Its 



million £, of France at 965 millions, of Russia at 848 mil- 

 lions and of Spain at 218 millions, the share per head of the 

 population being £35*2, 25'7, 10*1 and 11'5, respectively. 

 I have made no attempt to estimate the income of India, as 

 I do not believe that there are data for doing this with any 

 approach to accuracy. Sir Evelyn Baring some years ago 

 estimated the income of India at 540 millions Rx. and the 

 rate per head at Rs. 27. The Famine Commissioners esti- 

 mated the average value of agricultural production in the 

 Madras Presidency at 50 millions, and taking the income 

 from other sources at half of that from land, the rate per 

 head comes out as Rs. 25. In France the non-agricultural 

 income is stated to bear the proportion of 122 per cent, to 

 the agricultural, in Russia 75 per cent., and in Spain 64 per 

 cent. The 50 per cent, assumed for India is, therefore, pro- 

 bably not far from the mark, but the income from land itself 

 is estimated on very uncertain data, and it is quite as likely 

 that the total income amounts to Rs. 30 per head as that it 

 is Rr. 25 per head. The difference, small as it looks, is 20 

 per cent., and will really amount to a large percentage of 

 error. In England the savings annually made, that is, the 

 additions to the capital, amount to 150 millions sterling out 

 of a total income of 1,247 millions or only 12 per cent.^^ I 



'6 It is sometimes asserted that taking the income of India at Rs. 27 per head of the 

 population and the expenditure at nearly the same amount, there is no margin for saving 

 at all. In these calculations the assumed cost of living of an adult male labourer is taken 

 as the average cost of living per head of the population. This is of course quite errone- 

 ous. In England the cost of living of men, women and children is estimated to be in the 

 ratio of 20, 16 and 8. Of the population in this Presidency 36 per cent, or more than one- 

 third is under 15 years of age, and assuming that the proportions as to the relative cost of 

 living of men, women and'children to be the same as in England, the cost per individual 

 of the population will be, roughly speaking, less than half of that of a male adult labourer. 

 This leaves a considerable margin for saving, though not of course any thing like what 

 it is in England. At least 10 millions a year are saved in the shape of coin and bullion, 

 and there is a considerable quantity of property added to the capital in the shape of new 

 houses, furniture, wells, &c. The growth of capital is of course much slower here than in 

 England, but even in that country it is only during the last three centuries that capital has 

 grown rapidly as will be seen from the following estimates of capital in England at 

 different periods given by Mr. GiflFen : 



In 1600 the capital per head in England was only two-thirds of the anrual income per 

 bead now. 



