CHAPTER XII

THE WASTE OF CAPITAL

It has been observed by Professor Marshall that "perhaps £100,000,000 annually are spent even by the working classes, and £400,000,000 by the rest of the population of England in ways that do little or nothing towards making life nobler or truly happier."[38] In view of the fact that the "working classes" are the bulk of the nation, and the "rest of the population" a relative handful, this estimate points to a little waste by the many, and much waste by the few. The fact is, of course, that if the working classes, after prolonged study of dietetics and hygiene, spent their incomes in the most economical way possible, and refrained entirely from alcoholic liquor and tobacco, they would still be unable, save in exceptional cases, to command the means of a noble and truly happy life. As for the "rest of the population," if we consider the 5,000,000 persons who enjoy an income of £909,000,000 per annum, we see very clearly that their superfluity is so great that they could easily add to the fixed capital of the nation at the rate of £500,000,000 per annum, and still have left incomes sufficient, if wisely expended, to command a very considerable degree of comfort. As things are, an enormous amount of wealth is wasted every year upon current expenditure of an ignoble character, even while every city and every industry needs the application of more capital.

Nothing is more striking in the estimate of capital which we formed in