20 



would reduce the rent from 300 to 165, or 45 

 per cent. 



As a third example a farm is of an inferior 

 quality of soil, and the produce is of the value of 

 800, and the farmer has agreed to pay 200 a 

 year, or one-fourth of this value ; if, then, a fall 

 take place in the value of agricultural produce of 

 15 per cent., which is 120, this would reduce 

 the rent from 200 to 80, or 60 per cent. 



As a fourth example suppose a farmer hires 

 a farm of poor land, the value of the produce of 

 which is worth 700, and he agrees to pay 140 

 a year for it, or one-fifth of the value of the pro- 

 duce, and its value is afterwards reduced 15 per 

 cent., which would be 105, leaving the rent only 

 35. 



It may, however, be said, that I am confusing 

 the price of all agricultural produce with the price 

 of wheat. It is true that I suppose the price of 

 produce generally, on the average of a certain 

 number of years, to be governed by the price of 

 wheat it is admitted to be so; all calculations 

 on this subject are made on this supposition. We 

 have no averages to show the varying price of all 

 the different produce of the soil ; and, therefore, 

 we have no means of ascertaining the exact pro- 

 portions. 



It is reasonably supposed that interest will lead 

 individuals (when there is an opportunity, as there 

 is in the variety of the soil of Great Britain and 

 Ireland) to cultivate that produce which yields the 



