to manufacture those goods. His profits would be less when wages amounted to 800l. than when he paid only 600l. In proportion then as wages rose, would profits fall. But if the price of raw produce would increase, it may be asked, whether the farmer at least would not have the same rate of profits, although he should pay an additional price for wages? Certainly not: for he will not only have to pay, in common with the manufacturer, an increase of wages to each labourer he employs, but he will be obliged either to pay rent, or to employ an additional number of labourers to obtain the same produce; and the rise in the price of raw produce will be proportioned only to that rent, or that additional number, and will not compensate him for the rise of wages.
If both the manufacturer and farmer employed ten men, on wages rising from 24l. to 25l. per annum. per man, the whole sum paid by each would be 250l. instead of 240l. This is, however, the whole addition that would be paid by the manufacturer to obtain the same quantity of commodities; but the farmer on new land would probably be obliged to employ an additional man, and therefore to pay an additional sum of 25l. for wages; and the farmer on the old land would be obliged to pay precisely the same additional sum of 25l. for rent; without which additional labour, corn would not have risen. One will therefore have to pay 275l. for wages alone, the other, for wages and rent together; each 25l. more than the manufacturer: for this latter 25l. they are compensated by the addition to the price of raw produce, and therefore their profits still conform to the profits of the manufacturer. As this proposition is important, I will endeavour still further to elucidate it.
We have shewn that in early stages of society, both the landlord's and the labourer's share of the value of the produce of the earth, would be but small; and that it would increase in proportion to the progress of wealth, and the difficulty of procuring food. We have shewn too, that although the value of the labourer's portion will be increased by the high value of food, his real share will be diminished; whilst that of the landlord will not only be raised in value, but will also be increased in quantity.