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　the　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　it　for　something　for　which　there　is　a　demand　at　home。
  It　as　effectually　replaces　the　capital　of　the　person　who　produces
  that　surplus；　and　as　effectually　enables　him　to　continue　his
  business；　the　service　by　which　the　capital　of　a　wholesale
  merchant　chiefly　contributes　to　support　the　productive　labour；
  and　to　augment　the　value　of　the　annual　produce　of　the　society　to
  which　he　belongs。
  It　is　of　more　consequence　that　the　capital　of　the
  manufacturer　should　reside　within　the　country。　It　necessarily
  puts　into　motion　a　greater　quantity　of　productive　labour；　and
  adds　a　greater　value　to　the　annual　produce　of　the　land　and　labour
  of　the　society。　It　may；　however；　be　very　useful　to　the　country；
  though　it　should　not　reside　within　it。　The　capitals　of　the
  British　manufacturers　who　work　up　the　flax　and　hemp　annually
  imported　from　the　coasts　of　the　Baltic　are　surely　very　useful　to
  the　countries　which　produce　them。　Those　materials　are　a　part　of
  the　surplus　produce　of　those　countries　which；　unless　it　was
  annually　exchanged　for　something　which　is　in　demand　there；　would
  be　of　no　value；　and　would　soon　cease　to　be　produced。　The
  merchants　who　export　it　replace　the　capitals　of　the　people　who
  produce　it；　and　thereby　encourage　them　to　continue　the
  production；　and　the　British　manufacturers　replace　the　capitals　of
  those　merchants。
  A　particular　country；　in　the　same　manner　as　a　particular
  person；　may　frequently　not　have　capital　sufficient　both　to
  improve　and　cultivate　all　its　lands；　to　manufacture　and　prepare
  their　whole　rude　produce　for　immediate　use　and　consumption；　and
  to　transport　the　surplus　part　either　of　the　rude　or　manufactured
  produce　to　those　distant　markets　where　it　can　be　exchanged　for
  something　for　which　there　is　a　demand　at　home。　The　inhabitants　of
  many　different　parts　of　Great　Britain　have　not　capital　sufficient
  to　improve　and　cultivate　all　their　lands。　The　wool　of　the
  southern　counties　of　Scotland　is；　a　great　part　of　it；　after　a
  long　land　carriage　through　very　bad　roads；　manufactured　in
  Yorkshire；　for　want　of　capital　to　manufacture　it　at　home。　There
  are　many　little　manufacturing　towns　in　Great　Britain；　of　which
  the　inhabitants　have　not　capital　sufficient　to　transport　the
  produce　of　their　own　industry　to　those　distant　markets　where
  there　is　demand　and　consumption　for　it。　If　there　are　any
  merchants　among　them；　they　are　properly　only　the　agents　of
  wealthier　merchants　who　reside　in　some　of　the　greater　commercial
  cities。
  When　the　capital　of　any　country　is　not　sufficient　for　all
  those　three　purposes；　in　proportion　as　a　greater　share　of　it　is
  employed　in　agriculture；　the　greater　will　be　the　quantity　of
  productive　labour　which　it　puts　into　motion　within　the　country；
  as　will　likewise　be　the　value　which　its　employment　adds　to　the
  annual　produce　of　the　land　and　labour　of　the　society。　After
  agriculture；　the　capital　employed　in　manufactures　puts　into
  motion　the　greatest　quantity　of　productive　labour；　and　adds　the
  greatest　value　to　the　annual　produce。　That　which　is　employed　in
  the　trade　of　exportation　has　the　least　effect　of　any　of　the
  three。
  The　country；　indeed；　which　has　not　capital　sufficient　for
  all　those　three　purposes　has　not　arrived　at　that　degree　of
  opulence　for　which　it　seems　naturally　destined。　To　attempt；
  however；　prematurely　and　with　an　insufficient　capital　to　do　all
