the same. The endeavora of those who are in the business of trading, who buy in order to sell and sell in order to buy, are directed to the pecuniary gain that is to be got through an advantageous discrepancy between the price paid and the price obtained ; but on the part of those who resort to the market to supply their needs the end sought is not the same
I in the two cases. The last buyer of goods buys for consumption, but the last negotiator of capital
I buys for the sake of the ulterior profit ; in subBtance he buys in order to sell again at an [advance. The advance which he has in view is to come out of the prospective earnings of the capital for which he negotiates. What he has in view as his ulterior end in the transaction is the conversion of the values for which he negotiates into a larger outcome of money values, — whatever process of production and the like may intervene between the inception and the goal of liis traffic'
[ The value of any given block of capital, therefore,
I turns on its eaming-capacity ; or, as the mathematical expression has it, the value of capital is a funo-
1 Cf. Marx, Eapital (4th ed,), bk. I. ch. IT.