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A stock of clothes may last several years

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The capital of a merchant, for example, is altogether a circulating capital. He has occasion
for no machines or instruments of trade, unless his shop, or warehouse, be considered as such.
Some part of the capital of every master artificer or manufacturer must be fixed in the
instruments of his trade. This part, however, is very small in some, and very great in others. A
master tailor requires no other instruments of trade but a parcel of needles. Those of the
master shoemaker are a little, though but a very little, more expensive. Those of the weaver
rise a good deal above those of the shoemaker. The far greater part of the capital of all such
master artificers, however, is circulated, either in the wages of their workmen, or in the price
of their materials, and repaid with a profit by the price of the work.
In other works a much greater fixed capital is required. In a great iron-work, for example,
the furnace for melting the ore, the forge, the slitt- mill, are instruments of trade which cannot
be erected without a very great expense. In coal-works and mines of every kind, the
machinery necessary both for drawing out the water and for other purposes is frequently still
more expensive.
That part of the capital of the farmer which is employed in the instruments of agriculture is
a fixed, that which is Nike Free 5.0 Womens employed in the wages and maintenance of his labouring servants, is a
circulating capital. He makes a profit of the one by keeping it in his own possession, and of
the other by parting with it. The price or value of his labouring cattle is a fixed capital in the
same manner as that of the instruments of husbandry. Their maintenance is a circulating
capital in the same manner as that of the labouring servants. The farmer makes his profit by
keeping the labouring cattle, and by parting with their maintenance. Both the price and the
maintenance of the cattle which are brought in and fattened, not for labour, but for sale, are a
circulating capital. The farmer makes his profit by parting with them. A flock of sheep or a
herd of cattle that, in a breeding country, is bought in, neither for labour, nor for sale, but in
order to make a profit by their wool, by their milk, and by their increase, is a fixed capital.
The profit is made by keeping them. Their maintenance is a circulating capital. The profit is
made by parting with it; and it comes back with both its own profit and the profit upon the
whole price of the cattle, in the price of the wool, the milk, and the increase. The whole value
of the seed, too, is properly a fixed capital. Though it goes backwards and forwards between
the ground and the granary, it never changes masters, and therefore does not properly
circulate. The farmer makes his profit, not by its sale, but by its increase.
The general stock of any country or society is the same with that of all its inhabitants or
members, and therefore naturally divides itself into the same three portions, each of which has
a distinct function or office.
The first is that portion which is reserved for immediate consumption, and of which the
characteristic is, that it affords no revenue or profit. It consists in the stock of food, clothes,
household furniture, etc., which have been purchased by their proper consumers, but which
are not yet entirely consumed. The whole stock of mere dwelling- houses too, subsisting at any
one time in the country, make a part of this first portion. The stock that is laid out in a house,
if it is to be the dwellinghouse of the proprietor, ceases from that moment to serve in the
function of a capital, or to afford any revenue to its owner. A dwellinghouse, as such,
contributes nothing to the revenue of its inhabitant; and though it is, no doubt, extremely
useful to him, it is as his clothes and household furniture are useful to him, which, however,
makes a Nike Air Max 2013 Womens part of his expense, and not of his revenue. If it is to be let to a tenant for rent, as the
house itself can produce nothing, the tenant must always pay the rent out of some other
revenue which he derives either from labour, or stock, or land. Though a house, therefore,
may yield a revenue to its proprietor, and thereby serve in the function of a capital to him, it
cannot yield any to the public, nor serve in the function of a capital to it, and the revenue of
the whole body of the people can never be in the smallest degree increased by it. Clothes, and
household furniture, in the same manner, sometimes yield a revenue, and thereby serve in the
function of a capital to particular persons. In countries where masquerades are common, it is a
trade to let out masquerade dresses for a night. Upholsterers frequently let furniture by the
month or by the year. Undertakers let the furniture of funerals by the day and by the week.
Many people let furnished houses, and get a rent, not only for the use of the house, but for that
of the furniture. The revenue, however, which is derived from such things must always be
ultimately drawn from some other source of revenue. Of all parts of the stock, either of an
individual, or of a society, reserved for immediate consumption, what is laid out in houses is
most slowly consumed. A stock of clothes may last several years: a stock of furniture half a
century or a century: but a stock of houses, well built and properly taken care of, may last
many centuries. Though the period of their total consumption, however, is more distant, they
are still as really a stock reserved for immediate consumption as either clothes or household
furniture.

