FIGURES THAT ARE DIFFICULT TO COMPREHEND.

The direct cost of the war for all belligerent nations to May 1, 1918, was reported at about $175,000,000,000 by the Federal Reserve board bulletin, issued November 18.  It was estimated that the cost would amount to nearly $200,000,000,000 before the end of the year.

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 momentous struggle was on.  It found the British fleet fully mobilized and ready for action.  The ships had their magazines filled, their bunkers and oil tanks charged, their victualing completed, and last, but not least, their full crews aboard.