. If
then wages continued the same, profits would remain the same; but if, as
is absolutely certain, wages should rise with the rise of corn, then
profits would necessarily fall.

If a manufacturer always sold his goods for the same money, for 1000_l._
for example, his profits would depend on the price of the labour
necessary to manufacture those goods. His profits would be less when
wages amounted to 800_l._ than when he paid only 600_l._ 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 24_l._ to 25_l._ per annum. per man, the whole sum paid by each
would be 250_l._ instead of 240_l._ 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
25_l._ for wages; and the farmer on the old land would be obliged to pay
precisely the same additional sum of 25_l._ for rent; without which
additional labour, corn would not have risen. One will therefore have to
pay 275_l._ for wages alone, the other, for wages and rent together;
each 25_l._ more than the manufacturer: for this latter 25_l._ 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 f