Ch. xii. Restrictions upon LnpofHation, 197 



than by the admission of foreign corn. But the 

 British isles shew at present no symptoms what- 

 ever of this species of exhaustion. The necessary 

 accompaniments of a territory worked to the ut- 

 most are very low profits and interest, a very slack 

 demand for labour, low wages, and a stationary 

 population. Some of these symptoms may indeed 

 take place without an exhausted territory ; but 

 an exhausted territory cannot take place without 

 all these symptoms. Instead, however, of such 

 symptoms, we have seen in this country, during 

 the twenty years previous to 1814, a high rate of 

 profits and interest, a very great demand for 

 labour, good wages, and an increase of population 

 more rapid, perhaps, than during any period of our 

 previous history. The capitals which were laid 

 out in bringing new land into cultivation, or im- 

 proving the old, must necessarily have yielded 

 good returns, or, under the actual rate of general 

 profits, they would not have been so employed: 

 and although it is strictly true that, as capital accu- 

 mulates upon the land, its profits must ultimately 

 diminish; yet owing to the increase of agricultural 

 skill, and other causes noticed in a former chapter, 

 these two events do not by any means always keep 

 pace with each other. Though they must finally 

 unite and terminate the career of their progress to- 

 gether, they are often, during the course of their 

 progress, separated for a considerable time, and at 

 a considerable distance. In some countries, and 

 some soils, the quantity of capital which can be ab- 

 sorbed before any essential diminution of profits 

 necessarily takes place is so great, that its limit 



