This historic book may have numerous typos and missing text.
Purchasers can usually download a free scanned copy of the original
book (without typos) from the publisher. Not indexed. Not
illustrated. 1834 edition. Excerpt: ...per cent., both upon his
floating and upon his fixed capital; and when the Frenchman sells
his goods for 60,000/., he replaces his advance for wages and
materials, and realizes a profit of ten per cent. upon his whole
capital. Now, if the Frenchman would sell his greater quantity of
goods for the same sum for which the Englishman sells the less
quantity, and would be satisfied for a short time with seven per
cent. upon his original capital of 100,000/., he might undersell
the English manufacturer, and drive his goods out of the foreign
market. The French manufacturer might now sell double his former
quantity of goods. He might advance an additional 50,000/. in wages
and materials, and sell the additional quantity of goods for an
additional sum of 57,000/.; and, should no additional outlay be
requisite for buildings and machines, this would yield him, on his
second portion of floating capital, a profit, not of seven, but of
fourteen per cent. It is self-evident, therefore, that if a greater
quantity of materials can be worked up without an additional outlay
for fixed capital, it will be the interest of the French
manufacturer to take less than the average rate of profit in France
upon the first portion of his advances, in order to gain more than
this average rate upon the additional portions of floating capital,
which he can employ by underselling the English manufacturer, and
beating him out of the foreign market. It must be apparent, that
the force of this argument depends upon the fact, whether, in
manufacturing industry, additional floating capital can be employed
without a proportionate addition of fixed capital. Now with respect
to the matter of fact there can be no doubt. The market is
occasionally under-stocked, and occasionally...
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