19* Mr TOZER, ON THE EFFECT OF THE 



made whenever the wealth of a country has been pronounced to be un- 

 affected by the non-residence of its landlords. 



Let us now suppose a portion of the proprietor's income to have been, 

 by himself or by his dependents, either accumulated or itself employed 

 as capital in producing the commodities for which it is exchanged. Call 

 this portion a, and let a part of it (1 - /) a be expended without accumu- 

 lation, and a part la be employed as capital with a view to profit. If then 

 the rate of profit continued constant, and the whole of the proceeds of 

 la were employed as capital, we should have had in the x + 1 th year 

 to expend on labour, instead of a, 



"{ l f=T +{1 - l) }- 



and the fund for employing labour will therefore have been at the 

 commencement of this year diminished by qla.± — . 



Or, if we suppose the rate of accumulation in any one year to be 

 changed to a v th part of what it was in the preceding, from an alteration 

 in the rate of profit, or from a different proportional part of that which 

 is produced being accumulated ; the fund for employing labour will be 

 at the end of the first, second,.... years, instead of 



a, a{l + lq\, a\\ + l(q + q 2 )}, &c a, «(1 + Iqv), a \1 + l(qv 2 + ^V" 1 " 2 )!, &c. ; 

 and the loss to this fund during the x + 1 th year would be 



a{l + llL(qv 2 )*'*}, y to be taken from x - 1 to 1. 



This expression may be made to include the loss of the proprietor's 

 services as a skilled labourer. 



But further, a consequence of the absence of the proprietor may be the 

 removal of a portion of the capital which that absence has forced into new 

 investments, and the destruction of another portion. Of the capital C 2 + C 2 \ 

 then, let the part mC 2 + n C 2 ' be removed without a change of residence of the 

 owners, and the part m'C 2 + n'd' be either destroyed or removed in such 

 a way, that its profit is no longer expended in H ; and let the fractional 

 parts X, X' respectively of these have been employed in producing capital, 

 the remainder having been expended without accumulation. 



