000,000
Germany 67,810,000 80,000,000,000
France 39,700,000 50,000,000,000
Russia 187,379,000 40,000,000,000
Austria-Hungary 53,000,000 25,000,000,000
Spain 20,000,000 5,400,000,000
Belgium 7,500,000 9,000,000,000
Portugal 5,958,000 2,500,000,000
Italy 37,048,000 20,000,000,000

Taxes have been the main sources for raising money to carry on the war.
In Germany taxes on all incomes from the Kaiser to the ordinary business
man were kept at the highest rate, the Kaiser paying $500,000 on his
fortune of $35,000,000 during the early part of the struggle. This was
in addition to his income tax which amounted to $440,000, making a total
annual tax of nearly $1,000,000. The Krupps are said to have been
assessed at $3,000,000.

When the new military service laws were approved in Paris, which was
about the middle of July, 1913, the French Cabinet was at its wit's end
to provide the financial end of the tremendous military budget.
Investment markets were sluggish, and there were thousands of notes
whose values were rapidly depreciating. The French Government was unable
to float a loan of $200,000,000 which was necessary for making
preparations.

Then in her desperation Paris closed her doors to all foreign loans.
The Viviani Ministry practically duplicated the plan of its predecessor
in proposing an issue of $360,000,000 3-1/2 per cent bonds, which were
redeemable in 25 years.

One year previously to this financial struggle the Belgian Government
had started to raise $62,800,000 in order that the people of this
country might prevent its being used as the battleground for the world
war which they had seen away off in the future. This money was raised
for the purpose of making Antwerp an impregnable fortress.

IMMENSE SUM FOR ARMY AND NAVY.

Russia had taken steps to raise $3,700,000,000 which the Russian
Minister of Finance had informed the Budget Committee must be spent in
the next five years on the army and navy. During the first year of the
war there was $500,000,000 spent by this country in military and naval
defence. This does not include the cost of those strategic railroads of
which so many were constructed by the Russian Go