the market and to narrow the competition, is always the interest of the dealers. To widen the market may frequently be agreeable enough to the interest of the public; but to narrow the competition must always be against it, and can serve only to enable the dealers, by raising their profits above what they naturally would be, to levy, for their own benefit, an absurd tax upon the rest of their fellow-citizens. The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it.

Price of the quarter of wheat each year 654 Average of the different prices of the same year The average price of each year in money of the present times 655
Years XII £ s. d. £ s. d. £ s. d.
1202 — 12 — — — — 1 16 —
1205 — 12 — — 13 5 2 — 3
— 13 4
— 15 —
1223 — 12 — — — — 1 16 —
1237 — 3 4 — — — — 10 —
1243 — 2 — — — — — 6 —
1244 — 2 — — — — — 6 —
1246 — 16 — — — — 2 8 —
1247 — 13 4 — — — 2 — —
1257 1 4 — — — — 3 12 —
1258 1 — — — 17 — 2 11 —
— 15 —
— 16 —
1270 4 16 — 5 12 — 16 16 —
6 8 —
1286 — 2 8 — 9 4 1 8 —
— 16 —
Total 35 9 3
Average Price 2 19 1¼
1287 — 3 4 — — — — 10 —
1288 — — 8 — 3 —¼ 656 — 9 —¾
— 1 —
— 1 4
— 1 6
— 1 8
— 2 —
— 3 4
— 9 4
1289 — 12 — — 10 1²⁄₄ 1 10 4²⁄₄ 657
— 6 —
— 2 —
— 10 8
1 — —
1290 — 16 — 658 — — — 2 8 —
1294 — 16 — — — — 2 8 —
1302 — 4 — — — — — 12 —
1309 — 7 2 — — — 1 1 6
1315 1 — — — — — 3 — —
1316 1 — — 1 10 6 4 11 6
1 10 —
1 12 —
2 — —
1317 2 4 — 1 19 6 5 18 6
— 14 —
2 13 — 659
4 — —
— 6 8
1336 — 2 — — — — — 6 —
1338 — 3 4 — — — — 10 —
Total 23 4 11¼
Average Price 1 18 8
1339 — 9 — — — — 1 7 —
1349 — 2 — — — — — 5 2
1359 1 6 8 — — — 3 2 2
1361 — 2 — — — — — 4 8
1363 — 15 — — — — 1 15 —
1369 1 — — 1 2 — 2 9 4 660
1 4 —
1379 — 4 — — — — — 9 4
1387 — 2 — — — — — 4 8
1390 — 13 4 — 14 5 1 13 7
— 14 —
— 16 —
1401 — 16 — — — — 1 17 4
1407 — 4 4¼ — 3 10 — 8 11
— 3 4
1416 — 16 — — — — 1 12 —
Total 15 9 4
Average Price 1 5 9⅛
1423 — 8 — — — — — 16 —
1425 — 4 — — — — — 8 —
1434 1 6 8 — — — 2 13 4
1435 — 5 4 — — — — 10 8
1439 1 — — 1 3 4 2 6 8
1 6 8
1440 1 4 — — — — 2 8 —
1444 — 4 4 — 4 2 — 8 4
— 4 —
1445 — 4 6 — — — — 9 —
1447 — 8 — — — — — 16 —
1448 — 6 8 — — — — 13 4
1449 — 5 — — — — — 10 —
1451 — 8 — — — — — 16 —
Total 12 15 4
Average Price 1 1 3½
1453 — 5 4 — — — — 10 8
1455 — 1 2 — — — — 2 4
1457 — 7 8 — — — — 15 4
1459 — 5 — — — — — 10 —
1460 — 8 — — — — — 16 —
1463 — 2 — — 1 10 — 3 8
— 1 8
1464 — 6 8 — — — — 10 —
1486 1 4 — — — — 1 17 —
1491 — 14 8 — — — 1 2 —
1494 — 4 — — — — — 6 —
1495 — 3 4 — — — — 5 —
1497 1 — — — — — 1 11 —
Total 8 9 —
Average Price — 14 1
1499 — 4 — — — — — 6 —
1504 — 5 8 — — — — 8 6
1521 1 — — — — — 1 10 —
1551 — 8 — — — — — 2 —
1553 — 8 — — — — — 8 —
1554 — 8 — — — — — 8 —
1555 — 8 — — — — — 8 —
1556 — 8 — — — — — 8 —
1557 — 4 — — 17 8½ 661 — 17 8½
— 5 —
— 8 —
2 13 4
1558 — 8 — — — — — 8 —
1559 — 8 — — — — — 8 —
1560 — 8 — — — — — 8 —
Total 6 0 2½
Average Price — 10 ⁵⁄₁₂ 662
1561 — 8 — — — — — 8 —
1562 — 8 — — — — — 8 —
1574 2 16 — 2 — — 2 — —
1 4 —
1587 3 4 — — — — 3 4 —
1594 2 16 — — — — 2 16 —
1595 2 13 — 663 — — — 2 13 —
1596 4 — — — — — 4 — —
1597 5 4 — 4 12 — 4 12 —
4 — —
1598 2 16 8 — — — 2 16 8
1599 1 19 2 — — — 1 19 2
1600 1 17 8 — — — 1 17 8
1601 1 14 10 664 — — — 1 14 10
Total 28 9 4
Average Price 2 7 5⅓ 665
Prices of the quarter of nine bushels of the best or highest priced wheat at Windsor Market, on Lady-Day and Michaelmas, from 1595 to 1764, both inclusive; the price of each year being the medium between the highest prices of those two market days. 666
Wheat per quarter
Years £ s. d.
