tinued in full force for two years after the armistice and will not be completed until 1921 is drawing to a close, three years after the armistice. The continued absorption of material and labor for this purpose, and the maintenance of the war scale of wages had a baleful effect in delaying the readjustment in industry. This, together with the huge losses incurred in the operation of the national fleet, is simply one more illustration of the truth that in business the hand of the Government is the touch of death.
Highways and Bridges
The value of highways and bridges has heretofore been omitted from all tables of the national wealth for the reason that such properties, as a rule, have value in use only and none in exchange. In the case of the turnpikes and toll roads of former days the situation was different, but there are few highways of that character now. The value of the public roads has been omitted for the further reason that to a large extent the cost of such improvements has been assessed against property presumably benefitted, such presumption being taken into account in determining valuations for the assessment of general property taxes. Even if they be not taken into account in that way, the value of such improvements is reflected in the enhancement of real property in general. Consequently the value of the highways and bridges of the country has been correctly, I think, considered to be included in the value reported for real estate.
With the development of automobile trucking in recent years, however, an entirely new condition has arisen. The transportation of goods for short dis-
