The Inter-Ally Debts PDF
Preview The Inter-Ally Debts
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE INTER-ALLY DEBTS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE INTER-ALLY DEBTS An Analysis of War and Post-War Public Finance 1914-1923 By HARVEY E. FISK BANKERS TRUST COMPANY NEW YORK-PARIS 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Copyright 1924 by BANKERS TRUST COMPANY NEW YORK All rights reserved Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Foreword T HIS book has been prepared in response to many requests for information regarding the cost of the World War, how this cost was met, and more particularly for information about the debts between the allies, which are going to be of great international importance for many years to come. We have analysed the accounts of some twenty nations, using for the purpose, wherever possible, their official statis- tical publications. In some cases official statements were especially prepared for us. As all statements were in national currencies—pounds, francs, lire, drachmae, dollars and so on, it became evident early in our study of the problem that to make the figures comparable they must be expressed in one currency. We decided to state them all in dollars, converting each foreign currency at the rate of exchange current before the war, i.e. practically at exchange parities. However, in view of the fact that prices in each country were inflated by war financing, but in varying degrees, it also seemed desirable, in order to make them comparable^as to purchasing power, to adjust the figures to the price level of 1913, that is, to put the statistics all on a pre-war gold basis. Thus the reader will find most of the statements given at their face or currency value just as published by the several governments, only expressed in dollars at par of exchange instead of in national currencies, and he will also find them expressed in "1913", or gold, dollars. We hope the book may fulfill the purpose for which it was created, and be of value to our friends. We also wish here to express to the officials of the various governments who have furnished us with the necessary statistics, our appreciation of their helpful co-operation. BANKERS TRUST COMPANY April, 1924 New York and Paris Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Contents CHAPTER PAGE I Eighty Billion Dollars 1 II The Cost of the War 11 III The War Expenditures of Each Great Power 21 IV How the War Was Paid For 40 V The Revenue Receipts of Each Power 45 VI Borrowing in Home and Foreign Markets 7i VII Market Borrowing of Each Belligerent 79 VIII The Inter-Ally Loans, 1914-1917 120 IX The United States Becomes Financier for the Allies, 1917-1920 150 X Great Britain as Borrower and Lender, 1917- 1920 189 XI French Loans From and To Foreign Nations, 1917-1920 208 XII Financing Belgium, 1914-1923 217 XIII Loans for Relief, 1918-1923 237 XIV Payments Under the Treaty of Versailles 242 XV The Status of National Debts in 1923 254 XVI The Wealth and Income of the Belligerents 261 XVII The Wealth and Income of the British Em- pire 271 XVIII National Wealth and Income of France 283 XIX National Wealth and Income of Italy 228899 XX The Wealth, Income and Foreign Indebted- ness of Russia 293 XXI The Wealth and Income of the United States 330055 XXII The Wealth, Income and Foreign Invest- ments of Germany 313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Statistical Tables PAGE Expenditures of Each Belligerent 322 Pre-War Status Receipts of Each Belligerent 323 Debts of Each Belligerent 324 For the Six Years, "Currency" dollars 325 For the Six Years, " i<m" dollars 13 Year by Year, " 1913" dollars 19 Expenses Classified, " 1913 " dollars 16 Cost of the War First Part 'Tiirrptirv flnllars 326 First Part, "1913" dollars Second Part, ''Currency" dollars 328 Second Part, " 1913" dollars 329 Six Years, "Currency" dollars 330 Six Years, " 1913" dollars 33* Year by Year Receipts, "1913" dollars 43 How the War First Part, "Currency" dollars 332 Was Paid For First Part, " 1913" dollars 333 Second Part, "Currency" dollars 334 Second Part, "1913" dollars 335 " Currency M dollars 336 "1913" dollars 1917 337 Basis New York Exchange 338 "Currency" dollars 339 National Debts "1913" dollars [1920 34° Basis New York Exchange 341 "Currency" dollars 342 "1913" dollars 1923 343 Basis New York Exchange 344 April, 1917 121 Inter-Nation November, 1918 345 Debts In 1920 346 In 1923 348 Wholesale Price Index Numbers, 1914 to 1923 350 Payments Due Annually by Great Britain Account of Debt to the United States 35» Estimated Wealth of the States of the United States 352 All money statistics are expressed in dollars. Unless otherwise noted, foreign currencies have been converted at exchange parities. Such figure* are stated as "currency " dollars, or simply as dollars. Where the expres- sion "1913" dollars is used, it means that the actual or currency figures have been re-stated in terms of the purchasing power of money in 19*3- For detailed explanation, see pages 14 and 319. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE INTER-NATION INDEBTEDNESS IN 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE INTER-NATION INDEBTEDNESS IN 1923 In dollars at par of exchange—00,000 omitted BORTRHOEW ERS H | TLHEEA DERS BGrrietaatin Caadna- France Italy Russia USntaitteeds GTroatnadl British Empire Gieat Britain 69.7 359.8 133.8 1.365,3 4,661,0 66666666,,,,,,,,444444448888888899999999,,,,,,,,55555555 444444443333333399999999........88888888 666777,,,333 6666666677777777........33333333 111444333...555 111111114444444433333333........55555555 South Africa 555777...SSS 5555555577777777........88888888 BBrriittiisshh SSoouutthh AAffrriiccaa CCoo.. .. 