while it either remains in his possession

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Such are in general the effects of the increase of stock upon industry and its productive
powers.
In the following book I have endeavoured to explain the nature of stock, the effects of its
accumulation into capitals of different kinds, and the effects of the different employments of
those capitals. This book is divided into five chapters. In the first chapter, I have endeavoured
to show what are the different parts or branches into which the stock, either of an individual,
or of a great society, naturally divides itself. In the second, I have endeavoured to explain the
nature and operation of money considered as a particular branch of the general stock of the
society. The stock which is accumulated into a capital, may either be employed by the person
to whom it belongs, or it may be lent to some other person. In the third and fourth chapters, I
have endeavoured to examine the manner in which it operates in both these situations. The
fifth and last chapter treats of the different effects which the different employments of capital
immediately produce Nike Free Run 2 UK upon the quantity both of national industry, and of the annual produce of
land and labour.
CHAPTER I
Of the Division of Stock
WHEN the stock which a man possesses is no more than sufficient to maintain him for a few
days or a few weeks, he seldom thinks of deriving any revenue from it. He consumes it as
sparingly as he can, and endeavours by his labour to acquire something which may supply its
place before it be consumed altogether. His revenue is, in this case, derived from his labour
only. This is the state of the greater part of the labouring poor in all countries.
But when he possesses stock sufficient to maintain him for months or years, he naturally
endeavours to derive a revenue from the greater part of it; reserving only so much for his
immediate consumption as may maintain him till this revenue begins to come in. His whole
stock, therefore, is distinguished into two parts. That part which, he expects, is to afford him
this revenue, is called his capital. The other is that which supplies his immediate
consumption; and which consists either, first, in that portion of his whole stock which was
originally reserved for this purpose; or, secondly, in his revenue, from whatever source
derived, as it gradually comes in; or, thirdly, in such things as had been purchased by either of
these in former years, and which are not yet entirely consumed; such as a stock of clothes,
household furniture, and the like. In one, or other, or all of these three articles, consists the
stock which men commonly reserve for their own immediate consumption.
There are two different ways in which a capital may be employed so as to yield a revenue
or profit to its employer.
First, it may be employed in raising, manufacturing, or purchasing goods, and selling them
again with a profit. The capital employed in this manner yields no Nike Free 3.0 V4 UK revenue or profit to its
employer, while it either remains in his possession, or continues in the same shape. The goods
of the merchant yield him no revenue or profit till he sells them for money, and the money
yields him as little till it is again exchanged for goods. His capital is continually going from
him in one shape, and returning to him in another, and it is only by means of such circulation,
or successive exchanges, that it can yield him any profit. Such capitals, therefore, may very
properly be called circulating capitals.
Secondly, it may be employed in the improvement of land, in the purchase of useful
machines and instruments of trade, or in suchlike things as yield a revenue or profit without
changing masters, or circulating any further. Such capitals, therefore, may very properly be
called fixed capitals.
Different occupations require very different proportions between the fixed and circulating
capitals employed in them.

