We have already stated and illustrated the general principle that the wages of labour are determined by the accumulations of capital, compared with the number of labourers. Hence it necessarily results that, as has been forcibly expressed, "the additional capital, whenever it is productively employed, will tend as certainly to the benefit of the working population at large as if the owner were a trustee for their benefit."[45] But the profitable employment of capital depends very greatly upon activity, knowledge, and foresight on the part of the capitalist. It was for the want of these qualities that all the old schemes for providing labour out of a common stock chiefly broke down. Sir Matthew Hale, in his plans for employing paupers in spinning flax and weaving cloth, knew theoretically the truth that the amount of capital available for the payment of labour would be largely increased by the rapidity with which it might be turned over. He says, "If it could be supposed that the cloth could be sold as soon as made,--which is not, I confess, reasonably to be expected--then a stock of 24_l._ would, by its continual return, provide materials and pay the workmen for one loom's work in perpetuity." The "if" expresses the difference between individual commercial activity and knowledge, and official sluggishness and incapacity. But it also expresses the difference between the commerce of our days, and that of the end of the seventeenth century. Without roads, or canals, or railroads, how difficult was it to bring the seller and the buyer together! All manufactures would be, for the most part, local. The cloths of Kendal might go to the neighbouring fairs on packhorses; and thence slowly spread through the country by pedlers and other small dealers; and the proceeds might return to the manufacturer at the end of a year. But the rapid turning over of capital which begins with buying a bale of cotton at New York, and having it in Sydney in the shape of calico in three months, with the bill that is to pay for it drawn at Manchester, accepted in Sydney, and discounted in London in another three months, is a turning over of capital which was scarcely imagined by the projectors and practical traders of a century ago.