The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-01

totdi principal war expenditure OF
s1,327,273,S4s. The portions incurred in
respect of the several years during the
continuance of the war are as follows:
! it ''.'.'.'.......'...'' sS0.!5o,tI5
!sio-!o s...'............. 166,lSI,Iob
lslo-I ...s.'.... ............ SO6,4SS,sl4
~! ................... StSS36,SOl
LSio-As' s''........' AbO,VOO,OVV
over the same fiscal period--namely,
from April /, 1914. to March 81, 1919
the total expenditure upon ordinary ac-
count Chat is to say. the current out
lays Of the Dominion in respect of its
various services) aggregated ss32.757,-
f5S9. The expenditure upon capital and
other accounts, for which provisions
might properly be made by borrowing,
| and for which assets of equivalent value
were created for the permanent benefit
| Of the people of Canada, amounted dur
| ing the Ave years in question to $780,
| 277,S73.
Leaving capital expenditure aside
and applying the surplus available from
4 revenues over and above the amount
| required to meet current OUTLAWS, It will
| appear that Canada met the principal
cost OF the war from taxation to a
| total aggregate amount of 3275,943.s77.
| II we take into account the amount
contributed during the five years for
| interest upon war debt and for pension
| charges the total paid from revenue on
| account of the war to March 81, 1919, is
| $43S, 1884
The Total National Debt.
| Aside from the cost Of the war and
how that cost was met, the vital ques-
| ton to-day is: What Is the amount OF
| 81 s,l I-txe 10
| and how does 1t compare with the net
debt at the end of the fiscal year i'm
mediately preceding the war?
| On March 81, 1914. the net national
| debt was S335.996.S50. On March 81.
| 1919, the net national debt was 1884,
| 000.0 There remains to be consid-
cred what further increase in the ma
tional debt will be made during the
present fiscal year. which will end on
March 81, 1920.
The war. so far as actual fighting is
| concerned. was terminated by the armis-
tice of November IL last. but the ex-
penditures connected with the mante-
nance of the Canadian corps in Conti-
| mental Europe. their gradual return, first
| to England and then to Canada, their
rehabilitation, and the provision made
| by the Government by way of war
gratuities to enable members of the Ca
madam Expeditionary Force to bridge
over the period OF their reabsorption
into civil life. have still continued and
will continue over the greater part of
the year.
| In reality the present year Is. 80 far
| as expenditure Is concerned. q war year
! 1t is impossible to estimate accurately
what rehabilitation expenditure for
. 1920 will be, but one may be sure
that It will not be materially less than
S300.000,000.
There is a further important item of
war expenditure which must be taken
into account, but which at present II is
not possible to estimate with accuracy
! That Is the additional cost to Canada
of her share Of the increased expenditure
, for ammunition at the front from Sep.
TENDER /. 1917. to the close of the war
Increase Is s1,014,OOO,O0O.
Assuming that Canada will not be
| able, in view OF the magnitude OF her
! reconstruction programme, to pay any
| substantial part of her rehabilitation
expenditure from revenue. she. may CAL
| culate that If no further outlays are
necessary on the principal of her war
expenditure the total net debt of Can
ada will stand at not less than $3.50
! 100000. This contrasts with S335.996.
. Of the fiscal year 1914. The increase
during the five year war period is thus
! shown in round figures at $16l4,OOO 900.
| This then. Is the financial position
: so far as 1t relates to the national
debt. While the amount is large, and
| averages over 1920 per head of the pop
! ulation of Canada, II will be remem-
bered that Canada was In the war from
, the first day. and that by comparison
hn nat
European Governments, including Great
Britain. who were similarly participants
! in the conflict during its entire length,
her position, having regard TO relation
OF debt to number of population and to
! national resources must be regarded as
distinctly more favorable.
The figures show the increase in the
/ national debt of Canada due to the
war. Interest must OF course be paid
annually upon this debt. Assuming the
! total debt OF Canada on March 81, 1920,
to be 1880, 100000, the estimated an
! nual interest charge will be approx
mately $4,000. 900. This compares with
$12. S93,504. which was the interest
, charge upon the national debt as OF
the f1scal year ended March 81, 1914
| But the added annual burden due to
the war does not rest there. There is
the further responsibility for pensions
| 10 SOlulcIS anu llltlT utpcUuenIS. FOr
the last fiscal year the amount paid
on this account was $17,46O.O0O. For
the present fiscal year 1t may reach
$50. 200, 900.
For a generation or more to come one
may look forward to providing, say, $685.
! 100000 TO 100000 per annum for
pensions. In addition there will be the
annual expense for maintenance OF hos.
pitfalls. convalescent homes and other SER
vices.
where Canada's Debt Is Held.
In round figures the total outstanding
securities OF the Dominion Government
are held as follows:
In Great Britain, 1852, 200, 900.
In United States, $l50,S73, 900,
In Canada, $3.50, 10000
/ Having indicated the extent OF the
financial burden which the war has i'm
posed upon Canada it seems advisable
to pause to inquire how that burden is
10 be met What are the re sources upon
which Canada must depend to carry
this huge national debt and the annual
charge for pensions and other services
Canada has a country OF almost I'M
limited natural assets, vast stretches
of cultivable lands. magnificent forests
regions Astounding in mineral wealth and
fisheries the most valuable In the world
Canada has a highly intelligent; ener.
getic, enterprising people OF great sta