An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
cultivated foreign countries than to raise it at home. In the new town of
Edinburgh, built within these few years, there is not, perhaps, a single
stick of Scotch timber.
Whatever may be the price of wood, if that of coals is such that the
expense of a coal fire is nearly equal to that of a wood one we may be
assured, that at that place, and in these circumstances, the price of
coals is as high as it can be. It seems to be so in some of the inland
parts of England, particularly in Oxfordshire, where it is usual, even in
the fires of the common people, to mix coals and wood together, and where
the difference in the expense of those two sorts of fuel cannot,
therefore, be very great. Coals, in the coal countries, are everywhere
much below this highest price. If they were not, they could not bear the
expense of a distant carriage, either by land or by water. A small
quantity only could be sold; and the coal masters and the coal proprietors
find it more for their interest to sell a great quantity at a price
somewhat above the lowest, than a small quantity at the highest. The most
fertile coal mine, too, regulates the price of coals at all the other
mines in its neighbourhood. Both the proprietor and the undertaker of the
work find, the one that he can get a greater rent, the other that he can
get a greater profit, by somewhat underselling all their neighbours. Their
neighbours are soon obliged to sell at the same price, though they cannot
so well afford it, and though it always diminishes, and sometimes takes
away altogether, both their rent and their profit. Some works are
abandoned altogether; others can afford no rent, and can be wrought only
by the proprietor.
The lowest price at which coals can be sold for any considerable time, is,
like that of all other commodities, the price which is barely sufficient
to replace, together with its ordinary profits, the stock which must be
employed in bringing them to market. At a coal mine for which the landlord
can get no rent, but, which he must either work himself or let it alone
altogether, the price of coals must generally be nearly about this price.
Public-domain text, read in full here on John Shaqi.
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