NATURE OF CAPITAL 39 



in their own country ; next of the capital used in 

 employing such workmen, and of the stocks 

 ready for the workmen, or finished by the work- 

 men and awaiting removal. It therefore includes 

 all exports, as long as these are goods awaiting 

 removal. When these exports have been re- 

 moved they cease to be national capital, and 

 therefore exports always diminish the national 

 capital. Next, national capital consists of the 

 land used in cultivation or for grazing, and of 

 the necessary buildings thereon ; and of all flocks 

 and herds, and the produce of the soil. Then 

 it includes all the means of transferring such 

 capital from one place to another, and, in the 

 case of some States, of the ships that convey 

 such capital away from the country, or fetch 

 it from abroad. Lastly, it includes the means 

 of retailing and distributing such capital in larger 

 or smaller quantities. Therefore in the national 

 capital are to be included all imports, for these, 

 as soon as they are landed, become goods await- 

 ing retail and distribution in larger or smaller 

 quantities. Therefore by imports from abroad 

 the national capital is very largely increased. 



To sum up broadly the nature of the capital 

 of individuals : it is of two kinds, a power, and 

 property or investment in land or in securities. 

 The power must always necessarily be where 

 the individual is : the property or investment 

 may be at home, and in that case is some part 

 of the national capital described in the last 

 paragraph ; or the investment may be abroad, and 

 is in that case not a part of the national capital. 



