If we add to this the loss of untold numbers of young men in the prime of life, whose labor is needed in the fields and workshops of the nations involved, other billions of dollars must be added to the estimate, due to the crippling of industries. There is also the destruction of property to be considered, including the very costly modern battleships, this also footing up into the billions. When it is considered that in thirteen years the cost of maintenance of the armies and navies of the warring countries, as well as the cost of naval construction, exceeded $20,000,000,000 some idea may be had of the expense attached to war and the preparations of European countries for just such contingencies as those that arose in Europe in 1914. The cost of the Panama Canal, one of the most useful aids to the commerce of the world, was approximately $375,000,000, but the expense of the preparations for war in Europe during the time it took to build the canal exceeded the cost of this gigantic undertaking nearly sixty to one. The money thus expended on preparation for war during the thirteen years named would, if spent in railroad and marine construction, have given vast commercial power to these nations. To what extent have they been benefited by the rivalry to gain precedence in military power? They stand on practically the same basis now that it is all at an end. Would they not be on the same basis if it had never begun? Aside from this is the incentive to employ these vast armaments in the purpose for which they were designed, the effect of creating a military spirit and developing a military caste in each by the nations, a result very likely to be productive of ill effects. The total expense of maintenance of armies and navies, together with the cost of construction in thirteen years, in Germany, Austria, Russia, France and Great Britain, was as follows: Naval expenditures $5,648,525,000 Construction 2,146,765,000 Cost of armies 13,138,403,000 Total $20,933,693,000 The wealth of the same nations in round figures is: Great Britain $80,000,000,000 Germany 60,500,000,000 Austria 25,000,000,000 France 65,000,000,000 Russia 40,000,000,000 Total 270,500,000,000 This enormous expense which was incurred in preparation for war needed to be rapidly increased to meet the expenses of actual warfare. The British House of Commons authorized war credits amounting to $1,025,000,000, while the German Reichstag voted $1,250,000,000. Austria and France had to set aside vast sums for their respective war chests. HALF CENTURY TO PAY DEBTS In anticipation of trouble Germany in 1913 voted $250,000,000 for extraordinary war expenses and about $100,000,000 was spent on an aerial fleet. France spent $60,000,000 for the same purpose. The annual cost of maintaining the great armies and navies of Europe even on a peace basis is enormous, and it must be vastly increased during war. The official figures for 1913–14 are: