New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-04
Increase in Exports Shows
Adjustment of Trade
10 War.
DIFFICULT YEAR
VALIANTLY MET
Enthusiasm Of the Masses APP
pears in Response 20 Loan
of Victory.
Bv YVES GUYOT
t. Slsi,,-, 81 publ, Wo-h, Editor "t Astnce
Ecoro-lsus ?. flnSnctrs'
10y Cts.c 20 IRE r'.s-ael

But all difficulties have Deen NallaNt-
~ met. and the enthusiasm with
which the people nave supported the
great national military campaign has
been fully demonstrated in the free
dom with which they subscribed to
the huge Loan Of Victory"
This, TOO. was done after billions
and billions Of francs were sub
scribcd for temporary loans in the
form Of treasury bonds and bonds
for the national defence. and other
billions in gold were turned over 70
the Bank Of France without those
VINO gave their gold receiving COM
pensation in any form of interest.
The great loan at the end OF the
year brought in more than 1900
100000 francs. and how much its
success is due 10 the patriotism of
the masses is shown by the fact that
the number Of individual subscrip-
lions exceeds 100000. Of which up
ward Of 100000 were in the prov
inces and 100000 in Paris. OF the
great sum subscribed 100000 900
francs represents new money placed
at the disposal Of the government.
while nearly 9,O0OOOOOOO francs are
temporary government obligations
changed into a permanent form.
Business Much improved.
The end of the year finds also con-
siderable amelioration of the com
mcrcial situation. If the statistics
Of imports and exports for Novem-
Der. 1915, and the same month Of
1914 are compared it is found that
between the fourth and sixteenth
months of the war the commercial
business Of France increased 49,
100000 francs. and this was not due
alone TO an increase in imports FOR
war purposes. for exports also IN
creased 116,OOO,0OO francs, Of which
76.50O.0OO francs was taken in
through the parcel post and also rep
resented manufactured articles.
In October. 1915. the increase over
October. 1914. was less than 10000
900 francs. so ono can sec the in
crease was very rapid despite the
lack Of workmen.
French industry is beginning more
end more TO renew its export bust
ness, and this will have excellent re-
suits. particularly in reestablishing
a normal rate Of exchange.
If the length Of the war and the
consumption of arms and supplies
have passed all expectations, the
same thing has been true in the mat
ter of cost. The most audacious cal
culations. which were laughed at as
ridiculous cxaggcrations. have been
far surpassed. In October. 1914, !
ventured an estimate that the cost
Of the war would pass $20.000,000.-
600. Ny estimate was called fan
tastic.
To-day the credits already voted
in France and demanded until tho
end of March, 1916. exceed $1,000
100000; those of Great Britain
amount TO almost S9,O00.00O,0O0,
while those of Russia are between
So 1000. 900. 900 and S7.OOO.000.O0O.
Thus the cost Of the war to the AL
lies has already passed S2O,OOOo00,
600. without counting Italy, Belgium,
Serbia and Japan.
Growing Cost Of War.
These figures are, Of course, only
approximate and are generally be
low rather than above the reality.
On September y, 1915, Mr. Mcken-
na in the House Of Commons placed
at s4,5OO,OOO per day the English
expenditure for the war that six
DAYS before Mr.. Asquith had est
mated at G9.5OO,OOO per day. Mr..
McKenns said at the same time that
in the last weeks of tho financial
wear the expenditure would increase
to 100000 per day. In France
the monthly expense have pro
crossed from 1,365,OOO,0OO francs
for the last five months of 1914 to
an estimate of 2,15O,OOO,0OO francs
for the first three months Of 1916.
All expenses Of the government
are included in the figures given.
If military expenses only are con
sidered, the progression in France
has been as follows: For the last
five months Of 1914. Frs. $4,000
600; for the first six months Of 1913.
Frs. 1,1OO,OOO,OOO; Tor the third
quarter of 1915, Frs. l,3OO,OOO,OOO,
and for the fourth quarter Of 1918.
Frs. 1.57O,OOO.OOO The total mill
tary expenses from August /, 1914
20 December 81, 1915, reaches Frs.
o. $50. 100000. BY March 81. 1916,
TIE total military cyCensc for the
war 10 that date WIN be Frs. 26,-