d must continue growing, in accordance
with the growing capital requirements of the time and the growing
number of its inhabitants, or the country will decay. New houses, new
factories, new railways, new steamships must be built and new mines be
opened to increase the comfort of all. From _200,000,000l._ to
_300,000,000l._ are thus reinvested every year in Great Britain, and
only by this constant process of reinvestment is it possible to
maintain and increase the productive power of the country for the
benefit of all. The _200,000,000l._ to _300,000,000l._ which are
yearly reinvested in reproductive undertakings are found by the
capitalists, the trustees, directors and managers, not the consumers,
of the national industry and of the national wealth. This sum comes
out of their earnings, which thus benefit not only the capitalists but
the whole nation. Much irrelevant statistical matter is given in the
pamphlet, but this large item is left out. That is dishonesty number
three.

On page 6 the profits of public companies are treated as "Interest on
capital," and interest on capital is disparagingly called "unearned
income" on page 7. Most British industries are carried on by limited
companies, and limited companies are as a rule formed in this way,
that the partners in the former private enterprise become directors.
As directors they receive a purely nominal salary. They work as much
as they did whilst the business was a private concern, and their
income depends on their usually very large holding of shares. The
large director-shareholders, and their number is very great, earn
their dividends by hard work. Nevertheless their whole income is
included in the item "interest on capital," and called "unearned
income." This is dishonesty number four.

On page 7 the property of the "manual labour class," or the poor, in
land and capital is given as follows:--

In 1901 the deposits in P.O. Savings Bank were L140,392,916
The deposits in Trustee Savings Banks were 51,966,386
Consols purchased for small holders were 14,450,877

In 1900 the capital of Building Societies was 46,775,143
The funds of Trade-Unions, Co-operative,
Friendly, and Provident Societies were 72,219,991
The funds of Industrial Life Assurance
Societies were 22,998,793
------------
Total