England, and that such consumption pro- | a portion of the spender's money, part of duces a correspondent exportation of which portion is the profit of the supplier. English goods to the foreigner. The If this income is spent in France or in absentee is enabled to receive his rent Belgium, persons in France or in Belabroad because a foreign trade already gium derive a profit from supplying the exists; and it is not necessary, in order absentee, and this profit enables them to that he shall be able to receive his rent in accumulate. What is thus spent in France money abroad, that a trade should exist or in Belgium produces a profit to a between his native country and the coun- Frenchman or a Belgian, and enables try of his residence. There must be a him to accumulate, and this profit is foreign trade somewhere, in order that he something taken from the profits of those may receive his rent abroad in money, who would supply the demands of the but a man may live in a part of Europe consumer in England. If all the persons which has no trade with Great Britain, who come to settle in London, and reand he will receive his money by an quire commodious houses, servants, fruits, indirect route, and by means of the trade vegetables, and so forth, were to settle at of England with some other foreign Brussels, the houses which are now built country. But it does not follow that the in London, and the grounds which are foreign trade of Great Britain is increased employed as kitchen-gardens round the by the consumption of an absentee abroad metropolis, would not exist, and the profit so as to produce an exportation of English derived from this employment of capital goods to the amount of his foreign con- would not exist. It would be transferred sumption. And if we admit that the to Brussels and to Belgian capitalists. absentee's consumption of foreign goods This would be the immediate effect of abroad produces all the effect that has the wealthy residents in London removbeen attributed to it, this will not remove ing to Brussels. The removal of these the whole difficulty. Many of the things residents to Brussels would be the withwhich he consumes abroad are not the drawal of one of the means of profitably peculiar products of the foreign country employing capital, and would so far be which he would or might consume, whe- a loss to the national wealth. Nor can ther he was in England or a foreign it be shown that the capital which is country. He consumes and uses many now employed in and about London in things abroad which he would consume building houses and cultivating gardenor use in England, and which must be ground could be employed with equal furnished by the country in which he is profit in some other way; for to assert residing. this would be equivalent to asserting that it is always possible to employ capital under all circumstances in a manner equally profitable. It may be rejoined, that if the wealthy residents of London removed to Brussels, English capital would be required in order to accommodate them with houses, and to provide other ordinary necessaries. This may be admitted, and yet it does not remove all the difficulty, for if the residents were to remove to various towns of Italy, the employment of English capital would not be required to the same degree as if they were all to remove to Brussels.

Accumulation, or the increase of wealth in a country, can only arise from savings or from profits. All persons who supply the demands of others obtain a profit by the transaction; at least the obtaining of a profit is the object with which a demand is supplied, and the actual obtaining of a profit is the condition without which a demand cannot be permanently supplied. All persons who have an income to spend may in one sense consume it unproductively, as it is termed, that is, the income may be spent merely for the purpose of enjoyment, and not for the purpose of profitable production. But no income which is received in money can be spent without indirectly causing profitable production, for every person who supplies the wants of the spender of the income receives

There are also numerous small sources of profit arising from the supply of the ordinary wants of a man and his family, which accrue to the people of the place

is 9001. a year, and 600l. a year as Master's
salary, with some other emoluments.
The total sum standing in the name of
the Accountant-General on the 30th of
April, 1841, was 40,957,8391., of which
above 39,000,000l. was invested in stock,
and 1,759,6291. was in cash. (App. to Re-
port on Courts of Law and Equity, No.
476, Sess. 1842.) The act 5 Vict. c. 5, § 63,
directs the Accountant-General to cause
to be laid before Parliament every year
an account showing the state of the
Suitors' Fund and the Suitors' Fee Fund,
which stand in his name. The Suitors'
Fund consists of money and stock un-
claimed, but which are open to claim at
any time. On the 1st of October, 1842,
this fund amounted to 26,2997. cash, and
2,869,2131. stock. The Fee Fund ac-
crues from fees formerly payable to the
different officers of the court for their
own advantage. These fees amounted to
62,8081. in the year ending Nov. 1842.
The salaries of the lord chancellor, the
vice-chancellors, and other officers of the
Court of Chancery are paid out of these
two funds.

