“Then it would be an investment of capital, and cease to bear any relation to the question of absenteeism.” “True, true. But it seems to me that there must be a vast difference between using your resources to put in motion Irish and French industry. Have not the French been gainers all this time, and the Irish losers, by your having employed French workmen? Might not the profits of Irish work-people in your service have become substantial capital by this time, if you had staid at home?” “Ireland has been as busy working for me all this time, Rosso, as if I had staid at home: not these my near neighbours, perhaps, but labourers of one kind or another. My revenue must first be spent here before my agent can get it for me to spend anywhere else. The only difference is that I myself might spend it in Irish bread, fish, milk, linen, &c., while he lays out exactly its equivalent in purchasing that which is to enable me to buy French bread, milk, fish, and linens; whether that which he purchases be labour and raw material united in a manufacture, or raw material which is the result of labour.” “But the plain question is, after all, Tracey, whether you would have employed French labour if you had lived at home?” “I should not, except in as far as I live on French wines; of which you know I am very fond; but at the same time, I supersede a portion of French labour by the produce of Irish labour which I introduce into France. Neither should I have employed more Irish labour at home than when abroad. The amount of Irish commodities which I should have consumed at home is exchanged against French commodities; that is all. It seems to me, Rosso, that since you feel perplexed about this, you must have the idea that this exchange is not an exchange of equivalents. Is not that what you are thinking of? You should remember that an exchange which is advantageous to individuals on account of convenience, &c. is a mere exchange of equivalents as regards the country at large. The baker gains by exchanging some of his loaves for broad-cloth; but the same amount of wealth remains in the country as before. In like manner, it is a convenience to me to have my rents in money rather than cattle; but it is the same thing to Ireland whether I receive my revenue in the one form or the other.” “True: give me a case. Show me the effect of sending your revenue to Paris through England.”