pronouncing such a state of things an impossible conception. It is
now as difficult to treat politico-economically the wealth of the
nation as the wealth of Warwickshire--a difficulty that Adam Smith
would have shrunk from.

It is true that every abstract proposition concerning rent, capital,
and wages now (and always) holds true for the whole world; but, so
conceived, the propositions give no practical result. These things do
not lesson the value of the science of Political Economy, Mr. Ranken
or Dr. Pole would estimate very highly the value of a knowledge of
elementary mechanics to the humblest engineer, though such elementary
mechanics might not extend to the consideration of friction, etc.,
and might not be applicable to any bridge or steam-engine.

Of this L150,000,000 that is now annually remitted to England, not in
the way of exchange, some small portion is transferred by wealthy
Australians returning to settle in England for purchase of houses,
etc., in England; but by far the greater portion is the interest of
capital owned by men resident in England, but invested abroad: it may
be shortly termed tribute. This is mainly invested in the Colonies
and India; New Zealand and Australia taking large shares. There is
also much English capital invested in Continental railways, etc.; but
it is noteworthy how capital (as well as commerce) follows the flag.
The English capital invested in the United States is absolutely
large, but relatively (to that invested in Canada, etc.) very small.
It is certain that if the United States were under Queen Victoria the
amount of English capital invested there would be far greater than at
present.

As far as England is concerned this L150,000,000 a year is a tribute