the price of those goods by the value, not only 
of his profits, but of their wages. This is 
all the productive labour which it immediately 
puts into motion, and all the value which 
it immediately adds to the annual produce
Its operation in both these respects is a good 
deal superior to that of the capital of the retailer
Part of the capital of the master manufacturer 
is employed as a fixed capital in the instruments 
of his trade, and replaces, together 
with its profits, that of some other artificer of 
whom he purchases them. Part of his circulating 
capital is employed in purchasing materials
and replaces, with their profits, the capitals 
of the farmers and miners of whom he 
purchases them. But a great part of it is always, 
either annually, or in a much shorter 
period, distributed among the different workmen 
whom he employs. It augments the value 
of these materials by their wages, and by 
their masters' profits upon the whole stock of 
wages, materials, and instruments of trade employed 
in the business. It puts immediately 
into motion, therefore, a much greater quantity 
of productive labour, and adds a much 
greater value to the annual produce of the 
land and labour of the society, than an equal 
capital in the hands of any wholesale merchant
No equal capital puts into motion a greater 
quantity of productive labour than that of the 
farmer. Not only his labouring servants, but 
his labouring cattle, are productive labourers
In agriculture, too, Nature labours along with 
man; and though her labour cost no expense, 
its produce has its value, as well as that of 
the must expensive workmen. The most important 
operations of agriculture seem intended, 
not so much to increase, though they do 
that too, as to direct the fertility of Nature towards 
the production of the plants must profitable 
to man. A field overgrown with briars 
and brambles, may frequently produce as great 
a quantity of vegetables as the best cultivated 
vineyard or corn field. Planting and tillage 
frequently regulate more than they animate 
the active fertility of Nature; and after all 
their labour, a great part of the work always 
remains to be done by her. The labourers 
and labouring cattle, therefore, employed in 
agriculture, not only occasion, like the workmen 
in manufactures, the reproduction of a 
value equal to their own consumption, or to 
the capital which employs them, together with 
its owner's profits, but of a much greater value. 
Over and above the capital of the farmer
and all its profits, they regularly occasion 
the reproduction of the rent of the landlord
This rent may be considered as the produce 
of those powers of Nature, the use of which 
the landlord lends to the farmer. It is greater 
or smaller, according to the supposed extent 
of those powers, or, in other words, according 
to the supposed natural or improved 
fertility of the land. It is the work of Nature 
which remains, after deducting or compensating 
every thing which can be regarded 
as the work of man. It is seldom less than a 
fourth, and frequently more than a third, of 
the whole produce. No equal quantity of 
productive labour employed in manufactures
can ever occasion so great reproduction. In 
them Nature does nothing; man does all; and 
the reproduction must always be in proportion 
to the strength of the agents that occasion it. 
The capital employed in agriculture, therefore, 
not only puts into motion a greater quantity 
of productive labour than any equal capital 
employed in manufactures; but in proportion
too, to the quantity of productive labour 
which it employs, it adds a much greater 
value to the annual produce of the land 
and labour of the country, to the real wealth 
and revenue of its inhabitants. Of all the 
ways in which a capital can be employed, it is 
by far the most advantageous to society
The capitals employed in the agriculture 
and in the retail trade of any society, must always 
reside within that society. Their employment 
is confined almost to a precise spot, 
to the farm, and to the shop of the retailer
They must generally, too, though there are 
some exceptions to this, belong to resident 
members of the society
The capital of a wholesale merchant, on the 
contrary, seems to have no fixed or necessary 
residence anywhere, but may wander about 
from place to place, according as it can either 
buy cheap or sell dear
The capital of the manufacturer must, no 
doubt, reside where the manufacture is carried 
on; but where this shall be, is not always 
necessarily determined. It may frequently be 
at a great distance, both from the place where 
the materials grow, and from that where the 
complete manufacture is consumed. Lyons 
is very distant, both from the places which 
afford the materials of its manufactures, and 
from those which consume them. The people 
of fashion in Sicily are clothed in silks 
made in other countries, from the materials 
which their own produces. Part of the wool 
of Spain is manufactured in Great Britain, 
and some part of that cloth is afterwards sent 
back to Spain. 
Whether the merchant whose capital exports 
the surplus produce of any society, be a native 
or a foreigner, is of very little importance. 
If he is a foreigner, the number of their productive 
labourers is necessarily less than if he 
had been a native, by one man only; and the 
value of their annual produce, by the profits of 
that one man. The sailors or carriers whom 
he employs, may still belong indifferently either 
to his country, or to their country, or to 
some third country, in the same manner as if 
he had been a native. The capital of a foreigner 
gives a value to their surplus produce 
equally with that of a native, by exchanging