The price of wood again varies with the state of agriculture, nearly in the same manner, and exactly for the same reason, as the price of cattle.In its rude beginnings the greater part of every country is covered with wood, which is then a mere encumberance of no value to the landlord, who would gladly give it to anybody for the cutting.As agriculture advances, the woods are partly cleared by the progress of tillage, and partly go to decay in consequence of the increased number of cattle.
These, though they do not increase in the same proportion as corn, which is altogether the acquisition of human industry, yet multiply under the care and protection of men, who store up in the season of plenty what may maintain them in that of scarcity, who through the whole year furnish them with a greater quantity of food than uncultivated nature provides for them, and who by destroying and extirpating their enemies, secure them in the free enjoyment of all that she provides.Numerous herds of cattle, when allowed to wander through the woods, though they do not destroy the old trees, hinder any young ones from coming up so that in the course of a century or two the whole forest goes to ruin.The scarcity of wood then raises its price.It affords a good rent, and the landlord sometimes finds that he can scarce employ his best lands more advantageously than in growing barren timber, of which the greatness of the profit often compensates the lateness of the returns.This seems in the present times to be nearly the state of things in several parts of Great Britain, where the profit of planting is found to be equal to that of either corn or pasture.The advantage which the landlord derives from planting can nowhere exceed, at least for any considerable time, the rent which these could afford him; and in an inland country which is highly cultivated, it will frequently not fall much short of this rent.Upon the sea-coast of a well improved country, indeed, if coals can conveniently be had for fuel, it may sometimes be cheaper to bring barren timber for building from less cultivated foreign countries than to raise it at home.In the new town of Edinburgh, built within these few years, there is not, perhaps, a single stick of Scotch timber.
Whatever may be the price of wood, if that of coals is such that the expense of a coal fire is nearly equal to that of a wood one, we may be assured that at that place, and in these circumstances, the price of coals is as high as it can be.It seems to be so in some of the inland parts of England, particularly in Oxfordshire, where it is usual, even in the fires of the common people, to mix coals and wood together, and where the difference in the expense of those two sorts of fuel cannot, therefore, be very great.
Coals, in the coal countries, are everywhere much below this highest price.If they were not, they could not bear the expense of a distant carriage, either by land or by water.A small quantity only could be sold, and the coal masters and coal proprietors find it more for their interest to sell a great quantity at a price somewhat above the lowest, than a small quantity at the highest.The most fertile coal-mine, too, regulates the price of coals at all the other mines in its neighbourhood.Both the proprietor and the undertaker of the work find, the one that he can get a greater rent, the other that he can get a greater profit, by somewhat underselling all their neighbours.Their neighbours are soon obliged to sell at the same price, though they cannot so well afford it, and though it always diminishes, and sometimes takes away altogether both their rent and their profit.Some works are abandoned altogether; others can afford no rent, and can be wrought only by the proprietor.
The lowest price at which coals can be sold for any considerable time is, like that of all other commodities, the price which is barely sufficient to replace, together with its ordinary profits, the stock which must be employed in bringing them to market.At as coal-mine for which the landlord can get no rent, but which he must either work himself or let it alone altogether, the price of coals must generally be nearly about this price.
Rent, even where coals afford one, has generally a smaller share in their prices than in that of most other parts of the rude produce of land.The rent of an estate above ground commonly amounts to what is supposed to be a third of the gross produce;and it is generally a rent certain and independent of the occasional variations in the crop.In coal-mines a fifth of the gross produce is a very great rent; a tenth the common rent, and it is seldom a rent certain, but depends upon the occasional variations in the produce.These are so great that, in a country where thirty years' purchase is considered as a moderate price for the property of a landed estate, ten years' purchase is regarded as a good price for that of a coal-mine.
The value of a coal-mine to the proprietor frequently depends as much upon its situation as upon its fertility.That of a metallic mine depends more upon its fertility, and less upon its situation.The coarse, and still more the precious metals, when separated from the ore, are so valuable that they can generally bear the expense of a very long land, and of the most distant sea carriage.Their market is not confined to the countries in the neighbourhood of the mine, but extends to the whole world.The copper of Japan makes an article of commerce in Europe; the iron of Spain in that of Chili and Peru.The silver of Peru finds its way, not only to Europe, but from Europe to China.