the first appointment in 1726. The salary | accumulate the income thereof, either wholly or partially, "for any longer term than the life or lives of any such grantor or grantors, settlor or settlors, or the term of twenty-one years from the death of any such grantor, settlor, devisor, or testator, or during the minority or respective minorities of any person or persons who shall be living or in ventre sa mere at the time of the death of such grantor, devisor, or testator, or during the minority or respective minorities only of any person or persons who, under the uses or trusts of the deed, surrender, will, or other assurances directing such accumulations, would for the time being, if of full age, be entitled to the rents, issues, and profits, or the interest, dividends, and annual produce so directed to be accumulated. And in every case where accumulation shall be directed otherwise than as aforesaid, such direction shall be null and void, and the rents, issues, profits, and produce of such property so directed to be accumulated shall, so long as the same shall be directed to be accumulated contrary to the provisions of this act, go to and be received by such person or persons as would have been en titled thereto, if such accumulation had not been directed." Sect. 2 provides, "that nothing in this act contained shall extend to any provision for payment of debts of any grantor, settlor, or devisor, or other person or persons, or to any provision for raising portions for any child or children of any person taking any interest under any such conveyance, settlement, or devise, or to any direction touching the produce of timber or wood upon any lands or tenements; but that all such provisions shall be made and ACCUMULATION. [CAPITAL.] given as if this act had not passed." Sect. ACCUMULATION. An act of Par-3 provides that the act shall not extend liament (39 & 40 Geo. III. c. 98), after to dispositions of heritable property in declaring in the preamble that "it is ex- Scotland. pedient that all dispositions of real or personal estates, whereby the profits and produce thereof are directed to be accumulated or the enjoyment thereof postponed, should be made subject to the restrictions thereinafter contained," proceeds to enact to the following effect. No person can settle or dispose of property by deed, will, or otherwise, so as to

Before the passing of the act 5 Vict. c. 5, for suppressing the equity jurisdiction of the Court of Exchequer, there was an Accountant-General of that court; and in April, 1841, a sum of 2,730,8621. was standing in his name in the Bank of England. The account is now transferred to the Accountant-General of the Court of Chancery. The duties of the Accountant-General and Masters of the Exchequer are now performed by the Queen's Remembrancer.

There is an Accountant-General of the Irish Court of Chancery.

This act was passed in consequence of the will of Peter Thellusson, a Ĝenevese by birth, but settled in London, who died in 1797, leaving a landed estate worth about 4000l. a year, and personal property to the amount of 600,000l. He devised and bequeathed this large property to trustees upon trust to accumulate the annual proceeds of his property and

is likely to arise from limiting this power, as is done by this act. Another instance of this legal limitation of a man's disposition of his property is noticed under PERPETUITY.

invest them in the purchase of lands, during the lives of his sons, grandsons, and the issue of sons and grandsons, either living or in the womb (in ventre sa mere), at the time of his death, and the lives of the survivors and the sur- ACHEAN CONFEDERATION. vivor of them; and after this period to The Achæans, who formed that federal be conveyed to the lineal descendants of union which is commonly called the his sons in tail male. According to the Achæan League, inhabited the tract which provisions of this will, the proceeds of the lies along the southern coast of the Coproperty were not to be enjoyed, but to rinthian gulf (Gulf of Lepanto). They be accumulated and laid out in land formed twelve small independent states. during the lives of all his sons and grand- The history of the Achæans is an insons, and the issue of sons or grandsons considerable part of the general history of living, or unborn, at his death, provided Greece till about B.C. 251. During the such issue was then in the womb. After invasion of Greece by the Persians, they long litigation, it was finally decided by took no share in the battles of Marathon, the House of Lords that the trusts for accu- Salamis, and Platæa; nor, during the mulation were legal (Thellusson o. Word- | long war of twenty-seven years, did they ford, 11 Ves. 112); but the act which was take anything more than a kind of forced passed shortly after has prevented such ac- part in this protracted struggle between cumulation for a longer period than during Athens and Sparta. At the commencethe minority of persons living or in ventre ment of this war (B.C. 431), they were, sa mere at the time of the death of the with the exception of Pellene, neutral; person who so disposes of his property. but afterwards favoured the LacedæThe act, as it will be observed, mentions monian interest, in compliance with the various periods, any one of which may be general feeling in the peninsula. The selected by the person who directs the cause of their taking no part in the geaccumulation of his property. There were neral affairs of Greece may probably have nine lives in being at the time of Thel- been the want of union among the twelve lusson's death, and the enjoyment of the little states; for though they acknowledged property was consequently deferred till a common origin, and had a kind of conthey had all died. nexion, they seem not to have had any complete federal system. Yet they probably attained, at an early period, a considerable degree of prosperity and internal good policy, for the Achæans founded several flourishing colonies in Southern Italy; and the political institutions were considered preferable to those of most | states, and were often imitated as a model.

The general rule of law in this country is, that a man may dispose of his property as he pleases; he may give it to whom he likes to be enjoyed; or he may give it to trustees to apply to such purposes as he pleases. But various restraints have been imposed by statutes on this general power, and the restraint upon accumulation is one of them. The Statute of Mortmain, as it is commonly called [MORTMAIN], is another instance in which the legislature has interfered with a man's general power of disposing of his property. In the case of accumulation, which a man directs to be made after his death, the limits of time now allowed seem amply sufficient for any reasonable purpose. We may conceive various good reasons against allowing a man an unlimited power of directing the accumulation of property after his death; and it is not easy to see that any mischief

|

During the struggles of the Southern Greeks against the successors of Alexan| der, the Achaeans wished to remain neu tral; but they ultimately became the prey of the Macedonians. Some cities were compelled to receive the garrisons of Demetrius and Cassander; and afterwards those of Antigonus Gonatas, or to submit to tyrants. There would be little in the history of the Achæan states to attract attention, were it not for the more complete federal union which arose out of these discordant elements.

Four of the western states of Achæa,