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from other employments by higher wages than they can either earn
in their own trades； or than the nature of his work would
otherwise require； and a considerable time must pass away before
he can venture to reduce them to the common level。 Manufactures
for which the demand arises altogether from fashion and fancy are
continually changing； and seldom last long enough to be
considered as old established manufactures。 Those； on the
contrary； for which the demand arises chiefly from use or
necessity； are less liable to change； and the same form or fabric
may continue in demand for whole centuries together。 The wages of
labour； therefore； are likely to be higher in manufactures of the
former than in those of the latter kind。 Birmingham deals chiefly
in manufactures of the former kind； Sheffield in those of the
latter； and the wages of labour in those two different places are
said to be suitable to this difference in the nature of their
manufactures。
The establishment of any new manufacture； of any new branch
of commerce； or of any new practice in agriculture； is always a
speculation； from which the projector promises himself
extraordinary profits。 These profits sometimes are very great；
and sometimes； more frequently； perhaps； they are quite
otherwise； but in general they bear no regular proportion to
those of other old trades in the neighbourhood。 If the project
succeeds； they are commonly at first very high。 When the trade or
practice becomes thoroughly established and well known； the
competition reduces them to the level of other trades。
Secondly； this equality in the whole of the advantages and
disadvantages of the different employments of labour and stock；
can take place only in the ordinary； or what may be called the
natural state of those employments。
The demand for almost every different species of labour is
sometimes greater and sometimes less than usual。 In the one case
the advantages of the employment rise above； in the other they
fall below the common level。 The demand for country labour is
greater at hay…time and harvest than during the greater part of
the year； and wages rise with the demand。 In time of war； when
forty or fifty thousand sailors are forced from the merchant
service into that of the king； the demand for sailors to merchant
ships necessarily rises with their scarcity； and their wages upon
such occasions commonly rise from a guinea and seven…and…twenty
shillings； to forty shillings and three pounds a month。 In a
decaying manufacture； on the contrary； many workmen； rather than
quit their old trade； are contented with smaller wages than would
otherwise be suitable to the nature of their employment。
The profits of stock vary with the price of the commodities
in which it is employed。 As the price of any commodity rises
above the ordinary or average rate； the profits of at least some
part of the stock that is employed in bringing it to market； rise
above their proper level； and as it falls they sink below it。 All
commodities are more or less liable to variations of price； but
some are much more so than others。 In all commodities which are
produced by human industry； the quantity of industry annually
employed is necessarily regulated by the annual demand； in such a
manner that the average annual produce may； as nearly as
possible； be equal to the average annual consumption。 In some
employments； it has already been observed； the same quantity of
industry will always produce the same； or very nearly the same
quantity of commodities。 In the linen or woollen manufactures；
for example； the same number of hands will annually work up very
nearly the same quantity of linen and woollen cloth。 The
variations in the market price of such commodities； therefore；
can arise only from some accidental variation in the demand。 A
public mourning raises the price of black cloth。 But as the
demand for most sorts of plain linen and woollen cloth is pretty
uniform； so is likewise the price。 But there are other
employments in which the same quantity of industry will not
always produce the same quantity of commodities。 The same
quantity of industry； for example； will； in different years；
produce very different quantities of corn； wine； hops； sugar；
tobacco； etc。 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 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 as 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 Cotters or Cottagers； though they were more
frequent some years ago than they are now。 They are a sort of
outservants of the landlords and farmers。 The usual reward which
they receive from their masters 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 sixteenpence 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 recompense to anybody； 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 season。 The daily
or weekly recompense 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 recompense； 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 pleasures in representing both as wonder