Abstract
louis xii of France, while preparing for a campaign against Milan, asked the condottiere Trivulce what was needed for success, Trivulce replied: 'Most gracious King, three things are necessary: money, more money, and still more money.'1 Historians of warfare in early modern and ancien regime Europe have taken these words to heart. More recent periods are not as well served, however, and the role of finance in twentieth-century warfare remains neglected. The First World War is a case in point. With few exceptions, little attention has been paid to allied finance prior to the entry of the United States into the war, and the traditional view that Britain was the paymaster who subsidized its impecunious allies goes unchallenged. The financial role of France, in particular, has been overlooked.
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