EFFECTS OF THE PROGRESS OF IMPROVEMENT UPON THE REAL
PRICE OF MANUFACTURES
It is the natural effect of improvement, however, to diminish gradually the real price of almost all manufactures. That of the manufacturing workmanship diminishes, perhaps, in all of them without exception. In consequence of better machinery, of greater dexterity, and of a more proper division and distribution of work, all of which are the natural effects of improvement, a much smaller quantity of labour becomes requisite for executing any particular piece of work, and though, in consequence of the flourishing circumstances of the society, the real price of labour should rise very considerably, yet the great diminution of the quantity will generally much more than compensate the greatest rise which can happen in the price.
There are, indeed, a few manufactures in which the necessary rise in the real price of the rude materials will more than compensate all the advantages which improvement can introduce into the execution of the work. In carpenters' and joiners' work, and in the coarser sort of cabinet work, the necessary rise in the real price of barren timber, in consequence of the improvement of land, will more than compensate all the advantages which can be derived from the best machinery, the greatest dexterity, and the most proper division and distribution of work.
But in all cases in which the real price of the rude materials either does not rise at all, or does not rise very much, that of the manufactured commodity sinks very considerably.
This diminution of price has, in the course of the present and preceding century, been most remarkable in those manufactures of which the materials are the coarser metals. A better movement of a watch, that about the middle of the last century could have been bought for twenty pounds, may now perhaps be had for twenty shillings. In the work of cutiers and locksmiths, in all the toys which are made of the coarser metals, and in all those goods which are commonly known by the name of Birmingham and Sheffield ware, there has been, during the same period, a very great reduction of price, though not altogether so great as in watch-work. It has, however, been sufficient to astonish the workmen of every other part of Europe, who in many cases acknowledge that they can produce no work of equal goodness for double, or even for triple the price. There are perhaps no manufactures in which the division of labour can be carried further, or in which the machinery employed admits of a greater variety of improvements, than those of which the materials are the coarser metals.
In the clothing manufacture there has, during the same period, been no such sensible reduction of price. The price of superfine cloth, I have been assured, on the contrary, has, within these five-and-twenty or thirty years, risen somewhat in proportion to its quality; owing, it was said, to a considerable rise in the price of the material, which consists altogether of Spanish wool. That of the Yorkshire cloth, which is made altogether of English wool, is said indeed, during the course of the present century, to have fallen a good deal in proportion to its quality. Quality, however, is so very disputable a matter that I look upon all information of this kind as somewhat uncertain. In the clothing manufacture, the division of labour is nearly the same now as it was a century ago, and the machinery employed is not very different. There may, however, have been some small improvements in both, which may have occasioned some reduction of price.
But the reduction will appear much more sensible and undeniable if we compare the price of this manufacture in the present times with what it was in a much remoter period, towards the end of the fifteenth century, when the labour was probably much less subdivided, and the machinery employed much more imperfect, than it is at present.
In 1487, being the 4th of Henry VII, it was enacted that "whosoever shall sell by retail a broad yard of the finest scarlet grained, or of other grained cloth of the finest making, above sixteen shillings, shall forfeit forty shillings for every yard so sold." Sixteen shillings, therefore, containing about the same quantity of silver as four-and-twenty shillings of our present money, was, at that time, reckoned not an unreasonable price for a yard of the finest cloth; and as this is a sumptuary law, such cloth, it is probable, had usually been sold somewhat dearer. A guinea may be reckoned the highest price in the present times. Even though the quality of the cloths, therefore, should be supposed equal, and that of the present times is most probably much superior, yet, even upon this supposition, the money price of the finest cloth appears to have been considerably reduced since the end of the fifteenth century. But its real price has been much more reduced. Six shillings and eightpence was then, and long afterwards, reckoned the average price of a quarter of wheat. Sixteen shillings, therefore, was the price of two quarters and more than three bushels of wheat. Valuing a quarter of wheat in the present times at eight-and-twenty shillings, the real price of a yard of fine cloth must, in those times, have been equal to at least three pounds six shillings and sixpence of our present money. The man who bought it must have parted with the command of a quantity of labour and subsistence equal to what that sum would purchase in the present times.
The reduction in the real price of the coarse manufacture, though considerable, has not been so great as in that of the fine.
