THANSACTIONS OF SECTION F. 



839 



1 ftllmled ti). 

 on liiiH Ijccn 

 rices, and to 



t'cononiiNinir 

 aittiiif,' .snmll 

 ootlicrlmiid, 

 f to a rise in 

 9 impoN^iijlc, 



tem, and the 

 ast literature 

 me time the 

 ny and Italy, 

 ,ve almost an 

 to expect a 

 system, such 



e debts have 



From tlio Treaty- of Utrecht till the French IlevoIuliMn— a ix-riod of oif^htj 

 vears— tho debts ot nations rose 450 millions, that is, almost six millions a year. 

 Duriiipr the t'lisvun^jr twenty-two M«ars, down to tlio battle of Waterloo, tliere was 

 a ri.M' of fiOS millions, or nearly forty millions per lunmm. From Waterloo 

 down lo the present the increase boa been 4,000 minions, or almost sixty niilliona 

 y.'iirly. From lh4S to 1884 tlio debts have risen almost .'5,800 millions, or 105 

 iuillioiis per annnm, and the money found employment as follows: — 



I'eaco 



Ruxsiun Serfs . 

 Lifiiit-houses and Har))i)urs 

 Uoiuls and l}ri(l;:;cs , 

 I'ailways and Telegraphs 

 liritish Colonies . . 

 Sundries 



Millions 

 sterling 



85 

 38 

 720 

 870 

 288 

 104 



2,105 



War 



Crimean . 

 United States 

 Franco.(iernian 

 Kiisso-Tuikish 

 Iron-clad Ships 

 Sundries . 



Millioiiii 

 sterling 



305 

 474 

 382 

 211 

 126 

 375 



1,873 



Thus it may be said that 60 per cent, of the existing debts stand for war 

 expenditure, and 40 per cent, for reproductive works. 



The British National 1 )ebt was a great burthen sixty years ago, but now it is 

 felt by no one. In 1817 it was equal to 35 per cent, of the national fortune ; at 

 present it is only 8 per cent. The following table shows its rise and decline : — 



n. 



The British debt is at present less than five years' savings, for we find that the 

 accumulations of wealth between 1870 and 1880 averaged 154 milliona per annum. 

 And if we compare the annual charge for service of the debt with the_ national 

 earnings, we find that the earnings of eight days cover the former, which is leas 

 than in most countries, viz.: — < i • . 



1 1 



