Page images

results, viz. That no increase in the labour REDUCES the price of commodia wages of labour can increase the rela« ties. tive exchangeable values of commodi “ Suppose,” says Mr Ricardo, “ that ties.

an engine is made, which will last for 100 If a stocking manufacturer employs years, and that its value is £20,000. Süpone hundred men, during ten days, in pose too, that this machine, without any manufacturing stockings, which ex

labour whatever, could produce a certain change for the gloves manufactured by profits were 10 per cent., the whole value

quantity of commodities annually, and that the same number of men in twenty of the goods produced would be annually days, the values of these products are £2000: 2:11; for the profit of £20,000, precisely equal. But if some more at 10 per cent: is

£2000 0 0 expeditious method of manufacturing And an annuity of 2s. 11d. for gloves should be discovered - if one 100 years, at 10 per cent. will, man was enabled to do as much work

at the end of that period, re

0 2 11 as was previously executed by two, the place à capital of £20,000, value of gloves, compared with stock. Consequently the goods must ings, (supposing, for the sake of siin- sell for

£2000 2 11 plifying the question, that the value of

“ If the same amount of capital, viz. the raw materials consumed in both £20,000, be employed in supporting promanufactures are equal,) would be re ductive labour, and be annually consumed duced one half. If an equal improve and reproduced, as it is when employed in ment had been made in the stocking paying wages, then to give an equal profit manufacture, the relative values of of 10 per cento the commodities must sell both commodities would remain the for £22,000. Now suppose labour so to same as at first ;—a greater quantity of rise, that instead of £20,000 being sufficient

of those employed in prothe one would merely be exchanged ducing the latter commodities, £20,952 is for a greater quantity of the other. It required; then profits will fall to 5 per is obvious, however, that an increase cent. ; for as these commodities would sell for in the wages of labour eould not affect no more than £22,000, and to produce them this eonelusion. Suppose wages to rise £20,952 would be requisite, there would 10 per cent., the stoeking manufacturer remain no more than £1,018, on a capital

of £20,952. If labour so rise, that £21,153 could not say to the glove manufacturer that he must have a greater quan

were required, profits would fall to 4 per

cent. ; and if it rose, so that £21,359 was tity of gloves in exchange for his stock employed, profits would fall to 3 per cent. ings, on account of the increased wages “ But as no wages would be paid by of his workmen, because the other the owner of the machine when profits feil would answer, that the same rise af. to 5 per cent., the price of his goods must fected him in precisely the same de- fall to £1007: 13: 8, viz. £1000 to pay gree. The relation of proportional his profits, and £7: 13:8 to accumulate numbers is not altered by being all for 100 years, at 5 per cent., to replace his multiplied by the same number. If a capital of £20,000.' When profits fall to 5 pair of stockings be exchanged for a pair and when at 3 per cent. for £632 : 16: 7.

per cent. his goods must sell for £816:3:2; of gloves when wages are at ls. per By a rise in the price of labour, then, undiem, the same exchange would take der 7 per cent, which has no effect on the place after wages had risen to 20s. per prices of commodities wholly produced by diem. In the one case a very small share labour, a fall of no less than 68 per cent is only of the produce of the labourer's effected on those commodities wholly proexertions would belong to himself, and duced by machinery lasting 100 years. If a large share to his employer; in the the proprietor of the machine sold his goods other, the labourer's share would be for more than £632 : 16:7, he would get

more than 3 per cent., the general profit of much augmented, and his employer's stock ; and as others could furnish themproportionally reduced. The value of selves with machines at the same price of the commodity would, in both cases, £20,000, they would be so multiplied, that be the same, but it would be very dif- he would be inevitably obliged to sink the ferently divided.

price of his goods, till they afforded only the Mr Ricardo, however, has not only usual and general profits of stock.” shewn that a rise in the wages of labour In proportion as the machine was does not raise the price of the commo or less durable, prices would be dities purchased by that labour, but more or less affected by a rise of wages; he has also shewn, that when fixed but, for a further elucidation of this capitals, and machinery, are employed subject, our readers must peruse Mr in producing, a rise in the wages of Ricardo's own statements. VOL. I.


We have here supposed, for the sake the production of which no additional of perspicuity, that the value of money quantity of labour is required. “If was invariable, but whether it is rise then,” says Mr Ricardo, a wages coning or falling has no effect on these tinued the same, profits would remain conclusions. Like every other com the same ; but if, as is absolutely cermodity, the exchangeable value of tain, wages should rise with the rise money varies as the labour of produ- of corn, then profits would necessarily cing it is increased or diminished. fall.”