  the　three　is　certainly　not　the　shortest　way　for　a　society；　no
  more　than　it　would　be　for　an　individual；　to　acquire　a　sufficient
  one。　The　capital　of　all　the　individuals　of　a　nation　has　its
  limits　in　the　same　manner　as　that　of　a　single　individual；　and　is
  capable　of　executing　only　certain　purposes。　The　capital　of　all
  the　individuals　of　a　nation　is　increased　in　the　same　manner　as
  that　of　a　single　individual　by　their　continually　accumulating　and
  adding　to　it　whatever　they　save　out　of　their　revenue。　It　is
  likely　to　increase　the　fastest；　therefore；　when　it　is　employed　in
  the　way　that　affords　the　greatest　revenue　to　all　the　inhabitants
  of　the　country；　as　they　will　thus　be　enabled　to　make　the　greatest
  savings。　But　the　revenue　of　all　the　inhabitants　of　the　country　is
  necessarily　in　proportion　to　the　value　of　the　annual　produce　of
  their　land　and　labour。
  It　has　been　the　principal　cause　of　the　rapid　progress　of　our
  American　colonies　towards　wealth　and　greatness　that　almost　their
  whole　capitals　have　hitherto　been　employed　in　agriculture。　They
  have　no　manufactures；　those　household　and　courser　manufactures
  excepted　which　necessarily　accompany　the　progress　of　agriculture；
  and　which　are　the　work　of　the　women　and　children　in　every　private
  family。　The　greater　part　both　of　the　exportation　and　coasting
  trade　of　America　is　carried　on　by　the　capitals　of　merchants　who
  reside　in　Great　Britain。　Even　the　stores　and　warehouses　from
  which　goods　are　retailed　in　some　provinces；　particularly　in
  Virginia　and　Maryland；　belong　many　of　them　to　merchants　who
  reside　in　the　mother　country；　and　afford　one　of　the　few　instances
  of　the　retail　trade　of　a　society　being　carried　on　by　the　capitals
  of　those　who　are　not　resident　members　of　it。　Were　the　Americans；
  either　by　combination　or　by　any　other　sort　of　violence；　to　stop
  the　importation　of　European　manufactures；　and；　by　thus　giving　a
  monopoly　to　such　of　their　own　countrymen　as　could　manufacture　the
  like　goods；　divert　any　considerable　part　of　their　capital　into
  this　employment；　they　would　retard　instead　of　accelerating　the
  further　increase　in　the　value　of　their　annual　produce；　and　would
  obstruct　instead　of　promoting　the　progress　of　their　country
  towards　real　wealth　and　greatness。　This　would　be　still　more　the
  case　were　they　to　attempt；　in　the　same　manner；　to　monopolize　to
  themselves　their　whole　exportation　trade。
  The　course　of　human　prosperity；　indeed；　seems　scarce　ever　to
  have　been　of　so　long　continuance　as　to　enable　any　great　country
  to　acquire　capital　sufficient　for　all　those　three　purposes；
  unless　perhaps；　we　give　credit　to　the　wonderful　accounts　of　the
  wealth　and　cultivation　of　China；　of　those　of　ancient　Egypt；　and
  of　the　ancient　state　of　Indostan。　Even　those　three　countries；　the
  wealthiest；　according　to　all　accounts；　that　ever　were　in　the
  world；　are　chiefly　renowned　for　their　superiority　in　agriculture
  and　manufactures。　They　do　not　appear　to　have　been　eminent　for
  foreign　trade。　The　ancient　Egyptians　had　a　superstitious
  antipathy　to　the　sea；　a　superstition　nearly　of　the　same　kind
  prevails　among　the　Indians；　and　the　Chinese　have　never　excelled
  in　foreign　commerce。　The　greater　part　of　the　surplus　produce　of
  all　those　three　countries　seems　to　have　been　always　exported　by
  foreigners；　who　gave　in　exchange　for　it　something　else　for　which
  they　found　a　demand　there；　frequently　gold　and　silver。
  It　is　thus　that　the　same　capital　will　in　any　country　put
  into　motion　a　grea