to military and naval needs, also was recorded and another item
going to swell the grand total of expenditures was the payment of
$25,000,000 for purchase of the Danish West Indies.

War loans of the six chief European belligerents, early in 1917,
aggregated approximately $53,113,000,000.

Loans of the chief Entente nations, Great Britain, France, Russia and
Italy, were placed at about $36,300,000,000; those of Germany and
Austria-Hungary, not including the sixth German loan reported to have
yielded about $3,000,000,000, at $18,800,000,000.

The amounts of the various loans were placed at:

Great Britain, to March 31, 1917, $18,805,000,000; France, to February
28, $10,500,000,000; Russia, to December 31, 1916, $7,896,000,000;
Italy, to December 31, 1916, $2,520,000,000; Germany, to December 31,
1916, $11,226,000,000; Austria, to December 31, 1916, $5,880,000,000;
Hungary, $1,730,000,000.

The total included the advances made by the United Kingdom and France to
the smaller belligerent countries allied with them.

SOME IDEA OF NATIONAL FINANCING.

Some idea of what all this financing means to a country may be judged by
the statement of the Chancellor of the Exchequer, who in October, 1916,
replying to questions regarding the English loans in the House of
Commons, declared that England was paying at that time about $10,000,000
a day in the United States, for every working day in the year.

When the English mission visited the United States in May, 1917, after
the country had entered the war, there was handed to Arthur James
Balfour, ex-Premier of England, a check for $200,000,000, said to have
been one of the largest single checks ever paid in this country. It was
a loan for war purposes. In the month of June it was stated that the
total advance made to the Allies was $923,000,000, among the loans made
then was one of $75,000,000 to Great Britain, and $3,000,000 to Servia.
The Servian loan, the first made by the United States to that country,
was mainly for the improvement of railway lines. A small portion was
used for the relief of the distressed population, and Red Cross work.

It was stated that the allied countries would spend in America, in the
neighborhood of $200,000,000 a month for the year; which brings
attention to the resources which America turned in against Germany when
she joined the allied forces. To meet the demands made upon it the
Government borrowed at once $3,000,000,000 by popular subscript