New-York tribune., 1919-12-28
Debt of Belligerents Jumps
1929 Per Capita Since 1914
War Obligations Totaling s2l2, ,268, 900, 900 In.
CURED 10y lo Principal Warning Nations, stats-
ticians Assert; Allies Share, $l49, ,357 900 600

The share Of every man, woman and
child In the national debts of the six
teen leading bellgerents in the wal
has increased $329.9l on the average
since 1914. The per capita debt incur
red in the Allied countries Is smaller
than that carried by the Central Pow
crs.
Germany's debt increased during the
war thirty three fold; that of the
Britain and Russia, ten fold; Austria
and Hungary, fve-fold, and France and
Italy, fourfold.
These facts are contained in q
pamphlet soon to be issued by the
Bankers Trust Company on the "Finan-
cial Status of Belligerents," a survey
of debts by Louis Ross Gottlieb, statis-
tician of the Public Service Commission
of the First District In an introduc-
ton to the work Edwin r. A. Selig-
man, McVickar professor of political
economy at Columbia University, saws:
Il have no hesitation in declaring it
to be the most valuable study thnt has
thus far appeared on the public fl, iances
of the war"
British Debt Is Largest
"The distinction" according to the
pamphlet, "of having the lowest per
capita debt of all the bellgerents dur
ing the pre-war period falls to the
United states. At the most recent date
Great Britain leads all its Allies. and
associates as well as its former op.
ponents in per capita indebtedness
France comes next, with New Zealand d
and Italy closely following. In the
group of Central Powers Germany oc-
cuples the unique position of having
both the lowest per capita debt at the
outbreak of the war and the highest
per capita debt. among its Allies at the
present time"
In attempting to arrive at aggregate
figures OF new Indebtedness Mr.. Gott-
heb has not tried to sogregate the
purely war expenditures from those
mat would have been made under
normal conditions, and he has brought
ms CALCULATIONS up to the most recent
available fiscal statements. The new
obligations of sixteen belligerents
amount to $212,26S 600 900, he asserts,
and OF this sum the Allied people CON
trlbuted S14s 1851 ,000 coo and those Of
the Central Powers S62 ,9l1 100000. In
the same period. the author points ont
the annual requirements of the debt
nave increased $8,217 100000, or s12.77
per capita, representing charge
against the combined national income
60 the extent of eight and one-half
Iimes It's pre-war proportions. OF this
amount So,os9,ooo,00o. or $lo2S per
capita, Is assessable against the Allied
Powers, and s3,11S, 900, 900. or s21o9
per capita, against the Central Powers.
another consideration to be borne
IN mind says Mr.. Gottlieb. in com
mentlng on the relative indebtedness
OF the two major groups in the war is
the reparation which the Allied Powers
wlil WI exact from Germany and its allies
rms circumstance will operate TO re-
duce ,appreciably the debt of some of
the allied belligerents and shift the bur
oen TO their defeated opponents"
National Wealth Mortgaged
Regarding the relation of the new
debt to national wealth, the writer
says, Before the war the national
wealth of the United States, Great Bri-
tam, tra:ce, Italy, Japan, Russia. Bel
glum, Germany. Austria, Hungary, Tur-
Key ana bulgaria was mortgaged to the
extent OF asa per cent, and the debt
charged amounted to 1.29 per cent of
the national income. At the most re-
cent date for which statistics are avail
aDle the debt expressed az a percentage
OIL pre-War national wealth increased to
4l.4o per cent, whereas the debt CHARGES
as related to pre-war income rose to
11.21.
"Of all the twelve nations, the United
States shows the smallest percentage Of
mortgaged wealth before the war. while
Germany, as in its per capita indebted
ness, holds the same record with refer
ence to the group of Central Powers.
turkeys pre-war debt expressed in
terms of national wealth heads the list
OF all countries, and Italy holds the
leading. position in the Allied group.
At the most recent date Turkey falls
to third place among the Central Pow
ers, with Austria at the head and Hun
gary second. Of all the powers (save
Japan Belgium shows the slightest ef-
fects of the war, and, If Russia is ex-
ciuded, Italy still retains the highest
ratio in the Allied group, excelled only
by Austria so far as the other nations
are concerned"
Burden OF the Allies
According TO the author, the total
foreign debt of Great Britain on March
81. 1919, was s6,57o, 600, 600; that of
France on March 81, 1919, approx
mately S5,211 100000, and the foreign
debt Of Italy on May 80, 1919, about s3,-
500 600, 600
The ratio of debt charges to ma
'ional income also serves as an index
20 the proportion Of annual income