Naval. On Nov. 26 Surgeon-General Braisted announced that the deaths in the United States navy from "war causes" amounted to 1,233. BRITISH. British casualties during the war, including all the theaters of activities, totaled 3,049.991, it was announced in the house of commons by James Ian MacPherson, parliamentary secretary for the war office. Of this number the officers killed, wounded or missing aggregated 142.634 and the men 2,907.357. The total of British losses in killed on all fronts during the war was 658.665, the secretary said. Of these 37,836 were officers and 620,829 were men. The total British wounded in the war was more than 2,000,000, the parliamentary secretary's figures showing the aggregate to be 2.032.122. The losses in missing, including prisoners, totaled 359.145. Of the wounded 92,644 were officers and 1.939.478 were men. Of the missing, including prisoners, 12.094 were officers and 347.051 were men. The figures given include troops from India and the dominions. or Canadian. Canada's war casualties up to eleven days before the armistice totaled 211,358, it was announced Nov. 12. 1918. These are classified as follows: Killed in action, 34.877; died of wounds or disease, 15.457: wounded, 152.779: presumed dead, missing in action and known prisoners of war, 8,245. Australian. Some conception of what Australia did in the war and of the losses sustained by the commonwealth can be gained from figures which were officially issued Oct. 31, 1918. Out of a population of 5.000.000 Australia sent abroad 336.000 men. The total casualties numbered 290.191, including 54,890 dead. Recruiting in Australia before the armistice was signed was at the rate of 4,240 a month. GERMAN. The German losses were placed at 6,330.000 by the socialist newspaper Vorwaerts of Berlin. on Nov. 20. The newspaper's estimate, which was unofficial, said that up to Oct. 31 1,580,000 German soldiers had been killed and the fate of 260.000 was not known. Four million soldiers were wounded and 490.000 were prisoners. This made a total casualty list of 6.330,000. Karl Bleibtreu. a German a military stat The total casualties in France and Belgium were 2.719,652. Of this total 32,769 officers were killed and died of wounds other causes and 526,843 men. The wounded totaled 1.833.345, comprising 83.142 officers and 1.750.203 men. The missing, including prison-istician, in statement published in Das ers. totaled 326.695, comprising 10.846 offi- Neue Europa of April 22, 1918. gave the cers and 315.849 men. German losses from Aug. 2. 1914. to Jan. 21, 1918. as 4,456,961 men, including only those killed in action or taken prisoners. The figures were official from Aug. 2. 1914. to July 31, 1917. and then estimated to Jan. 31. 1918. In Italy the British losses totaled 6.738. Of these eighty-six officers and 941 men were killed, 334 officers and 4,612 men were wounded. Of the 765 missing thirty-eight were officers and 727 men. The Dardanelles expedition cost the British 119.729 casualties. Of this number 1.785 officers were killed or died and 31.737 men. The wounded were 3.010 officers, and 75.508 men. The missing, including prisoners, were 258 officers and 7.431 men. On the Saloniki front the losses were 27,318. Of these the killed were 285 officers and 7.330 the wounded 818 officers and 16.058 men, men, the missing 114 officers and 2.713 men. The total British losses in the Mesopotamian campaigns were 97.579, according to Mr. MacPherson's figures. Of these the fatalities were 31,109, comprising 1,340 officers and 29,769 men. The wounded totaled 51.115 comprising 2.429 officers and 48.686 men. The missing and prisoners totaled 15,355, comprising 566 officers and 14.789 men. In Egypt the total losses were 57,853. Those killed or who died of wounds were 15.892, comprising 1.098 officers and 14.794 men. The wounded totaled 38.073, comprising 2.311 officers and 35.762 men. The missing and prisoners totaled 3,888, comprising 183 officers and 3,705 men. It was officially announced Nov. 27 that during the war the forces of Great Britain actually lost nearly 1.000.000 men killed or dead through various causes. Recently it was stated the British losses totaled 658.704. but this number did not take into consideration men reported missing, who actually lost their lives, but of whom there is no trace, nor did it account for men who died at the front from sickness. AUSTRO-HUNGARIAN. It was reported Nov. 29. 