for such talents, will naturally give a superior value to their produce. In this state of things, the whole produce of labour belongs to the labourer. As soon as stock has accumulated in the hands of particular persons, some of them will naturally employ it in setting to work industrious people, whom they will supply with materials and subsistence, in order to make a profit by the sale of their work. The value which the workmen add to the materials, therefore, resolves itself into two parts, of which one pays their wages, the other the profits of their employer. The profits of stock, it may perhaps be thought, are only a different name for the wages of a particular sort of labour, the labour of inspection and direction. However, they bear no proportion to the quantity, the hardship, or the ingenuity of this supposed labour. They are regulated altogether by the value of the stock employed, and are greater or smaller in proportion to the extent of this stock. Let us imagine two manufactories, each with twenty workmen each paid fifteen pounds per year. If the one establishment uses each year materials costing seven hundred pounds and the other uses finer materials costing seven thousand, then, at the rate of ten per cent, the one will expect a yearly profit of about one hundred pounds; while the other will expect about seven hundred and thirty pounds. But their labour of inspection and direction may be either altogether the same. As