am and sailing vessels in 1914 as
45 million tons in all. The tonnage of Great Britain was 19.8 million
tons; of Germany 4.9 million tons; of the United States 3.5 million
tons; of Norway 2.4 million tons; of France 2.2 million tons; of Japan
1.7 million tons, and of Italy 1.6 million tons.

The war brought about great changes in the distribution of the world's
shipping. Germany was practically eliminated as a shipping nation. The
necessity of recouping the submarine losses, and of transporting troops
and supplies led the United States to adopt a ship-building program
that made her the second maritime country of the world. Lloyd's Register
of Shipping gives the steam tonnage of the United Kingdom as 18,111,000
gross tons in June, 1920. For the same month the tonnage of the United
States is given as 12,406,000 gross tons. Japan comes next with a
tonnage of 2,996,000 gross tons. According to the same authority the
United Kingdom had 41.6 per cent of the world's tonnage in 1914 and 33.6
per cent in 1920; while the United States had 4.7 per cent of the
world's tonnage in 1914 and 24 per cent in 1920.

6. _Wealth and Income_

The economic advantages of the United States enumerated in this chapter
inevitably are reflected in the figures of national wealth and national
income. While these figures are estimates rather than conclusive
statements they are, nevertheless, indicative of a general situation.

During the war a number of attempts were made to approximate the pre-war
wealth and income of the leading nations. Perhaps the most ambitious of
these efforts was contained in a paper on "Wealth and Income of the
Chief Powers" read before the Royal Statistical Society. (See _The
London Economist_, May 24, 1919, pp. 958-9.) This and other estimates
were compiled by L. R. Gottlieb and printed in the _Quarterly Journal of
Economics_ for Nov. 1919. Mr. Gottlieb estimates the pre-war national
wealth of Great Britain, France, Italy, Japan, Russia, Belgium, Germany,
Austria-Hungary, Turkey and Bulgaria at 366,100 million dollars. At the
same time the wealth of the United States was estimated at 204,400
million dollars. Thus the wealth of the United States was equal to about
36 per cent of the total wealth of the great nations in question.

The same article contains an estimate of pre-war national incomes for
these great powers. The total is placed at 81,100 million dollars. The
income for the United States is placed at 35,300 mil