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The lowest ordinary rate of profit must always be something more

than what is sufficient to compensate the occasional losses to

which every employment of stock is exposed. It is this surplus

only which is neat or clear profit. What is called gross profit,

comprehends frequently not only this surplus, but what is

retained for compensating such extraordinary losses. The interest

which the borrower can afford to pay is in proportion to the

clear profit only. The lowest ordinary rate of interest must, in

the same manner, be something more than sufficient to compensate

the occasional losses to which lending, even with tolerable

prudence, is exposed. Were it not, mere charity or friendship

could be the only motives for lending.