APPENDIX 
CHAPTER 1 
The Evolution of Securities 
(Ia) Very complete historical data upon the early governmental 
financing in Antwerp can be found in “Capital and Finance in the Age 
of the Renaissance,” by Richard Ehrenberg. 
(Ib) The continual growth of the British national debt through 
recurrent warfare is shown in the following table, taken from “The 
Political Economy of War,” by F. W. Hirst, and from “National Debt 
Return” (1020), Cmd. 429: 
Date Total Debt 
1689 £ 
1697 
1702 
1713 
1739 
1748 
1756 
1763 
1775 
1783 
1793 
1816 
1854 
1857 
1899 
1903 
1914 
1919 
664,000 
21,515,000 
16,394,000 
52,145,000 
47,954,000 
79,293,000 
74,332,000 
138,865,000 
128,584,000 
249,851,000 
244,118,000 
885,000,000 
803,000,000 
836,000,000 
635,000,000 
798,000, 000 
706,000, 000 
7.481.000. 000 
Historical Events 
Revolution—Parliament obtained financial control. 
War of League of Augsburg added.... £ 20,851,000— 8 years 
Yeace reduced debt by ......... . 5,121,000— S years 
Var of Spanish Succession added. 35,751,000—11 years 
Jeace reduced debt by ......... 4,190,000—26 years 
Var of Jenkins’ Ears added..... 31,339,000— 9 years 
Jeace reduced debt by ...... 4,961,000— 8 years 
Jeven Years’ War added. 64,533,000— 7 years 
Yeace reduced debt by.. 10,281,000—12 years 
imerican War added. . 121,267,000— 8 years 
Yeace reduced debt by. . 5.733,000—10 years 
Napoleonic Wars added 540,882,000—23 years 
eace reduced debt by 82,000,000—38 vears 
>rimean War added. .. 33,000,000— 3 years 
Peace reduced debt by... 201,000,000—42 years 
3oer War added....... .. . ... _. 163.000,000— 4 years 
Peace reduced debt by .............. 92,000,000—11 years 
Var 1914-1918 added..... ieee... 6,775,000,000— 4 years 
(Ic) “We have entirely lost the idea that any undertaking likely 
to pay, and seen to be likely, can perish for want of money; yet no 
idea was more familiar to our ancestors, or is more common now in 
most countries. A citizen of London in Queen Elizabeth’s time could 
not have imagined our state of mind. He would have thought it was 
of no use inventing railways (if he could have understood what a 
railway meant), for you would not have been able to collect the 
capital with which to make them. At this moment, in colonies and 
all rude countries, there is no large sum of transferable money, and 
there is no fund from which you can borrow and out of which you 
can make immense works. Taking the world as a whole—either now