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actual worth of this smaller proportion is disproportionately
greater than the worth of that larger proportion…in money value
especially； and still more in manufactured goods。 For the fifth
part of twenty…five bushels （the average produce of wheat in
England） equals five bushels； the third part； however； of nine
bushels （the average produce of wheat in Poland） amounts only to
three bushels； further； these five bushels in England are worth on
an average 25s。 to 30s。； while these three bushels in the interior
of Poland are at the most worth 8s。 to 9s。； and finally； goods in
England are at least twice as cheap as in manufactured Poland：
consequently the English landed proprietor is able to buy for his
30s。 of money…rent ten yards of cloth； but the Polish landowner for
his 9s。 of rent can obtain scarcely two yards； from which it is
evident that the English landed proprietor by the fifth part of the
gross produce is as rentier three times； and as consumer of
manufactured goods five times； better off than the Polish landowner
is by the third part of his gross produce。 But that farmers and
agricultural labourers also must in England （especially as
consumers of manufactured goods） be disproportionately better off
than in Poland； is shown by the fact that out of the produce of
twenty…five bushels in England twenty bushels go for sowing； for
cultivation of the field； wages； and profits： half of which （or ten
bushels） devoted to the last two items have an average value of
60s。 or twenty yards of cloth （at 3s。 per yard）； while from the
produce of nine bushels in Poland only six bushels go for sowing；
cultivation of the field； profit； and wages； half of which； or
three bushels； devoted to the last two items； have merely a value
of 10s。 to 12s。 or three and a half yards of cloth。
Rent is a chief means of usefully employing material capital。
Its price。 therefore； depends also on the quantity of the capital
existing in the nation and the proportion of the supply of it to
the demand。 By the surplus of the capital which accumulates in a
manufacturing nation as the result of its home and foreign
commerce； by the low rate of interest which there exists； and the
circumstance that in a manufacturing and commercial nation a number
of individuals who have become wealthy are always seeking to invest
their surplus capital in land； the selling price of a given amount
of rent of land is always disproportionately higher in such a
nation than in the mere agricultural nation。 In Poland the rent of
land is sold at ten or twenty years' purchase； in England at thirty
or forty years' purchase。 In the proportion in which the selling
value of the rent of land is higher in the manufacturing and
commercial nation than in the agricultural nation； so also is the
selling value of the land itself higher in the former than in the
latter。 For land of equal natural fertility in each country； the
value is in England ten to twenty times higher than in Poland。
That manufactures have an influence on the amount of rent； and
therefore on the value in exchange of the land； is a fact which
Adam Smith certainly notices at the conclusion of the ninth chapter
of his first book； but only incidentally and without bringing the
vast importance of manufactures in this respect properly to light。
He there distinguishes those causes which influence directly the
augmentation of rent （such as the improvement of the land itself；
the increase in the number and the value of the cattle maintained
upon it） from those causes which have only an indirect influence on
that augmentation； among which latter he classes manufactures。 In
this manner he places the main cause of the augmentation of the
rent and of the value of land （namely； the manufactures） in the
background so that it is scarcely perceptible； while he places the
improvement of the land itself and the increase of cattle； which
are themselves for the most part the result of manufactures and of
the commerce proceeding from them； as the chief cause； or at least
as an equal cause； of that augmentation。
Adam Smith and his followers have not recognised by any means
to its full extent the value of manufactures in this respect。
We have remarked that in consequence of manufactures and of the
commerce connected with them； the value of land of equal natural
fertility in England is ten to twenty times greater than in Poland。
If we now compare the total produce of the English manufacturing
production and of the English manufacturing capital with the total
produce of the English agricultural production and of the English
agricultural capital； we shall find that the greatest part of the
wealth of the nation shows itself in the thus increased value of
landed property。
MacQueen（1*） has prepared the following estimate of the
national wealth and national income of England：
I。 NATIONAL CAPITAL。
1。 In agriculture； lands； mines； and fisheries。。。。
2；604 mill。
Working capital in cattle； implements； stocks； and money。。。。
655 〃
Household furniture and utensils of the agriculturists。。。。
52 〃
3；311 〃
2。 Invested in manufactures and commerce：
Manufactures； and home trade in manufactured
goods。。。。。 178
1/2 〃
Trade in colonial goods。。。 11
〃
Foreign trade in manufactured goods。。。。。 16
1/2 〃
206
〃
To this add increase since 1835 （in which year this
estimate was made）。。。。。。 12
〃
218
mill。
Then in town buildings of all kinds； and in manu…
facturing buildings 605
〃
In ships。。。。。。。。 33
1/2 〃
In bridges； canals； and railways。。。 118
〃
In horses which are not used in agriculture。。。 20
〃
776
1/2 mill。
Amount of the whole national capital （exclusive of
the capital invested in the colonies； in foreign loans；
and in the English public funds）。。。。。。 4；305
1/2 mill。
II。 GROSS NATIONAL PRODUCTION。
1。 Of agriculture； mines； and fisheries。。。。 539
mill。
2。 Manufacturing production。。。。。。。 259
1/2 〃
798
1/2 〃
From this estimate it may be seen：
1。 That the value of the land devoted to agriculture amounts to
26/43 of the whole English national； property； and is about twelve
times more than the value of the whole capital invested in
manufactures and in commerce。
2。 That the whole capital invested in agriculture amounts to
over three…fourths of the English national capital。
3。 That the value of the whole fixed property in England；
namely：
Of the land； &c。 2；604
mill。
Of houses in towns； and manufacturing buildings。。。 605
〃
Of canals and railways。。。。。 118
〃
3；327
〃
is therefore equal to more than three…fourths of the whole English
national capital。
4。 That the manufacturing and commercial capital； inclusive of
ships； does not altogether amount to more than 241 1/2 millions；
and therefore to only about 1/18 of the English national wealth。
5。 That the whole English agricultural capital； with 3；311
millions； yields a gross income of 539 millions； consequently about
16 per cent； while manufacturing and commercial capital； amounting
to 218 millions； gives a gross annual production of 259 1/2
millions or of 120 per cent。
It must here； above all things； be noted that the 218 millions
manufacturing capital； with an annual production of 259 1/2
millions； constitute the chief reason why the English agricultural
capital could have attained to the enormou