Italy | May 23, 1915 |October 31, 1918| li 81,016| 15,636 | | | | Belgium | August 2, 1914 |October 31, 1918| fr 5,900| 1,387 | | | | Rumania |August 27, 1916 |October 31, 1918| | 907 | | | | Serbia | July 28, 1914 |October 31, 1918| | 635 | | | | United States | April 15, 1917 | June 30, 1919 | | 32,261 | | | |-------- Entente Powers| | | |$156,050 | | | | Germany | August 1, 1914 |October 31, 1919|mk 204,268| 48,616 | | | | Austria- | July 28, 1914 |October 31, 1919|kr 119,504| 24,858 Hungary | | | | Turkey |November 3, 1914|October .., 1919| | 1,802 | | | | Bulgaria |October 4, 1915 |October .., 1919| | 732 | | | | ------- Central Powers| | | | $76,008 | | | | Total | | | In |$232,058 | | | Millions | ==================================================================== HOW MONEY FOR WAR WAS RAISED The question now arises as to the steps taken by the various countries to meet these stupendous outlays. Of the older expedients, such as war treasures, or the sale of public property there was naturally no question. In only one country, viz., Germany, was there a war treasure; but this was so small as to be well-nigh negligible. The only two available resources were accordingly taxation and borrowing. When we compare these two expedients, we are struck not only by the great difference in the theories of war finance followed by the various countries, but also by the diversity in the economic conditions which largely influenced the choice. In a general way, it may be said that all countries were compelled to rely to an overwhelming extent on public loans, but that Great Britain and the United States raised a far greater share by taxation than did other countries. Italy was able to raise by new taxation only just about enough to pay the interest on the new loans; Germany accomplished this only in part; while France was not in a position to defray any of her war expenditures from additional taxation. The same is true of the other belligerents, with the exception of the British colonies.