During the century which culminated in the First World War, Great Britain was the principal source of capital supply for countries that drew upon foreign resources. Until 1940 her claims as creditor remained substantially greater than those of any other nation. Investments grossing from forty to fifty billion dollars have been made in the course of her virtually continuous process of capital outlay abroad. The outstanding total in 1914 amounted to twenty billion dollars, yielding an annual income of about one billion, which was nearly one tenth of the national income of the United Kingdom. This was the result of a process of accumulation which reached its greatest intensity during the periods 1868–1875, 1884–1893, and 1905–1912, when annual public issues of foreign and colonial securities averaged 6 or 7 per cent of those outstanding. During the latter period, at least, more than half of all British investment of new capital was being made abroad.