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or four hundred； or at a thousand per cent profit； this may
frequently be no more than the reasonable wages of his labour
charged； in the only way in which he can charge them； upon the
price of his drugs。 The greater part of the apparent profit is
real wages disguised in the garb of profit。
In a small seaport town； a little grocer will make forty or
fifty per cent upon a stock of a single hundred pounds； while a
considerable wholesale merchant in the same place will scarce
make eight or ten per cent upon a stock of ten thousand。 The
trade of the grocer may be necessary for the conveniency of the
inhabitants； and the narrowness of the market may not admit the
employment of a larger capital in the business。 The man； however；
must not only live by his trade； but live by it suitably to the
qualifications which it requires。 Besides possessing a little
capital； he must be able to read； write； and account； and must be
a tolerable judge too of； perhaps； fifty or sixty different sorts
of goods； their prices； qualities； and the markets where they are
to be had cheapest。 He must have all the knowledge； in short；
that is necessary for a great merchant； which nothing hinders him
from becoming but the want of a sufficient capital。 Thirty or
forty pounds a year cannot be considered as too great a
recompense for the labour of a person so Accomplished。 Deduct
this from the seemingly great profits of his capital； and little
more will remain； perhaps； than the ordinary profits of stock。
The greater part of the apparent profit is； in this case too；
real wages。
The difference between the apparent profit of the retail and
that of the wholesale trade； is much less in the capital than in
small towns and country villages。 Where ten thousand pounds can
be employed in the grocery trade； the wages of the grocer's
labour make but a very trifling addition to the real profits of
so great a stock。 The apparent profits of the wealthy retailer；
therefore； are there more nearly upon a level with those of the
wholesale merchant。 It is upon this account that goods sold by
retail are generally as cheap and frequently much cheaper in the
capital than in small towns and country villages。 Grocery goods；
for example； are generally much cheaper； bread and butcher's meat
frequently as cheap。 It costs no more to bring grocery goods to
the great town than to the country village； but it costs a great
deal more to bring corn and cattle； as the greater part of them
must be brought from a much greater distance。 The prime cost of
grocery goods； therefore； being the same in both places； they are
cheapest where the least profit is charged upon them。 The prime
cost of bread and butcher's meat is greater in the great town
than in the country village； and though the profit is less；
therefore； they are not always cheaper there； but often equally
cheap。 In such articles as bread and butcher's meat； the same
cause； which diminishes apparent profit； increases prime cost。
The extent of the market； by giving employment to greater stocks；
diminishes apparent profit； but by requiring supplies from a
greater distance； it increases prime cost。 This diminution of the
one and increase of the other seem； in most cases； nearly to
counterbalance one another； which is probably the reason that；
though the prices of corn and cattle are commonly very different
in different parts of the kingdom； those of bread and butcher's
meat are generally very nearly the same through the greater part
of it。
Though the profits of stock both in the wholesale and retail
trade are generally less in the capital than in small towns and
country villages； yet great fortunes are frequently acquired from
small beginnings in the former； and scarce ever in the latter。 In
small towns and country villages； on account of the narrowness of
the market； trade cannot always be extended as stock extends。 In
such places； therefore； though the rate of a particular person's
profits may be very high； the sum or amount of them can never be
very great； nor consequently that of his annual accumulation。 In
great towns； on the contrary； trade can be extended as stock
increases； and the credit of a frugal and thriving man increases
much faster than his stock。 His trade is extended in proportion
to the amount of both； and the sum or amount of his profits is in
proportion to the extent of his trade； and his annual
accumulation in proportion to the amount of his profits。 It
seldom happens； however； that great fortunes are made even in
great towns by any one regular； established； and well…known
branch of business； but in consequence of a long life of
industry； frugality； and attention。 Sudden fortunes； indeed； are
sometimes made in such places by what is called the trade of
speculation。 The speculative merchant exercises no one regular；
established； or well…known branch of business。 He is a corn
merchant this year； and a wine merchant the next； and a sugar；
tobacco； or tea merchant the year after。 He enters into every
trade when he foresees that it is likely to be more than commonly
profitable； and he quits it when he foresees that its profits are
likely to return to the level of other trades。 His profits and
losses； therefore； can bear no regular proportion to those of any
one established and well…known branch of business。 A bold
adventurer may sometimes acquire a considerable fortune by two or
three successful speculations； but is just as likely to lose one
by two or three unsuccessful ones。 This trade can be carried on
nowhere but in great towns。 It is only in places of the most
extensive commerce and correspondence that the intelligence
requisite for it can be had。
The five circumstances above mentioned； though they occasion
considerable inequalities in the wages of labour and profits of
stock； occasion none in the whole of the advantages and
disadvantages； real or imaginary； of the different employments of
either。 The nature of those circumstances is such that they make
up for a small pecuniary gain in some； and counterbalance a great
one in others。
In order； however； that this equality may take place in the
whole of their advantages or disadvantages； three things are
requisite even where there is the most perfect freedom。 First；
the employments must be well known and long established in the
neighbourhood； secondly； they must be in their ordinary； or what
may be called their natural state； and； thirdly； they must be the
sole or principal employments of those who occupy them。
First； this equality can take place only in those
employments which are well known； and have been long established
in the neighbourhood。
Where all other circumstances are equal； wages are generally
higher in new than in old trades。 When a projector attempts to
establish a new manufacture； he must at first entice his workmen
from other employments by higher wages than they can either earn
in their own trades