THE NET RESULT 247

.that their value would be " far greater " than he had
previously expected. So perhaps we are entitled to
take them at ^1300 millions.

If so, we get the following results for the cost of
the fighting period :—

Total Government expenditure,
August x, 1914, to November
9,1918 .........£8612 millions.

Less estimate of normal peace expen-
diture ............ 860

7752

Less Loans to Do-
minions ... 220 millions.
Less Loans to Allies

(half fa£e value) 740 „
Realisable assets ... 1300 „

------ 2260

Net cost of period ... ... £5492 ,,

If war cost would be good enough to cease with the
j&ghting we should thus now be able to see, more or
less, how we stand. During the fighting period the
Government raised by taxation the sum of £2120
millions,* from which we have again to deduct
j£86o millions as an estimate for normal peace
taxation, if the war had not happened, leaving
£1350 millions as the net war taxation, and £4142
millions as the net addition to debt from the war.

But, of course, there are still some large and
uncertain sums to come in to both sides of the
account. There is the cost of maintaining our Army

. * Economist, Nor* 16,