In 1643, being the 3rd of Edward IV, it was enacted that "no servant in husbandry, nor common labourer, nor servant to any artificer inhabiting out of a city or burgh shall use or wear in their clothing any cloth above two shillings the broad yard." In the 3rd of Edward IV, two shillings contained very nearly the same quantity of silver as four of our present money. But the Yorkshire cloth which is now sold at four shillings the yard is probably much superior to any that was then made for the wearing of the very poorest order of common servants. Even the money price of their clothing, therefore, may, in proportion to the quality, be somewhat cheaper in the present than it was in those ancient times. The real price is certainly a good deal cheaper. Tenpence was then reckoned what is called the moderate and reasonable price of a bushel of wheat. Two shillings, therefore, was the price of two bushels and near two pecks of wheat, which in the present times, at three shillings and sixpence the bushel, would be worth eight shillings and ninepence. For a yard of this cloth the poor servant must have parted with the power of purchasing a quantity of subsistence equal to what eight shillings and ninepence would purchase in the present times. This is a sumptuary law too, restraining the luxury and extravagance of the poor. Their clothing, therefore, had commonly been much more expensive.
The same order of people are, by the same law, prohibited from wearing hose, of which the price should exceed fourteenpence the pair, equal to about eight-and-twentypence of our present money. But fourteenpence was in those times the price of a bushel and near two pecks of wheat, which, in the present times, at three and sixpence the bushel, would cost five shillings and threepence. We should in the present times consider this as a very high price for a pair of stockings, to a servant of the poorest and lowest order. He must, however, in those times have paid what was really equivalent to this price for them.
In the time of Edward IV the art of knitting stockings was probably not known in any part of Europe. Their hose were made of common cloth, which may have been one of the causes of their dearness. The first person that wore stockings in England is said to have been Queen Elizabeth. She received them as a present from the Spanish ambassador.
Both in the coarse and in the fine woollen manufacture, the machinery employed was much more imperfect in those ancient than it is in the present times. It has since received three very capital improvements, besides, probably, many smaller ones of which it may be difficult to ascertain either the number or the importance. The three capital improvements are: first, the exchange of the rock and spindle for the spinning-wheel, which, with the same quantity of labour, will perform more than double the quantity of work. Secondly, the use of several very ingenious machines which facilitate and abridge in a still greater proportion the winding of the worsted and woollen yarn, or the proper arrangement of the warp and woof before they are put into the loom; an operation which, previous to the invention of those machines, must have been extremely tedious and troublesome. Thirdly, the employment of the fulling mill for thickening the cloth, instead of treading it in water. Neither wind nor water mills of any kind were known in England so early as the beginning of the sixteenth century, nor, so far as I know, in any other part of Europe north of the Alps. They had been introduced into Italy some time before.
The consideration of these circumstances may, perhaps, in some measure explain to us why the real price both of the coarse and of the fine manufacture was so much higher in those ancient than it is in the present times. It cost a greater quantity of labour to bring the goods to market. When they were brought thither, therefore, they must have purchased or exchanged for the price of a greater quantity.
The coarse manufacture probably was, in those ancient times, carried on in England, in the same manner as it always has been in countries where arts and manufactures are in their infancy. It was probably a household manufacture, in which every different part of the work was occasionally performed by all the different members of almost every private family; but so as to be their work only when they had nothing else to do, and not to be the principal business from which any of them derived the greater part of their subsistence. The work which is performed in this manner, it has already been observed, comes always much cheaper to market than that which is the principal or sole fund of the workman's subsistence. The fine manufacture, on the other hand, was not in those times carried on in England, but in the rich and commercial country of Flanders; and it was probably conducted then, in the same manner as now, by people who derived the whole, or the principal part of their subsistence from it. It was, besides, a foreign manufacture, and must have paid some duty, the ancient custom of tonnage and poundage at least, to the king. This duty, indeed, would not probably be very great. It was not then the policy of Europe to restrain, by high duties, the importation of foreign manufactures, but rather to encourage it, in order that merchants might be enabled to supply, at as easy a rate as possible, the great men with the conveniences and luxuries which they wanted, and which the industry of their own country could not afford them.
The consideration of these circumstances may perhaps in some measure explain to us why, in those ancient times, the real price of the coarse manufacture was, in proportion to that of the fine, so much lower than in the present times.
CONCLUSION OF THE CHAPTER
I shall conclude this very long chapter with observing that every improvement in the circumstances of the society tends either directly or indirectly to raise the real rent of land, to increase the real wealth of the landlord, his power of purchasing the labour, or the produce of the labour of other people.
