149 



be uninstructive to enquire what is the market value 

 of land in India generally. I say generally, be- 

 cause it is obvious that all conclusions regarding a 

 country of such immense extent of area, must be 

 accepted with considerable margin. It has been 

 already shown that in India, the conditions of a 

 strict monopoly are not found. Its value, in ex- 

 change, therefore, will be reg'ulated similarly with 

 that of other things, i.e. land will be cheap if it is 

 plentiful and money is scarce, and dear if it is scarce 

 and money is plentiful. Now it is a fact, that in 

 India there are many thousand square miles of rich 7 

 and highly productive land lying waste and uncul- / 

 tivated. Land then is plentiful. Again, a principal / 

 reason why so much land is waste, is that there is 

 not Capital in the country to bring it under cultiva- 

 tion. Money then is scarce. In India, therefore, 

 land ought to be cheap and money dear. And so 

 it is. But how cheap ? How dear ? This I shall 

 endeavour to show. 



a A lender of money/' says MANU, " may take in 

 addition to his Capital the interest allowed by 

 VASISTHA, an eightieth part of a hundred by the 

 month," that is to say, one and a quarter per cent, 

 per mensem, or fifteen per cent, per annum. 



VYASA, again, is more explicit. He says, "monthly 

 interest is declared to be an eightieth part of the 

 principal, if a pledge be given ; an eighth part is 



