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74 ECONOMIC INQUIRIES AND STUDIES
much the same, or the country whose wealth is com-
puted at the smaller figure may really be the richer of
the two. Before any comparisons can be made at all.
then, the methods observed in each case must be care-
fully followed, and particularly it must be observed
whether they are likely to give a rack valuation or not.
My own impression is that, except where the differences
are enormous by almost any method of calculation, but
little can be made of differences between country. and
country. Figures that are within sight of each ot'her as
much as are £250 and £300 per head, provided much
the same methods have been followed. are practically
much the same thing.
The comparison, also, is of little value unless accom-
panied by statistics of relative income, statistics of the
sources of the wealth or income, and the like informa-
tion. Accumulated wealth is only one element of
economic strength.
A special point of great difficulty is how to deal with
the wealth of a community which includes individuals
having large investments abroad, and with the wealth
of another community which is indebted to persons
resident abroad in its public capacity. and whose in-
dividual members are also indebted to members of
other communities. To a certain extent the foreign
investments of a community in the first case are not
available resources. Suppose the investments to be
made in a foreign country with which it goes to war,
the whole resources which are counted part of its wealth
would really count on the other side. In the same way
a country which has borrowed largely has the whole
wealth really available for many purposes without any
deduction for what it has borrowed. In war with a com-
munity from which it had borrowed this would at once
be apparent, but in other contingencies, also. the in-
debtedness is not a real deduction. the wealth belonging
to the foreign non-resident being really taxable as if he
were resident. I have thought it expedient in my own
calculations of the wealth of the United Kingdom to