“Of course, if land produces less and less, there must be a smaller produce to divide between the capitalist and his labourers; and on the whole, they must share the decline pretty equally; since the farmer would not farm unless he could make some profit, and the labourers would not labour but for subsistence. But I am afraid this decline pulls down the profits of manufactures too; for farmers would turn manufacturers if they could make higher profits thereby; and then there would be a new demand for corn; the price would rise; farmers would return to farming, and would take in new land, the diminished produce of which would lower profits again.” “Yes, madam: this is the way that agricultural profits determine all profits; and that all are perpetually sinking. You see labour becomes dearer when corn is; that is, the labourer must have a certain quantity of corn in return for his labour, be its price what it may; and these higher wages lessen profits again, without any advantage to the labourer.” “Well, but the corn the farmer retains is higher in price.” “But less in quantity, my lady; and he has the prospect of employing dearer labour for a less return.” “It seems, then, as if wages determined profits, instead of profits determining wages. But I suppose it comes to the same thing where there are only two shares to depend on each other.” “There are greater changes, madam, in the supply of labour than in the manner of using it; and while there are multitudes of eager, hungry labourers, they will take care that the profits of stock shall not commonly rise higher than just to make it answer to the capitalist to carry on his business.” “But do these things actually take place? Do farmers turn manufacturers, and turn back again into farmers? and have you known any cases of their profits falling?” “I am as sure of it, my lady, as the co-operatives themselves, whose theme it constantly is. As for farmers changing,—you must remember that almost all capitalists use borrowed capital, and that this capital floats about continually, and is taken in where it is most wanted: so that capital may be largely invested in one concern at one time, and another at another, without much visible change in the occupations of capitalists. As for the other matter,—I know a manufacturer in yon city, and the farmer in the abbey farm to have each employed ten men at 25_l._ wages per annum, the highest they could afford to give, they said, since they had now to pay 250_l._ instead of 200_l._, as formerly. A new man came and took new land of the old farmer’s landlord; and he had to employ eleven men to raise the same produce as the abbey farm yielded, and the price of corn rose. When the old farmer’s lease expired, he was charged 25_l._ more rent to make him equal with the new farmer.” “So they paid 275_l._,—one for wages only, and the other for wages and the additional rent; while the manufacturer paid only 250_l._”