itself
have shown the futility of annexing
hostile populations; they cannot be dis
possessed Of the territory, or COM
PEELED to be loyal citizens. and while
they swell the volume Of domestic trade
and pay taxes, they cost at least as
much as they contribute.
IF all the responsible ministries had
known as much year ago as they
know now, It is safe to say that peace
would not have been broken, and II
they could know now as much as they
will a y'car hence, il is probable that
peace conference would not be long
deferred.
WAR LOANS REACH
ENORMOUS AGGREGATE
Excluding italy. which came into
the war at the end of the tenth month.
and for which few figures of expendi-
lures or loans are available. the war
loans of the combatants have agEregat-
ed approximately sl5.5Oo. 900. 900. and
this about represents the governmental
expenditures for the year. The total
Indebtedness of these countries at the
outbreak of the war, including the
debts of the several states OF the Ger
man empire, was approximately $4,000
900, 900. but a large portion, perhaps
one-half. represented investments in
railways and other revenue producing
utilities. so that II is safe to say that
the debt which must be carried by taxes
has more than doubled
Great Britain's cash expenditures Of
$4,000. 900 day are larger than those
of any other country. The review says:
The expenditures Of the German
government are probab bly, next to those
Of Great Britain! The government has
realized s3.4so.oo0.o 900 by means of two
loans, which, it is understood. will carry
the war into the coming fall. but as its
expenditures have been growing, II Is
probable that they are now as much as
slo.coo.ooo per day. Altogether the es-
innate OF s50.000.000 per day for the
OUTLAWS OF all the governments is seen
not to be improbable.
The London Economist gives the
rate OF daily pay for private soldier
as / shilling pence for Great Bril-
tain. l-2 pence for France and 2l-2
pence for Germany"
The gold holdings Of the national
banks OF the principal countries in
volved on July l, 1915, are given as
follows:
Bank OF England, sosooooooo
Bank OF France. S795. 900. 900.
Bank of Germany. $500 100000
Bank of Russia. s7S5.00o,000.
The deposits were:
Bank Of England sI.035. 100000.
Bank of France. SASS. 100000.
Bank Of Germany, $4,000 900.
Bank OF Russia, $3.50. o00.0 900
EFFECT OF CONFLICT
on WORLDS COMMERCE
Summing up the wars effect upon
the worlds commerce, the review es-
Inmates the total efficiency AT about IS
per cent of normal. About 1000, 900
tons OF shipping have been destroyed
Although this is only per cent Of the
total. the entire loss TO commercial
service. including ships interned and
Communicated for war service, is an
proXimately Is per cent
Great Britain. under the circum-
stances. has maintained her foreign
trade very we'll Her exports of do
mestic production in the month of
June amounted TO S166.o00. 900. which
compares with s1o9, 100000 in June.
1914 with a falling off of about 1912
per cent
The decentralization OF internationa
trade and the withdrawal of men from
industry has caused a rise in the cost
or production and in living expenses,
particularly in the warning countries"
The war is teaching the people of
Europe economy. The most important
lesson for this country. which the Ma
tional City Bank sees in the war, is
the need of greater economy here
There is a common but mistaken
idea that people of wealth render a
public service by spending money in
eNtravagant living" says the review.
This is on the theory that they are
distributing il, but they would dis
tribute ii just as effcctually if they paid
II out for an industrial investment and
in that event instead of there being
nothing to show for the disbursement
there would be a permanent addition To
the productive wealth of the country
Thus. il $4,000 is spent upon din
ner. there is, indeed. a distribution
the same sum is spent for draining
swamp similar distribution occurs.
and there is also a permanent increase
in the food supply Of the community.
PROVIDES FOR HIMSELF
AND AIDS HIS COUNTRY
1T would be fine thing for every
citizen of this country to save money
enough to provide in comfort his old