1831.] 
Of the Evolution of Rent , <fyc. 
305 
and lastly, to increase his own net profits from 28 measures to some larger quan- 
tity. If he sunk 200 measures in actual production, and the result obtained were 
in the gross, 320 measures ; then he would have succeeded in effecting what he 
proposed, viz. his own enrichment : for tiiefe will be, for the repayment of capital, 
200 measures ; of rent 78 ; and for profit 42 measures ; total 320. The rate of net 
produce obtained, for the use of both landlord and capitalist, will have fallen from 
88 to 60 per cent. ; and the rate of net profit actually falling to the capitalist's share, 
will have fallen from 25 to 21 per cent. Should he again find that a sale could 
readily be effected, if more food were brought to market ; and, with this view, 
sank 50 additional measures of corn productively, or 250 measures in all ; and if he 
realized a gross produce of 373 measures, he will still have effected what he aimed 
at: for his productive capital, there will be 250 measures ; for his rent, 78 ; and for 
net profits, 45 measures ; total 373. His rate of net profits will now have sunk 
from 21 to between 18 and 19 per cent., and the proportion of net produce, going 
to the formation of rents and profits conjointly, will have sunk from 60 to 
between 49 and 50 per cent. 
Now suppose any additional outlay yielded no increase of return for the exclu- 
sive use of the capitalist, which more than counterbalanced the trouble of superin- 
tendence ; then the net increase, going to the use of the farmer and owner of this 
land, would permanently be about 60 per cent, on the capital sunk. If, however, 
the average of profits were lower than 18 or 19 percent, in other branches of 
business, although no greater capital could with advantage be sunk upon this land, 
still offers might be made to the landlord, of a higher rent, by those who were 
anxious to invest their new accumulations in production. If the average rate of 
profits were 10 per cent, the landlord would eventually be able to demand from 
tenant a rent of 98, in place of 78 measures; and failing to obtain it, he 
^ould transfer the farm to another. Now it must not be supposed, that in con- 
templating this fall in the rate of the farmer’s peculiar profits, and this reduction 
°f his aggregate gains, I am at all impugning the principle, formerly laid down, 
that the rate of net return must, in agriculture, be that which holds, when agricul- 
turalists find any increase of outlay tend to no adequate increase of their aggregate 
profits ; for here it is evident, that although the farmer consents to the lowering 
of his net receipts ; and although, by this fall, his aggregate of gains is reduced, in 
tbe present case, from 45 to 25 measures ; still the aggregate of produce, actually 
set free for the enrichment of landlord and farmer, by the expenditure of so much 
Ca pital as is employed, is not altered in the least ; it has only come to pass, that 
because accumulations of capital were in progress, and because it so happened, 
l bat the general rate of profits in manufactures was comparatively low, the owners 
capital preferred seeing their funds employed, and bringing them a regular 
mcome > to seeing them lying idle, and bringing no income ; and that they thought 
11 to their interest to be permitted, by the landlord, to use his land for this purpose, 
( ' en w hen they had to pay him more for this privilege, than others had done before. 
^ ‘ s by no voluntary act of the farmer that his profits are reduced in their aggre- 
? a te amount ; and although others may supplant him in consequence of their 
ea gerness to obtain productive employment for their accumulations, still it is not 
[ be case, that more capital has been thrust into employment than served to increase 
Production in the aggregate ; and that, from this cause, the aggregate of profits 
been reduced : for when new tenants offer the landlord a greater rent for the 
Use of his possession, they merely bring their capital to fill the place of the former 
tlia aiU $ capital ; and the extent of production is unchanged, 
