The frequent speculations in oil, tallow, and other
commodities, which must occur to the memory of most of my
readers, were always founded on the principle of purchasing up
all the stock on hand, and agreeing for the purchase of the
expected arrivals; thus proving the opinion of capitalists to be,
that a larger average price may be procured by the stock being
held by few persons.
NOTES:
1. Apothecaries frequently purchase these phials at the old
bottle warehouses at ten shillings per gross; so that when their
servant has washed them, the cost of the phial is nearly one
penny.
2. I have understood that the price of camphor, at the same time,
suffered similar changes.
Chapter 16
On the Influence of Durability on Price
197. Having now considered the circumstances that modify what
may be called the momentary amount of price, we must next examine
a principle which seems to have an effect on its permanent
average. The durability of any commodity influences its cost in a
permanent manner. We have already stated that what may be called
the momentary price of any commodity depends upon the proportion
existing between the supply and demand, and also upon the cost of
verification.
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