wealbk01- 第27部分

of　goods；　their　prices；　qualities；　and　the　markets　where　they　are

to　be　had　cheapest。　He　must　have　all　the　knowledge；　in　short；

that　is　necessary　for　a　great　merchant；　which　nothing　hinders　him

from　becoming　but　the　want　of　a　sufficient　capital。　Thirty　or

forty　pounds　a　year　cannot　be　considered　as　too　great　a

recompense　for　the　labour　of　a　person　so　Accomplished。　Deduct

this　from　the　seemingly　great　profits　of　his　capital；　and　little

more　will　remain；　perhaps；　than　the　ordinary　profits　of　stock。

The　greater　part　of　the　apparent　profit　is；　in　this　case　too；

real　wages。

　　　　　The　difference　between　the　apparent　profit　of　the　retail　and

that　of　the　wholesale　trade；　is　much　less　in　the　capital　than　in

small　towns　and　country　villages。　Where　ten　thousand　pounds　can

be　employed　in　the　grocery　trade；　the　wages　of　the　grocer's

labour　make　but　a　very　trifling　addition　to　the　real　profits　of

so　great　a　stock。　The　apparent　profits　of　the　wealthy　retailer；

therefore；　are　there　more　nearly　upon　a　level　with　those　of　the

wholesale　merchant。　It　is　upon　this　account　that　goods　sold　by

retail　are　generally　as　cheap　and　frequently　much　cheaper　in　the

capital　than　in　small　towns　and　country　villages。　Grocery　goods；

for　example；　are　generally　much　cheaper；　bread　and　butcher's　meat

frequently　as　cheap。　It　costs　no　more　to　bring　grocery　goods　to

the　great　town　than　to　the　country　village；　but　it　costs　a　great

deal　more　to　bring　corn　and　cattle；　as　the　greater　part　of　them

must　be　brought　from　a　much　greater　distance。　The　prime　cost　of

grocery　goods；　therefore；　being　the　same　in　both　places；　they　are

cheapest　where　the　least　profit　is　charged　upon　them。　The　prime

cost　of　bread　and　butcher's　meat　is　greater　in　the　great　town

than　in　the　country　village；　and　though　the　profit　is　less；

therefore；　they　are　not　always　cheaper　there；　but　often　equally

cheap。　In　such　articles　as　bread　and　butcher's　meat；　the　same

cause；　which　diminishes　apparent　profit；　increases　prime　cost。

The　extent　of　the　market；　by　giving　employment　to　greater　stocks；

diminishes　apparent　profit；　but　by　requiring　supplies　from　a

greater　distance；　it　increases　prime　cost。　This　diminution　of　the

one　and　increase　of　the　other　seem；　in　most　cases；　nearly　to

counterbalance　one　another；　which　is　probably　the　reason　that；

though　the　prices　of　corn　and　cattle　are　commonly　very　different

in　different　parts　of　the　kingdom；　those　of　bread　and　butcher's

meat　are　generally　very　nearly　the　same　through　the　greater　part

of　it。

　　　　　Though　the　profits　of　stock　both　in　the　wholesale　and　retail

trade　are　generally　less　in　the　capital　than　in　small　towns　and

country　villages；　yet　great　fortunes　are　frequently　acquired　from

small　beginnings　in　the　former；　and　scarce　ever　in　the　latter。　In

small　towns　and　country　villages；　on　account　of　the　narrowness　of

the　market；　trade　cannot　always　be　extended　as　stock　extends。　In

such　places；　therefore；　though　the　rate　of　a　particular　person's

profits　may　be　very　high；　the　sum　or　amount　of　them　can　never　be

very　great；　nor　consequently　that　of　his　annual　accumulation。　In

great　towns；　on　the　contrary；　trade　can　be　extended　as　stock

increases；　and　the　credit　of　a　frugal　and　thriving　man　increases

much　faster　than　his　stock。　His　trade　is　extended　in　proportion

to　the　amount　of　both；　and　the　sum　or　amount　of　his　profits　is　in

proportion　to　the　extent　of　his　trade；　and　his　annual

accumulation　in　proportion　to　the　amount　of　his　profits。　It

seldom　happens；　however；　that　great　fortunes　are　made　even　in

great　towns　by　any　one　regular；　established；　and　well…known

branch　of　business；　but　in　consequence　of　a　long　life　of

industry；　frugality；　and　attention。　Sudden　fortunes；　indeed；　are

sometimes　made　in　such　places　by　what　is　called　the　trade　of

speculation。　The　speculative　merchant　exercises　no　one　regular；

established；　or　well…known　branch　of　business。　He　is　a　corn

merchant　this　year；　and　a　wine　merchant　the　next；　and　a　sugar；

tobacco；　or　tea　merchant　the　year　after。　He　enters　into　every

trade　when　he　foresees　that　it　is　likely　to　be　more　than　commonly

profitable；　and　he　quits　it　when　he　foresees　that　its　profits　are

likely　to　return　to　the　level　of　other　trades。　His　profits　and

losses；　therefore；　can　bear　no　regular　proportion　to　those　of　any

one　established　and　well…known　branch　of　business。　A　bold

adventurer　may　sometimes　acquire　a　considerable　fortune　by　two　or

three　successful　speculations；　but　is　just　as　likely　to　lose　one

by　two　or　three　unsuccessful　ones。　This　trade　can　be　carried　on

nowhere　but　in　great　towns。　It　is　only　in　places　of　the　most

extensive　commerce　and　correspondence　that　the　intelligence

requisite　for　it　can　be　had。

　　　　　The　five　circumstances　above　mentioned；　though　they　occasion

considerable　inequalities　in　the　wages　of　labour　and　profits　of

stock；　occasion　none　in　the　whole　of　the　advantages　and

disadvantages；　real　or　imaginary；　of　the　different　employments　of

