treme poverty of the masses in all these states, and that even before this period of inflated war expenditure they had already to support a heavy and often an almost unbearable load of taxation. We must, therefore, admit that this great addition to their fiscal burdens in the last fourteen years must have seriously diminished the purchasing power of more than two hundred millions of people, and this alone is calculated to produce, and must actually produce, a depression of trade in all the countries which supply their wants, and therefore in none more seriously than in our own.
There remains yet to be considered the injury done by the actual destruction of life and property which occurs whenever this elaborate and costly war-machinery is put to its destined use. Owing to the wide extent and endless ramifications of modern commerce, wherever life and property are destroyed by war all nations with an extensive foreign trade must feel some of the consequences. When villages and towns are burned or bombarded, crops devastated, and domestic animals taken by invading armies, troops quartered on the inhabitants and forced contributions made, the result must be the impoverishment of the population for several years. For a long time they have a severe struggle even to exist. Their houses have to be rebuilt, their lands to be again cultivated, seed and domestic animals to be procured, fresh capital to be accumulated; and till all this is done they have no means of purchasing foreign goods or of indulging in anything beyond the barest necessaries of life. And, when the war is long and destructive, there is, in addition, the loss of human life, not merely by slaughter in battle, but by the distress and exposure, the disease and famine which are the inevitable consequences of war, a loss often to be counted, not merely by thousands and tens of thousands, but even by millions. And all these lost lives are, from our present point of view, lost customers, and thus still further increase the sum total of injury to commerce which war produces.
Now, during the last twenty years there have been a continued series of wars which have all, more or less, tended to produce these injurious effects. Beginning with the New Zealand war in 1865, we have in succession the Abyssinian war of 1867, the great Franco-German war of 1871-72, the Ashantee war in 1875, the terrible Russo-Turkish war of 1878, the Transvaal, Zooloo, and other South African wars of 1879-'80, the Afghan war of 1881, the Egyptian war of 1883, and the Soudan war perhaps not yet concluded. Who can calculate the amount of life and property destroyed, and the consequent misery and impoverishment of large populations during these twenty years? Traders have, unfortunately, often considered war to be advantageous to them, on account of the rapid and reckless expenditure of public money on war-materials and stores, and the opportunity of making large profits by war-contracts. But this is a very partial effect and limited to but few departments of trade, while the depressing effect of
