24 Transactions.— Miscellaneous. 
equal to that of Mr. Bakewell and Mr. Booth in increasing the size and 
modifying the forms of their herds ; and that their remote descendants, not 
having lost the art, commenced a moa farm in this island of the Pacific, 
haying brought with them a basket of eggs from Hawaiiki or Lemuria. 
Arr. II.—On Mills Fourth Fundamental Theorem respecting Capital. 
By Joun Carruruers, M. Inst. C.E 
[Read before the Wellington Philosophical Society, 12th January, 1878.] 
In John Stuart Mill's ** Principles of Political Economy " wealth is defined 
to be ‘all useful or agreeable things which possess exchangeable value; capital 
is defined to be **a stock previously accumulated of the products of former 
labour." (Preliminary Remarks, p. 6, People’s Edition, 1869.) 
These definitions are almost the same, as scarcely anything possesses 
exchangeable value except the products of former labour. 
Natural productions which can be and have been appropriated, are 
useful and have exchangeable value ; they are, therefore, by the definition, 
wealth; but as they are not the product of former labour they are not 
capital. The natural grasses on the Canterbury plains, for instance, are 
wealth but not capital ; artificial grasses in the same field are both wealth 
and capital. : 
Monopolies are also wealth but not capital; they are useful to the 
owner, and are exchangeable for commodities, but are not the product of 
former labour. 
With these two exceptions, everything defined by the one word is also 
defined by the other; that is, capital is an accumulated stock of the 
produets of former labour, and wealth is the same thing with monopolies 
added ; for the sole right to the use of land or of any other free gift of 
nature, is only a monopoly. 
When thus stated the necessity of a radical change in the definition of 
one or both words becomes apparent. 
I propose to define wealth to be ‘‘ everything in the world which is 
useful or agreeable to man ;” and capital to be the ‘‘ ownership of that 
wealth.” 
This definition of capital would require some limitation in order to bring 
it more nearly into accordance with the usual meaning of the word, but 
for my present purpose it is not necessary to be more minute, more 
especially as by doing so my paper would reach to an unwieldy length. 
