A capital employed in trade, on the contrary, may be highly productive to the individual, and yet be almost totally unproductive to the society: and this is the reason why I should call manufacturing labour unproductive, in comparison of that which is employed in agriculture, and not for the reason given by the French economists.

It is, indeed, almost impossible to see the great fortunes that are made in trade, and the liberality with which so many merchants live, and yet agree in the statement of the economists, that manufacturers can only grow rich by depriving themselves of the funds destined for their support.

In many branches of trade the profits are so great as would allow of a clear rent to a third person; but as there is no third person in the case, and as all the profits centre in the master manufacturer, or merchant, he seems to have a fair chance of growing rich, without much privation; and we consequently see large fortunes acquired in trade by persons who have not been remarked for their parsimony.
Daily experience proves that the labour employed in trade and manufactures is sufficiently productive to individuals, but it certainly is not productive in the same degree to the state.

Every accession to the food of a country tends to the immediate benefit of the whole society; but the fortunes made in trade tend but in a remote and uncertain manner to the same end, and in some respects have even a contrary tendency.

The home trade of consumption is by far the most important trade of every nation.