Wooden ships contracted for by Emergency Fleet Corporation, hulls of which have been launched 11 --- Total 188 Steel ships requisitioned which are now actually in service 100 Steel ships contracted for by Emergency Fleet Corporation now actually in service 3 --- Total 103 By April, 1918, the Government has been able to put 2,762,605 tons of shipping into the transatlantic service to carry men and munitions to France. FINANCING THE WAR The United States has been a great financial factor since entering the war. The Government lent to the Allies on the security of their bonds $4,436,329,750. For America's own expenses Congress has already authorized $2,034,000,000, of which one item alone, merchant shipping, accounted for more than $1,000,000,000. The total expenses in the first year were more than $9,800,000,000, but about $800,000,000 of this went for normal activities not connected with the war, so that its total cost has been about $9,000,000,000, of which more than $4,000,000,000 has been in loans to the Allies. Expenditures for aircraft alone have amounted to more than $600,000,000. Naval appropriations, made and pending, are more than $3,000,000,000; the War Department has taken $7,464,771,756. The army's annual payroll now exceeds $500,000,000 and the navy's $125,000,000, and these items are trifling compared with the cost of ships, ordnance, munitions, airplanes, motor trucks, and supplies of every kind, to say nothing of food. Allotments and allowances to soldiers' and sailors' dependents paid by the Government in the month of February alone amounted to $19,976,543. Bonds, certificates of indebtedness, War Savings Certificates, and Thrift Stamps issued by the Treasury up to March 12 totaled $8,560,802,052.96. To meet expenses the Government has successfully floated two Liberty Loans with total subscriptions of $6,616,532,300, and on April 6, 1918, the first anniversary of America's entrance into the war, a third loan campaign for $3,000,000,000 was begun. TAXES AND PRICES The income tax has been greatly increased and the exemption limit lowered. New taxes have been imposed on corporate and individual profits, all profits arising out of the war have been penalized, and the old levies greatly increased. War taxes, customs duties, and internal revenue collections have brought in nearly $1,500,000,000. While the greater part of the war income and excess profits taxes are not due until June, the Treasury had collected in internal revenue taxes a total of $566,267,000 to March 12, 1918, and had sold $1,255,000,000 in certificates of indebtedness, which are receivable in payment of internal revenue taxes.