Queen Victoria died leaving the monarchy more firmly established than
ever before and her family richer by millions of pounds. During her
long reign the remarkable daughter of an unambitious Duke of Kent and
an improvident German princess amassed a fortune of about £5,000,000
or, at the exchange rates of the day, about $25,000,000. The financial
dealings of the royal house are secret. But both Albert, Victoria's
Prince Consort, and his son Edward VII benefited from the advice of
financiers. Reputedly the family owns large blocks of American railroad
stock. The financial structure is complex, however. It is hard to say
just how much Elizabeth owns as Queen and how much as an individual.
As one of the greatest landowners, the Queen derives an income of about
£94,600 or $265,000 a year from the Duchy of Lancaster. The royal
family also receives the revenues of the Duchy of Cornwall, which
amount to about £90,000 or approximately $250,000 a year. This duchy,
comprising about 133,000 acres spread throughout the west of England,
includes farms, hotels, tin mines, even pubs. Seven palaces and
eight royal houses also are the property of Elizabeth as Queen. One,
Sandringham in Norfolk, an estate of 17,000 acres including fifteen
well-kept farms, is a family holding. The Balmoral estate in Scotland
comprises 80,000 acres. The family holds more than seventy-five choice
bits of London real estate. Both fortune and property are carefully
managed. Nothing is wasted. The game birds that fall to the guns of
shooting parties at Sandringham and Balmoral are sold on the commercial
market after the household's requirements have been met.
The Crown is not only a prosperous and wealthy establishment. It is
also the center of a unique complex of commercial interests. The
manufacture of souvenirs connected with the royal family is big
business. These souvenirs range from hideous, cheap glass ash trays and
"silver" spoons stamped with a picture of Buckingham Palace or of the
Queen and the Duke to "coronation" wineglasses and dinner services sold
to wealthy tourists. A whole section of British publishing is devoted
to postcards, picture books, and other records of royal lives and royal
occasions.
The Queen's world tour in 1953-4 produced a bumper crop of pictorial
and prose reports to fit every purse and the prevailing taste for
flowery adulation. These books were bought and read, or at least looked
at, after the British public already had been exposed to newspaper
accounts, magazine reports, radio bulletins, and television newsreels.
Once at a dinner party the wife of a famous writer remarked: "I'm
sick of this damned tour." The other guests broke into a flurry of
conversation that had nothing to do with the royal voyage. Yet I
learned that three of them felt "exactly as dear Betty does, but, my
dear, you don't say it."
Public-domain text, read in full here on John Shaqi.
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