ear.

For purely military and naval purposes, it appears that all belligerents
had spent about $132,000,000,000 to May 1. The remainder represented
interest on debt, and other indirect war expenses.

The mobilization and the first five months of the war in 1914 cost all
belligerents about $10,000,000,000. In 1915 the expenses jumped to
$26,000,000,000, in 1916 they increased to $38,000,000,000; and in
they were estimated at $60,000,000,000. In 1918 expenses ran only a
little above the rate of 1917.

The public debt of the principal entente allies is calculated at
approximately $105,000,000,000, not counting the debt incurred since May
1918. The annual burden to all belligerents to pay interest and sinking
fund allowances will be not less than $10,000,000,000, and probably much
more.

Unofficial reports indicate that Germany's national debt, represented
mainly by war bonds held within the empire, is now nearly
$35,000,000,000 (almost two-fifths of the estimate national wealth of
$80,000,000,000). Besides this, France claims a return of the
indemnity, $20,000,000,000; $28,000,000,000 for pensions; and reparation
of damages, $20,000,000,000; being $68,000,000,000 in all.

Whatever may be the weight of the final burden of reparation and
restitution to be placed on Germany, the size of the task ahead of her
may be illustrated by comparison of her national debt with that of the
United States, Germany has 66,000,000 population and $80,000,000,000 of
estimated wealth, to pay $35,000,000,000 of war debt already created.

The United States has 110,000,000 population and an estimated national
wealth of $250,000,000,000, to pay nearly $18,000,000,000 war debt
already created, or approximately $23,000,000,000 up to the end of May,
1919. This means that the per capita burden will be at least three times
greater in Germany than in the United States.

CHAPTER XV

THE MYSTERY OF THE FLEETS

_Movements of British Battleships Veiled in Secrecy--German
Dreadnoughts in North Sea and Baltic Ports--Activity
of Smaller Craft--English Keep Trade Routes Open--
Several Minor Battles at Sea_.

Shortly before war was declared a great review of the British navy was
held at Spithead, on the English Channel, when several hundred vessels
were gathered in mighty array for inspection by King George and the
lords of the Admiralty. The salutes they fired had hardly ceased to
reverberate along the shores of the Channel when the mo