this　rise　of　rents　will　be　by　no　means　in　proportion　to　the
  extension　of　cultivation；　or　the　increase　of　produce。　Every
  relative　fall　in　the　price　of　the　instruments　of　production；　may
  allow　of　the　employment　of　a　considerable　quantity　of　additional
  capital；　and　when　either　new　land　is　taken　into　cultivation；　or
  the　old　improved；　the　increase　of　produce　may　be　considerable；
  though　the　increase　of　rents　be　trifling。　We　see；　in　consequence；
  that　in　the　progress　of　a　country　towards　a　high　state　of
  cultivation；　the　quantity　of　capital　employed　upon　the　land；　and
  the　quantity　of　produce　yielded　by　it；　bears　a　constantly
  increasing　proportion　to　the　amount　of　rents；　unless
  counterbalanced　by　extraordinary　improvements　in　the　modes　of
  cultivation。（11*）
  According　to　the　returns　lately　made　to　the　Board　of
  Agriculture；　the　average　proportion　which　rent　bears　to　the　value
  of　the　whole　produce；　seems　not　to　exceed　one　fifth；（12*）　whereas
  formerly；　when　there　was　less　capital　employed；　and　less　value
  produced；　the　proportion　amounted　to　one　fourth；　one　third；　or
  even　two　fifths。　Still；　however；　the　numerical　difference　between
  the　price　of　produce　and　the　expenses　of　cultivation；　increases
  with　the　progress　of　improvement；　and　though　the　landlord　has　a
  less　share　of　the　whole　produce；　yet　this　less　share；　from　the
  very　great　increase　of　the　produce；　yields　a　larger　quantity；　and
  gives　him　a　greater　command　of　corn　and　labour。　If　the　produce　of
  land　be　represented　by　the　number　six；　and　the　landlord　has　one
  fourth　of　it；　his　share　will　be　represented　by　one　and　a　half。　If
  the　produce　of　land　be　as　ten；　and　the　landlord　has　one　fifth　of
  it；　his　share　will　be　represented　by　two。　In　the　latter　case；
  therefore；　though　the　proportion　of　the　landlord's　share　to　the
  whole　produce　is　greatly　diminished；　his　real　rent；　independently
  of　nominal　price；　will　be　increased　in　the　proportion　of　from
  three　to　four。　And　in　general；　in　all　cases　of　increasing
  produce；　if　the　landlord's　share　of　this　produce　do　not　diminish
  in　the　same　proportion；　which　though　it　often　happens　during　the
  currency　of　leases；　rarely　or　never　happens　on　the　renewal　of
  them；　the　real　rents　of　land　must　rise。
  We　see　then；　that　a　progressive　rise　of　rents　seems　to　be
  necessarily　connected　with　the　progressive　cultivation　of　new
  land；　and　the　progressive　improvement　of　the　old：　and　that　this
  rise　is　the　natural　and　necessary　consequence　of　the　operation　of
  four　causes；　which　are　the　most　certain　indications　of　increasing
  prosperity　and　wealth　…　namely；　the　accumulation　of　capital；　the
  increase　of　population；　improvements　in　agriculture；　and　the　high
  price　of　raw　produce；　occasioned　by　the　extension　of　our
  manufactures　and　commerce。
  On　the　other　hand；　it　will　appear；　that　a　fall　of　rents　is　as
  necessarily　connected　with　the　throwing　of　inferior　land　out　of
  cultivation；　and　the　continued　deterioration　of　the　land　of　a
  superior　quality；　and　that　it　is　the　natural　and　necessary
  consequence　of　causes；　which　are　the　certain　indications　of
  poverty　and　decline；　namely；　diminished　capital；　diminished
  population；　a　bad　system　of　cultivation；　and　the　low　price　of　raw
  produce。
  If　it　be　true；　that　cultivation　cannot　be　extended　but　under
  such　a　state　of　prices；　compared　with　the　expenses　of　production；
  as　will　allow　of　an　increase　of　rents；　it　follows　naturally　that
  under　such　a　state　of　relative　prices　as　will　occasion　a　fall　of
  rents；　cultivation　must　decline。　If　the　instruments　of　production
  become　dearer；　compared　with　the　price　of　produce；　it　is　a
  certain　sign　that　they　are　relatively　scarce；　and　in　all　those
  cases　where　a　large　quantity　of　them　is　required；　as　in　the
  cultivation　of　poor　land；　the　means　of　procuring　them　will　be
  deficient；　and　the　land　will　be　thrown　out　of　employment。
  It　appeared；　that　in　the　progress　of　cultivation　and　of
  increasing　rents；　it　was　not　necessary　that　all　the　instruments
  of　production　should　fall　in　price　at　the　same　time；　and　that　the
  difference　between　the　price　of　produce　and　the　expense　of
  cultivation　might　increase；　although　either　the　profits　of　stock
  or　the　wages　of　labour　might　be　higher；　instead　of　lower。
  In　the　same　manner；　when　the　produce　of　a　country　is
  declining；　and　rents　are　falling；　it　is　not　necessary　that　all
  the　instruments　of　production　should　be　dearer。　In　a　declining　or
  stationary　country；　one　most　important　instrument　of　production
