The Life of King Edward VII: with a sketch of the career of King George VHopkins, J. Castell (John Castell)
History
The Life of King Edward VII: with a sketch of the career of King George V
Hopkins, J. Castell (John Castell)
Edward VII, King of Great Britain, 1841-1910
There were many sides to this career, and in some of them the Prince
never received the credit which he deserved. One was the essentially
business-like management of his financial affairs. From the time of
attaining his majority the Heir Apparent received £40,000 a year by
grant of Parliament; at his marriage a special grant of £10,000 was
given the Princess of Wales; when their children grew up the Prince was
given £36,000 to apportion amongst them as he saw fit. During his
minority the wise management of the revenues of the Duchy of
Cornwall--which is an hereditary appurtenance of the Prince of Wales--by
the late Prince Consort, gave the Heir Apparent a total of £600,000, of
which £220,000 were expended upon the purchase of Sandringham, and a
considerable sum upon improvements there. On the Prince's marriage he
was voted £23,455 to defray expenses and his allowance for the Indian
tour of 1875 was £142,000 of which £69,000 was for presents. Marlborough
House was given him by the nation, though he paid taxes upon it like any
other citizen. The Duchy of Cornwall was so well managed after it came
under his control that it yielded in 1897 a total income of nearly
£74,000, or almost double the value of the returns received forty years
before. Birk Hall, an estate inherited from the Prince Consort, was sold
to the Queen for £120,000. The total public income of the Prince of
Wales during many years was about £180,000, or nearly a million dollars,
and the management of his finances was always careful. The stories of
extravagance and indebtedness were absolutely without foundation. Yet
these tales of poverty were always widespread and were probably believed
by many millions of people.
The truth is that he was a first-rate business man in money affairs,
knew how to make his income go to its furthest extent, and had an
established system on his estates and in his palaces which combined
comfort and luxury with judicious economy. A few words upon this point
may be quoted, in passing, from an article in the well-known _Ladies
Home Journal_ of Philadelphia, written in July, 1897, by Mr. George W.
Smalley, an American critic of authority who lived in London for many
years: "It is not a subject which I care to touch upon, but I may refer
to the stories about the Prince of Wales' financial position. It is a
matter with which the American public has absolutely no concern.
Nevertheless all sorts of stories are printed here about his debts to
this person or that. Such stories were circulated when Baron Hirsch
died--so circumstantial that they must have either been based upon
minute knowledge or have been pure fabrications. They were not based
upon knowledge, minute or otherwise, because they were not true." These
stories were rendered more absurd by the fact that a rough calculation
of his receipts during forty years of public life would indicate a sum
of between thirty and forty millions of dollars.
CHARITIES OF THE PRINCE
Public-domain text, read in full here on John Shaqi.
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