wealbk02-第4章

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greater　part　of　commodities　resolves　itself　into　three　parts；　of

which　one　pays　the　wages　of　the　labour；　another　the　profits　of

the　stock；　and　a　third　the　rent　of　the　land　which　had　been

employed　in　producing　and　bringing　them　to　market：　that　there

are；　indeed；　some　commodities　of　which　the　price　is　made　up　of

two　of　those　parts　only；　the　wages　of　labour；　and　the　profits　of

stock：　and　a　very　few　in　which　it　consists　altogether　in　one；　the

wages　of　labour：　but　that　the　price　of　every　commodity

necessarily　resolves　itself　into　some　one；　or　other；　or　all　of

these　three　parts；　every　part　of　it　which　goes　neither　to　rent

nor　to　wages；　being　necessarily　profit　to　somebody。

　　　　　Since　this　is　the　case；　it　has　been　observed；　with　regard　to

every　particular　commodity；　taken　separately；　it　must　be　so　with

regard　to　all　the　commodities　which　compose　the　whole　annual

produce　of　the　land　and　labour　of　every　country；　taken　complexly。

The　whole　price　or　exchangeable　value　of　that　annual　produce　must

resolve　itself　into　the　same　three　parts；　and　be　parcelled　out

among　the　different　inhabitants　of　the　country；　either　as　the

wages　of　their　labour；　the　profits　of　their　stock；　or　the　rent　of

their　land。

　　　　　But　though　the　whole　value　of　the　annual　produce　of　the　land

and　labour　of　every　country　is　thus　divided　among　and　constitutes

a　revenue　to　its　different　inhabitants；　yet　as　in　the　rent　of　a

private　estate　we　distinguish　between　the　gross　rent　and　the　net

rent；　so　may　we　likewise　in　the　revenue　of　all　the　inhabitants　of

a　great　country。

　　　　　The　gross　rent　of　a　private　estate　comprehends　whatever　is

paid　by　the　farmer；　the　net　rent；　what　remains　free　to　the

landlord；　after　deducting　the　expense　of　management；　of　repairs；

and　all　other　necessary　charges；　or　what；　without　hurting　his

estate；　he　can　afford　to　place　in　his　stock　reserved　for

immediate　consumption；　or　to　spend　upon　his　table；　equipage；　the

ornaments　of　his　house　and　furniture；　his　private　enjoyments　and

amusements。　His　real　wealth　is　in　proportion；　not　to　his　gross；

but　to　his　net　rent。

　　　　　The　gross　revenue　of　all　the　inhabitants　of　a　great　country

comprehends　the　whole　annual　produce　of　their　land　and　labour；

the　net　revenue；　what　remains　free　to　them　after　deducting　the

expense　of　maintaining…　first；　their　fixed；　and；　secondly；　their

circulating　capital；　or　what；　without　encroaching　upon　their

capital；　they　can　place　in　their　stock　reserved　for　immediate

consumption；　or　spend　upon　their　subsistence；　conveniencies；　and

amusements。　Their　real　wealth；　too；　is　in　proportion；　not　to

their　gross；　but　to　their　net　revenue。

　　　　　The　whole　expense　of　maintaining　the　fixed　capital　must

evidently　be　excluded　from　the　net　revenue　of　the　society。

Neither　the　materials　necessary　for　supporting　their　useful

machines　and　instruments　of　trade；　their　profitable　buildings；

etc。；　nor　the　produce　of　the　labour　necessary　for　fashioning

those　materials　into　the　proper　form；　can　ever　make　any　part　of

it。　The　price　of　that　labour　may　indeed　make　a　part　of　it；　as　the

workmen　so　employed　may　place　the　whole　value　of　their　wages　in

their　stock　reserved　for　immediate　consumption。　But　in　other

sorts　of　labour；　both　the　price　and　the　produce　go　to　this　stock；

the　price　to　that　of　the　workmen；　the　produce　to　that　of　other

people；　whose　subsistence；　conveniences；　and　amusements；　are

augmented　by　the　labour　of　those　workmen。

　　　　　The　intention　of　the　fixed　capital　is　to　increase　the

productive　powers　of　labour；　or　to　enable　the　same　number　of

labourers　to　perform　a　much　greater　quantity　of　work。　In　a　farm

where　all　the　necessary　buildings；　fences；　drains；

communications；　etc。；　are　in　the　most　perfect　good　order；　the

same　number　of　labourers　and　labouring　cattle　will　raise　a　much

greater　produce　than　in　one　of　equal　extent　and　equally　good

ground；　but　not　furnished　with　equal　conveniencies。　In

manufactures　the　same　number　of　hands；　assisted　with　the　best

machinery；　will　work　up　a　much　greater　quantity　of　goods　than

