wealbk01-第33章

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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　by

retail　are　generally　as　cheap　and　frequently　much　cheaper　in　the

capital　than　in　small　towns　and　country　villages。　Grocery　goods；

for　example；　are　generally　much　cheaper；　bread　and　butcher's　meat

frequently　as　cheap。　It　costs　no　more　to　bring　grocery　goods　to

the　great　town　than　to　the　country　village；　but　it　costs　a　great

deal　more　to　bring　corn　and　cattle；　as　the　greater　part　of　them

must　be　brought　from　a　much　greater　distance。　The　prime　cost　of

grocery　goods；　therefore；　being　the　same　in　both　places；　they　are

cheapest　where　the　least　profit　is　charged　upon　them。　The　prime

cost　of　bread　and　butcher's　meat　is　greater　in　the　great　town

than　in　the　country　village；　and　though　the　profit　is　less；

therefore；　they　are　not　always　cheaper　there；　but　often　equally

cheap。　In　such　articles　as　bread　and　butcher's　meat；　the　same

cause；　which　diminishes　apparent　profit；　increases　prime　cost。

The　extent　of　the　market；　by　giving　employment　to　greater　stocks；

diminishes　apparent　profit；　but　by　requiring　supplies　from　a

greater　distance；　it　increases　prime　cost。　This　diminution　of　the

one　and　increase　of　the　other　seem；　in　most　cases；　nearly　to

counterbalance　one　another；　which　is　probably　the　reason　that；

though　the　prices　of　corn　and　cattle　are　commonly　very　different

in　different　parts　of　the　kingdom；　those　of　bread　and　butcher's

meat　are　generally　very　nearly　the　same　through　the　greater　part

of　it。

　　　　　Though　the　profits　of　stock　both　in　the　wholesale　and　retail

trade　are　generally　less　in　the　capital　than　in　small　towns　and

country　villages；　yet　great　fortunes　are　frequently　acquired　from

small　beginnings　in　the　former；　and　scarce　ever　in　the　latter。　In

small　towns　and　country　villages；　on　account　of　the　narrowness　of

the　market；　trade　cannot　always　be　extended　as　stock　extends。　In

such　places；　therefore；　though　the　rate　of　a　particular　person's

profits　may　be　very　high；　the　sum　or　amount　of　them　can　never　be

very　great；　nor　consequently　that　of　his　annual　accumulation。　In

great　towns；　on　the　contrary；　trade　can　be　extended　as　stock

increases；　and　the　credit　of　a　frugal　and　thriving　man　increases

much　faster　than　his　stock。　His　trade　is　extended　in　proportion

to　the　amount　of　both；　and　the　sum　or　amount　of　his　profits　is　in

proportion　to　the　extent　of　his　trade；　and　his　annual

accumulation　in　proportion　to　the　amount　of　his　profits。　It

seldom　happens；　however；　that　great　fortunes　are　made　even　in

great　towns　by　any　one　regular；　established；　and　well…known

branch　of　business；　but　in　consequence　of　a　long　life　of

industry；　frugality；　and　attention。　Sudden　fortunes；　indeed；　are

sometimes　made　in　such　places　by　what　is　called　the　trade　of

speculation。　The　speculative　merchant　exercises　no　one　regular；

established；　or　well…known　branch　of　business。　He　is　a　corn

merchant　this　year；　and　a　wine　merchant　the　next；　and　a　sugar；

tobacco；　or　tea　merchant　the　year　after。　He　enters　into　e