Household words, No. 23, August 31, 1850 : $b A weekly journal
General
Household words, No. 23, August 31, 1850 : $b A weekly journal
English literature -- Periodicals
But how has this three-fold prosperity been distributed? Have the rich
grown richer, and the poor, poorer; or has Fortune taken off her bandage
and rewarded honest industry, with a discriminating hand? Have the bulk
of the people shared in the productive wealth which thirty-six years
have accumulated? In order to answer these questions, Mr. Porter entered
into a series of elaborate and interesting calculations, which prove the
pleasing fact that the great progressive wealth _has_ been shared among
the middle and working classes.
He found that the returns of 1812 as well as those of 1848 gave the sums
assessed to Income Tax in various classes; and, for the purpose of his
examination, he distinguished the incomes thus given:—those between one
hundred and fifty pounds and five hundred pounds; those between five
hundred pounds and one thousand pounds; incomes between one thousand
pounds and two thousand pounds; incomes between two thousand pounds and
five thousand pounds; and those above five thousand pounds. Adhering
strictly to these distinctions, Mr. Porter perceived, in 1848, a
positive increase in incomes between one hundred and fifty and five
hundred pounds per annum, of thirteen millions seven hundred thousand
pounds, over the incomes assessed in 1812. Between five hundred pounds
and one thousand pounds per annum, the increase since 1812 has been five
millions. On incomes between one thousand pounds and two thousand
pounds, and incomes between two thousand pounds and five thousand
pounds, there is an increase of upwards of four millions respectively;
while in the highest class, which includes all incomes above five
thousand pounds per annum, the increase is found to be no more than
eight millions and three-quarters. Comparing the highest with the lowest
class, the increase has been greater in the lowest by nearly five
millions—or fifty-six per cent.
This improvement in circumstances, however, descends to no lower a class
of society than persons in the receipt of at least one hundred and fifty
pounds per annum. It was necessary to dig a little lower in the strata
of private circumstances, in order to show the progress of wealth among
the working classes; and Mr. Porter had recourse to the returns from
savings’ banks; these being chiefly used by the humbler orders. From
data thus derived it was ascertained, that, while the deposits in
England, Wales, and Ireland, proportioned to the whole population,
amounted in 1831 to twelve shillings and eightpence per head; in 1848
they had risen to twenty shillings and eleven-pence per individual. The
largest amount of these savings occurred in 1846; when they reached, in
England alone, to more than twenty-six millions and three-quarters, and
in the three Kingdoms, to more than thirty-one millions seven hundred
thousand pounds, being equal to twenty-four shillings per head on the
population of England, Wales, and Ireland, and ten shillings and one
penny per head on that of Scotland.[1]
Footnote 1:
Public-domain text, read in full here on John Shaqi.
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