THE Wairarapa Age MORNING DAILY. THURSDAY, MAY 17, 1906.

Wairarapa Age, Volume XXVIX, Issue 8140, 17 May 1906, Page 4

THE Wairarapa Age MORNING DAILY. THURSDAY, MAY 17, 1906.

The well-known authority in economic history, Vicomte Georges d'Avenel, has an article in the last Kevue dea Deux Mondes on the millionaires of other days. It is the first instalment ..of a study which be is making of great fortunes during the past 700 years. His aim is to work out on the basis of the most complete documentation and careful comparison, the actual extent of accumulated wealth In Prance, century by century, aa held by the men who were the richest of their respective generations. His conclusion, after minute inquiry, is that "the very rich of to-day are six times as rich

and (of equal fortune) 12, times bs numerous as tbe riob men of the ancien regime; and are 10 times as rich and 20 times as numerous as tbe most opulent princes of feudal times." But this new wealth differs as much from the old in nature as in extent. Tbe riob mea of six or seven centuries ago were mostly landed proprietors. Their property came to them, as a rule, through oonquest, or as booty, or through Koyal gift. Vast estates with an army of retainers and tenants meant a large gross product of tbe necessaries and comforts of life, but not a business capable of great expansion. Fortunes did not roll up from generation to generation; they usually tended to dwindle. It was not until the modern industrial world was ushered in that the vast new rewards for captains of industry and organisers of commerce gave them such a larg share ot the wealth which had been cteated under their hands. This is M/d'Avenel's main point. The rich are so mucb richer and more numerous to-day because of the aotual oreation of new stores of wealth. Tbe large modern fortunes have oome cuntemporaneously with a great improvement in the condition of the labouring classes whose wages in Pranoe, M. d'Avenel deolares, have doubled during the period he has under review, wbile tbe cost of living has sensibly diminished. "It is the new wealth that has made tbe new millionaires. Following hard upon legislation which aimed at absolute equality among citzens, the inrush of wealth creating facilities has brought about greater inequality of fortune fcban before. France is the country above all other" in the world where laws are framed with the most passionate devotion to logic; and an avowed goal of French legislation has been by interference with the right of testamentary disposition' of property and by taxation, to render fortunes as equal as possible. But we see what glaring inequalities remain. Law and government theories are powerless before the developments of science, the expansion of commeroe, the oreation and satisfaction of new wants among millions of people. The law did not give these, and it cannot take tbem away. And we do not believe that there • is so foimidable a jealousy and hatred of wealth, in itself, as is frequently alleged to exist and to be growing, The sting lies in wealth unjustly acquiied."

The British mission which is now. in South Africa to make inquiries preliminary to presenting a scheme for a new Constitution for the Transvaal an 3 the Orange Free State is charged with a wave errand. It is strictly one of inquiry. Bat the conclusion arrived at by the committee cannnt fail to,have influence on the Ministerial soheme. Objection has been taken in some quarters (writes a London correspondent) to the fact that the chairman, Sir West JRidgeway, and one of the four members, Lord Sandhurst, are avowed Liberals. But tfie criticism has not had disturbing effect, it being reoognised that the ground of inquiry is absolutely apart from the field of Home politics, and the capacity of the vestigators is fullv admitted. Sir Francis Hopwood, Permanent Secretary- to the Board of Trade, is regarded alike by official colleagues and the important business class that come into pei'somU contact with him as one of the ablest men in the publio service. The granting of the new charter will, of comae, not.be dealt with this year. The . committee are not expected back till the end of June. Ministers will have all the recess to consider the matter, and frame what w. 11 be' one of the most momentous measures, submitted to Parliament in recent times. The orux of the matter lies in the portentous fact that, under almost any system of popular representation, the Boers will have tbe majority in the legislative chamber of the Orange Free State. It is that prospect which incites the ; Opposition to gloomiest apprehension and give pause to many Liberals.