We financed Europe in the greatest war we ever fought, and that is what won. Of course, British tenacity and British courage always come in, and they always will; but let us remember that British cash told too. When the others were absolutely exhausted we were getting our second breath, and our third and our fourth, and we shall have to spend our last before we are beaten. I want the municipalities to remember that. Our trade is not going. The seas are ours, and they will remain ours. We shall get not merely our own trade, except that of European countries, but we shall get a good deal of the enemy's trade as well, and, of course, there is always the business which is necessary in order to keep the war going. So that there will be a great deal of employment in the ordinary course of business. * * * * * While we are on this subject of finance and economics, it may be well to refer briefly to Germany's position. It was known that Germany alone among the European Powers kept a well filled war chest. It was understood that up to 1913, the war reserve amounted to £6,000,000 in gold. Under the new Army Law of 1913, it was stipulated that this reserve should be trebled. There was reason to believe that in addition the German Government had put aside for the purposes of the present war about £30,000,000 out of the £50,000,000 which it had been hoped to raise by last year's special war levy. Although some of this cash was spent on preparing the new Army Corps, and possibly also in strengthening the fortresses, it was generally believed that the greater part of it was kept in reserve to meet the initial expenses of the present campaign. In addition to this, of course, large sums were obtained from Belgium in the form of war levies. The Province of Brabant, for example, was mulcted to the extent of £18,000,000, Brussels to the extent of £10,000,000, Liège £2,000,000, and smaller towns in proportion. From the cities on the French border, as well as from various towns in Belgium, large supplies of stores and food were also demanded, sometimes in addition to money and sometimes as a substitute. These amounts, large as they are, would not seem sufficient to carry on the war for any great length of time. Some calculations were made by Paris Correspondents of the _Daily Telegraph_ at the outbreak of the campaign. The minimum cost was estimated there at £400,000,000. The figures given by military writers coincided and agreed that about 8,500,000 men were under arms for land warfare. To these must be added 340,000 seamen. If the Balkan War were taken as an example, the cost of each man mobilised amounts to 10s. a day. This gives about £4,400,000 daily, or £132,000,000 monthly. This figure is, however, considerably short of the mark, because it does not take into account the maintenance of the armies and fleets.