, 1879-01-26
1ot1' - :" ''''" $500. "'.''o4o' "1o, WV ooo
TuQu these ignres MI. SeYd Observes:

Upon thesc 1gnreS Alr. Sey0 observes:
| The correct proportions Of these debts held by
these nations Is not known, hut soma Ut them
have placed their cntre debts aaroad; i'll case,
the grcater bulk Is held chiefly i'll England France
famed. and nnder reserve, it nay BE- that England
thus holds ubout c650, 900. 600; France, $3.50. :
600. ooo; Germany. .4oG ooo. @ ooo; Be!snm, Ilol-
600, COO, 600. Enyand's share ia much enhanced
BY holding the greater part OF the debt Of her COLO
mes,
From this table OF countries whose national
debts are held abroad, it is now only short
out entirely the So $50 900 set down to the
ruitcd States. Our Government bonds held
by foreigners Gre already. reduced to
small amount, and that is diminishing every
day. OF the remaining debts, assuming
that Great Britain owns the whole of the debts
OF her colonies and OF indl It IS difficult to see
where there IS more than GOO, ,000, ,0W Of other
good foreign debts which cre held in England.
The ESQ. 100000 set down to Spain, TnrScy,
Mexico, South American exclusive Ut BraziD
and other small States, is the mcrcst trumpcTy.
Grea. Britain is, no doubt, the largest foreign
holder Of the debt of Portugal, which is SEMI
English colony. 1t cannot be remarkably
good debt, it, rs English writer's say, the inter-
est has been mainly paiu in recent years By ad-
ditions to the principal. The Russian foreign
dcbt,-that is the debt payable In
sterling money, or coin. was ou!y !"oo,0uJ,uo0
wnen the late var with Turkey bro broke out, and
nus OILY DEEu EIEISCA --aclVuO1ouu oHhA%s 1A1A
the remainder OF the Russian debt, which is now
in the total great deal more than 000,0 QUO,
is domestic debt. either the paper roublcs, or
bonds payable in that description Of currency
Great Britain has been large holder Of the
Russian foreign debt, but, for various and
obvious reasons, has been unloading it largely
within two years. and especially to German
buyers who hare taken very optlmi5t views Of
Russian finance. The Italian debt is principally
held a. ho%s and was never muGn Heas IN
debt is less held at home, but the
forcign holders have been and are most
largely the Germans. Very little Of it, eren
row, is gold debt, although the proporton Of
any sucn annual income from foreign and coo-
NAL Investments as Is millions sterling, which
is the estimate OF Mr.. Gitfcn, not more than
onc-third OF it can be derived from the public
debts of their colonies and OF foreign countries
Tic remainder must come from municipal aud
corporate securities, and from the direct owner
shin Of foreign and colonial bonds, railroads,
etc. The English revenue from abroad IN all
forms Is undoubtedly great. From India
alone it IS stated at l5 millions sterling,
iucluling that coming from railroad debts guar
aptecd by the Government Of India.
The controversy continues animated among
the English writer's and statisttcaus, tirst as to
now many and how great deductions should be
Great Britain, in order to get at the real ali
verse balance; and, second whether the actual
balance is anything more than q mere realization
OF British income from abroad, or ID reducing
the principal Of British foreign investments.
Aud, il it should be decided that the
principal Of British foreign Investments
is undergoing a process Of reduc~
t!on 1t might still be matter OF debate wheth-
or the aggregate Of Brttishwealth does not upon
the whole increase, from an expansion Of riches
at home In excess Of the riches called il from
abroad. Manifestly, that will depend upon the
question whether the prostration OF the British
iron, coal, cotton, and other interests proves to
be temporary, or is the setting In OF permanent
a1,l commercial in the lastc
the {so-caled) wealth invested in TIT great British
establishments will disappear like dew under |
hot sun. But no such collapse will happen cx-
cept after memorable struggle. The English |
have great qualities, and they will resist the |
tall OF their commercial and manufacturing ST.
premacy, If It mus. come, as stubborn!y as the |
old Romans resisted the downfall Of their |
Empire, although they may not protract their |
fate as ioug. Wages will be crowded down to |
tie starvation point and capital will 20 without