wealbk01-第26章

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proper　division　and　distribution　of　employment　that　they　may　be

enabled　to　produce　the　greatest　quantity　of　work　possible。　For

the　same　reason；　he　endeavours　to　supply　them　with　the　best

machinery　which　either　he　or　they　can　think　of。　What　takes　place

among　the　labourers　in　a　particular　workhouse　takes　place；　for

the　same　reason；　among　those　of　a　great　society。　The　greater

their　number；　the　more　they　naturally　divide　themselves　into

different　classes　and　subdivisions　of　employment。　More　heads　are

occupied　in　inventing　the　most　proper　machinery　for　executing　the

work　of　each；　and　it　is；　therefore；　more　likely　to　be　invented。

There　are　many　commodities；　therefore；　which；　in　consequence　of

these　improvements；　come　to　be　produced　by　so　much　less　labour

than　before　that　the　increase　of　its　price　is　more　than

compensated　by　the　diminution　of　its　quantity。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　IX



　　　　　　　　　　　　　　　　　　　　　　　Of　the　Profits　of　Stock　



　　　　　THE　rise　and　fall　in　the　profits　of　stock　depend　upon　the

same　causes　with　the　rise　and　fall　in　the　wages　of　labour；　the

increasing　or　declining　state　of　the　wealth　of　the　society；　but

those　causes　affect　the　one　and　the　other　very　differently。

　　　　　The　increase　of　stock；　which　raises　wages；　tends　to　lower

profit。　When　the　stocks　of　many　rich　merchants　are　turned　into

the　same　trade；　their　mutual　competition　naturally　tends　to　lower

its　profit；　and　when　there　is　a　like　increase　of　stock　in　all　the

different　trades　carried　on　in　the　same　society；　the　same

competition　must　produce　the　same　effect　in　them　all。

　　　　　It　is　not　easy；　it　has　already　been　observed；　to　ascertain

what　are　the　average　wages　of　labour　even　in　a　particular　place；

and　at　a　particular　time。　We　can；　even　in　this　case；　seldom

determine　more　than　what　are　the　most　usual　wages。　But　even　this

can　seldom　be　done　with　regard　to　the　profits　of　stock。　Profit　is

so　very　fluctuating　that　the　person　who　carries　on　a　particular

trade　cannot　always　tell　you　himself　what　is　the　average　of　his

annual　profit。　It　is　affected　not　only　by　every　variation　of

price　in　the　commodities　which　he　deals　in；　but　by　the　good　or

bad　fortune　both　of　his　rivals　and　of　his　customers；　and　by　a

thousand　other　accidents　to　which　goods　when　carried　either　by

sea　or　by　land；　or　even　when　stored　in　a　warehouse；　are　liable。

It　varies；　therefore；　not　only　from　year　to　year；　but　from　day　to

day；　and　almost　from　hour　to　hour。　To　ascertain　what　is　the

average　profit　of　all　the　different　trades　carried　on　in　a　great

kingdom　must　be　much　more　difficult；　and　to　judge　of　what　it　may

have　been　formerly；　or　in　remote　periods　of　time；　with　any　degree

of　precision；　must　be　altogether　impossible。

　　　　　But　though　it　may　be　impossible　to　determine；　with　any

degree　of　precision；　what　are　or　were　the　average　profits　of

stock；　either　in　the　present　or　in　ancient　times；　some　notion　may

be　formed　of　them　from　the　interest　of　money。　It　may　be　laid　down

as　a　maxim；　that　wherever　a　great　deal　can　be　made　by　the　use　of

money；　a　great　deal　will　commonly　be　given　for　the　use　of　it；　and

that　wherever　little　can　be　made　by　it；　less　will　commonly　be

given　for　it。　According；　therefore；　as　the　usual　market　rate　of

interest　varies　in　any　country；　we　may　be　assured　that　the

ordinary　profits　of　stock　must　vary　with　it；　must　sink　as　it

sinks；　and　rise　as　it　rises。　The　progress　of　interest；　therefore；

may　lead　us　to　form　some　notion　of　the　progress　of　profit。

　　　　　By　the　37th　of　Henry　VIII　all　interest　above　ten　per　cent

was　declared　unlawful。　More；　it　seems；　had　sometimes　been　taken

before　that。　In　the　reign　of　Edward　VI　religious　zeal　prohibited

all　interest。　This　prohibition；　however；　like　all　others　of　the

same　kind；　is　said　to　have　produced　no　effect；　and　probably

rather　increased　than　diminished　the　evil　of　usury。　The　statute

of　Henry　VIII　was　revived　by　the　13th　of　Elizabeth；　c。　8；　and　ten

