The Contemporary Review, Volume 36, December 1879Various
Religion
The Contemporary Review, Volume 36, December 1879
Various
Arts -- Periodicals; Literature -- Periodicals; Political science -- Periodicals
But there is a peculiarity in the agricultural market which exercises
a very powerful influence in raising rents. Most manufactured articles
can be dispensed with, or their consumption greatly lessened, if
their cost of production is largely increased, or the means of buying
diminished. It is otherwise with food: it must be had, must be bought,
if any means of purchasing it exist. The effect of this force on a
country situated like England is very marked. England cannot supply
food for more than half of her population; the other half must be
procured from abroad. Now, the principle which governs the price of
indispensable food is the law, that the price paid for the dearest
article--say, a loaf of bread--which must and will be bought, will
impose itself on all like articles which are actually purchased. When
the loaf made in England was cheaper than any imported from abroad,
then the price of the English loaf rose to the price of the dearest
foreign loaves which were sold and purchased in the English markets.
This extra-addition of price was a pure surplus of profit received by
the English grower of wheat; the cost of production was not changed,
nor his requirement of profit for himself augmented. The gain he thus
realized, being absolutely surplus profit, passed to the landowner.
The need of foreign corn raised his rent. But the picture has a
reverse side. It may well happen that the foreign corn landed in
England will be saleable at a lower price than the English. If the
supply can be furnished in sufficient quantity to provide bread enough
for all England, the English corn in that case must inevitably sink to
the level of the foreign--its price will fall, the profit realized
on its sale may indefinitely sink, and a great reduction of rents
throughout England may well be the inevitable consequence. The
only weapon wherewith to fight off the disaster would be such a
modification of British agriculture as would lead to the cultivation
of other crops than wheat.
Public-domain text, read in full here on John Shaqi.
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