June 27, 1868.

The Economist, 27. Juni 1868. S. 729/730.
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The Sources of our Subsistence.  Zusatz von Marx.
(U. States etc)

Caird observed „our principal dependence must be on the U. States of America“ and he gave as the result of careful investigation the following figures, which in their order show the proportions in which the various countries have contributed to our wants in wheat:|


Also nach Caird:

Order in which various countries provided U. Kingd. mit wheat during the 12 years ending with 1866:
1) United States 35 P.Ct.
2) Germany 20
3) Russia 17
4) France 12
5) Egypt 6
Other Countries 10 Total 100.

In 1862Caird remarks – the year of largest wheat import ever known, America sent 5/11 of that whole import.

Wheat Import into U. Kingd. 1867, year preeminent for high price and scarcity among recent years.
1) Russia: Northern Ports: qrs. 312,292
Southern Ports: 2,924,300 Total: 3,236,592.
2) Germany Prussia: 1,285,906
Schlesw. Holstein. Lauenburg: 29,359
Hanse Towns: 161,746
Germany: Other Ports. 162,135 Total: 1,639,146.
3) Un. States 966,464 .
4) Chili 449,129
5) Turkish Dominions (not otherwise specified) 439,526
6) Egypt 335,025
7) British North America 157,644
8) France 137,862
9) Illyria, Croatia and Dalmatia 125,223
10) Wallachia and Moldavia 125,082
11) Denmark 96,464
12) Spain 30,170
13) Venetia 27,407
14) Other Countries: 229,375
Total: 7,995,109 .

During the Civil war and till end of 1864 the U. St. had ample harvests, which helped materially in the great struggle, but in 1865 and 1866 very deficient crop, and the effect upon the English Imports was immediate.

Imports from U. States.
1862 qrs 3,724,770 In 1862 a time of low price
1863 2,008,708
1864 1,821,926 In 1864 und ʼ65 in Europe the harvests were good. Americans had little to send, and did not want to send.
1865 271,758
1866 146,601
1867 966,464

France imports in bad, exports in good years. Mostly seasons same for France as for England. So France competitor in the general food market when English harvest bad, and on additional competitor with our English growers when our harvest is good. Adds to an abundance, intensifies a scarcity.

Wheat Imports from France into U. Kingdom.
1859 Qrs: 1,096,672
1860 552,601
1861 181,672
1862 224,835
1863 34,034
1864 135,485
1865 519,893
1866 810,490
1867 137,862.
The Economist, 27. Juni 1868. S. 733/734.
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On the Ownership and Occupation of Land (Communicated)  Zusatz von Marx.
(Mortgagee etc)

Economists regard little a very important [person] in agriculture – the mortgagee. He is to be found wherever land can furnish a valid security for a loan. In countries where the custom of hiring the land of another is unpopular or little practised, he becomes to a great extent the recipient of the rent. Thus in the U. States, instead of letting his land the proprietor sells it out and out, receiving we will suppose 10 P.Ct. money down, and the remainder of his claim in nine annual instalments with interest, retaining his hold upon the land as his security until the debt is fully discharged. In this case, he really receives rent in the shape of interest and capital. The same thing exists in Norway: Land is rarely, if ever, sold in that country for ready money, and the proportion of landed property mortgaged is very large.

In Flanders, a large portion of the cultivators are tenant farmers holding on short leases and at rack rents.|


The occupier is in the most favourable position, other things being equal, when he can devote the largest amount of capital and intelligence to the actual cultivation of the soil. This the case in the English system. He ought to be regarded as a borrower of the land or its value, at a rate of interest probably less than 3 P.Ct.

Suppose case of a farm of 200 acres, with rent of 30sh. p. acre. This represents a sum of 10,000l., which, did the land belong to the occupier, he must find from his own means or borrow at a rate of certainly not less than 4%, perhaps higher, with the risk of being called upon for repayment at the most inconvenient moment.

I) Case I. Land belonging to the occupier, unmortgaged; he possesses besides 2,000£ of Active Capital.
Rent £300
Profit on active capital, and pay for personal service, say 15 P.C. 300
Total: 5 P.Ct. on £.12.000 £600.
II) Case II. Suppose him to possess 12,000l, but that he hires the Land from another.
Profit on active capital (2000£) as before £300
Return from 10,000l. vested in cottage property, on mortgage, or in railway bonds etc, at least 5% 500
Total income from 12,000£ 800.
Or 1/3 more than in case I, with less risk.

Let us now suppose that a man worth £2,000 resolves to purchase land and cultivate it himself, that he lays out £1,500 in the purchase, and retains £500 for cultivation. How will his income stand? Rent: £45. Profits on active capital: 50l. Personal service: £50. Total income: £145, little more than that of a mechanic. In all probability within a few years he will become embarrassed and borrow, or will be tempted or necessitated to sell his land, and at any rate he will occupy a lower position and more restricted income than if he had employed his capital in cultivating the land of another. … Im Ganzen income  Gemeint ist die Kultivierung gepachteten Landes.
on land durch farming 10% (excl. of interest)
, on purchasing 3%, difference 7%. So long then as a class of persons is to be found who will hold or purchase land paying only 3 P.Ct., it will be the interest of the actual cultivator to hire rather than to buy land. The cultivation of land in small quantities especially by its owners bears a close analogy to the process of domestic manufacture once almost universal, which has generally yielded to the factory system.


  • Inhaltsverzeichnis von Friedrich Engels
  • 1869 I Heft
  • Money Market. 1868.
  • Money Market Review. Jahrgang 1868.
  • The Economist. Jahrgang 1868. Nachträge
    • The Economist. Jahrgang 1868.
    • Inhaltsregister für 1868 Jahrgang. („Money Market Review“ und „Economist“.)
    • Kommentar zu George Joachim Goschen
      • George J. Goschen: The Theory of the Foreign Exchange. 7th edit. London 1866.
      • Friedrich Ernst Feller, Carl Gustav Odermann: Das Ganze der kaufmännischen Arithmetik
      • Inhalt.