New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-07-28
How Bellgerent Nations Now Stand
i pom the Battle6eds Of Finance
Enormous Debts Incurred -Four Enemy While Presenting
Serious Problems Now and After for All Countries Engaged
The Exhaustng and Titanic Struggle

years ago of $3,995, 100000, or $73 per
capita. Moreover, the interest charges
in 1918 will amount to $500, 900 900. or
Sl4 per capita, against s148,O0O 900, or
$275 per capita, in 1914.
The Indebtedness of Austria alone
exceeds $13,000,000,OOO The purely
military war expenditures of Austria
IN the first four years reached $7,726,-
100000. and for the fifth $4,000, 000,o 900
IS asked. If the war lasts through
another year, the Austrian finance
minister estimates that war costs will
reach s4,S66,4oooOo for the twelve
months. Advances from the Austro-
Hungarian Bank have played an i'm
portant part in the financing of the
Dual Monarchy. Austria Hungary, be-
cause of the condition of her credit.
has consistently been compelled to
pay higher rate Of interest for her
eight war loans than have che United
States, Great Britain, France. Ger
many and Italy
An analysis of the financial cond;-
ton OF the Dual Monarchy follows:
Total Debt
40 avg aaR !. l9l4 Aug. I, 1918
~S's9o'Voo'ooo $4,000, o00, 900
Per Capita Debt
cd 1slA 1918
$73 S31n
Interest Charges
100000 5000 600 nm
Per Capita Interest Charges
1914 1919
~1'/o $14
Average Daily War Cost
49, 1914 1918
%o'ooV,oo0 $13,5OO,O0
The Total Wealth
Of Mitteleuropa
With what resources are the Gen.
trail Powers going to turn their faces
TO the task Of meeting their debt af-
ter the war? Estimates of tha eco
nonic strength of these nations must
necessarily be rough. since they can
not accurately allow for changes
wrought by the war. Germany's total
national wealth equals approximately
$85, 000,00o,000; Austria Hungary's,
000,000,000; that of Turkey and
Bulgaria, S4,00O,0 0O,O 900. The popula-
ton of Germany is 6S,o0o,Ooo of Aus
tria-Hungary $4,000, 900, of Turkey and
Bulgaria 27,ooo,ooo, and the per capita
wealth of Germany equals $1,215, of
Austria Hungary 1856, of Turkey and
Bulgaria $14S. The wealth of all the
Central Powers aggregates $73o,oO0,-
100000, the population 144 100000, and
the per capita wealth $505.
Among the Allies England was the
centre of economic strength for the
first three years of the war. Now,
England, according to recent state
ment by Mr.. Bonar Law, is able to
support herself, but finds it necessary
to shift the burden of advancing loans
to the Allies to the United States.
In figuring Great Britains debt au-
thorities in the United Kingdom count
half of the advances to the Allies as
debt. In discussing the reason for
this the London "Statist" pointed out:
"This country Great Brittany has had
in the course of the war to lend very
largely to the Allies and to the do
minions. The dominions will, of
course, meet their obligations. But
several of the Allies cannot possibly
do so-such, for example, as Belgium
Serbia, and so on. Consequently it is
extremely probable that very large
part of the advances made by this
country to the Allies will have to
stand over for several years. The
position of this country whenever the
war comes to an end will be that we
have lent very large sums to other
peoples who will not be in a position
to pay until they recover, to some ex-
tent, at all events, their old prosper
ity.
"Our real difficulty will be during
the first half dozen years after the
restoration of peace In dozen years
we may reasonably hope that we shall
have got over our worst difficulties,
and probably trade will once more be
active and profitable. In twenty years
we may hope that it will matter COM
parativeiy little to US whether the
debts due to us are or are not re-
turned 1t is necessary to bear all
this in mind if we would thoroughly
understand the difficulties in which we
shall find ourselves when the war is
over"
Great Britain's debt now, excluding
one-half of her advances to allies, is ap-
proximately, *27,7oo, 900, or $3.50 per
capita, compared with $3,50o,OOO, 900,
or S74.50 per capita on August 1, 1914.
The debt charges Of that country this
year approximate 1885 900 900, or
$3.50 per capita, against $4,000, 900,
or 1919 per capita four years ago.
The following table summarizes the
growth of Great Britain's debt: