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Page 463 of 2651

Author: Adam Smith

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Rent, even where coals afford one, has generally a smaller share
in their price 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.

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