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but himself sees any of his making anything by the other。 The
great admiral is less the object of public admiration than the
great general； and the highest success in the sea service
promises a less brilliant fortune and reputation than equal
success in the land。 The same difference runs through all the
inferior degrees of preferment in both。 By the rules of
precedency a captain in the navy ranks with a colonel in the
army； but he does not rank with him in the common estimation。 As
the great prizes in the lottery are less； the smaller ones must
be more numerous。 Common sailors； therefore； more frequently get
some fortune and preferment than common soldiers； and the hope of
those prizes is what principally recommends the trade。 Though
their skill and dexterity are much superior to that of almost any
artificers； and though their whole life is one continual scene of
hardship and danger； yet for all this dexterity and skill； for
all those hardships and dangers； while they remain in the
condition of common sailors； they receive scarce any other
recompense but the pleasure of exercising the one and of
surmounting the other。 Their wages are not greater than those of
common labourers at the port which regulates the rate of seamen's
wages。 As they are continually going from port to port； the
monthly pay of those who sail from all the different ports of
Great Britain is more nearly upon a level than that of any other
workmen in those different places； and the rate of the port to
and from which the greatest number sail； that is the port of
London； regulates that of all the rest。 At London the wages of
the greater part of the different classes of workmen are about
double those of the same classes at Edinburgh。 But the sailors
who sail from the port of London seldom earn above three or four
shillings a month more than those who sail from the port of
Leith； and the difference is frequently not so great。 In time of
peace； and in the merchant service； the London price is from a
guinea to about seven…and…twenty shillings the calendar month。 A
common labourer in London； at the rate of nine or ten shillings a
week； may earn in the calendar month from forty to five…and…forty
shillings。 The sailor； indeed； over and above his pay； is
supplied with provisions。 Their value； however； may not perhaps
always exceed the difference between his pay and that of the
common labourer； and though it sometimes should； the excess will
not be clear gain to the sailor； because he cannot share it with
his wife and family； whom he must maintain out of his wages at
home。
The dangers and hairbreadth escapes of a life of adventures；
instead of disheartening young people； seem frequently to
recommend a trade to them。 A tender mother； among the inferior
ranks of people； is of afraid to send her son to school at a
seaport town； lest the sight of the ships and the conversation
and adventures of the sailors should entice him to go to sea。 The
distant prospect of hazards； from which we can hope to extricate
ourselves by courage and address； is not disagreeable to us； and
does not raise the wages of labour in any employment。 It is
otherwise with those in which courage and address can be of no
avail。 In trades which are known to be very unwholesome； the
wages of labour are always remarkably high。 Unwholesomeness is a
species of disagreeableness； and its effects upon the wages of
labour are to be ranked under that general head。
In all the different employments of stock； the ordinary rate
of profit varies more or less with the certainty or uncertainty
of the returns。 These are in general less uncertain in the inland
than in the foreign trade； and in some branches of foreign trade
than in others； in the trade to North America； for example； than
in that to Jamaica。 The ordinary rate of profit always rises more
or less with the risk。 It does not； however； seem to rise in
proportion to it； or so as to compensate it completely。
Bankruptcies are most frequent in the most hazardous trades。 The
most hazardous of all trades； that of a smuggler； though when the
adventure succeeds it is likewise the most profitable； is the
infallible road to bankruptcy。 The presumptuous hope of success
seems to act here as upon all other occasions； and to entice so
many adventurers into those hazardous trades； that their
competition reduces their profit below what is sufficient to
compensate the risk。 To compensate it completely； the common
returns ought； over and above the ordinary profits of stock； not
only to make up for all occasional losses； but to afford a
surplus profit to the adventurers of the same nature with the
profit of insurers。 But if the common returns were sufficient for
all this； bankruptcies would not be more frequent in these than
in other trades。
Of the five circumstances； therefore； which vary the wages
of labour； two only affect the profits of stock； the
agreeableness or disagreeableness of the business； and the risk
or security with which it is attended。 In point of agreeableness；
there is little or no difference in the far greater part of the
different employments of stock； but a great deal in those of
labour； and the ordinary profit of stock； though it rises with
the risk； does not always seem to rise in proportion to it。 It
should follow from all this； that； in the same society or
neighbourhood； the average and ordinary rates of profit in the
different employments of stock should be more nearly upon a level
than the pecuniary wages of the different sorts of labour。 They
are so accordingly。 The difference between the earnings of a
common labourer and those of a well employed lawyer or physician；
is evidently much greater than that between the ordinary profits
in any two different branches of trade。 The apparent difference；
besides； in the profits of different trades； is generally a
deception arising from our not always distinguishing what ought
to be considered as wages； from what ought to be considered as
profit。
Apothecaries' profit is become a bye…word； denoting
something uncommonly extravagant。 This great apparent profit；
however； is frequently no more than the reasonable wages of
labour。 The skill of an apothecary is a much nicer and more
delicate matter than that of any artificer whatever； and the
trust which is reposed in him is of much greater importance。 He
is the physician of the poor in all cases； and of the rich when
the distress or danger is not very great。 His reward； therefore；
ought to be suitable to his skill and his trust； and it arises
generally from the price at which he sells his drugs。 But the
whole drugs which the best employed apothecary； in a large market
town； will sell in a year； may not perhaps cost him above thirty
or forty pounds。 Though he should sell them； therefore； for three
or four hundred； or at a thousand per cent profit； this may
frequently be no more than the reasonable wages of his labour
charged； in the only way in which he can charge them； upon the
price of his drugs。 The greater part of the apparent profit is
real wages disguised in the garb of profit。
In a small seaport town； a little grocer will make forty or
fifty per cent upon a stock of a single hundred pounds； while a
considerable wholesale merchant in the same place will scarce
make eight or ten per cent upon a stock of ten thousand。 The
trade of the grocer may be necessary for the conveniency of the
inhabitants； and the narrowness of the market may not admit the
employment of a larger capital in the business。 The man； however；
must not only live by his trade； but live by it suitably to the
qualifications which it requires。 Besides possessing a little
capital； he must be able to read； write； and account； and must be
a tolerable judge too of； perhaps； fifty or sixty different sorts
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 b