1800.1] 
For the Monthly Magazine. 
The PRINCIPLES Of POLITICAL ARITH- 
METIC tllufirated in an ESTIMATE of 
the NATIONAL WEALTH of GREAT 
BRITAIN By J. J. GRELLIER. 
[Continued from page 28.] 
HE whole number of the inhabitants 
of Great Brvrain is undoubtedly 
greater than at former diftant periods, but 
the proportionof unproduftive hands, who 
fubfift by the labour of others, has alfo 
probably much increa‘ed ; the effect of 
this unfavourable circumitance has how- 
ever been amply compenfated by our great 
improvements in different arts and manu- 
factures, by which the produce of the 
country has been increafed in quantity, 
and remdered much fuperior in quality, fo 
that afrer fupplying all our new fadctitious 
wants, and enabling us to defray expen- 
five wars, it has left a corfiderable fur- 
plus, litre gradually accumulating, has 
formed the prefent national {tock or capi- 
tal. Before we preceed to inquire into 
its increafed amount, it may not be unin- 
terefling to view its former computed va- 
lue, aecording tothe eftimate of a writer, 
who certainly cannot be fufpeéted of hav- 
ing drawnan unfavourable fatement. * 
Computation of the Wealth of Exgland and 
Wales in 1664. 
Value of the Jand ;. 24 mil- 
lions cf acres, yielding 8 mil- 
lions per ann. rent, worth at 
18 years. purchafe ~ 144,000,000 
Houfes ; reckoning thofe 
within the bills of mortality 
equal in value to one-third of 
the whole - = 
Shipping; 500,000 tons, 
at 6]. per ton, including rig- 
ging, ordnance, &c.— - 
Stock of cattle on the 24 
million acres and the wafte 
belonging thereto, including 
parks, fitheries, warrens, cc. 36,000,000 
Gold and filver coin, {carce 6,000,000 
Wares, merchandize, 
plate, fuiniture, &c. 
39,009,000. 
3,000,000 
31,000,000 

Total tc = LO. 00,000 
In comparing this eftimate with fmilar 
accounts at prefent, it mult beremembered, 
that a great alteration has gradually taken 
plecein the nominalvalueotallcom mod ties. 
Whether this progreflive difference ariles 
from any degradation of the value of the 
precious metals, in confequence of which 
the fame quantity of them purchales le(s la- 
bour than formerly, or from other com- 

* Sir Will Petty’s Verb. Sap. 
MontTuLty Maa, Ne. 63, 
Mr. Greilier on the National Wealth. 
13 
modities becoming really dearer or pura 
chafing more labour, i is a fubject that has 
been “extenfively inveftiigated by Dr. 
Smiru, who aferibes it to the latter cir- 
cumftance. It muit however, be re- 
marked, that if commodities purchafe 
more labour than formerly, it does not: 
proceed wholly from the increafed de- 
mands of individua's in confequence of a 
greater population, or of the greater abi- 
lity of individuals to purchate ; ; for, with 
reipect to manufactured commodities at 
leat, it is the refult chiefly of the increafe 
of taxes, and the oe ae greater Ca- 
pital that mut be employed. But from 
whatever combination of circumfances it 
may have arifen, it 1s certain that a great 
difference in the value cf money hes a&tu- 
ally taken place, which, with refpect to 
the period of Sir W. Petty’s eltimate and 
the prefent, appears to be in the propor- 
tion of about five to fourteen*; the total 
of the wealth of England and Wales in 
1664, would therefore have amounted to 
700,000,000]. according to the prefent 
value of money. 
The value of land has progreffively in- 
crea‘ed, in confequence of improvements 
in cultivation, and the increafed confump- 
ton cf the produce of the land. Before 
Fogland became a trading nation, the ge~ 
neral price of land was twelve years” pur- 
chafe +; at the beginning of the laft cen- 
tury it fold for about fixteen years’ pur- 
chafe; Sir William Pctty valued it at 
eighteen years’ purchafe; and at the com- 
mencement of tre prefent century, it had 
advanced to twenty years’ purchafe: about 
the year 1730, it had rifen to twenty-five 
years’ purchafe, and at prefent is from 
twenty-eight to ae yeais’ purchale. 
The increafe of the number of years’ pur- 
chafe paid for land is the moft obvious 
proof of its augmented value; but is does 
not fhew the whole augmentation of the na- 
tional wealth on this accouat, which in part 
arifes from the increafe of the total rental 
beyond theadvance thatis caufed merely by 
the difference in the value of money: this 
real increafe of the rental proceeds from a 
greater proportion of jand being broughe 
into cultivation, and ‘hat before cultivatcd 
being improv-d. The whole landed rent- 
aloft Engiand and Wales, and the Low- 
lands of Scoiiand, was ftated by Sir W. 
Petty at about nine millions; and it can- 
not be fuppofed, that, if he had included 
the H:ghianads ot Scotland, he would have 

* Table by Sir George Shuckburgh Eve-= 
lyn, Monthly Mag. vol. VI. p. 161. 
# Dr. Davenant’s Difcouties, part 2, p. 27. 
- made 