The extension of improvement and cultivation tends to raise it directly. The landlord's share of the produce necessarily increases with the increase of the produce.
That rise in the real price of those parts of the rude produce of land, which is first the effect of extended improvement and cultivation, and afterwards the cause of their being still further extended, the rise in the price of cattle, for example, tends too to raise the rent of land directly, and in a still greater proportion. The real value of the landlord's share, his real command of the labour of other people, not only rises with the real value of the produce, but the proportion of his share to the whole produce rises with it. That produce, after the rise in its real price, requires no more labour to collect it than before. A smaller proportion of it will, therefore, be sufficient to replace, with the ordinary profit, the stock which employs that labour. A greater proportion of it must, consequently, belong to the landlord.
All those improvements in the productive powers of labour, which tend directly to reduce the real price of manufactures, tend indirectly to raise the real rent of land. The landlord exchanges that part of his rude produce, which is over and above his own consumption, or what comes to the same thing, the price of that part of it, for manufactured produce. Whatever reduces the real price of the latter, raises that of the former. An equal quantity of the former becomes thereby equivalent to a greater quantity of the latter; and the landlord is enabled to purchase a greater quantity of the conveniences, ornaments, or luxuries, which he has occasion for.
Every increase in the real wealth of the society, every increase in the quantity of useful labour employed within it, tends indirectly to raise the real rent of land. A certain proportion of this labour naturally goes to the land. A greater number of men and cattle are employed in its cultivation, the produce increases with the increase of the stock which is thus employed in raising it, and the rent increases with the produce.
The contrary circumstances, the neglect of cultivation and improvement, the fall in the real price of any part of the rude produce of land, the rise in the real price of manufactures from the decay of manufacturing art and industry, the declension of the real wealth of the society, all tend, on the other hand, to lower the real rent of land, to reduce the real wealth of the landlord, to diminish his power of purchasing either the labour, or the produce of the labour of other people.
The whole annual produce of the land and labour of every country, or what comes to the same thing, the whole price of that annual produce, naturally divides itself, it has already been observed, into three parts; the rent of land, the wages of labour, and the profits of stock; and constitutes a revenue to three different orders of people; to those who live by rent, to those who live by wages, and to those who live by profit. These are the three great, original, and constituent orders of every civilised society, from whose revenue that of every other order is ultimately derived.
The interest of the first of those three great orders, it appears from what has been just now said, is strictly and inseparably connected with the general interest of the society. Whatever either promotes or obstructs the one, necessarily promotes or obstructs the other. When the public deliberates concerning any regulation of commerce or police, the proprietors of land never can mislead it, with a view to promote the interest of their own particular order; at least, if they have any tolerable knowledge of that interest. They are, indeed, too often defective in this tolerable knowledge. They are the only one of the three orders whose revenue costs them neither labour nor care, but comes to them, as it were, of its own accord, and independent of any plan or project of their own. That indolence, which is the natural effect of the ease and security of their situation, renders them too often, not only ignorant, but incapable of that application of mind which is necessary in order to foresee and understand the consequences of any public regulation.
The interest of the second order, that of those who live by wages, is as strictly connected with the interest of the society as that of the first. The wages of the labourer, it has already been shown, are never so high as when the demand for labour is continually rising, or when the quantity employed is every year increasing considerably. When this real wealth of the society becomes stationary, his wages are soon reduced to what is barely enough to enable him to bring up a family, or to continue the race of labourers. When the society declines, they fall even below this. The order of proprietors may, perhaps, gain more by the prosperity of the society than that of labourers: but there is no order that suffers so cruelly from its decline. But though the interest of the labourer is strictly connected with that of the society, he is incapable either of comprehending that interest or of understanding its connection with his own. His condition leaves him no time to receive the necessary information, and his education and habits are commonly such as to render him unfit to judge even though he was fully informed. In the public deliberations, therefore, his voice is little heard and less regarded, except upon some particular occasions, when his clamour is animated, set on and supported by his employers, not for his, but their own particular purposes.
