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1790, was 8s. 1d. per week. In 1796, Sir F. M. Eden, in his work on the Poor, stated it at 8s 11d. per week. In 1803, the communications to the Board of Agriculture make it 11s. 5d., and in 1810 and 11, according to satisfactory returns obtained by Arthur Young, it was 14s. 6d.[1] This was a steady and very great rise in the price of agricultural labour during the course of twenty years. But in 1810 and 11, paper had separated from gold to a considerable extent. Taking an average of the market prices of gold during these two years, this price was £4. 13^. and reducing the 14^. 6d. currency to a bullion price, it will appear that the bullion wages of labour in 1810 and 11 were a little above I2s. The bullion price of labour had therefore risen 50 per cent. Now, on the supposition that manufacturing and mercantile labour continued to bear the same proportion to agricultural labour as before,[2] it is obvious that there would be a difference of 50 per cent.
- ↑ Inquiry into the Rise of Prices in Europe, p. 15.
- ↑ Perhaps at the time specifically adverted to, this supposition will not be allowed. But it is always assumed as a general proposition; and although 1810 and 11 were years of great manufacturing distress, yet Mr. Tooke himself brings evidence which shows that manufacturing labour was particularly high in 1805 and 6.
