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sary wages). But the agricultural labourer produces more than this, for nature does not higgle with him for a subsistence wage, and he is thus the only producer of wealth. The extractive classes, then, are productive; the artisan classes salaried (l'une productive, l'autre stipendée). As society progresses and lands are all taken up, the owner becomes distinct from the labourer, the new-comers may as well earn wages on the land as in manufactures. The product is now divided into two parts-the wages of labourers and the surplus which goes to the landlord as his revenue; the landlord becomes available for social needs like war and justice, either by personal service or by deputies whom he pays. He may therefore be assigned to a third class (classe disponible), an available reserve. The evolution of labour on the land is traced from (i) labourers to (ii) slaves, (iii) serfs, (iv) metayers, (v) farmers. He pro

ceeds to examine the mechanism of exchange, and describes the stage of barter and the origin and nature of money in terms reminiscent of CANTILLON, and suggestive of comparison with Adam Smith. The accumulation and social utility of capital is next sketched, and its functions in aid of production are described. It is argued that interest for the use of capital is as legitimate, and should be as free as the sum paid for the use of land or any other object of commerce, and depends, in either case, upon supply and demand. The annual net produce of the land of a country capitalised, plus the movable wealth in the country, gives the sum of the national wealth, excluding loans, for they would otherwise count twice over. The capitalist, who lends at interest, does not form part of the classe disponible, and his income is not available for the state, for it is not a produit net, but the result of a buying and selling like the profit of other merchants. It should no more be taxed than the manure which fertilises the land. "C'est toujours la terre qui est la première et l'unique source de toute richesse

Il n'y a de revenu que le produit net des terres." It will be seen that these conclusions are in harmony with those of the PHYSIOCRATS; but, though a friend of QUESNAY, Turgot's repugnance to all "sects kept him aloof from the inner circle of that school.

[A complete bibliography of Turgot would be very extensive. It will suffice to mention Du Pont's edition of his works, referred to above as Euvres, 9 vols., 8vo, Paris, 1809-1811, prefaced by a life of Turgot which first appeared in 1782, 2 vols. 8vo, Philadelphia.-Euvres de Turgot, rearranged, with additions by DAIRE and DUSSARD, 2 vols. 8vo, Paris, 1844.-Vie de M. Turgot, 8vo, Londres, 1786 (by Condorcet).-Dupuy, Éloge de Turgot (Mémoires de l'Académie des inscriptions et belles lettres, vol. xlv.).—Baudrillart, Éloge de Turgot, Paris, 1846.-Foucin, Essai sur le ministère de Turgot, Paris, 1877.-Batbie, Biographie de Turgot.-Batbie, Turgot Philosophe, Économiste et Administrateur, Paris, 1861.-L. DE LAVERGNE, Les Économistes français du XVIIIe siècle, Paris, 1870.-G. D'Hugues, Essai sur l'Administration de Turgot dans la généralité de Limoges, Paris, 1859.-F. Cadet, Turgot.-Mostier, Turgot, sa Vie et sa Doctrine.-Ch. Henry, Correspondance inédite

de Condorcet et de Turgot, 8vo, Paris, 1882.-Léon SAY, Turgot, Paris, 1887 (Eng. translation by G. Masson, London, 1888).-A. Neymarck, Turgot et ses Doctrines, 2 vols., 8vo. Paris, 1885 (careful and trustworthy).-Robineau, Turgot, Paris, 1889.S. Feilbogen, Smith und Turgot, Vienna, 1892.— W. B. Hodgson, Turgot; his Life, Times, and Opinions, London, 1870.-J. Morley, "Turgot" in Critical Miscellanies, vol. ii. 1886.-W. Walker Stephens, Life and Writings of Turgot, London, 1895 (the most complete English account).- Henry Higgs, The Physiocrats, London, 1897.] H. H.

[Since this article was written Monsieur G. Schelle has published a volume on Gournay, and Prof. W. J. Ashley has edited a new translation of The Reflections on the Formation and Distribution of Wealth.]

TURKEY COMPANY, or as it was also called the Levant Company, was a fellowship or corporation of merchants who in 1605 obtained a charter from James I. licensing the persons therein named to be "one Fellowship and Body Corporate and Politic by the name of Governor and Company of Merchants of England, trading to the Levant Seas."

