316 
Barometrical Altitudes. 
[Oct. 
manufactures ; and the net surplus obtainable, beyond all cost of production 
and the profits of the day, is looked on as the interest, or profit of the sum 
thus sunk in the purchase of tracts of land. It is not probable, that such an 
investment of capital will be called an actual investing of capital in production, 
for it cannot but be known, that the real investment of capital in production is not 
the fee simple of a landed estate ; but that the yearly outlay of the farmer is the 
really productive capital, upon which he obtains, whatever may be the extent of 
the excess reproduced, only the average profits of the day as an income. Indeed, 
if many accumulations should happen to be seeking investment, offers, as we 
have already remarked, may be made to landlords, for the use of their land, which 
leave an income to the fanner even below the rate of profits in trade ; the profits 
in trade cannot, we have seen, be forced permanently below a certain rate, and a 
certain aggregate amount ; if, for instance, society offers a demand only for 10000 
hats, while the price of hats is 10 shillings each, and if the prime cost of the hat 
should be 9000 shillings, then the profits of hatters will be 1000 shillings, or 10 
percent, and they cannot be brought permanently lower, if the sale of 15000 
could only be effected at 5 shillings each, and if the sale of only 8000 could be 
effected at 11 shillings each ; in this case only 9000 shillings could be perma- 
nently invested in hat-making. But although profits mjght be at 10 percent, 
in manufactures, they might be at 6 or 4 per cent, in farming, and with their 
fall in the rate, their aggregate might also be suffering reduction; for the sinking 
of these to so low a point would be brought about by no new investment of 
additional capital, which Avould tend to reduce the aggregate of net produce 
actually realized from the land ; but by the intensity of desire, in persons pos- 
sessed of accumulations of capital, to be working as farmers on certain lands. The 
idea which prevail in all recent works on political economy, as a reason why a 
farmer s profits should not tall below those of other producers, is, that the farmer 
can withdraw his capital from this mode of production, and vest it in other 
branches of business where profits are higher, and hence that an average state of 
profit must prevail in all occupations : the whole tenor of my arguments goes to 
shew this assumption to be unwarranted; and that this power of shifting from trade 
to trade at will, upon which men so continually reason in abstract speculations, can 
only be enjoyed during the time that production is eagerly seeking new invest- 
ments of capital, and cannot exist where approximations have been made to the 
full extension of production. My reasonings have, I hope, tended to prove, that 
an approximation must be continually made to this state of full production) 
which precludes the possibility of shifting from trade to trade at will ; because it 
has been shewn, that at all times, all classes are greatly interested in the fullest 
employment being given to capital. Farmers’ profits may therefore be g«“ ;lt|V 
under the average profits of trade, and this not because of their having sunk so 
much capital in their' business as tends to the diminution of net reproduction! 
hut because of the competition which must exist for the use of land, 
country where rural pursuits hold out many peculiar charms, such as those who 
are busied in towns, in trade and manufactures, can never know or enjoy. 
IV . — Barometrical Altitudes. By H. S. B. 
An esteemed correspondent, who has lately made an interesting tour in the 
North Western hills, in which he has visited Jamnotrl, and the source of the 
Pabar river, passing thence over the Boranda pass into the valley 0 
