"The Economist", 9.1.1915.
N B*
Article: "The European deadlock"...
p. 46:
...and it is not surprising that under such conditions (appalling conditions of modern warfare) the soldiers should in places where mud has made progress almost impracticable conclude impromptu truces, such as are described by a correspondent in The Times of yesterday. These truces naturally occur only in the parts of the field where the trenches are close together, but they bring home to the imagination the cruel absurdities of the war, and suggest to some a hope that from the soldiers in the field there might come a protest against the indefinite prolongation of its horrors"....
Id[em] p. 54: "Industrial profits":
Net Profits (After Payment of debenture interest etc.)
Number
Reports published in quarter of ending:
Companies
March

July

September]

December

(millions of pounds sterling)
+
total capital
%
profit to capital

%
1914
20., 22.,
+ 8.4
230., 9., 22., 23.,
+ 4.2
181.9
13., 10., 9.,
- 0.,
107.6
8., 15., 14., 116.4
12.4
69., 69.,
+ 0.,
636.0
10.,
* *The Economist* [with 4 underlinings — the last two] underlined and the note "N B" added later in red pencil. Ed.
[ 174 ]

"ECONOMIST" ON THE WAR AND "DAILY TELEGRAPH"
"The Economist", 9 January 1915. N B*
Article: "Europe in a deadlock"...
p. 46:
...It is not surprising that under such conditions (appalling conditions of modern warfare) the soldiers in places where mud has made progress almost impracticable conclude impromptu truces, similar to those described by a correspondent in yesterday's issue of "The Times". Such truces, of course, occur only in those parts of the battlefield where the trenches are close together, but they (these truces) demonstrate the cruel absurdity of the war and give rise in some to a hope that the soldiers on the battlefield might begin to protest against the indefinite prolongation of its horrors"...
Ibid. p. 54: "Industrial profits":
Net Profit (after payment of debenture interest, etc.)
Reports published at the end of the quarter:
Number of companies (millions of pounds sterling)
+
capital in millions
%
profit to capital
March

20.,

22.!
%
+ 8.4

230.!
9., July


22., 23.v
+ 4.2
181.9
13., September


10., 9.§
- 9.5
107.6
8-, December


15., 14.5
- 5.0
116.4
12., —
----
■ —
---
--
----
■
Total

69.0
69.7
+ 0.0
636.0
10.0 "Calamities" of the capitalists!!!

The Economist. 19.XII. 1914. "War Supplement"
p. 10: Russia's expenditure on army and navy
1903 . . 466 million rubles
%

+ 25
+ 5.,

+
S
+ 1.

+
+

+ and
[6]

+
+ and
[7]

- 11
- 1 .
[8]

+ 119
+ 24.,
[9]

+ 19
+ 3..
[10]

+ 17
+ 2.,
[11]

+ 21
+ 3.,
[12]

+ 140
+ 20.,

+ 135
+ 16.,
"The Economist" 19. XII. 1914, p. 1059: article: "The War & modern business":
...Until the bloodiest storm in history burst at the end of July it was hardly possible to tell where Krupp began or Creusot ended. War loans were inextricably mingled with peace loans, & dead weight debt with full capital issues. Whether to destroy or to construct, whether to build canals or forts, ocean liners or battle ships, the whole world of business & finance seemed to have centred itself in London, Paris & Berlin. The financial houses were almost of necessity Anglo-German, Anglo-French & Anglo-American; directorships were interlaced, branches or agents existed in nearly all the cities of the old world & of the new. Monster companies & corporations welcomed shareholders of all nationalities, with very little regard for the diplomatic alliances... It was a truism six months ago to say that nationality was no obstacle to business arrangements... All this came to an end on a sudden... And yet the business men & the working classes are admittedly innocent. The guilt of the war is everywhere traced to a few men — emperors, diplomatists, statesmen, militarists, or "philosophers"... Let us hope for a swift disillusionment, a return of common sense, a revival of religion, & a reawakening of the human conscience"...
In the manuscript pages 12 and 13 are blank. Ed.

