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Great Britain, like the United States, made large advances to other countries during the war. The debts owed by her allies to Great Britain are: Russia, $2,245,600,000; France, $2,228,000,000; Italy, $1,907,200,000; Belgium, $413,600,000; Serbia, $88,400,000; other nations, $331,600,000; the dominions, $576,000,000; total $7,790,400,000.

According to the general budget for 1922, the internal debt of France amounts to 229 billion francs, normally $44,197,000,000, currently $16,717,000,000, and the foreign debt to 35 billion francs. The latter is partly offset by 14 billion francs due from various small countries. France owes England about 13 billion francs and the United States about 15 billion.

Russia’s debt at the beginning of 1914 amounted to 9,888,310,000 rubles, or about $5,092,379,650, at a rate of $0.515 to the ruble, which prevailed at that time. Subsequently Russia contracted various debts abroad for conduct of the war, and these loans, together with internal bond issues, brought the state debt up to 32.3 billion rubles (about $16,634,500,000) on Sept. 1,