Since this is the case, it has been observed, with regard to every
particular commodity, taken separately, it must be so with regard to all the
commodities which compose the whole annual produce of the land and labour of
every country, taken complexly. The whole price or exchangeable value of
that annual produce must resolve itself into the same three parts, and be
parcelled out among the different inhabitants of the country, either as the
wages of their labour, the profits of their stock, or the rent of their
land.

But though the whole value of the annual produce of the land and labour of
every country, is thus divided among, and constitutes a revenue to, its
different inhabitants ; yet, as in the rent of a private estate, we
distinguish between the gross rent and the neat rent, so may we likewise in
the revenue of all the inhabitants of a great country.

The gross rent of a private estate comprehends whatever is paid by the
farmer; the neat rent, what remains free to the landlord, after deducting
the expense of management, of repairs, and all other necessary charges; or
what, without hurting his estate, he can afford to place in his stock
reserved for immediate consumption, or to spend upon his table, equipage,
the ornaments of his house and furniture, his private enjoyments and
amusements. His real wealth is in proportion, not to his gross, but to his
neat rent.

The gross revenue of all the inhabitants of a great country comprehends the
whole annual produce of their land and labour; the neat revenue, what
remains free to them, after deducting the expense of maintaining first,
their fixed, and, secondly, their circulating capital, or what, without
encroaching upon their capital, they can place in their stock reserved for