672 ON THE PROFITS OF AGRICULTURE 



The following is an estimate of the capital stock on the 

 farm, the prices being taken from the annual averages printed 

 above. The live stock forms of course the most important 

 element in the charges, on account of the capital necessary 

 for agricultural operations, and is worth ^38 15*. >j\d. The 

 dead stock, of ploughs, carts, and household stuff, I have 

 estimated at ^7 3^. 6d. I have taken 6d. an acre as the value 

 of the land sown for the year, and on the hypothesis that one- 

 third more land in the occupation of the lord was lying in 

 fallow, but was worth, as a rule, the same sum, the rent of 

 the land would represent 5 i6s. a-year. The seed has been 

 valued at <^fn 6s. y\d. To these we may add ^15 as the 

 amount of arrears ordinarily left in the bailiff's hands, the 

 capital sunk in the mills at ^30, and the manor-house and 

 farm buildings at ^50 more- giving a gross capital j of 

 ^158 is. io|</. 



The aggregate of receipts, after deducting expenses, gives 

 a profit of about 20 per cent, on agricultural operations, when 

 carried out by a lord possessing feudal rights over the whole 

 land in the manor. But these manorial rights represent a 

 notable sum in the receipts, for if we take half the exits 

 of the manor as containing compositions for labour-rents and 

 similar incidents, we shall find the aggregate of profit swollen 

 by the sum of ^4 4^. $d. Thus rather more than 2 per cent, 

 must be deducted from the rate of profit indicated above as 

 resulting from agricultural operations before the Plague, and 

 we may assume this rate in round numbers at 18 per cent, 

 in a year of average or rather more than average fertility, 

 and when the price of stock was comparatively high, and 

 therefore of more than ordinary profit to the farmer. 



Such a rate of profit is a sufficient explanation of the practice 

 which prevailed up to the time when that change took place 

 in the relations of labour and capital which was due by the 

 incidence of the Plague, a change which put an irresistible 

 power into the hands of those who survived the Great Death. 

 While the landowner could command a supply of labour at 



