d for the profitable employment of stock."

As this reasoning is only a continuation of the misconception of Adam
Smith's meaning just noticed, a very few words upon it will suffice. If
the same demand continue in London for the Scotch manufactures as before
they were sent to Portugal, or elsewhere, the Scotch manufacturers will
be only too glad to continue to supply London and Portugal too; and the
trade of the nation will be expanded; and the capital of the nation will
be augmented by the foreign trade, because by that foreign trade
British capital is replaced, and with a profit; but surely this does not
in any way disturb the principle that the Scotch manufactures sold in
London replace, or re-produce two British capitals, whilst those sold in
Portugal replace, or reproduce only one.

From these considerations on Absenteeism, it may, I think, be fairly
inferred that popular belief regarding its injurious effects is well
founded, although misconceptions may be entertained as to the precise
way in which the injury occurs.

FOOTNOTES:

[314] "We started at daybreak for Glenties, thirty miles distant, over
the mountains; and after leaving the improved cottages and farms on the
Gweedore estate, soon came upon the domain of an absentee proprietor,
the extent of which may be judged of by the fact, that our road lay for
more than twenty miles through it. This is the poorest parish in
Donegal, and no statement can be too strong with respect to the wretched
condition, the positive misery and starvation in which the cottiers and
small farmers on this immense domain are found."--_James H. Tuke's
Report to the Relief Committee of the Society of Friends._ Appendix, p.
149. "We proceeded to Glenties [from Dungloe], still on the same
property; and throughout our journey met with the most squalid scenes of
misery which the imagination can well conceive. Whilst thousands of
acres of reclaimable land lie entirely neglected and uncultivated, there
are thousands of men both willing and anxious to obtain work, but unable
to procure it."--_Ib._ p. 150.

[315] Note to his Essay on Absenteeism.

[316] From the Report, 814, Sess. 1826. Quoted by Mr. Senior.

[317] Political Economy, 5th Ed., p. 167.

[318] Political Economy. Book 3, c. I.

[319] Treatise on Political Economy, pp. 223-4.

[320] That is the common opinion of Political Economists.

[321] Political Economy, p. 155-6. 5th Ed.

[322] Adam Smith here regards Scotland a