THE PROGRESS OF THE WORKING-CLASSES, 43 



Analysis of the Income- Tax Returns for the under-mentioned Years, 

 showing the Estimated Income from Capital on the one side^ and 

 the Estimated Income from Wages of Superintendence and Sala- 

 ries on the other side. 



[In millions of pounds.] 



Note. — In the estimate for 1843, the figures assigned to Schedule A are only those of 

 lands and tithes and houses to correspond with the existing Schedule A : and the figures 

 of Schedule D include mines, quarries, railways, etc., now in Schedule D. An estimate is 

 also made of th2 totals for Ireland, based on the returns of 1854, the total gross income 

 under all the schedules thus estimated being about £30,000,000. 



This estimate may be summarized as follows : 



Summary of Analysis of Income- Tax Incom,e in under-inentioned 



Years. 



Thus a very large part of the increase of the income-tax income in 

 the last forty years is not an increase of the income from capital at all 

 in any proper sense of the word. On the contrary, the increase in the 

 income from capital is only about two thirds of the total increase. 

 This increase is, moreover, at a less rate than the increase of the 

 capital itself, as appearing from the probate-duty returns, J a point 

 which deserves special notice. The conclusion, therefore, is, that the 

 working-classes have not been losing in the last fifty years through 



* Interest on £500,000,000 of canital in 1881 at 5 per cent. In my paper on accu- 

 mulations of capital, I estimated agricultural capital at a larger sum than this, but since 

 then there has been some loss of agricultural capital, and, if a larger sum were taken, 

 the rate of interest used in the calculation for the present purpose should be less. 



f Estimating that the income here is worth four years' purchase, and that it may be 

 capitalized at that rate ; and then allowing that this capital earns 10 per cent, the rest 

 being wages of superintendence or salaries. 



\ These returns, however, it should always be remembered, do not include real prop- 

 erty. 



