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　　　　　It　is　thus　that　the　same　capital　will　in　any　country　put

into　motion　a　greater　or　smaller　quantity　of　productive　labour；

and　add　a　greater　or　smaller　value　to　the　annual　produce　of　its

land　and　labour；　according　to　the　different　proportions　in　which

it　is　employed　in　agriculture；　manufactures；　and　wholesale　trade。

The　difference；　too；　is　very　great；　according　to　the　different

sorts　of　wholesale　trade　in　which　any　part　of　it　is　employed。

　　　　　All　wholesale　trade；　all　buying　in　order　to　sell　again　by

wholesale；　may　be　reduced　to　three　different　sorts。　The　home

trade；　the　foreign　trade　of　consumption；　and　the　carrying　trade。

The　home　trade　is　employed　in　purchasing　in　one　part　of　the　same

country；　and　selling　in　another；　the　produce　of　the　industry　of

that　country。　It　comprehends　both　the　inland　and　the　coasting

trade。　The　foreign　trade　of　consumption　is　employed　in　purchasing

foreign　goods　for　home　consumption。　The　carrying　trade　is

employed　in　transacting　the　commerce　of　foreign　countries；　or　in

carrying　the　surplus　produce　of　one　to　another。

　　　　　The　capital　which　is　employed　in　purchasing　in　one　part　of

the　country　in　order　to　sell　in　another　the　produce　of　the

industry　of　that　country；　generally　replaces　by　every　such

operation　two　distinct　capitals　that　had　both　been　employed　in

the　agriculture　or　manufactures　of　that　country；　and　thereby

enables　them　to　continue　that　employment。　When　it　sends　out　from

the　residence　of　the　merchant　a　certain　value　of　commodities；　it

generally　brings　back　in　return　at　least　an　equal　value　of　other

commodities。　When　both　are　the　produce　of　domestic　industry；　it

necessarily　replaces　by　every　such　operation　two　distinct

capitals　which　had　both　been　employed　in　supporting　productive

labour；　and　thereby　enables　them　to　continue　that　support。　The

capital　which　sends　Scotch　manufactures　to　London；　and　brings

back　English　corn　and　manufactures　to　Edinburgh；　necessarily

replaces　by　every　such　operation；　two　British　capitals　which　had

both　been　employed　in　the　agriculture　or　manufactures　of　Great

Britain。

　　　　　The　capital　employed　in　purchasing　foreign　goods　for　home

consumption；　when　this　purchase　is　made　with　the　produce　of

domestic　industry；　replaces　too；　by　every　such　operation；　two

distinct　capitals；　but　one　of　them　only　is　employed　in　supporting

domestic　industry。　The　capital　which　sends　British　goods　to

Portugal；　and　brings　back　Portuguese　goods　to　Great　Britain；

replaces　by　every　such　operation　only　one　British　capital。　The

other　is　a　Portuguese　one。　Though　the　returns；　therefore；　of　the

foreign　trade　of　consumption　should　be　as　quick　as　those　of　the

home　trade；　the　capital　employed　in　it　will　give　but　one　half　the

encouragement　to　the　industry　or　productive　labour　of　the

country。

　　　　　But　the　returns　of　the　foreign　trade　of　consumption　are　very

seldom　so　quick　as　those　of　the　home　trade。　The　returns　of　the

home　trade　generally　come　in　before　the　end　of　the　year；　and

sometimes　three　or　four　times　in　the　year。　The　returns　of　the

foreign　trade　of　consumption　seldom　come　in　before　the　end　of　the

year；　and　sometimes　not　till　after　two　or　three　years。　A　capital；

therefore；　employed　in　the　home　trade　will　sometimes　make　twelve

operations；　or　be　sent　out　and　returned　twelve　times；　before　a

capital　employed　in　the　foreign　trade　of　consumption　has　made

one。　If　the　capitals　are　equal；　therefore；　the　one　will　give

four…and…twenty　times　more　encouragement　and　support　to　the

industry　of　the　country　than　the　other。

　　　　　The　foreign　goods　for　home　consumption　may　sometimes　be

purchased；　not　with　the　produce　of　domestic　industry；　but　with

some　other　foreign　goods。　These　last；　however；　must　have　been

purchased　either　immediately　with　the　produce　of　domestic

industry；　or　with　something　else　that　had　been　purchased　with　it；

for；　the　case　of　war　and　conquest　excepted；　foreign　goods　can

ever　be　acquired　but　in　exchange　for　something　that　had　been

produced　at　home；　either　immediately；　or　after　two　or　more

different　exchanges。　The　effects；　therefore；　of　a　capital

employed　in　such　a　roundabout　foreign　trade　of　consumption；　are；

in　every　respect；　the　same　as　those　of　one　employed　in　the　most

direct　trade　of　the　same　kind；　except　that　the　final　returns　are

likely　to　be　still　more　distant；　as　they　must　depend　upon　the

returns　of　two　or　three　distinct　foreign　trades。　If　the　flax　and

hemp　of　Riga　are　purchased　with　the　tobacco　of　Virginia；　which

had　been　purchased　with　British　manufactures；　the　merchant　must

