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THE NATURE AND CAUSES OF

weaver rise a good deal above those of the shoemaker. Thefar greater part of the capital of all such master artificers,however, is circulated, either in the wages of their workmen,or in the price of their materials, and repaid with a profit bythe price of the work.

In other works a much greater fixed capital is required.In a great iron-work, for example, the furnace for melting theore, the forge, the slit-mill, or instruments of trade, whichcannot be erected without a very great expense. In coal-works, and mines of every kind, the machinery necessaiy bothfor drawing out the water and for other purposes, is fre-quently still more expensive.

That part of the capital of the farmer which is employed inthe instruments of agriculture is a fixed, that which is em-ployed in the wages and maintenance of his labouring ser-vants, is a circulating capital. He makes a profit of the oneby keeping it in his own possession, and of the other by part-ing with it. The price or value of his labouring cattle is afixed capital in the same manner as that of the instruments ofhusbandry; their maintenance is a circulating capital in thesame manner as that of the labouring servants. The farmermakes his profit by keeping the labouring cattle, and by part-ing with their maintenance. Both the price and the main-tenance of the cattle which are bought in and fattened, notfor labour, but for sale, are a circulating capital. The farmermakes his profit by parting with them. A flock of sheep or aherd of cattle that, in a breeding country, is bought in, nei-ther for labour, nor for sale, but in order to make a profitby their wool, by their milk, and by their increase, is a fixedcapital. The profit is made by keeping them. Their main-tenance is a circulating capital. The profit is made by part-ing with it; and it comes back with both its own profit, andthe profit upon the whole price of the cattle, in the price ofthe wool, the milk, and the increase. The whole value ot theseed too is properly a fixed capital. Though itgoes backwardsand forwards between the ground and the granary, it neverchanges masters, and therefore does not properly circulate.The farmer makes his profit, not by its sale, but by its increase.

The general stock of any country or society is the samewith that of all its inhabitants or members, and therefore na-turally divides itself into the same three portions, each ofwhich lias a distinct function or office.

The first is that portion which is reserved for immediate