Distilled spirits 318 365 Fermented liquors 126 118 Tobacco 158 206 Stamp taxes 19 37 Transportation 71 234 Insurance 6 15 Excise taxes 37 78 Soft drinks 2 7 Admissions 26 51 Miscellaneous 8 22 ---- ---- Total taxes on consumption, transactions and commodities 771 20.9 1,133 29.5 Total 3,695 .... 3,840 .... [20] As the new taxes are payable in instalments, about 2 millions of the 1919 tax will not be received until the fiscal year 1920. Making allowance for this the proportion of taxes on wealth really ascribable to the year 1919 rises to 80.6 per cent. With the impossibility of securing more than a comparatively small proportion of the war expenditures from taxation, it accordingly became necessary to resort to borrowing. This was consequently done by every country on a gigantic scale; although here again the fiscal and economic conditions in the various countries were so different that they employed quite diverse expedients. Great Britain provided at the outset of the war for immediate needs by the selling of short time securities, principally Treasury Bills. Before long these had amounted to such a sum that it became necessary to issue long time bonds. Accordingly, subscriptions were invited to the first war loan, which was issued on March 1, 1915, followed by the second war loan on June 1, 1915. These bore interest at the rate of 3½ and 4½ per cent. and the amount issued was $1,703,000,000 and $2,883,000,000 respectively. On February, 1916, a continuous issue of War Savings Certificates was inaugurated. On April 15, 1917, the third war loan was issued at 4 per cent., followed on June 1, by the issue of 5 per cent. bonds. Of these $4,811,000,000 were issued.