the revenue of the landlords; they will obtain more than the additional produce, and will from their situation be enabled to encroach even on the former gains of the capitalist. Thus, suppose the price of corn to be 4_l._ per quarter, and that therefore, as we before calculated, of every 720_l._ remaining to the farmer after payment of his rent, 480_l._ were retained by him, and 240_l._ were paid to his labourers; when the price rose to 6_l._ per quarter, he would be obliged to pay his labourers 300_l._ and retain only 420_l._ for profits. Now if the capital employed were so large as to yield a hundred thousand times 720_l._ or 72,000,000_l._ the aggregate of profits would be 48,000,000_l._ when wheat was at 4_l._ per quarter; and if by employing a larger capital, 105,000 times 720_l._ were obtained when wheat was at 6_l._, or 75,600,000_l._, profits would actually fall from 48,000,000_l._ to 44,100,000_l._ or 105,000 times 420_l._, and wages would rise from 24,000,000_l._ to 31,500,000_l._ Wages would rise because more labourers would be employed, in proportion to capital; and each labourer would receive more money wages; but the condition of the labourer, as we have already shewn, would be worse, inasmuch as he would be able to command a less quantity of the produce of the country. The only real gainers would be the landlords; they would receive higher rents, first, because produce would be of a higher value, and secondly, because they would have a greatly increased proportion. Although a greater value is produced, a greater proportion of what remains of that value, after paying rent, is consumed by the producers, and it is this, and this alone, which regulates profits. Whilst the land yields abundantly, wages may temporarily rise, and the producers may consume more than their accustomed proportion; but the stimulus which will thus be given to population, will speedily reduce the labourers to their usual consumption. But when poor lands are taken into cultivation, or when more capital and labour are expended on the old land, with a less return of produce, the effect must be permanent. A greater proportion of that part of the produce which remains to be divided, after paying rent, between the owners of stock and the labourers, will be apportioned to the latter. Each man may, and probably will, have a less absolute quantity; but as more labourers are employed in proportion to the whole produce retained by the farmer, the value of a greater proportion of the whole produce will be absorbed by wages, and consequently the value of a smaller proportion will be devoted to profits. This will necessarily be rendered permanent by the laws of nature, which have limited the productive powers of the land.