Internal War Loans Belligerent Countries

which if not effected would have involved payments in cash.
These conversions might logically be considered as the
equivalent of new money. However, as there were relatively
only small amounts which had matured and as exact
information regarding them is somewhat meager, it has
been thought advisable to deduct all conversions of these
relatively short term issues from the loan totals. Conversions
of temporary short term Treasury obligations with
maturities of one year or less, such as the British Treasury
Bills, the French National Defense Notes, United States
Certificates of Indebtedness, etc., may be considered quite
correctly as new money. Such conversions have, therefore,
been included in the total. Complete information regarding
conversions into the Third French Loan and the last
Italian loan is not available and the totals given include
conversions, which in the case of the last Italian Consolidated
Loan were without doubt considerable. The first five
German Loans did not provide for conversions from previous
war loans or other Government obligations except
Treasury Bills. The Sixth, Seventh and Eighth German
Loans did provide for conversions, but in the absence
of reliable data the figures shown are those given out in
press despatches emanating from German sources and may
or may not include conversions.
Of the six Australian loans, only the last one provided for
conversion from previous long term issues. The amount
shown as subscribed to the Sixth Loan is not final and conversions
have not been deducted. There is doubt as to the
amount of new money subscribed to the Austrian and Hungarian
loans, and the amounts shown are those reported
in various press despatches and may or may not include
conversions from previous issues. Only two of the Russian
loans included a conversion privilege from preceding long
term loans.
In every case, as far as it has been possible to determine,
the par value of amounts issued against cash subscriptions
and conversions of short term securities, has been given.
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