Unlike the French and Italians, the English had not until the late 16th century made a speciality of eastern traffic. They had been content to receive their oriental wares and spices at second hand from the Venetian merchants who, from a very early time, annually despatched a richly laden fleet to Flanders which touched at our shores. But a quarrel with the rough Southampton seamen early in the 14th century caused the offended Venetians to avoid England, and it was not till the opening of the 15th century that their trade with England was renewed. One of their argosies was, however, wrecked off the Isle of Wight, and for the second time the Venetians declined to continue the traffic. Henceforth the English were compelled to go in search of these commodities for themselves.

In

In 1550 Captain Bodenham (ANDERSON, voi. ii. p. 87) was the first Englishman who proceeded as far as the Grecian Isles. 1553 Anthony Jenkinson visited Aleppo, and here paid for certain trade privileges which were made the basis of all future stipulations with the Turks. But the terrible cruelties practised by the African pirates who infested the Mediterranean very much indisposed the English merchants for the Levant trade; and it was not till 1581 that the first commercial treaty was drawn up between the queen of England (Elizabeth) and the Ottoman Porte. In accordance with this, a charter or licence for trade to the Grand Seigneur's dominions was granted for five years to certain persons forming a fellowship of merchants. The licence was subsequently renewed for twelve years, and Sir Edward Barton was sent out as first resident ambassador at Constantinople. died in 1597.

He

In 1605 these terminable licences were replaced by the perpetual charter mentioned above; and Sir Thomas Glover was sent out as ambassador. In 1643 some ambiguity having arisen from the terms of the charter, an ordinance was passed explaining and extending their privileges. At the Restoration Charles II. renewed their charter.

By these instruments the company was invested with power to fine and imprison members and subordinates who disobeyed its orders. No one might send ships to the parts designated by their charter but such as were free brothers of the corporation, or otherwise licensed by them, who were to pay £20 for admission. Their commerce extended to all parts of the Grand Seigneur's dominions, in Asia, Africa, and Europe, on the shores of the Mediterranean, the Archipelago, Levant, and adjoining seas and bays as far as Constantinople, to Venice on the one side, and to Ragusa on the other, excepting, however, the coasts of Italy, France, of Spain on the Mediterranean, with Malta, Sicily, Corsica, and other islands in that sea.

The company imported silk and other oriental goods in return for English woollen cloth taken out.

The extensive powers granted to the company, justified as they were by the despotic nature of the government with which the company had to deal, excited much jealousy at home.

The company, however, had never been an exclusive or oppressive monopoly such as the EAST INDIA or the GREENLAND COMPANY was, but on the contrary was based on the assertion of the inestimable liberty of trade. Every merchant who could pay the required entrance fee was of right admitted a member, and was then entitled to trade on his own account. The trade was similarly prohibited to all who were not members of its fellowship.

The trade, however, languished, and in 1753 the case of the Governor and Company of Merchants trading to the Levant Seas having come before parliament, it was sought to freshen it up, by opening it to all comers. In 1754 was passed "An Act for enlarging and regulating the trade into the Levant seas" (26 Geo. II.) by which the company was opened to all English merchants paying £20 for admission to its rights and privileges.

In 1803 a most important change was effected with regard to the Turkey Company; government assumed the payment and appointment of the ambassador and his secretaries, with some additional consuls. In 1821 a second step was taken it was decided that the whole of the company's establishment should be in the hands of government. This being announced to the company, by Mr. Secretary CANNING, with the assurance that "it resulted solely from considerations of public |

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expediency, and in no degree from any disrespect, or disposition to impute any blame to their past administration," the Directors called a special court, who accorded to the propriety of the government's proposal. They also saw that their existence as a body, however useful for the protection and extension of commerce on their first establishment, was now no longer so; they therefore proposed to surrender their charter also, "as an offering to the enlarged and liberal spirit of commerce, which now distinguished England." Thus was dissolved as an "antiquated anomaly" a body which had existed with distinction for a period of 244 years, during which time, the appellation of Turkey merchant was one of the most honourable that could be acquired.