It does not follow, from the very im Mr Ricardo had already developed portant principles which Mr Ricardo this principle, though more concisely, has with so much talent and ingenu- in his “ Essay on the Profits of Stock," ity endeavoured to establish, that and had successfully applied it to shew wages may be increased in one coun the folly of restricting the corn trade ; try, though they should remain sta- for, by forcing us to have recourse to tionary in others, without any mis- land of a very inferior quality for our chievous consequences being experi- supplies of food, the restrictive system enced. If the wages of labour in Great necessarily lowers the profits of every Britain, from the effects of taxation, kind of stock throughout the country, from the operation of the corn laws, and increases the desire to transfer caor from any other cause, -are higher pital abroad. than in any other country of Europe, Mr Ricardo has also given a satisthe profits of stock must be propor- factory, and in many respects an ori, tionally lower. Hence, there is an in- ginal, view of the nature of rent, and ducement to remit capital abroad to of the effects of taxation. As our lia, where it will yield a larger return; and mits, however, will not permit us to although capitalists, as well as other enter on these topics, we earnestly remen, have a natural repugnance to re

commend our readers to have recourse move to foreign countries from the land to the work itself, which contains much of their fathers and their friends, yet, valuable and profound discussion, as as Mr Ricardo has justly observed, well on these as on subjects to which There are assuredly limits to the it has not been possible for us even to price, which, in the form of perpetual allude. taxation, individuals will submit to Mr Ricardo's style is simple and pay for the privilege merely of living unaffected ; but there are some parts in their native country.”

of his work in which, perhaps, he is a The vast number of English fa- little obscure, and others in which milies which have emigrated to the there appears too much of controversy. continent since the peace, is a too con- Of all the writers on Political Econovincing proof of the accuracy of this my, M. Say stands unrivalled for perstatement; and until the weight of spicuity,- for natural and luminous our taxation is diminished, and the arrangeinent,--and for instructive and profits of stock rendered as high, and elegant illustration. the expense of house-keeping as cheap, in this country as on the other side of the water, the tide of emigration Bingley's Useful Knowledge; or an will continue to roll on. Besides adventitious causes, such as

Account of the various Productions

of Nature, Mineral, Vegetable, and taxation, &c. which may raise the

Animal, which are chiefly employed wages of labour and lower the rate of

for the use of Man. 3 vols 12mo. profit, Mr Ricardo lays it down as a

London, Baldwin & Co. 1817. general principle, that in every country the profits of stock must be diminish- This work well entitles its author ed according as it becomes more diffin to rank among the friends of youth, cult to raise food. If corn, or manu- It is really what it pretends to be, a factured goods, always sold at the repository of useful knowledge, consame price, profits would be high or taining a clear and interesting account low, in proportion as wages were low of many of those productions which or high. But although corn rises in are useful to man in the mineral, veprice because more labour is necessary getable, and animal kingdoms. to produce it, that cause will not raise That part of it which treats of anithe price of manufactured goods, in mals has been executed on a plan

[ocr errors][ocr errors]

similar to that of Mavor, Bigland, and rocks, and above all, of the different others; and the subjects of the two kinds of soils, and also to give some first parts are to be found in systems idea of what is meant by the theories of mineralogy and botany; but there of the earth. Another subject which is no work with which we are ac we should have expected to see noquainted, in which so much valuable ticed, is fossil remains. In this there information in all these departments is much to interest and amuse; and it is comprised within the same extent. certainly falls within the author's plan. There is, we are persuaded, no class. All these things would add little to of readers to whom this book will not the size, while they would greatly inbe both amusing and instructive. To crease the value of the publication. It those who have already studied the is proper also to remark, that the ausubjects in larger works, it will serve thör might have taken more frequent to recall the particulars which are occasion than he has done to impress most interesting, and may be advan on the minds of his readers the appeara tageously employed as a book of refer ances of wisdom and goodness which ence. Those, on the other hand, who are so often to be met with in the have not entered upon such inquiries, works of nature. In books intended will find a great deal to gratify their for the use of the young, this is a duty curiosity, conveyed in an agreeable that ought never to be omitted ; and manner. To young persons, especially the performance of it constitutes one young ladies, who have seldom an op- great excellence in the writings of portunity of studying large systems of Bigland and Mavor. Of the style and natural history, we would particularly manner we cannot give a better idea, recommend this work. If it were read than by making an extract almost at in small portions daily, and an account random, which may be considered a of the pupil's progress rendered, either fair specimen of what the book conin writing or in conversation, the tains. young would soon be found to have acquired more information on the “ The common pear is a well known topics of which it treats, than many garden fruit, derived from an English stock, who have perused larger systems in a