His employers constitute the third order, that of those who live by profit. It is the stock that is employed for the sake of profit which puts into motion the greater part of the useful labour of every society. The plans and projects of the employers of stock regulate and direct all the most important operations of labour, and profit is the end proposed by all those plans and projects. But the rate of profit does not, like rent and wages, rise with the prosperity and fall with the declension of the society. On the contrary, it is naturally low in rich and high in poor countries, and it is always highest in the countries which are going fastest to ruin. The interest of this third order, therefore, has not the same connection with the general interest of the society as that of the other two. Merchants and master manufacturers are, in this order, the two classes of people who commonly employ the largest capitals, and who by their wealth draw to themselves the greatest share of the public consideration. As during their whole lives they are engaged in plans and projects, they have frequently more acuteness of understanding than the greater part of country gentlemen. As their thoughts, however, are commonly exercised rather about the interest of their own particular branch of business, than about that of the society, their judgment, even when given with the greatest candour (which it has not been upon every occasion) is much more to be depended upon with regard to the former of those two objects than with regard to the latter. Their superiority over the country gentleman is not so much in their knowledge of the public interest, as in their having a better knowledge of their own interest than he has of his. It is by this superior knowledge of their own interest that they have frequently imposed upon his generosity, and persuaded him to give up both his own interest and that of the public, from a very simple but honest conviction that their interest, and not his, was the interest of the public. The interest of the dealers, however, in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public. To widen the market and to narrow the competition, is always the interest of the dealers. To widen the market may frequently be agreeable enough to the interest of the public; but to narrow the competition must always be against it, and can serve only to enable the dealers, by raising their profits above what they naturally would be, to levy, for their own benefit, an absurd tax upon the rest of their fellow-citizens. The proposal of any new law or regulation of commerce which comes from this order ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it.
TABLES REFERRED TO IN CHAPTER 11, PART 3
Price of the Average of The average Price
Quarter of the different of each Year in Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1202 - 12 - - - - 1 16 -
1205 - 12 - - 13 5 2 - 3
- 13 4
- 15 -
1223 - 12 - - - - 1 16 -1237 - 3 4 - - - - 10 -1243 - 2 - - - - - 6 -1244 - 2 - - - - - 6 -1246 - 16 - - - - 2 8 -1247 - 13 4 - - - 2 - -1257 1 4 - - - - 3 12 -
1258 1 - - - 17 - 2 11 -
- 15 -
- 16 -
1270 4 16 - 5 12 - 16 16 -
6 8 -
1286 - 2 8 - 9 4 1 8 -
- 16 -
---------------
Total L35 9 3
---------------
Average Price L2 19 1 1/4
Price of the Average of The average Price
