"In his comparison of German war finance with ours, the Chancellor, in his Budget speech, made the following points: First, that German war expenditure is now £6,250,000--almost the same as ours--though our expenditure includes items (such as separation allowances) which are not included in the German figures. Second, that the whole amount of the German Votes of Credit (£6,200 millions) has been added to their war debt, 'because their taxation has not covered their peace expenditure in addition to their debt charge.' Third, the total amount of new taxation levied by them since the beginning of the war comes to £365 millions, against our £1,044 millions. Fourth, in a year's time they will have a deficit, comparing the revenue with the expenditure, of £385 millions at least. 'If that were our position,' the Chancellor added, 'I should certainly think that bankruptcy was not far from the British Government.' Fifth, with the exception of the war increment tax, 'scarcely any of the additional revenue has been obtained from the wealthier classes in Germany'." GERMAN WAR PROFITS An extraordinary list of the gigantic war profits collected by Germany was drawn up by A. Cheraband, the well known French critic. He estimated that in three years Germany had spent $322.50 per head, France $444.00, Great Britain $559.75. He presents a list of war profits made by Germany. The "booty" he divided into movable and immovable property. In the former category he includes the 212,000 square miles of territory that had fallen into German clutches, and this he values at $32,000,000,000, which, he says, is a conservative estimate. Turning to the movable booty, he classifies it as follows: "_(a) Capture of 'Human Material.'_--This consists of the 46,000,000 Allied subjects from whom the Germans obtain free labor. "_(b) Capture of War Material._--Guns, rifles, munitions, vehicles, locomotives, railway trucks, and thousands of miles of railway. The Belgian railway system alone is worth nearly $600,000,000. "_(c) Capture of Foodstuffs._--Everywhere the Germans have stolen horses, cattle, corn, potatoes, sugar, alcohol, foodstuffs of every kind, and crops grown by the forced labor drawn from the 46,000,000 Allied subjects whom they have enslaved. "_(d) Theft of Raw Materials._--Throughout the occupied territories the Germans have appropriated coal, petroleum, iron, copper, bronze, zinc, lead, etc., either in the mines or from private individuals; textile materials, such as woolen and cotton. In the towns of northern France alone the Germans stole $110,000,000 worth of wool.