them to class and subdivide themselves in this

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BOOK TWO
Of the Nature, Accumulation, and Employment of Stock
Introduction
IN that rude state of society in which there is no division of labour, in which exchanges are
seldom made, and in which every man provides everything for himself, it is not necessary that
any stock should be accumulated or stored up beforehand in order to carry on the business of
the society. Every man endeavours to supply by his own industry his own occasional wants as
they occur. When he is hungry, he goes to the forest to hunt; when his coat is worn out, he
clothes himself with the skin of the first large animal he kills: and when his hut begins to go to
ruin, he repairs it, as well as he can, with the trees and the turf that are nearest it.
But when the division of labour has once been thoroughly introduced, the produce of a
man's own labour can supply but a very small part of his occasional wants. The far greater
part of them are supplied by the produce of other men's labour, which he Nike Roshe Run UK purchases with the
produce, or, what is the same thing, with the price of the produce of his own. But this
purchase cannot be made till such time as the produce of his own labour has not only been
completed, but sold. A stock of goods of different kinds, therefore, must be stored up
somewhere sufficient to maintain him, and to supply him with the materials and tools of his
work till such time, at least, as both these events can be brought about. A weaver cannot apply
himself entirely to his peculiar business, unless there is beforehand stored up somewhere,
either in his own possession or in that of some other person, a stock sufficient to maintain
him, and to supply him with the materials and tools of his work, till he has not only
completed, but sold his web. This accumulation must, evidently, be previous to his applying
his industry for so long a time to such a peculiar business.
As the accumulation of stock must, in the nature of things, be previous to the division of
labour, so labour can be more and more subdivided in proportion only as stock is previously
more and more accumulated. The quantity of materials which the same number of people can
work up, increases in a great proportion as labour comes to be more and more subdivided; and
as the operations of each workman are gradually reduced to a greater degree of simplicity, a
variety of new machines come to be invented for facilitating and abridging those operations.
As the division of labour advances, therefore, in order to give constant employment to an
equal number of workmen, an equal stock of provisions, and a greater stock of materials and
tools than what would have been necessary in a ruder state of things, must be accumulated
beforehand. But the number of workmen in every branch of business generally increases with
the divisio n of labour in that branch, or rather it is Nike Free 4.0 V2 UK the increase of their number which enables
them to class and subdivide themselves in this manner.
As the accumulation of stock is previously necessary for carrying on this great
improvement in the productive powers of labour, so that accumulation naturally leads to this
improvement. The person who employs his stock in maintaining labour, necessarily wishes to
employ it in such a manner as to produce as great a quantity of work as possible. He
endeavours, therefore, both to make among his workmen the most proper distribution of
employment, and to furnish them with the best machines which he can either invent or afford
to purchase. His abilities in both these respects are generally in proportion to the extent of his
stock, or to the number of people whom it can employ. The quantity of industry, therefore, not
only increases in every country with the increase of the stock which employs it, but, in
consequence of that increase, the same quantity of industry produces a much greater quantity
of work.