either。　The　nature　of　those　circumstances　is　such　that　they　make

up　for　a　small　pecuniary　gain　in　some；　and　counterbalance　a　great

one　in　others。

　　　　　In　order；　however；　that　this　equality　may　take　place　in　the

whole　of　their　advantages　or　disadvantages；　three　things　are

requisite　even　where　there　is　the　most　perfect　freedom。　First；

the　employments　must　be　well　known　and　long　established　in　the

neighbourhood；　secondly；　they　must　be　in　their　ordinary；　or　what

may　be　called　their　natural　state；　and；　thirdly；　they　must　be　the

sole　or　principal　employments　of　those　who　occupy　them。

　　　　　First；　this　equality　can　take　place　only　in　those

employments　which　are　well　known；　and　have　been　long　established

in　the　neighbourhood。

　　　　　Where　all　other　circumstances　are　equal；　wages　are　generally

higher　in　new　than　in　old　trades。　When　a　projector　attempts　to

establish　a　new　manufacture；　he　must　at　first　entice　his　workmen

from　other　employments　by　higher　wages　than　they　can　either　earn

in　their　own　trades；　or　than　the　nature　of　his　work　would

otherwise　require；　and　a　considerable　time　must　pass　away　before

he　can　venture　to　reduce　them　to　the　common　level。　Manufactures

for　which　the　demand　arises　altogether　from　fashion　and　fancy　are

continually　changing；　and　seldom　last　long　enough　to　be

considered　as　old　established　manufactures。　Those；　on　the

contrary；　for　which　the　demand　arises　chiefly　from　use　or

necessity；　are　less　liable　to　change；　and　the　same　form　or　fabric

may　continue　in　demand　for　whole　centuries　together。　The　wages　of

labour；　therefore；　are　likely　to　be　higher　in　manufactures　of　the

former　than　in　those　of　the　latter　kind。　Birmingham　deals　chiefly

in　manufactures　of　the　former　kind；　Sheffield　in　those　of　the

latter；　and　the　wages　of　labour　in　those　two　different　places　are

said　to　be　suitable　to　this　difference　in　the　nature　of　their

manufactures。

　　　　　The　establishment　of　any　new　manufacture；　of　any　new　branch

of　commerce；　or　of　any　new　practice　in　agriculture；　is　always　a

speculation；　from　which　the　projector　promises　himself

extraordinary　profits。　These　profits　sometimes　are　very　great；

and　sometimes；　more　frequently；　perhaps；　they　are　quite

otherwise；　but　in　general　they　bear　no　regular　proportion　to

those　of　other　old　trades　in　the　neighbourhood。　If　the　project

succeeds；　they　are　commonly　at　first　very　high。　When　the　trade　or

practice　becomes　thoroughly　established　and　well　known；　the

competition　reduces　them　to　the　level　of　other　trades。

　　　　　Secondly；　this　equality　in　the　whole　of　the　advantages　and

disadvantages　of　the　different　employments　of　labour　and　stock；

can　take　place　only　in　the　ordinary；　or　what　may　be　called　the

natural　state　of　those　employments。

　　　　　The　demand　for　almost　every　different　species　of　labour　is

sometimes　greater　and　sometimes　less　than　usual。　In　the　one　case

the　advantages　of　the　employment　rise　above；　in　the　other　they

fall　below　the　common　level。　The　demand　for　country　labour　is

greater　at　hay…time　and　harvest　than　during　the　greater　part　of

the　year；　and　wages　rise　with　the　demand。　In　time　of　war；　when

forty　or　fifty　thousand　sailors　are　forced　from　the　merchant

service　into　that　of　the　king；　the　demand　for　sailors　to　merchant

ships　necessarily　rises　with　their　scarcity；　and　their　wages　upon

such　occasions　commonly　rise　from　a　guinea　and　seven…and…twenty

shillings；　to　forty　shillings　and　three　pounds　a　month。　In　a

decaying　manufacture；　on　the　contrary；　many　workmen；　rather　than

quit　their　old　trade；　are　contented　with　smaller　wages　than　would

otherwise　be　suitable　to　the　nature　of　their　employment。

　　　　　The　profits　of　stock　vary　with　the　price　of　the　commodities

in　which　it　is　employed。　As　the　price　of　any　commodity　rises

above　the　ordinary　or　average　rate；　the　profits　of　at　least　some

part　of　the　stock　that　is　employed　in　bringing　it　to　market；　rise

above　their　proper　level；　and　as　it　falls　they　sink　below　it。　All

commodities　are　more　or　less　liable　to　variations　of　price；　but

some　are　much　more　so　than　others。　In　all　commodities　which　are

produced　by　human　industry；　the　quantity　of　industry　annually

employed　is　necessarily　regulated　by　the　annual　demand；　in　such　a

manner　that　the　average　annual　produce　may；　as　nearly　as

possible；　be　equal　to　the　average　annual　consumption。　In　some

employments；　it　has　already　been　observed；　the　same　quantity　of

industry　will　always　produce　the　same；　or　very　nearly　the　same

quantity　of　commodities。　In　the　linen　or　woollen　manufactures；

for　example；　the　same　number　of　hands　will　annually　work　up　very

nearly　the　same　quantity　of　linen　and　woollen　cloth。　The

variations　in　the　market　price　of　such　commodities；　therefore；

can　arise　only　from　some　accidental　variation　in　the　demand。　A

public　mourning　raises　the　price　of　black　cloth。　But　as　the

demand　for　most　sorts　of　plain　linen　and　woollen　cloth　is　pretty

uniform；　so　is　likewise　the　price。　But　there　are　other

employments