an 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 receive higher
rents, first, because produce would be of a higher value, and secondly,
because they would have a greatly increased proportion.

Although a greater value is produced, a greater proportion of what
remains of that value, after paying rent, is consumed by the producers,
and it is this, and this alone, which regulates profits. Whilst th