Price of the Average of The average Price

Thu, 24 Apr 2014 12:26:32 +0900

TABLES REFERRED TO IN CHAPTER 11, PART 3
Price of the Average of The average Price
Quarter of the different of each Year in
Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1202 - 12 - - - - 1 16 -
1205 - 12 - - 13 5 2 - 3
- 13 4
- 15 -
1223 - 12 - - - - 1 16 -
1237 - 3 4 - - - - 10 -
1243 - 2 - - - - - 6 -
1244 - 2 - - - - - 6 -
1246 - 16 - - - - 2 8 -
1247 - 13 4 - - - 2 - -
1257 1 4 - - - - 3 12 -
1258 1 - - - 17 - 2 11 -
- 15 -
- 16 -
1270 4 16 - 5 12 - 16 16 -
6 8 -
1286 - 2 8 - 9 4 1 8 -
- 16 -
---------------
Total L35 9 3
---------------
Average Price L2 19 1 1/4
Price of the Average of The average Price
Quarter of the different of each Year in
Years Wheat Nike Free 4.0 V2 Womens Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1287 - 3 4 - - - - 10 -
1288 - - 8 - 3 - 1/4 - 9 - 3/4
- 1 -
- 1 4
- 1 6
- 1 8
- 2 -
- 3 4
- 9 4
1289 - 12 - - 10 1 3/4 1 10 4 1/2
- 6 -
- 2 -
- 10 8
1 - -
1290 - 16 - - - - 2 8 -
1294 - 16 - - - - 2 8 -
1302 - 4 - - - - - 12 -
1309 - 7 2 - - - 1 1 6
1315 1 - - - - - 3 - -
1316 1 - - 1 10 6 4 11 6
1 10 -
1 12 -
2 - -
1317 2 4 - 1 19 6 5 18 6
- 14 -
2 13 -
4 - -
- 6 8
1336 - 2 - - - - - 6 -
1338 - 3 4 - - - - 10 -
---------------
Total L23 4 11 1/4
---------------
Average Price L1 18 8
Price of the Average of The average Price
Quarter of the different of each Year in
Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1339 - 9 - - - - 1 7 -
1349 - 2 - - - - - 5 2
1359 1 6 8 - - - 3 2 2
1361 - 2 - - - - - 4 8
1363 - 15 - - - - 1 15 -
1369 1 - - 1 2 - 2 9 4
1 4 -
1379 - 4 - - - - - 9 4
1387 - 2 - - - - - 4 8
1390 - 13 4 - 14 5 1 13 7
- 14 -
- 16 -
1401 - 16 - - - - 1 17 4
1407 - 4 4 3/4 - 3 10 - 8 11
- 3 4
1416 - 16 - - - - 1 12 -
---------------
Total L15 9 4
---------------
Average Price L1 5 9 1/3
Price of the Average of The average Price
Quarter of the different of each Year in
Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1423 - 8 - - - - - 16 -
1425 - 4 - - - - - 8 -
1434 1 6 8 - - - 2 13 4
1435 - 5 4 - - - - 10 8
1439 1 - - 1 3 4 2 6 8
1 6 8
1440 1 4 - - - - 2 8 -
1444 - 4 4 - 4 2 - 8 4
- 4 -
1445 - 4 6 - - - - 9 -
1447 - 8 - - - - - 16 -
1448 - 6 8 - - - - 13 4
1449 - 5 - - - - - 10 -
1452 - 8 - - - - - 16 -
---------------
Total L12 15 4
---------------
Average Price L1 1 3 1/2
Price of the Average of The average Price
Quarter of the different of each Year in
Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1453 - 5 4 - - - - 10 8
1455 - 1 2 - - - - 2 4
1457 Nike Free 5.0 UK - 7 8 - - - - 15 4
1459 - 5 - - - - - 10 -
1460 - 8 - - - - - 16 -
1463 - 2 - - 1 10 - 3 8
- 1 8
1464 - 6 8 - - - - 10 -
1486 1 4 - - - - 1 17 -
1491 - 14 8 - - - 1 2 -
1494 - 4 - - - - - 6 -
1495 - 3 4 - - - - 5 -
1497 1 - - - - - 1 11 -
--------------
Total L8 9 -
--------------
Average Price - 14 1
Price of the Average of The average Price
Quarter of the different of each Year in
Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.
1499 - 4 - - - - - 6 -
1504 - 5 8 - - - - 8 6
1521 1 - - - - - 1 10 -
1551 - 8 - - - - - 2 -
1553 - 8 - - - - - 8 -
1554 - 8 - - - - - 8 -
1555 - 8 - - - - - 8 -
1556 - 8 - - - - - 8 -
1557 - 4 - - 17 8 1/2 - 17 8 1/2
- 5 -
- 8 -
2 13 4
1558 - 8 - - - - - 8 -
1559 - 8 - - - - - 8 -
1560 - 8 - - - - - 8 -
--------------
Total L6 0 2 1/2
--------------
Average Price - 10 - 5/12
Price of the Average of The average Price
Quarter of the different of each Year in
Years Wheat Prices of Money of the
XII each Year the same Year present Times
L s. d. L. s. d. L. s. d.