Quarter of the different of each Year in Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1287 - 3 4 - - - - 10 -
1288 - - 8 - 3 - 1/4 - 9 - 3/4
- 1 -
- 1 4
- 1 6
- 1 8
- 2 -
- 3 4
- 9 4
1289 - 12 - - 10 1 3/4 1 10 4 1/2
- 6 -
- 2 -
- 10 8
1 - -
1290 - 16 - - - - 2 8 -1294 - 16 - - - - 2 8 -1302 - 4 - - - - - 12 -1309 - 7 2 - - - 1 1 6 1315 1 - - - - - 3 - -
1316 1 - - 1 10 6 4 11 6
1 10 -
1 12 -
2 - -
1317 2 4 - 1 19 6 5 18 6
- 14 -
2 13 -
4 - -
- 6 8
1336 - 2 - - - - - 6 -1338 - 3 4 - - - - 10 -
---------------
Total L23 4 11 1/4
---------------
Average Price L1 18 8
Price of the Average of The average Price
Quarter of the different of each Year in Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1339 - 9 - - - - 1 7 -1349 - 2 - - - - - 5 2 1359 1 6 8 - - - 3 2 2 1361 - 2 - - - - - 4 8 1363 - 15 - - - - 1 15 -
1369 1 - - 1 2 - 2 9 4
1 4 -
1379 - 4 - - - - - 9 4 1387 - 2 - - - - - 4 8
1390 - 13 4 - 14 5 1 13 7
- 14 -
- 16 -
1401 - 16 - - - - 1 17 4
1407 - 4 4 3/4 - 3 10 - 8 11
- 3 4
1416 - 16 - - - - 1 12 -
---------------
Total L15 9 4
---------------
Average Price L1 5 9 1/3
Price of the Average of The average Price
Quarter of the different of each Year in Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1423 - 8 - - - - - 16 -1425 - 4 - - - - - 8 -1434 1 6 8 - - - 2 13 4 1435 - 5 4 - - - - 10 8
1439 1 - - 1 3 4 2 6 8
1 6 8
1440 1 4 - - - - 2 8 -
1444 - 4 4 - 4 2 - 8 4
- 4 -
1445 - 4 6 - - - - 9 -1447 - 8 - - - - - 16 -1448 - 6 8 - - - - 13 4 1449 - 5 - - - - - 10 -1452 - 8 - - - - - 16 -
---------------
Total L12 15 4
---------------
Average Price L1 1 3 1/2
Price of the Average of The average Price
Quarter of the different of each Year in Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1453 - 5 4 - - - - 10 8 1455 - 1 2 - - - - 2 4 1457 - 7 8 - - - - 15 4 1459 - 5 - - - - - 10 -1460 - 8 - - - - - 16 -
1463 - 2 - - 1 10 - 3 8
- 1 8
1464 - 6 8 - - - - 10 -1486 1 4 - - - - 1 17 -1491 - 14 8 - - - 1 2 -1494 - 4 - - - - - 6 -1495 - 3 4 - - - - 5 -1497 1 - - - - - 1 11 -
--------------
Total L8 9 -
--------------
Average Price - 14 1
Price of the Average of The average Price
Quarter of the different of each Year in Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1499 - 4 - - - - - 6 -1504 - 5 8 - - - - 8 6 1521 1 - - - - - 1 10 -1551 - 8 - - - - - 2 -1553 - 8 - - - - - 8 -1554 - 8 - - - - - 8 -1555 - 8 - - - - - 8 -1556 - 8 - - - - - 8 -
1557 - 4 - - 17 8 1/2 - 17 8 1/2
- 5 -
- 8 -
2 13 4
1558 - 8 - - - - - 8 -1559 - 8 - - - - - 8 -1560 - 8 - - - - - 8 -
--------------
Total L6 0 2 1/2
--------------
Average Price - 10 - 5/12
Price of the Average of The average Price
Quarter of the different of each Year in Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1561 - 8 - - - - - 8 -1562 - 8 - - - - - 8 -
1574 2 16 - 2 - - 2 - -
1 4 -
1587 3 4 - - - - 3 4 -1594 2 16 - - - - 2 16 -1595 2 13 - - - - 2 13 -1596 4 - - - - - 4 - -
1597 5 4 - 4 12 - 4 12 -
4 - -
1598 2 16 8 - - - 2 16 8 1599 1 19 2 - - - 1 19 2 1600 1 17 8 - - - 1 17 8 1601 1 14 10 - - - 1 14 10
---------------
Total L28 9 4
---------------
Average Price L2 7 5 1/3
Prices of the Quarter of nine Bushels of the best or highest
priced Wheat at Windsor Market, on Lady-day and Michaelmas, from
1595 to 1764, both inclusive; the Price of each Year being the
medium between the highest Prices of those Two Market Days.
