tobacco, &c. The price of such commodities
therefore, varies not only with the variations 
of demand, but with the much greater and 
more frequent variations of quantity, and is 
consequently extremely fluctuating; but the 
profit of some of the dealers must necessarily 
fluctuate with the price of the commodities
The operations of the speculative merchant 
are principally employed about such commodities
He endeavours to buy them up when 
he foresees that their price is likely to rise
and to sell them when it is likely to fall
Thirdly, this equality in the whole of the 
advantages and disadvantages of the different 
employments of labour and stock, can take 
place only in such as are the sole or principal 
employments of those who occupy them. 
When a person derives his subsistence from 
one employment, which does not occupy the 
greater part of his time, in the intervals of his 
leisure he is often willing to work at another 
for less wages than would otherwise suit the 
nature of the employment
There still subsists, in many parts of Scotland
a set of people called cottars or cottagers
though they were more frequent some years 
ago than they are now. They are a sort of 
out-servants of the landlords and farmers. 
The usual reward which they receive from 
their master is a house, a small garden for 
pot-herbs, as much grass as will feed a cow
and, perhaps, an acre or two of bad arable 
land. When their master has occasion for 
their labour, he gives them, besides, two pecks 
of oatmeal a-week, worth about sixteen pence 
sterling. During a great part of the year, he 
has little or no occasion for their labour, and 
the cultivation of their own little possession is 
not sufficient to occupy the time which is left 
at their own disposal. When such occupiers 
were more numerous than they are at present
they are said to have been willing to give 
their spare time for a very small recompence 
to any body, and to have wrought for less 
wages than other labourers. In ancient 
times, they seem to have been common all 
over Europe. In countries ill cultivated, and 
worse inhabited, the greater part of landlords 
and farmers could not otherwise provide themselves 
with the extraordinary number of hands 
which country labour requires at certain seasons. 
The daily or weekly recompence which 
such labourers occasionally received from their 
masters, was evidently not the whole price of 
their labour. Their small tenement made a 
considerable part of it. This daily or weekly 
recompence, however, seems to have been 
considered as the whole of it, by many writers 
who have collected the prices of labour and 
provisions in ancient times, and who have 
taken pleasure in representing both as wonderfully 
The produce of such labour comes frequently 
cheaper to market than would otherwise be 
suitable to its nature. Stockings, in many 
parts of Scotland, are knit much cheaper than 
they can anywhere be wrought upon the loom
They are the work of servants and labourers
who derive the principal part of their subsistence 
from some other employment. More 
than a thousand pair of Shetland stockings are 
annually imported into Leith, of which the 
price is from fivepence to sevenpence a pair
At Lerwick, the small capital of the Shetland 
islands, tenpence a-day, I have been assured, 
is a common price of common labour. In the 
same islands, they knit worsted stockings to 
the value of a guinea a pair and upwards. 
The spinning of linen yarn is carried on in 
Scotland nearly in the same way as the knitting 
of stockings, by servants, who are chiefly 
hired for other purposes. They earn but a 
very scanty subsistence, who endeavour to get 
their livelihood by either of those trades. In 
most parts of Scotland, she is a good spinner 
who can earn twentypence a-week
In opulent countries, the market is generally 
so extensive, that any one trade is sufficient 
to employ the whole labour and stock of 
those who occupy it. Instances of people living 
by one employment, and, at the same time
deriving some little advantage from another, 
occur chiefly in poor countries. The following 
instance, however, of something of the 
same kind, is to be found in the capital of a 
very rich one. There is no city in Europe, I 
believe, in which house-rent is dearer than in 
London, and yet I know no capital in which 
a furnished apartment can be hired so cheap. 
Lodging is not only much cheaper in London 
than in Paris; it is much cheaper than in 
Edinburgh, of the same degree of goodness
and, what may seem extraordinary, the dearness 
of house-rent is the cause of the cheapness 
of lodging. The dearness of house-rent 
in London arises, not only from those causes 
which render it dear in all great capitals, the 
dearness of labour, the dearness of all the materials 
of building, which must generally be 
brought from a great distance, and, above all, 
the dearness of ground-rent, every landlord 
acting the part of a monopolist, and frequently 
exacting a higher rent for a single acre of 
bad land in a town, than can be had for a 
hundred of the best in the country, but it 
arises in part from the peculiar manners and 
customs of the people, which oblige every 
master of a family to hire a whole house from 
top to bottom. A dwelling-house in England 
means every thing that is contained under the 
same roof. In France, Scotland, and many 
other parts of Europe, it frequently means no 
more than a single storey. A tradesman in 
London is obliged to hire a whole house in 
that part of the town where his customers 
live. His shop is upon the ground floor, and 
he and his family sleep in the garret; and he 
endeavours to pay a part of his house-rent by 
letting the two middle storeys to lodgers. He 
expects to maintain his family by his trade,