§ 3. Wages depend, then, on the proportion between the number of the labouring population, and the capital or other funds devoted to the purchase of labour; we will say, for shortness, the capital. If wages are higher at one time or place than at another, if the subsistence and comfort of the class of hired labourers are more ample, it is for no other reason than because capital bears a greater proportion to population. It is not the absolute amount of accumulation or of production, that is of importance to the labouring class; it is not the amount even of the funds destined for distribution among the labourers: it is the proportion between those funds and the numbers among whom they are shared. The condition of the class can be bettered in no other way than by altering that proportion to their advantage: and every scheme for their benefit, which does not proceed on this as its foundation, is, for all permanent purposes, a delusion.
In countries like North America and the Australian colonies, where the knowledge and arts of civilized life, and a high effective desire of accumulation, co-exist with a boundless extent of unoccupied land, the growth of capital easily keeps pace with the utmost possible increase of population, and is chiefly retarded by the impracticability of obtaining labourers enough. All, therefore, who can possibly be born, can find employment without overstocking the market: every
could purchase a whole peck. The average price of wheat, according to the Eton tables, for fifty years ending with 1715, was 41s. 7¾d. per quarter, and for the last twenty-three of these, 45s. 8d., while for the fifty years following, it was no more than 34s. 11d. So considerable an improvement in the condition of the labouring class, though arising from the accidents of seasons, yet continuing for more than a generation, had time to work a change in the habitual requirements of the labouring class; and this period is always noted as the date of "a marked improvement of the quality of the food consumed, and a decided elevation in the standard of their comforts and conveniences." (Malthus, Principles of Political Economy, p. 225.) For the character of the period, see Mr. Tooke's excellent History of Prices, vol. i. pp. 38 to 61, and for the prices of corn, the Appendix to that work.