wait　for　the　returns　of　two　distinct　foreign　trades　before　he　can

employ　the　same　capital　in　re…purchasing　a　like　quantity　of

British　manufactures。　If　the　tobacco　of　Virginia　had　been

purchased；　not　with　British　manufactures；　but　with　the　sugar　and

rum　of　Jamaica　which　had　been　purchased　with　those　manufactures；

he　must　wait　for　the　returns　of　three。　If　those　two　or　three

distinct　foreign　trades　should　happen　to　be　carried　on　by　two　or

three　distinct　merchants；　of　whom　the　second　buys　the　goods

imported　by　the　first；　and　the　third　buys　those　imported　by　the

second；　in　order　to　export　them　again；　each　merchant　indeed　will

in　this　case　receive　the　returns　of　his　own　capital　more　quickly；

but　the　final　returns　of　the　whole　capital　employed　in　the　trade

will　be　just　as　slow　as　ever。　Whether　the　whole　capital　employed

in　such　a　round…about　trade　belong　to　one　merchant　or　to　three

can　make　no　difference　with　regard　to　the　country；　though　it　may

with　regard　to　the　particular　merchants。　Three　times　a　greater

capital　must　in　both　cases　be　employed　in　order　to　exchange　a

certain　value　of　British　manufactures　for　a　certain　quantity　of

flax　and　hemp　than　would　have　been　necessary　had　the　manufactures

and　the　flax　and　hemp　been　directly　exchanged　for　one　another。

The　whole　capital　employed；　therefore；　in　such　a　round…about

foreign　trade　of　consumption　will　generally　give　less

encouragement　and　support　to　the　productive　labour　of　the　country

than　an　equal　capital　employed　in　a　more　direct　trade　of　the　same

kind。

　　　　　Whatever　be　the　foreign　commodity　with　which　the　foreign

goods　for　home　consumption　are　purchased；　it　can　occasion　no

essential　difference　either　in　the　nature　of　the　trade；　or　in　the

encouragement　and　support　which　it　can　give　to　the　productive

labour　of　the　country　from　which　it　is　carried　on。　If　they　are

purchased　with　the　gold　of　Brazil；　for　example；　or　with　the

silver　of　Peru；　this　gold　and　silver；　like　the　tobacco　of

Virginia；　must　have　been　purchased　with　something　that　either　was

the　produce　of　the　industry　of　the　country；　or　that　had　been

purchased　with　something　else　that　was　so。　So　far；　therefore；　as

the　productive　labour　of　the　country　is　concerned；　the　foreign

trade　of　consumption　which　is　carried　on　by　means　of　gold　and

silver　has　all　the　advantages　and　all　the　inconveniences　of　any

other　equally　round…about　foreign　trade　of　consumption；　and　will

replace　just　as　fast　or　just　as　slow　the　capital　which　is

immediately　employed　in　supporting　that　productive　labour。　It

seems　even　to　have　one　advantage　over　any　other　equally

roundabout　foreign　trade。　The　transportation　of　those　metals　from

one　place　to　another；　on　account　of　their　small　bulk　and　great

value；　is　less　expensive　than　that　of　almost　any　other　foreign

goods　of　equal　value。　Their　freight　is　much　less；　and　their

insurance　not　greater；　and　no　goods；　besides；　are　less　liable　to

suffer　by　the　carriage。　An　equal　quantity　of　foreign　goods；

therefore；　may　frequently　be　purchased　with　a　smaller　quantity　of

the　produce　of　domestic　industry；　by　the　intervention　of　gold　and

silver；　than　by　that　of　any　other　foreign　goods。　The　demand　of

the　country　may　frequently；　in　this　manner；　be　supplied　more

completely　and　at　a　smaller　expense　than　in　any　other。　Whether；

by　the　continual　exportation　of　those　metals；　a　trade　of　this

kind　is　likely　to　impoverish　the　country　from　which　it　is　carried

on；　in　any　other　way；　I　shall　have　occasion　to　examine　at　great

length　hereafter。

　　　　　That　part　of　the　capital　of　any　country　which　is　employed　in

the　carrying　trade　is　altogether　withdrawn　from　supporting　the

productive　labour　of　that　particular　country；　to　support　that　of

some　foreign　countries。　Though　it　may　replace　by　every　operation

two　distinct　capitals；　yet　neither　of　them　belongs　to　that

particular　country。　The　capital　of　the　Dutch　merchant；　which

carries　the　corn　of　Poland　to　Portugal；　and　brings　back　the

fruits　and　wines　of　Portugal　to　Poland；　replaces　by　every　such

operation　two　capitals；　neither　of　which　had　been　employed　in

supporting　the　productive　labour　of　Holland；　but　one　of　them　in

supporting　that　of　Poland；　and　the　other　that　of　Portugal。　The

profits　only　return　regularly　to　Holland；　and　constitute　the

whole　addition　which　this　trade　necessarily　makes　to　the　annual

produce　of　the　land　and　labour　of　that　country。　When；　indeed；　the

carrying　trade　of　any　particular　country　is　carried　on　with　the

ships　and　sailors　of　that　country；　that　part　of　the　capital

employed　in　it　which　pays　the