Rent. 57 



of the surplus, after defraying the expenses of cultivation, the 

 taxes to which he is liable for the farm he occupies, and every 

 other outgoing ( l87 ). Hay land requires much less of his at- 

 tention, and for this he only obtains one-third of the surplus. 

 But the profits of grazing, depending much on superior judg- 

 ment in buying and selling stock, as well as skill in prevent- 

 ing, or curing their diseases, the grazier is entitled to a share 

 of the surplus, fully equal to that of his landlord ( l88 ). 



It has been contended, as a general principle, that as both 

 the expense of cultivating land, and the value of its produce, 

 are infinitely various, a farmer ought to calculate, what profit 

 he can make on his whole farm, without entering into details ; 

 it being of little consequence to him, whether he pays at the 

 rate of L.10, or 10s. per acre, provided he makes an adequate 

 interest on the capital invested. That is certainly a fair cri- 

 terion on which a tenant may calculate what he ought to of- 

 fer ; but a landlord, in estimating the rent he ought to insist 

 on, must take into his consideration, the produce that his land 

 is capable of yielding, and what proportion of it, or of its 

 value, at a fair average, he has reason to expect, under all the 

 circumstances of the case, which ought not entirely to depend, 

 on the exertions of a timid, or penurious tenant ( l89 ). 



The profits to which a farmer is entitled, have furnished a 

 subject of much dispute. On the one hand, it is contended, 

 that the produce of land, is of such universal and absolute ne- 

 cessity to the existence of mankind, that it is not reasonable it 

 should yield to him who raises it, more than a fair profit ( ' 9 ). 

 On the other hand, it is urged, that a farmer is entitled to be 

 fully recompensed for the application of a considerable capital, 

 exposed to the uncertainty of the seasons, when it is managed 

 with economy, and conducted with industry and skill ( 191 ) ; 

 and it has also been observed, that it is seldom more money is 

 got by farming, than an adequate interest for the capital in- 

 vested. This is owing to " competition," the articles produced, 

 being in numberless hands, who must bring them to market ; 

 and " necessity" the goods of the farmer, being in general of 

 a perishable nature, on the sale of which he depends, for the 

 payments he has to make, and the subsistence of his family. 



To prove how moderate the profits of farming in general 

 are, it appears from the most careful inquiries, that on arable 

 farms they rarely exceed from ten to fifteen per cent, on the 

 capital invested ( I9a ), which is little enough, considering that 

 few employments are more subject to casualties than farming, 

 or require more uniform attention. These profits, however, 

 varied much during the late war, and since its termination. 