1918. that AustriaHungary had lost 4.000.000 killed and wounded in the war. Of these 800.000 men, including 17.000 officers, were killed in action. FIRST AMERICAN CASUALTIES. The war department is authority for the statement that Sept. 4 is the anniversary of the first casualties in the American expeditionary force. The four men killed and the nine wounded were members of the medical department of the army, noncombatants engaged in merciful work. On Sept. 4, 1917, a German airplane attacked the hospital group at Dannes Camiers, where the members of United States army bases No. 5 (Harvard unit, Boston) and No. 12 (Northwestern university, Chicago) were operating British general hospitals Nos. 11 and 18. respectively. Five bombs fell in or close to the ward barracks, and their explosion resulted in the death or injury of the first members of the American expeditionary force killed in the performance of their duty by the enemy. The names of the killed and wounded follow: Killed. First Lieutenant William Fitzsimmons. First Lieutenant Clarence A. McGuire. ROYAL HOUSES DEPOSED BY GREAT WAR. varia. A partial list of the dethroned monarchs and princes follows, with the dates of their downfall. Nicholas II., czar of Russia, March 15, 1917. Constantine I., king of Greece, June 12, 1917. King Ferdinand of Bulgaria, Oct. 3, 1918. King Boris of Bulgaria, Nov. 2, 1918. Emperor William II. of Germany, Nov. 9, 1918. Emperor Charles I. of Austria-Hungary, Nov. 11, 1918. Ludwig III. of Bavaria, Nov. 13, 1918. Duke Ernst Augustus of Brunswick, Nov. 12. 1918. Friedrich August II. of Saxony, Nov. 12, 1918. Grand Duke William Ernst of Saxe-Weimar, Nov. 12, 1918. Prince Leopold of Lippe-Detmold, Nov. 12. 1918. Grand Duke Friedrich II. of Baden, Nov. 12, 1918. Grand Duke Ernst Ludwig of Hesse, Nov. 12, 1918. The dates given for the deposition of some of the minor German rulers are those reported at the time and may not be exact, but they are approximately so. NOTED DEAD IN WAR (1918). The dates given are those on which the deaths were reported. BRITISH. Lieut.-Commander Alan Campbell, Jan. 4. Lord Alexander Thynne, M. P., Sept. 17. GERMAN.· Prince Friedrich Karl, March 22. COST OF THE The total estimated cost of the world war in money runs all the way from $150.000.000.000 to $200.000.000.000. the latter being the estimate of the federal reserve board in Washington, which made a careful study of the whole matter. In its bulletin issued after the armistice terms were signed the board said: "According to our calculations. the direct cost of the war. since the outset. can be estimated at an amount somewhere between 850.000.000.000 and 900.000.000.000 francs [1 franc equals about 20 cents]-not taking into account the amortization of the debt or the total of indemnities. "We have established the total cost of mobilization and the carrying on of the war at about 50.000.000.000 francs for the first five months: the year 1915 cost at least 130.000.000.000. 1916 probably 190.000.000.000, and 1917 nearly 300.000.000.000 francs. This progression is even more pronounced during the current year. so that we have for the first four years of the war an average monthly cost of 18.250,000,000 francs, with a total of perhaps 875.000.000.000. Calculated on the basis of 52 per cent interest and 2 per cent monthly amortization (which is certainly a minimum) we reach an annual cost of 52.500.000.000 francs, as against 22.500.000.000 at the end of 1916. Gen. Count von Mirbach, July 6. Field Marshal von Eichhorn, July 30. Maj.-Gen. von Kronstadt, June 18. WAR IN MONEY. "The immensity of these figures is more forcibly realized when one recalls that before the war the total debt of the seven principal belligerents did not exceed 125.000.000.000 francs: that the annual cost of supporting the debt. including amortization. was only 5.500.000.000 francs. and that the entire wealth, both public and private. of Great Britain. France. Germany. Austria-Hungary and Italy was not more than 1,275,000.000.000 francs. Finally, let us mention. as other points of comparison. that. according to recent calculations by the French statistician, M. A. Neymarck, the aggregate of negotiable securities circulating in the world at the close of 1912 was about 850.000.000.000 francs: on the same date. the total amount of gold and silver extracted from the earth since the beginning of the world hardly exceeded 150,000,000,000 francs. while government paper money of all the countries in the world totaled about 41.000.000.000 francs. "In short, the war has necessitated the creation on a vast scale of new debts and reThis sources, both temporary and permanent. state of affairs has completely transformed the economic and financial structure of every country. A return in the near future to former conditions of production, consumption and credit cannot be expected. 35,840,000 Navy. $3,959,000 6,446,000 7,900,000 7,311,000 8,660,000 1846, to 1847. 54,920,000 1848.. 1849... 1860. 1861.. 1865.. .$32.400.000,060 31.500.000.000 23.400.000.000 1862. 20.000.000.000 1863. 20.000.000.000 1864.. 12.500.000.000 6,200.000.000 100.000.000 Spanish-American War, from April 21, 1898, to Dec. 10, 1898. UNITED STATES LIBERTY LOANS. Up to Dec. 1. 