Capital Formation in the United Kingdom, Ig20-Igg8, by C
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' :■'.■■■•• ’Xvl'i'j .,'■ r I • -x-I'. ■•,'• ^ . , l{ ^ . «' • i •! * ‘ '^^-1 \i \ V * •A v J t V V W • :X:-,x''XX';*xaX;'^.^.xi:;^ i t9 - ■ •T STUDIES IN THE NATIONAL INCOME AND EXPENDITURE OF THE UNITED KINGDOM The scope of the series is the measurement and analysis of the size, trend and interrelationships of the components of the British national income, output, expenditure, saving and asset formation. The investigations published in these Studies are confined to those undei taken at the National Institute of Economic and Social Research or at the Cambridge University Department of Applied Economics by members of their respective staffs and others working in direct collaboration with them. The production of a jointly sponsored series under a single editorship is being carried out in order that the intellectual unity underlying the many segments of research should be emphasized and made plain. The National Institute of Economic and Social Research and the Department of Applied Economics assume no responsibility for the views expressed in these Studies. The titles in this series are: I The Measurement of Consumers' Expenditure and Behaviour in the United Kingdom, iQ S o - ig g S , vol. i, b y richard stone, assisted b y d . a . row e and by w. j. g o r le tt, renee HURSTFIELD, MURIEL POTTER 2 The Measurement of Consumers' Expenditure and Behaviour in the United Kingdom, igzo-iggS, vol. ii, b y richard stone and D. A. ROWE 3 Consumers' Expenditure in the United Kingdom, igoo-1gig, by A. R. PREST, assisted b y a . a . adams 4 Domestic Capital Formation in the United Kingdom, ig20-igg8, by c. H. FEiNSTEiN, using material provided b y k . m ayw ald 5 Wages and Salaries in the United Kingdom, ig2o-igj8, by AGATHA L. CHAPMAN, assisted b y ROSE KNIGHT 6 National Income, Expenditure and Output of the United Kingdom, i8gg-ig6g, by c. h. feinstein > 1 1^ . *»*« * » 4 .a:.- *1) »r. ••j « t L K 'J I-*- i • ,4 - '1 ' Published by the Syndics of the Cambridge University Press Bentley House, 200 Euston Road, London n w i 2Db American Branch; 32 East 57th Street, New York, n .y . 10022 Department of Applied Economics, University of Cambridge Library of Congress Catalogue Card Number; 71-163055 ISBN; o 521 07230 I Printed in Great Britain at the University Printing House, Cambridge (Brooke Crutchley, University Printer) iir/ I Aims Surm nati coni 1.2 Secto Selec Cons; APPENDI3 i.i Reco estii a te persokai 2.0 The] 2.1 Incoi 2.2 Incoi Fan 2.3 Rent 2. T V:; SiV- W: V/ r‘S’ J;;: t . Ir.^i 4-3 Ti ! ■■ c V B N f t ■ f CONTENTS Symbols and Conventions VI 4.4 Current expenditure on goods and services at current and constant List of Text Tables Vll prices, 1870-1965 List of Figures via 4-5 Subsidies, grants and debt interest, Preface IX 1900-65 4.6 Transactions in financial assets, 1920-38 INTRODUCTION AND SUMMARY TABLES APPENDIX i.o Aims, sources and methods I 4.1 Lists of funds and accounts used in 1.1 Summary tables of domestic and the analysis of Central Government national product at current and income and expenditure, 1914-38 constant prices, 1855-1965 3 1.2 Sector accounts, 1920-65 7 5 LOCAL AUTHORITIES 1-3 Selected ratios, 1855-1965 7 5-0 The local authority sector 1.4 Consistency and reliability 8 5-1 Income from rates and taxes on expenditure, 1870-1965 appendix 5-2 Gross trading surplus and rent, 1.1 Reconciliation with previous interest and dividends, 1900-65 estimates of net national product 5-3 Grants from the Central Government, at current prices, 1870-1913 23 1900-65 PERSONAL INCOME AND EXPENDITURE 5-4 Current expenditure on goods and 2.0 The personal sector 30 services at current and constant 2.1 Income from employment, 1855-1965 31 prices, 1870-1965 2.2 Income from self-employment: 5-5 Subsidies, grants and debt interest, Farmers, 1855-1965; Non-farm, 1900-65 1889-1965 38 5-8 Capital expenditure and transactions 2-3 Rent, interest and dividends, in financial assets, 1920-38 1920-38 and 1946-65 43 APPENDIX 2.4 Consumers’ expenditure at current Aggregate estimates of the income and and constant prices, 1870-1965 5-1 44 expenditure of local authorities in Taxes on income, 1920-38 and 1946-65 2-5 52 England and Wales, 1919/20 to 3 COMPANIES AND PUBLIC CORPORATIONS 1928/9 3-0 The corporate sector 54 5-2 Special funds Gross trading profits of companies, 3-1 6 INTERNATIONAL TRANSACTIONS 1889-1965 54 6.0 Transactions with the rest of the world 3-2 Gross trading surpluses of public 6.1 Exports and imports of goods at corporations, 1926-65 55 current and constant prices, 1870- 3-3 Corporate income appropriation account, 1920-38 and 1946-65 1965 57 6.2 Exports and imports of services at 4 CENTRAL GOVERNMENT current and constant prices, 1870- 4.0 The Central Government sector 66 1965 4.1 Income from taxes and national 8.3 Property income received from, and insurance contributions, 1900-65 71 paid to, non-residents at current and 4.2 Gross trading surplus and rent, interest constant prices, 1855-1965 and dividends, 1900-65 74 6.4 Grants and transfers received from, and 4-3 Transfers from abroad, 1900-65 76 paid to, non-residents, 1870-1965 VI CONTENTS GROSS TRADING PROFITS AND Depreciation and net domestic fixed NON-FARM INCOME FROM SELF-EMPLOYMENT capital formation at current and 7.0 Profits and income from self-employment 128 constant prices, 1855-1965 200 Gross trading profits of companies and Stocks, stockbuilding at current and public enterprises, plus non-farm constant prices, and stock apprecia income from self-employment, 1920-38 tion, 1870-1965 202 Gross trading profits of companies and Overseas assets, net of liabilities, Comparis^ 1.1 local authority trading enterprises, 1856-1965 e .< P ^ di plus non-farm income from self- .gOO-lS 10 REAL PRODUCT employment, 1855-1920 C o m p ^ 10.0 Gross domestic product at constant 1.2 outpii; 1 APPENDIX factor cost, 1855-1965 C om pm ^ Id Inland Revenue concepts and APPENDIX gross terminology 10.1 Gross domestic product at constant factor Reconcili^ M product Incomes assessed to income tax, cost. Great Britain, 1855-1920 212 1855-1914