The people are flattered when the Queen appears at a polo game in sensible shoes and a print dress, accompanied by her children and her dogs. They are equally flattered when they see her in tiara and evening dress, regal and coldly handsome. When the newspapers printed pictures of the Queen and her royal hosts at a state ball during her visit to Sweden, the popular reaction was: "Doesn't she look lovely, a real credit to the country."
Racing is the Queen's favorite sport. When she was returning from her world tour in 1953-4, one of the first messages the royal yacht Britannia transmitted as it neared British shores was an inquiry on the result of a race held the day before.
For Elizabeth, racing is more than a sport; it is an enthusiasm. She knows blood lines and past performances, and her acute judgment of form sometimes conflicts with her personal attachment for one of the royal stable's entries. She likes to watch show jumping and polo, although at polo games she is continually worried about the Duke of Edinburgh, an enthusiastic player. But horse racing: the magic moment when the barrier goes up, the bright silks on the back stretch, the lovely sight of the field rounding the last turn into the stretch—that's her sport. As it is also the sport of millions of her subjects, the sneers of the puritans have little effect.
She is a young woman of determination, having inherited some of her grandfather's temper and his forthright outlook on events. In moments of family crisis she is likely to take what the British call "a strong line." During the row over the romance of Princess Margaret and Peter Townsend, it was reported that the first communication from Buckingham Palace on the situation had been written by the Queen. I find this credible. The announcement certainly had all the faults of a communiqué drafted in anger.
Finally, Elizabeth is religious, very conscious of the importance of her role in British society, and, as she grows older, somewhat censorious of the gay young things enjoying a freedom she never knew.
The monarchy is costly. The Queen is a very wealthy woman in her own right, but, in addition, she receives £60,000 (about $168,000) a year from the Civil List. This is granted to the sovereign by Parliament on the recommendation of a Select Committee. The Civil List not only "pays" the Queen but pays her expenses, which are high. For instance, the salaries of the royal household, secretaries, equerries, servants, and the like, total £185,000 or $418,000 a year, and the running expenses come to £121,800 or $341,040.
Payments charged to the Consolidated Fund maintain the other members of the family. The Duke of Edinburgh's annuity is £40,000 or $112,000 a year, and the Queen Mother's is £70,000 or $196,000.
These payments are only one of many sources of income. The House of Windsor is very rich, although its fortune is modest compared with the holdings of the House of Ford or the House of Rockefeller.
Queen Victoria died leaving the monarchy more firmly established than ever before and her family richer by millions of pounds. During her long reign the remarkable daughter of an unambitious Duke of Kent and an improvident German princess amassed a fortune of about £5,000,000 or, at the exchange rates of the day, about $25,000,000. The financial dealings of the royal house are secret. But both Albert, Victoria's Prince Consort, and his son Edward VII benefited from the advice of financiers. Reputedly the family owns large blocks of American railroad stock. The financial structure is complex, however. It is hard to say just how much Elizabeth owns as Queen and how much as an individual.
As one of the greatest landowners, the Queen derives an income of about £94,600 or $265,000 a year from the Duchy of Lancaster. The royal family also receives the revenues of the Duchy of Cornwall, which amount to about £90,000 or approximately $250,000 a year. This duchy, comprising about 133,000 acres spread throughout the west of England, includes farms, hotels, tin mines, even pubs. Seven palaces and eight royal houses also are the property of Elizabeth as Queen. One, Sandringham in Norfolk, an estate of 17,000 acres including fifteen well-kept farms, is a family holding. The Balmoral estate in Scotland comprises 80,000 acres. The family holds more than seventy-five choice bits of London real estate. Both fortune and property are carefully managed. Nothing is wasted. The game birds that fall to the guns of shooting parties at Sandringham and Balmoral are sold on the commercial market after the household's requirements have been met.