136 Of the Commercial System. Bk iii. 



- The country has, however, in the mean time, 

 been very greatly benefited. Not only have all 

 its inhabitants been enabled to obtain a superior 

 fabric for clothing, at a less expense of labour and 

 property, which must be considered as a great 

 and permanent advantage; but the high tempo- 

 rary profits of the trade have occasioned a great 

 accumulation of capital, and consequently a great 

 demand for labour; while the extending markets 

 abroad and the new values throNvn into the mar- 

 ket at home, have created such a demand for the 

 products of every species of industry, agricultural 

 and colonial, as well as commercial and manufac- 

 turing, as to prevent a fall of profits. 



This country, from the extent of its lands, and 

 its rich colonial possessions, has a large arena for 

 the employment of an increasing capital; and the 

 general rate of its profits are not, as it appears, 

 very easily and rapidly reduced by accumulation. 

 But a country, such as we are considering, engaged 

 principally in manufactures, and unable to direct 

 its industry to the same variety of pursuits, would 

 sooner find its rate of profits diminished by an in- 

 crease of capital, and no ingenuity in machinery 

 which was not continually progressive could save 

 it, after a certain period, from low profits and low 

 wages, and their natural consequences, a check to 

 population. 



Thirdly. A country which is obliged to purchase 

 both the raw materials of its manufactures and 

 the means of subsistence for its population from 

 foreign countries, is almost entirely dependent for 



