W. ofN., Book I, chap. vi ; vol. I. p

31. IV. of N., Book I, chap. vu ; vol. I, pp. €0-1 : In some employments the same quantity of industry will in différent years produce very différent quantities of commodities ; while in others it will produce alvvays the same, or very nearly the same... It is only the average produce of the one species of industry which can be suited in any respect to the effectuai demand. — Book I, chap. vi ; vol. I, pp. 47-8 : The merchant importers (of gold and silver), like ail other merchants we may believe, endeavour as well as they can, to suit their occasional importations to what they judge is likely to be the immédiate demand. With ail their attention however they sometimes overdo the business, and sometimes underdo it. When they import more bullion than is wanted, rather than incur the risk and trouble of exporting it again, they are sometimes willing to sell a part of it for something less than the ordinary or average price. When, on the other hand, they import less than is wanted, they get something more than this price.

(Pp. 178-182) NOTES. 339