Consumers’ outlays includes investment (the result of saving), since investment is spent on fixed capital. The difference between outlays are then consumers’ balances and income, thus only consist of accumulated cash balances (including money in bank accounts). In addition, a similar demand exists, for money balances by traders related to their turnover. Both consumers’ and traders’ balances may be held by individual agents – Hawtrey notes that the true traders' income is the profits of the business and that this consumers’ income included this.