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situated with regard to markets or means of carriage, is generally limited in quantity: there is not so much of it as persons would gladly occupy and cultivate, or otherwise turn to use. In all old countries, land capable of cultivation, land at least of any tolerable fertility, must be ranked among agents limited in quantity. Water, for ordinary purposes, on the banks of rivers or lakes, may be regarded as of unlimited abundance; but if required for irrigation, it may even there be insufficient to supply all wants, while in places which depend for their consumption on cisterns or tanks, or on wells which are not copious, or are liable to fail, water takes its place among things the quantity of which is most strictly limited. Where water itself is plentiful, yet water-power, i. e., a fall of water applicable by its mechanical force to the service of industry, may be exceedingly limited, compared with the use which would be made of it if it were more abundant Coal, metallic ores, and other useful substances found in the earth, are still more limited than land. They are not only strictly local, but exhaustible; though, at a given place and time, they may exist in much greater abundance than would be applied to present use even if they could be obtained gratis. Fisheries, in the sea, are in most cases a gift of nature practically unlimited in amount; but the Arctic whale fisheries have long been insufficient for the demand which exists even at the very considerable price necessary to defray the cost of appropriation and the immense extension which the Southern fisheries have in consequence assumed, is tending to exhaust them likewise. River fisheries are a natural resource of a very limited character, and would be rapidly exhausted if allowed to be used by every one without restraint. Air, even that state of it which we term wind, may, in most situations, be obtained in a quantity sufficient for every possible use; and so likewise, on the sea coast or on large rivers, may water carriage: though the wharfage or harbourroom applicable to the service of that mode of transport is in

many situations far short of what would be used if easily attainable.

It will be seen hereafter how much of the economy of society depends on the limited quantity in which some of the most important natural agents exist, and more particularly, land. For the present I shall only remark that so long as the quantity of a natural agent is practically unlimited, it cannot, unless susceptible of artificial monopoly, bear any value in the market, since no one will give anything for what can be obtained gratis. But as soon as a limitation becomes practically operative; as soon as there is not so much of the thing to be had, as would be appropriated and used if it could be obtained for asking; the ownership or use of the natural agent acquires an exchangeable value. When more water-power is wanted in a particular district, than there are falls of water to supply it, persons will give an equivalent for the use of a fall of water. When there is more land wanted for cultivation than a place possesses, or than it possesses of a certain quality and certain advantages of situation, land of that quality and situation may be sold for a price, or let for an annual rent. This subject will hereafter be discussed at length; but it is often useful to anticipate, by a brief suggestion, principles and deductions which we have not yet reached the place for exhibiting and illustrating fully.



§ 1. THE labour which terminates in the production of an article fitted for some human use, is either employed directly about the thing, or in previous operations destined to facilitate, perhaps essential to the possibility of, the subsequent ones. In making bread, for example, the labour employed about the thing itself is that of the baker; but the labour of the miller, though employed directly in the production not of bread but of flour, is equally part of the aggregate sum of labour by which the bread is produced; as is also the labour of the sower, and of the reaper. Some may think that all these persons ought to be considered as employing their labour directly about the thing; the corn, the flour, and the bread being one substance in three different states. Without disputing about this question of mere language, there is still the ploughman, who prepared the ground for the seed, and whose labour never came in contact with the substance in any of its states; and the plough-maker, whose share in the result was still more remote. All these persons ultimately derive the remuneration of their labour from the bread, or its price: the plough-maker as much as the rest; for since ploughs are of no use except for tilling the soil, no one would make or use ploughs for any other reason than because the increased returns thereby obtained from the ground afforded a source from which an adequate equivalent could be assigned for the labour of the plough-maker. If the produce is to be used or consumed in the form of bread, it is from the bread that this equivalent must come. The bread must suffice to remunerate all these labourers, and several others; such as the carpenters and bricklayers who

erected the farm-buildings; the hedgers and ditchers who made the fences necessary for the protection of the crop; the miner and smelter who extracted or prepared the iron of which the plough and other implements were made. These, however, and the plough-maker, do not depend for their remuneration upon the bread made from the produce of a single harvest, but upon that made from the produce of all the harvests which are successively gathered until the plough, or the buildings and fences, are worn out. We must add yet another kind of labour; that of transporting the produce from the place of its production to the place of its destined use: the labour of carrying the corn to market, and from market to the miller's, the flour from the miller's to the baker's, and the bread from the baker's to the place of its final consumption. This labour is sometimes very considerable flour is transported to England from beyond the Atlantic, corn from the heart of Russia; and in addition to the labourers immediately employed, the waggoners and sailors, there are also costly instruments, such as ships, in the construction of which much labour has been expended: that labour, however, not depending for its whole remuneration upon the bread, but for a part only; ships being usually, during the course of their existence, employed in the transport of many different kinds of commodities.

To estimate, therefore, the labour of which any given commodity is the result, is far from a simple operation. The items in the calculation are very numerous-as it may seem to some persons, infinitely so; for if, as a part of the labour employed in making bread, we count the labour of the blacksmith who made the plough, why not also (it may be asked) the labour of making the tools used by the blacksmith, and the tools used in making those tools, and so back to the origin of things? But after mounting one or two steps in this ascending scale, we come into a region of fractions too minute for calculation. Suppose, for instance, that the same plough will last, before being worn out, a dozen years. Only

one-twelfth of the labour of making the plough must be placed to the account of each year's harvest. A twelfth part of the labour of making a plough is an appreciable quantity. But the same set of tools, perhaps, suffice to the ploughmaker for forging a hundred ploughs, which serve during the twelve years of their existence to prepare the soil of a hundred different farms. A twelve-hundredth part of the labour of making the tools, is as much, therefore, as has been expended in procuring one year's harvest of a single farm: and when this fraction comes to be further apportioned among the various sacks of corn and loaves of bread, it is seen at once that such quantities are not worth taking into the account for any practical purpose connected with the commodity. It is true that if the tool-maker had not laboured, the corn and bread never would have been produced; but they will not sell a tenth part of a farthing dearer in consideration of his labour.

§ 2. Another of the modes in which labour is indirectly or remotely instrumental to the production of a thing, requires particular notice: namely, when it is employed in producing subsistence, to maintain the labourers while they are engaged in the production. This previous employment of labour is an indispensable condition to every productive operation, on any other than the very smallest scale. Except the labour of the hunter and fisher, there is scarcely any kind of labour to which the returns are immediate. Productive operations require to be continued a certain time, before their fruits are obtained. Unless the labourer, before commencing his work, possesses a store of food, or can obtain access to the stores of some one else, in sufficient quantity to maintain him until the production is completed, he can undertake no labour but such as can be carried on at odd intervals, concurrently with the pursuit of his subsistence. He cannot obtain food itself in any abundance; for every mode of so obtaining it, requires that there be already food in store. Agriculture only brings

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