The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-19

population, deducting the loss of 900, 900,
was 46.673,3so. We have then an ac-
tual increase In the population. More
over. where the man power has been de-
pleted by the war its place has been
largely taken by the substitution Of
women.
ut is estimated that in 1918 only AZ
per cent. of the total food consumed In
the country was of domestic production.
During the war some 100000 acres
were added permanently to the land
under agricultural cultivation which will
make the country less dependent upon
foreign sources of food supplies than be-
fore the war.
'In manufactures a most significant
increase in output was effected through
STANDARDIZATION and improvement of ma
chinery. The world was searched for the
best machinery. New factories were
built; old factories were stripped and
reequipped. The new machinery was
automatic or semi-automatic, so that un-
skilled workers could quickly be taught
TO handle It. Under Government guild
ance there was a pooling of experience
in manufacturing that has been of great
educational value to those directing the
production of goods. There has been a
tendency toward combination in indus
| try for export trade and production.
AN advance in the financial world has
been the amalgamation OF large com.
mercial banks. Whereas in 1914 there
we're seventy banks in the United King.
| dom, in 1918 the number had been re-
| duced TO fifty-seven, with assets on an
| average of $223,000,000 per bank, as
against only s1,410.000 per bank in the
| United States. This combining of bank
ring facilities into large units renders the
English banker better prepared than
| ever to assist in the development OF In
dustry and commerce.
National Wealth Gains.
"As a result of all these conditions the
national wealth has increased from $780,
500, 100000 in 1914 to $4,000, 900, 900
at the present time, representing a war
time increase of 80 per cent.
"England's recovery and industrial ex-
pansion following the Napoleonic wars
furnish an object lesson that may well
be recalled in connection with the pres
ent situation.
England took part in a series OF wars
that continued, with brief Interruptions
from 1898 to 1915. The population OF
Great Britain in 1916 was about 100000.
4 900. The wealth of the United Kingdom
at that time was not more than $12,500..
600, 900, and the national income was not
more than $500, 100000. Nevertheless
the country had incurred an aggregate
debt of $4.475, 900, 900. the annual inter
est charge on which was s165,000, 900
Thus approximately IL per cent. of the
national income was paid in support Of
the debt At the same time, the tota
annual expenditure of the Government
was more than 25 per cent. of the ma
tional income.
ST is interesting to note that the es
innate of the ratio between debt service
and national income for the present
after war period is almost identical will
that just cited. The ratio between thu
total expenditures In the coming bulge
and the national income is Fl per cent
or somewhat less than the estimated
ratio in 1916.
Moreover. heavy taxation during thu
Napoleonic wars had borne much tn,
, greater part Of the British Government
expenditures. Taxes yielded se,732.
006,o and loans s2,1ss.70o,0o0.
I'm spite of the heavy expenditure
the wealth of Great Britain increased
year by year during the wars. TIL
steam engine was brought into genera
. use and spinning mills in the cotton ant
} woollen trades underwent great devel
opment. The output of coal and irol
. rose rapidly. Both internal and foreigl
, trade multiplied. Exports, which II
, 1911 were valued at s155.712.oOO. wer
3 valued at S24S,166,0o0 in 1915.
During the Napoleonic wars. Their
, had been issued a great volume of pape
{ currency, and prices rose to grea
l heights After 1897. when the Bank o
l England suspended cash payments tn
I countrys circulating media consiste
{ entirely of paper money.
$ shortly after the signing OF tn
y peace treaty there was great slum
/ in prices, and the years 1916 and ISL
= were marked by a considerable bushes
: depression. Poor crops in England con
tributed much to this result, and an
e other cause seems to have been a mis-
S judgment of the after-war Continents
= demand for English manufactures, an
( a consequent speculation in commoditie
4 at prices which proved disastrous I
/ English traders, Whether the Cont