164 NATURE OF CAPITAL AND INCOME  [Cumar. IX

clothes, jewelry, etc. — constitute a kind of income which
does not appear elsewhere as outgo.

§ 11

We found, when studying the accounts of instruments, the
chain of productive services of the lumber camp, etc., that
there always remains some outer fringe of uncanceled income
 produced by the capitalistic machine. We have now
reached this same kind of outer fringe in studying the
accounts of persons, provided they are real persons. This
outer fringe consists of what economists have usually called
“consumption.” All other services are merely preparatory
to such services, and pass themselves on from one category
of capital to another. Thus the income from investments,
being deposited in bank, is outgo with respect to the bank
account; the bank account yields income by paying for
stocks and bonds, food, ete., but in each case the same
item enters as -outgo with respect to these or other categories
 of capital. In all these cases the individual receives
no income which is not at the same time outgo. It is
only as he consumes the food, wears the clothes, or uses
the furniture that he receives income.
The question still remains whether the fringe we have
reached is the final outer fringe, or whether we must not
proceed one step further and regard the final services just
mentioned as merely interactions between a man’s external
wealth and his own body. This question will be discussed
in the following chapter. We are content here to leave the
chains of services at the point where they reach the person
of the recipient.