“Then it is an advantage to the public whom he supplies, and to the labourers whom he supports, as well as to himself, that he should carry on the work he has begun?” “Certainly. He is preparing to feed many hundred human beings where only a few lean cattle grazed before. He circulates money now among his poor neighbours whom he pays for making his inclosures. They are very glad of their increase of wages, (as you may see if you go among them,) however much they may mourn over the loss of their common. This winter he will turn in his large flocks of sheep to bite every blade of grass and manure the ground. In the spring he will plough up the land, and afterwards sow it with turnips. Next winter, his sheep will feed off the turnips and give the land another dressing; and, during all this time, he is laying out a great deal of money on his fields without any other return than the scanty feed of his flocks. But, after this time, his land will begin to pay him back the expense of the purchase, of the fences, of the use of the teams, of the seed, and of the human labour which has been employed; and when it is improved to the utmost, he will probably find, or his children after him, that it is well worth while thus to employ his capital, and thus to wait for his profits.” “If, for many years,” said I, “there has been less food in this country than was wanted, how happens it that so many commons are still un-inclosed?” “Because it often answers better to improve land already cultivated than to spend money on wastes. Of late years, agriculture has been much studied in this country, and means have been discovered by which lands that have been under the plough for hundreds of years have been made to produce more by half than in old times. This is the way that Mr. Malton grew rich. If there had been nothing more to be done with his fields than formerly, he would probably have taken in the common some years ago: but his time and money have been occupied in trying new methods of cultivation, which have answered very well and enabled him to increase his capital, notwithstanding the badness of the times, from which he was no more exempt than other people. Having brought his estate into a high degree of cultivation, he is now able to add to it.” “And to fix his capital,” said I, “and wait for returns in a way which is not practicable for a small capitalist. Poor Williams, if he had been alive now, must have had his capital reproduced immediately or have been at a stand.” The sergeant smiled while he observed that he saw he was not the only person who had conversed with me on the employment of capital. I told him how often I had listened to conversations between my father and his friends on the philosophy of the changes which were taking place in our village.