[An account of the Levant Company (Br. Mus. Cat., T. 1146 (8)), 1825.-Postlethwayt's Univ. Dict. of Trade, 1751, fol., vol. ii. p. 380, art. "Oriental Trade."—Ency. Brit. (8th edit.), p. 384, art. "Turkey."-J. Tucker's Reflections on the expediency of opening the trade to Turkey, and shewing the abuse of monopolies, Lond., 1758.Some observations on a late Pamphlet entitled "Reflections on the expediency of opening the trade to Turkey," Lond., 1753, 8vo. — Reasons for Preserving the Public Market of Blackwell Hall, and restraining the Levant Co. from deferring their shipping as long as they please (Br. Mus. Cat., 816 m. 14 (69)), 1696 (?), s. sh. fol.-An Answer to the false suggestions of the Italian Merchants (By the Turkey Merchants), 1720, fol.]

A. L.

TURNPIKE TRUSTS. Throughout the mediæval period the maintenance of roads in England appears to have been left to private benevolence. In the reign of Philip and Mary an act was passed to compel every parish to maintain the roads within its limits, and to appoint a parish surveyor for that purpose. But great highways traversing many parishes could not be kept in proper condition by the disjointed efforts of parochial authorities. Some parishes were unable, and most parishes were unwilling, to discharge their statutory duty. The most important roads remained in an execrable condition till the early part of the 18th century, when the extraordinary growth of commerce and manufactures compelled reform. It then appeared most convenient and equitable to make those who used the roads pay for their improvement. Turnpikes were erected and tolls exacted on the principal highways. These turnpike roads were regulated each by a separate act renewed from time to time. The execution of the acts was confided to bodies of trustees or commissioners. At one time the turnpike trusts numbered several thousands. But the inconvenience of levying tolls has led to the gradual suppression of turnpikes, and to other arrangements for keeping highways in proper condition. The

TURTON, THOMAS (1764-1844) of Starborough Castle, Surrey, barrister, baronet (since 1796), and M.P. for Southwark (1806-12), wrote Address to the Good Sense and Candour of the People in behalf of the Dealers in Corn (1st and 2nd eds. 1800), in which he advocated free trade in corn, ascribed the dear corn, like A. YOUNG, to scarcity, and deprecated the convictions of some four hundred corn dealers, etc., and especially Rusby (T. Peake, Additional Cases in Nisi Prius, p. 189), for regrating, etc. He denied that rings could keep up prices; as that would require "the eyes of Argus, the hands of Briareus, and the purse of Croesus."

Turton's opposition to the "Report of the Bullion Committee" (Hansard, vol. xix. p. 1051, vol. xx. p. 937) was based on the usual fallacies.

J. D. R.

TUSSER, THOMAS (c. 1525-1580), the one English poet of agriculture, and one of the very earliest writers on the subject in the vernacular, was the author of a collection of metrical prescriptions and comments, the Five Hundred Points of Good Husbandry, which enjoyed a great vogue in the 16th and 17th centuries, and is now a valuable source of information concerning the agriculture of the Elizabethan period.

[Tusser's A hundreth good pointes of husbandrie, composed of a hundred four-line stanzas, appeared in 1557. There were probably three or four editions of this, before, in 1573, Tusser issued his much larger and almost entirely new work, Five hundreth pointes of good husbandry united to as many of good huswifery. Two later editions were prepared by the author in 1577 and 1580, with numerous small changes. Between 1580 and 1638 there were as many as eleven editions; and the book was several times reprinted subsequently. The reprint (1878) by the English Dialect Society, edited by W. Payne and S. J. Herrtage, collates the edition of 1580 with those of 1573 and 1577, gives a list of all the recorded editions, provides a valuable comment both philological and historical, and reprints the Hundred Points. Perhaps the most interesting section of the work is that entitled A comparison betweene champion countrie and severall (see CHAMPION AND SEVERALTY). An account of Tudor farming as described by Tusser is given in R. M. Garnier, History of the English Landed Interest (1892), i. 318 et seq. See also R. Prothero, Pioneers and Progress of English Farming (1888), p. 30.]

W. J. A.

TWELVE TABLES, ROMAN LAW. See ROMAN LAW.