1918. the United States had issued four liberty loans-two in 1917 and two in 1918. The bond issues were authorized by acts of congress approved April 24 and Sept. 24. 1917, and April 4 and July 9, 1918. terms of the loans were as follows: First loan, 3% per cent interest, exempt from all except inheritance taxes, and convertible into any subsequent issue at a higher rate. Second loan, 4 per cent interest, exempt from all war except federal surtaxes, excess profits. Third profits, taxes and inheritance taxes. loan, 4 per cent interest, no conversion, exempt from taxes to same extent as second loan. Fourth loan, same as third loan. LOANS TO ALLIED NATIONS. From the spring of 1917 the role of banker for the entente was assumed by the United States. On April 24, 1917, the American government was authorized to advance to the the The allies sum of $3,000,000,000; these figures were raised to $7,000,000,000 after In other words, the allies Sept. 24, 1917. (who paid in the beginning 3 per cent on the American loans, a rate which has gradually been raised to 32, 4, 44 and even 5 per cent, this increase being explained by the increase in the rate applied to the bonds of the American treasury) derived great benefit from the excellent credit which the United States treasury had in its country. More than 4,000.000 persons subscribed for the first loan, 9,500,000 for the second, 18.300.000 for the third and more than 21.000,000 for the fourth. The following tables show the treasury allotment to each federal reserve district and the actual subscriptions: First Liberty District. Minneapolis Atlanta Loan (1917). Allotment. Subscriptions. At the end of July, 1918, the proportion of American loans advanced to the different countries. in relation to the total credits issued, was as follows: 53 per cent to Great Britain, 27.85 per cent to France. 10.8 per cent to Italy and 5.43 per cent to Russia: this last named country used nothing after March, 1918. On the side of the central empires. Germany was the great purveyor of funds for her allies. The exact total of the loans issued by the German treasury and by the respective German banks is unknown. She had advanced to Austria at the end of June, 1917, 2,010.000,000 marks. In addition important sums had been advanced to Hungary, Bulgaria and Turkey. The following table shows the credits, extended by the United States to its cobelligerents up to the middle of November. 1918: Great Britain France New York.. 80,000,000 Kansas City 100,000,000 St. Louis 80,000,000 80,000,000 60,000,000 57,878,550 Dallas 40,000,000 48,948,350 Italy Russia Second Liberty Loan (1917). Belgium Cuba District. Allotment. Subscriptions. Greece Boston $300,000,000 $476,950,050 Serbia 900,000,000 1,550,453, 450 250,000,000 380,350,250 Czecho-Slovakia. Liberia 201,212.500 Total St. Louis 90,695,750 15.800.000 9.000.000 7,000,000 5.000.000 .$8.090.120.000 total of $8,178, Toward the end of the month the credit extended had reached a 184,280,750 976.666. 105,000,000 140,932,650 WAR FINANCE METHODS. On Nov. 22. 1918. the federal reserve board made the following statement: "The financing of the war is. primarily. an economic problem. It has to do with managing and developing the forces of the country and keeping intact domestic and foreign credit. as well as the spirit of initiative. "In order to meet the war expenses recourse was had everywhere to well known means employed in former wars. Civil expenditures have been cut down, all those that were not urgent being postponed sine die: economy has been preached more or less successfully; part of the resources of the regular budget has been set apart for war expenses; there have been requisitions; there has been great recourse to banks of issue: there has been borrowing on a large scale, both at home and abroad, in the form of consolidated and floating loans. extension of credit, etc. At an early date the resources were enlarged by the creation of new taxes. permanent and temporary. designed to meet new interest charges on the war debt. Allotment. Subscriptions. and the Resort to Taxation. "In certain countries, England United States among others. a more or less important fraction of the war expenses has Neverthebeen met by resorting to taxation. less. it is safe to say that the greater part of the cost-according to our calculations. more than four-fifths-has been covered by the operations of the treasury and by loans more or less distant maturities. "In certain countries, moreover, special etc.) ("Tresors de guerre.' and the surplus from loans have been used to cover .6,000,000,000 6,954,875,200 a small fraction of the cost of mobilization. of Increase in Four Years. Borrowing as a Means. on a fairly long term basis could be issued "But everywhere the method of borrowing financial market has therefore had to rely abroad since the beginning of