LANDOWNERS 33 



cases, as in that of the artisan, the former capital 

 is that of the workman himself and generally of 

 the State also. In other cases, as in that of the 

 actor, this capital is that of the worker himself, 

 but not that of the State directly, but only in- 

 directly ; since, when it is employed, it helps to 

 bring about the quicker restoration of the similar 

 form of capital, temporarily exhausted by the 

 workman, and, in the case of the employer, of 

 that part of his capital which depends on his 

 individual powers. The latter capital, that is, 

 invested savings, may or may not be a part of 

 the national capital. It never is so if invested in 

 a foreign country, and it is not so if invested 

 in a home government loan ; though the interest 

 in these cases, if brought home, becomes a part 

 of the national capital. 



The landowner may or may not be an employer 

 of labour, in the industrial sense, because his 

 land may be let to tenants, who become the 

 employers. To the landowner his land and the 

 buildings on it are a part of his capital. The 

 productive land is also part of the capital of the 

 State : the buildings on it are in part capital of 

 the State and partly not. The great house in 

 which the landowner lives is not a part of the 

 capital of the State, but the farmsteads and the 

 cottages in which the labourers live are neces- 

 sarily a part of that capital, since they form an 

 indispensable adjunct to the productive land. 



Like the employer, the landowner has usually 

 a larger or smaller amount of invested capital. 

 Such investments may be in home securities or 

 3 



