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which continued to feed its own people； if instead of a demand
for its raw produce； there was the same increasing demand for its
manufactures。 These manufactures； if from such a demand the value
of their amount in foreign countries was greatly to increase；
would bring back a great increase of value in return； which
increase of value could not fail to increase the value of the raw
produce。 The demand for agricultural as well as manufactured
produce would be augmented； and a considerable stimulus； though
not perhaps to the same extent as in the last case； would be
given to every kind of improvement on the land。
A similar effect would be produced by the introduction of new
machinery； and a more judicious division of labour in
manufactures。 It almost always happens in this case； not only
that the quantity of manufactures is very greatly increased； but
that the value of the whole mass is augmented； from the great
extension of the demand for them； occasioned by their cheapness。
We see； in consequence； that in all rich manufacturing and
commercial countries； the value of manufactured and commercial
products bears a very high proportion to the raw products；（10*）
whereas； in comparatively poor countries； without much internal
trade and foreign commerce； the value of their raw produce
constitutes almost the whole of their wealth。 If we suppose the
wages of labour so to rise with the rise of produce； as to give
the labourer the same command of the means of subsistence as
before； yet if he is able to purchase a greater quantity of other
necessaries and conveniencies； both foreign and domestic； with
the price of a given quantity of corn； he may be equally well
fed； clothed； and lodged； and population may be equally
encouraged； although the wages of labour may not rise so high in
proportion as the price of produce。
And even when the price of labour does really rise in
proportion to the price of produce； which is a very rare case；
and can only happen when the demand for labour precedes； or is at
least quite contemporary with the demand for produce； it is so
impossible that all the other outgoings in which capital is
expended； should rise precisely in the same proportion； and at
the same time； such as compositions for tithes； parish rates；
taxes； manure； and the fixed capital accumulated under the former
low prices； that a period of some continuance can scarcely fail
to occur； when the difference between the price of produce and
the cost of production is increased。
In some of these cases； the increase in the price of
agricultural produce； compared with the cost of the instruments
of production； appears from what has been said to be only
temporary； and in these instances it will often give a
considerable stimulus to cultivation； by an increase of
agricultural profits； without showing itself much in the shape of
rent。 It hardly ever fails； however； to increase rent ultimately。
The increased capital； which is employed in consequence of the
opportunity of making great temporary profits； can seldom if ever
be entirely removed from the land； at the expiration of the
current leases； and； on the renewal of these leases； the landlord
feels the benefit of it in the increase of his rents。
Whenever then； by the operation of the four causes above
mentioned； the difference between the price of produce and the
cost of the instruments of production increases； the rents of
land will rise。
It is； however； not necessary that all these four causes
should operate at the same time； it is only necessary that the
difference here mentioned should increase。 If； for instance； the
price of produce were to rise； while the wages of labour； and the
price of the other branches of capital did not rise in
proportion； and at the same time improved modes of agriculture
were coming into general use； it is evident that this difference
might be increased； although the profits of agricultural stock
were not only undiminished； but were to rise decidedly higher。
Of the great additional quantity of capital employed upon the
land in this country； during the last twenty years； by far the
greater part is supposed to have been generated on the soil； and
not to have been brought from commerce or manufactures。 And it
was unquestionably the high profits of agricultural stock；
occasioned by improvements in the modes of agriculture； and by
the constant rise of prices； followed only slowly by a
proportionate rise in the different branches of capital； that
afforded the means of so rapid and so advantageous an
accumulation。
In this case cultivation has been extended； and rents have
risen； although one of the instruments of production； capital；
has been dearer。
In the same manner a fall of profits and improvements in
agriculture； or even one of them separately； might raise rents；
notwithstanding a rise of wages。
It may be laid down then as a general truth； that rents
naturally rise as the difference between the price of produce and
the cost of the instruments of production increases。
It is further evident； that no fresh land can be taken into
cultivation till rents have risen； or would allow of a rise upon
what is already cultivated。
Land of an inferior quality requires a great quantity of
capital to make it yield a given produce； and； if the actual
price of this produce be not such as fully to compensate the cost
of production； including the existing rate of profits； the land
must remain uncultivated。 It matters not whether this
compensation is effected by an increase in the money price of raw
produce； without a proportionate increase in the money price of
the instruments of production； or by a decrease in the price of
the instruments of production； without a proportionate decrease
in the price of produce。 What is absolutely necessary； is a
greater relative cheapness of the instruments of production； to
make up for the quantity of them required to obtain a given
produce from poor land。
But whenever； by the operation of one or more of the causes
before mentioned； the instruments of production become cheaper；
and the difference between the price of produce and the expenses
of cultivation increases； rents naturally rise。 It follows
therefore as a direct and necessary consequence； that it can
never answer to take fresh land of a poorer quality into
cultivation； till rents have risen or would allow of a rise； on
what is already cultivated。
It is equally true； that without the same tendency to a rise
of rents； occasioned by the operation of the same causes； it
cannot answer to lay out fresh capital in the improvement of old
land … at least upon the supposition； that each farm is already
furnished with as much capital as can be laid out to advantage；
according to the actual rate of profits。
It is only necessary to state this proposition to make its
truth appear。 It certainly may happen； and I fear it happens