hostilities. Each is used as a means of making appeal to the market for capital. upon its own resources. Germany began in Sep-raction which the low level of the exchanges In spite of the attember, 1914; Austria and Hungary, then has offered, the people of the neutral counGreat Britain, Italy and Russia followed, with tries have subscribed very little to the war more or less success. Until the autumn of 1915 France resorted to loans of the belligerents, the neutral financial short term loans (bills and obligations of national defense) markets having had to contribute largely to Since then consolidated loans have followed their own needs. at more or less regular intervals. In Germany Austria-Hungary, Italy and also in the United States these consolidation operations have occurred at a more or less fixed date, usually every six months. Thus Germany, Austria and Hungary have each issued eight loans up to the present time; Italy has issued five and the United States four. England and France have been less regular in this spect. Up to the present time each of these two countries has issued only three large consolidated loans, the last of which dates back in Great Britain to January, 1917, and to December, 1917, in France. Meanwhile, a large short term debt has accumulated in these countries, a debt which at the end of June. 1918, amounted to £3,873,000,000, or 97,500,000,000 francs, for England, and up to the end of last January to almost 46,000,000,000 francs for France. A fairly large fraction of this debt, however, has been contracted abroad. Loans Placed at Home. re "As a general thing, loans of distant maturities have been placed exclusively at home, while neutral markets, especially the United States. have confined themselves to absorb ing short term treasury securities. Aside from the Anglo-French loan, which was placed in New York in the autumn of 1915 and which has a duration of only five years, no loan 1918, the debts of the principal belligerents, "From August. 1914, to the end of July, including the British colonies, had increased by 675,000,000,000 francs, 225,000,000,000 of which, approximately are charged to the central powers and 450,000,000,000 to the allies. It is generally conceded that the expenses of the war are appreciably greater for the entente than for the central powers, fact which is explained, in part, by the geographic situation of the former and by the possibility and the necessity which confronts them of obtaining supplies from abroad. a "These figures include only a fraction of the treasury bills issued abroad, and do not comprise all the floating debt contracted at home, the consolidation of which will have to be considered sooner or later. For the six great powers included in our calculations the gross debt per capita has increased from 300 francs before the war to almost 2,000 francs at the end of July, 1918. "The growth of the consolidated and floating war debt has been especially great in Great Britain. Germany and France; the same into the war at the beginning of April, 1917. is true of the United States since its entry As has already been said, the sums, often very important, which have been advanced to the allied governments must be deducted from these totals." BELLIGERENT COUNTRIES. WAR DEBTS OF PRINCIPAL In April, 1918, the federal reserve board of the United States issued a statement comparing the war expenditures, war debts, note circulation and gold and silver holdings of the twelve principal belligerent nations. It showed that after three and a half years of war the pub-national debt table as prepared by the federal lic debts of the chief allied and central powers had risen from $25.752,000,000 to $137,404, Allied powers. Great Britain.. Before the war. reserve board: 336,000,000 446,000,000 Aug. 1, 1914....$3,458,000,000 20,602,000,000 .Oct. 1, 1913.... 1,165,000,000 5,150,000,000 25,752,000,000 of 1917. *Ratio. $687,480,000 13.7 283,899,000 27.5 326,982,000 46.6 178,188,000 11.5 758,798,000 6.8 At most recent date. 611,000,000 734,000,000 22,227,000,000 Dec. 31, 1917... 6,676,000,000 FLOATING OF LOANS. With the spread of the war over wider and wider areas and the continuous rise of prices, the cost of the war is constantly increasing. calling for larger and larger borrowings by the governments. In floating the huge public loans the governments have had the assistance of the banks, co-operation between the governments and the central banks of issue being 11.4 particularly close. Loans of a 61.7 character are, as a rule, preceded by issues in permanent large volume of treasury bills or certificates. a large proportion of which is discounted by the central banks. The amounts of treasury bills and other short-term obligations discounted by the European governments with their central banks have been constantly ris Japan Italy Russia |