Savannah morning news. [volume] (Savannah) 1868-1887, 1883-07-24
The Rich Men of England.

Inc ldSClndGlOu WHICH money exercises
over the imagination. sufficiently explains
the interest excited by the recent list in
the London Spectator, sequel to one given
ten years ago, of English milliOnaires who
have died in a decade. The writer saws.
i'll commenting on the list of the last de-
cade, that Excluding a ROthschild there
is no double millionaire &. e., persons
having ten millions mo men whom rich
Americans and cosmopolitan Jews would
allow to possess a first-class fortune"
/ This is scarcely true, even (which DOS
sibly the Spectator may mean-we regard
the personally" of the individuals in the
/ list as their whole wealth, since we find
that Mr.. Baring's personally was esti-
mated at ST 100000, and that of Mr. Will
/ liams at $500, 600 more, sums which in solid
wealth we think would be regarded bymost
/ Americans as coming under the heading
| of ''trst-claSs fortunes" But the SDectd-
/ tors comment becomes absurd when such
| wealth goes along with enormous real
estate. For instance, Lord Durham's per-
sOnalty was rated at 81, 800, 900; but his
estates were valued without the minerals,
/ which are OF enormous value, at $3.50, 900
year. Good property in England is esti-
mated at thirty years rental, so that this
at once brings up Lord Durham's whole
| property to $13,000,000. The Duke of
| Portland's is a still stronger case. He had
/ $7,500,000 personality and LOCO, 900 year
in real estate, Here, then, was a man
worth some $37, 100000.
Many similar cases might be cited
| Still, 1t is true that no English fortunes
have ever been accumulated by individu-
ais IN England equal to those of Stewart
and Vanderbilt. The largest personality
was that of Mr.. Bassey, the great railroad
contractor, $3O,0O0,0 900. The next largest
was that of Mr.. Morrison, dry goods, 500
1000, with real estate equal to some
$25OO,0O0 more. The Duke of Westmin-
ster's realty can fall little short of $780,
100000; but his father only left $4,000, 900
personally, and this included a famous
collection OF pictures.
The Spectator justly pointed out ten
years ago that personal property in Eng
land was almost invariably very much
understated, because official appraisers
are deemed bound to be lenient when es-
tlmating the value of a business, more
especially in view of the fact that brains
make so large portion of its capital. In
Its article of 1872, the Spectator said:
''We expect, should we be able to repeat
this record ten years hence, to find it
enormously enlarged, both in scale
and number, Yenturing to pre-
dict confidently that it will con-
tain at least one hundred fortunes
exceeding a million sterling" In this.
however, it is disappointed; hut while
fortunes of million have not increased
there has been a most marked increase in
those from five hundred to seven hundred
and fifty thousand dollars, which is much
healthier and more desirable: for the ac-
emulation of enormous sums in a few
hands is from every point of view undesi-
rahle, whilst the existence OF a moderate
ly wealthy class, likely to maintain high
standard of manners and taste, is just the
reverse.
1t is significant of the growth of wealth
in England that in 1872 only TWENTY-FIVE
thousand persons returned their income
as between $1,000 and $4,000, only three
thousand between So, 900 and $4,000, and
only six hundred above $4,000. In 1872,
1,5O7 had incomes over $4,000 and under
100000, S31 had incomes over $4,000 and
under $250,000, and 6S had incomes over
$250,0O0.
OF course, in estimating the value eff
these sums careful regard must be had to
the cost of living, etc. This in New York,
for example, is to-day double what it was
in 1913.
Very rich men in England are much
freer spenders than they are here. If they
saved at the same rate, their accumula-
tons would be enormous. A CORE
spondent of the Manchester Examiner
pointed out some time ago that Lord
Dudley had forty coal pits, each yielding
1Our hundred tons daily, thus showing a
days output to be sixteen thousand tons.
which at the lowest price, two dollars.
shows yearly income of 1891, 400. But
the pit price for mere engine coal rose a
few years since to five dollars ton, and
having regard to this and the superior
price given for the superior grade of coal
the correspondent estimated that in some
years Lord Dudley's income reached
nearly five million dollars from collieries
alone. Now, think how such incomes
as his, and scores more, would accumu-
late if their owners brought down
their living expenses to one hundred or
one hundred and fifty thousand dollars a
year. The Duke of Buccleuch derives
from land alone 81, $780, 900 and succeeded
to this in 1919. Supposing he had been
content to live on five thousand dollars a
week and had allowed the rent to accu-
mulate at four per cent, he might GER
tainly have held his own even with Mr..
Vanderbilt. Scarcely anyone in the
United States spends in living expenses
over one hundred thousand dollars. Some
of the very rich men in New York. such
as the late Mr.. Moses Taylor, exercise
no hospitality, and have not a single
"hObby" that entails expense, whilst ey-
cry day probably five thousand persons.
perhaps, directly or indirectly, get their
bread from the Duke of Buccleuch's
purse,