an　increase　in　the　price　of　agricultural　produce；　from　increased
  demand；　as　without　nominally　lowering　the　expense　of　production；
  will　increase　the　difference　between　this　expense　and　the　price
  of　produce。
  The　operation　of　the　three　first　causes　in　lowering　the
  expenses　of　cultivation；　compared　with　the　price　of　produce；　are
  quite　obvious；　the　fourth　requires　a　few　further　observations。
  If　a　great　and　continued　demand　should　arise　among
  surrounding　nations　for　the　raw　produce　of　a　particular　country；
  the　price　of　this　produce　would　of　course　rise　considerably；　and
  the　expenses　of　cultivation；　rising　only　slowly　and　gradually　to
  the　same　proportion；　the　price　of　produce　might　for　a　long　time
  keep　so　much　ahead；　as　to　give　a　prodigious　stimulus　to
  improvement；　and　encourage　the　employment　of　much　capital　in
  bringing　fresh　land　under　cultivation；　and　rendering　the　old　much
  more　productive。
  Nor　would　the　effect　be　essentially　different　in　a　country
  which　continued　to　feed　its　own　people；　if　instead　of　a　demand
  for　its　raw　produce；　there　was　the　same　increasing　demand　for　its
  manufactures。　These　manufactures；　if　from　such　a　demand　the　value
  of　their　amount　in　foreign　countries　was　greatly　to　increase；
  would　bring　back　a　great　increase　of　value　in　return；　which
  increase　of　value　could　not　fail　to　increase　the　value　of　the　raw
  produce。　The　demand　for　agricultural　as　well　as　manufactured
  produce　would　be　augmented；　and　a　considerable　stimulus；　though
  not　perhaps　to　the　same　extent　as　in　the　last　case；　would　be
  given　to　every　kind　of　improvement　on　the　land。
  A　similar　effect　would　be　produced　by　the　introduction　of　new
  machinery；　and　a　more　judicious　division　of　labour　in
  manufactures。　It　almost　always　happens　in　this　case；　not　only
  that　the　quantity　of　manufactures　is　very　greatly　increased；　but
  that　the　value　of　the　whole　mass　is　augmented；　from　the　great
  extension　of　the　demand　for　them；　occasioned　by　their　cheapness。
  We　see；　in　consequence；　that　in　all　rich　manufacturing　and
  commercial　countries；　the　value　of　manufactured　and　commercial
  products　bears　a　very　high　proportion　to　the　raw　products；（10*）
  whereas；　in　comparatively　poor　countries；　without　much　internal
  trade　and　foreign　commerce；　the　value　of　their　raw　produce
  constitutes　almost　the　whole　of　their　wealth。　If　we　suppose　the
  wages　of　labour　so　to　rise　with　the　rise　of　produce；　as　to　give
  the　labourer　the　same　command　of　the　means　of　subsistence　as
  before；　yet　if　he　is　able　to　purchase　a　greater　quantity　of　other
  necessaries　and　conveniencies；　both　foreign　and　domestic；　with
  the　price　of　a　given　quantity　of　corn；　he　may　be　equally　well
  fed；　clothed；　and　lodged；　and　population　may　be　equally
  encouraged；　although　the　wages　of　labour　may　not　rise　so　high　in
  proportion　as　the　price　of　produce。
  And　even　when　the　price　of　labour　does　really　rise　in
  proportion　to　the　price　of　produce；　which　is　a　very　rare　case；
  and　can　only　happen　when　the　demand　for　labour　precedes；　or　is　at
  least　quite　contemporary　with　the　demand　for　produce；　it　is　so
  impossible　that　all　the　other　outgoings　in　which　capital　is
  expended；　should　rise　precisely　in　the　same　proportion；　and　at
  the　same　time；　such　as　compositions　for　tithes；　parish　rates；
  taxes；　manure；　and　the　fixed　capital　accumulated　under　the　former
  low　prices；　that　a　period　of　some　continuance　can　scarcely　fail
  to　occur；　when　the　difference　between　the　price　of　produce　and
  the　cost　of　production　is　increased。
  In　some　of　these　cases；　the　increase　in　the　price　of
  agricultural　produce；　compared　with　the　cost　of　the　instruments
  of　production；　appears　from　what　has　been　said　to　be　only
  temporary；　and　in　these　instances　it　will　often　give　a
  considerable　stimulus　to　cultivation；　by　an　increase　of
  agricultural　profits；　without　showing　itself　much　in　the　shape　of
  rent。　It　hardly　ever　fails；　however；　to　increase　rent　ultimately。
  The　increased　capital；　which　is　employed　in　consequence　of　the
  opportunity　of　making　great　temporary　profits；　can　seldom　if　ever
  be　entirely　removed　from　the　land；　at　the　expiration　of　the
  current　leases；　and；　on　the　renewal　of　these　leases；　the　landlord
  feels　the　benefit　of　it　in　the　increase　of　his　rents。
  Whenever　then；　by　the　operation　of　the　four　causes　above
  mentioned；　the　difference　between　the　price　of　produce　and　the
  cost　of　the　instruments　of　production　increases；　the　rents　of
  land　will　rise。
