Prepared By Lieutenant Commander F.W. Rockwell, U.S. Navy and Lieutenant Commander J.B. Heffernan, U.S. Navy
The 1923 Budget.—The 1923 navy budget is the most important since the Armistice. A slight effort is being made to regain lost time, as well as a timid attempt at cutting down useless expenditure. Whereas 798,000,000 francs make up the total navy expenditure in the current year, no less than 1,122,000,000 francs are to be spent on the fleet in 1923, including 329,500,000 francs for the preliminary shipbuilding program. In truth, that sum is large Only on paper, when is considered the tremendous cost of labor and building materials in France.