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The Nineteenth Century , No 182, Apr 1892 [62r] (128/244)
The record is made up of 1 volume (120 folios). It was created in Apr 1892. It was written in English. The original is part of the British Library: India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Records and Private Papers Documents collected in a private capacity. .
Transcription
This transcription is created automatically. It may contain errors.
1892 THE CREDIT OF 613
following summary approximately sets forth, tlie relative proportions
which the debts bear to private wealth and population in both
countries.
General and Local Government Public
invested in Railways) m relation to P
Private Wealth
Public Debt
Per cent,
invested
Amount
Million £
Per
head
Amount
Million £
Per
head
Per cent,
to private
wealth
in repro
ductive
work
£
£
£
£ s, d.
Railways and Tramways, included
with Public Debt of g eneral
Local g -overnment.
United Kingdom ....
Seven Colonies of Australasia .
81,720
1,182
249
300
1,825
189
48 5 8
49 11 8
17*93
15-10
62*00
95*00
Railways and Tramways, excluded.
United Kingdom
Seven Colonies of Australasia .
—
—
935
68
24 14 8
17 18 8
10-72
0*59
What is the obvious conclusion to be drawn from these figures,
which anyone with proper data can verify ? Why this : that in
relation to absolute indebtedness, or in relation to private wealth or
to population, Australasia's financial condition is greatly superior to^
that of the wealthiest country of Europe at the present moment;
while, as regards the future, its potential resources and capacity for
expansion are immeasurably greater ; and if, on the score of in
debtedness, Australasian finances are still deemed to be insecure,,
then, by a similar process of reasoning, the financial condition of the
richest country of Europe can be proved to be hopelessly bankrupt!
(2) Debt increasing at a greater
or revenue. —That, up to the present, the nominal debt has increased
at a greater ratio than either revenue or population, is a fact which
no one seeks to deny \ that it is objectionable and a menace to the
financial stability of Australasia, as indicated by Mr. Fortescue, is quite
a different matter.
Mr. Fortescue again falls into the error of confounding the public
debt of Australasia with that of the United Kingdom. He forgets-
that the former capital is invested in powerful auxiliaries aiding pro
ducing industries in the more rapid creation of wealth, while the
latter—where alone his argument could have force—is mainly due
to the waste of war; and, instead of being an aid to those engaged
in the production of wealth, forms an obstacle or tax upon its creative
industries.
It does not require much knowledge of industrial economy to realise
the fact that the wealth of any country is greatly multiplied by
the introduction of machinery which facilitates the creation of
products or diminishes the cost of production or transport. Thi&
result is quite independent of the accidental circumstance as to how
About this item
- Content
The file contains a copy of the journal The Nineteenth Century. A pencil note on the cover of the journal, in the hand of Lady Pelly, indicates that Lewis Pelly was being read an article from this journal on Easter Sunday five days before he died.
The article he and his wife were reading has been marked on the cover 'Prospects of Marriage for Women, by Miss Clara E Collet' which appears on folios 24-31.
A second annotation, written by Sir William Henry Rhodes Green, gives the date of Lewis Pelly's death and is provided as context to Lady Pelly's comments.
- Extent and format
- 1 volume (120 folios)
- Physical characteristics
The journal contains one set of foliation and three sets of original pagination.
The principal foliation for this volume appears in the top right hand corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. of each folio, using a pencil number enclosed with a circle.
The three sets of original printed pagination that appear are as follows:
The advertisments at the front of the journal are paginated as i-xxxii; the articles themselves are paginated as 525-712; and the Sampson Low, Marston & Company publications list at the rear of the journal has been paginated as 1-8.
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- English in Latin script View the complete information for this record
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The Nineteenth Century , No 182, Apr 1892 [62r] (128/244), British Library: India Office Records and Private Papers, Mss Eur F126/28, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100023318122.0x000081> [accessed 12 May 2024]
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Copyright: How to use this content
- Reference
- Mss Eur F126/28
- Title
- The Nineteenth Century, No 182, Apr 1892
- Pages
- 58v:66v
- Author
- Johnston, Robert Mackenzie
- Usage terms
- Public Domain