12345678910111213141516171819202122232425262728

The enormous defensive -expenditure forced upon Europe by the preparations

of France is beginning to tell heavily on the finances of the Great Powers. With the exception of England and Prussia, every first-class Power will this year have to face a heavy deficit, given in the best official accounts at the following approximate figures : Russia . £4,000,000 • Italy . . 12,800,000 " France 13,000,000 Austria 6,000,000 That sum represents but a part tile expenditure entailed by single year of armed preparation. To it must be added the slim spent by the countries which prefer increased taxation to a deficit, an addition which would bring the total increase of taxation levied on Europe by the restlessness of France up to fifty millions Total of a

Next page