New-York tribune., 1918-07-28
Per Capita Interest Charge

Per Capita Interest Charge
1914 1918
$3.t9 $3.50
Average Daily War Cost
| 1914 1913
$1o,0O0ooo $34,e3o, 600
In Great Britain revenue receipts
yielded surplus over expenditures be-
fore 1914, but when war came the ratio
of receipts to expenditures began to
fall, until in 1916 it had descended to
21.6 per cent. That year marked the
introduction of the excess profits tax,
whose effects were not fully felt until
1917, when the ratio of receipts to ex-
penditures climbed up to 26.1 per cent.
X loans to the Allies and Dominions
had been deducted, the ratio would have
been 27.8 per cent for the whole period
of the war;
France started the war with the ex-
ceedingly large per capita debt of
$16250 but the rate of increase of her
obligations was not so rapid as that Of
several of the other belligcrents dur
ing the war and her present per capita
debt is only $675, compared with $3.50
Of Great Britain, whose per capita debt
in 1914 was $74.50. Frances aggregate
debt on August next Will be approxi-
matcly $4,000, 100000, against $6,5oo,-
100000 in August, 1914.
The analysis of Frances debt rise
follows:
Total Debt
Aug. l, 1914 Aug. l, 1918
$6,5Go.oo0.ooo $4,000, 0,o000 900
Per Capita Debt
1914 1918
s1e2.5o s675
Interest Charges
1914 1919
$2I5,0O0,oO0 $950,000,00O
Per Capita Interest Charges
1914 1918
$6.s7Ia s27.25
Average Daily War Cost
1914 1918
$11 100000 Y22,OOO,000
France has had only three internal
war loans during the war, depending
largely on arrangements with the Bank
of France to carry on it's finances.
From the United States the French Re-
public has received advances of S1,765,-
100000, and was heavy sharer in Eng
lands loans to the Allies, which in the
aggregate totalled $780, 100000.
Sound Financing
By Italians
Italy, whose emergence as a nation
of supreme Importance was retarded
before the war by exceedingly heavy
expenditures for war preparations and
in the colonial field, has been wisely
trying to adopt sound measures of war
finance. Advances from her allies have
enabled her to keep her demands on
her own population within attainable
limits. 1t is now the fixed Italian fs-
cal policy to pay increased interest out
of higher taxes instead of resortinp to
the dangerous German practice of con-
tracing new debts for that purpose.
1taly's chief increase in war expendit
ures is due to a higher debt service
and to the payment of an ever grow
ing number of pensions.
In 1914 Italy, then neutral, had
debt amounting to s2,748,1o5,9 ,941,
which was $76 per capita. On August
1, 1918, her debt will be about s7,527,-
oo0,ooo,or 5000 per capita. More than
one-third of Italy's debt is unfunded.
The following analysis summarizes
1taly's record in financing the war:
Total Debt
aug: !, 1914 Aug. 1, 1918
$2,748, 1o5,941 $7,527, 100000
Per Capita Debt
l9lt 1915
$|o 5000
Interest Charges
1914 1919
$93,3o0,0o s233 900 600
Per Capita Interest Charges
AZ a9i4 1918
$2.oo SO
Average Daily War Cost
1914 1o,o
100000 SIP COO Zoo
Though Russia is no longer a bellig
erent and her financial condition NAV
have no relation to the winning of the
war, several leading items in her fiscal
record are of imnortarco por+;o,,J..l