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selling value of the land itself higher in the former than in the



latter。 For land of equal natural fertility in each country�察�the



value is in England ten to twenty times higher than in Poland。



    That manufactures have an influence on the amount of rent�察�and



therefore on the value in exchange of the land�察�is a fact which



Adam Smith certainly notices at the conclusion of the ninth chapter



of his first book�察�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�察�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�察�the manufactures�� in the



background so that it is scarcely perceptible�察�while he places the



improvement of the land itself and the increase of cattle�察�which



are themselves for the most part the result of manufactures and of



the commerce proceeding from them�察�as the chief cause�察�or at least



as an equal cause�察�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�察�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�察�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�察�lands�察�mines�察�and fisheries。。。。            



2��604 mill。



   Working capital in cattle�察�implements�察�stocks�察�and money。。。。 



655  ;



   Household furniture and utensils of the agriculturists。。。。    



52  ;



                                                              



3��311  ;







2。 Invested in manufactures and commerce��



   Manufactures�察�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�察�and in manu´



        facturing buildings                                   605 



   ;



   In ships。。。。。。。。                                            33



1/2  ;



   In bridges�察�canals�察�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�察�in foreign loans��



      and in the English public funds��。。。。。。                4��305



1/2 mill。











        II。 GROSS NATIONAL PRODUCTION。







     1。 Of agriculture�察�mines�察�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�察�property�察�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�察�&c。                                          2��604



mill。



   Of houses in towns�察�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�察�inclusive of



ships�察�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�察�with 3��311



millions�察�yields a gross income of 539 millions�察�consequently about



16 per cent�察�while manufacturing and commercial capital�察�amounting



to 218 millions�察�gives a gross annual production of 259 1/2



millions or of 120 per cent。



    It must here�察�above all things�察�be noted that the 218 millions



manufacturing capital�察�with an annual production of 259 1/2



millions�察�constitute the chief reason why the English agricultural



capital could have attained to the enormous amount of 3��311



millions�察�and its annual produce to the sum of 539 millions。 By far



the greatest part of the agricultural capital consists in the value



of land and cattle。 Manufactures�察�by doubling and trebling the



population of the country�察�by furnishing the means for an immense



foreign commerce�察�for the acquisition and exploration of a number



of colonies�察�and for a large mercantile marine�察�have increased in



the same proportion the demand for means of subsistence and raw



materials�察�have afforded to the agriculturist at once the means and



the motive for satisfying this increased demand�察�have increased the



exchangeable value of these products�察�and thus caused the



proportionate increase in the amount and the selling value of the



rent of land�察�consequently of the land itself。 Were these 218



millions of manufacturing and commercial capital destroyed�察�we



should see not merely the 259 1/2 millions manufacturing



pro
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