l as well as a
theoretical student of the mighty forces which control the government of
all great countries and make their best history."

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 L40,000 a year by
grant of Parliament; at his marriage a special grant of L10,000 was
given the Princess of Wales; when their children grew up the Prince was
given L36,000 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 L600,000, of
which L220,000 were expended upon the purchase of Sandringham, and a
considerable sum upon improvements there. On the Prince's marriage he
was voted L23,455 to defray expenses and his allowance for the Indian
tour of 1875 was L142,000 of which L69,000 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
L74,000, 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 L120,000. The total public income of the Prince of
Wales during many years was about L180,000, 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