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was this a sudden emergency-outlay. Going back as far as 1905, we find that she laid out in that year the same amount, £28 million. In that year, Germany and Austria together spent £48 million on their armies; England, France and Russia together spent £94 million on theirs. If between 1905 and 1913, England, France and Russia spent any such sums upon their armies as their statistics show, and nothing came of it but an unprepared and unsuspecting Europe in 1914, it seems clear that the taxpayers of those countries were swindled on an inconceivably large scale.
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