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It is only necessary to state this proposition to make its
truth appear。 It certainly may happen； and I fear it happens
frequently； that farmers are not provided with all the capital
which could be employed upon their farms； at the actual rate of
agricultural profits。 But supposing they are so provided； it
implies distinctly； that more could not be applied without loss；
till； by the operation of one or more of the causes above
enumerated； rents had tended to rise。
It appears then； that the power of extending cultivation and
increasing produce； both by the cultivation of fresh land and the
improvement of the old； depends entirely upon the existence of
such prices； compared with the expense of production； as would
raise rents in the actual state of cultivation。
But though cultivation cannot be extended； and the produce of
the country increased； but in such a state of things as would
allow of a rise of rents； yet it is of importance to remark； that
this rise of rents will be by no means in proportion to the
extension of cultivation； or the increase of produce。 Every
relative fall in the price of the instruments of production； may
allow of the employment of a considerable quantity of additional
capital； and when either new land is taken into cultivation； or
the old improved； the increase of produce may be considerable；
though the increase of rents be trifling。 We see； in consequence；
that in the progress of a country towards a high state of
cultivation； the quantity of capital employed upon the land； and
the quantity of produce yielded by it； bears a constantly
increasing proportion to the amount of rents； unless
counterbalanced by extraordinary improvements in the modes of
cultivation。（11*）
According to the returns lately made to the Board of
Agriculture； the average proportion which rent bears to the value
of the whole produce； seems not to exceed one fifth；（12*） whereas
formerly； when there was less capital employed； and less value
produced； the proportion amounted to one fourth； one third； or
even two fifths。 Still； however； the numerical difference between
the price of produce and the expenses of cultivation； increases
with the progress of improvement； and though the landlord has a
less share of the whole produce； yet this less share； from the
very great increase of the produce； yields a larger quantity； and
gives him a greater command of corn and labour。 If the produce of
land be represented by the number six； and the landlord has one
fourth of it； his share will be represented by one and a half。 If
the produce of land be as ten； and the landlord has one fifth of
it； his share will be represented by two。 In the latter case；
therefore； though the proportion of the landlord's share to the
whole produce is greatly diminished； his real rent； independently
of nominal price； will be increased in the proportion of from
three to four。 And in general； in all cases of increasing
produce； if the landlord's share of this produce do not diminish
in the same proportion； which though it often happens during the
currency of leases； rarely or never happens on the renewal of
them； the real rents of land must rise。
We see then； that a progressive rise of rents seems to be
necessarily connected with the progressive cultivation of new
land； and the progressive improvement of the old： and that this
rise is the natural and necessary consequence of the operation of
four causes； which are the most certain indications of increasing
prosperity and wealth … namely； the accumulation of capital； the
increase of population； improvements in agriculture； and the high
price of raw produce； occasioned by the extension of our
manufactures and commerce。
On the other hand； it will appear； that a fall of rents is as
necessarily connected with the throwing of inferior land out of
cultivation； and the continued deterioration of the land of a
superior quality； and that it is the natural and necessary
consequence of causes； which are the certain indications of
poverty and decline； namely； diminished capital； diminished
population； a bad system of cultivation； and the low price of raw
produce。
If it be true； that cultivation cannot be extended but under
such a state of prices； compared with the expenses of production；
as will allow of an increase of rents； it follows naturally that
under such a state of relative prices as will occasion a fall of
rents； cultivation must decline。 If the instruments of production
become dearer； compared with the price of produce； it is a
certain sign that they are relatively scarce； and in all those
cases where a large quantity of them is required； as in the
cultivation of poor land； the means of procuring them will be
deficient； and the land will be thrown out of employment。
It appeared； that in the progress of cultivation and of
increasing rents； it was not necessary that all the instruments
of production should fall in price at the same time； and that the
difference between the price of produce and the expense of
cultivation might increase； although either the profits of stock
or the wages of labour might be higher； instead of lower。
In the same manner； when the produce of a country is
declining； and rents are falling； it is not necessary that all
the instruments of production should be dearer。 In a declining or
stationary country； one most important instrument of production
is always cheap； namely； labour； but this cheapness of labour
does not counterbalance the disadvantages arising from the
dearness of capital； a bad system of culture； and； above all； a
fall in the price of raw produce； greater than in the price of
the other branches of expenditure； which； in addition to labour；
are necessary tO cultivation。
It has appeared also； that in the progress of cultivation and
of increasing rents； rent； though greater in positive amount；
bears a less； and lesser proportion to the quantity of capital
employed upon the land； and the quantity of produce derived from
it。 According to the same principle； when produce diminishes and
rents fall； though the amount of rent will always be less； the
proportion which it bears to capital and produce will always be
greater。 And； as in the former case； the diminished proportion of
rent was owing to the necessity of yearly taking fresh land of an
inferior quality into cultivation； and proceeding in the
improvement of old land； when it would return only the common
profits of stock； with little or no rent； so； in the latter case；
the high proportion of rent is owing to the impossibility of
obtaining produce； whenever a great expenditure is required； and
the necessity of employing the reduced capital of the country； in
the exclusive cultivation of its richest lands。
In proportion； therefore； as the relative state of prices is
such as to occasion a progressive fall of rents； more and more
lands will be gradually thrown out of cultivati