with　more　imperfect　instruments　of　trade。　The　expense　which　is

properly　laid　out　upon　a　fixed　capital　of　any　kind；　is　always

repaid　with　great　profit；　and　increases　the　annual　produce　by　a

much　greater　value　than　that　of　the　support　which　such

improvements　require。　This　support；　however；　still　requires　a

certain　portion　of　that　produce。　A　certain　quantity　of　materials；

and　the　labour　of　a　certain　number　of　workmen；　both　of　which

might　have　been　immediately　employed　to　augment　the　food；

clothing　and　lodging；　the　subsistence　and　conveniencies　of　the

society；　are　thus　diverted　to　another　employment；　highly

advantageous　indeed；　but　still　different　from　this　one。　It　is

upon　this　account　that　all　such　improvements　in　mechanics；　as

enable　the　same　number　of　workmen　to　perform　an　equal　quantity　of

work；　with　cheaper　and　simpler　machinery　than　had　been　usual

before；　are　always　regarded　as　advantageous　to　every　society。　A

certain　quantity　of　materials；　and　the　labour　of　a　certain　number

of　workmen；　which　had　before　been　employed　in　supporting　a　more

complex　and　expensive　machinery；　can　afterwards　be　applied　to

augment　the　quantity　of　work　which　that　or　any　other　machinery　is

useful　only　for　performing。　The　undertaker　of　some　great

manufactory　who　employs　a　thousand　a　year　in　the　maintenance　of

his　machinery；　if　he　can　reduce　this　expense　to　five　hundred　will

naturally　employ　the　other　five　hundred　in　purchasing　an

additional　quantity　of　materials　to　be　wrought　up　by　an

additional　number　of　workmen。　The　quantity　of　that　work；

therefore；　which　his　machinery　was　useful　only　for　performing；

will　naturally　be　augmented；　and　with　it　all　the　advantage　and

conveniency　which　the　society　can　derive　from　that　work。

　　　　　The　expense　of　maintaining　the　fixed　capital　in　a　great

country　may　very　properly　be　compared　to　that　of　repairs　in　a

private　estate。　The　expense　of　repairs　may　frequently　be

necessary　for　supporting　the　produce　of　the　estate；　and

consequently　both　the　gross　and　the　net　rent　of　the　landlord。

When　by　a　more　proper　direction；　however；　it　can　be　diminished

without　occasioning　any　diminution　of　produce；　the　gross　rent

remains　at　least　the　same　as　before；　and　the　net　rent　is

necessarily　augmented。

　　　　　But　though　the　whole　expense　of　maintaining　the　fixed

capital　is　thus　necessarily　excluded　from　the　net　revenue　of　the

society；　it　is　not　the　same　case　with　that　of　maintaining　the

circulating　capital。　Of　the　four　parts　of　which　this　latter

capital　is　composed…　money；　provisions；　materials；　and　finished

work…　the　three　last；　it　has　already　been　observed；　are　regularly

withdrawn　from　it；　and　placed　either　in　the　fixed　capital　of　the

society；　or　in　their　stock　reserved　for　immediate　consumption。

Whatever　portion　of　those　consumable　goods　is　employed　in

maintaining　the　former；　goes　all　to　the　latter；　and　makes　a　part

of　the　net　revenue　of　the　society。　The　maintenance　of　those　three

parts　of　the　circulating　capital；　therefore；　withdraws　no　portion

of　the　annual　produce　from　the　net　revenue　of　the　society；

besides　what　is　necessary　for　maintaining　the　fixed　capital。

　　　　　The　circulating　capital　of　a　society　is　in　this　respect

different　from　that　of　an　individual。　That　of　an　individual　is

totally　excluded　from　making　any　part　of　his　net　revenue；　which

must　consist　altogether　in　his　profits。　But　though　the

circulating　capital　of　every　individual　makes　a　part　of　that　of

the　society　to　which　he　belongs；　it　is　not　upon　that　account

totally　excluded　from　making　a　part　likewise　of　their　net

revenue。　Though　the　whole　goods　in　a　merchant's　shop　must　by　no

means　be　placed　in　his　own　stock　reserved　for　immediate

consumption；　they　may　in　that　of　other　people；　who；　from　a

revenue　derived　from　other　funds；　may　regularly　replace　their

value　to　him；　together　with　its　profits；　without　occasioning　any

diminution　either　of　his　capital　or　of　theirs。

　　　　　Money；　therefore；　is　the　only　part　of　the　circulating

capital　of　a　society；　of　which　the　maintenance　can　occasion　any

diminution　in