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 in- 
come 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 cate- 
gories 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.