Yet the volume of the debt per
head fell from L50 to L15.7, so you will see that the increasing
population made an enormous difference. The real burden of the debt is
of course felt mainly in its annual charge. I will take this, therefore,
rather than the capital:--
In 1817 the charge was 32 million pounds
" 1842 " " " 28 " "
" 1857 " " " 28.8 " "
In 1895 the charge was 25 million pounds
" 1903 " " " 27 " "
" 1914 " " " 24 " "
Here you will see that the reduction from 32 to 24 was 25 per cent. or a
much greater reduction than the reduction of the _total_ capital debt,
and this, of course, was contributed to by the lower rates of interest
which had been brought about from time to time. When we take the annual
charge per head the fall is much more striking. In the hundred years it
decreased from 37s. to 10s. This, however, was a money reduction, and
the _real_ burden per head can only be judged after we have considered
what the purchasing power of that money was.
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