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It is thus that the same capital will in any country put
into motion a greater or smaller quantity of productive labour；
and add a greater or smaller value to the annual produce of its
land and labour； according to the different proportions in which
it is employed in agriculture； manufactures； and wholesale trade。
The difference； too； is very great； according to the different
sorts of wholesale trade in which any part of it is employed。
All wholesale trade； all buying in order to sell again by
wholesale； may be reduced to three different sorts。 The home
trade； the foreign trade of consumption； and the carrying trade。
The home trade is employed in purchasing in one part of the same
country； and selling in another； the produce of the industry of
that country。 It comprehends both the inland and the coasting
trade。 The foreign trade of consumption is employed in purchasing
foreign goods for home consumption。 The carrying trade is
employed in transacting the commerce of foreign countries； or in
carrying the surplus produce of one to another。
The capital which is employed in purchasing in one part of
the country in order to sell in another the produce of the
industry of that country； generally replaces by every such
operation two distinct capitals that had both been employed in
the agriculture or manufactures of that country； and thereby
enables them to continue that employment。 When it sends out from
the residence of the merchant a certain value of commodities； it
generally brings back in return at least an equal value of other
commodities。 When both are the produce of domestic industry； it
necessarily replaces by every such operation two distinct
capitals which had both been employed in supporting productive
labour； and thereby enables them to continue that support。 The
capital which sends Scotch manufactures to London； and brings
back English corn and manufactures to Edinburgh； necessarily
replaces by every such operation； two British capitals which had
both been employed in the agriculture or manufactures of Great
Britain。
The capital employed in purchasing foreign goods for home
consumption； when this purchase is made with the produce of
domestic industry； replaces too； by every such operation； two
distinct capitals； but one of them only is employed in supporting
domestic industry。 The capital which sends British goods to
Portugal； and brings back Portuguese goods to Great Britain；
replaces by every such operation only one British capital。 The
other is a Portuguese one。 Though the returns； therefore； of the
foreign trade of consumption should be as quick as those of the
home trade； the capital employed in it will give but one half the
encouragement to the industry or productive labour of the
country。
But the returns of the foreign trade of consumption are very
seldom so quick as those of the home trade。 The returns of the
home trade generally come in before the end of the year； and
sometimes three or four times in the year。 The returns of the
foreign trade of consumption seldom come in before the end of the
year； and sometimes not till after two or three years。 A capital；
therefore； employed in the home trade will sometimes make twelve
operations； or be sent out and returned twelve times； before a
capital employed in the foreign trade of consumption has made
one。 If the capitals are equal； therefore； the one will give
four…and…twenty times more encouragement and support to the
industry of the country than the other。
The foreign goods for home consumption may sometimes be
purchased； not with the produce of domestic industry； but with
some other foreign goods。 These last； however； must have been
purchased either immediately with the produce of domestic
industry； or with something else that had been purchased with it；
for； the case of war and conquest excepted； foreign goods can
ever be acquired but in exchange for something that had been
produced at home； either immediately； or after two or more
different exchanges。 The effects； therefore； of a capital
employed in such a roundabout foreign trade of consumption； are；
in every respect； the same as those of one employed in the most
direct trade of the same kind； except that the final returns are
likely to be still more distant； as they must depend upon the
returns of two or three distinct foreign trades。 If the flax and
hemp of Riga are purchased with the tobacco of Virginia； which
had been purchased with British manufactures； the merchant must
wait for the returns of two distinct foreign trades before he can
employ the same capital in re…purchasing a like quantity of
British manufactures。 If the tobacco of Virginia had been
purchased； not with British manufactures； but with the sugar and
rum of Jamaica which had been purchased with those manufactures；
he must wait for the returns of three。 If those two or three
distinct foreign trades should happen to be carried on by two or
three distinct merchants； of whom the second buys the goods
imported by the first； and the third buys those imported by the
second； in order to export them again； each merchant indeed will
in this case receive the returns of his own capital more quickly；
but the final returns of the whole capital employed in the trade
will be just as slow as ever。 Whether the whole capital employed
in such a round…about trade belong to one merchant or to three
can make no difference with regard to the country； though it may
with regard to the particular merchants。 Three times a greater
capital must in both cases be employed in order to exchange a
certain value of British manufactures for a certain quantity of
flax and hemp than would have been necessary had the manufactures
and the flax and hemp been directly exchanged for one another。
The whole capital employed； therefore； in such a round…about
foreign trade of consumption will generally give less
encouragement and support to the productive labour of the country
than an equal capital employed in a more direct trade of the same
kind。
Whatever be the foreign commodity with which the foreign
goods for home consumption are purchased； it can occasion no
essential difference either in the nature of the trade； or in the
encouragement and support which it can give to the productive
labour of the country from which it is carried on。 If they are
purchased with the gold of Brazil； for example； or with the
silver of Peru； this gold and silver； like the tobacco of
Virginia； must have been purchased with something that either was
the produce of the industry of the country； or that had been
purchased with something else that was so。 So far； therefore； as
the productive labour of the country is concerned； the foreign
trade of consumption which is carried on by means of gold and
silver has all the advantages and all the inconveniences of any
other equally round…about foreign trade of consumption； and will
replace just as fast or just as slow the capital which is
immediately employed in supporting that productive labour。 It
seems even to have one advantage over any other equally
roundabout foreign trade。 The transportation of those metals from
one place to another； on account of their small bulk and great
value； is less expensive than that of almost any other foreign
goods of equal value。 Their freight is much less； and their
insurance not greater； and no goods； besides； are less liable to
suffer by the carriage。 An equal quantity of foreign goods；
therefore； may frequently be purchased with a smaller quantity of
the produce of domestic industry； by the intervention of gold and
silver； than by that of any other foreign goods。 The demand of
the country may frequently； in this manner； be supplied more
completely and at a smaller expense than in any other。 Whether；
by the continual exportation of those metals； a trade of this
kind is likely to impoverish the country from which it is carried
on； in any other way； I shall have occasion to examine at great
length hereafter。
That part of the capital of any country which is employed in
the carrying trade is altogether withdrawn from supporting the
productive labour of that particular country； to support that of
some foreign countries。 Though it may replace by every operation
two distinct capitals； yet neither of them belongs to that
particular country。 The capital of the Dutch merchant； which
carries the corn of Poland to Portugal； and brings back the
fruits and wines of Portugal to Poland； replaces by every such
operation two capitals； neither of which had been employed in
supporting the productive labour of Holland； but one of them in
supporting that of Poland； and the other that of Portugal。 The
profits only return regularly to Holland； and constitute the
whole addition which this trade necessarily makes to the annual
produce of the land and labour of that country。 When； indeed； the
carrying trade of any particular country is carried on with the
ships and sailors of that country； that part of the capital
employed in it which pays the