TWISS, SIR TRAVERS (1809-1897), the son of a Denbighshire clergyman, was educated at University College, Oxford, where in 1830 he obtained a first-class in mathematics and a

second in classics. He became a fellow and tutor of his college, and successively public examiner in classics and in mathematics at Oxford, Drummond professor of political economy, professor of international law at King's College, London, and Regius professor of civil law at Oxford, which post he held from 1855 to 1870. But his scholarship and energy soon won distinction for him on wider fields than those of academic work. He joined the legal profession and was attracted to that now almost extinct branch of it which is concerned with Roman, ecclesiastical, and admiralty law. He became an advocate of Doctors' Commons, and rapidly attained high professional advancement. One after another the offices of vicar-general of the Archbishop of Canterbury, chancellor of the diocese of London, advocate-general of the admiralty, and queen's advocate-general fell into his hands. Soon after his appointment in 1867 to this last post, now abolished, the honour of knighthood was conferred on him.

The catastrophe which put an end to his official career in 1872 left him more leisure for literary work. From early manhood he had been a prolific writer, and the multiplicity of the subjects he dealt with is not more remarkable than the learning displayed in one and all of them. He ranged from the pure scholarship of an edition of Livy to the practical politics of a constitution for the Congo Free State, drawn up by him in 1884 at the request of the king of the Belgians. Though he will be chiefly remembered by his writings on INTERNATIONAL LAW, he made a notable contribution to economics when he published in 1847 his View of the Progress of Political Economy in Europe since the 16th Century. In this, as in his other works, he showed the historical bent of his mind. His wide reading supplied him with numerous precedents, and he was happier in applying them to new cases than in harmonising accepted principles or striking out fresh lines of thought. His great work on the Law of Nations considered as Independent Political Communities, published in 1861, is a monument of deep erudition and patient historical research. But it must not be supposed that he was merely a scholar. He was also a skilled jurist and an able man of affairs. He served the country on several royal commissions, notably those on neutrality and naturalisation, the labours of which resulted in important modifications of our laws respecting the subjects with which they were concerned. He was also legal adviser to the British plenipotentiaries at the West African conference of 1884-85. His reputa

tion as a publicist extended over the civilised world. He was a member and vice-president of the Institut de Droit International and a member of the Society for the codification and reform of the law of nations.

T. J. L.

The View of the Progress of Political Economy in Europe since the 16th Century, published by Travers Twiss, 1847, was the outcome of the course of lectures delivered by him as professor of political economy at Oxford in 1846 and 1847. Habent sua fata libelli. It is certainly difficult to account, when reading this brilliant sketch of the early course of economic science-even remembering

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The

that the book appeared at the low water period which intervened between the times of MALTHUS and MILL-for the total oblivion into which it has fallen. The earlier lectures commence with a very complete account of 16th century English, Italian, and French writers, and trace the gradual development of doctrine in this country, particularly exemplified in the theory of VALUE as shown in the opinions of our early writers from Thomas MUN to Sir W. PETTY and Sir Dudley NORTH. Considerable space is given to the works of the school of French economists, and their place in the development of the science is shown. An explanation follows of LAW's great financial experiment in France, with the reaction against the principles of COLBERT and his encouragement of manufactures and commerce. later lectures contain an analysis of the chief doctrines of Adam SMITH, with some remarks on his relation to those writers on economics who had preceded him, and discuss the subject of population in reference more particularly to GODWIN and MALTHUS. Then follows a complete analysis of SAY's remarks on commercial outlets and liberty of trade, with a commendation of Say's "beautiful theory" that "nations can only pay for produce with produce, and that prohibitions against buying are obstacles to selling" (p. 239). The advantages of freedom of commerce are very ingeniously put, that protected labour is labour disadvantageously employed (p. 253). The last lecture traces the history of currency questions in Europe during the preceding century, the issue of assignats in France, the suspension of specie payments in England, closing with a sketch of the Bank Act of 1844, then a recent measure.

The sentence in the preface in which Twiss explains the object that he had in view was " to exhibit political economy by example, and so to show that its leading doctrines are the conclusions of an enlarged experience, and are not, as many persons suppose, mere deductions from arbitrary premises skilfully assumed," vividly places before us not only the object which Twiss had

before him, but the position of the study at the time when he wrote.

