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both of provisions and other goods。 The assize of bread is； so
far as I know； the only remnant of this ancient usage。 Where
there is an exclusive corporation； it may perhaps be proper to
regulate the price of the first necessary of life。 But where
there is none； the competition will regulate it much better than
any assize。 The method of fixing the assize of bread established
by the 31st of George II could not be put in practice in
Scotland； on account of a defect in the law； its execution
depending upon the office of a clerk of the market； which does
not exist there。 This defect was not remedied till the 3rd of
George III。 The want of an assize occasioned no sensible
inconveniency； and the establishment of one； in the few places
where it has yet taken place； has produced no sensible advantage。
In the greater part of the towns of Scotland； however； there is
an incorporation of bakers who claim exclusive privileges； though
they are not very strictly guarded。
The proportion between the different rates both of wages and
profit in the different employments of labour and stock； seems
not to be much affected； as has already been observed； by the
riches or poverty； the advancing； stationary； or declining state
of the society。 Such revolutions in the public welfare； though
they affect the general rates both of wages and profit； must in
the end affect them equally in all different employments。 The
proportion between them； therefore； must remain the same； and
cannot well be altered； at least for any considerable time； by
any such revolutions。
CHAPTER XI
Of the Rent of Land
RENT； considered as the price paid for the use of land； is
naturally the highest which the tenant can afford to pay in the
actual circumstances of the land。 In adjusting the terms of the
lease； the landlord endeavours to leave him no greater share of
the produce than what is sufficient to keep up the stock from
which he furnishes the seed； pays the labour； and purchases and
maintains the cattle and other instruments of husbandry； together
with the ordinary profits of farming stock in the neighbourhood。
This is evidently the smallest share with which the tenant can
content himself without being a loser； and the landlord seldom
means to leave him any more。 Whatever part of the produce； or；
what is the same thing； whatever part of its price is over and
above this share； he naturally endeavours to reserve to himself
as the rent of his land； which is evidently the highest the
tenant can afford to pay in the actual circumstances of the land。
Sometimes； indeed； the liberality； more frequently the ignorance；
of the landlord； makes him accept of somewhat less than this
portion； and sometimes too； though more rarely； the ignorance of
the tenant makes him undertake to pay somewhat more； or to
content himself with somewhat less than the ordinary profits of
farming stock in the neighbourhood。 This portion； however； may
still be considered as the natural rent of land； or the rent for
which it is naturally meant that land should for the most part be
let。
The rent of land； it may be thought； is frequently no more
than a reasonable profit or interest for the stock laid out by
the landlord upon its improvement。 This； no doubt； may be partly
the case upon some occasions； for it can scarce ever be more than
partly the case。 The landlord demands a rent even for unimproved
land； and the supposed interest or profit upon the expense of
improvement is generally an addition to this original rent。 Those
improvements； besides； are not always made by the stock of the
landlord； but sometimes by that of the tenant。 When the lease
comes to be renewed； however； the landlord commonly demands the
same augmentation of rent as if they had been all made by his
own。
He sometimes demands rent for what is altogether incapable
of human improvement。 Kelp is a species of sea…weed； which； when
burnt； yields an alkaline salt； useful for making glass； soap；
and for several other purposes。 It grows in several parts of
Great Britain； particularly in Scotland； upon such rocks only as
lie within the high water mark； which are twice every day covered
with the sea； and of which the produce； therefore； was never
augmented by human industry。 The landlord； however； whose estate
is bounded by a kelp shore of this kind； demands a rent for it as
much as for his corn fields。
The sea in the neighbourhood of the islands of Shetland is
more than commonly abundant in fish； which makes a great part of
the subsistence of their inhabitants。 But in order to profit by
the produce of the water； they must have a habitation upon the
neighbouring land。 The rent of the landlord is in proportion； not
to what the farmer can make by the land； but to what he can make
both by the land and by the water。 It is partly paid in sea…fish；
and one of the very few instances in which rent makes a part of
the price of that commodity is to be found in that country。
The rent of the land； therefore； considered as the price
paid for the use of the land； is naturally a monopoly price。 It
is not at all proportioned to what the landlord may have laid out
upon the improvement of the land； or to what he can afford to
take； but to what the farmer can afford to give。
Such parts only of the produce of land can commonly be
brought to market of which the ordinary price is sufficient to
replace the stock which must be employed in bringing them
thither； together with its ordinary profits。 If the ordinary
price is more than this； the surplus part of it will naturally go
to the rent of land。 If it is not more； though the commodity may
be brought to market； it can afford no rent to the landlord。
Whether the price is or is not more depends upon the demand。
There are some parts of the produce of land for which the
demand must always be such as to afford a greater price than what
is sufficient to bring them to market； and there are others for
which it either may or may not be such as to afford this greater
price。 The former must always afford a rent to the landlord。 The
latter sometimes may； and sometimes may not； according to
different circumstances。
Rent； it is to be observed； therefore； enters into the
composition of the price of commodities in a different way from
wages and profit。 High or low wages and profit are the causes of
high or low price； high or low rent is the effect of it。 It is
because high or low wages and profit must be paid； in order to
bring a particular commodity to market； that its price is high or
low。 But it is because its price is high or low； a great deal
more； or very little more； or no more； than what is sufficient to
pay those wages and profit； that it affords a high rent； or a low
rent； or no rent at all。
The particular consideration； first； of those parts of the
produce of land which always afford