per　cent　continued　to　be　the　legal　rate　of　interest　till　the　21st

of　James　I；　when　it　was　restricted　to　eight　per　cent。　It　was

reduced　to　six　per　cent　soon　after　the　Restoration；　and　by　the

12th　of　Queen　Anne　to　five　per　cent。　All　these　different

statutory　regulations　seem　to　have　been　made　with　great

propriety。　They　seem　to　have　followed　and　not　to　have　gone　before

the　market　rate　of　interest；　or　the　rate　at　which　people　of　good

credit　usually　borrowed。　Since　the　time　of　Queen　Anne；　five　per

cent　seems　to　have　been　rather　above　than　below　the　market　rate。

Before　the　late　war；　the　government　borrowed　at　three　per　cent；

and　people　of　good　credit　in　the　capital；　and　in　many　other　parts

of　the　kingdom；　at　three　and　a　half；　four；　and　four　and　a　half

per　cent。

　　　　　Since　the　time　of　Henry　VIII　the　wealth　and　revenue　of　the

country　have　been　continually　advancing；　and；　in　the　course　of

their　progress；　their　pace　seems　rather　to　have　been　gradually

accelerated　than　retarded。　They　seem　not　only　to　have　been　going

on；　but　to　have　been　going　on　faster　and　faster。　The　wages　of

labour　have　been　continually　increasing　during　the　same　period；

and　in　the　greater　part　of　the　different　branches　of　trade　and

manufactures　the　profits　of　stock　have　been　diminishing。

　　　　　It　generally　requires　a　greater　stock　to　carry　on　any　sort

of　trade　in　a　great　town　than　in　a　country　village。　The　great

stocks　employed　in　every　branch　of　trade；　and　the　number　of　rich

competitors；　generally　reduce　the　rate　of　profit　in　the　former

below　what　it　is　in　the　latter　But　the　wages　of　labour　are

generally　higher　in　a　great　town　than　in　a　country　village。　In　a

thriving　town　the　people　who　have　great　stocks　to　employ

frequently　cannot　get　the　number　of　workmen　they　want；　and

therefore　bid　against　one　another　in　order　to　get　as　many　as　they

can；　which　raises　the　wages　of　labour；　and　lowers　the　profits　of

stock。　In　the　remote　parts　of　the　country　there　is　frequently　not

stock　sufficient　to　employ　all　the　people；　who　therefore　bid

against　one　another　in　order　to　get　employment；　which　lowers　the

wages　of　labour　and　raises　the　profits　of　stock。

　　　　　In　Scotland；　though　the　legal　rate　of　interest　is　the　same

as　in　England；　the　market　rate　is　rather　higher。　People　of　the

best　credit　there　seldom　borrow　under　five　per　cent。　Even　private

bankers　in　Edinburgh　give　four　per　cent　upon　their　promissory

notes；　of　which　payment　either　in　whole　or　in　part　may　be

demanded　at　pleasure。　Private　bankers　in　London　give　no　interest

for　the　money　which　is　deposited　with　them。　There　are　few　trades

which　cannot　be　carried　on　with　a　smaller　stock　in　Scotland　than

in　England。　The　common　rate　of　profit；　therefore；　must　be

somewhat　greater。　The　wages　of　labour；　it　has　already　been

observed；　are　lower　in　Scotland　than　in　England。　The　country；

too；　is　not　only　much　poorer；　but　the　steps　by　which　it　advances

to　a　better　condition；　for　it　is　evidently　advancing；　seem　to　be

much　slower　and　more　tardy。

　　　　　The　legal　rate　of　interest　in　France　has　not；　during　the

course　of　the　present　century；　been　always　regulated　by　the

market　rate。　In　1720　interest　was　reduced　from　the　twentieth　to

the　fiftieth　penny；　or　from　five　to　two　per　cent。　In　1724　it　was

raised　to　the　thirtieth　penny；　or　to　3　1/3　per　cent。　In　1725　it

was　again　raised　to　the　twentieth　penny；　or　to　five　per　cent。　In

1766；　during　the　administration　of　Mr。　Laverdy；　it　was　reduced　to

the　twenty…fifth　penny；　or　to　four　per　cent。　The　Abbe　Terray

raised　it　afterwards　to　the　old　rate　of　five　per　cent。　The

supposed　purpose　of　many　of　those　violent　reductions　of　interest

was　to　prepare　the　way　for　reducing　that　of　the　public　debts；　a

purpose　which　has　sometimes　been　executed。　France　is　perhaps　in

the　present　times　not　so　rich　a　country　as　England；　and　though

the　legal　rate　of　interest　has　in　France　frequently　been　lower

than　in　England；　the　market　rate　has　generally　been　higher；　for

there；　as　in　other　countries；　they　have　several　very　safe　and

easy