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In other works a much greater fixed capital is required. In a

great iron-work, for example, the furnace for melting the ore,

the forge, the slit-mill, are instruments of trade which cannot

be erected without a very great expense. In coal works, and mines

of every kind, the machinery necessary, both for drawing out the

water, and for other purposes, is frequently still more

expensive.

That part of the capital of the farmer which is employed in the

instruments of agriculture is a fixed, that which is employed in

the wages and maintenance of his labouring servants is a

circulating capital. He makes a profit of the one by keeping it

in his own possession, and of the other by parting with it. The

price or value of his labouring cattle is a fixed capital, in the

same manner as that of the instruments of husbandry; their

maintenance is a circulating capital, in the same manner as that

of the labouring servants. The farmer makes his profit by keeping

the labouring cattle, and by parting with their maintenance. Both

the price and the maintenance of the cattle which are bought in

and fattened, not for labour, but for sale, are a circulating

capital. The farmer makes his profit by parting with them.