...authority of Adam Smith. In Book II., Chapter V., of The Wealth of Nations, occurs this passage: " The capital which is employed in purchasing in one...order to sell in another the produce of the industry ot that country, generally replaces by every such operation two distinct capitals that had both been...

...The Wealth of Nations," occurs this passage : The capital which ie employed in purchasing in one port of the country in order to sell in another the produce...the industry of that country, generally replaces by every such operation two distinct capitals that had both been employed in the agriculture or manufactures...

...home in treasure."—Thomas Mun, 1640. Examine and criticise the following quotation from Adam Smith, Wealth of Nations, Book II, chap, v: "The capital...the industry of that country, generally replaces, by every such operation, two distinct capitals, that had both been employed in the agriculture or manufactures...

...in treasure." — Tliomas Mun, 1640. Examine and criticise the following quotation from Adam Smith, Wealth of Nations, Book II, chap, v : " The capital...the country, in order to sell in another the produce oi the industry of that country, generally replaces, by every such operation. two distinct capitals,...

...trade of a community which confused even Adam Smith. The passage is well known. " Capital," he says, " employed in purchasing in one part of the country in order to sell in another part the produce of the industries of that country, generally replaces by such operation two distinct...

...three different sorts. The home trade, the foreign trade of consumption, and the carrying trade. . . . The capital which is employed in purchasing in one...the industry of that country, generally replaces by every such operation two distinct capitals that had both been employed in the agriculture or manufactures...

...and foreign exchanges. For a definition of home trade I turn again to the Free Traders' Koran : — " The capital which is employed in purchasing in one...that had both been employed in the agriculture or manufacture of that country, and thereby enables them to continue that employment When both are the...

...profitable to the nation than foreign trade. This proposition was announced by Adam Smith. He said:* The capital which is employed in purchasing in one...that had both been employed in the agriculture or manufacture of that country, and thereby enables them to continue that employment. .' . •. When both...

...comparing the relative value to a country of its home and its foreign trade. It runs as follows : — <• "The capital which is employed in purchasing in one...the industry of that country generally replaces by every such operation two distinct capitals that had both been employed in the agriculture or manufactures...

...hardly be remarked that it is wholly inconsistent with the general tenor of his free-trade teaching. " The capital which is employed in purchasing in one...the industry of that country generally replaces by every such operation two distinct capitals that had hoth heen employed in the agriculture or manufactures...