the　forge；　the　slitt…mill；　are　instruments　of　trade　which　cannot
  be　erected　without　a　very　great　expense。　In　coal…works　and　mines
  of　every　kind；　the　machinery　necessary　both　for　drawing　out　the
  water　and　for　other　purposes　is　frequently　still　more　expensive。
  That　part　of　the　capital　of　the　farmer　which　is　employed　in
  the　instruments　of　agriculture　is　a　fixed；　that　which　is　employed
  in　the　wages　and　maintenance　of　his　labouring　servants；　is　a
  circulating　capital。　He　makes　a　profit　of　the　one　by　keeping　it
  in　his　own　possession；　and　of　the　other　by　parting　with　it。　The
  price　or　value　of　his　labouring　cattle　is　a　fixed　capital　in　the
  same　manner　as　that　of　the　instruments　of　husbandry。　Their
  maintenance　is　a　circulating　capital　in　the　same　manner　as　that
  of　the　labouring　servants。　The　farmer　makes　his　profit　by　keeping
  the　labouring　cattle；　and　by　parting　with　their　maintenance。　Both
  the　price　and　the　maintenance　of　the　cattle　which　are　brought　in
  and　fattened；　not　for　labour；　but　for　sale；　are　a　circulating
  capital。　The　farmer　makes　his　profit　by　parting　with　them。　A
  flock　of　sheep　or　a　herd　of　cattle　that；　in　a　breeding　country；
  is　bought　in；　neither　for　labour；　nor　for　sale；　but　in　order　to
  make　a　profit　by　their　wool；　by　their　milk；　and　by　their
  increase；　is　a　fixed　capital。　The　profit　is　made　by　keeping　them。
  Their　maintenance　is　a　circulating　capital。　The　profit　is　made　by
  parting　with　it；　and　it　comes　back　with　both　its　own　profit　and
  the　profit　upon　the　whole　price　of　the　cattle；　in　the　price　of
  the　wool；　the　milk；　and　the　increase。　The　whole　value　of　the
  seed；　too；　is　properly　a　fixed　capital。　Though　it　goes　backwards
  and　forwards　between　the　ground　and　the　granary；　it　never　changes
  masters；　and　therefore　does　not　properly　circulate。　The　farmer
  makes　his　profit；　not　by　its　sale；　but　by　its　increase。
  The　general　stock　of　any　country　or　society　is　the　same　with
  that　of　all　its　inhabitants　or　members；　and　therefore　naturally
  divides　itself　into　the　same　three　portions；　each　of　which　has　a
  distinct　function　or　office。
  The　first　is　that　portion　which　is　reserved　for　immediate
  consumption；　and　of　which　the　characteristic　is；　that　it　affords
  no　revenue　or　profit。　It　consists　in　the　stock　of　food；　clothes；
  household　furniture；　etc。；　which　have　been　purchased　by　their
  proper　consumers；　but　which　are　not　yet　entirely　consumed。　The
  whole　stock　of　mere　dwelling…houses　too；　subsisting　at　any　one
  time　in　the　country；　make　a　part　of　this　first　portion。　The　stock
  that　is　laid　out　in　a　house；　if　it　is　to　be　the　dwellinghouse　of
  the　proprietor；　ceases　from　that　moment　to　serve　in　the　function
  of　a　capital；　or　to　afford　any　revenue　to　its　owner。　A
  dwellinghouse；　as　such；　contributes　nothing　to　the　revenue　of　its
  inhabitant；　and　though　it　is；　no　doubt；　extremely　useful　to　him；
  it　is　as　his　clothes　and　household　furniture　are　useful　to　him；
  which；　however；　makes　a　part　of　his　expense；　and　not　of　his
  revenue。　If　it　is　to　be　let　to　a　tenant　for　rent；　as　the　house
  itself　can　produce　nothing；　the　tenant　must　always　pay　the　rent
  out　of　some　other　revenue　which　he　derives　either　from　labour；　or
  stock；　or　land。　Though　a　house；　therefore；　may　yield　a　revenue　to
  its　proprietor；　and　thereby　serve　in　the　function　of　a　capital　to
  him；　it　cannot　yield　any　to　the　public；　nor　serve　in　the　function
  of　a　capital　to　it；　and　the　revenue　of　the　whole　body　of　the
  people　can　never　be　in　the　smallest　degree　increased　by　it。
  Clothes；　and　household　furniture；　in　the　same　manner；　sometimes
  yield　a　revenue；　and　thereby　serve　in　the　function　of　a　capital
  to　particular　persons。　In　countries　where　masquerades　are　common；
  it　is　a　trade　to　let　out　masquerade　dresses　for　a　night。
  Upholsterers　frequently　let　furniture　by　the　month　or　by　the
  year。　Undertakers　let　the　furniture　of　funerals　by　the　day　and　by
  the　week。　Many　people　let　furnished　houses；　and　get　a　rent；　not
  only　for　the　use　of　the　house；　but　for　that　of　the　furniture。　The
  revenue；　however；　which　is　derived　from　such　things　must　always
  be　ultimately　drawn　from　some　other　source　of　revenue。　Of　all
  parts　of　the　stock；　either　of　an　individual；　or　of　a　society；
  reserved　for　immediate　consumption；　what　is　laid　out　in　houses　is
  most　slowly　consumed。　A　stock　of　clothes　may　last　several　years：
  a　stock　of　furniture　half　a　century　or　a　century：　but　a　stock　of
  houses；　well　built　and　properly　taken　care　of；　may　last　many
  centuries。　Though　the　period　of　their　total　consumption；　however；