the wild pear tree (Pyrus communis), which vague and cursory manner. Besides grows in hedges and thickets in Somerset

shire and Sussex. It would be an endless affording much information, as it is task to describe the different known varieties arranged on the plan of the best sys- of the cultivated pear. Some of these are tems, it will insensibly accustom the very large, and others extremely small : mind to the classifications of natural some have a rich and luscious flavour, and history, and thereby prepare the reader others, as the iron pear, are so hard and for the study of more extensive works. disagreeable to the taste, as to be absolutely

unfit to eat. We must not, however, forbear to

Pears are chiefly used in desmention some slight defects, which stewed with sugar, baked, or preserved in

serts ; and one or two of the kinds are we would wish much to see supplied,

syrup. whenever it comes to another edition.

“The fermented juice of pears is called In addition to the general index, there perry, and is prepared nearly in the same should be a separate index to each manner as that of apples is for cider. The volume. In the first volume, only greatest quantities of perry are made in some of the families of minerals are Worcestershire and Herefordshire. The enumerated, and for no other reason

Squash, the Oldfield, and the Barland than that the Table might all be con

perry are esteemed the best. Many of the

dealers in Champaigne wine are said to use tained in one page. Another defect in the same part of the work is, that of it': and indeed, real good perry is little

perry to a great extent in the adulteration little is said of what are called com

inferior in flavour or quality to champaigne. pound rocks, or even of the different “ Of the wood of the pear tree, which is soils; and nothing at all of what every light, smooth, compact, and of a yellowish one has often occasion to hear men colour, carpenters' and joiners' tools are tioned, we mean the manner in which usually made, as well as the common kinds the earth is supposed to have been of flat rulers, and measuring scales. It is formed. Now we think that it would stained black. The leaves impart a yellow

also used for picture frames that are to be be interesting, and at the same time dye, and are sometimes employed to comeasy, to give a short account of these municate a green colour to blue cloth.'


Analytical Notices.--Encyclopædia Britannica-Supplement. [May


1. ENCYCLOPÆDIA BRITANNICA propose to give of works of this nature,

SUPPLEMENT. Vol. II. Part I. our plan and limits admit of no retroAmong the many distinctions by spect beyond the last published Numwhich our northern metropolis is ber. Of Mr Stewart's dissertation, known in the literary world, it is not therefore, we shall only say, that we the least honourable, that the first agree with some distinguished critics Encyclopædia, in point of celebrity, if in considering it as the most splendid not of time, published in Britain, of his works, and as combining a numwas projected and executed in Edin- ber of qualities which place the author burgh. On the plan of the Encyclo- at the head of the elegant writers of pædia Britannica, important improve- philosophy in our language. ments have no doubt been made in The order which Mr Playfair folother similar works; but it was even lows in his discourse, is very properly from the first a most valuable reposi- determined by a regard to the subsertory of knowledge, and many of the viency of one science to the progress of leading articles in science and literas another, and the consequent priority ture were executed with an ability of the former in the course of regular which has never been surpassed. Sci- study. He first traces, therefore, the ence, however, is unceasing in her pro- progress of the pure mathematics, one gress; and is found, in the course of a of the two principal instruments which few years, to have left far behind, the have been applied to the advancement fields in which her votaries had for- of natural science. As the other inmerly accompanied her with all the strument is experience, the principles delight of discovery. The records of of the inductive method, or that branch her advancement given in Encyclopæ- of logic which teaches the application dias soon become defective ; and the of experiment and observation to the deficiency must be supplied either by interpretation of nature, form, of course, new editions, or by supplemental are the second object of his inquiry. He ticles. The proprietors of the Britan- next proceeds to treat of natural phinica, though they have repeatedly losophy, under the divisions of mechabeen called upon, by an extended sale, nics, astronomy, and optics. Under the to renew the editions of their work, general denomination of mechanics he have generally chosen to give, in the includes the theory of motion, as apform of supplements, the additional plied not only to solids, but to fluids, information which the progress of sci- both incompressible and elastic. Optics ence required. The Supplement which he places after astronomy, because the is now going on, has attracted much of discoveries in mechanics, he observes, the public attention by the pomp of have much less affected the progress of its announcement, and has deserved the former of these sciences than of it, so far as published, by the splen- the latter. A sixth division succeeds, dour of its execution.

