ABSTRACT
We see, therefore, that the owners of certain kinds of property, such as Government and municipal loans, debentures and pre ference stock of every kind, or railway, gas, water, tramway and bank shares, have lost half what they possessed before the war., In making this calculation no allowance is added for the increase in Income Tax. The real financial burden of the war has fallen mainly on this class. Other kinds of property have fallen heavily in real value, though not in
“ paper ” value, e.g. mortgages, cottage property and some kinds of house property. The importance of these facts will be evident when we come to consider how the War Debt should be paid off.
