rate or in its value. A rent which consists 
either in a certain proportion, or in a certain 
quantity, of the rude produce, is no doubt affected 
in its yearly value by all the occasional 
and temporary fluctuations in the market 
price of that rude produce; but it is seldom 
affected by them in its yearly rate. In settling 
the terms of the lease, the landlord and 
farmer endeavour, according to their best 
judgment, to adjust that rate, not to the temporary 
and occasional, but to the average and 
ordinary price of the produce. 
Such fluctuations affect both the value and 
the rate, either of wages or of profit, according 
as the market happens to be either overstocked 
or understocked with commodities or 
with labour, with work done, or with work to 
be done. A public mourning raises the price 
of black cloth (with which the market is almost 
always understocked upon such occasions), 
and augments the profits of the merchants 
who possess any considerable quantity of 
it. It has no effect upon the wages of the 
weavers. The market is understocked with 
commodities, not with labour, with work done, 
not with work to be done. It raises the 
wages of journeymen tailors. The market is 
here understocked with labour. There is an 
effectual demand for more labour, for more 
work to be done, than can be had. It sinks 
the price of coloured silks and cloths, and 
thereby reduces the profits of the merchants 
who have any considerable quantity of them 
upon hand. It sinks, too, the wages of the 
workmen employed in preparing such commodities
for which all demand is stopped for 
six months, perhaps for a twelvemonth. The 
market is here overstocked both with commodities 
and with labour
But though the market price of every particular 
commodity is in this manner continually 
gravitating, if one may say so, towards 
the natural price; yet sometimes particular 
accidents, sometimes natural causes, and sometimes 
particular regulations of police, may, in 
many commodities, keep up the market price
for a long time together, a good deal above 
the natural price
When, by an increase in the effectual demand
the market price of some particular 
commodity happens to rise a good deal above 
the natural price, those who employ their 
stocks in supplying that market, are generally 
careful to conceal this change. If it was 
commonly known, their great profit would 
tempt so many new rivals to employ their 
stocks in the same way, that, the effectual demand 
being fully supplied, the market price 
would soon be reduced to the natural price
and, perhaps, for some time even below 
it. If the market is at a great distance 
from the residence of those who supply it, 
they may sometimes be able to keep the secret 
for several years together, and may so 
long enjoy their extraordinary profits without 
any new rivals. Secrets of this kind, however, 
it must be acknowledged, can seldom 
be long kept; and the extraordinary profit 
can last very little longer than they are kept. 
Secrets in manufactures are capable of being 
longer kept than secrets in trade. A dyer 
who has found the means of producing a particular 
colour with materials which cost only 
half the price of those commonly made use of, 
may, with good management, enjoy the advantage 
of his discovery as long as he lives
and even leave it as a legacy to his posterity. 
His extraordinary gains arise from the high 
price which is paid for his private labour
They properly consist in the high wages of 
that labour. But as they are repeated upon 
every part of his stock, and as their whole 
amount bears, upon that account, a regular 
proportion to it, they are commonly considered 
as extraordinary profits of stock
Such enhancements of the market price are 
evidently the effects of particular accidents, of 
which, however, the operation may sometimes 
last for many years together. 
Some natural productions require such a 
singularity of soil and situation, that all the 
land in a great country, which is fit for producing 
them, may not be sufficient to supply 
the effectual demand. The whole quantity 
brought to market, therefore, may be disposed 
of to those who are willing to give more than 
what is sufficient to pay the rent of the land 
which produced them, together with the wages 
of the labour and the profits of the stock which 
were employed in preparing and bringing them 
to market, according to their natural rates
Such commodities may continue for whole 
centuries together to be sold at this high price
and that part of it which resolves itself into 
the rent of land, is in this case the part which 
is generally paid above its natural rate. The 
rent of the land which affords such singular 
and esteemed productions, like the rent of 
some vineyards in France of a peculiarly happy 
soil and situation, bears no regular proportion 
to the rent of other equally fertile and 
equally well cultivated land in its neighbourhood
The wages of the labour, and the profits 
of the stock employed in bringing such 
commodities to market, on the contrary, are 
seldom out of their natural proportion to those 
of the other employments of labour and stock 
in their neighbourhood. 
Such enhancements of the market price are 
evidently the effect of natural causes, which 
may hinder the effectual demand from ever 
being fully supplied, and which may continue
therefore, to operate for ever. 
A monopoly granted either to an individual 
or to a trading company, has the same effect 
as a secret in trade or manufactures. The 
monopolists, by keeping the market constantly 
understocked by never fully supplying the effectual 
demand, sell their commodities much 
above the natural price, and raise their emoluments,