L73.61

The fisherman would sell his fish
for 171_l._ 11_s._ 5_d._ viz.

To replace his circulating capital
of 159_l._ with a profit of 4 per
cent. L165.360

To replace fixed capital annually
wasted, the present value of an
annuity of 6.163_l._, for ten years
at 4 per cent., being 50_l._ 6.163
--------
L171.523

Game was to fish before as 100 to 218.
It would now be as 100 to 233.

Thus we see, that with every rise of wages, in proportion as the capital
employed in any occupation consists of circulating capital, its produce
will be of greater relative value than the goods produced in another
occupation, where a less proportion of circulating, and a greater
proportion of fixed capital are employed.

Secondly, suppose the proportions of fixed capital to be the same; but
of different degrees of durability. In proportion as fixed capital is
less durable, it approaches to the nature of circulating capital. It
will be consumed in a shorter time, and its value reproduced in order to
preserve the capital of the manufacturer. We have just seen, that in
proportion as circulating capital preponderates in a manufacture, when
wages rise, the value of commodities produced in that manufacture, is
relatively higher than that of commodities produced in manufactures
where fixed capital preponderates. In proportion to the less durability
of fixed capital, and its approach to the nature of circulating capital,
the same effect will be produced by the same cause.

Suppose that an engine is made, which will last for a hundred years, and
that its value is 20,000_l._. Suppose too, that this machine, without
any labour whatever, could produce a certain quantity of commodities
annually, and that profits were 10 per cent.: the whole value of the
goods produced would be annually 2,000_l._ 2_s._ 11_d._; for the profit
of 20,000_l._

at 10 per cent. per annum, is L2,000

And an annuity of 2_s._ 11_d._
for 100 years, at 10 per cent.
will, at the end of that
period, replace a capital of
20,000_l._ 2 11
----------
Consequently the goods must
sell for L2000 2 11
---