CHAPTER VII. 



OF THE ENORMOUS WEALTH OF INDIA, AND THE 

 ABSENCE OF CAPITAL AVAILABLE FOR WORKS 

 OF PUBLIC OR PRIVATE ENTERPRISE. 



IN treating- of the rates of interest for money pre- 

 vailing 1 in India, I have said sufficient to show that 

 the popular notion of the riches of the East is very 

 erroneous. When any commodity is to be obtained 

 in abundance, it is always cheap. Thus, though 

 we can conceive situations in which air and water, 

 would be worth more than gold and precious stones, 

 ordinarily they have no value in exchange. If, 

 therefore, money in India, as has been shown, is 

 dear, it is a sure indication that it is scarce. Much 

 may be indeed is hoarded; but taking- into con- 

 sideration the extent, and the natural and pro- 

 ductive richness of the country, the amount of the 

 precious metals withdrawn from circulation is not 

 such as to vitiate any g-eneral conclusions, drawn 

 from circumstances as we find them existing- around 

 us. 



We have no means of making- even an approxi- 

 mate estimate of the Capital of the whole country, 

 nor yet of ascertaining-, with any approach to accur- 

 acy, the condition of any section of the upper classes 

 of the people. We must, therefore, rest content with 

 generalities, which however, will fully suffice for the 



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