  It　is；　however；　not　necessary　that　all　these　four　causes
  should　operate　at　the　same　time；　it　is　only　necessary　that　the
  difference　here　mentioned　should　increase。　If；　for　instance；　the
  price　of　produce　were　to　rise；　while　the　wages　of　labour；　and　the
  price　of　the　other　branches　of　capital　did　not　rise　in
  proportion；　and　at　the　same　time　improved　modes　of　agriculture
  were　coming　into　general　use；　it　is　evident　that　this　difference
  might　be　increased；　although　the　profits　of　agricultural　stock
  were　not　only　undiminished；　but　were　to　rise　decidedly　higher。
  Of　the　great　additional　quantity　of　capital　employed　upon　the
  land　in　this　country；　during　the　last　twenty　years；　by　far　the
  greater　part　is　supposed　to　have　been　generated　on　the　soil；　and
  not　to　have　been　brought　from　commerce　or　manufactures。　And　it
  was　unquestionably　the　high　profits　of　agricultural　stock；
  occasioned　by　improvements　in　the　modes　of　agriculture；　and　by
  the　constant　rise　of　prices；　followed　only　slowly　by　a
  proportionate　rise　in　the　different　branches　of　capital；　that
  afforded　the　means　of　so　rapid　and　so　advantageous　an
  accumulation。
  In　this　case　cultivation　has　been　extended；　and　rents　have
  risen；　although　one　of　the　instruments　of　production；　capital；
  has　been　dearer。
  In　the　same　manner　a　fall　of　profits　and　improvements　in
  agriculture；　or　even　one　of　them　separately；　might　raise　rents；
  notwithstanding　a　rise　of　wages。
  It　may　be　laid　down　then　as　a　general　truth；　that　rents
  naturally　rise　as　the　difference　between　the　price　of　produce　and
  the　cost　of　the　instruments　of　production　increases。
  It　is　further　evident；　that　no　fresh　land　can　be　taken　into
  cultivation　till　rents　have　risen；　or　would　allow　of　a　rise　upon
  what　is　already　cultivated。
  Land　of　an　inferior　quality　requires　a　great　quantity　of
  capital　to　make　it　yield　a　given　produce；　and；　if　the　actual
  price　of　this　produce　be　not　such　as　fully　to　compensate　the　cost
  of　production；　including　the　existing　rate　of　profits；　the　land
  must　remain　uncultivated。　It　matters　not　whether　this
  compensation　is　effected　by　an　increase　in　the　money　price　of　raw
  produce；　without　a　proportionate　increase　in　the　money　price　of
  the　instruments　of　production；　or　by　a　decrease　in　the　price　of
  the　instruments　of　production；　without　a　proportionate　decrease
  in　the　price　of　produce。　What　is　absolutely　necessary；　is　a
  greater　relative　cheapness　of　the　instruments　of　production；　to
  make　up　for　the　quantity　of　them　required　to　obtain　a　given
  produce　from　poor　land。
  But　whenever；　by　the　operation　of　one　or　more　of　the　causes
  before　mentioned；　the　instruments　of　production　become　cheaper；
  and　the　difference　between　the　price　of　produce　and　the　expenses
  of　cultivation　increases；　rents　naturally　rise。　It　follows
  therefore　as　a　direct　and　necessary　consequence；　that　it　can
  never　answer　to　take　fresh　land　of　a　poorer　quality　into
  cultivation；　till　rents　have　risen　or　would　allow　of　a　rise；　on
  what　is　already　cultivated。
  It　is　equally　true；　that　without　the　same　tendency　to　a　rise
  of　rents；　occasioned　by　the　operation　of　the　same　causes；　it
  cannot　answer　to　lay　out　fresh　capital　in　the　improvement　of　old
  land　…　at　least　upon　the　supposition；　that　each　farm　is　already
  furnished　with　as　much　capital　as　can　be　laid　out　to　advantage；
  according　to　the　actual　rate　of　profits。
  It　is　only　necessary　to　state　this　proposition　to　make　its
  truth　appear。　It　certainly　may　happen；　and　I　fear　it　happens
  frequently；　that　farmers　are　not　provided　with　all　the　capital
  which　could　be　employed　upon　their　farms；　at　the　actual　rate　of
  agricultural　profits。　But　supposing　they　are　so　provided；　it
  implies　distinctly；　that　more　could　not　be　applied　without　loss；
  till；　by　the　operation　of　one　or　more　of　the　causes　above
  enumerated；　rents　had　tended　to　rise。
  It　appears　then；　that　the　power　of　extending　cultivation　and
  increasing　produce；　both　by　the　cultivation　of　fresh　land　and　the
  improvement　of　the　old；　depends　entirely　upon　the　existence　of
  such　prices；　compared　with　the　expense　of　production；　as　would
  raise　rents　in　the　actual　state　of　cultivation。
  But　though　cultivation　cannot　be　extended；　and　the　produce　of
  the　country　increased；　but　in　such　a　state　of　things　as　would
  allow　of　a　rise　of　rents；　yet　it　is　of　importance　to　remark；　that
  this　rise　of　rents　will　be　by　no　means　in　proportion　to　the
  extension　of　cultivation；　or　the　increase　of　produce。　Every
  relativ