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The Pamphlet Collection of Sir Robert Stout: Volume 86

But will not our Capital be sent Abroad?

But will not our Capital be sent Abroad?

Neither the Ten Hours Law nor the Nine Hours Day has had this effect. Victoria, with its Eight Hours Day, has enormously increased its capital. The rate of interest in England is uniformly lower than elsewhere, and yet the emigration of capital which has hitherto taken place has been a mere overflow of surplus annual savings. Quite three-fourths in value of what is called oapital (including, that is, the land, mines, railways, harbors, buildings of all kinds). is absolutely incapable of emigration. Other nations, indeed, are increasing their factory legislation parallel with our own advance, so that the gap is not by any means widening. A revolution in Brazil or a panic in Argentina is, moreover, far more potent in discouraging foreign investments than any difference in the rate of interest. The notion of any important emigration of capital in consequence of an Eight Hours Bill appears, indeed, as chimerical as the same threat proved page 12 to be in the cases of the Ten Hours Bill and the general Nine Hours Movement.