49 
Capital Levy. Let us recapitulate some of the more important 
conclusions at which we have arrived. 
Some Conclusions. 
1. That the Capital Wealth of England must be regarded 
from two standpoints :— 
a. Effective Capital Wealth, probably in the neigh 
bourhood of 14,000 million sterling, comprising 
genuine national assets. 
b. Total Individual Capital, embracing Effective 
Capital Wealth plus Individual Wealth in the 
nature of claims “by A. on B.,” and amounting 
roughly to 24,000 million sterling. 
2. That the National Debt falls within the category of 
“claims by A. on B.,” and hence forms no part of Effective 
Capital Wealth. 
3. That the abolition of the Debt (so far as it is owned 
internally) is, therefore, a matter of rearrangement of claims 
and credits. 
Is&sr 
4. That both the existence and the redemption of the 
Debt would involve injustice and hard cases, but that redemp 
tion would involve much less injustice than would retention. 
5. That the redemption can be effected without any loss 
to the Nation in its powers of production, especially if liberal 
bank credit be afforded to the business community. 
6. That abolition could be made by a Capital Levy- 
designed on a graduated scale. 
7. That a Special Levy on profits made during the period 
of the War would be both impracticable and unjust.