Can I change default mailbox location?

Can I make Mac Mail store mailboxes somewhere other than ~/Library/Mail?

It seems like it should be easy, but there doesn't seem to be an option for it in the Preferences and I can't find it on Google.

Thanks

Gordon

 

This would work I guess, but I don't have the permissions on those files to make the changes...

I was hoping there was something like iTunes where you hold down the shift key on startup and then choose a new default location.... wouldn't it be nice if the apps all had standard ways to do this sort of thing!

Gordon