Years Years
L. s. d. L. s. d.
1595 - 2 0 0 1621 - 1 10 4
1596 - 2 8 0 1622 - 2 18 8
1597 - 3 9 6 1623 - 2 12 0
1598 - 2 16 8 1624 - 2 8 0
1599 - 1 19 2 1625 - 2 12 0
1600 - 1 17 8 1626 - 2 9 4
1601 - 1 14 10 1627 - 1 16 0
1602 - 1 9 4 1628 - 1 8 0
1603 - 1 15 4 1629 - 2 2 0
1604 - 1 10 8 1630 - 2 15 8
1605 - 1 15 10 1631 - 3 8 0
1606 - 1 13 0 1632 - 2 13 4
1607 - 1 16 8 1633 - 2 18 0
1608 - 2 16 8 1634 - 2 16 0
1609 - 2 10 0 1635 - 2 16 0
1610 - 1 15 10 1636 - 2 16 8
1611 - 1 18 8 --------------
1612 - 2 2 4 16) 40 0 0
1613 - 2 8 8 --------------
1614 - 2 1 8 1/2 L2 10 0
1615 - 1 18 8
1616 - 2 0 4
1617 - 2 8 8
1618 - 2 6 8
1619 - 1 15 4
1620 - 1 10 4
--------------
26) 54 0 6 1/2
--------------
L2 1 6 9/12
Wheat per Wheat per
Years quarter Years quarter
L. s. d. L. s. d.
1637 - 2 13 0 Brought over 79 14 10
1638 - 2 17 4 1671 - 2 2 0
1639 - 2 4 10 1672 - 2 1 0
1640 - 2 4 8 1673 - 2 6 8
1641 - 2 8 0 1674 - 3 8 8
1642 - 0 0 0* 1675 - 3 4 8
1643 - 0 0 0 1676 - 1 18 0
1644 - 0 0 0 1677 - 2 2 0
1645 - 0 0 0 1678 - 2 19 0
1646 - 2 8 0 1679 - 3 0 0
1647 - 3 13 8 1680 - 2 5 0
1648 - 4 5 0 1681 - 2 6 8
1649 - 4 0 0 1682 - 2 4 0
1650 - 3 16 8 1683 - 2 0 0
1651 - 3 13 4 1684 - 2 4 0
1652 - 2 9 6 1685 - 2 6 8
1653 - 1 15 6 1686 - 1 14 0
1654 - 1 6 0 1687 - 1 5 2
1655 - 1 13 4 1688 - 2 6 0
1656 - 2 3 0 1689 - 1 10 0
1657 - 2 6 8 1690 - 1 14 8
1658 - 3 5 0 1691 - 1 14 0
1659 - 3 6 0 1692 - 2 6 8
1660 - 2 16 6 1693 - 3 7 8
1661 - 3 10 0 1694 - 3 4 0
1662 - 3 14 0 1695 - 2 13 0
1663 - 2 17 0 1696 - 3 11 0
1664 - 2 0 6 1697 - 3 0 0
1665 - 2 9 4 1698 - 3 8 4
1666 - 1 16 0 1699 - 3 4 0
1667 - 1 16 0 1700 - 2 0 0
1668 - 2 0 0 ---------------
1669 - 2 4 4 60) 153 1 8
1670 - 2 1 8 ---------------
-------------- L2 11 0 1/3
Carry over L79 14 10
*Wanting in the account. The year 1646 supplied by Bishop Fleetwood.
Wheat per Wheat per
Years quarter Years quarter
L. s. d. L. s. d.
1701 - 1 17 8 Brought over 69 8 8
1702 - 1 9 6 1734 - 1 18 10
1703 - 1 16 0 1735 - 2 3 0
1704 - 2 6 6 1736 - 2 0 4
1705 - 1 10 0 1737 - 1 18 0
1706 - 1 6 0 1738 - 1 15 6
1707 - 1 8 6 1739 - 1 18 6
1708 - 2 1 6 1740 - 2 10 8
1709 - 3 18 6 1741 - 2 6 8
1710 - 3 18 0 1742 - 1 14 0
1711 - 2 14 0 1743 - 1 4 10
1712 - 2 6 4 1744 - 1 4 10
1713 - 2 11 0 1745 - 1 7 6
1714 - 2 10 4 1746 - 1 19 0
1715 - 2 3 0 1747 - 1 14 10
1716 - 2 8 0 1748 - 1 17 0
1717 - 2 5 8 1749 - 1 17 0
1718 - 1 18 10 1750 - 1 12 6
1719 - 1 15 0 1751 - 1 18 6
1720 - 1 17 0 1752 - 2 1 10
1721 - 1 17 6 1753 - 2 4 8
1722 - 1 16 0 1754 - 1 14 8
1723 - 1 14 8 1755 - 1 13 10
1724 - 1 17 0 1756 - 2 5 3
1725 - 2 8 6 1757 - 3 0 0
1726 - 2 6 0 1758 - 2 10 0
1727 - 2 2 0 1759 - 1 19 10
1728 - 2 14 6 1760 - 1 16 6
1729 - 2 6 10 1761 - 1 10 3
1730 - 1 16 6 1762 - 1 19 0
1731 - 1 12 10 1763 - 2 0 9
1732 - 1 6 8 1764 - 2 6 9
1733 - 1 8 4 ---------------
-------------- 64) 129 13 6
Carry over L69 8 8 ---------------
L2 0 6 9/32
Years Years
L. s. d. L. s. d.
1731 - 1 12 10 1741 - 2 6 8
1732 - 1 6 8 1742 - 1 14 0
1733 - 1 8 4 1743 - 1 4 10
1734 - 1 18 10 1744 - 1 4 10
1735 - 2 3 0 1745 - 1 7 6
1736 - 2 0 4 1746 - 1 19 0
1737 - 1 18 0 1747 - 1 14 10
1738 - 1 15 6 1748 - 1 17 0
1739 - 1 18 6 1749 - 1 17 0
1740 - 2 10 8 1750 - 1 12 6
-------------- --------------
10) 18 12 8 10) 16 18 2
-------------- ---------------
L1 17 3 1/5 L1 13 9 4/5
