World War I had exacted an enormous sacrifice from the Scots; the National War Memorial White Paper estimated a loss of about 100,000 men. At five percent of the male population, this was nearly double the British average. Capital from the expanded munitions industry moved south with the control of much Scottish business. English banks took over Scottish banks, and the remaining Scottish banks switched much of their investment to government stocks or English businesses. According to the Glasgow Herald (usually no friend of nationalism), "Ere long the commercial community will be sighing for a banking William Wallace to free them from southern oppression".