The inference is that the item that Smith might have considered to be "conveniences of life" is the resources.
It should be noted that the inference simply means the conclusion that can be deduced based on the information that's illustrated in the story.
Here, the inference is that the item that Smith might have considered to be "conveniences of life" is resources.
If a writer used this same phrase today, the thing that can be refered to is money.
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