e indebtedness of the nations grew during the progress of the war
is shown in the following statement issued by some of the financial
institutions of the country in the Spring of 1917:

"Indebtedness of the seven principal nations engaged in the European war
has crossed $75,000,000,000. In the middle of 1914 the indebtedness of
these seven nations was $27,000,000,000."

Financing on an extensive scale followed this state of affairs. France
issued a second formal war loan, Germany a fifth loan and Russia a sixth
loan. Great Britain issued temporary securities in enormous sums.

The war cost $105,000,000 every twenty-four hours, according to the
statistics, expenditures of the Entente Allies being fully double those
of the Central Allies.

COMPARATIVE WAR EXPENSES.

Without for one moment taking into consideration the billions which were
thrown into the war-pot by America the figures are staggering. An
interesting comparison is found in the cost of the previous great world
wars. The American Civil War, the greatest conflict in prior history
cost $8,000,000,000, a sum equalled every three months in the conduct of
the European war.

Approximate cost.
Napoleonic Wars, 1793-1815 $6,250,000,000
American Civil War, 1861-1864 8,000,000,000
Franco-Prussian War, 1870-1871 3,000,000,000
South African War, 1900-1902 1,250,000,000
Russo-Japanese War, 1904-1905 2,500,000,000
European War, 1914-1917 (3 years) 75,000,000,000

It was further estimated that after the year 1917, the payment of
$3,800,000,000 a year would be required to pay the interest on the debt,
and that the total Government expenditures in Europe for bond interest
and support of the various branches of the Governments would require in
the neighborhood of 20 per cent of the people's income.

POPULATION AND WEALTH OF COUNTRIES.

Another comparative table that is important to any one desiring to study
the costs and their effects is that relating to population and wealth of
the principal countries. The latest available figures are:

Population Wealth
United States 101,577,000 $187,739,071,090
British Empire 394,930,000 130,000,