New-York tribune., 1918-07-28
Economic Waste and Loss
in Life and Property
Reach Enormous Total

to society's income, stream of goods
and services.
This loss of man power !. also
partly offset hv the large contingencies
of women drawn INTO industries. In
England, out os female population
of 23,000,00O, ;oout 100000 were
engaged before the outbreak of TIE
war in gainful occupations. Since
the war broke out no less than L.
100000 women have been added to
the ranks of wage earners, an in
crease Of fully 25 per cent. Moreover
about 100000 women have shifted
from non-essential occupations to
mems work. In the United States
approximately 1,266,000 women are
now engaged in industrial work,
either directly or indirectly neccs-
sary to carry on the war.
After-War Conditions
Peace Budget
There is no parallel in history tc
the strain which will be placed Upon
the international financial system
during and after the conclusion OF
this stupendous conflict. In the last
year OF peace, 1913, the combined
budgets of the seven principal bel
ligerents was about $7,000,000,00o.
That amount was for the upkcep of
the governments, the maintenance
of armies and navies, and for in
terest on existing debts. OF course
it is uncertain just what will be the
measures the various governments
will take in meeting their fiscal
burdens after the war, but in COM
parlson' with the budgets that the
governments will be called upon to
furnish after the war the foregoing
sum is a modest figure indeed. As
suming that the war will continue
another year at the present rate of
expenditure, under the existing con-
ditions, in estimating the peace
budget the following facts must be
taken into consideration: The charges
on the incurred debt and the enor-
NOUS amounts of pensions which will
have to be paid to millions of sol
diers' families; the running expenses
of the governments are bound to in
crease materially with the extension
of governmental functions wiisct7
have become feature of the war;
the expenditures for armies and
navies may also increase appreciably
above those of 1913, in the event that
the war, contrary to the earnest
hope of the Allies. does not destroy
miltarism. 1t is therefore no ex-
aggeration to say that the size Of
budgets probably will be trebled.
1t must be clearly recognized that
the increase in the peace budgets
as compared with the pre-war bud
gets will be very serious fiscal
problem for the various countries at
the end of the war. However, it is
evident that within certain limits
these increases will be mainly NOM
NAL. Those countries which under
pressure of necessity have issued
such large amounts of paper cur
rency that it has deprecated in pur-
chasing power will not readily 60
back to specie basis, and thus the
tendency will be to maintain the
present level of prices, in so far as
currency initiation has been the gen
Grating cause Of the present level.
mus, while the absolute amount Of
the budgets has increased, it is clear
that with prices continuing or a
nigh level the national income would
tend to increase correspondence
In so far as the interest on the debt
Is payable in the msney of the coun-
try, l. e., mainly internal debt, the
expenditures of the budgets as a
hal I