Travers Twiss also wrote On Certain Tests of a Thriving Population, four lectures delivered before the University of Oxford in Lent term 1845.

TWO-FIELD SYSTEM. See THREE-FIELD

SYSTEM.

TYDEMAN, HENDRIK WILLEM (1778-1863), was a professor of law at the university of Leyden.

He wrote several prize essays. Among these should be mentioned Over den voor-en nadeeligen invloed van het invoeren der werktuigen in de plaats van menschenhanden in de fabrieken van ons vaderland (On the favourable and unfavour. able influence of the substitution of machinery for manual labour in Dutch manufacture), Haarlem, 1819.-Over de Gilden of Corporatien van neeringen en ambachten (On gilds and crafts), 1821. From 1817 to 1822, he was on the staff of the Magazyn voor het armwezen in het Koningryk der Nederlanden (Magazine for studies on the question of destitution in the kingdom of the Netherlands). -As announced on the title page, his Grondbeginselen van Staatshoudhuiskunde Elements of political economy-follow the doctrine of N. W. SENIOR, as stated in the lectures delivered by Count ARRIVABENE (q.v.) at Brussels.

[Biograaphisch Woordenboek, pt. xviii., Haarlem,

1874.]

E. Ca.

UDAL TENURE. Land is still held in Orkney and Shetland by this tenure, which has been decided by the Scotch law courts to be allodial possession (see ALOD). It is a relic of Danish rule: the land is simply held by natural right, and is transferred by giving possession on the ground by a stone or other symbol without any writing, but in the presence of the neighbouring inhabitants. Udal lands descend to all the children of the udallers in equal shares. Sometimes a tribute called scat (see SCEATTA) is paid to the crown. [Erskine, Institute of the Laws of Scotland, ed. 1838. Sir Walter Scott, The Pirate, ch. i.-S. Laing, Norway, cap. 5.]

R. H.

ULLOA, BERNARDO DE (dates of birth and death unknown). He was first a magistrate in Seville and afterwards in Madrid under the earlier kings of the Bourbon family.

Ulloa published in 1740 his Restablecimiento de las Fábricas y Comercio Espanol (Madrid, 2 vols.) He mainly follows the great work of UZTÁRIZ (q.v.), which had been published sixteen years before, but lays stress exclusively on the baneful influence of former Spanish systems of taxation. Though often quoted, Ulloa does not supply such copious and extensive information on the state of Spain as UZTARIZ; both belong to the mercantile school. Ulloa is very bitter (vol. ii. ch. iv.) on the famous ASSIENTO TREATY with England.

A French translation, said to be made by DANGEUL (better known under his nom de plume Chevalier NICHOLLS, q.v.). appeared in Amsterdam

The body of

usages generally comprised under this heading is of somewhat obscure origin. It seems to have arisen from the peculiar circumstances connected with the planting of several Ulster counties with English and Scotch settlers in the 17th century. In order to retain these colonists the proprietors found it expedient to tacitly recognise the interests for which their Thus the improvements supplied a basis. tenant-right system developed by degrees without attracting observation. Even so acute an enquirer as Arthur YOUNG failed to notice it.

Before the middle of the 19th century, however, it was firmly established, as the evidence taken by the Devon commission (1844) amply proves. The essence of the custom consists in (1) the right to undisturbed possession so long as the rent is paid, and (2) the right "to sell his interest . . . in his holding

to any solvent tenant to whom the landlord shall not make reasonable objection." The tenant under the custom therefore possesses in modified form "fixity of tenure" and "free sale." The further condition that the landlord shall not by undue increase of rent encroach on the tenant right was also vaguely recognised, but was naturally much more disputable.

598

From the very fact that it was merely | customary, the Ulster tenant right varied much in the different parts of the province, and even on neighbouring estates. It is more accurate to speak of customs than of a single uniform usage. Some landlords sought to limit the amounts paid by the incoming to the outgoing tenant, and in rare cases to destroy the system altogether. But any infringement of the tenants' privilege was resisted, and led to outrages similar to those in other parts of Ireland.

