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　　　　　The　natural　price；　therefore；　is；　as　it　were；　the　central

price；　to　which　the　prices　of　all　commodities　are　continually

gravitating。　Different　accidents　may　sometimes　keep　them

suspended　a　good　deal　above　it；　and　sometimes　force　them　down

even　somewhat　below　it。　But　whatever　may　be　the　obstacles　which

hinder　them　from　settling　in　this　centre　of　repose　and

continuance；　they　are　constantly　tending　towards　it。

　　　　　The　whole　quantity　of　industry　annually　employed　in　order　to

bring　any　commodity　to　market　naturally　suits　itself　in　this

manner　to　the　effectual　demand。　It　naturally　aims　at　bringing

always　that　precise　quantity　thither　which　may　be　sufficient　to

supply；　and　no　more　than　supply；　that　demand。

　　　　　But　in　some　employments　the　same　quantity　of　industry　will

in　different　years　produce　very　different　quantities　of

commodities；　while　in　others　it　will　produce　always　the　same；　or

very　nearly　the　same。　The　same　number　of　labourers　in　husbandry

will；　in　different　years；　produce　very　different　quantities　of

corn；　wine；　oil；　hops；　etc。　But　the　same　number　of　spinners　and

weavers　will　every　year　produce　the　same　or　very　nearly　the　same

quantity　of　linen　and　woollen　cloth。　It　is　only　the　average

produce　of　the　one　species　of　industry　which　can　be　suited　in　any

respect　to　the　effectual　demand；　and　as　its　actual　produce　is

frequently　much　greater　and　frequently　much　less　than　its　average

produce；　the　quantity　of　the　commodities　brought　to　market　will

sometimes　exceed　a　good　deal；　and　sometimes　fall　short　a　good

deal；　of　the　effectual　demand。　Even　though　that　demand　therefore

should　continue　always　the　same；　their　market　price　will　be

liable　to　great　fluctuations；　will　sometimes　fall　a　good　deal

below；　and　sometimes　rise　a　good　deal　above　their　natural　price。

In　the　other　species　of　industry；　the　produce　of　equal　quantities

of　labour　being　always　the　same；　or　very　nearly　the　same；　it　can

be　more　exactly　suited　to　the　effectual　demand。　While　that　demand

continues　the　same；　therefore；　the　market　price　of　the

commodities　is　likely　to　do　so　too；　and　to　be　either　altogether；

or　as　nearly　as　can　be　judged　of；　the　same　with　the　natural

price。　That　the　price　of　linen　and　woolen　cloth　is　liable　neither

to　such　frequent　nor　to　such　great　variations　as　the　price　of

corn；　every　man's　experience　will　inform　him。　The　price　of　the

one　species　of　commodities　varies　only　with　the　variations　in　the

demand：　that　of　the　other　varies；　not　only　with　the　variations　in

the　demand；　but　with　the　much　greater　and　more　frequent

variations　in　the　quantity　of　what　is　brought　to　market　in　order

to　supply　that　demand。

　　　　　The　occasional　and　temporary　fluctuations　in　the　market

price　of　any　commodity　fall　chiefly　upon　those　parts　of　its　price

which　resolve　themselves　into　wages　and　profit。　That　part　which

resolves　itself　into　rent　is　less　affected　by　them。　A　rent

certain　in　money　is　not　in　the　least　affected　by　them　either　in

its　rate　or　in　its　value。　A　rent　which　consists　either　in　a

certain　proportion　or　in　a　certain　quantity　of　the　rude　produce；

is　no　doubt　affected　in　its　yearly　value　by　all　the　occasional

and　temporary　fluctuations　in　the　market　price　of　that　rude

produce；　but　it　is　seldom　affected　by　them　in　its　yearly　rate。　In

settling　the　terms　of　the　lease；　the　landlord　and　farmer

endeavour；　according　to　their　best　judgment；　to　adjust　that　rate；

not　to　the　temporary　and　occasional；　but　to　the　average　and

ordinary　price　of　the　produce。

　　　　　Such　fluctuations　affect　both　the　value　and　the　rate　either

of　wages　or　of　profit；　according　as　the　market　happens　to　be

either　overstocked　or　understocked　with　commodities　or　with

labour；　with　work　done；　or　with　work　to　be　done。　A　public

mourning　raises　the　price　of　black　cloth　（with　which　the　market

is　almost　always　understocked　upon　such　occasions）；　and　augments

the　profits　of　the　merchants　who　possess　any　considerable

quantity　of　it。　It　has　no　effect　upon　the　wages　of　the　weavers。

The　market　is　understocked　with　commodities；　not　with　labour；

with　work　done；　not　with　work　to　be　done。　It　raises　the　wages　of

journeymen　tailors。　The　market　is　here　understocked　with　labour。

There　is　an　effectual　demand　for　more　labour；　for　more　work　to　be

done　than　can　be　had。　It　sinks　the　price　of　coloured　silks　and

cloths；　and　thereby　reduces　the　profits　of　the　merchants　who　have

any　considerable　quantity　of　them　upon　hand。　It　sinks；　too；　the

wages　of　the　workmen　employed　in　preparing　such　commodities；　for

which　all　demand　is　stopped　for　six　months；　perhaps　for　a

twelvemonth。　The　market　is　here　over…stocked　both　with

commodities　and　with　labour。

　　　　　But　though　the　market　price　of　every　particular　commodity　is

in　this　manner　continually　gravitating；　if　one　may　say　so；

towards　the　natural　price；　yet　sometimes　particular　accidents；

sometimes　natural　causes；　and　sometimes　particular　regulations　of

