Essays in Political Economy

Cover Essays in Political Economy
Essays in Political Economy
T E Cliffe Thomas Edward Cliffe Leslie
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, which puts merchants, citizens, and burgesses with a capital of £1000 on the same footing in point of expendible income as landowners with £200 a-year, proves that twenty per cent, was then considered the customary rate of profit in the commercial towns of the kingdom. It is observable, too, that ten per cent. , the customary rate of interest among the tradespeople of London in Edward III. 's reign, is * Eiley's Memorials of Lond(m, p. 378. Compare a fishmonger's account, iJirf.^ pp. 446, 447....
The History and Future of Interest and Profit. 247 the rate permitted by the Act of Henry VIII. In a. D. 1546, which first legalized interest, so that it seems to have been still regarded at the latter period not only as the traditional rate, but also as moderate and reasonable.
We must not, indeed, take the profit and interest customary in commercial towns in the reign of Edward III. As repre- senting rates current throughout the country. The profits of agi'iculture after the pestilence in the middle of the fourteenth century, lowered as they were by the rise of wages consequent on depopulation, could not have borne a rate of interest ap- proaching to ten per cent, on the capital engaged in ordinary farming.


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