The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1916-06-16
EXPENSES
II War HO England Increasing at
Gen.. ...,,, 6ut S'pplJ H. steady
--.inndiCJ All, rnty Millions
Is. ,..u,a Zach Week.

Is. ,-."," Zach Week.
Ncv York, June l5--After maxim :
...o, Id Compilation which was based
tr,u authoritative figures he had re-
.thel from London, one of the Amer
/ an leaders in international financial
r,Iauns f., lhtcd this morning, to fig
t4,. .. ii~u snow chat Great Britain is
.yo ,Apending for war purposes on
an average Ct Sl5O.OGO,OOJ a week
...- aD..-,i,auNc figures, demon
...a.... ,u ..uads strriins. show that
ar several weeks England expcndi-
lures on account of the war averaged
3l,OOO,OOO pounds a week. Expendi-
lures are not decreasing, but appear
to DO increasing.
In these figures" said this fnan-
cial authority, lis to be discovered the
vital factor in England's financial
condition"
The hundred and fifty millions a
week thus expended are on the whole
dead loss, or almost all of it is. 1t
is either turned up, blown up or eat
en- up by those who are in the Eng
fish army or navy. II can never be
replaced Although it is a dead loss,
Great Britain seems disposed to main
tain and increase these Expenditures
nc matter how long the war lasts.
English financing, the International
financior said, now involves the con-
tinucd emission or sale over the coun-
ter of short-time Treasury bills. Last
week 50,000,00O pounds sterling of
these bills We're sold and 100000
more were ready for sale, making an
aggregate of 25,OOOOOO pounds sterl-
ing or, reduced to American money,
Sl25,OO,OOO. Apparently this process
is to continue steadily until the day
comes when there is no further need
of it, England has already incurred
an aggregate Indebtedness of 3,100O,-
100000 pounds. or about 15,OOO,OOO,OOO
on account of what are purely war ex-
penditures.
To Issue EXchequer Bills
At the close of the war England will
attempt to refund her Indebtedness in
to permanent security similar to her
consoles and at a low rate of interest
She is now paying per cent interest
upon her Treasury bills. There are
also large amount of exchequer bills
issued and more to come.
England is pledged, according to
the understanding of our international
financiers, to finance the needs of both
Russia and France. France is expend-
ing monthly for the maintenance of
her armies an amount of money al
most equal to Germany's expenditure,
but Great Britain is expending $780,
100000 a month more than either Ger
many or France. There is no doubt
that England will be able continuous
ly to meet the financial needs of
France and of Russia.
Recently the Reichstag authorized
a new war credit in Germany of 49,
100000 900 Already Germany has ex-
pended in 1916 $2.5OOOOO,OOO. Ger
many has also been able to issue $1O.-
100000 in longtime loans, and that is
something which neither Great Brit
ain nor France has been able to ac-
oomplish.
1t is the later financing of both
Great Britain and OF Germany which
is occasioning the most serious COM
ment respecting the progress of the
war in the financial district Billions
in money have been, and will continue
to be, burned up, blown up or eaten
up, and the wonder is whether the re.
cuperating powers of these nations
will be able after the war speedily TO
offset these colossal drains.
Says London WIN Lose
Edward ID. Adams, who has been for |
25 years the representative in the
United States of the Deutsche Bank,
has translated into English the forty
sixth annual report of the Deutsche
Bank of Berlin Il is the report for
the year 1915 and II seems TO Mr.
Adams to be i'm many respects the
most interesting and remarkable re-
port ever issued by that great institu.
tion. The report calls attention TO the
havoc wrought by the world war 10
the economic life OF Europe, saying
that Il is impossible as yet 10 esti-
mate the extent OF II. There are. how
ever, some incidental features of this
havao kvbioh oan ia - forth an ~ /