By Mr. Gladstone's first Land Act 1870 (33 & 34 Vict. c. 46, § 1), the Ulster tenant right was "declared to be legal” and was at a stroke transmuted from "custom" into "law."| The necessary result, in accordance with Maine's view, has been a greater rigidity in the system. A large number of legal decisions have dealt with many of the doubtful points, while the later legislation of the act of 1881 and its successors has superimposed the general system of judicial tenancies on the custom. Nevertheless a tenant under the custom still enjoys certain advantages. A breach of statutory conditions does not deprive him of the benefit of the custom, and he is not affected by the decisions (notably that in Dunseath v. Adams) limiting the compensation grant for improvements. Further it is at present in debate whether the Ulster custom does not confer a right to have the rent fixed at a lower amount than in the case of an ordinary tenant.

There has been a good deal of controversy as to the principle on which this custom is based. One view is that it is the result of the improvements made by successive tenants which come in time to form the source of a "profit rent" justly due to its producers. Another regarded the right as based on insurance against outrage which followed disturbance of a tenant without payment for his tenant right, and probably both elements were in operation. But the strongest reason for its growth was the advantage to both landlord and tenant.

The former was secured

against loss of rent in arrear, which was the first charge on the payment for tenant right; he obtained a tenant who had proved his solvency; and he was relieved from expenditure for improvements. The latter obtained security in his occupancy, he could deal more confidently with the land, and he was not exposed to the reckless competition of persons without capital which proved so injurious in other parts of Ireland. Such a custom, moreover, implied a large amount of sympathy between landlords and tenants, and in some degree tended to develop it. These advantages were manifested in the prosperous condition of Ulster.

The strongest objections urged against the Ulster custom were (1) the division of ownership that the system required; and (2) the unnecessary expenditure of capital by an incoming tenant which hampered him in working his

farm. Both, it may be said, lose their force if account be taken of the peculiar circumstances of Ireland with its sharp division of classes and the insecurity of agricultural investments by the tenants.

Analogous usages existed in some other parts of Ireland, such as the custom on the Portsmouth estate, and were likewise legalised by the Land Act of 1870 (see art. F's, THE THREE).

[See the Report of the Devon commission (1845), also that by the Bessborough commission 1880 (C. 2779).-W. N. Hancock, The Tenant Right of Ulster considered economically, Dublin, 1845.-M. Longfield, "The Tenure of Land in Ireland," ch. vi. in Cobden Club Essays, 1870.W. O'Connor Morris, The Land Question of Ireland, chs. xxiv. xxv. 1870.-R. R. Cherry, The Irish Land Acts, pp. 14 and 18, 2nd ed. Dublin, 1893.]

C. F. B.

ULTRA VIRES. The doctrine of "ultra vires" is of importance in the case of corporations and companies, which being always created for specific purposes only, have only a limited range of powers. Any act transgressing these powers is said to be "ultra vires." In the case of a company incorporated under the Companies' Acts, an act may be "ultra vires " of the company or "ultra vires " of the directors. If the act is done for an object not covered by the object clause in the memorandum of association, it is "ultra vires" of the conpany and is void for all purposes, but if the act is authorised by the memorandum and merely transgresses the powers given to the directors by the articles, it may be ratified by a general meeting of the shareholders, and thereby is rendered valid. (Grant v. United Switch back Company 40, Ch. D. 135). Directors using the funds of the company for unauthorised purposes are E. 8. personally liable to replace them. UNDERTAKERS. See EMPLOYERS AND EMPLOYED; ENTREPRENEUR.

UNDERWRITER. The term applied to the insurer of ships and their cargoes from the custom of writing his name and the amount of risk he undertakes at the foot of the policy. [Arnould, Marine Insurance, London, 1887 (see art. INSURANCE, MARINE).]

J. E. C. M. UNDERWRITING. The members of the association of insurers of ships known as Lloyds sign their names individually at the foot of the policy, and opposite thereto the sum insured by each in figures, and also in words, with the date of so doing. This is called underwriting the policy for so much, and each thereby makes a separate contract, in the terms of the instrument, with the assured, of the particular amount set opposite to his name.

[Arnould, Marine Insurance, London, 1887.]