“Yes; and I do not think he would have renewed his lease if he had anticipated how prices would fall. But he is a prudent man, and knows how to mould his plan to differences of circumstance.”
“Who is his landlord?”
“Stanley, who has lived in England these fifteen years, you know. When he left this neighbourhood, he let Paradise to Mitchelson for ten years, at a thousand a year. There was a permanent population of 300 slaves on the estate at that time.”
“If there were no more than 300 slaves, sugars must have borne a better price than they do now, to make it a good bargain to Mitchelson.”
“They averaged a gross price of 30l. a ton. In addition to the rent, the other charges amounted to about 20l. a ton; so that Mitchelson’s net income was 1000l.”
“And prices being higher than at present, he was tempted to work his slaves to the utmost?”
“Yes; but another part of the agreement was, that the plantation, with all belonging to it, should be appraised when the lease expired, and that Mitchelson should pay up for any damage it might have sustained, or pocket the value of any improvement. He made his calculations carefully, and found that it would hardly answer to overwork his slaves considerably, as what he would have to pay up for the sacrifice of life at the end of ten years, would balance the present increase of profits from making more sugar; so he began moderately: but when prices rose to 40l. a ton, adding 2000l. to his income, it became clearly his interest to increase his crop. He determined therefore to add 100 tons to it, even at an expense of life of 1000l. But it is inconceivable what trouble he had after a time. He can tell you as much as any man I know about the inefficiency of the law for the protection of property.”
Alfred made no reply; and there was a long silence.
“Well!” continued his father, “do not you wish to know the end of Mitchelson’s speculation?”
“O! by all means. I was thinking what would be the issue of it——at the end of time.”