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the accumulation of stock and the appropriation of land； the
proportion between the quantities of labour necessary for
acquiring different objects seems to be the only circumstance
which can afford any rule for exchanging them for one another。 If
among a nation of hunters； for example； it usually costs twice
the labour to kill a beaver which it does to kill a deer； one
beaver should naturally exchange for or be worth two deer。 It is
natural that what is usually the produce of two days' or two
hours' labour； should be worth double of what is usually the
produce of one day's or one hour's labour。
If the one species of labour should be more severe than the
other； some allowance will naturally be made for this superior
hardship； and the produce of one hour's labour in the one way may
frequently exchange for that of two hours' labour in the other。
Or if the one species of labour requires an uncommon degree
of dexterity and ingenuity； the esteem which men have for such
talents will naturally give a value to their produce； superior to
what would be due to the time employed about it。 Such talents can
seldom be acquired but in consequence of long application； and
the superior value of their produce may frequently be no more
than a reasonable compensation for the time and labour which must
be spent in acquiring them。 In the advanced state of society；
allowances of this kind； for superior hardship and superior
skill； are commonly made in the wages of labour； and something of
the same kind must probably have taken place in its earliest and
rudest period。
In this state of things； the whole produce of labour belongs
to the labourer； and the quantity of labour commonly employed in
acquiring or producing any commodity is the only circumstance
which can regulate the quantity exchange for which it ought
commonly to purchase； command； or exchange for。
As soon as stock has accumulated in the hands of particular
persons； some of them will naturally employ it in setting to work
industrious people； whom they will supply with materials and
subsistence； in order to make a profit by the sale of their work；
or by what their labour adds to the value of the materials。 In
exchanging the complete manufacture either for money； for labour；
or for other goods； over and above what may be sufficient to pay
the price of the materials； and the wages of the workmen；
something must be given for the profits of the undertaker of the
work who hazards his stock in this adventure。 The value which the
workmen add to the materials； therefore； resolves itself in this
ease into two parts； of which the one pays their wages； the other
the profits of their employer upon the whole stock of materials
and wages which he advanced。 He could have no interest to employ
them； unless he expected from the sale of their work something
more than what was sufficient to replace his stock to him； and he
could have no interest to employ a great stock rather than a
small one； unless his profits were to bear some proportion to the
extent of his stock。
The profits of stock； it may perhaps be thought are only a
different name for the wages of a particular sort of labour； the
labour of inspection and direction。 They are； however； altogether
different； are regulated by quite different principles； and bear
no proportion to the quantity； the hardship； or the ingenuity of
this supposed labour of inspection and direction。 They are
regulated altogether by the value of the stock employed； and are
greater or smaller in proportion to the extent of this stock。 Let
us suppose； for example； that in some particular place； where the
common annual profits of manufacturing stock are ten per cent；
there are two different manufactures； in each of which twenty
workmen are employed at the rate of fifteen pounds a year each；
or at the expense of three hundred a year in each manufactory。
Let us suppose； too； that the coarse materials annually wrought
up in the one cost only seven hundred pounds； while the finer
materials in the other cost seven thousand。 The capital annually
employed in the one will in this case amount only to one thousand
pounds； whereas that employed in the other will amount to seven
thousand three hundred pounds。 At the rate of ten per cent；
therefore； the undertaker of the one will expect a yearly profit
of about one hundred pounds only； while that of the other will
expect about seven hundred and thirty pounds。 But though their
profits are so very different； their labour of inspection and
direction may be either altogether or very nearly the same。 In
many great works almost the whole labour of this kind is
committed to some principal clerk。 His wages properly express the
value of this labour of inspection and direction。 Though in
settling them some regard is had commonly； not only to his labour
and skill； but to the trust which is reposed in him； yet they
never bear any regular proportion to the capital of which he
oversees the management； and the owner of this capital； though he
is thus discharged of almost all labour； still expects that his
profits should bear a regular proportion to his capital。 In the
price of commodities； therefore； the profits of stock constitute
a component part altogether different from the wages of labour；
and regulated by quite different principles。
In this state of things； the whole produce of labour does
not always belong to the labourer。 He must in most cases share it
with the owner of the stock which employs him。 Neither is the
quantity of labour commonly employed in acquiring or producing
any commodity； the only circumstance which can regulate the
quantity which it ought commonly to purchase； command； or
exchange for。 An additional quantity； it is evident； must be due
for the profits of the stock which advanced the wages and
furnished the materials of that labour。
As soon as the land of any country has all become private
property； the landlords； like all other men； love to reap where
they never sowed； and demand a rent even for its natural produce。
The wood of the forest； the grass of the field； and all the
natural fruits of the earth； which； when land was in common； cost
the labourer only the trouble of gathering them； come； even to
him； to have an additional price fixed upon them。 He must then
pay for the licence to gather them； and must give up to the
landlord a portion of what his labour either collects or
produces。 This portion； or； what comes to the same thing； the
price of this portion； constitutes the rent of land； and in the
price of the greater part of commodities makes a third component
part。
The real value of all the different component parts of
price； it must be observed； is measured by the quantity of labour
which they can； each of them； purchase or command。 Labour
measures the value not only of that part of price which resolves
itself into labour； but of that which resolves itself into