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A FINANCIAL RETROSPECT, 1861-19°1 3%3
per cent., which would suffice for the doubling of the
re~ources of the country with an increase of 25 per cent.
only in individual wealth per head, by no means so
astonishing an increase as that which must be allowed
for with a smaller in~rease of population. Against such
an increase the deduction of a portion of the poorer
population would be a very small set-off.
What the actual increase per head is since 1861 has
been already glanced at. It cannot, in .any view, be
less than 25 per cent., in face of the figures showing
the growth of income tax assessments between 1861
and 1901 from 3351 million £ to 788 million £, or
over 130 per cent., as compared with a growth of
population, reckoning Great Britain only, of 60 per
cent. This would imply an increase of 40 to 50 per
cent. per head, and would certainly more than justify
the assumption of an increase of 25 per cent. only,
which is necessary to the doubling of the resources of
the country. Reckoning, moreover, the changes in the
income tax returns by which the gross amount is
understated as compared with what was the case
formerly, that is adding nearly 40 million £ to the
above figure of 788 million £. the increase then would
be no less than 140 per cent. as compared with an in-
crease of 60 per cent. in population, and would imply
an increase of wealth per head of over 50 per cent.
Comparing 1871 with 1901. we have an increase
from 465.5 million £ in the income tax assessments to
the above figure of 788 million £. or, rather, 828 million
£. or at the rate of about 80 per cent. as compared
with an increase of 54 per cent. in the population of
Great Britain only. This would be equal to an increase
of 16 per cent. per head. and. although not quite
doubling the whole wealth of the country in thirty
years, comes very near to doing so.
lf it were in my power to go more into detail with
the income tax figures than has been found1>Ossible at
short notice. these conclusions would be strongly sup-
ported. The large growth of II houses" for instance.