  is　always　cheap；　namely；　labour；　but　this　cheapness　of　labour
  does　not　counterbalance　the　disadvantages　arising　from　the
  dearness　of　capital；　a　bad　system　of　culture；　and；　above　all；　a
  fall　in　the　price　of　raw　produce；　greater　than　in　the　price　of
  the　other　branches　of　expenditure；　which；　in　addition　to　labour；
  are　necessary　tO　cultivation。
  It　has　appeared　also；　that　in　the　progress　of　cultivation　and
  of　increasing　rents；　rent；　though　greater　in　positive　amount；
  bears　a　less；　and　lesser　proportion　to　the　quantity　of　capital
  employed　upon　the　land；　and　the　quantity　of　produce　derived　from
  it。　According　to　the　same　principle；　when　produce　diminishes　and
  rents　fall；　though　the　amount　of　rent　will　always　be　less；　the
  proportion　which　it　bears　to　capital　and　produce　will　always　be
  greater。　And；　as　in　the　former　case；　the　diminished　proportion　of
  rent　was　owing　to　the　necessity　of　yearly　taking　fresh　land　of　an
  inferior　quality　into　cultivation；　and　proceeding　in　the
  improvement　of　old　land；　when　it　would　return　only　the　common
  profits　of　stock；　with　little　or　no　rent；　so；　in　the　latter　case；
  the　high　proportion　of　rent　is　owing　to　the　impossibility　of
  obtaining　produce；　whenever　a　great　expenditure　is　required；　and
  the　necessity　of　employing　the　reduced　capital　of　the　country；　in
  the　exclusive　cultivation　of　its　richest　lands。
  In　proportion；　therefore；　as　the　relative　state　of　prices　is
  such　as　to　occasion　a　progressive　fall　of　rents；　more　and　more
  lands　will　be　gradually　thrown　out　of　cultivation；　the　remainder
  will　be　worse　cultivated；　and　the　diminution　of　produce　will
  proceed　still　faster　than　the　diminution　of　rents。
  If　the　doctrine　here　laid　down；　respecting　the　laws　which
  govern　the　rise　and　fall　of　rents；　be　near　the　truth；　the
  doctrine　which　maintains　that；　if　the　produce　of　agriculture　were
  sold　at　such　a　price　as　to　yield　less　net　surplus；　agriculture
  would　be　equally　productive　to　the　general　stock；　must　be　very
  far　from　the　truth。
  With　regard　to　my　own　conviction；　indeed；　I　feel　no　sort　of
  doubt　that　if；　under　the　impression　that　the　high　price　of　raw
  produce；　which　occasions　rent；　is　as　injurious　to　the　consumer　as
  it　is　advantageous　to　the　landlord；　a　rich　and　improved　nation
  were　determined　by　law；　to　lower　the　price　of　produce；　till　no
  surplus　in　the　shape　of　rent　anywhere　remained；　it　would
  inevitably　throw　not　only　all　the　poor　land；　but　all；　except　the
  very　best　land；　out　of　cultivation；　and　probably　reduce　its
  produce　and　population　to　less　than　one　tenth　of　their　former
  amount。
  From　the　preceding　account　of　the　progress　of　rent；　it
  follows；　that　the　actual　state　of　the　natural　rent　of　land　is
  necessary　to　the　actual　produce；　and　that　the　price　of　produce；
  in　every　progressive　country；　must　be　just　about　equal　to　the
  cost　of　production　on　land　of　the　poorest　quality　actually　in
  use；　or　to　the　cost　of　raising　additional　produce　on　old　land；
  which　yields　only　the　usual　returns　of　agricultural　stock　with
  little　or　no　rent。
  It　is　quite　obvious　that　the　price　cannot　be　less；　or　such
  land　would　not　be　cultivated；　nor　such　capital　employed。　Nor　can
  it　ever　much　exceed　this　price；　because　the　poor　land
  progressively　taken　into　cultivation；　yields　at　first　little　or
  no　rent；　and　because　it　will　always　answer　to　any　farmer　who　can
  command　capital；　to　lay　it　out　on　his　land；　if　the　additional
  produce　resulting　from　it　will　fully　repay　the　profits　of　his
  stock；　although　it　yields　nothing　to　his　landlord。
  It　follows　then；　that　the　price　of　raw　produce；　in　reference
  to　the　whole　quantity　raised；　is　sold　at　the　natural　or　necessary
  price；　that　is；　at　the　price　necessary　to　obtain　the　actual
  amount　of　produce；　although　by　far　the　largest　part　is　sold　at　a
  price　very　much　above　that　which　is　necessary　to　its　production；
  owing　to　this　part　being　produced　at　less　expense；　while　its
  exchangeable　value　remains　undiminished。
  The　difference　between　the　price　of　corn　and　the　price　of
  manufactures；　with　regard　to　natural　or　necessary　price；　is　this；
  that　if　the　price　of　any　manufacture　were　essentially　depressed；
  the　whole　manufacture　would　be　entirely　destroyed；　whereas；　if
  the　price　of　corn　were　essentially　depressed；　the　quantity　of　it
  only　would　be　diminished。　There　would　be　some　machinery　in　the
  country　still　capable　of　sending　the　commodity　to　market　at　the
  reduced　price。
  The　earth　has　been　sometimes　compared　to　a　vast　machine