New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-06-26
World Debts Grow
Since Armistice
Bank Review Shows
Chief Increase Among the
Countries Taking Part
=, i'm War; Gain Is Estimas-
ed at $4,000, 600, 900

Twenty months after the guns of the
nations ceased firing in France the
national debts of the world now ap-
proximate s265,oOo, 100000, according
to a compilation made by O. P. Austin,
statistician of the National City Bank.
Before the conflict the debts aggre-
gated $4,000 900, and at the time
of the armistice the debts approached
S214,975, 1878 900.
The chief increase occurs in the
debts of the dozen countries and colo
MES participating in the war" says
AIR. Austin, Though in practically
every country for which figures are
available the 1920 figures show
larger totals than those at the begin
ming of the war period, which advanced
the costs of everything and increased
expenditures, necessitatlng loans of at
least temporary character This is
illustrated by the fact that the aggre-
gate debts of the European countries
as a whole grew from $32 600, 900 900
at the beginning of the war to S184,-
C00000 600 at the date of the armistice
and 1928 000,00O,00O at the latest avail
able date; those of North America,
which included the United States and
Canada among the participants in. the
war, grew from $2,150, 100000 at the
beginning Of the war to S27 800 ,000, 900
at the date OF the armistice, and S26,-
GAG, 900, 900 at the present time, while
those of South America, Asia, Africa
and Oceania combined grew from less
than 81 billion dollars in 1913 to 1874
billions in 1919.
"Of the $4,000, 900, 600 added to
world national Indebtedness since the
beginning of the European War APP
proximately 100000 100000 or more
than nine-tenths, was created by the
seven great countries participating in
the war-Great Britain, France, Italy,
the United States, Russia, Germany
and Austro- Hungary. Great Britain
increased her debt from Approximately
31z billion dollars in 1913 to 38 billions
at the present time; France, from
1-3 billion dollars to as billions
Italy, from about 8 billion dollars ia
Is billions; the United States, from |
billion to 25 billion dollars; Russia
from Az billion dollars in 1913 to 2E
billions at the date OF the advent OF
the .Bolsheviki in 1917; Germany
from little over billion dollars in
1913 to AZ billions, and Austro- Hun.
gary, from 3 1-3 billion dollars r
1918 to q billions Though how much
Of this latest figure will be charged
respectively against the political en-.
titles formed from the former Austro.
Hungarian Empire cannot now be de
termlned), Belgium's debt, which wa.
q little less than Sl,000.000 900 prior
10 the war, is now about Sd ,0O0, 900 900
canada and Australia increased theil
indebtedness about 11a billion dollar
each; Japan apparently paid her way
from current funds and taxation, since
ncr DEBT at the present time exceed
that OF 1913 by less than 500, 900 900
a mere trifie az compared with that o
tne other active participants OF tn
war, Poland has developed deb
measured by her paper currenc,
which has an extremely small goi
backing) of about Ia billion dollar,
face value, since her establishment a
an Independent government, wit
power to create national debts. TIL
increase in the debt Of Turkey, whic
can only be Appropriated, was al
parently about ~ billion dollar
aide from loans BY Germany an
Austria Hungary. How much Of til
indebtedness Of the countries disrncu
bered an d result Of the war, includin
especially Russia. Austria Hungar
and Turkey-~to ray nothing Of Gel
many, which los. considerable are
and population both in Europe and tn
colonial world-will be- allotted to tn
respective new political division
created from their territory, and no,
'aush viii be retained by the govern
nents operating under tho forme
tiles Of Russia, Germany, Austria
hungary, Turkey. etc. cannot be do
tx-nu trI