police；　may；　in　many　commodities；　keep　up　the　market　price；　for　a

long　time　together；　a　good　deal　above　the　natural　price。

　　　　　When　by　an　increase　in　the　effectual　demand；　the　market

price　of　some　particular　commodity　happens　to　rise　a　good　deal

above　the　natural　price；　those　who　employ　their　stocks　in

supplying　that　market　are　generally　careful　to　conceal　this

change。　If　it　was　commonly　known；　their　great　profit　would　tempt

so　many　new　rivals　to　employ　their　stocks　in　the　same　way　that；

the　effectual　demand　being　fully　supplied；　the　market　price　would

soon　be　reduced　to　the　natural　price；　and　perhaps　for　some　time

even　below　it。　If　the　market　is　at　a　great　distance　from　the

residence　of　those　who　supply　it；　they　may　sometimes　be　able　to

keep　the　secret　for　several　years　together；　and　may　so　long　enjoy

their　extraordinary　profits　without　any　new　rivals。　Secrets　of

this　kind；　however；　it　must　be　acknowledged；　can　seldom　be　long

kept；　and　the　extraordinary　profit　can　last　very　little　longer

than　they　are　kept。

　　　　　Secrets　in　manufactures　are　capable　of　being　longer　kept

than　secrets　in　trade。　A　dyer　who　has　found　the　means　of

producing　a　particular　colour　with　materials　which　cost　only　half

the　price　of　those　commonly　made　use　of；　may；　with　good

management；　enjoy　the　advantage　of　his　discovery　as　long　as　he

lives；　and　even　leave　it　as　a　legacy　to　his　posterity。　His

extraordinary　gains　arise　from　the　high　price　which　is　paid　for

his　private　labour。　They　properly　consist　in　the　high　wages　of

that　labour。　But　as　they　are　repeated　upon　every　part　of　his

stock；　and　as　their　whole　amount　bears；　upon　that　account；　a

regular　proportion　to　it；　they　are　commonly　considered　as

extraordinary　profits　of　stock。

　　　　　Such　enhancements　of　the　market　price　are　evidently　the

effects　of　particular　accidents；　of　which；　however；　the　operation

may　sometimes　last　for　many　years　together。

　　　　　Some　natural　productions　require　such　a　singularity　of　soil

and　situation　that　all　the　land　in　a　great　country；　which　is　fit

for　producing　them；　may　not　be　sufficient　to　supply　the　effectual

demand。　The　whole　quantity　brought　to　market；　therefore；　may　be

disposed　of　to　those　who　are　willing　to　give　more　than　what　is

sufficient　to　pay　the　rent　of　the　land　which　produced　them；

together　with　the　wages　of　the　labour；　and　the　profits　of　the

stock　which　were　employed　in　preparing　and　bringing　them　to

market；　according　to　their　natural　rates。　Such　commodities　may

continue　for　whole　centuries　together　to　be　sold　at　this　high

price；　and　that　part　of　it　which　resolves　itself　into　the　rent　of

land　is　in　this　case　the　part　which　is　generally　paid　above　its

natural　rate。　The　rent　of　the　land　which　affords　such　singular

and　esteemed　productions；　like　the　rent　of　some　vineyards　in

France　of　a　peculiarly　happy　soil　and　situation；　bears　no　regular

proportion　to　the　rent　of　other　equally　fertile　and　equally

well…cultivated　land　in　its　neighbourhood。　The　wages　of　the

labour　and　the　profits　of　the　stock　employed　in　bringing　such

commodities　to　market；　on　the　contrary；　are　seldom　out　of　their

natural　proportion　to　those　of　the　other　employments　of　labour

and　stock　in　their　neighbourhood。

　　　　　Such　enhancements　of　the　market　price　are　evidently　the

effect　of　natural　causes　which　may　hinder　the　effectual　demand

from　ever　being　fully　supplied；　and　which　may　continue；

therefore；　to　operate　for　ever。

　　　　　A　monopoly　granted　either　to　an　individual　or　to　a　trading

company　has　the　same　effect　as　a　secret　in　trade　or　manufactures。

The　monopolists；　by　keeping　the　market　constantly　understocked；

by　never　fully　supplying　the　effectual　demand；　sell　their

commodities　much　above　the　natural　price；　and　raise　their

emoluments；　whether　they　consist　in　wages　or　profit；　greatly

above　their　natural　rate。

　　　　　The　price　of　monopoly　is　upon　every　occasion　the　highest

which　can　be　got。　The　natural　price；　or　the　price　of　free

competition；　on　the　contrary；　is　the　lowest　which　can　be　taken；

not　upon　every　occasion；　indeed；　but　for　any　considerable　time

together。　The　one　is　upon　every　occasion　the　highest　which　can　be

squeezed　out　of　the　buyers；　or　which；　it　is　supposed；　they　will

consent　to　give：　the　other　is　the　lowest　which　the　sellers　can

commonly　afford　to　take；　and　at　the　same　time　continue　their

business。

　　　　　The　exclusive　privileges　of　corporations；　statutes　of

apprenticeship；　and　all　those　laws　which　restrain；　in　particular

employments；　the　competition　to　a　smaller　number　than　might

otherwise　go　into　them；　have　the　same　tendency；　though　in　a　less

degree。　They　are　a　sort　of　enlarged　monopolies；　and　may

frequently；　for　ages　together；　and　in　whole　classes　of

employments；　keep　up　the　market　price　of　particular　commodities

above　the　natural　price；　and　maintain　both　the　wages　of　the

labour　and　the　profits　of　the　stock　employed　about　them　somewhat

above　their　natural　rate。

　　　　　Such　enhancements　of　the　market　price　may　last　as　long　as

the　regulations