Runciman answered.
Periodically, Mr. Walter Runciman and the Economic League compile impressive-looking figures of the total amount saved by workers and other small investors and deposited in the Post Office Savings Banks, Building Societies, Registered Provident Societies, etc. On the basis of this, the Economic League coined a slogan, “Every man a capitalist.” The total amount looks considerable until it is remembered how many people there are among whom the ownership of it is divided. The true position has now been analysed and explained by Mr. Hargreaves Parkinson, of The Economist, in his book, “The Small Investor” (Blackie & Son, Ltd., 4s.). He points out in Chapter XIII that the total amount of savings in all kinds of institutions, and including an estimate of the amount of small investments in Stock Exchange securities, represents only from 10 per cent. to 14 per cent. of the total wealth of Great Britain.
This means that over 75 per cent. of the population own between them only from one-tenth to one-seventh of the total wealth. The remaining 86 per cent. to 90 per cent. of the national wealth is the private property of less than one-quarter of the population (see pages 108-110).
It may also be remarked that Mr. Parkinson’s estimate of the amount of small investors’ savings errs decidedly on the liberal side. He assumes, for example, that the £290 millions in the Post Office Savings Banks and the £130 millions in the Trustee Saving’s Banks belong wholly to small depositors, whereas investigation has shown that to a very large extent these totals are the property of a few relatively large depositors.
However, his conclusions are sufficient to show that Mr. Runciman’s figures prove the exact opposite of what he contends. They illustrate not that there is a high degree of equality, but that there is a staggering inequality as between the 25 per cent. of wealthy persons and their families, and the 75 per cent. who make up the rest of the population.
Edgar Hardcastle
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