"ECONOMIST" ON THE WAR AND "DAILY TELEGRAPH"

The Economist. 19 December 1914. "War Supplement" p. 10: Russia's expenditure on army and navy
1903 . . 406 million rubles
%

+
+
s.,

+
-4- and
[6J

+
+
[7J

—
—
2.o
[8]

+ 119
+ 24.,
[9]

+
+
z.»
[10]

+
+
2.7
[11]
<69
+

+
h.,
[12]

+ 140
+ 20.,

+ 135
+ 16.,
"The Economist" 19 December 1914, p. 1059:
article:
"The War and modern business":
...Until the bloodiest storm in history burst at the end of July, it was hardly possible to distinguish where Krupp began or Creusot ended. War loans were closely intertwined with peace loans, the oppressive burden of debt with the abundance of capital thrown into circulation. Whether for destruction or construction, creating canals or fortresses, ocean liners or warships, the entire business and financial world, apparently, was concentrated in London, Paris and Berlin. Financial firms were almost necessarily Anglo-German, Anglo-French and Anglo-American; boards were mixed, branches or agents were in almost all (major) cities of the Old and New World. Huge companies and corporations willingly accepted shareholders of all nationalities, paying very little attention to diplomatic alliances... Six months ago the assertion that nationality is not an obstacle to business agreements was a truism... All this was suddenly put to an end... And yet the businessmen and the working class, presumably, are innocent. It can be traced that the culprits of the war everywhere are a few people — emperors, diplomats, statesmen, military men or "philosophers"... Let us hope for a swift sobering, a return of common sense, a revival of religion and a reawakening of the human conscience"...

The Economist 1915
No.

(9.1. 15)* (p. 51):
NB
"Cost of the war to Europe":

Alliance
Entente
Both
Countries
Sides
Direct costs for six months

1,715 (millions £)
Loss by cessation of production (Yves Guyot (a))
1,330

2,110
Total costs for six months
2,055
1,800
3,855
Normal
National income for six months (say)
1,500
2,500
4,000
Proportion of direct costs to National income
48%
40%
43%
Same of total costs.........................
137%
72%
96%
National wealth
25,000
40,000
65,000 (a) Source Yves Guyot clearly biased!* ib[idem] No. 2. I. 1915 p. 12"
p. 12 (2.1. 1915):
Disgust at the utter barbarism & ferocity of modern warfare is reported by all who have seen it. Everywhere people are beginning to ask how long human nature itself can endure the awful anguish of this indescribable war, how soon exhaustion & the approach of starvation will drive the peoples into revolt. Some of the German newspapers look for a revolution in Russia. They may have to count with one at home, for nothing is more likely than that the working classes of Germany will turn savagely upon the aggressive militarism which has been their bane.
This is from the article "The Realms of the Habsburgs", where it is stated that in Russia the situation of the population and the nation is worse than in Austria.
* This note with footnote (a) in the manuscript is added at the beginning of page 15 above the heading of this entry from "The Economist". Ed.
** This reference refers to the text of page 18 of the manuscript, which Lenin indicates with corresponding marks. Here, within the text of page 15, the indicated text of page 18 is directly given. Ed.
*** Pages 10 and 17 in the manuscript are blank. Ed.

((ECONOMIST)) ON THE WAR AND "DAILY TELEGRAPH"

Allied
Countries
Both countries
Entente sides
Direct (military) expenditure for six months

1,715 (millions of pounds sterling)
Losses due to cessation of production (Yves Guyot (a))
1,330

2,140
Total cost for six months
2,055
1,800
3,855
Normal national income for six months (say)
1,500
2,500
4,000
Ratio of direct expenditure to national income
48%
40%
43%
Same of total cost ...................
137%
72%
96%
National wealth
25,000
40,000
65,000 (a) Source Yves Guyot clearly biased!* ibid. No. 2. January 1915 p. 12**
p. 12 (2 January 1915):
Disgust at the extreme barbarism and cruelty of modern warfare is spoken of by all who have seen it. Everywhere the people are beginning to ask, how long can human nature itself endure the terrible torments of this indescribable war, how soon will exhaustion and the approach of starvation drive the peoples to revolt. Some of the German newspapers hope for a revolution in Russia. They may have to deal with it at home, as it is quite possible that the working class of Germany will fall savagely upon the aggressive militarism which has been ruinous for them.
This is from the article "The States of the Habsburgs", where it is stated that in Russia the situation of the population and the nations is worse than in Austria.

NB

9.1. 15, p. 57: Romanians in Russia live worse than in Austria...
Ibidem] p. 66: Russia's expenditure on the war (2 years) = 6,234 million rubles ( / 5 million rubles per day).
p. 72 new book: F. Vinogradoff: The Russian Problem. (1 s.)?
Daily Telegraph (No. 18.631), 29.XII. 1914
Independent Labour Party & the War.
"One of the resolutions on the final agenda for the annual conference of the Scottish Division of the Independent Labour Party to be held in Glasgow on Saturday, when Mr. Keir Hardie, M. P., is to address the delegates, asks that all members of the Independent Labour Party assisting the government in the present recruiting campaign be expelled. Another asks for an expression of regret that the National Labour Party did not call a conference at the outbreak of the war to determine the policy of the party".