CHAPTER V*.

producing the last portion of it, which new value always goes to rent. When the accumulation of capital, however, becomes very great, notwithstanding this increased value, it will be so distributed that a less value than before will be appropriated to profits, while that which is devoted to rent and wages will be increased. Thus with successive additions of 100,000 l. to capital, with a fall in the rate of profits, from 20 to 19, to 18, to 17 per cent. &c. the productions annually obtained will increase in quantity, and be of more than the whole additional value, which the additional capital is calculated to produce. From 20,000 l. it will rise to more than 39,000 l. and then to more than 57,000 l. , and when the capital employed is a million, as we before supposed, if 100,000 l. more be added to it, and the aggregate of profits is actually lower than before, more than 6000 l. will nevertheless be added to the revenue of the country, but it will be to 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