000...777 99999999........77777777 111...999 11111111........99999999 CCCCrrrroooowwwwnnnn CCCCoooolllloooonnnniiiieeeessss .... .... ........ 333...777 33333333........77777777 TTTToooottttaaaallll BBBBrrrriiiittttiiiisssshhhh EEEEmmmmppppiiiirrrreeee .... 733.6 69.7 359,8 133,8 t.365.3 4.661.0 7.313,1 AAAArrrrmmmmeeeennnniiiiaaaa 4444444.......5555555 11114444....3333 1111111111111111111111188888888888888888888888,,,,,,,,,,,,,,,,,,,,,,,88888888888888888888888 Austria 66666663333333..............1111111 000,,,111 6622,,66 33338888....4444 111111111111111111111115555555555555555555555533333333333333333333333.......................44444444444444444444444 BBeellggiiuanm Congo . . . . .. 4444444111111133333337777777.......,,,,,,,33333338888888 66,,33 777111111,,,000 444455554444....5555 11111111111111111111111.......................3333333333333333333333311111111111111111111111111111111111111111111115555555555555555555555577777777777777777777777.......................,,,,,,,,,,,,,,,,,,,,,,,3333333333333333333333366666666666666666666666 Czpcho-Slovakia 6666666.......7777777 111111000...888 3344..88 111111110000....9999 333333333333333333333336666666666666666666666633333333333333333333333.......................33333333333333333333333 Esthonia , 1111111.......3333333 222...000 11116666,,,,8888 3333333333333333333333300000000000000000000000,,,,,,,,,,,,,,,,,,,,,,,00000000000000000000000 Finland 9999....0000 99999999999999999999999.......................00000000000000000000000 France . . . . . . . .. 3,927,6 5.7 99996666,,,,6666 3333,,,,999999990000....7777 77777777777777777777777,,,,,,,,,,,,,,,,,,,,,,,000000000000000000000002222222222222222222222200000000000000000000000,,,,,,,,,,,,,,,,,,,,,,,66666666666666666666666 Franco Polish 3333....4444 22222222222222222222222,,,,,,,,,,,,,,,,,,,,,,,44444444444444444444444 Germany . . . . . .. cccc ccccccccccccccccccccccc Greece IIIIOOOO9999....0000 77..55 111166666666,,,,2222 dddd 1111111166666666,,,,,,,,55555555 222222222222222222222229999999999999999999999999999999999999999999999.......................33333333333333333333333 Hungary . . 0000....6666 0000....2222 22222222,,,,,,,,00000000 22222222222222222222222.......................88888888888888888888888 Italy 3333,,,,555566668888,,,,6666 111166663333....9999 22222222,,,,,,,,000000001111111155555555,,,,,,,,00000000 44444444444444444444444.......................777777777777777777777774444444444444444444444477777777777777777777777.......................55555555555555555555555 LLiabtevriaia oooo....tttt 3333....2222 //////// 66666666,,,,,,,,00000000 ///////////////////////ggggggggggggggggggggggg,,,,,,,,,,,,,,,,,,,,,,, Lithuania . . aa 11,,33 66666666,,,,,,,,00000000 77777777777777777777777,,,,,,,,,,,,,,,,,,,,,,,33333333333333333333333 NPoiclaanrda gua 222222000000,,,,,,777777 220033,,88 1133..77 11111111888888880000000022222222,,,,,,,,........3333333344444444 44444444444444444444444222222222222222222222220000000000000000000000000000000000000000000000,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,3333333333333333333333366666666666666666666666 Portugal 999999999999......666666 0000000000000000000000099999999999999999999999.......................66666666666666666666666 Roumania . . . . . . .. 111111333333555555......999999 333000,,,555 333322227777....9999 333333333333......666666 44443333....8888 444444444444444444444445555555555555555555555500000000000000000000000.......................77777777777777777777777 Russia 444444......333333222222333333......000000 666 1111....111166665555,,,,7777 777777......333333 222244441111 9999 SSSSSSSSSSSSSSSSSSSSSSS.......................777777777777777777777773333333333333333333333366666666666666666666666.......................88888888888888888888888 SSeerrbbss,, CCrrooaattss aanndd SSlloovveenniiaa ,, 111111333333777777......999999 333344448888,,,,9999 333333......444444 66661111....6666 5555555555555555555555555555555555555555555555ttttttttttttttttttttttt,,,,,,,,,,,,,,,,,,,,,,,88888888888888888888888 UUkkrraaiinnaa eeeeee eeeeeeeeeeeeeeeeeeeeeee United States 333333,,,,,,888888 33333333333333333333333.......................88888888888888888888888 GGrraanndd TToottaall TL.171,4 109.8 3463.7 390,0 1.265.3 II.86I.O 28,261,1 aJ82,ooo. 6J55.000. cSs.ooo. d$2 7,000. <58,000, /J31.O00.—These are whole figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The Inter-Ally Debts CHAPTER I Eighty Billion Dollars HE war cost $80,680,000,000 gold. The purchasing power of the currencies of every combatant nation was affected in varying degrees by inflation caused by the use of paper money and bank credits in financing the war. Tak- ing the figures of each nation as reported from year to year and reducing them to dollars at par of exchange, the expen- ditures for war totalled $208,600,000,000 in currency. To arrive at a uniform basis of statement, we have divided the figures for each nation for each year of the war by the whole- sale price index number of that nation. Thus we have ob- tained a statement for each nation in terms of 1913 prices. The sum of these figures, $80,680,000,000, may be called the gold cost of the war. How can we realize the magnitude of such a sum ? Eighty billion dollars would reproduce all of the railway mileage of the world and there would still be over twenty billion dollars to spare for some other use—enough to build and equip a railway system as great as that of the United States. In 1914 English economists estimated the wealth of the people of Great Britain to be about seventy billion dollars. All of the property of every kind in England, Wales, Scot- land and Ireland, the railways, the docks, the shipping trav- [1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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