Report on the appraisement of properties of the San Jose Water Company, San Jose, California, December 31, 1913. F.C. Herrmann, G.A. Elliott, engineers

It is absolutely impossible to form a conception of the mass of capital accumulated in this London of antiquity, but some notion at least may be gained of the sources of public revenue from the fact, that, in spite of the costly system on which Carthage organized its wars and in spite of the careless and faithless administration of the state property, the contributions of its subjects and the customs-revenue completely covered the expenditure, so that no direct taxes were levied from the citizens; and further, that even after the second Punic war, when the power of the state was already broken, the current expenses and the payment to Rome of a yearly instalment of 48,000 pounds could be met, without levying any tax, merely by a somewhat stricter management of the finances, and fourteen years after the peace the state proffered immediate payment of the thirty-six remaining instalments. But it was not merely the sum total of its revenues that evinced the superiority of the financial administration at Carthage. The economical principles of a later and more advanced epoch are found by us in Carthage alone of all the more considerable states of antiquity ...»