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A flock of sheep or a herd of cattle, that, in a breeding

country, is brought in neither for labour nor for sale, but in

order to make a profit by their wool, by their milk, and by their

increase, is a fixed capital. The profit is made by keeping them.

Their maintenance is a circulating capital. The profit is made by

parting with it; and it comes back with both its own profit and

the profit upon the whole price of the cattle, in the price of

the wool, the milk, and the increase. The whole value of the

seed, too, is properly a fixed capital. Though it goes backwards

and forwards between the ground and the granary, it never changes

masters, and therefore does not properly circulate. The farmer

makes his profit, not by its sale, but by its increase.

The general stock of any country or society is the same with that

of all its inhabitants or members; and, therefore, naturally

divides itself into the same three portions, each of which has a

distinct function or office.