1595 2 0 0
1596 2 8 0
1597 3 9 6
1598 2 16 8
1599 1 19 2
1600 1 17 8
1601 1 14 10
1602 1 9 4
1603 1 15 4
1604 1 10 8
1605 1 15 10
1606 1 13 0
1607 1 16 8
1608 2 16 8
1609 2 10 0
1610 1 15 10
1611 1 18 8
1612 2 2 4
1613 2 8 8
1614 2 1 8½
1615 1 18 8
1616 2 0 4
1617 2 8 8
1618 2 6 8
1619 1 15 4
1620 1 10 4
26)54 0 6½
2 1 6⁹⁄₁₃
1621 1 10 4
1622 2 18 8
1623 2 12 0
1624 2 8 0
1625 2 12 0
1626 2 9 4
1627 1 16 0
1628 1 8 0
1629 2 2 0
1630 2 15 8
1631 3 8 0
1632 2 13 4
1633 2 18 0
1634 2 16 0
1635 2 16 0
1636 2 16 8
16)40 0 0
2 10 0
1637 2 13 0
1638 2 17 4
1639 2 4 10
1640 2 4 8
1641 2 8 0
1642 667 0 0 0
1643 0 0 0
1644 0 0 0
1645 0 0 0
1646 2 8 0
1647 3 13 8
1648 4 5 0
1649 4 0 0
1650 3 16 8
1651 3 13 4
1652 2 9 6
1653 1 15 6
1654 1 6 0
1655 1 13 4
1656 2 3 0
1657 2 6 8
1658 3 5 0
1659 3 6 0
1660 2 16 6
1661 3 10 0
1662 3 14 0
1663 2 17 0
1664 2 0 6
1665 2 9 4
1666 1 16 0
1667 1 16 0
1668 2 0 0
1669 2 4 4
1670 2 1 8
1671 2 2 0
1672 2 1 0
1673 2 6 8
1674 3 8 8
1675 3 4 8
1676 1 18 0
1677 2 2 0
1678 2 19 0
1679 3 0 0
1680 2 5 0
1681 2 6 8
1682 2 4 0
1683 2 0 0
1684 2 4 0
1685 2 6 8
1686 1 14 0
1687 1 5 2
1688 2 6 0
1689 1 10 0
1690 1 14 8
1691 1 14 0
1692 2 6 8
1693 3 7 8
1694 3 4 0
1695 2 13 0
1696 3 11 0
1697 3 0 0
1698 3 8 4
1699 3 4 0
1700 2 0 0
60)153 1 8
2 11 0⅓
1701 1 17 8
1702 1 9 6
1703 1 16 0
1704 2 6 6
1705 1 10 0
1706 1 6 0
1707 1 8 6
1708 2 1 6
1709 3 18 6
1710 3 18 0
1711 2 14 0
1712 2 6 4
1713 2 11 0
1714 2 10 4
1715 2 3 0
1716 2 8 0
1717 2 5 8
1718 1 18 10
1719 1 15 0
1720 1 17 0
1721 1 17 6
1722 1 16 0
1723 1 14 8
1724 1 17 0
1725 2 8 6
1726 2 6 0
1727 2 2 0
1728 2 14 6
1729 2 6 10
1730 1 16 6
1731 1 12 10
1732 1 6 8
1733 1 8 4
1734 1 18 10
1735 2 3 0
1736 2 0 4
1737 1 18 0
1738 1 15 6
1739 1 18 6
1740 2 10 8
1741 2 6 8
1742 1 14 0
1743 1 4 10
1744 1 4 10
1745 1 7 6
1746 1 19 0
1747 1 14 10
1748 1 17 0
1749 1 17 0
1750 1 12 6
1751 1 18 6
1752 2 1 10
1753 2 4 8
1754 1 14 8
1755 1 13 10
1756 2 5 3
1757 3 0 0
1758 2 10 0
1759 1 19 10
1760 1 16 6
1761 1 10 3
1762 1 19 0
1763 2 0 9
1764 2 6 9
64)129 13 6
2 0 6⅓⁸⁄₂ 668
Wheat per quarter
Years £ s. d.
1731 1 12 10
1732 1 6 8
1733 1 8 4
1734 1 18 10
1735 2 3 0
1736 2 0 4
1737 1 18 0
1738 1 15 6
1739 1 18 6
1740 2 10 8
10)18 12 8
1 17 3⅕
1741 2 6 8
1742 1 14 0
1743 1 4 10
1744 1 4 10
1745 1 7 6
1746 1 19 0
1747 1 14 10
1748 1 17 0
1749 1 17 0
1750 1 12 6
10)16 18 2
1 13 9⅘

Book II

Of the nature, accumulation, and employment of stock.

Introduction

In that rude state of society in which there is no division of labour, in which exchanges are seldom made, and in which every man provides everything for himself, it is not necessary that any stock should be accumulated or stored up beforehand, in order to carry on the business of the society. Every man endeavours to supply by his own industry his own occasional wants as they occur. When he is hungry, he goes to the forest to hunt; when his coat is worn out, he clothes himself with the skin of the first large animal he kills: and when his hut begins to go to ruin, he repairs it, as well as he can, with the trees and the turf that are nearest it.

But when the division of labour has once been thoroughly introduced, the produce of a man’s own labour can supply but a very small part of his occasional wants. The far greater part of them are supplied by the produce of other mens labour, which he purchases with the produce, or, what is the same thing, with the price of the produce of his own. But this purchase cannot be made till