  is　more　distant；　they　are　still　as　really　a　stock　reserved　for
  immediate　consumption　as　either　clothes　or　household　furniture。
  The　second　of　the　three　portions　into　which　the　general
  stock　of　the　society　divides　itself；　is　the　fixed　capital；　of
  which　the　characteristic　is；　that　it　affords　a　revenue　or　profit
  without　circulating　or　changing　masters。　It　consists　chiefly　of
  the　four　following　articles：
  First；　of　all　useful　machines　and　instruments　of　trade　which
  facilitate　and　abridge　labour：
  Secondly；　of　all　those　profitable　buildings　which　are　the
  means　of　procuring　a　revenue；　not　only　to　their　proprietor　who
  lets　them　for　a　rent；　but　to　the　person　who　possesses　them　and
  pays　that　rent　for　them；　such　as　shops；　warehouses；　workhouses；
  farmhouses；　with　all　their　necessary　buildings；　stables；
  granaries；　etc。　These　are　very　different　from　mere　dwelling
  houses。　They　are　a　sort　of　instruments　of　trade；　and　may　be
  considered　in　the　same　light：
  Thirdly；　of　the　improvements　of　land；　of　what　has　been
  profitably　laid　out　in　clearing；　draining；　enclosing；　manuring；
  and　reducing　it　into　the　condition　most　proper　for　tillage　and
  culture。　An　improved　farm　may　very　justly　be　regarded　in　the　same
  light　as　those　useful　machines　which　facilitate　and　abridge
  labour；　and　by　means　of　which　an　equal　circulating　capital　can
  afford　a　much　greater　revenue　to　its　employer。　An　improved　farm
  is　equally　advantageous　and　more　durable　than　any　of　those
  machines；　frequently　requiring　no　other　repairs　than　the　most
  profitable　application　of　the　farmer's　capital　employed　in
  cultivating　it：
  Fourthly；　of　the　acquired　and　useful　abilities　of　all　the
  inhabitants　or　members　of　the　society。　The　acquisition　of　such
  talents；　by　the　maintenance　of　the　acquirer　during　his　education；
  study；　or　apprenticeship；　always　costs　a　real　expense；　which　is　a
  capital　fixed　and　realized；　as　it　were；　in　his　person。　Those
  talents；　as　they　make　a　part　of　his　fortune；　so　do　they　likewise
  of　that　of　the　society　to　which　he　belongs。　The　improved
  dexterity　of　a　workman　may　be　considered　in　the　same　light　as　a
  machine　or　instrument　of　trade　which　facilitates　and　abridges
  labour；　and　which；　though　it　costs　a　certain　expense；　repays　that
  expense　with　a　profit。
  The　third　and　last　of　the　three　portions　into　which　the
  general　stock　of　the　society　naturally　divides　itself；　is　the
  circulating　capital；　of　which　the　characteristic　is；　that　it
  affords　a　revenue　only　by　circulating　or　changing　masters。　It　is
  composed　likewise　of　four　parts：
  First；　of　the　money　by　means　of　which　all　the　other　three
  are　circulated　and　distributed　to　their　proper　consumers：
  Secondly；　of　the　stock　of　provisions　which　are　in　the
  possession　of　the　butcher；　the　grazier；　the　farmer；　the
  corn…merchant；　the　brewer；　etc。；　and　from　the　sale　of　which　they
  expect　to　derive　a　profit：
  Thirdly；　of　the　materials；　whether　altogether　rude；　or　more
  or　less　manufactured；　of　clothes；　furniture；　and　building；　which
  are　not　yet　made　up　into　any　of　those　three　shapes；　but　which
  remain　in　the　hands　of　the　growers；　the　manufacturers；　the
  mercers　and　drapers；　the　timber　merchants；　the　carpenters　and
  joiners；　the　brickmakers；　etc。
  Fourthly；　and　lastly；　of　the　work　which　is　made　up　and
  completed；　but　which　is　still　in　the　hands　of　the　merchant　or
  manufacturer；　and　not　yet　disposed　of　or　distributed　to　the
  proper　consumers；　such　as　the　finished　work　which　we　frequently
  find　ready…made　in　the　shops　of　the　smith；　the　cabinet…maker；　the
  goldsmith；　the　jeweller；　the　china…merchant；　etc。　The　circulating
  capital　consists　in　this　manner；　of　the　provisions；　materials；
  and　finished　work　of　all　kinds　that　are　in　the　hands　of　their
  respective　dealers；　and　of　the　money　that　is　necessary　for
  circulating　and　distributing　them　to　those　who　are　finally　to　use
  or　to　consume　them。
  Of　these　four　parts；　three…　provisions；　materials；　and
  finished　work…　are；　either　annually；　or　in　a　longer　or　shorter
  period；　regularly　withdrawn　from　it；　and　placed　either　in　the
  fixed　capital　or　in　the　stock　reserved　for　immediate　consumption。
  Every　fixed　capital　is　both　originally　derived　from；　and
  requires　to　be　continually　supported　by　a　circulating　capital。
  All　useful　machines　and　instruments　of　trade　are　originally
  derived　from　a　circulating　capital；　which　furnishes　the　materials
  of　which　they　are　made；　and　the　maintenance　of　the　workmen　who
  make　them。　They　require；　too；　a　capital　of　the　same　kind　to　keep
  them　in　constant　repair。
  No　fixed　capita