containing the laws of the three una Three Parts of it have already ap- known substances, if, in deed, they may. peared: the first preceded by a disser- be called substances, -heat, electricity, tation exhibiting a general view of the and magnetism. Aswe intend hereafter progress of metaphysical, ethical, and to give, in another part of our work, a political philosophy, by Professor Du- pretty full analysis of this dissertation, gald Stewart; and the third, which written by a correspondent, we shall begins the second volume, by a siini- content ourselves at present with this lar dissertation on the history of the general outline of Mr Playfair's plan. mathematical and physical sciences, In the object which he modestly proby Professor Play fair. These disser- poses to himself',--to treat his subjects tations are extreinely valuable; and with clearness and precision --MIr Playdid the Supplement contain nothing fair has completely succeeded. No aumore, we should have considered it as thor, indeed, with whom we are aca very precious donation to the literary quainted, excels him in luminous arworld. In the short sketch which we rangement, or in perspicuous expres

[ocr errors]

1917.] Analytical Notices.- Encyclopædia Britannica.-Supplement.

181 sion. At all times perfectly master of betweenone and two degrees in breadth his subject, he conveys his ideas to that, in a subsequent voyage, he had his readers with a elearness, an ease, circumnavigated New Holland-and and elegant simplicity, which render that, in a still later voyage, he had his works, in our opinion, models of made many important discoveries. It philosophical composition.

was known that, after losing his ship, Of the other articles in this part of the he had set sail for England with his Supplement, the first is AUSTRALASIA. papers, plans, and charts of discovery, A vague idea had long prevailed among when he was most shamefully detainEuropean geographers, that an immense ed at the Isle of France; and that, in continent existed beyond the limits of spite of an order for his liberation, discovery in the south, and extended procured in consequence of an applieven to the pole. To this imaginary cation by the Royal Society of Loncontinent they gave the name of Terra don to the National Institute of Paris, Australis Incognita. Though later re the governor refused to permit him to searches have proved that there is no depart. When the article in the Supsuch continent, or at least that it can plement was written, it could be stated, only be of a moderate size, and en.. that after a captivity of seven years, closed by impenetrable barriers of ice, he had at length arrived in England yet in the three great oceans in the in 1810, and published, in 1814, his south of the globe, there have been discoveries in two volumes, accomdiscovered almost innumerable islands, panied with an atlas of charts, which which demanded, of course, some sys- may be held forth as models in maritematic arrangement. With this view, time surveying. Captain Flinders has the President de Brosses proposed that completed the survey in detail of the the lands and islands in the Austral coasts of New Holland, with the exworld should be divided into three ception of the west and northwest portions, those in the Indian ocean, coasts, which he was prevented from and in the south of Asia, to be named exploring by the loss of his ship. It is Australasia ; those in the two Pacifics, to be hoped, that the local government Polynesia, from the number of islands; of New South Wales will take an earand those in the Atlantic, to the south ly opportunity of completing the surof Cape Horn, and the Cape of Good vey in which Flinders was so unforHope, Magellanica. Under the name tunately interrupted. In this article, of Australasia, the writer of this arti- too, are recorded the still more recent, cle comprehends--1. Notasia, or new and no less interesting, discoveries, Holland-2. Van Diemen's Land—3. made in the interior of this vast island Papua, or New Guinea-_4. New Bri- by Mr Evans and Governor Mactain, New Ireland, and neighbouring quarrie. The country, according to islands-5. Solomon's Islands--6.New their accounts, was in all respects deHebrides—7. New Caledonia--8. New lightful, still improving as they peneZealand, and isles to the southward- trated westward, and holding out the 9. Kerguelen's Islands, or Islands of most inviting prospects to future colDesolation-10. St Paul and Amster onists. Little more is added, in this dam--11. Numerous reefs and islets article, to the information which we of coral scattered over the Australasian already possessed respecting the islands sea.--After this enumeration, the three of Australasia, excepting the discovery last particulars of which have seldom of a few islets to the south and southbeen classed by geographers under the west of Lord Auckland's group. name of Australasia, though they are The next article in the Supplement so classed with evident propriety, the is AUSTRIA; a new account of which author proceeds to give a pretty full

was rendered indispensably necessary, account of each of them, in the by the recent events in which that order in which they are named. One empire bore so conspicuous a share. It considerable advantage this article pos- begins with a very rapid sketch of the sesses, in consequence of its being so recent history of Austria, and to the lately published. When the corres account of the same events given in ponding article in the Edinburgh En- the corresponding article in the Edincyclopædia was written, it was known burgh Encyclopædia, it has to add that Captain Flinders had ascertained this unexpected and wonderful cirVan Diemen's Land to be a large island cumstance, that in consequence of the separated from New Holland by a strait downfall of Napoleon, Austria is now

« PreviousContinue »