Agricultural Capital and Profits 47 



process of commutation had begun in very 

 early times, although the effects were not 

 seen fully till after the Black Death. In 

 the thirteenth century, according to the 

 calculations of Rogers, the value of the 

 rent of ordinary arable land was 6d. an 

 acre, and the capital value of such land 

 was about 6s. to 8s. an acre ; but the 

 amount of stock live and dead that was 

 required was worth i8s. to 293. an acre, or 

 about three times as much. 



As Rogers observes, this disproportion in 

 the value of land and stock had a consider- 

 able effect on the distribution of land itself. 

 According to feudal custom, the rule of 

 primogeniture governed the descent of the 

 land itself ; but personal property, including 

 capital on the land, was divided amongst 

 the children. In this way, the large estates 

 were often broken up by subinfeudation, and 

 we often hear of opulent younger sons. 



