successively taken into cultivation in improving countries, may
only pay profits and labour. A fair profit on the stock employed,
including, of course, the payment of labour, will always be a
sufficient inducement to cultivate.

2. Vol II. p. 124. Of this work a new and much improved edition
has lately been published, which is highly worthy the attention
of all those who take an interest in these subjects.

3. Vol. I. p. 49.

4. Vol IV. p. 134.

5. Vol. III. p. 272.

6. It is, however, certain, that if either these materials be
wanting, or the skill and capital necessary to work them up be
prevented from forming, owing to the insecurity of property, to
any other cause, the cultivators will soon slacken in their
exertions, and the motives to accumulate and to increase their
produce, will greatly diminish. But in this case there will be a
very slack demand for labour; and, whatever may be the nominal
cheapness of provisions, the labourer will not really be able to
command such a portion of the necessaries of life, including, of
course, clothing, lodging, etc. as will occasion an increase of
population.

7. I have supposed some check to the supply of the cotton
machinery in this case. If there was no check whatever, the
effects wold show themselves in excessive profits and excessive