按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
could have no interest to employ a great stock rather than a
small one； unless his profits were to bear some proportion to the
extent of his stock。
The profits of stock； it may perhaps be thought are only a
different name for the wages of a particular sort of labour； the
labour of inspection and direction。 They are； however； altogether
different； are regulated by quite different principles； and bear
no proportion to the quantity； the hardship； or the ingenuity of
this supposed labour of inspection and direction。 They are
regulated altogether by the value of the stock employed； and are
greater or smaller in proportion to the extent of this stock。 Let
us suppose； for example； that in some particular place； where the
common annual profits of manufacturing stock are ten per cent；
there are two different manufactures； in each of which twenty
workmen are employed at the rate of fifteen pounds a year each；
or at the expense of three hundred a year in each manufactory。
Let us suppose； too； that the coarse materials annually wrought
up in the one cost only seven hundred pounds； while the finer
materials in the other cost seven thousand。 The capital annually
employed in the one will in this case amount only to one thousand
pounds； whereas that employed in the other will amount to seven
thousand three hundred pounds。 At the rate of ten per cent；
therefore； the undertaker of the one will expect a yearly profit
of about one hundred pounds only； while that of the other will
expect about seven hundred and thirty pounds。 But though their
profits are so very different； their labour of inspection and
direction may be either altogether or very nearly the same。 In
many great works almost the whole labour of this kind is
committed to some principal clerk。 His wages properly express the
value of this labour of inspection and direction。 Though in
settling them some regard is had commonly； not only to his labour
and skill； but to the trust which is reposed in him； yet they
never bear any regular proportion to the capital of which he
oversees the management； and the owner of this capital； though he
is thus discharged of almost all labour； still expects that his
profits should bear a regular proportion to his capital。 In the
price of commodities； therefore； the profits of stock constitute
a component part altogether different from the wages of labour；
and regulated by quite different principles。
In this state of things； the whole produce of labour does
not always belong to the labourer。 He must in most cases share it
with the owner of the stock which employs him。 Neither is the
quantity of labour commonly employed in acquiring or producing
any commodity； the only circumstance which can regulate the
quantity which it ought commonly to purchase； command； or
exchange for。 An additional quantity； it is evident； must be due
for the profits of the stock which advanced the wages and
furnished the materials of that labour。
As soon as the land of any country has all become private
property； the landlords； like all other men； love to reap where
they never sowed； and demand a rent even for its natural produce。
The wood of the forest； the grass of the field； and all the
natural fruits of the earth； which； when land was in common； cost
the labourer only the trouble of gathering them； come； even to
him； to have an additional price fixed upon them。 He must then
pay for the licence to gather them； and must give up to the
landlord a portion of what his labour either collects or
produces。 This portion； or； what comes to the same thing； the
price of this portion； constitutes the rent of land； and in the
price of the greater part of commodities makes a third component
part。
The real value of all the different component parts of
price； it must be observed； is measured by the quantity of labour
which they can； each of them； purchase or command。 Labour
measures the value not only of that part of price which resolves
itself into labour； but of that which resolves itself into rent；
and of that which resolves itself into profit。
In every society the price of every commodity finally
resolves itself into some one or other； or all of those three
parts； and in every improved society； all the three enter more or
less； as component parts； into the price of the far greater part
of commodities。
In the price of corn； for example； one part pays the rent of
the landlord； another pays the wages or maintenance of the
labourers and labouring cattle employed in producing it； and the
third pays the profit of the farmer。 These three parts seem
either immediately or ultimately to make up the whole price of
corn。 A fourth part； it may perhaps be thought； is necessary for
replacing the stock of the farmer； or for compensating the wear
and tear of his labouring cattle； and other instruments of
husbandry。 But it must be considered that the price of any
instrument of husbandry； such as a labouring horse； is itself
made up of the same three parts； the rent of the land upon which
he is reared； the labour of tending and rearing him； and the
profits of the farmer who advances both the rent of this land；
and the wages of this labour。 Though the price of the corn；
therefore； may pay the price as well as the maintenance of the
horse； the whole price still resolves itself either immediately
or ultimately into the same three parts of rent； labour； and
profit。
In the price of flour or meal； we must add to the price of
the corn； the profits of the miller； and the wages of his
servants； in the price of bread； the profits of the baker； and
the wages of his servants； and in the price of both； the labour
of transporting the corn from the house of the farmer to that of
the miller； and from that of the miner to that of the baker；
together with the profits of those who advance the wages of that
labour。
The price of flax resolves itself into the same three parts
as that of corn。 In the price of linen we must add to this price
the wages of the flaxdresser； of the spinner； of the weaver； of
the bleacher； etc。； together with the profits of their respective
employers。
As any particular commodity comes to be more manufactured；
that part of the price which resolves itself into wages and
profit comes to be greater in proportion to that which resolves
itself into rent。 In the progress of the manufacture； not only
the number of profits increase； but every subsequent profit is
greater than the foregoing； because the capital from which it is
derived must always be greater。 The capital which employs the
weavers； for example； must be greater than that which employs the
spinners； because it not only replaces that capital with its
profits； but pays； besides； the wages of the weavers； and the
profits must always bear some proportion to the capital。
In the most improved societies； however； there are always a
few commodities of which the price resolves itself into two parts
only； the wages of labour； and the profits of stock； and a still
smaller number； in which it consists altogether in the wages of
labour。 In the price of sea…fish； for example； one part pays the
labour of the fishermen； and the other the profits of the capital
employed in the fishery。 Rent very seldom makes any part of it；
though it does sometimes； as I shall show hereafter。 It is
otherwise； at least through the greater part of Europe； in river
fisheries。 A salmon fishery pays a rent； and rent； though it
cannot well be called the rent of land； makes a part of the price
of a salmon as well as wages and profit。 In some parts of
Scotland a few poor people make a trade of gathering； along the
sea…shore； those little variegated stones commonly known by the
name of Scotch Pebbles。 The price which is paid to them by the
stone…cutter is altogether the wages of their labour； neither
rent nor profit make any part of it。
But the whole price of any commodity must still finally
resolve itself into some one or other； or all of those three
parts； as whatever part of it remains after paying the rent of
the land； and the price of the whole labour employed in raising；
manufacturing； and bringing it to market； must necessarily be
profit to somebody。
As the price or exchangeable value of every particular
commodity； taken separately； resolves itself into some one or
other or all of those three parts； so that of all the commodities
which compose the whole annual produce of the labour of every
country； taken complexly； must resolve itself into the same three
parts； and be parcelled out among different inhabitants of the
country； either as the wages of their labour； the profits of
their stock； or the rent of their land。 The whole of what is
annually either collected or produced by the labour of every
society； or what comes to the same thing； the whole price of it；
is in this manner originally distributed among