The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1915-01-04
HENRY .CLEWS' ANNUAL REVIEW

4 which may mean exhaustion OF one
4 side or the other. And when peace Is
attained a long period of reconstruc-
ton will ensue, in which Europe may
have to face prolonged diplomatic
controversy and political and social
unrest. until prosperity again re-
: sumes its soothing sway.
! But it is the economic features OF
! the war with which this review IS
chiefly concerned. It goes without
saying that a Struggle which keeps
q. 900. 600 OF men under arms in
( wolves momentous consequences. Inc
terrific loss 81 millions of lives, OF
billions OF property. the setbacks 70
morals. science, art, INDUSTRY, social
welfare, etc. defy calculation. he
sponsible authorities agree that the
cost OF the war has been running az
the rate of nearly s50.O00,00o day
to the beiligerents alone, and that
should the war last for a year the
cost would run up to about $l5,ooo,-
100000 to s1S,O0o.O 100000. 1t Is only
five months since the war began, and
the new loans for the principal oellig-
erents are estimated at over ssoOo,-
900 900 These figures OF course 40
not include TIN, vast destruction o.
property. nor the diversion OF big
population from productive enter
prises. Such losses are incalcuiabie,
yet they will tremendously increase
the cost of the war, the bulk OF which
much be paid by future generations
The huge increases In the debts o.
foreign nations must profoundly az
feet the worries investment markets,
becaus., a large portion Of the saw
ings of the nations involved will be
thus absorbed for several years to
come These savings. moreover, vii,
inevitably be upon diminished scale.
Befor, the war began Great Britain
had debt Of over So, SEQ, 00O,e 600. Ger
many's debt was estimated at $1,1o0,-
0O0, 200. not including state debts. OF
which Prussia alone carries over 81
300, 900, o0g The debt OF France is
about s6,000,0o0.00o. Rnssia's debt Is
placed at $4,000, o00, 900. The annual
issue OF new securities in the worlds
principal money markets in normal
times Is estimated at about s4.0o0,o OO,-
900, which proves that the financial
problem to be faced is a stupendous
one. Great Britain will probably f.
nance the war much more readily than
any other belligerent. because OF her
vast financial resources, her undis-
turbed income from foreign invest
ments; also the fact that her foreign
commerce and shipping have been.
relatively speaking, but slightly de-
ranged. Her home industry Is run
ming not far from normal. British
credit has also shown extraordinary
strength, as manifested in the rise OF
the pound sterling. Francs have also
risen considerably. while marks and
roubles have shown decided decline.
France Is very wealthy nation and
her foreign trace has not been very
seriously affected, but her valuable
industries located in the populous dis
trfcts within the war zone have OF
too. have the industries OF Belgium.
many of which have been absolutely
destroyed. Germany has suffered
much In the practical suspension OF
her vast foreign commerce Her ship
ping is entirely idle. and many Of her
industries must suffer keenly from
the loss Of sufficient labor. Industrial
Iy and financially, however. Germany
has met the shock surprisingly well.
BY keeping the war in foreign terri
tory. she has thus far preserved her
industries from physical destruction,
and the blow to her finances has con-
sequently been met much better than
expected by her enemies. Neverthe- I.
less. the war came to time when
her finances were still feeling the
strain of great industrial expansion,
and her losses cannot but be intense
l.. sarere no naatta- hnur hrayelr and /