TRANSACTIONS OF SECTION F. 



839 



From the Treaty of Utrecht till the French Revolution— a period of eighty 

 vears — the debts of nations rose 450 millions, that is, almost six millions a year. 

 "During the ensuing twenty-two years, down to the battle of Waterloo, there was 

 a rise of 868 millions, or nearly forty millions per annum. From Waterloo 

 down to the present the increase has been 4,000 millions, or almost sixty millions 

 yearly. From 1848 to 1884 the debts have risen almost 3,800 millions, or 105 

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



If we sum up all under four periods we find the aecount stands thus : 



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 Debt 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 : — 



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 millions 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 les3 

 than in most countries, viz. : — 



