NON-RESIDENCE OF LANDLORDS. ' 19& 



the immigrant, and beyond this there will be a gain, if supplying his wants 

 afford a more profitable employment for capital than that from "which it 

 is withdrawn. This will not necessarily be the case, since the importation 

 of the income may have rendered some species of home production un- 

 profitable, and the demand for capital being thus accompanied by its 

 disengagement, the rate of profit may be unaffected. In the case in 

 which F imports raw produce, there will be an abstraction of capital 

 from its production at home. 



If then c x c 2 ...c„ be portions of capital, the units of which yielded 

 before the withdrawal r x r % ...r v respectively of produce, r, r 2 ...r v being 

 a decreasing series, and if c^ +J ... c„ be withdrawn, the rate of profit being 

 changed from q to q x , the whole rental of F will be reduced from 



T v c(r-q), to ^c(r-q l ), 



and therefore diminished by 



'*?*€(* - q) + (<?' - q)%e. 



If the imports of F be made in manufactures, there will not in general 

 be any increase of wealth consequent on the residence in F of the pro- 

 prietor whose home is H, beyond the direct taxes he pays; but there 

 will be a substitution of a portion of income obtained without labour for 

 an equal portion obtained by labour. 



The reason why these results contradict general opinion on the subject 

 is this : we are compelled, as preliminary to our investigations, to limit 

 by definition the meaning of the terms we employ. The proprietor, 

 in the vocabulary of the political economist, is simply the individual 

 entitled to a certain income when it can be realized, and constantly 

 either anticipating that income, or devoting it when received to the 

 purchase of products whose creation rendered the employment of the 

 capital of others necessary ; his absence therefore does not involve any 

 removal of capital, and consequently does not diminish the means of 

 supporting human life. It has also in this investigation been supposed 

 that he and his dependents expend the whole income to which he is 

 entitled, without leaving any trace of that expenditure in the shape 

 of capital accumulated, with a view either to durable or prospective 

 improvement, or to profit. This supposition must have been tacitly 



Vol. VII. Part II. BB 



